title
stringlengths 4
2.73k
| content
stringlengths 1
843k
⌀ | category
stringclasses 5
values |
|---|---|---|
How to save on your wedding amid high demand and inflation | If you're planning a wedding this year, you're in good company.
A record number of weddings — about 2.5 million — are expected in 2022, the most since 1984, according to wedding market research firm The Wedding Report. That's up from 1.9 million in 2021 and 1.3 million in 2020.
Much of the increase is due to the fact that couples who postponed their nuptials due to Covid-19 are finally finding a window of opportunity to schedule their big day.
`` It's not really growth; it's actually just pent up demand, '' said Shane McMurray, CEO of The Wedding Report.
More from Personal Finance: Americans are pausing investments because of the Russia-Ukraine war46% of taxpayers plan to save their refunds this yearTax return backlog will 'absolutely ' clear by end of 2022: IRS commissioner
The bulk of weddings this year are expected between summer and fall, according to The Knot.
Yet professionals who work in the wedding industry are already feeling the increased demand.
`` Literally everybody in the wedding business is texting each other saying it's a tidal wave, '' said Carla Ruben, founder of Creative Edge Parties, a catering and event planning company that counts Serena Williams and Jennifer Gates as clients.
Adding to the competition for everything from venues and florists to photographers and music are record high inflation and supply chain shortages.
Altogether, that could push up the total tab. In 2021, couples spent $ 28,000 on average on their ceremony and reception, according to The Knot.
But experts say there are ways to cut costs and still have the event of your dreams.
`` Everybody does have a budget, '' said Lauren Kay, executive editor at The Knot. `` It's a worthwhile exercise to determine what you as a couple want to prioritize. ''
In some ways, the Covid-19 pandemic has changed the approach people are taking to planning their weddings.
`` We're seeing couples really want to celebrate with their guests, '' Kay said.
One side effect of that is longer guest lists, according to McMurray. `` People are frustrated by not being able to be together, and so [ they're saying ] 'let's just invite everybody, ' '' he said.
That celebratory spirit could get a reality check as couples scramble to secure a venue, florist, caterer, photographer and other services before they're booked solid.
`` My advice would be for couples to think about what's most important to them, and that looks different for every couple, '' Kay said.
You may decide it's a dream venue, amazing caterer or photographer you follow on Instagram.
`` Take one or two of those things and let them help guide your planning, in how much you're willing to spend and where you're prioritizing those efforts, '' Kay said.
If you get a high quote from a vendor you have your heart set on, don't give up.
`` Many times, someone will say, ' I love this band, but I can't afford them, '' Ruben said.
But if the band costs $ 2,000, for example, it may be possible to come up with that sum by trimming spending elsewhere.
`` You won't notice it if we take a little bit from several areas and now you can have your band, '' she said.
Some possible areas where couples can save money include décor or transportation, though Ruben emphasized it's important never to make cuts to areas that directly affect the guest experience.
One way couples can save is by cutting the champagne toast, Ruben suggested. Often, only half the room will drink the champagne, and toasting with whatever guests are already drinking works just as well.
It also helps to be flexible, Kay noted. That may mean scheduling your wedding for a Thursday night instead of a Saturday in order to get your desired venue.
Amid a flower shortage, you may be able to save money if you are willing to accept a substitute for white roses, for example, she said.
For each vendor you book, there is an associated risk. Buying an insurance policy can help hedge that risk, according to Todd Shasha, managing director at Travelers Personal Insurance.
`` As soon as you start outlaying deposits, that's the ideal time to buy a policy, '' Shasha said.
That starts with core coverage, which can cover cancellation if the venue goes out of business or a vendor fails to show up, for example. You may also want to add on liability and liquor liability coverage, to protect against additional unforeseen circumstances, such as damage to the venue.
Prices will vary depending on the size of your wedding. A $ 35,000 cancellation policy from Travelers starts at $ 300, Shasha said.
Notably, there are exclusions. You generally can't buy a policy 14 days before a catastrophic weather event, nor will you be covered for a change of heart.
Moreover, if a Covid-19 outbreak forces you to cancel your wedding, that will not be covered. Instead, you will have to negotiate with your vendors to reschedule or obtain a refund.
If you postpone your wedding, generally the insurance policy can be extended out to the new date, Shasha said. | business |
UK Covid cases are back on the rise as travel restrictions dropped | LONDON — Cases of Covid-19 are rising once again in the U.K., according to the latest figures from the Office for National Statistics, just as the government lifts its remaining travel restrictions.
ONS figures published Friday showed that close to 1 in 21 people, the equivalent of 3.28 million, in the U.K. were estimated to have tested positive for the coronavirus in the week to March 12.
In England alone, 4.87%, equal to around 2.1 million or 1 in 20 people, were thought to have been infected with Covid-19 last week. That was up from an estimated 3.8% of England's population in the week to March 5.
Hospitalizations linked to the virus were also up in England last week, to around 13 per 100,000 people, from 11 per 100,000 the previous week.
The uptick in cases comes as the U.K. lifted the last of its Covid travel restrictions. As of Friday morning, people entering the U.K. are no longer required to test for the virus or complete a passenger locator form.
The prevalence of the omicron BA.2 subvariant was said to have increased last week across England, Scotland and Wales, according to the ONS, while the number of omicron BA.1 subvariant infections decreased.
The BA.2 variant has been described as a `` stealth '' variant because it has genetic mutations that could make it harder to distinguish from the delta variant using PCR tests, compared with the original omicron variant, BA.1.
Indeed, the rise in cases across Europe more broadly is being attributed to the BA.2 subvariant.
Cases were found to be rising across the U.K, with Scotland estimated to have had around 7% of its population testing positive for Covid last week, up from 5.7% the week prior.
The case rate in Wales was estimated to have risen to 4.1% from 3.2% over the same period.
ONS said the percentage of cases in Northern Ireland had increased in the two weeks up to March 12 but the trend was uncertain in the most recent week.
The number of deaths linked to Covid-19 across the U.K. fell to 814 in the last week, down from 879 for the week through to March 4.
Elsewhere, China is also dealing with its worst Covid-19 outbreak since the initial phase of the pandemic. | business |
German Health Chief Defends Easing as Covid Cases Hit Record | The information you requested is not available at this time, please check back again soon.
Karl Lauterbach, Germany's health minister, speaks at the Bundestag in Berlin, Germany, on Thursday, March 17, 2022. Germany registered a record number of new Covid-19 cases today, propelling the infection rate to a new high for the sixth straight day and raising alarm ahead of plans to lift almost all remaining curbs this weekend., Bloomberg
( Bloomberg) -- Germany’ s top health official defended the decision to lift most coronavirus restrictions this weekend even as new infections hit another record on Friday.
Germany began easing pandemic curbs last month and most of the remaining measures are due to expire on Saturday. Updated legislation due to be approved Friday in parliament gives the 16 federal states powers to intervene to tackle Covid hot spots, with masks will only compulsory on public transport and in hospitals and care homes.
Health Minister Karl Lauterbach said the government would not be able to justify maintaining broad restrictions on citizens’ freedoms if the health system was in danger of becoming overloaded, which isn’ t currently the case.
“ At the moment we have a relatively harmless Covid variant, but one that is still killing too many people, ” Lauterbach said Friday in an interview with Deutschlandfunk radio. “ If a more dangerous strain came back and we had a high burden on the health system and many dead again, then of course additional rules would take effect that are part of the new law. ”
Germany registered another record number of new Covid-19 cases on Friday, propelling the infection rate to a new high for the seventh straight day.
Daily deaths from Covid are still between 200 and 300 people, with another 226 reported Friday, taking the total to 126,646. At the same time, the number of cases in intensive-care units is at less than half the level it was at the end of last year.
Chancellor Olaf Scholz warned Thursday that the pandemic isn’ t over and said the rising infection rate, is “ not good news. ” He reiterated an appeal to vaccine holdouts to get their Covid shots.
“ But the good news is that the situation in hospitals and intensive-care units is not developing as dramatically as it would have been with such high numbers in the past, ” Scholz said at a news conference after talks with regional leaders.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Here's how retail investors are hedging against the market volatility | The market volatility is leaving the pros and retail traders in a rut.
According to a recent American Association of Individual Investors investor sentiment survey, nearly 46% of retail investors are feeling bearish about the market. It's an increase of 16% from the average weekly numbers.
Investors are worried about rising interest rates, volatility and the Ukraine war, the group's vice president, Charles Rotblut, told CNBC's `` ETF Edge '' this week.
To hedge the risk, investors are leaning heavily on individual stocks and exchange-traded funds. Ninety-one percent of the group surveyed is holding stocks in their portfolio and 75% is invested in ETFs.
Investors typically use ETFs to invest more broadly in the market, but Rotblut is seeing investors take a more active approach with their holdings.
`` They're mixing the trading strategies where part of the portfolio is probably more traditional, conservative allocation, but they're using the stock perhaps to be more aggressive or supplemental, '' he said in a Monday interview.
`` They're tilting towards value and incorporating trading strategies, perhaps covered call options, '' Rotblut said.
During the coronavirus pandemic, the market plunged amid uncertainty but quickly recovered from its losses. Investors at the time poured into individual stocks. Now these same investors, having just seen a bull market, are looking to take some profit.
In the same interview, Andrew McOrmond, managing director at WallachBeth Capital, said the strategy works for traders looking to avoid overexposure to a single stock.
`` They are going 'it's time to take single stock risk off the table and have some ETF allocations, ' '' McOrmond said. `` That's where the growth comes from. ''
Disclaimer | business |
As War and Pandemic Evolve, Natural Gas Prices Stall in ‘ Watch and Wait Mode’ | Sign in to get the best natural gas news and data. Follow the topics you want and receive the daily emails.
Your email address *
Your password *
Remember me Continue
Reset password
Featured Content
News & Data Services
Client Support
Daily GPI
Markets | Natural Gas Prices | NGI All News Access
Natural gas futures retreated on Friday after a two-day rally, as markets digested warmer weather patterns and new coronavirus red flags that may signal looming pandemic impacts on global energy demand. The April Nymex gas futures contract settled at $ 4.863/MMBtu, down 12.7 cents day/day. May fell 11.9 cents to $ 4.902.
NGI’ s Spot Gas National Avg. shed 5.5 cents to $ 4.235.
Forecasts pointed to mild weather throughout the Lower 48 in the week ahead.
What’ s more, mid-range weather models trended warmer from Thursday to Friday, NatGasWeather said. A brief bout of chilly air is still expected in northern markets March 26-28 but “ not quite as cold ” as previous outlooks. Following this, the firm expects a “ warmer trending ” pattern to resume in the final days of the month and into April, diminishing gas demand.
Production, meanwhile, remained below early-month highs of 95 Bcf but did rise above 94 Bcf on Friday – after hovering around 93 Bcf earlier in the week, according to Bloomberg estimates.
Additionally, while war and related global supply concerns had fueled the two-day rally earlier in the week, markets Friday took a breather in response to the Russian-Ukraine conflict. Traders awaited details from U.S. President Biden’ s talks with Chinese leader Xi Jinping about Russia’ s invasion of Ukraine as well as the potential for new rounds of peace talks between the two warring nations.
“ Market activity is in a watch and wait mode, ” Rystad Energy senior analyst Kaushal Ramesh said.
Markets, he noted, have for much of March worried Russian natural gas exports could be interrupted amid pipeline damage from bombings or because of Western sanctions. Those possibilities have added to record demand for U.S. exports of liquefied natural gas.
But new global concerns about the pandemic intensified Friday. Cases of the Omicron variant of the virus – and a subvariant of Omicron – are spreading anew in western Europe and China. The latter imposed sweeping new lockdowns to slow the spread of the disease. This raised new concerns that the pandemic could interrupt energy demand this spring, including industrial use of natural gas.
World Health Organization ( WHO) spokesperson Margaret Harris said during a press briefing Friday that the pandemic’ s end is not yet in sight. “ We are definitely in the middle of the pandemic, ” she said.
EBW Analytics Group’ s Eli Rubin, senior analyst, said the Omicron subvariant BA.2 “ is leading to renewed cause for concern. ”
The biggest immediate concern was “ a re-imposed Chinese lockdown on 37 million people as authorities race to contain the worst outbreak since early 2020, ” Rubin said. “ Reliable data from China is difficult to come by, but the regime has sought to minimize outbreaks – suggesting the possibility that the current virulent spread is worse than widely recognized. In addition to causing renewed supply chain headaches with knock-on effects rippling throughout the global economy, sinking Chinese domestic demand may ease the call on global oil and gas supplies.
“ The risk of renewed impacts dampening economic activity in the U.S. can not be ruled out, even as large portions of the country have already resumed business as usual, ” Rubin added.
Even though U.S. production ticked higher Friday, analysts said the latest government inventory report showed that more increases are needed.
The Energy Information Administration ( EIA) on Thursday reported a net 79 Bcf withdrawal from U.S. stocks during the week ended March 11. That left inventories at 1,440 Bcf for the period, 304 Bcf below the five-year average.
Based on the EIA report, Tudor, Pickering, Holt & Co. ( TPH) analysts estimated a 1.8 Bcf/d undersupply for the market after adjusting for weather.
That said, domestic demand over the past week eased notably. “ The market is tracking fairly loose on a relative basis despite depressed supply levels, with residential/commercial demand tracking about 12 Bcf/d below the five-year average the past few days, ” the TPH analysts said Friday.
Warm weather has “ also softened power generation demand similarly, as it has tracked largely in line with the five-year in contrast to year-to-date figures, which had tracked around 3 Bcf/d, on average, to the upside, ” the analysts added.
Spot gas prices slipped Friday ahead of expected mild weekend weather.
For the coming week, NatGasWeather said, “ national demand remains very light as warm conditions rule the southern U.S. with highs of 60s to 80s. ” The firm expects mild temperatures from the 50s to 70s to permeate the Midwest and East.
With “ little subfreezing air anywhere ” in the Lower 48 the next several days, the firm added, natural gas consumption is expected to remain modest through the trading week ahead.
Against that backdrop, cash prices lost ground on Friday, led lower by declines across the nation’ s midsection.
In the Midwest, Defiance dipped 13.0 cents day/day to average $ 4.255, while Joliet shed 22.0 cents to $ 4.305 and Lebanon lost 18.0 cents to $ 4.170.
In Texas, meanwhile, El Paso Permian fell 19.5 cents to $ 3.545 and Katy dropped 40.5 cents to $ 4.100.
For all the focus on warmth, AccuWeather said Friday that the week ahead could prove particularly active on the spring storm front.
The firm said a storm system is forecast to cover “ nearly the entire country with a variety of hazardous impacts, ” including widespread tornado risk and flooding potential. The storm could travel from the Rockies and Plains Monday to the Great Lakes and East Coast by late in the week.
It “ has the potential to bring not only the most significant storm of March, but perhaps the entire year so far considering the duration, ” said AccuWeather meteorologist Paul Pastelok.
“ Some locations may be hit by more than one round of severe thunderstorms and torrential downpours as there may be multiple storm spin-offs with their own weather embedded within the giant storm system, ” he added.
© 2022 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |
Related topics: natural gas natural gas data natural gas demand natural gas exports Natural gas futures natural gas pipelines natural gas prices natural gas production natural gas storage
@ KNatgas
email kevin.dobbs @ naturalgasintel.com
Daily Gas Price Index – Trending
NGI’ s Daily NatGas Price Tracker
Listen to NGI’ s ‘ Hub and Flow’
Daily Gas Price Index
Download latest PDF Edition
Markets
As temperatures climbed, weekly natural gas cash prices tumbled. NGI’ s Weekly Spot Gas National Avg. for the March 14-18 period dropped 38.0 cents to $ 4.200. It marked the second straight week of declines, as traders fixated on spring weather and diminishing heating demand. When trading culminated Friday, El Paso San Juan was down 45.0 cents…
Natural Gas Prices
International | general |
CNBC Exclusive: CNBC Transcript: Kynikos Associates Founder & President Jim Chanos Speaks with CNBC’ s Scott Wapner on “ Closing Bell: Overtime ” Today | WHEN: Today, Friday, March 18, 2022
WHERE: CNBC's `` Closing Bell: Overtime ''
Following is the unofficial transcript of a CNBC exclusive interview with Kynikos Associates Founder & President Jim Chanos on CNBC's `` Closing Bell: Overtime '' ( M-F, 4PM-5PM ET) today, Friday, March 18th for premiere week. Following is a link to video on CNBC.com: https: //www.cnbc.com/video/2022/03/18/were-starting-to-take-massive-moves-in-assets-for-granted-says-jim-chanos.html.
All references must be sourced to CNBC.
PART I
SCOTT WAPNER: Now to the investor known for his prowess betting against companies. Jim Chanos the president and founder of Kynikos Associates. He joins me now live. Welcome, Jim to `` Overtime. '' It's so good to have you.
JIM CHANOS: Thanks, Scott and congrats on the new show.
WAPNER: Thank you so much. It's, as I just said to Jim Cramer, Jim Chanos, what a week. It's been from where we were on Monday to where we are now there is it feels like some newfound momentum in the market. Who knows if it lasts, obviously, but what do you make of where we are. Is now the time to cover shorts or to double down because of the kind of move that we 've had? What do you think?
CHANOS: Well, while he was on, I was looking up the symbol for Joe Blow. It's not one I know. But I think that what we 've seen this week is a relief rally. You, you mentioned the bubble stocks, earlier the bubble stocks were leading the way this week. I have shorts that were up 30% and 40% since Tuesday morning, and we 've seen the snapback in the Chinese market. And what's really interesting about what happened prior to Tuesday and from Tuesday to today is we are starting to take for granted really massive moves in asset classes and entire markets. I pointed out to people a few days ago that the Chinese market prior to Tuesday was down basically by a third in a straight line over three weeks. And whether it was the US tech listed stocks or the kind of the Chinese SOEs listed in Shanghai and Hong Kong. And to put that in perspective, that was $ 4 trillion worth of market decline or 5% of global GDP, Scott. 5% of global GDP was exactly what all of the global markets lost in October of 1987 and I 'm dating myself here, but but basically caused the world to have a heart attack. And in this case, we just sort of shrugged and said oh Chinese stocks are volatile. And then of course they bounce back. And so whether you see PayPal or or Netflix down $ 100 billion on news, Alibaba up $ 100 billion on government, government reassurances, these are becoming commonplace. And I think it's just good to step back and realize a little bit about how uncommon these kinds of moves historically are.
WAPNER: Have you covered any of your shorts based on the kind of activity that you 've witnessed?
CHANOS: No, we haven't really covered a lot but because we have a lot of our positions in the form of put or put spreads, we actually get less invested as as the market goes up in our short only accounts and we 've been about market neutral all week in our in our hedge fund.
WAPNER: I mean, you have had obviously a long history with China since you mentioned it you 've been a bear since '09. I mean, one of certainly the longest bears on Wall Street and there was a history as well with a one-time short, for example of Alibaba which you covered a long time ago, and I was curious as to how you viewed the not only the position of some of those stocks and how dramatically they fell because of the new regulations there, COVID which is by all accounts out of control, and I wanted to ask you what positions you have on now from a short side as it relates to Chinese tech stocks, internet stocks, or any Chinese stocks.
CHANOS: So we, we have a couple of Chinese financials that are listed in Hong Kong that have been long term core positions for us that are, we're still on and of course we still have our position in Wynn, which has exposure to Wynn Macau, but the only the only tech stock of note and I think it was up, I think it was up about 70% from the lows this week, is the Chinese internet broker, Futu. And which is had quite a quite a run this year from from the highs earlier in 2021 of near $ 100 down to 20 and back up to 40. And it's a simple story, trading stocks in the People's Republic of China on Western exchanges, it is illegal and Futu is in the business of basically getting a Chinese citizens among other citizens to to trade stocks through Hong Kong or Singapore in Western markets, which is technically against the law in China. So it's kind of a unique situation.
WAPNER: I mention. Yeah, I mentioned in a little bit you're gon na reveal a new short position in a very well-known name. I don't want you to do that yet. I want to continue the conversation about China I mean, in the universe of all of these stocks and you saw the dramatic move higher in Futu, of course, before you just started talking about it, why did this stand out more than some of the others? And are the others just too dangerous and difficult to short because of the kinds of moves which we 've witnessed this week alone?
CHANOS: Well, really our exposure in China has been in the last few years, has been pretty much as low as it's ever been because the excesses are here in the good old US of A and so that that's number one. Number two, I mean the Chinese market as you alluded to the FXI when we got bearish was was somewhere around $ 40. I think it's still around 32 or 33 after a big rally after 12 years. You know so this has been a very, very good place to be short as I keep telling people, but it's not the greatest place risk reward to be short now and that with, with some exceptions, obviously. The thing we do warn clients about though repeatedly and it was part of our Alibaba warnings back in 2016 is the VIE structure. You know all kinds of people come on your network and talk about Alibaba being cheap or JD.com being cheap or Baidu being cheap, and it's irrelevant. For Western investors, you do not own the company in the People's Republic of China. I can't stress that enough to people. We own a piece of paper in the Cayman Islands or British Virgin Islands that says you share the economics somehow. And and the Chinese love the VIE structure. They don't recognize it legally in effect, but they love it because it allows Western capital to come to their companies inside the People's Republic. The problem is the capital never goes back out the other way. And so we just warn people that you know, worst case environment, you have no recourse in the Chinese courts and it's just fraught with all kinds of governance issues that I think that most institutional investors are wise to avoid.
PART II
WAPNER: We're back now with legendary investor, Jim Chanos of Kynikos. Jim, I want to get to some names. I want to start with DraftKings. What's your current position in DraftKings because you have had a bit of a feud with Jason Robins, the CEO, who has taken issue with the way that you 've described some metrics of that company.
CHANOS: Yeah, so, so my BFF Jason got quite upset. Had his lawyer sent me a nasty letter. And we made a mistake on your `` Halftime '' show. We multiplied the holdings of 800 million shares times the market cap. There are 800 million shares outstanding in DraftKings, but 400 million are held by Jason and are uneconomic, they are the super voting shares. So they are worth nothing in the eyes of the marketplace. I actually think they're worth something but that's a separate story. So, the market cap of DraftKings is not, is not at the time was not 20, 23 billion. It was 11 and a half billion and so he got quite upset with that. I would point out the stock from that appearance however, is down about 28% from 28 bucks to around $ 20. But this is kind of an important theme I want to get across to your viewers, for stocks that have gone down, what I want to point out is that a lot of fundamentals have actually dropped at or worse than actually the stocks have declined in some cases. So for example, if we take my friend Jason's company, the, the 2025 consensus EBITDA estimate in in early December when I was on the air with you, was $ 360 million. It is now $ 260 million. Interestingly, that's down about the same 28% that the stock is down. So, in effect DraftKings today is selling at the same 2025 EBITDA multiple as it was in December. And we have lots of stocks in our portfolio where the actual numbers have deteriorated dramatically since the fall and the stocks are down 30%, 40%. But on valuation metrics, they're they're at or above where they were in the fall. And I think that that's why the bubble stocks are so fraught with risk.
WAPNER: But to be clear, you're still short. This name, right?
CHANOS: Oh, oh, yes. DraftKings is one of my favorite shorts.
WAPNER: Is that right?
CHANOS: Yeah, they're, they're EBITDA since since since my appearance on your show that he was upset about, the the EBITDA loss for this year, the estimate is gone from 500 million to 900 million. So, things are getting worse. They're not better.
WAPNER: Well the other issue that he had he, they pretty much accused you of being dishonest in the way that you 've described what their price to sales multiple is. In reality, it's about 12 times you 've described it, they 've made the argument as 30 times and he took you to task for your math and that was after your last appearance on my show.
CHANOS: Yeah, that's what I 'm talking about, Scott. We got the share count, half the shares are uneconomic. So the company is claiming you can not count those in the market cap. And they're right.
WAPNER: Oh, I got you. Okay. I just wanted to make sure we're talking about apples and apples. So you do admit that you had made a mistake on my program, the `` Halftime Report '' the last time that you were on.
CHANOS: Well, I know it's shocking, but I sometimes make errors. They're not in bad faith.
WAPNER: Okay, let me ask you this, your new short that you're going to reveal right here is what?
CHANOS: Our new short is, is a kind of a one-off interesting situation. It's a little company called Coinbase.
WAPNER: Okay, and why is Coinbase, why is Coinbase the one?
CHANOS: So Coinbase is what I 'm kind of talking about. Coinbase is what we would call one of the bubble stocks. Obviously, it's got a unique market niche as the, pretty much the only public crypto exchange and consequently has the valuation to go with it. So Coinbase is about a $ 40 billion market cap company. Stock was trading in the fall between $ 200 and $ 300, got down to about 150 recently, it's bounced, I think it closed somewhere around 185 today. But Coinbase is is again exactly what I 'm referring to. So, in the fall when the stock was trading between 200 and 300, the adjusted EPS estimate for this year was $ 7. It's now, that same estimate, is now $ 3. So the so the multiple's actually got up. On a GAAP basis because of course like many tech stocks, they add back share base comp, on a GAAP basis, the estimate for this year has gone from $ 6 in the fall to a loss. We basically think Coinbase is over earning. If you do the numbers, their revenue base is roughly 3% to 4% of their custodian assets, their customer assets. They have a, over $ 200 billion of customer assets in their system. And if you look at comparable kinds of exchanges or trading operations, and Coinbase is an amalgam of a lot of these because it has different functions. You know, Charles Schwab has revenues of about 25 basis points of client assets. Trading operations, bank trading operations typically have revenues of 1% to 1.5% of assets. And there you have Coinbase at 3% to 4%. So we think that as competition increases in crypto and this is not a call on, on crypto or Bitcoin prices or anything like that, but we think as as competition increases amongst the exchanges, you're going to see fee compression, and as it is Coinbase will probably not be profitable this year with a $ 40 billion market cap.
WAPNER: Is there a risk though that, look at times Coinbase has tracked Bitcoin that as Bitcoin recovers assuming it does and gets back to its high or even higher highs, does that put your thesis at all at risk?
CHANOS: Yeah, that 'd be, obviously, if it tracks, if it tracks Bitcoin as a sympathy play, it will do that, but what we're seeing is the economics are starting to diverge. And I think that's, that's kind of the important part and, and, and you can easily hedge out the Bitcoin risk if that's, if you correlate to Bitcoin, you want to take that systematic risk out you can do so.
WAPNER: I mean the other thing this just this week, there are a couple positive research notes I wanted to read to you quickly. Oppenheimer says Coinbase has quote, `` Hidden value in the ventures business. '' Needham was out today saying the NFT, or this week, said the NFT segment could add more than a billion dollars in revenues. I mean, obviously the street remains fairly optimistic about this one.
CHANOS: Yeah, what are their profit estimates on those reports.
WAPNER: Well I guess that's the million-dollar, billion-dollar question.
CHANOS: Yeah so we're back to look we're back to people trying to get excited about things they got excited about last summer and they certainly have every right and ability to do that. But I think that the problem is, is that this market is so burned people in names that are not profitable, as Jim said at the beginning of your show. We're looking for companies where the the profit forecasts are continuing to decline as the valuations stay up in the stratosphere. There are plenty of companies that are in the new economy that have real growth, real cash flows with real earnings, but there's a lot that are just being sold on stories. And we would argue that Coinbase is one that's being sold on a story.
WAPNER: We 'll make that the last word, and we 'll certainly follow those shares of Coinbase in the weeks ahead, Jim Chanos, thank you for being on in `` Overtime. '' We 'll see you soon.
CHANOS: Congrats Scott on the new show.
WAPNER: Appreciate it very much. That's Jim Chanos joining us. | business |
Chillier Look for Late-Winter Forecast Lifts Natural Gas Forwards | Sign in to get the best natural gas news and data. Follow the topics you want and receive the daily emails.
Your email address *
Your password *
Remember me Continue
Reset password
Featured Content
News & Data Services
Client Support
Daily GPI
Natural Gas Prices | LNG | LNG Insight | Markets | NGI All News Access
Modest strengthening in the late-winter, weather-driven demand outlook and lagging production helped drive widespread gains for natural gas forwards during the March 10-16 trading period, NGI’ s Forward Look data show.
Week/week gains of around 10-25 cents characterized price action at most Lower 48 hubs, paced by a 22.2-cent gain for fixed price April trading at benchmark Henry Hub, where prices ended the period at $ 4.749/MMBtu.
In terms of incremental basis shifts, most hubs lost ground on the national benchmark amid encroaching shoulder season conditions. A handful of demand hubs posted double-digit basis declines.
[ Want to know how global LNG demand impacts North American fundamentals? To find out, subscribe to LNG Insight. ]
In New England, Algonquin Citygates front-month basis eased 18.0 cents lower week/week to plus-0.6 cents. Along the West Coast, Northwest Sumas basis slid to minus-61.1 cents, a 12.4-cent swing, while SoCal Citygate April basis saw a 16.5-cent discount for the period, ending at minus-32.4 cents.
Nymex futures were up-and-down during the March 10-16 period, but momentum shifted in favor of the bulls on Wednesday, with the April contract posting an 18.0-cent rally. That momentum continued into Thursday’ s session, when the front month tacked on another 24.2 cents to settle shy of the $ 5 mark at $ 4.990. The April contract retreated in Friday’ s session, giving back 12.7 cents to settle at $ 4.863.
NatGasWeather on Thursday attributed the recent gains in the futures market to a combination of stronger weather-driven demand expectations for the United States around March 26-28, a bullish government inventory report, a 2 Bcf/d week/week drop in production and “ continued global uncertainty ” surrounding events in Ukraine.
“ We expect strong volatility ” to close out the work week “ as major players position for another dangerous weekend to hold, especially due to great uncertainty on where the Russian invasion of Ukraine goes next, ” NatGasWeather said. “ What also will be important is whether global Covid-19 lockdowns ease after increasing this past week.
“ …We continue to give bulls the edge ever since they were able to again rally prices sharply from $ 4.50. ”
The Energy Information Administration ( EIA) on Thursday reported a 79 Bcf withdrawal from U.S. natural gas stocks during the week ended March 11, a print that landed on the bullish side of consensus.
The latest EIA report left Bespoke Weather Services to wonder about what lies ahead for the natural gas market as it looks to refill stockpiles this summer.
“ While still easily looser than last week in terms of supply/demand balances, ” the 79 Bcf pull puts the inventories on track for an end-of-injection figure below 1,400 Tcf, “ especially with production still struggling to get back over 93 Bcf/d, ” Bespoke said.
Continued “ tighter-than-expected ” conditions in the market only serve to raise concerns over the “ difficulty in refilling storage to a comfortable level this summer, ” the firm added. “ That has been a mainstay in our ideas here, though even we felt we’ d see more out of production than we are seeing. Perhaps that comes into April, but our concerns for later this year will remain given our lean toward a hotter summer. ”
EBW Analytics Group during the week said its projections pointed to a 240 Bcf inventory deficit versus the five-year average by the end of April.
This would likely help to “ firm up support and avoid picking up significant price-sensitive demand via coal-to-gas switching that would further slow the storage refill pace, ” EBW senior analyst Eli Rubin said in a note to clients.
As demand for injections from local distribution companies picks up in mid-April, this could help establish a “ seasonal low ” for Nymex prices, according to the analyst.
“ The increasing price-inelastic, physical market demand ” from these companies “ could help stabilize the market at an elevated level as significant storage deficits remain, ” Rubin said.
The most recent round of European sanctions on Russia as of Wednesday “ still steers clear of the jugular: oil and gas purchases, ” Rystad Energy senior analyst Kaushal Ramesh said in a research note.
The analyst noted “ muted ” price action for the Dutch Title Transfer Facility ( TTF) to open the week’ s trading, with the benchmark showing signs of being “ temporarily consolidated ” around $ 36-40/MMBtu.
Ramesh said TTF prices were expected to see a “ cautious downward skew in the absence of escalatory developments in the war in Ukraine. ” Still, the analyst cautioned that “ the geopolitical risk premium on prices may soon reappear if the optimistic expectations on negotiations in Ukraine don’ t materialize. ”
News on the situation in Ukraine and associated risks for spiking oil prices could continue to influence Nymex Henry Hub futures, EBW’ s Rubin told clients earlier in the week.
“ Ukraine headlines — and potential for a renewed spike in oil prices — can rapidly swing market sentiment, ” Rubin said. “ …If prices surge higher again at any point over the next 30-45 days, a potential repeat of surging capital inflows to the energy sector could carry Nymex futures higher. ”
West Texas Intermediate crude oil futures rallied $ 7.94 in Thursday’ s session to settle at $ 102.98/bbl before adding another $ 1.72 on Friday to settle at $ 104.70.
© 2022 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |
Related topics: Forward Look nymex settlement
@ JeremiahShelor
email jeremiah.shelor @ naturalgasintel.com
Daily Gas Price Index – Trending
NGI’ s Daily NatGas Price Tracker
Listen to NGI’ s ‘ Hub and Flow’
Daily Gas Price Index
Download latest PDF Edition
Markets
As temperatures climbed, weekly natural gas cash prices tumbled. NGI’ s Weekly Spot Gas National Avg. for the March 14-18 period dropped 38.0 cents to $ 4.200. It marked the second straight week of declines, as traders fixated on spring weather and diminishing heating demand. When trading culminated Friday, El Paso San Juan was down 45.0 cents…
Markets
International | general |
Moderna seeks FDA authorization for 4th dose of Covid shot | In this article
Drugmaker Moderna asked the Food and Drug Administration on Thursday to authorize a fourth shot of its Covid-19 vaccine as a booster dose for all adults.
The request is broader than rival pharmaceutical company Pfizer's request earlier this week for the regulator to approve a booster shot for all seniors.
In a press release, the company said its request for approval for all adults was made `` to provide flexibility '' to the Centers for Disease Control and Prevention and medical providers to determine the `` appropriate use '' of a second booster dose of the mRNA vaccine, `` including for those at higher risk of COVID-19 due to age or comorbidities. ''
U.S. officials have been laying the groundwork to deliver additional booster doses to shore up the vaccines ' protection against serious disease and death from Covid-19. The White House has been sounding the alarm that it needs Congress to `` urgently '' approve more funding for the federal government to secure more doses of the Covid-19 vaccines, either for additional booster shots or variant-specific immunizations.
U.S. health officials currently recommend a primary series of two doses of the Moderna vaccine and a booster dose months later.
Read CNBC's latest global coverage of the Covid pandemic:
Moderna said its request for an additional dose was based on `` recently published data generated in the United States and Israel following the emergence of Omicron. ''
On Tuesday, Pfizer and its partner BioNTech asked U.S. regulators to authorize an additional booster dose of their Covid-19 vaccine for seniors, saying data from Israel suggests older adults would benefit. | business |
Coronavirus tally: Moderna seeks FDA nod for fourth shot of its COVID booster for all adults, broader than Pfizer request | Moderna
MRNA,
+5.78%
has asked the U.S. Food and Drug Administration on Thursday to authorize a fourth shot of its COVID-19 vaccine as a booster dose for all adults,
the Associated Press reported.
The request is broader than rival pharmaceutical company Pfizer's
PFE,
-1.97%
request earlier this week for the regulator to approve a booster shot for all seniors. The company said its request for approval for all adults was made `` to provide flexibility '' to the Centers for Disease Control and Prevention and medical providers to determine the `` appropriate use '' of a second booster dose of the mRNA vaccine, `` including for those at higher risk of COVID-19 due to age or comorbidities. '' The U.S. COVID numbers continue to decline and the nation is now averaging 30,550 new cases a day,
according to a New York Times tracker,
down 41% from two weeks ago. The average daily number of hospitalizations stands at 24,623, down 44% from two weeks ago. Deaths are averaging 1,224 a day, down 28% from two weeks ago, but still an undesirably high number. Globally, there have been 466 million confirmed cases, according to data aggregated by Johns Hopkins University, and 6.06 million deaths. The U.S. leads the world with 79.7 million cases and 970,009 fatalities. | business |
The S & P Experienced a Death Cross. Here’ s the Bright Side. | The
S & P 500
has performed poorly this year, down about 6.4%. This past Monday, it got scary in a Harry Potter sort of way: The benchmark experienced a death cross.
A death cross occurs when the S & P’ s 50-day moving average slips below its 200-day average. This one saw the S & P’ s 50-day average drop to 4465, below the 200-day 4467. This suggests something is awry in stocks, not a surprise. In normal times, particularly when stocks are rising, the average of recent prices is higher than the 200-day average, which includes prices at lower levels.
That’ s not the case now. Stock prices have slipped below their long-term trend as economic risks pile up. The Ukraine war has led to sanctions on Russian commodities, from oil to gas to wheat, squeezing global supplies and raising prices. Even before the war, inflation was taking off, putting pressure on central banks to get prices under control, a process the Federal Reserve began on Wednesday. China is struggling with Covid.
Still, there’ s good news here. The appearance of a death cross may be a time to buy. Historically, the S & P 500 tends to post gains in the 12-month period following an initial close of a death cross. According to Fundstrat research, gains occur about two-thirds of the time 12 months after a death cross. When losses occur, it’ s often just before recessions. Dow Jones Market Data says that in 53 death-cross episodes, the average gain was 6.3%.
To be sure, the average time in a death cross was 155 trading days. The last time that occurred was March 30, 2020, as the pandemic set in. The S & P then rose more than 55% in the following year.
Last Week
It’ s Witchcraft
The 10-year Treasury yield rose over 2% on inflation jitters, but stocks rose on hopes for a Ukraine cease-fire, while oil slid below $ 100 a barrel on new Covid woes, particularly in China. Trading was turbulent, then rallied after the Federal Reserve raised rates. Friday was a triple-witching day, with options expiring. On the week, the
Dow Jones Industrial Average
rose a big 5.5%, to 34,754.93; the S & P 500 soared 6.2%, to 4463.12; and the battered
Nasdaq Composite
sailed 8.2%, to 13893.84.
Talks, Bombs, and Bonds
Russia bombed a base near the Polish border. The U.S. said Russia asked China for weapons and warned Beijing to back off. Russia made $ 117 million in bond payments, and JPMorgan Chase processed it after getting U.S. permission, avoiding default. The Iran nuclear deal staggered to life after Russia dropped objections over U.S. sanctions. Ukraine President Zelensky spoke remotely to Congress; President Biden offered more weapons as Russia pounded cities and Ukraine counterattacked. The U.S. warned of Russian bio or chemical attacks. Cease-fire talks continued.
Fed Day: All Rise
The Fed’ s policy-setting committee met and voted 8 to 1 for what Chairman Jerome Powell had said he favored: a 0.25% rate rise, the first since 2018. Separately, West Virginia Democratic Sen. Joe Manchin said he opposed the nomination of Sarah Bloom Raskin over her climate-change stance. Raskin then pulled out. The Bank of England raised rates a third time.
China: Under the Weather
Chinese stocks, led by Tencent
and
Alibaba
,
plunged, then rallied as the government promised support. China put Shenzhen and the province of Jilin on lockdown, as the country struggled to contain Covid. The Shenzhen lockdown hit tech manufacturing, including iPhone maker
Foxconn
,
and put into doubt the country’ s 5.5% growth estimate. Shanghai and notably Hong Kong struggled with rising death rates, particularly among the elderly.
Data Beats
Jobless claims, housing starts, building permits, and a Philadelphia Fed manufacturing index all beat forecasts.
Annals of Deal Making
Telecom Italia
began talks with
KKR
,
four months after the buyout firm approached it. KKR’ s bid values
TI
at $ 12 billion, a 75% premium to the prior Friday’ s stock price. TI’ s biggest shareholder
Vivendi
recently installed a new CEO, Pietro Labriola, who wants to split the company and began talks to sell its fixed-line assets to state-controlled Open Fiber…JD.com said it would buy a Chinese logistics company
Deppon Logistics
for $ 1.4 billion…The Wall Street Journal reported that a consortium of private-equity buyers, including Elliott Management and Brookfield Asset Management, were in talks to buy TV-ratings company Nielsen for some $ 15 billion, including debt... Amazon.com closed its $ 8.4 billion buy of movie studio
MGM
.
Write to
Jacob Sonenshine at
jacob.sonenshine @ barrons.com | business |
Canaan Inc. Announces Up to US $ 100 Million Share Repurchase Program | Canaan Inc., a leading high-performance computing solutions provider, announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to US $ 100 million worth of its outstanding American depositary shares ( ADSs), each representing 15 Class A ordinary shares, and/or Class A ordinary shares over the next 24 months starting from March 16, 2022.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “ We noticed that the recent international frictions, the domestic quarantine measures for COVID-19 control, and macro factors across the capital market have adversely impacted our stock performance. Given the strong fundamentals and cash position of the Company, we would like to allocate additional capital to drive value for our shareholders. As previously disclosed, we had completed the share repurchase plan authorized in September 2021 ahead of schedule. This new share repurchase program demonstrates our confidence in the Company’ s long-term outlook. We remain committed to our diligent and agile operations, and believe that we are able to overcome the challenges and make greater achievements. ”
Under the share repurchase program, the Company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof. In addition, Canaan will also effect repurchase transactions in compliance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and its insider trading policy. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with Canaan’ s working capital requirements and general business conditions. The Company’ s board of directors and/or its management will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company plans to fund the repurchases from its existing cash balance. | tech |
New Patent Lawsuit Adds to Litigation Worries for Moderna Stock | Moderna faces a handful of patent lawsuits, but they might not be resolved for years, analysts say.
Joseph Prezioso / AFP via Getty Images
A new set of patent lawsuits filed this week over the technology behind the messenger RNA-based Covid-19 vaccines increases risks for
Moderna
investors, but could take years to play out.
The lawsuits come from
Alnylam Pharmaceuticals
,
which in 2018 was the first drugmaker to receive approval for a drug that used lipid nanoparticles, a key element of the mRNA-based Covid-19 vaccine.
In two suits filed Wednesday and Thursday in federal court in Delaware, Alnylam ( ticker: ALNY) sued
Moderna
( MRNA) and
Pfizer
( PFE) over particular lipids it claims were used in the lipid nanoparticles, or LNPs, in each company’ s mRNA-based Covid-19 vaccines.
In a statement, Moderna said its LNPs “ do not resemble Alnylam’ s work, and any assertion that the Alnylam patent covers Moderna’ s Covid-19 vaccine is specious. ” Pfizer didn’ t immediately respond to a request for comment.
The lawsuits are highly technical, hinging on questions of science and patent law. They, however, could take years to play out, and the litigation will have far less impact on Moderna and
Pfizer
than, for example, shifting demand for Covid-19 vaccines.
For Moderna investors, however, the lawsuit adds to the potentially unsettling list of patent issues that have hit the company in recent months, which include a separate patent lawsuit and an embarrassing
spat
with the National Institutes of Health.
That could make Moderna a riskier bet, according to SVB Leerink analyst Mani Foroohar.
“ We presume that MRNA and PFE will pursue a path of delay and deny for as long as plausible, thus this dispute will likely evolve over years, limiting impact on near-term share performance, ” wrote Foroohar in a note out Thursday. Still, Foroohar wrote, “ This does represent yet another source of inadequately compensated ( and entirely unmodeled in consensus or our own projections) risk for investors holding MRNA shares at current levels. ”
In its lawsuit against Moderna, Alnylam claims that its technology is “ foundational to the success of the recently-developed messenger RNA …based COVID vaccines. ” Alnylam says that in 2014, it discussed with Moderna a possible licensing agreement that would have included Alnylam’ s LNP technology.
Those claims echo
a separate lawsuit filed late last month
by
Arbutus Biopharma
( ABUS) and a subsidiary of
Roivant Sciences
( ROIV) over the composition of the lipid nanoparticle itself used in the Moderna vaccine. The suit alleges that Moderna had said in 2020 it was open to hearing a proposal from Arbutus and the Roivant subsidiary on a license agreement related to the Covid-19 vaccine, but then didn’ t negotiate after receiving their proposal. Moderna has denied the allegations in the suit.
In a statement regarding the Alnylam suit, Moderna said that Alnylam’ s lipids were designed for “ intravenous delivery of a different type of RNA, ” and that Moderna had discovered that that sort of lipid wouldn’ t work for delivery of mRNA into the arm.
“ Starting in 2014, Moderna designed new lipids that overcame this mRNA delivery challenge, and it is those novel lipids which are found in our LNPs, ” the company said. “ We will vigorously defend ourselves …against any and all efforts by those companies who attempt to claim credit for the innovations that have helped to save the lives of so many around the world. ”
Meanwhile, Alnylam’ s complaint against Pfizer alleges that Pfizer uses a cationic biodegradable lipid covered by an Alnylam patent.
Foroohar wrote that any settlement would likely be a long time coming, but would likely consist of a one-time payment to cover past sales, plus a single-digit royalty on future vaccine sales.
Still, in a separate note out Thursday, Jefferies analyst Dennis Ding argued that the litigation pileup for Moderna could push the company to settle.
“ We believe another patent infringement suit could put pressure on MRNA, ” Ding wrote. “ MRNA now needs to prepare and engage on multiple fronts defending its LNP technology in trials that could take multiple years and millions of dollars to fund, and it simply could be more efficient to settle in the near term. ”
Alnylam shares were up 2.6% on Thursday and another 1.6% in morning trading Friday. Moderna stock shot up 7% after the company submitted a request with the Food and Drug Administration for
clearance of a second Covid-19 booster shot
for all adults over age 18.
Write to Josh Nathan-Kazis at
josh.nathan-kazis @ barrons.com | business |
U.S. stocks end higher as Dow, S & P 500, Nasdaq score biggest weekly gains since November 2020 | U.S. stocks closed higher Friday, with all three major indexes notching their best weekly performance since November 2020, as investors took the Federal Reserve’ s interest rate hike and uncertainty over the Russia-Ukraine war in stride.
Volatility in markets has become the norm this month as investors struggle to forecast economic growth and corporate profitability amid high inflation, rising interest rates from central banks around the world, Russia’ s invasion of Ukraine, and ongoing lockdowns to combat Covid-19 in China.
How did stock indexes perform?
The Dow Jones Industrial Average
DJIA,
-0.58%
rose 274.17 points, or 0.8%, to close at 34,754.93, leaving the blue-chip gauge up 5.5% for the week.
The S & P 500
SPX,
-0.04%
gained 51.45 points, or 1.2%, to finish at 4,463.12, snapping two straight weeks of losses. For the week, the S & P 500 rose 6.2%.
The Nasdaq Composite
COMP,
-0.40%
jumped 279.06 points, or about 2%, to end at 13,893.84, also snapping two straight weeks of declines and logging a weekly advance of 8.2%.
Need to Know:
The banks to buy are outside the U.S., even with the Fed eyeing 11 rate increases, these fund managers say
What drove the markets?
Stocks ended higher, climbing in a choppy session that had opened with all three major U.S. benchmarks down, as investors weighed hawkish comments from Federal Reserve officials and assessed ramifications of the Russia-Ukraine war.
“ Market sentiment really turned on a dime this week, ” said Steve Sosnick, chief strategist at Interactive Brokers, in a phone interview. “ Sentiment had gotten so bad ” amid worries about the war, but traders and investors also fear missing out on gains when stocks are beaten down, he said. Some of the biggest “ up days ” tend to come in choppy, bearish markets, according to Sosnick.
Weekly percentage gains for all three major indexes were the strongest since the week ended Nov. 6, 2020, according to Dow Jones Market Data.
“ After a major 3-day rally, stocks have returned to pre-Ukrainian invasion levels, ” said Louis Navellier of Navellier & Associates in Reno, Nevada. “ Evidently, the market can shake off the near-term implications of unprecedented sanctions on Russia and a hawkish turn by the Fed by focusing on the longer-term realities of hopeful post-pandemic reopening growth, very low unemployment, and yet-to-be-cut-meaningfully continued earnings growth forecasts. ”
Investors were also weighing hawkish comments from central bankers. St. Louis Federal Reserve President Jim Bullard said the central bank
risked losing credibility by moving too slowly
to bring inflation down. Bullard, in a statement, explained his lone dissent at Wednesday’ s Fed meeting, when he called for a 50 basis-point rise in the fed-funds rate rate. Bullard said he
wants to see key rates at 3% by year-end.
Fed Gov. Chris Waller, meanwhile,
told CNBC
the central bank may need to enact one or more 50 basis-point rises in response to surging inflation.
“ I don’ t think the market loved those comments ” made by Waller and Bullard this morning, said Sosnick at Interactive Brokers. They were “ kind of wet blankets. ”
At its meeting this week, the
Fed increased benchmark interest rates
by 25 basis points as expected, promising more, with Fed Chairman Jerome Powell cheering investors with an optimistic view of the economy. U.S. data for Friday included
existing home sales
and
leading indicators
, both for February.
Read:
Oil prices are the ‘ linchpin’ for markets as Russia wages war on Ukraine, says CIO Bob Doll
“ Part of the reason we saw the market rally this week is we see oil more or less find a level around $ 100 a barrel, ” Sosnick said, which is down from earlier spikes during the Russia-Ukraine war. West Texas Intermediate crude for April
CLJ22,
+2.48%
delivery rose 1.7% Friday
to settle at
$ 104.70 a barrel, bringing its weekly decline to 4.2%, according to Dow Jones Market Data.
Investors had also been encouraged by signs of potential progress between Ukraine and Russian negotiators, but those hopes were fading some ahead of the weekend. U.S. Secretary of State Antony Blinken
reportedly said
in a briefing Thursday that a diplomatic solution to the war in Ukraine was looking challenging, as Russia shows no signs of letting up its attacks.
See:
The market may have relaxed a bit too much over the Russia-Ukraine war, says Goldman Sachs
Chinese President Xi Jinping told U.S. President Joe Biden
during a Friday phone call
on the Ukraine crisis that the world’ s prevailing trend of peace and development is facing serious challenges, according to
a report from Xinhua
, a Chinese state-run news agency. Biden warned Xi of “ consequences ” should China provide material support to Russia as it brutally attacks Ukraine, according to a White House statement.
See:
Biden warns Xi of ‘ consequences’ if China aids Russia amid Putin’ s war on Ukraine
“ This market right now is very driven on sentiment, ” said Jeff Powell, managing partner and chief investment officer at Polaris Wealth Advisory Group, in a phone interview Friday. It’ s not like the high rate of U.S. inflation and the war in Ukraine have changed, he said, but after the selloff linked to those concerns, investors seem to be thinking, “ ‘ oh my gosh,’ it’ s so ugly that I just need to start nibbling some here. ”
Meanwhile, Friday’ s session marked a “ massive ”
quarterly options expirations
, an event known as triple-witching.
Which companies were in focus?
FedEx Corp.
FDX,
+1.48%
reported
a weaker-than-forecast fiscal third-quarter result
and kept its annual outlook mostly unchanged. Shares fell 4%.
Meme-stock videogame retailer
GameStop Corp.
GME,
+3.76%
swung to a surprise loss
in the fourth quarter. Shares rose 3.5%.
Moderna Inc.
MRNA,
-1.98%
shares climbed 6.3% after the pharmaceutical group asked the Food and Drug Administration on Thursday
to authorize a fourth shot of its COVID-19 vaccine
as a booster dose for all adults.
How did other assets trade?
The yield on the 10-year Treasury note
TMUBMUSD10Y,
2.328%
fell 4.6 basis points Friday to 2.146%. For the week, the 10-year yield is up 14.2 basis points, according to Dow Jones Market Data. Yields and debt prices move opposite each other.
The ICE U.S. Dollar Index
DXY,
+0.35%
,
a measure of the currency against a basket of six major rivals, was up almost 0.3% Friday.
Gold for April delivery
GCJ22,
+0.49%
fell 0.7% to
settle at
$ 1,929.30 an ounce. For the week, gold dropped 2.8%, marking the biggest weekly percentage decline for a most-active contract since the week ended Nov. 26, 2021, according to Dow Jones Market Data.
Bitcoin
BTCUSD,
+2.73%
was up 3.1% at $ 41,975.
In European equities, the Stoxx Europe 600
SXXP,
+0.04%
closed 0.9% higher Friday and gained 5.4% for the week. London’ s FTSE 100
UKX,
+0.51%
rose 0.3% Friday, bringing its weekly advance to 3.5%.
In Asian equity markets, Hong Kong’ s Hang Seng Index
HSI,
+1.74%
closed 0.4% lower Friday but still rose 4.2% for the week. The Shanghai Composite
SHCOMP,
+0.02%
rose 1.1% Friday but booked a weekly decline of 1.8%. Japan’ s Nikkei 225
NIK,
+1.48%
advanced 0.7% Friday to gain 6.6% this week.
–
–Barbara Kollmeyer contributed to this report. | business |
The 4 types of vacations that may be hard to book in 2022 | After two years of living with Covid-19, travelers are making big vacation plans again.
But not every type of trip may be available this year, travel professionals said.
That's because many people postponed more ambitious vacations during the pandemic — in some cases two years in a row — leaving little room for new bookings this year.
Nearly half of those who had vacations canceled in 2020 and 2021 plan to take them this year, according to a survey by travel insurance firm Berkshire Hathaway Travel Protection. Only 5.5% are pushing these plans to next year, and less than 4% plan to cancel altogether, according to the survey of more than 1,500 travelers.
In addition, people are taking longer trips and booking them further in advance. Some fall and winter holidays are already beginning to sell out, said Lee Thompson, co-founder of adventure travel company, Flash Pack.
But some trips may be fully booked long before then, like these four types of vacations that travel insiders say are filling fast for the summer.
Booking an African safari 12 to 18 months in advance could be the new norm, said Shannon Kircher, founder of the U.S.-based boutique travel firm Compass & Vine.
Many travelers dream about going on a safari, but don't pull the trigger because of the amount of planning and money that goes into it, said Kircher.
However, the pandemic has `` challenged our ideas of pushing off meaningful trips, '' she said. Plus, more people have the time and money to travel now, because of canceled trips from the past two years, she said.
For travelers easing back into the idea of international travel during the pandemic, the privacy and open-air nature of safaris are appealing, she said.
`` Safaris are inherently socially distanced — you're around more animals than humans generally, '' she said.
Travelers are choosing to visit East Africa from June through October as the period coincides with the great wildebeest migration, Kircher said, with many extending their trip to squeeze in a gorilla trekking experience or a post-safari beach escape.
Multiple locations in Hawaii are at risk of being without vacancies this summer, said Zander Buteux of home rental company VacationRenter.
`` If you wait until June to book for June travel, you will have slim pickings, '' he said. `` This is especially true for the key cities on each island such as Honolulu, Lahaina and Kihei. ''
Two areas that still have a good amount of availability are O'ahu and Hanalei, said Buteux, though he doesn't expect things to stay this way.
Travel to Hawaii has been on the rise for the past eight months, said Buteux. Business is expected to pick up even more — along with prices — once the state lifts many of its pandemic travel restrictions this month, he said. Starting March 26, visitors from the continental United States will no longer be required to show their Covid-19 vaccination status or a negative pre-travel Covid-19 test to enter.
Summer isn't the only time of year that's being booked up fast, said Phil Jones, CEO of the luxury vacation home Pure Kauai. Easter and Christmas periods are also filling up, he said.
Like Buteux, he said: Once `` quarantine restrictions have been lifted, we predict a surge in bookings. ''
Americans who are still hesitant about international travel are booking luxurious off-the-grid vacation spots in the country, said Kircher.
Some well-known ranches are booked more than a year in advance, she said.
The Ranch at Rock Creek in Montana is mostly booked until February 2023, and almost all weekend slots at Wyoming's Brush Creek Ranch are full, according to their online reservation systems.
`` For most people, the privacy and disconnected nature of dude ranches are appealing, '' Kircher said. Activities such as horseback riding, fly fishing and white water rafting are outdoors and naturally socially distanced.
Plus, visitors also get many of their needs taken care of as `` most of the high-end lodges are really all-inclusive, meaning food, drinks, and luxury amenities are included, '' she said.
Booking last-minute summer yacht charters is a thing of the past, said Tim Geisler, founder of Grenada-based sailing company, Nautilus Sailing.
Many destinations, especially in the Mediterranean, are selling out well ahead of time, he said.
Greece, Spain and the French island of Corsica are the most popular charter destinations in the Mediterranean now, he said.
`` We are noticing that things are starting to return to almost pre-pandemic levels, '' said Geisler, adding that `` 80% of our charters are already booked out in Spain. ''
Summer yachting trips to the Mediterranean are popular among Americans because they tend to avoid the Caribbean during this time, as it coincides with the area's hurricane season, he said.
The company is seeing an increase in bookings and inquiries from travelers who want to book trips nine to 12 months ahead of time, which limits inventory down the line, he said.
`` The later you make a reservation, the less choice you will have when it comes to yacht size, configuration and location, therefore it's best to book [ at least ] six months in advance, '' he said.
The company recently started operating in Croatia, said Geisler, adding that there is yacht availability there for the summer, but likely not for long.
The global yacht charter market, which was valued at $ 16.9 billion in 2021, is projected to reach $ 26.5 billion by 2027, with Europe being the top go-to destination in the summer months, according to the market research firm Mordor Intelligence.
— CNBC's Monica Pitrelli contributed to this report. | business |
Here's how Covid-19 transitions from a pandemic to endemic | In this article
It's been two years since Covid-19 crept across the globe, battered the U.S. economy and wreaked havoc on health-care systems unprepared to defend themselves against the novel pathogen.
Now, as the latest wave of infections driven by the fast-spreading omicron variant rapidly subsides, many are beginning to question: Is Covid-19 becoming endemic?
`` There's a high probability we're moving into an endemic setting, '' Moderna CEO Stephane Bancel told CNBC's 'Squawk Box ' in late February.
But what does it mean when a virus like Covid-19 becomes endemic? That can be unclear—even among global health experts.
`` We're going from the acute phase, the emergency phase, to a chronic phase where we're going to have to look at long term sustained means of continuing to combat Covid-19, '' World Health Organization spokesperson Margaret Harris told CNBC in an interview.
Meanwhile, the Biden administration recently unveiled a 96-page national preparedness plan it thinks will serve as a roadmap to return the nation to more normal routines. The White House's pandemic playbook is already facing hurdles on Capitol Hill.
Lawmakers in Congress dropped additional Covid funding in their latest $ 1.5 trillion spending bill. The aid is critical for ensuring future supply of booster doses, antiviral pills, tests and more, according to administration officials.
Watch the video above to find out what it means when a virus like Covid-19 becomes endemic, and how the U.S. is trying to forge its post-pandemic future. | business |
Oil rises, but posts second straight losing week | In this article
Oil prices were set for a second straight weekly loss, but found a floor above $ 100 a barrel on Friday after volatile trading this week with no easy replacement for Russian barrels in sight in a market already marked by tight supply.
Brent crude futures advanced 1.21%, or $ 1.29, to end the day at $ 107.93 per barrel, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.
U.S. West Texas Intermediate ( WTI) crude futures settled 1.67%, or $ 1.72, higher at $ 104.70 per barrel, adding to an 8% jump on Thursday.
Both benchmark contracts were set to end the week down more than 5%, after having traded in a $ 16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit taking since then.
The supply crunch from traders avoiding Russian barrels, stuttering nuclear talks with Iran, dwindling oil stockpiles and worries about a surge of COVID-19 cases in China hitting demand have combined to produce a rollercoaster ride for crude prices.
The volatility has scared players out of the oil market, which in turn is likely to exacerbate price swings.
Russia said an agreement had yet to be reached after a fourth day of talks with Ukraine during which some signs of progress had emerged earlier in the week.
`` President Putin appears unwilling to end hostilities. This should ensure that the energy complex remains well supported with plenty of scope for further volatility, '' PVM oil market analyst Stephen Brennock said.
He also said rising U.S. interest rates pointed to a stronger U.S. economy, which could underpin oil demand, after the Federal Reserve on Wednesday raised interest rates for the first time since 2018 and laid out an aggressive plan to push borrowing costs to restrictive levels next year.
Meanwhile, output from the OPEC+ producer group in February undershot targets even more than in the previous month, sources said, while the International Energy Agency said oil markets could lose three million bpd of Russian oil from April.
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. | business |
Rishi Sunak Says Cutting U.K. Taxes Is His Priority From Now On | The information you requested is not available at this time, please check back again soon.
Rishi Sunak, U.K. chancellor of the exchequer, on day two of the annual Conservative Party conference in Manchester, U.K., on Monday, Oct. 4, 2021. The U.K.'s governing Conservatives are meeting for their annual conference as the country grapples with a series of crises that threatens to undermine its economic recovery from the pandemic., Bloomberg
( Bloomberg) -- Chancellor of the Exchequer Rishi Sunak put cutting the U.K. tax burden at the top of his agenda as he seeks to change the narrative of his tenure in charge of the country’ s finances.
“ My priority going forwards is to cut taxes, ” Sunak said at the Conservative Party’ s spring conference in Blackpool on Friday, noting that a change he made in October to the benefits system was “ just the start ” of those efforts. “ My plan over the course of this parliament is to keep cutting taxes, get the tax burden down. ”
The chancellor’ s remarks reflect the pressure he’ s under from his own party’ s Members of Parliament to reduce taxation having put it on track it to its highest level since the 1950s in the wake of the coronavirus pandemic. He’ s due on Wednesday to deliver a spring statement taking stock of the economy. He promised he’ ll also us it to provide “ a little bit of a look forward as to where we’ re heading. ”
The chancellor said he wants to use tax cuts to stimulate the private sector to invest in equipment, training and research and development.
With taxation and energy bills for ordinary Britons set to ratchet up next month, Sunak has also been urged by politicians of all stripes, as well as business and consumer groups, to use next week’ s statement to announce measures to alleviate a growing cost-of-living crisis that’ s only been worsened by the Russian invasion of Ukraine.
Sunak Under Pressure as U.K. Prices Surge: Here Are His Options
Despite warnings by some economists that U.K. inflation may hit double digits later this year, up from a three-decade high of 5.5%, Sunak has repeatedly said he’ ll push ahead with a 12-billion-pound ( $ 16 billion) national insurance hike on April 6 to fund health and social care. He’ s also hit Britons with a freeze on income tax thresholds, which the Institute for Fiscal Studies has described as a 20.5 billion-pound stealth tax.
But the chancellor now has some leeway to respond to the squeeze on living standards at his spring statement because U.K. government borrowing came in below official forecasts for the first nine months of the fiscal year.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
China Put Can Be Game Changer for Stock Market After Global Rout | The information you requested is not available at this time, please check back again soon.
Stock figures displayed in Pudong's Lujiazui Financial District in Shanghai. Photographer: Qilai Shen/Bloomberg, Bloomberg
( Bloomberg) -- When the week started, JPMorgan Chase & Co. analysts warned that China’ s internet stocks were “ uninvestable. ” The world is in a different place now.
Following a string of dramatic interventions by Beijing, the worst selloff in Chinese markets since 2008 turned into a historic surge, catapulting the country’ s U.S.-listed technology firms into a rebound not seen before. For investors who’ ve been burned many times by abrupt somersaults in government policy, the question is whether the rally will hold, turning the world’ s second-biggest economy into a haven for traders and a life-raft for global output amid concerns over a broad slowdown.
The best answer from strategists is: It could.
Even the perpetually pessimistic Bank of America Corp. team said Friday that China’ s “ verbal intervention ” could become a “ bull driver ” for a spring rally if policy stimulus ends the country’ s growth downgrades and puts a floor on global economic output estimates.
“ The market was indeed oversold, irrational, in the dramatic rout, so the real money is back doing bottom-fishing, ” said Castor Pang, head of research at Core Pacific Yamaichi.
For Christophe Barraud -- one of the top forecasters for the Chinese economy according to Bloomberg’ s rankings -- a confluence of factors shows why the country felt compelled to act. The lockdown in Shenzhen on Monday, a tech-hub province of 24 million, tested the country’ s zero-Covid policy at the same time as a hit to foreign demand from the conflict in Ukraine. That threatened to derail China’ s economic growth target just as President Xi Jinping prepares for an unprecedented re-election, according to Barraud, chief economist at Market Securities LLP.
China’ s top financial policy committee swung into action. It vowed to ease a crackdown on technology firms, support the battered real-estate market and stimulate the economy. The pledge follows a prolonged squeeze on financing for property developers and a sweeping regulatory campaign aimed at internet giants like Alibaba Group Holding and Tencent Holdings.
That was swiftly followed by the country’ s central bank intervening to weaken the yuan and the government distancing itself from Russia’ s attack on Ukraine to minimize the risk of drawing Joe Biden’ s ire and potential U.S. sanctions. Xi then signaled a shift in a longstanding Covid-fighting strategy by pledging to reduce its economic impact.
The announcements amount to a “ a Draghi moment, ” Shanti Kelemen, Chief Investment Officer at M & G Wealth said on Bloomberg TV, referring to the former president of the European Central Bank, whose pledge to do “ whatever it takes ” to save the euro area turned the fortunes of the currency bloc during the sovereign debt crisis a decade ago.
After Beijing’ s pledge, the Nasdaq Golden Dragon China Index jumped 33%, the most ever. That still left the value of U.S.-listed Chinese behemoths well below their historic records.
For optimists, the rally still has legs, offering traders a recourse just as developed markets in Europe and the U.S. face the prospect of higher interest rates, and the wind down of the monetary and fiscal stimulus measures that fueled last year’ s ferocious rally.
Goldman Sachs Group Inc. strategists recommend an overweight position on Chinese equities, citing the country’ s well-anchored growth targets and low investor positioning. And in an ad hoc meeting this week, Credit Suisse’ s investment committee increased its exposure to Chinese equities into an overweight.
China going into expansionary mode can only help, said Barraud. “ I expect monetary policy to be more accommodative and fiscal policy to be supportive especially for SMEs which are not able to pass costs on consumers, ” he said, adding that Chinese equities have low valuations and may see relief from the easing of regulatory pressure.
Chinese stocks had almost always traded at a hefty premium to Europe and the U.S., but the rout of the past few months wiped out most of it. At one point this week, the Dragon Index was trading at 13 times forward earnings, a far cry from 40 times in June 2021, just when Beijing had started its scrutiny of internet companies.
“ Look at Alibaba, you got a value and price mismatch, ” said Justin Tang, head of Asian Research at United First Partners in Singapore. “ You are buying good value but when will price reflect that value? That will take some time. ”
Skeptics remain unconvinced by the valuation argument. As risks abound globally, the policy predictability of developed markets outshines the attractive valuations found in economies like China, they say.
Take Russia, for example. In a note on Feb. 7, JPMorgan strategists recommended an overweight position, citing attractive valuations. “ We see 2022 presenting a supportive backdrop for equities ” in Russia, “ driven by easy monetary policy, pace in the vaccine rollout strategy, and above-trend growth, ” strategists led by Mislav Matejka wrote.
Fast forward a few weeks and investors are sitting on Russian assets that could be entirely wiped out amid a wave of sanctions.
China’ s ambiguous ties with Vladimir Putin could yet draw new U.S. sanctions, although the likelihood of it siding unequivocally with Russia in the Ukraine conflict is very small, said Jason Hsu, chairman and chief investment officer of Rayliant Global Advisors Ltd.
“ The U.S. and China will be ‘ frenemies’ -- they can disagree in the politics and agree on the business, and the economies are still doing okay, that’ s the preferred relationship for investors, ” said Olivier d’ Assier, head of Asia Pacific applied research at Qontigo.
But such bets of predictability and stability have proved wrong before, with U.S.-listed Chinese tech stocks erasing more than a decade of gains before this week’ s rebound. Also, headwinds remain. China’ s lockdowns with each Covid flare up, potential capital outflows due to the Federal Reserve’ s rate hikes and a sluggish property market cloud the outlook.
So for investors, the most important promise from China this week was that it will “ maintain the stability and consistency of policy expectations. ” They will hold it to its word. | general |
Miami: AHF to Break Ground on New Affordable Housing | Groundbreaking Ceremony Monday, March 21st - 2:00 p.m.
Brand new 75-unit affordable housing solution, expected to be completed in early 2024, sits adjacent to AHF’ s Miami-Biscayne All-In-One Healthcare Center
MIAMI -- ( BUSINESS WIRE) -- AHF and its Healthy Housing Foundation will host a groundbreaking and dedication ceremony in the Edgewater community of Miami, on Monday, March 21, 2022 to continue their ongoing commitment to address the rising affordable housing epidemic rampant in Miami and urban-cores across the country. The new building, the “ Biscayne House ” will be comprised of a 75-unit, 12-story high-rise, with on-site parking, which will serve as housing for low-income individuals.
WHAT:
Biscayne House – Miami GROUNDBREAKING and DEDICATION
Social distancing and COVID 19 protocols will be enforced to ensure safety for all community members and attendees.
WHEN:
Monday, March 21, 2022 – 2:00 P.M. - 3:00 P.M.
( NOTE: Dedication/shovel ceremony begins @ 2:00 P.M.)
WHERE:
Biscayne House, 237 N.E. 24th Street, Miami, Florida 33137
WHO:
Michael Weinstein, President, AIDS Healthcare Foundation
The Honorable Daniella Levine Cava, Mayor, Miami-Dade County
The Honorable Rene Garcia, Commissioner, Miami-Dade County – District 13
The Honorable Ken Russell, Commissioner, City of Miami-District 2
Mr. Keith Carswell, Economic Development & Resiliency Advisor to the Mayor, City of Miami
Michael Kahane, Southern Bureau Chief, AIDS Healthcare Foundation
Margi Nothard, Founder/Director of Design, Glavovic Studio/Building Architect
B-ROLL:
Various community leaders will make individual dedications with shovels to commemorate the establishment of the new housing site. | general |
Traders Rocked by Trillion-Dollar Swings in China’ s Wild Week | The information you requested is not available at this time, please check back again soon.
An electronic screen displays the Hang Seng China Enterprises Index ( HSCEI), top, and the Nasdaq figure in Hong Kong, China, on Tuesday, March 15, 2022. Photographer: Paul Yeung/Bloomberg, Photographer: Paul Yeung/Bloomberg
( Bloomberg) -- From record plunges to dizzying rallies, China’ s stock market just capped its most volatile week in decades.
It all began with panic selling amid a slew of negative catalysts: from reports that Russia sought military aid from Beijing, to heightened fears over the delisting of Chinese equities in the U.S., the rapid spread of Covid-19 on the mainland and more regulatory penalties for technology giants.
Then everything reversed on Wednesday when Beijing made a sweeping set of promises to stabilize stocks. That triggered a two-day rebound that restored $ 1.3 trillion of market value in Hong Kong and the mainland, and a stunning 33% jump in a gauge tracking Chinese stocks listed in the U.S.
Here is a by-the-minute account of the events, as seen through the eyes of investors in China and around the world.
For Soren Aandahl, chief investment officer of short-selling firm Blue Orca Capital LLC in Texas, the week through Friday, March 11 gave a taste of what was to come.
Chinese state-owned firms were said to be considering buying or increasing stakes in Russian gas and metals companies as commodities prices skyrocketed.
Washington was warning of harsh action against any Chinese companies that broke Russian sanctions. The U.S. Securities and Exchange Commission identified five Chinese firms that could be subject to delisting if they failed to comply with auditing requirements. The Omicron variant threatened to fuel more coronavirus outbreaks on the mainland.
“ I couldn’ t scroll the news feed fast enough, ” Aandahl said. “ It was all coming out at once. ”
He was in his Austin office when he saw telltale signs of negative sentiment in big-volume trades during the U.S. morning on March 10.
“ It was pretty clear that a large Chinese tech investor or investment firm was dumping, ” he said of some of the transactions he saw.
At week’ s end, the mainland’ s CSI 300 Index was down more than 4%, a key gauge of Hong Kong-listed tech shares had dropped 10% and Chinese stocks in the U.S. capped a record 18% slide.
The Hang Seng Tech Index drops more than 4% at the open, and keeps falling. The SEC news on delistings looks like a “ wake up call ” for investors who should have known about the risk since last year, says Willer Chen, an analyst at Forsyth Barr Asia Ltd. in Hong Kong.
The city’ s benchmark Hang Seng Index slides 2.7%, breaching the 20,000 level for the first time in more than five years. Daryl Liew, Reyl & Cie.’ s chief investment officer in Singapore sat tight Friday, but this week things have changed. Covid-19 shutdowns and the war in Ukraine have become more harsh.
Over the coming days he sees selling by international investors and buying by mainland Chinese. Liew reassesses his stop-loss levels as the market deteriorates. “ For tactical trading, we’ ve unfortunately had to take a hit there in terms of selling some of those positions, ” he says.
The tech gauge is now 8% in the red. It’ s very difficult to evaluate risk profiles, says Jun Li, chief investment officer at Power Pacific Investment Management Inc. in Shanghai. The firm is advising investors to stay away for now.
Tencent Holdings Ltd., JD.com Inc. and Alibaba Group Holding Ltd. are among the big losers, and worse is to come for the tech giants.
Tencent extends it losses to 10% in the afternoon after the Wall Street Journal reports the company faces a record fine for violating Chinese anti-money laundering regulations.
The relentless churn of bad news spills through from the Asian day and into European and U.S. trading:
U.S. Says Russia Sought China Military Aid for Ukraine War
Veteran investor Mark Mobius says the biggest concern is whether the U.S. imposes new sanctions on China or individual Chinese firms.
Lale Akoner, a senior market strategist at BNY Mellon Investment Management, says markets are increasingly pricing in de-globalization, with a backdrop of rising fears of stagflation.
The tech gauge closes down 11% while the Hang Seng Index ends 5% lower and the CSI slips 3.1%.
Mobius warns there may be bigger trouble when Wall Street opens -- and there is. The Nasdaq Golden Dragon Index tumbles 12% to the lowest in almost a decade.
Asia wakes to learn that the largest China tech exchange-traded fund in the U.S., KraneShares CSI China Internet Fund, has erased all its gains since debut in 2013.
Lockdowns set to stop more than 40 million people in China from leaving their homes and businesses including Apple Inc. supplier Hon Hai Precision Industry Co. are halting production at some factories.
The People’ s Bank of China keeps its medium-term lending facility unchanged, disappointing traders.
It’ s a sea of red. Tech takes the brunt again, with the sector index opening down 5.5%. The Hang Seng and CSI 300 drop 3.1% and 1.2%, respectively.
“ There’ s definitely a sense of panic, ” says William Ma, chief investment officer at Grow Investment Group in Shanghai, who’ s hearing all kinds of rumors circulating among clients.
It’ s time for reassurance and reminding clients that this isn’ t the first instance that the market’ s been through a correction, says Ma. He notes that circuit breakers mean losses on the mainland aren’ t as bad as the 2015 meltdown, retail leverage is down and more institutions are in the market.
Headlines for Chinese industrial production, retail sales and investment flash on traders’ screens. They’ re all stronger than expected and equities are trimming losses.
The tech gauge erases a drop of as much as 7.2%.
But some investors are contemplating dire scenarios, where even aggressive stimulus from the government can’ t stop the economy slowing this year and Chinese stocks going down with it.
As the morning races on, declines start to accelerate again and the downward momentum continues all the way into the close.
Metaverse Securities Ltd. is tightening margin financing on stocks it classifies as tier-two and tier-three. The firm’ s fund investment officer Kakei Lam is avoiding China tech shares, which he says are just too volatile. Lam likes bank stocks instead.
The Shanghai Composite Index touches the lowest level since July 2020. An hour later Macau’ s casino shares gauge has tumbled 10%. By 2:41 p.m. Alibaba’ s losses reach 10.7%.
The Hang Seng ends the day down 5.7%, it’ s biggest drop since July 2015. The tech measure loses 8.1%.
Investors are nervous, but the Golden Dragon gauge’ s 5% bounce in the U.S. on Tuesday is giving some the confidence to buy.
China tech shares rally. Tencent jumps 7%, JD.com climbs 11%.
Nicholas McConway, Amundi’ s London-based head of Asia ex-Japan equities, has been searching for bargains recently. He’ s looking for companies that mesh with President Xi Jinping’ s “ Common Prosperity ” campaign. “ This means to focus on Chinese domestic, small- and medium-cap companies specifically identified as beneficiaries ” as regulators curb the power of dominant companies, he says.
Shanghai’ s equities index erases a gain of as much as 1.7%.
“ Sentiment is still extremely weak, ” says Zhang Fushen, a senior analyst at Shanghai PD Fortune Asset Management in Shanghai. “ None of the chief negative factors have been alleviated. ”
Steven Leung, an executive director at UOB Kay Hian Hong Kong Ltd., thinks upside still looks limited. He’ s not seeing big inflows.
Xinhua News Agency reports that China will keep the stock market stable, citing a meeting of the State Council’ s financial stability and development committee chaired by Vice Premier Liu He, Xi Jinping’ s right-hand man.
Herald van der Linde, head of Asia Pacific equity strategy at HSBC Holdings Plc., is on a call with a client who wants to know if internet stocks have bottomed. A sales trader who’ s on the call with him interrupts to say the shares are rising. A few minutes later the trader says they’ ve jumped 10%.
The Hang Seng Tech rallies 10%, heading for its biggest advance ever. Tencent leaps 10%, JD.com soars 17%.
Investors note that the government is also attune to the side effects of its tech crackdown and that efforts to “ rectify ” internet platform companies should end soon.
The CSI 300 closes 4.3% higher, the largest increase since mid-2020.
The PBOC and other state agencies vow to ensure a stable equities market.
The move mirrored verbal intervention across government in October 2018, which soothed investors spooked by the Sino-U.S. trade war. During that intervention, profit-taking kicked in soon after, however, and the Shanghai Composite eventually reached its nadir in early 2019.
The tech index closes up a record 22%. A Bloomberg Intelligence gauge of Chinese property developers rises almost 10%.
“ Usually the market’ s natural bottom comes after the policy bottom, which we are seeing now, ” says Li Weiqing, a fund manager at JH Investment Management Co. in Guangzhou.
Official comments that China supports overseas listings and will keep working with the U.S. on the matter set up the Golden Dragon index for an even bigger rally.
“ What China did today saved the country from becoming uninvestable, ” says Louis Lau, director of investments at Brandes Investment Partners in San Diego. Lau says he’ s also encouraged by China’ s comments that it isn’ t providing military assistance to Russia for its war in Ukraine.
At the close on Wall Street Wednesday, U.S.-listed Chinese stocks have soared the most since at least 2001, halting a selloff that saw them erase over $ 200 billion in value in just three days. The Nasdaq Golden jumped 33%.
The Hang Seng opens 6.7% higher. The tech gauge jumps 11%.
Developers shares rally further after news late on the previous day that regulators won’ t expand a trial on property taxes this year amid the housing market slump.
A lack of communication from officials on policy has been worrying investors, says Altaf Kassam, State Street Global Advisors’ EMEA head of investment strategy and research in London. “ Now, they’ ve communicated very clearly, which is what the market loves. ”
At the end of trading on Thursday, Chinese stocks listed in Hong Kong cap their biggest two-day advance since 1998.
The developers index extends its advance to 16% by the end of the day. The tech gauge climbes 8%.
Benchmark equity gauges in the city and the mainland open lower, as does the tech index.
Traders are taking a step back after Beijing’ s concerted effort to shore up confidence sparked the knee-jerk jump of the past two days.
Investors are weighing the ongoing risks of possible U.S. sanctions on China and the Covid-19 outbreaks. They’ re also waiting for concrete steps from Beijing after its reassuring comments.
“ They’ re going to have to follow through their words with actions, but that’ s very possible, ” says State Street’ s Kassam.
As the day grinds on, Chinese stocks in Hong Kong pare most of their early losses. There’ s speculation that the central bank may soon take steps to ease monetary policy.
Attention turns to the leaders of the two most powerful nations in the world: Xinhua reports that Xi Jinping and Joe Biden will exchange views on areas of mutual concern later on Friday.
Investors will be hanging on their every word.
It’ s getting harder to deal in some of the world’ s most important commodities as everything from geopolitical turmoil to exchange snafus prompt traders to rush for the exits, rapidly draining liquidity.
Fears of a bond default by Russia eased after US $ 117M of interest payments due this week started to reach international investors, promising to temporarily avert a lapse that would have injected even more uncertainty into world credit markets.
Led by gains in the technology and industrial sectors, Canada's main stock index set new record highs Friday while U.S. markets enjoyed their best week in more than a year.
Unlike most investment strategies, an effective tax strategy generates risk-free returns by utilizing and coordinating the tax tools available to average Canadians. | general |
The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against NRx Pharmaceuticals, Inc. ( NRXP) | LOS ANGELES -- ( BUSINESS WIRE) -- The Law Offices of Frank R. Cruz reminds investors of the upcoming March 21, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired NRx Pharmaceuticals, Inc. ( “ NRx ” or the “ Company ”) ( NASDAQ: NRXP) securities between June 1, 2021 and November 4, 2021, inclusive ( the “ Class Period ”).
If you are a shareholder who suffered a loss, click here to participate.
In June 2021, NRx announced that it filed an application with U.S. Food and Drug Administration ( “ FDA ”) requesting Emergency Use Authorization ( “ EUA ”) for ZYESAMI ( Aviptadil-acetate) to treat critically ill COVID-19 patients suffering with respiratory failure.
On November 4, 2021, NRx announced that the FDA declined to issue an EUA for ZYESAMI “ due to insufficient data regarding the known and potential benefits of the medicine and the known and potential risks of ZYESAMI in patients suffering from Critical COVID-19 with respiratory failure. ”
On this news, NRx’ s stock fell $ 2.27, or 25.5%, to close at $ 6.65 per share on November 5, 2021, thereby injuring investors. | general |
Drive Shack Inc. Updates Fourth Quarter and Full Year 2021 Financial Results | DALLAS -- ( BUSINESS WIRE) -- Drive Shack Inc. ( the “ Company ”) ( NYSE: DS), a leading owner and operator of golf-related leisure and entertainment businesses, today reported it is updating certain information included in its press release issued on March 11, 2022, which announced the Company’ s financial results for the three months and full year ended December 31, 2021, and has delayed the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ( the “ Annual Report ”), in order to incorporate these updates.
While finalizing its audited financial statements for the fiscal year ended December 31, 2021, the Company determined that expenses related to a lease termination incurred in December 2021 but paid in January 2022 that were inadvertently omitted from consolidated net loss for the fourth quarter and fiscal year 2021 in the March 11, 2022 press release should be included as fourth quarter and full year 2021 expenses under generally accepted accounting principles. The update results in an increase to the Company’ s loss on lease terminations and impairment of $ 1.5 million and a corresponding increase to operating loss and consolidated net loss for the fourth quarter 2021. The inclusion of this lease termination expense, as well as an offsetting benefit from a correction to the presentation of noncontrolling interest, results in an increase to loss applicable to common stock per share ( basic and diluted) of $ 0.01 for the fourth quarter 2021 as compared to the results previously reported in the Company’ s March 11, 2022 earnings release.
Additionally, the Company also determined that it had overstated weighted average shares outstanding for full year 2021, which together with the inclusion of the lease termination expense described above, results in an increase to loss applicable to common stock per share ( basic and diluted) of $ 0.02 for full year 2021 as compared to the results previously reported in the Company’ s March 11, 2022 earnings release. On a non-GAAP basis, these adjustments had no impact on adjusted EBITDA reported in the March 11, 2022 earnings press release.1
The Company has provided the revised financial statements and commentary for the fourth quarter and full year ended December 31, 2021 in this release.
Fourth Quarter 2021 Financial Highlights
Total revenue for the fourth quarter this year was $ 70.5 million, an increase of $ 10.2 million or 17.0%, compared to $ 60.3 million in the same period last year.
American Golf, the Company’ s traditional golf business, generated total revenue of $ 56.5 million, which included $ 13.0 million of managed course expense reimbursements, in the fourth quarter 2021, an increase of $ 3.4 million or 6.4% compared to total revenue of $ 53.1 million, which included $ 13.3 million of managed course expense reimbursements, in the fourth quarter 2020. The increase to last year was primarily due to higher public course green and cart fees and daily fee rounds and total event revenue this year versus the same period last year.
The Company’ s entertainment golf business, comprised of both Drive Shack and Puttery venues, generated total revenue of $ 14.0 million in the fourth quarter 2021, an increase of $ 6.8 million, or 95.1% compared to $ 7.2 million in the fourth quarter 2020. The increase was due to a $ 4.0 million increase in total revenue at the Company’ s four Drive Shack venues, with $ 2.8 million of the increase driven by higher event revenue. Additionally, the Company’ s two Puttery venues generated total revenue of $ 2.8 million in the fourth quarter this year. As a reminder, the Company debuted its first Puttery venue in The Colony, Texas in September 2021 and opened its second Puttery venue in Charlotte, North Carolina in mid-December 2021.
Operating loss for the fourth quarter 2021 was approximately ( $ 7.9) million, a decrease of $ 4.2 million in profitability versus an operating loss of ( $ 3.6) million in fourth quarter 2020. The change was primarily due to $ 1.9 million of increased costs in 2021 from the catch-up of course maintenance that was deferred in 2020, approximately $ 1.5 million of lease termination costs, $ 0.8 million in rent abatements for certain golf course properties in the fourth quarter 2020 that did not repeat in 2021 and a $ 0.9 million increase in preopening costs in 2021. These increases were partially offset by other net operating profit improvements in 2021.
Consolidated net loss was ( $ 10.0) million for the fourth quarter this year compared to consolidated net income of $ 9.9 million in the same period last year. Last year, the Company recorded a $ 16.6 million gain in the fourth quarter on the sale of a previously owned golf course. Adjusted EBITDA was $ 2.5 million for fourth quarter 2021 compared to Adjusted EBITDA of $ 5.3 million in the fourth quarter 2020.1
Full Year 2021 Financial Highlights
Total revenue for full year 2021 was $ 281.9 million, an increase of $ 61.9 million, or 28.1%, compared to $ 220.0 million for full year 2020.
American Golf generated total revenue of $ 236.8 million in 2021, which included $ 54.4 million of managed course expense reimbursements, an increase of $ 42.0 million or 21.6% compared to last year’ s total revenue of $ 194.7 million, which included $ 50.4 million of managed course expense reimbursements. The increase to last year was primarily due to higher public course green and cart fees and daily fee rounds, private course total rounds and memberships, and total event revenue this year versus the same period last year.
The Company’ s entertainment golf business generated total revenue of $ 45.1 million for full year 2021, an increase of $ 19.8 million or 78.3% compared to $ 25.3 million for full year 2020. The increase was primarily due to a $ 16.2 million increase in total revenue at the Company’ s four Drive Shack venues, with $ 11.8 million in increased walk-in revenue and $ 4.4 million in higher event revenue. The Company’ s two Puttery venues generated total revenue of $ 3.6 million for the portion of the year they were open in 2021.
Operating loss for full year 2021 was ( $ 20.6) million, an improvement of $ 16.0 million or 43.7% versus an operating loss of ( $ 36.6) million for full year 2020. Consolidated net loss was ( $ 31.8) million for full year 2021, an improvement of $ 24.6 million or 43.6% compared to full year 2020. Adjusted EBITDA was $ 16.2 million for full year 2021, an increase of $ 19.3 million compared to Adjusted EBITDA of ( $ 3.1) million for full year 20201.
As of December 31, 2021, the Company had cash and cash equivalents of $ 58.3 million compared to $ 47.8 million as of December 31, 2020.
Summary Financial Results
Three and Twelve Months Ended December 31, 2021 compared to the Three and Twelve Months Ended December 31, 2020 ( $ in thousands, except for per share data):
Three Months Ended December 31,
Twelve Months Ended December 31,
2021
2020
2021
2020
( unaudited)
( unaudited)
Total revenues
$ 70,528
$ 60,287
$ 281,864
$ 219,987
Operating Loss
( $ 7,881)
( $ 3,648)
( $ 20,624)
( $ 36,635)
Consolidated net income ( loss)
( $ 10,023)
$ 9,946
( $ 31,762)
( $ 56,354)
Income ( loss) applicable to common stockholders
( $ 11,040)
$ 8,551
( $ 36,949)
( $ 61,934)
Income ( loss) applicable to common stock, per share
Basic
( $ 0.12)
$ 0.13
( $ 0.41)
( $ 0.92)
Diluted
( $ 0.12)
$ 0.13
( $ 0.41)
( $ 0.92)
Adjusted EBITDA1
$ 2,534
$ 5,301
$ 16,240
( $ 3,106)
1 Adjusted EBITDA is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to this press release.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Company’ s investor relations website, https: //ir.driveshack.com. For consolidated information, please refer to the Company’ s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which are available on the Company’ s investor relations website, https: //ir.driveshack.com.
About Drive Shack Inc.
Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses focused on bringing people together through competitive socializing. Today, our portfolio consists of American Golf, Drive Shack and Puttery.
Forward-Looking Statements: Certain statements regarding Drive Shack Inc. ( together with its subsidiaries, “ Drive Shack ”, “ we ” or “ us ”) in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of forward-looking words such as “ outlook, ” “ believes, ” “ expects, ” “ by ”, “ approaches ”, “ nearly ”, “ potential ”, “ continues ”, “ may ”, “ will ”, “ should ”, “ could ”, “ seeks ”, “ approximately ”, “ predicts ”, “ intends ”, “ plans ”, “ estimates ”, “ anticipates ”, “ target ”, “ goal ”, “ projects ”, “ contemplates ” or the negative version of those words or other comparable words. Any forward-looking statements contained in this release, including statements regarding the completion of the year-end financial audit and expected financial results, expected development schedule and timing of specific milestones for our facilities, including Puttery and Drive Shack venues, our expected and the remaining cost for our development projects ( both individually and in the aggregate), the expected capabilities of our development projects once completed, our intentions to make use of capital or free cash flow and our future financial position and liquidity are based upon our limited historical performance and on our current plans, estimates and expectations in light of information ( including industry data) currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These statements are subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. We can give no assurance that its expectations regarding any forward-looking statements will be attained. Accordingly, you should not place undue reliance on any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, the risk that our construction schedules will take longer than we expect, that our expectations about the consumer demand for our product will not prove accurate, that our operating or other costs will increase or our expected remaining costs for development projects underway increases and the effect of the COVID-19 pandemic on our business and financial results. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “ 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 Quarterly Report on Form 10-Q. In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
Non-GAAP Financial Measure
Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States ( `` GAAP '') and should not be considered in isolation or as an alternative to GAAP financial measures. We believe this non-GAAP financial measure, as we have defined it, provides a supplemental measure of financial performance of our current operations at our entertainment and traditional golf venues. This measure excludes items that we believe are unrelated to the day-to-day performance of our current golf entertainment or traditional golf venues, including one-time pre-opening costs associated with new venue openings, corporate severance payments, ( gain) loss on lease terminations and impairment, stock-based compensation, depreciation and amortization and other income ( which does not include revenue from golf entertainment or traditional golf venues). This non-GAAP financial measure is presented so that investors have the same type of financial data that management uses in evaluating the financial performance of the Company.
The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. A reconciliation is provided for the non-GAAP financial measure to our GAAP net income/ ( loss). Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/ ( loss), and not to rely on any single financial measure to evaluate our business.
Adjusted EBITDA. We define Adjusted EBITDA as GAAP net income ( loss), adjusted for income tax expenses, other income ( loss), interest expenses, interest and investment income, depreciation and amortization, gain ( loss) on lease terminations, impairment and other losses, pre-opening costs and certain other non-recurring items ( including corporate severance payments, transactional G & A and stock-based compensation).
Drive Shack Inc. and Subsidiaries
Consolidated Balance Sheets
( dollars in thousands, except share data)
December 31,
2021
2020
Assets
Current Assets
Cash and cash equivalents
$
58,286
$
47,786
Restricted cash
3,480
2,252
Accounts receivable, net
5,563
4,446
Real estate securities, available-for-sale
3,486
3,223
Other current assets
30,034
14,410
Total Current Assets
100,849
72,117
Restricted cash, noncurrent
798
795
Property and equipment, net of accumulated depreciation
179,260
169,425
Operating lease right-of-use assets
181,915
192,828
Intangibles, net of accumulated amortization
13,430
15,124
Other assets
6,538
6,765
Total Assets
$
482,790
$
457,054
Liabilities and Equity
Current Liabilities
Obligations under finance leases
$
5,400
$
6,470
Membership deposit liabilities
18,039
14,692
Accounts payable and accrued expenses
34,469
29,596
Deferred revenue
26,301
23,010
Other current liabilities
26,524
28,217
Total Current Liabilities
110,733
101,985
Credit facilities and obligations under finance leases - noncurrent
9,075
12,751
Operating lease liabilities - noncurrent
166,031
167,837
Junior subordinated notes payable
51,174
51,182
Membership deposit liabilities, noncurrent
104,430
99,862
Deferred revenue, noncurrent
10,005
9,953
Other liabilities
1,487
3,447
Total Liabilities
$
452,935
$
447,017
Commitments and contingencies
Equity
Preferred stock, $ 0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $ 25.00 per share, issued and outstanding as of December 31, 2021 and 2020
$
61,583
$
61,583
Common stock, $ 0.01 par value, 1,000,000,000 shares authorized, 92,093,425 and 67,323,592 shares issued and outstanding at December 31, 2021 and 2020, respectively
921
673
Additional paid-in capital
3,233,608
3,178,704
Accumulated deficit
( 3,268,876)
( 3,232,391)
Accumulated other comprehensive income
1,163
1,468
Total equity of the company
$
28,399
$
10,037
Noncontrolling interest
1,456
—
Total Equity
$
29,855
$
10,037
Total Liabilities and Equity
$
482,790
$
457,054
Drive Shack Inc. and Subsidiaries
Consolidated Statement of Operations ( unaudited)
( Dollars in thousands, except share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2021
2020
2021
2020
( unaudited)
( unaudited)
Revenues
Golf Operations
$ 55,390
$ 52,906
$ 232,560
$ 189,972
Sales of food and beverages
15,138
7,381
49,304
30,015
Total revenues
70,528
60,287
281,864
219,987
Operating costs
Operating expenses
57,027
46,161
222,260
188,745
Cost of sales - food and beverages
3,864
2,180
12,814
8,834
General and administrative expense
8,112
7,182
33,809
31,284
Depreciation and amortization
6,166
6,823
24,018
27,152
Pre-opening costs
1,177
279
4,552
1,328
( Gain) Loss on lease terminations and impairment
2,063
1,310
5,035
( 721)
Total operating costs
78,409
63,935
302,488
256,622
Operating loss
( 7,881)
( 3,648)
( 20,624)
( 36,635)
Other income ( expenses)
Interest and investment income
184
165
684
565
Interest expense, net
( 2,734)
( 2,736)
( 10,698)
( 10,968)
Other income ( loss), net
626
16,601
655
( 7,611)
Total other income ( expenses)
( 1,924)
14,030
( 9,359)
( 18,014)
Income ( loss) before income tax
( 9,805)
10,382
( 29,983)
( 54,649)
Income tax expense
218
436
1,779
1,705
Consolidated net income ( loss)
( 10,023)
9,946
( 31,762)
( 56,354)
Less: net loss attributable to noncontrolling interest
( 378)
-
( 393)
-
Net income ( loss) attributable to the Company
( 9,645)
9,946
( 31,369)
( 56,354)
Preferred dividends
( 1,395)
( 1,395)
( 5,580)
( 5,580)
Income ( loss) applicable to common stockholders
( $ 11,040)
$ 8,551
( $ 36,949)
( $ 61,934)
Income ( loss) applicable to common stock, per share
Basic ( in dollars per share)
( $ 0.12)
$ 0.13
( $ 0.41)
( $ 0.92)
Diluted ( in dollars per share)
( $ 0.12)
$ 0.13
( $ 0.41)
( $ 0.92)
Weighted average number of shares of common stock outstanding
Basic
92,073,344
67,238,624
89,733,378
67,158,745
Diluted
92,073,344
67,833,329
89,733,378
67,158,745
Drive Shack Inc. and Subsidiaries
Adjusted EBITDA Non-GAAP Reconciliation ( unaudited)
( dollars in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2021
2020
2021
2020
Consolidated net income ( loss)
( $ 10,023)
$ 9,946
( $ 31,762)
( $ 56,354)
Income tax expense
218
436
1,779
1,705
Other ( income) loss, net
( 626)
( 16,601)
( 655)
7,611
Net interest expense
2,550
2,571
10,014
10,403
Operating loss
( $ 7,881)
( $ 3,648)
( $ 20,624)
( $ 36,635)
Depreciation and amortization
6,166
6,823
24,018
27,152
( Gain) loss on lease terminations and impairment
2,063
1,310
5,035
( 721)
Pre-opening costs
1,177
279
4,552
1,328
Other items1
1,009
537
3,259
5,770
Adjusted EBITDA
$ 2,534
$ 5,301
$ 16,240
( $ 3,106) | general |
PropertyGuru Lists on the NYSE |
Hari V. Krishnan, Chief Executive Officer and Managing Director rings the ceremonial bell marking PropertyGuru’ s debut as a public company on the NYSE ( Photo: Business Wire)
PropertyGuru opens the door to Southeast Asia ( Photo: Business Wire)
Celebrations at PropertyGuru’ s headquarters in Singapore and across PropertyGuru’ s markets ( Photo: Business Wire)
SINGAPORE -- ( BUSINESS WIRE) -- PropertyGuru Group Limited ( NYSE: PGRU) ( “ PropertyGuru ” or “ the Company ”), Southeast Asia’ s leading1, property technology ( “ PropTech ”) company, commenced trading today on the NYSE under the ticker “ PGRU ”. To mark its public debut, PropertyGuru held concurrent events in New York and Singapore to celebrate the milestone with the Company’ s ‘ gurus’ and partners from its Southeast Asian markets.
“ Our successful listing on the NYSE will allow us to open more doors for the millions of residents across Southeast Asia looking for that perfect home or property investment, ” said Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group. “ We have a tremendous opportunity ahead of us as more affluent and digitally-enabled populations enter the real estate market. As a public company, we will also enable global investors to access this high-growth market. ”
For additional video and picture of the celebrations, please visit: https: //www.linkedin.com/company/propertyguru/posts/? feedView=all; https: //twitter.com/sgpropertyguru
About PropertyGuru Group
PropertyGuru Group is Southeast Asia’ s leading1 property technology company, and the preferred destination for over 52 million property seekers to find their dream home, every month. PropertyGuru and its group companies empower property seekers with more than 3.3 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
PropertyGuru.com.sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the Group has grown into a high-growth technology company with a robust portfolio of leading property portals across its core markets company; award-winning mobile apps; a high quality developer sales enablement platform, PropertyGuru FastKey ( https: //www.propertygurugroup.com/fastkey/); mortgage marketplace PropertyGuru Finance ( https: //www.propertyguru.com.sg/mortgage/home-loan); and a host of other property offerings including Awards ( https: //www.asiapropertyawards.com/en/), events and publications across Asia.
For more information, please visit: https: //www.propertygurugroup.com/; https: //www.linkedin.com/company/propertyguru/
Key Performance Metrics
Engagement Market Share is the average monthly engagement for websites owned by PropertyGuru as compared to average monthly engagement for a basket of peers calculated over the relevant period. Engagement is calculated as the number of visits to a website during a period multiplied by the average amount of time spent on that website for the same period, in each case based on data from SimilarWeb.
Number of real estate listings is calculated as the number of listings created during the month for Vietnam and total listings at the end of the previous month for other markets.
Forward-Looking Statements
Certain statements in this press release may constitute “ forward-looking ” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to PropertyGuru’ s current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “ outlook, ” “ believes, ” “ expects, ” “ potential, ” “ continues, ” “ may, ” “ will, ” “ should, ” “ could, ” “ seeks, ” “ predicts, ” “ intends, ” “ trends, ” “ plans, ” “ estimates, ” “ anticipates ” or the negative version of these words or other comparable words.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements, including statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations, market size and growth opportunities, competitive position and technological and market trends, reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: changes in domestic and foreign business, market, financial, political and legal conditions; the ability of PropertyGuru to grow and manage growth profitably and retain its key employees including its chief executive officer and executive team; failure to realize the anticipated benefits of PropertyGuru’ s completed business combination; risk relating to the uncertainty of the projected financial information with respect to PropertyGuru; PropertyGuru’ s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industry in which PropertyGuru and its subsidiaries ( the “ Group ”) operates; the Group’ s ability to achieve profitability despite a history of losses; the Group’ s ability to implement its growth strategies and manage its growth; customers of the Group continuing to make valuable contributions to its platform, the Group’ s ability to meet consumer expectations; the success of the Group’ s new product or service offerings; the Group’ s ability to produce accurate forecasts of its operating and financial results; the Group’ s ability to attract traffic to its websites; the Group’ s ability to assess property values accurately; the Group’ s internal controls; fluctuations in foreign currency exchange rates; the Group’ s ability to raise capital; media coverage of the Group; the Group’ s ability to obtain insurance coverage; changes in the regulatory environments ( such as anti-trust laws, foreign ownership restrictions and tax regimes) of the countries in which the Group operates, general economic conditions in the countries in which the Group operates, the Group’ s ability to attract and retain management and skilled employees, the impact of the COVID-19 pandemic on the business of the Group, the success of the Group’ s strategic investments and acquisitions, changes in the Group’ s relationship with its current customers, suppliers and service providers, disruptions to information technology systems and networks, the Group’ s ability to grow and protect its brand and the Group’ s reputation, the Group’ s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’ s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required subsequent to, or in connection with, the completed business combination and technological advancements in the Group’ s industry, as well as and other risk factors set forth in the section titled “ Risk Factors ” in our Prospectus filed with the Securities and Exchange Commission on February 15, 2022, and other documents filed with or furnished to the SEC.
These statements reflect management’ s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can not guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. The inclusion of any statement in this document does not constitute an admission by PropertyGuru or any other person that the events or circumstances described in such statement are material.
Industry and Market Data
This document contains information, estimates and other statistical data derived from third party sources and/or industry or general publications. Such information involves a number of assumptions and limitations, and you are cautioned not to place undue weight on such estimates. PropertyGuru, PubCo and Bridgetown 2 have not independently verified such third-party information, and make no representation as to the accuracy of such third-party information.
1 In terms of Engagement Market Share based on SimilarWeb data.
Media PropertyGuru Group Sheena Chopra +65 9247 5651 sheena @ propertyguru.com.sg
Sard Verbinnen & Co Ron Low and Jay Qin – Asia Liz Zale and Chloe Clifford – U.S. PropertyGuru-SVC @ sardverb.com | general |
PropertyGuru Successfully Completes Business Combination With Bridgetown 2 Holdings |
SINGAPORE & HONG KONG -- ( BUSINESS WIRE) -- PropertyGuru Pte. Ltd. ( “ PropertyGuru ” or “ the Company ”), Southeast Asia’ s leading1 property technology ( “ PropTech ”) company, today completed its previously announced business combination with Bridgetown 2 Holdings Limited ( “ Bridgetown 2 ”) ( NASDAQ: BTNB), a special purpose acquisition company formed by Pacific Century Group ( “ Pacific Century ”) and Thiel Capital LLC ( “ Thiel Capital ”). The business combination was approved by Bridgetown 2 stockholders in an Extraordinary General Meeting of Company Shareholders held on March 15, 2022.
PropertyGuru Group Limited’ s ( “ PubCo ”) ordinary shares are expected to begin trading on the New York Stock Exchange ( “ NYSE ”) on March 18, 2022 under the ticker symbol “ PGRU ”.
“ We are thrilled to have successfully completed our business combination with Bridgetown 2, which provides additional capital to pursue organic and strategic growth, and will accelerate our ability to access capital markets in pursuit of delivering world-class solutions for our customers, ” said Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group. “ Over the past 15 years PropertyGuru has helped shape the PropTech industry in Southeast Asia and introduced many first solutions for property seekers, agents, and developers that enabled digitalization of the property industry. As evidenced by the 23% increase in our 2021 revenue – we are entering our next post-Covid phase of growth with significant momentum.
“ As we look ahead, we will continue to invest in technology and expand our services and offerings to build on our leading positions in Singapore, Vietnam, Malaysia and Thailand.1 Southeast Asia’ s real estate market is beginning to recover from the pandemic and as the region’ s increasingly affluent and digitally enabled population moves to urban centers, PropertyGuru is well-positioned to benefit from these long-term trends. ”
Southeast Asia is estimated to be the world’ s fourth largest economy by 20302, driven by favourable long-term macroeconomic dynamics, creating significant opportunities for PropertyGuru - which has an addressable market of US $ 8.1 billion according to Frost & Sullivan. Through its continued investments, the Company is positioned to stay ahead of the evolving market demand and extend its leadership position as the region’ s property markets recover from the pandemic.
“ PropertyGuru is digitally transforming a traditional real estate market in Southeast Asia to create a trusted and transparent online property marketplace, ” said Matt Danzeisen, Chairman, Bridgetown 2. “ We believe PropertyGuru is just scratching the surface in the world’ s most dynamic and fastest growing region, and we are excited to partner with Hari and his talented team to create lasting value for our shareholders, employees, customers and partners. ”
Transaction Details
The completion of the business combination values PropertyGuru at an enterprise value of ~US $ 1.36 billion and an equity value of ~US $ 1.61 billion.
PropertyGuru received ~US $ 254 million in gross proceeds through the contribution of US $ 122 million of cash held in Bridgetown 2’ s trust account, a concurrent US $ 100 million private placement ( “ PIPE ”) of common stock anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’ s largest asset managers, priced at US $ 10.00 per share. REA Group also invested an additional US $ 32 million. In addition, KKR, TPG Group and REA Group rolled 100% of their equity into PropertyGuru, demonstrating their continued commitment to the Company’ s growth strategy.
Advisors
Merrill Lynch ( Singapore) Pte. Ltd. served as exclusive financial advisor to PropertyGuru. Latham & Watkins LLP and Allen & Gledhill LLP served as legal advisors to PropertyGuru.
Merrill Lynch ( Singapore) Pte. Ltd., Citigroup Global Markets Inc., KKR Capital Markets Asia Limited and TPG Capital BD, LLC served as placement agents to Bridgetown 2. Skadden, Arps, Slate, Meagher & Flom LLP and Rajah & Tann Singapore LLP served as legal advisors to Bridgetown 2.
Ringing the Bell at the NYSE
On March 18, PropertyGuru’ s Chief Executive Officer and Managing Director Hari V. Krishnan will ring the NYSE opening bell at 9:30 a.m. Eastern Time ( 9:30 p.m. Singapore Time). He will be joined on stage by PropertyGuru’ s Leadership team, Founders, Board and Bridgetown 2’ s Chairman and CEO. The bell-ringing ceremony will be livestreamed to its gala listing event in Singapore and available on NYSE’ s website here: https: //www.nyse.com/bell.
PropertyGuru will commemorate its listing by opening the doors to the Company’ s five Southeast Asian markets through live-stream door installations between New York and its home markets, that will be set up at the NYSE’ s Experience Square. The event will take place at 10:15a.m. Eastern Time.
About PropertyGuru Group
PropertyGuru Group is Southeast Asia’ s leading property technology company1, and the preferred destination for over 50 million property seekers to find their dream home, every month. PropertyGuru and its group companies empower property seekers with more than 3.3 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
PropertyGuru.com.sg was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the Group has grown into a high-growth technology company with a robust portfolio of leading property portals across its core markets company; award-winning mobile apps; a high quality developer sales enablement platform, PropertyGuru FastKey ( https: //www.propertygurugroup.com/fastkey/); mortgage marketplace PropertyGuru Finance ( https: //www.propertyguru.com.sg/mortgage/home-loan); and a host of other property offerings including Awards ( https: //www.asiapropertyawards.com/en/), events and publications across Asia.
For more information, please visit: https: //www.propertygurugroup.com/; https: //www.linkedin.com/company/propertyguru/
Key Performance Metrics
Engagement Market Share is the average monthly engagement for websites owned by PropertyGuru as compared to average monthly engagement for a basket of peers calculated over the relevant period. Engagement is calculated as the number of visits to a website during a period multiplied by the average amount of time spent on that website for the same period, in each case based on data from SimilarWeb.
Number of real estate listings is calculated as the number of listings created during the month for Vietnam and total listings at the end of the previous month for other markets.
Forward-Looking Statements
Certain statements in this press release may constitute “ forward-looking ” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to PropertyGuru’ s current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “ outlook, ” “ believes, ” “ expects, ” “ potential, ” “ continues, ” “ may, ” “ will, ” “ should, ” “ could, ” “ seeks, ” “ predicts, ” “ intends, ” “ trends, ” “ plans, ” “ estimates, ” “ anticipates ” or the negative version of these words or other comparable words.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements, including statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations, market size and growth opportunities, competitive position and technological and market trends, reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: changes in domestic and foreign business, market, financial, political and legal conditions; the ability of PropertyGuru to grow and manage growth profitably and retain its key employees including its chief executive officer and executive team; failure to realize the anticipated benefits of PropertyGuru’ s completed business combination; risk relating to the uncertainty of the projected financial information with respect to PropertyGuru; PropertyGuru’ s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industry in which PropertyGuru and its subsidiaries ( the “ Group ”) operates; the Group’ s ability to achieve profitability despite a history of losses; the Group’ s ability to implement its growth strategies and manage its growth; customers of the Group continuing to make valuable contributions to its platform, the Group’ s ability to meet consumer expectations; the success of the Group’ s new product or service offerings; the Group’ s ability to produce accurate forecasts of its operating and financial results; the Group’ s ability to attract traffic to its websites; the Group’ s ability to assess property values accurately; the Group’ s internal controls; fluctuations in foreign currency exchange rates; the Group’ s ability to raise capital; media coverage of the Group; the Group’ s ability to obtain insurance coverage; changes in the regulatory environments ( such as anti-trust laws, foreign ownership restrictions and tax regimes) of the countries in which the Group operates, general economic conditions in the countries in which the Group operates, the Group’ s ability to attract and retain management and skilled employees, the impact of the COVID-19 pandemic on the business of the Group, the success of the Group’ s strategic investments and acquisitions, changes in the Group’ s relationship with its current customers, suppliers and service providers, disruptions to information technology systems and networks, the Group’ s ability to grow and protect its brand and the Group’ s reputation, the Group’ s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’ s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required subsequent to, or in connection with, the completed business combination and technological advancements in the Group’ s industry, as well as and other risk factors set forth in the section titled “ Risk Factors ” in our Prospectus filed with the Securities and Exchange Commission on February 15, 2022, and other documents filed with or furnished to the SEC.
The forward-looking statements contained in this document are subject to a number of factors, risks and uncertainties, some of which are not currently known to PropertyGuru or Bridgetown 2. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “ Risk Factors ” section of PubCo’ s registration statement on Form F-4, the proxy statement/ prospectus therein, Bridgetown 2’ s Quarterly Report on Form 10-Q and other documents filed by PubCo or Bridgetown 2 from time to time with the U.S. Securities and Exchange Commission.
These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that neither Bridgetown 2 nor PropertyGuru presently know, or that Bridgetown 2 or PropertyGuru currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect Bridgetown 2’ s and PropertyGuru’ s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or Bridgetown 2’ s or PropertyGuru’ s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
Forward-looking statements speak only as of the date they are made. Bridgetown 2 and PropertyGuru anticipate that subsequent events and developments may cause their assessments to change. However, while PubCo, Bridgetown 2 and PropertyGuru may elect to update these forward-looking statements at some point in the future, PubCo, Bridgetown 2 and PropertyGuru specifically disclaim any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by PropertyGuru nor Bridgetown 2 or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing Bridgetown 2’ s or PropertyGuru’ s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of PropertyGuru and Bridgetown 2 contained herein are not, and do not purport to be, appraisals of the securities, assets or business of PropertyGuru, Bridgetown 2 or any other entity.
Industry and Market Data
This document contains information, estimates and other statistical data derived from third party sources and/or industry or general publications. Such information involves a number of assumptions and limitations, and you are cautioned not to place undue weight on such estimates. PropertyGuru, PubCo and Bridgetown 2 have not independently verified such third-party information, and make no representation as to the accuracy of such third-party information.
1 In terms of Engagement Market Share based on SimilarWeb data. 2 According to the Singapore Business Review, ASEAN to become world's fourth largest economy for 2030: Singapore PM Lee, August 2018
Media PropertyGuru Group Sheena Chopra +65 9247 5651 sheena @ propertyguru.com.sg
Sard Verbinnen & Co Ron Low and Jay Qin – Asia Liz Zale and Chloe Clifford – U.S. PropertyGuru-SVC @ sardverb.com | general |
Intelligent Automation Leader LAIYE and ACW Distribution Join Forces to Accelerate Digital Transformation for Hong Kong Market | HONG KONG -- ( BUSINESS WIRE) -- LAIYE, the leading Intelligent Automation provider, today announced that it has signed a strategic partnership with ACW Distribution to power its distribution strategy and pave the way for digital transformation for organizations in Hong Kong.
This partnership between Laiye and ACW Distribution will fulfill the technology-led potential of both companies and accelerate their growth throughout Hong Kong, Macau and the Greater Bay Area of GCR. ACW Distribution ( HK) Limited is a value-added distribution corporation for leading Enterprise Solutions in the Asia-Pacific region since 1986. Laiye already serves one out of five Fortune 500 companies, including Walmart, Wyeth, Johnson & Johnson, AstraZeneca and LVMH. Through this alliance, Laiye aims to drive exponential growth and create a vibrant ecosystem in Hong Kong.
Guanchun WANG, Chairman and CEO of Laiye commented, “ We have strong confidence and commitment to Hong Kong since we landed here approximately one year ago. Hong Kong has traditionally been a bridge between mainland and international markets with many MNCs and international headquarters of large China-based companies. As more organizations are looking for ways to intelligently automate their business processes while fighting against the pandemic, we are excited to add ACW, with its 30-plus years of local experience, as our distribution partner. I look forward to bringing advanced intelligent automation solutions including robotic process automation ( RPA), intelligent document processing ( IDP) and conversational AI to help more customers develop digital workforce and accelerate their digital transformation initiatives. ”
Andy Lau, CEO of ACW Group said, “ After being hit by the COVID-19 pandemic, more and more companies in Hong Kong realized the urgency of digital transformation, and became more willing to embrace new technologies, using AI & machine learning to replace repetitive and monotonous business processes that formerly handled by human. I believe the partnership of Laiye and ACW will not only provide more choices of RPA solutions for customers in different industries, help organizations operate at new levels of productivity, efficiency and drive new levels of success, but also deliver professional pre and after sales service and comprehensive solutions to our valued customers with ACW’ s years of market experience and extensive resellers’ network. ” | general |
COVID-19 Drug Associated APIs Global ( Synthetic, Biotech, Captive & Merchant) Market Research Report 2022 - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` COVID-19 Drug Associated APIs Global Market Report 2022: By Drug, By Synthesis, By Business '' report has been added to ResearchAndMarkets.com's offering.
The global COVID-19 drug associated APIs market is expected to grow from $ 5.55 billion in 2021 to $ 5.99 billion in 2022 at a compound annual growth rate ( CAGR) of 7.9%. The market is expected to reach $ 7.55 billion in 2026 at a CAGR of 6%.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
Major players in the COVID-19 drug-associated APIs market are Dr. Reddy's Laboratories, Lianyungang Guike Pharmaceutical, Alembic Pharmaceutical, Wockhardt Ltd., Sandoz Srl, Lupin Limited, Aurobindo Pharma Ltd., Shanghai Shyndec Pharmaceutical ( Haimen) Co. Ltd. and Yatai Pharma.
The COVID-19 drug-associated APIs market consists of sales of active pharmaceutical ingredients used in the manufacturing of COVID-19 drugs. The active pharmaceutical ingredients are chemicals which are responsible for pharmacological activity in the human body and are used as a base in pharmaceutical drug or medicine. The APIs used for the preparation of COVID-19 drugs and include Azithromycin, Fentanyl, Albuterol, Cisatracurium and others.
The main classes of drugs in COVID-19 drug-associated APIs are antimalarials, bronchodilators, antibiotics, antivirals and others. Antimalarial drugs, or simply antimalarials, are antiparasitic chemical agents which can be utilized to cure or prevent malaria. They are generally organically sourced. The different types of drugs include generic, branded and involves various modes of businesses such as captive API, merchant API.
North America is the largest region in the COVID-19 drug-associated APIs market in 2021. Middle East is expected to be the fastest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
High demand for some antiretrovirals, antimalarials, sedatives, bronchodilators, and other respiratory drugs drives the demand for the active pharmaceutical ingredients ( APIs) used in the production of COVID-19 drugs. Active pharmaceutical ingredients ( APIs) are the biologically active component used in manufacturing pharmaceutical drugs.
Remdesivir and Favipiravir are two common antiviral medications used currently for the treatment of COVID-19 patients. Remdesivir is a medication approved for emergency use in the USA and Japan for the treatment of COVID-19 patients. Remdesivir gained emergency use authorization ( EUA) from the FDA on May 1, 2020, based on its preliminary data showing a faster time to recovery in hospitalized patients with several diseases.
Favipiravir, which used to treat influenza in Japan, has also shown a positive effect on COVID patients. As COVID-19 is a respiratory ailment, the demand for bronchodilators spiked significantly. Therefore, the increasing demand for antivirals, antimalarials, and bronchodilators is projected to boost the demand for COVID-19 associated drug APIs market over the forecast period.
Key players operating in the pharmaceutical industry that manufacturers COVID-19 drug associated APIs are focusing on strategies such as plant capacity or production capacity expansion to meet the increasing demand due to the rising number of coronavirus cases across the globe.
Key Topics Covered:
1. Executive Summary
2. COVID-19 Drug Associated APIs Market Characteristics
3. COVID-19 Drug Associated APIs Market Trends And Strategies
4. Impact Of COVID-19 On COVID-19 Drug Associated APIs
5. COVID-19 Drug Associated APIs Market Size And Growth
5.1. Global COVID-19 Drug Associated APIs Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global COVID-19 Drug Associated APIs Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. COVID-19 Drug Associated APIs Market Segmentation
6.1. Global COVID-19 Drug Associated APIs Market, Segmentation By Drug Class, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global COVID-19 Drug Associated APIs Market, Segmentation By Synthesis Class, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global COVID-19 Drug Associated APIs Market, Segmentation By Business Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. COVID-19 Drug Associated APIs Market Regional And Country Analysis | general |
Global Exodus From Chinese Markets Prompts Xi to Change Tack | The information you requested is not available at this time, please check back again soon.
A display of stock index figures in Hong Kong on March 15. Photographer: Paul Yeung/Bloomberg, Bloomberg
( Bloomberg) -- It took one of the biggest stock-market routs in Chinese history, but President Xi Jinping may finally be heeding the concerns of international investors.
A sweeping set of promises this week from Xi’ s government to make regulation more transparent and predictable -- as well as a commitment to overseas markets including Hong Kong -- suggests authorities are appealing to investors abroad. The ruling Communist Party is seeking to regain the trust of international funds and the global business community after the country was lumped in with Russia as an “ uninvestable ” destination.
China has more overtly distanced itself from Russia over the past week, saying it wants to avoid being impacted by U.S. sanctions and promising to “ never attack ” Ukraine. Xi is set to speak with U.S. President Joe Biden on Friday morning in Washington for the first time since Russia’ s invasion.
Xi’ s shift contrasts with the unbending strategy of his friend President Vladimir Putin, despite global sanctions decimating Russia’ s economy. While China still needs to follow through with this week’ s pledges, the rhetoric has helped reduce turmoil in the nation’ s financial markets. A gauge of Chinese stocks in Hong Kong rebounded at the fastest pace since the 1998 Asian financial crisis.
“ The market was in freefall -- a clear signal was needed from a senior level to clear the air, ” said Victor Shih, an associate professor at the University of California San Diego who researches elite Chinese politics. “ I think unclear and even deleterious policy conditions were beginning to create an all-out panic. ”
In the latest potential shift, Xi pledged at a Politburo meeting to limit the economic impact of the country’ s Covid-Zero policy, the first time he has done so during the pandemic.
Hong Kong’ s leader Carrie Lam on Thursday promised a review of Covid-fighting measures that have spurred a growing exodus from the business community. That came a month after Xi told local officials bringing the omicron outbreak under control was “ a mission that overrides everything. ”
Among other notable developments this week, China’ s securities watchdog is considering giving U.S. regulators access to company audits as soon as this year, people familiar with the matter said. This would be Beijing’ s biggest concession since Chinese firms first listed in the U.S. more than two decades ago, and may help ease concern about forced delistings.
The State Council said a crackdown on internet platform companies would be completed “ as soon as possible. ” Increased regulation helped wipe as much as $ 661 billion off Alibaba Group Holding Ltd.’ s shares alone since their 2020 peak.
The Finance Ministry said it won’ t expand a property tax trial this year -- a plan that had been floated in October. China’ s cabinet said it would resolve risks around property developers. A liquidity crisis for builders such as China Evergrande Group has weighed on the nation’ s property, stock and credit markets for months. Previously, officials described the collapsing value of such firms as a market event which wouldn’ t necessitate government intervention.
Xi’ s government had until now displayed little concern for the rout in Chinese markets. State-directed campaigns like “ common prosperity ” limited private sector-growth and dragged the MSCI China Index of stocks down 22% last year -- the biggest underperformance versus global shares since 1998. Investors in Chinese junk dollar bonds suffered their worst relative returns in more than a decade.
But with Xi set to seek a third term as president in a twice-decade leadership reshuffle later this year, the Communist Party is prioritizing stability above all else.
The need for the government to act had been growing more urgent. Global confidence in Chinese financial markets was by some metrics the weakest since the financial crisis in 2008, with stocks cratering, credit plunging and record outflows from government bonds undermining the currency’ s strength. Hong Kong’ s reputation as an international finance hub has been called into question, after two years of closed borders spurred at least tens of thousands of residents to abandon the city.
China’ s worst Covid outbreak since Wuhan and Putin’ s invasion of Ukraine pose new and unpredictable threats to China’ s already slowing economy. Authorities risk a downward spiral in their bursting of a property-market bubble, with the largest developers suffering a 43% year-on-year decline in home sales in the first two months.
There’ s still plenty that can go wrong for investors. China’ s closeness with Russia puts it at the center of increasingly fraught geopolitical tensions. A potential overhaul of Tencent Holdings Ltd.’ s payments business and Didi Global Inc.’ s delayed Hong Kong listing shows regulators are unlikely to go soft on Big Tech.
The central bank’ s decision this week to refrain from cutting interest rates served as a reminder that monetary policy will remain prudent. Bulls got burned so many times in the past year that few are convinced the worst is finally over. Markets remain volatile, with the Hang Seng China gauge falling as much as 3.6% on Friday before recovering.
Xi’ s government has faced collapsing investor confidence before. Heavy-handed intervention in the domestic stock market in 2015 after a bubble burst drew criticism from global funds, who said officials were turning their backs on free-market reforms. A messy devaluation of the yuan the same year spurred capital outflows and raised questions over the competence of China’ s oversight of financial markets. In 2018, the CSI 300 Index lost about a quarter of its value in a rout triggered by the Sino-U.S. trade war.
Yet each time Xi’ s government pushed ahead with plans to further open up China’ s capital markets and attract foreign funds. The country’ s domestic shares were added to MSCI indexes in 2018, and bonds included in global benchmarks from the following year.
Soon, foreign investors couldn’ t get enough. Between the start of 2019 and the end of 2021, overseas holdings of local stocks increased by more than 242% to 3.9 trillion yuan ( $ 614 billion). Inflows into the nation’ s bond market rose by 129% to 4.1 trillion yuan.
Western capital and technology is essential to China, despite recent efforts to make the country more self-sufficient. Foreign direct investment topped 1 trillion yuan last year, with about a third going into high-tech sectors, Chinese Commerce Minister Wang Wentao said this month.
The need to ensure global investors are on China’ s side is unlikely to end any time soon.
“ China can not develop in isolation of the world and nor can the world develop without China, ” Vice President Wang Qishan said in a speech at the Bloomberg New Economy Forum in November. “ China will keep its arms wide open, provide more market investment and growth opportunities to the world. ”
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Cygna Labs completes acquisition of Diamond IP for added security expertise | Did you miss a session at the Data Summit? Watch On-Demand Here.
Cygna Labs, which provides enterprises worldwide with DDI software that collectively forms the foundation of IP networks, announced today that it has completed its acquisition of Diamond IP, a provider of connectivity, cloud, and security services, from British Telecom ( BT).
Terms of the transaction were not revealed.
Christian Ehrenthal will continue as president and CEO of Cygna Labs, and Michael Dooley was named senior vice president of the DDI business unit, the companies said in a joint media advisory.
Miami, Florida-based Cygna Labs also provides enterprises with cloud security and compliance IT software. Diamond IP will add a loyal set of customers along with its cloud security expertise, the company said.
DDI is an acronym for a set of other acronyms; it stands for domain name system ( DNS), dynamic host configuration protocol ( DHCP), and IP address management ( IPAM). DDI is used as a shorthand acronym to describe the integration of these three core components of networking into one management solution.
Enterprises use Cygna Labs’ DDI products and services, in addition to its industry-leading security and compliance solutions, to detect and proactively mitigate data security threats, pass compliance audits and increase the productivity of their IT departments.
“ Modern DDI systems serve as the heart of today’ s diverse and hybrid networks, ” Alexander Haecker, the group CEO of Cygna Labs, said in a media advisory. “ They enable consistent and accurate tracking of IP address and DNS assignments. ”
This market is growing at a 16% annual rate, according to industry analyst MarketsAndMarkets. The post-COVID-19 global DDI market size is expected to move from $ 400 million in 2021 to $ 836 million by 2026, at a Compound Annual Growth Rate ( CAGR) of 15.9%.
The major factors fueling the DDI market include the rise of IoT platforms, increasing BYOD trend at workplaces, expansion of existing DDI solutions and adjacent network services, and significant adoption of virtualization by organizations, the analyst said. Moreover, the increasing need for IPAM and the advent of IPv6 provide lucrative opportunities for DDI vendors are other factors, M & M said.
The ecosystem of connected devices witnessed a surge due to the COVID-19 pandemic, and DDI demonstrated its added value in this increasingly connected market, M & M said. Nearly all people working from home required networks to be more resilient for functioning properly, fueling the need for efficient DDI solutions and services. Hence, the rise of IoT platforms acted as a driver for the DDI market, the analyst said.
Cygna competes in a market that includes Alcatel-Lucent, BlueCat Networks, Cisco Systems, Incognito Software Systems, BT Group, Infoblox, SolarWinds and TCPWave. It is considered among the largest providers of DDI ware in the world.
“ The closing of this acquisition brings us one step closer to realizing our mission of providing a seamless approach to security and compliance solutions, ” Ehrenthal said. “ We look forward to this next chapter as we continue our ongoing growth trajectory. ”
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More | tech |
Despite its beautiful Ori games, Moon Studios is called an ‘ oppressive’ place to work | GamesBeat Summit 2022 returns with its largest event for leaders in gaming on April 26-28th. Reserve your spot here!
Gaming fans know Moon Studios for its amazing Ori games with beautiful art and emotional stories. But a number of current and former employees consider the Ori studio an oppressive place to work. That is according to GamesBeat ‘ s interviews with Moon developers.
Ori and the Blind Forest debuted in 2015 under publisher Microsoft. It was profitable after a few weeks while earning an 88% rating on the review-aggregation platform Metacritic. Multiple publications also nominated it for various awards and accolades. Moon then went on to release the sequel, Ori and the Will of the Wisps, in 2020 to even greater acclaim – including GamesBeat’ s 2020 game of the year award. We love the Ori games.
But the studio’ s behind-the-scenes atmosphere does not match the tranquility of its games. Based on interviews with current and former employees, many employees had problems with founders Thomas Mahler and Gennadiy Korol.
It is illuminating to see these allegations arose at a small company with all-remote practices — a private company that treasures its independence and its “ anti-corporate ” culture. Still, the casual racism, sexism, and bullying amounted to what one developer said was “ death by a thousand cuts. ”
GamesBeat Summit 2022
Re-experience the excitement of connecting with your community live at GamesBeat Summit’ s in-person event on April 26 in Los Angeles, CA, and virtually April 27-28. 30+ sessions and 500+ attendees are set to arrive, so don’ t want to miss this opportunity to expand your network. Early bird pricing ends March 25. Get your pass today!
The developers took pride in their work, and they loved watching the fan reactions when the games shipped. But many found themselves wondering if the results were worth it.
“ We really created something special, and I know the only way I was able to reconcile it was I was able to watch people on Twitch and watch other people get moved by it, and that was actually part of my healing process, ” said one developer. “ Because maybe my suffering was worth it because other people felt something. In the end, I mean, so many of us were burned out. ”
Moon developers told GamesBeat that they found the studio’ s culture oppressive. They alleged that the leaders used calls for an open and honest workplace as a pretense for abuse. The founders criticized the work of employees in public chats and were stingy with praise. So far no one is suing or claiming unlawful behavior, but many workers are fed up with what they see as inappropriate behavior by the founders.
As an example, Mahler and Korol regularly made unprofessional and offensive comments. “ Tyler is the only person who is aware of my devious plans to kill the Jews by making them work to death through game development, ” Mahler “ joked ” in a text chat that was available for anyone in the company to read.
The context of the conversation suggested that Mahler was truly making a joke, but it’ s alarming to think he felt it was safe and appropriate to say such a thing in a company chat. One developer said the chat was “ rough ” because the founders felt free to make jokes about their penis sizes.
We saw plenty of evidence of harsh language in chat sessions that we reviewed. While the founders constantly pushed for quality, they also gave conflicting or unclear directions when it came to feedback. They veered off plan and pushed for changes that threw devs off schedule — and that contributed to crunch. They built a remote team in many different countries, but this blurred the work time zones. They were kinder in person, but the pandemic meant they couldn’ t get together for retreats. And so the harsh online culture prevailed over a more benign in-person one. Praise was rare.
Turnover was high, but the founders recruited new employees on promises of large bonuses. The tech tools that helped the team communicate could also be used to monitor behavior. In one case, Mahler wanted a character in an upcoming game to be raped. It took about a month to convince him this was a bad idea for a plot in a video game, where the object was to provide the character with a motivation for revenge.
While Moon’ s games have won praise, those who left the company say they were scarred with mental health problems.
We gave Moon Studios’ leaders a chance to respond to our reporting, and Mahler and Korol sent GamesBeat this response.
“ We don’ t believe the experiences suggested by your questions are representative of the more than 80 Moon Studios team members who are thriving and doing great work every day — nor do we believe they are representative of the experiences of former members of our team. In fact, we are very proud of our history of making people happy, advancing their careers, and contributing to their financial success.
We built Moon Studios with a simple premise. First, we wanted to create a distributed studio that is not limited by geographic boundaries enabling us to draw the top talent from around the world. Second, we wanted to foster a vibrant culture where our team thrives and delivers the very best work in our industry. And finally, from day one we set out to share the profits and rewards of our efforts with the full team. We believe we have succeeded.
What makes our team so powerful is our global and cultural diversity — we have team members working from more than 40 different countries across four continents — and a flat studio structure that allows everyone to speak honestly and directly and to challenge and push each other to do our very best work. We purposely set out to create a different kind of studio — one that encourages creativity, open communication, collaboration, and performance.
The result has been two award-winning games — with more on the horizon — and a team of professionals who enjoy working together, are excelling and breaking new ground in our industry, while also sharing in the financial success of Moon Studios. If at times we are brutally direct in our critiques and challenges, we are also genuine and vocal in our praise. We are incredibly proud of everything we have built and achieved together.
Finally, we appreciate the irony that we — an Austrian and an Israeli Jew — started this multicultural enterprise. We view each other as brothers. And, like brothers, we sometimes argue and frequently tease each other. We have made jokes at our own expense about the differences in our backgrounds — and there may have been times that our teasing of each other has come off as insensitive and may have made others feel uncomfortable.
Moon Studios has prospered for 12 years. We have grown and learned so much over all of these years. We have been privileged to work with many, many great, and extremely talented people. We are truly grateful and proud of our team — those who are here today as well as those who spent time at Moon and have since moved to other ventures – and we are happy to have made a positive difference in their lives. We are not perfect but we deeply care about our talent and are constantly working hard to improve. If we have ever made anyone feel uncomfortable or let anyone down — we regret that and we will always strive to do better. ”
In addition to the above public statement, GamesBeat has also learned that the founders had a private meeting with current developers about our inquiries. In that 30-minute internal meeting with the team, Korol and Mahler addressed some of the questions we raised in an open forum and offered an anonymous feedback system for devs. We have also included some of those comments throughout this story.
The founders have their view, but we talked to a variety of people who had roles across the company who said the place was toxic.
“ It’ s an oppressive workplace, for sure. But it’ s hard to pinpoint one thing because, in isolation, all of these incidents, if they happen once, you would think they are small things, ” said one game developer. “ When you’ re dealing with that for [ multiple ] years, you’ re going to see the decline of people’ s mental health. I can say that for myself, personally, I was properly messed up after we finished. I’ ve never been depressed until that moment. I lost my passion for my job because they drummed it out of me. ”
This story is a portrait of the workplace at Moon Studios, as related by its game developers. The developers who spoke with GamesBeat had a common interest. They wanted other developers to know what it was like to work at Moon Studios before they considered joining the company.
Those I interviewed came from multiple parts of the company and different levels of experience. I spoke with them on camera, which is something that was unusual for them given that Moon’ s practice was to communicate over text or audio, without video cameras. The developers chose to speak out in part because of the conditions described at workplaces in other parts of the game industry, such as at Activision Blizzard, Riot Games, and Ubisoft in recent times and at Electronic Arts, which had problems with crunch, or unpaid overtime, more than a decade ago.
“ When I first saw Ori, and I hit all the reviews, it was a touching story in the cutesy, friendly way. And then I talked to the heads of the studio, ” said one developer. “ And it’ s like, that’ s not who these guys are. They are not these cutesy people. They’ re very harsh. ”
While the culture was allegedly oppressive, it hasn’ t yet resulted in lawsuits or criminal probes that we know about. Rather, the result is visible in the constant churn of developers, who come on for one project or part of a project and then leave for better working environments.
“ Were the founders both belligerent? Yes. In my opinion. Was it limited to those two? Yes. Unprofessional on an hourly basis? Yes. Harassing? Yes, ” said one game developer.
Moon Studios has prospered and replenished the people it has left by recruiting top developers drawn to the games that it has made. But some developers say that it has recruited those developers without telling them what the company’ s culture is really like. The developers felt it was their duty to say something about their work experiences.
“ If people accept that as a condition of going to work, then more power to them. Good luck and I hope they manage, ” said one developer. “ But if a lot of good, well-meaning, and talented people decide they don’ t want to step foot into a place like that, then I’ m happy. I hope that this helps in that respect. That’ s kind of why I felt the need to speak even though I am nervous. ”
The developers we spoke with said that other developers who take jobs at Moon should go into it with open eyes.
“ My aim is for people to know about Moon, and so that no one else gets hurt, ” said one developer. “ I want to prevent other people from basically falling into that trap. ”
At Moon, video and in-person meetings were rare. The founders said they ran an open workplace where people could speak their minds freely. They could say anything and not have to worry about getting fired. It was a “ no bullshit ” studio. But that left the door open for the founders to insult each other — and anyone else they felt like demeaning in public or private, according to almost all of the developers we interviewed.
“ They have a mentality where they think they’ re not politically correct, they don’ t want to be censored, they don’ t want to be corporate, ” said one developer. “ They don’ t want to be like these other studios. But it’ s just a justification to behave in any way they want to. Other studios attempt to make a comfortable work environment for everyone involved. ”
While many didn’ t like that, they stayed silent out of a fear that the insults would fly their way.
One worker said, “ The no-bullshit policy is for the two of them to be able to say whatever they want. And under the guise of like, ‘ we’ re just all being honest, human beings, we’ re transparent.’ And if you can’ t handle it, maybe this isn’ t the place for you. You’ re too sensitive. ”
Another developer felt like the open environment was aimed at solidifying the studio’ s “ anti-woke ” stance.
“ They were scared that the company would change. It was like they made a point to enforce the anti-woke culture by regularly making inappropriate jokes, ” said one developer. “ It was deliberate. They had this fear of the company being constrained or shackled by these woke people who would censor us. It was like they were fighting against some invisible censorship. ”
The founders had a high bar for quality, but that also left the door open for mercurial behavior.
Mahler in particular would sometimes reject the work of developers by saying it was “ shit ” without explaining why.
“ Thomas [ Mahler ] is terrible at giving feedback. He just doesn’ t know how to do it, ” said one developer. “ His feedback is just, ‘ This is shit.’ He is self-taught and does not have the vocabulary to do it. ”
Workers who were told their output was subpar were often praised by their fellow developers.
“ Thomas was not able to educate someone on what to do better, ” one worker said. “ He was putting them in an impossible situation. ”
Other developers concurred. But some of them also said that failing to provide specific feedback for criticism is a common problem in the industry, since games come from so many different disciplines like sound, music, art, gameplay, level design, and more. But that negative feedback would prompt a developer to try again and perhaps improve on the work.
“ Was the feedback given in constructive ways? No. Was the feedback ultimately constructive? Yes, ” said one developer, who felt the behavior of the leaders was atrocious but felt mixed in his opinion of the founders because they got results.
Caroline Stokes, a human resources specialist, said she has heard about creative directors who communicate poorly. She is CEO of Forward executive search and coaching, and she doesn’ t work for Moon Studios. But she has heard about the conditions at Moon and is familiar with the kind of problem that the developers described with the founders.
“ In their heads, [ these creative directors ] have constructed these phenomenal worlds. And when they brief someone, they don’ t realize that the people around them haven’ t quite got it and they’ re too scared to say they don’ t get it, ” said Stokes. “ So when you’ ve got that little dance happening, the person is going away and they will be agonizing over what they’ re supposed to do. They will feel like they will get their heads shot off if they ask the question. So what do you mean by that? These creative [ leaders ] have not learned the art of being able to sit down and communicate in an effective way. ”
Moon isn’ t alone in this respect.
“ This is an endemic issue with game studios with creative cultures, ” Stokes said. “ I’ ve seen it. I’ ve coached lots of different people. And the work needs to be done. They’ re so involved in their creative world. Asking them to think in a different way, to communicate effectively, is a really tough task. But if you don’ t do it, you’ re going to damage people. So people need to be more responsible. It seems to me it’ s an industry-wide thing that needs to be rectified. ”
This didn’ t justify the behavior to many developers. Often, the founders didn’ t know what they wanted. The leaders asked them to do work over and over and often didn’ t say how to fix problems. And they could have been better at giving praise.
“ Those guys are perfectionists, and they try to do the best whenever they can, ” said one developer who wasn’ t as critical as others were but verified Mahler’ s crude putdowns of developer work. “ They are always more focused on what can be improved rather than what is good already. They are also, in my opinion, missing out on celebrating. They’ re missing out on praising good things. The core of the approach is correct in what they’ re doing, but maybe a bit more praise from time to time could be good, a bit more celebration could be good. ”
One developer objected to the idea that the founders always acted in the name of quality, particularly when they gave conflicting directions or changed their minds and forced developers to go in circles.
“ These things that they say ring false, ” said one developer. “ It’ s a lie based on the way they act. It’ s very insidious behavior. The quality thing is a myth. This kind of behavior doesn’ t lead to quality. It is creating suffering and unnecessary cost that the developers have to pay. If quality results, it’ s not because of their ineptitude. They’ re not good as leaders, and the quality happens in spite of them, not because of them. ”
I have seen chat logs that were preserved in a kind of amber as a monument to some of the troubling dialogue the developers witnessed. The workers felt the text chat emboldened bad behavior and shielded those who flung insults.
“ It’ s not helpful. It can create animosity in the workplace and a bit of a power dynamic where you have somebody calling your stuff shit in a group chat of 50 people, ” said one game developer. “ If you have a problem with the work, praise in public and admonish in private. That kind of philosophy didn’ t really fly at Moon. ”
Mahler and Korol spoke about managing the company in a podcast in 2021 with the Academy of Interactive Arts & Sciences. Mahler and Korol said they realized they had to hire a lot of people. But they didn’ t believe in hierarchy or status. And they wanted a lot of rockstars. Mahler brought aboard seasoned game developers. But when they got in the door, the developers were surprised.
Mahler sometimes argued with the veterans that he brought in, and he changed his mind about the decisions they made and would overrule them. Mahler would also forget about agreements and then argue for the opposite to happen, and that impacted the work of multiple people, multiple developers said.
“ He crapped on the game I worked on and he is hiring me because of that game, ” said one worker. “ In hindsight, I should have seen the signs that this was a weird place. ”
At the end of listening to the first group audio call, one new contractor said, “ I thought, ‘ oh my god, what have I done?’ Is this company going to go under like a week after I joined because the cofounders were so at each other’ s throats the entire time and saying ‘ fuck your mother’ and all these nasty comments? The big issue with it is the fact that they do it in the public chats. ”
That worker came to think of them as “ man children. ”
Most of the developers interviewed granted that Mahler and Korol are good at their craft and they understand games. The developers said the founders will delay a project multiple times until it’ s something they are proud of. Other studios can’ t afford to do that. But did Moon have a good process?
“ The more you work on it, the more you see that it’ s through the blood, sweat, and tears of the team, putting up with all this crap, and then trying to push through to make a great game, ” said one developer. “ You basically burn the team. And then they leave. ”
The severity of the bullying was harsh, most of the developers interviewed said.
“ He said my ideas made him want to vomit in front of the whole team, ” said one worker talking about Mahler.
It wasn’ t easy to find anyone who could say something positive about working with the founders. Perhaps the most complimentary words came from one developer who felt like he wasn’ t targeted for criticism because of his high level of experience.
“ They are very honest on what they want to improve. Sometimes they can be harshly honest. I do believe that most of the time they don’ t mean it in bad ways, ” said the developer. “ But when you’ re very skewed to one side, sometimes you cross the line a little bit. ”
That developer confirmed that Mahler would say someone’ s work looked like shit. And sometimes the insults were much worse, like calling the developers “ failed abortions. ”
“ His feedback was very lacking sometimes, ” said the developer.
Moon Studios started in 2010 with Thomas Mahler, an Austrian-born artist who previously worked at Blizzard Entertainment, and technologist Gennadiy Korol of Tel Aviv. Mahler was CEO and he did creative work, like level design.
They were dedicated gamers. Mahler said on the podcast that he started playing games at age four when his family got a Commodore 64. He started writing programs and making art. He grew up in Austria, in a place without a gaming industry. He thought he would love to work in games, but it was not a realistic goal. When the internet came along, he was able to learn from afar. He got into art, studied sculpture, and he posted his portfolio online. Then he found work in the industry and wound up at Blizzard Entertainment.
Korol was a fan of 3D Studio Max and learned 3D graphics. He wanted to make either feature films — the original Shrek was inspirational to him — or games. He grew up with PC classics like Blizzard’ s Diablo and StarCraft. Korol went into feature films, and he met Mahler over the internet on computer graphics talk forums. While still at Blizzard, Mahler tried to get Korol hired. They were interested, but Korol didn’ t want to relocate from Israel to California.
They knew each other for a decade before Mahler “ dropped out of Blizzard ” and suggested that they work together on their own game. But rather than work in the same office, Mahler would work in Vienna and Korol would work in Israel.
“ I supply the creative design vision, and Gennadiy is the tech wizard, ” Mahler said in the podcast.
With just five people in the studio, they began work on a shooter that they pitched to Microsoft, but the project stalled while they awaited a ruling on their pitch. In the meantime, they figured out that they should tackle something smaller, and worked on a platformer inspired by the success of Super Meat Boy.
So they turned to a different “ Metroidvania ” game. They started working on Ori and the Blind Forest with the goal of bringing a new level of polish and quality to that genre of side-scrolling platformers.
They managed to create something fun in the prototype. Mahler was able to get the funding thanks to his salesmanship.
Microsoft greenlit the title. It gave money and Moon Studios hired a sizable team. Because the founders were in different places from the start, they didn’ t mind that they had no common physical office or headquarters. They worked over the internet, using chat programs like Skype. More recently, the team moved to Discord. With people working across time zones, they settled on typed chat as an asynchronous way to communicate, and they recorded a lot of audio calls for people to listen to as they could, Korol said in the podcast.
They built a platform dubbed Apollo where individuals could check out assets and modify and update them. The updates showed up immediately. Moon Studios had to create that tool itself. Mahler said on the podcast he always felt clocking in at places like Blizzard was ridiculous.
“ We don’ t count your hours. You don’ t clock in, ” he said on the podcast. “ As long as your output is good, I don’ t care. ”
Some developers we spoke with disagreed, saying that the founders did care about how much time developers were putting in.
They did a meeting once a week across the company where “ everyone is trying to impress one another, ” Mahler said on the podcast. They had meetings within departments all the time.
If someone posted an update on the workplace, it showed they were active. If you reported or fixed bugs, it was tracked, said one developer.
Moon made the first Ori with a relatively small team, with maybe 15 people working on it and no more than 22 altogether, Mahler said in the internal staff call. But others noted it was more developers than that who cycled through the project. About 49 people are listed on the credits for the game, not counting the publishing team at Microsoft.
As the publisher, Microsoft never asked Moon Studios to document the hours that its developers worked, Mahler said in the podcast. Moon delayed the first game three times before it shipped. And hiring people fast had its stresses.
“ With Blind Forest, it was a young and hungry and enthusiastic studio, ” said one game developer in an interview. “ Thomas and Gennadiy both left corporate jobs. And I think I only really started to notice the aggression and toxicity towards the end of shipping Blind Forest. ”
Multiple people observed that Mahler would hire talented people to work at Moon Studio. When he introduced them, however, he revealed his own insecurities. He felt a need to trash the games that they worked on and point out why they were “ shit games, ” regardless of the stature or size of the studio that the workers came from.
Mahler criticized award-winning titles in front of those who worked on them. The message was that those developers had to recalibrate what they understood to be the highest quality. But the message came with a kind of passive-aggressive burn that hurt feelings.
“ You leave them on an insecure footing from the start, ” said one worker. “ Those moments chip away at people. ”
Mahler didn’ t make these pronouncements in person. He did them in a remote setting.
“ I think one of the worst things about the studio is that it was very toxic. Never mind how they treat each other. It’ s how they treat other members of the studio, ” said one game developer. “ They argue with each other, using incredibly aggressive, vile, toxic language in the whole company group chat. It’ s like you have a big office and like having a massive shouting match with the head of the company. ”
In the internal meeting with staffers, Mahler reiterated Moon’ s founding philosophy.
“ Moon has been founded with this whole idea of, hey, we are not going to be another corporate environment we have seen before, ” he said. “ We would like this open and honest environment in every department, and more of a family atmosphere, where people don’ t constantly stress that if I say something inappropriate I might get fired immediately. We don’ t think that results in a good culture. Let’ s have an open culture where people can shoot the shit, have heated arguments — all of that is good. We are proud of that culture that we created where people can work autonomously and do their thing. ”
He added, “ I do think that hurt us recently, that we couldn’ t do our team retreats because of COVID. We are trying to pull them in now. We always thought Moon should be the best place for people out there, for creatives and so on, to create their best work ever. We have seen that in the games that we made. I never met anybody who worked with us on this who wasn’ t super proud of the work that we created. And of the outcome. ” Then he added, “ But the idea should also be, on the company side, we should create a super cool environment. Where we are striving to do better and better? ”
Both Mahler and Korol confirmed in the internal call with the team that, in recent weeks, they’ ve been “ cleaning up ” the text chat.
Invariably, the staff workers were contractors and they all worked remotely. As Mahler and Korol worked in different countries from the start, the company itself tolerated the notion that people couldn’ t be in the same location together. This enabled Moon Studios to grow to dozens of personnel and keep its costs low, even as it worked on a very ambitious title. And to date, the company has employed developers in more than 40 countries. This structure made Moon as ready for the pandemic conditions as any company in gaming.
Mahler was particularly skillful at charming developers into working for Moon. He would tell them that they would be working on a great project with a strong team without the pressure of someone else constantly rushing their work. But it wasn’ t uncommon for developers to arrive at the company, witness the work environment, and quit in a matter of weeks.
“ A lot of people left because they just couldn’ t take it anymore, ” the developer said.
Some developers said they stayed on board because it was hard to get other jobs in the industry, especially ones where they could work from home.
The treatment wasn’ t always equal.
“ It was also not unusual for those with more experience in the industry and respect to get less public criticism. And it was also likely that Thomas and Gennadiy would go after each other’ s departmental workers, ” said the developer.
Moon was also able to grow by hiring developers in countries where the pay was typically lower, like in Poland, and so it could replace those who departed without a lot of difficulties. But some developers in those countries couldn’ t get by without having employee status and access to healthcare. Many companies today are taking advantage of these practices during the pandemic on a far larger scale.
The team at Moon Studios grew to a few dozen people during the five-year development of the first Ori game. During that time, the arguments were constant. The management was aggressive, and the grind and crunch were difficult for the developers.
“ I wasn’ t happy at the studio, I was really bad mentally, physically, ” said one developer. “ I was working like seven days a week for months. ”
Another developer explained it more extensively. The developer said that if you don’ t mind working the long hours and enduring the hostile environment, then you can work at a place like Moon which has produced good games.
“ If you are in another moment of your life where you want to finish your work and go take care of your children, go meet your friends, do something else, then it’ s not a regular job. It is demanding from you at all times, ” the developer said.
The developer added, “ ‘ We don’ t care about hours, right?’ I mean, sure. You may not care about hours. But you know, when you are asking to deliver X, that is impossible in eight hours. It’ s one of the biggest fallacies really. There was pressure for doing all this crunch, but it was not easy to escape it. ”
Another developer said, “ Blind Forest was not too bad. Like, there is always crunch at the end of games. But I don’ t remember feeling deathly at the end. I think that was a case of this truly is an indie studio. And we’ re all in it. Because we were desperate for this to succeed. You’ re willing to put up with a lot of garbage. ”
The detachment that is possible in online conversations and audio chats over Skype enabled the founders to act more critical and abusive, developers alleged. It’ s akin to how people behave on Twitter, where they feel more empowered to speak their minds and cut down others with short criticisms, multiple workers noted.
In the podcast, Korol also made an admission. He said it was about “ perfectionism. ” He added in the podcast, “ I think we maybe criticize things a little bit too much at Moon. We lean on the side of negative feedback a lot of time. That’ s how it is. Maybe it goes too far overboard and we need to balance it out with positive feedback. But it sets the tone for what can we do better. ”
Mahler said the company’ s design tools were simplistic. He explained that the studio started the level design process in the “ simplest way possible, by first starting with a strong concept on paper. ” The team moved on to crude polygon animations, and then there was a lot of playtesting and tweaking.
“ Once all that’ s done, you need to present your level to other designers to get harsh and honest feedback, ” Mahler said. “ Repeat that process a few times until everyone loves the level and then it eventually gets the ‘ design approved’ stamp, which means that the level is ready to move on to our artists who then start the process of set dressing, which in itself is quite an involved process. ”
Since Moon discouraged video conversations, much of the communication would happen over text chat.
“ In Skype chats, they would say ‘ you fucking idiot’ and things like that on an hourly basis, ” one developer said. “ This is the flow for how they communicated. It is far worse at Moon than any other project I’ ve been on. ”
The arguments droned on and on.
“ They both had to have the last word in a conversation, and it keeps on going and going, ” said one developer. “ You would wake up in the morning and have a conversation with [ hundreds of ] messages in the chat. You just keep scrolling through looking for something important that you need to know. ”
Skype proved to be a difficult tool with so many threads. Those threads were updated and so workers had to actually follow those threads.
“ One tiny change can result in like a massive pool of text. Now in and of itself, that’ s not a problem. I mention this because it got to the point where I would dread waking up in the morning, ” one developer said. “ Or I would just dread looking at Skype at any time, whether it’ s morning, day, or night. I would dread opening up Skype because I didn’ t want to see anything from Gennadiy or Thomas. I just knew it was going to be bad. ”
And the inappropriate comments were plentiful.
“ They would talk about the appearances of women, ” said one developer. “ They are the most unfunny people. Like a 12-year-old would make jokes about your mom. ”
Moon Studios held itself together on the cadence of weekly audio calls, which the whole company could attend. But it was rare to hear effusive praise for anyone’ s work.
“ The founders take a hard line on dishing out praise, ” one developer said. “ They are very stingy with it. They use a lot of language that gets interpreted as sexist, racist, anti-semitic, and whatever there is. ”
It was common to hear anti-semitic banter among the founders, leaving developers to decide among themselves if this was just childish behavior, self-deprecating humor, sarcasm, or true anti-semitism. Mahler would call Gennadiy a “ Jew ” and bring up stereotypes. Rather than interpret this as racism, a number of developers interpreted it as a terrible sense of humor.
“ I wouldn’ t say that they are anti-semitic, as [ some ] of them are from Israel, ” said one developer. “ It’ s a lot of immature banter. Regardless, I don’ t think it has any place in group chat. ”
The company had a rule to stay away from politics and religious discussions, but when it came to jokes, the founders violated those rules.
“ We’ d be hearing about penis size and you know, Hitler jokes, ” said one game developer. “ The jokes were jokes. But it was really more unbridled aggression. It set the tone. ”
“ Thomas and Gennadiy could have shut down the toxic culture much sooner if they wanted to, ” said one worker. “ They have fostered an environment where there are certain people on the team who are willing to also make jokes of the same variety. They created the environment. The team culture comes from the top. ”
Another said, “ The casual racism is pretty bad. There’ s a whole bank of material that can be construed as comedic, but none of it’ s appropriate in a workplace environment. ”
Developers said it was hard to describe what it’ s like to work for a long time in a place with an oppressive culture. It weighed on them.
One developer said, “ The result of that over a long period of time is you see how aggressive the founders are and you’ re worried about speaking out because you’ re worried you might get shouted at. When they asked if anyone wanted to mention something at the end of a meeting, it would often be dead silence. ”
Mahler didn’ t view himself as anything but a straight shooter. But he moved too fast to be kind, others said.
“ He can’ t use the fact that he’ s from Vienna as an excuse. He’ s really on another level, ” said one developer. “ He’ s just extraordinarily nasty. He is that brand of asshole who genuinely doesn’ t care. ”
Mahler drew a giant penis over the top of Korol’ s face as he was starting a meeting.
“ The insults would be hot and heavy and profanity-laced. They were homophobic. Anything you can think of, ” said one game developer.
The founders would often scream at each other for an hour during an audio meeting, wasting the time of dozens of people. The harshest toxicity happened during those voice call meetings, developers said.
“ We wasted hours hearing Gennadiy and Thomas screaming like teens, ” said one developer.
One developer concurred, “ I remember there’ s one meeting where they argued for a full hour. It was a particular call to get to the bottom of some problems. The whole team was there, just listening. And then eventually, everyone was like, we’ re tired and you’ re wasting our time. We are leaving. Nothing got accomplished. It affected everybody’ s morale. ”
Another developer said, “ They had this need to win every argument. ”
Mahler had no problem berating people in front of others.
“ Of course, people come and go, but there is the fact that a large number of people did not stick around. I think just a lot of people just don’ t want to put up with the toxicity, the casual racism, and more. There are way too many casual Jewish jokes, ” said one game developer. “ If you go to a late-night Las Vegas comedy show, you should go in and be prepared to hear that. We’ re talking about a company general chat, and these same kinds of jokes are going down. It’ s not acceptable. ”
Another developer said that the impolite culture at the top flowed downhill.
“ The only way to get a word in edgewise is to cut somebody off. And it selects for that kind of person, ” said one developer. “ I don’ t know if it’ s like Stockholm Syndrome, or what. You get to this place where you’ re like, ‘ Am I wrong? Has everything I’ ve known been somehow invalid?’ ”
Some of the subordinates joined into the arguments, feeling empowered by the founders. The conversations strayed from game development and often displayed casual racism or sexism. One worker talked in the chat about how the company didn’ t hire people from certain countries.
It’ s almost like you’ re being gaslit into believing that you deserve this kind of feedback, the developer said.
“ You end up having to defend your job to people that don’ t understand that at all, ” they said. “ They hired you because they didn’ t understand it. And it was extremely frustrating that anybody on the team who had a big enough ego, and low enough emotional intelligence, could just jump on anybody else’ s work. A lot of people were publicly shamed. A lot of people left because of that. ”
Sometimes it seemed more about administering sick burns to people rather than providing valuable feedback, the developer said.
One of the problems was that Mahler and Korol were always at each other’ s throats to the point where they went after each other’ s work. Mahler was in charge of the game design and creative work like art and animation, while Korol was in charge of programming and technology. The programming team was often critical for producing foundational work, and they didn’ t receive as much criticism. But Korol would often criticize art and work directly with the developers in Mahler’ s domain. When the founders didn’ t agree, the developers were caught in the middle.
“ I made it a policy not to talk to them unless it was directly related to what I was doing, ” said one developer. “ There were instances where people stood up for other people or said that was enough. ”
Workers referred to the founders’ micro-management as “ pixel fucking. ” That was when a leader would obsess over details that ultimately didn’ t matter, like arguing over every pixel. No one used this term in front of the founders.
Artists took the brunt of this criticism. Korol said in the podcast that he does not value written documents as much as playable prototypes. A game build or art build should speak for itself, Korol said.
The lead developers tried to interpret what Mahler or Korol meant with some of their critiques. When work had to be restarted, it would mean some developers had wasted a lot of time.
“ They were micro-managers, ranging from tiny details to larger things, ” one developer said.
In their internal call with staffers that GamesBeat learned about, the founders had a different take. Mahler claimed that Moon hires smart people, puts them in departments, and lets them do their magic.
Korol had pet peeves and wanted to make everything perfect. And he admitted in the podcast that, in his resolutions for 2021, he should trust people more, delegate more, and intentionally disengage from work when he can.
“ Gennadiy and I were always workaholics, ” Mahler said in the podcast.
Mahler said on the podcast that he worked hard at Blizzard and went home and worked until 4 a.m. on his own prototypes for games at night. He acknowledged that this doesn’ t make sense for everyone, and they have to make sure people don’ t work too much. He said it suits him and Gennadiy, but you can’ t expect that from the team.
“ Crunch fucking sucks, ” Mahler said in the podcast. “ How do we not crunch? How did you fuck up that we have to crunch? You have to step in. You have to be the parent figure. You are doing amazing work. But you have to take a break. ”
Yet developers talked about how they crunched a lot and without discouragement. The different time zones meant that work happened on bizarre schedules. Mahler would plan some calls for 10 p.m. at night Central European time, one game developer said.
Korol said on the podcast the problem with remote work is you don’ t know when people are working. Mahler said they don’ t spy on staff to find out when they are doing. But he said people overdo it, particularly young people.
“ If they ever say that [ they had to crunch ], we fucked up, ” Mahler said on the podcast.
Based on interviews with current and former employees, the company had consistent problems scoping its work.
“ The problems were really stemming from poor management, ” said one developer. “ It was just impossible to scope a game that was ever growing. It feels like they are not learning. The pattern is repeating. ”
Developers observed that the founders, especially early on, might get five hours of downtime a day. That set the tone for expectations of work from others. And while they said they wanted to change the crunch, they didn’ t drive that kind of change at the studio. Developers alleged the founders encouraged crunch, saying they had deadlines to meet.
“ Ultimately, all they care about is the quality of the product, which means that it’ s probably the company I’ ve seen that cares the least about its employees, ” said one worker. “ In general, everything is in service of the betterment of the product. So if they’ re being very harsh to you, and not mincing words, and not being receptive, not being respectful in the conversation, shitting on your words, and shitting on you, and you need to do better, it’ s all in service of the greater good, which is making the game better. ”
The crunch and the bugs could have been stamped out with better planning, one developer said.
Many workers tried to get the founders to clean up their act, and Mahler and Korol realized that their culture had to mature. They promised changes and talked about crunch and how it was not sustainable. They occasionally apologized. But then they would revert to their usual behavior, developers said. When the work grew and deadlines approached, the aggressive management continued.
Mahler would check to see if people logged in over the weekend and asked why someone didn’ t continue working on Saturday and Sunday. He left messages at all times of the day, and since people were spread out across Europe and the U.S., the messages often arrived during off-hours. He would check to see what work people were checking out and checking in on, using automated software that helped monitor the activity of developers, said one worker. Another confirmed that Mahler monitored the team’ s activity.
After games shipped, developers said they sometimes didn’ t get full credit for their efforts, even though they did work that spanned multiple departments. But despite the delays, crunch, and talent, the second game had a lot of bugs. And while the studio nominally had a commitment to quality, the bad planning was very bad for quality.
“ Moon basically used up the goodwill bucket because Ori has generated a lot of goodwill over the years, ” said one game developer. “ There was a knock-on effect for production every time a last-minute change was made. It’ s an indictment of their terrible planning. That’ s ludicrous. ”
The team saw a lot of turnover after the first Ori shipped in March 2015. That turnover often happens when a game ships, but it was surprising after the success of Blind Forest. Those who showed up fresh wondered why there weren’ t more veterans on the team from the first Ori.
“ When I started, I thought that I would be working with more people from the first game, but it turned out that almost nobody from the first game was still there, ” said one game developer.
Developers knew the second Ori would be a challenge because Moon scoped it to be 30% to 40% bigger than the first game.
On Glassdoor, the company has just a few reviews. None recommend it as a place to work, and it has just one star out of five. That’ s not much information, but clearly, no one feels like celebrating Moon studios as a workplace. But thanks to the success of Ori, recruiting was easier and Moon built up to scores of people.
“ Why did the art team leave? That was an alarm bell to me. The sound team didn’ t come back. It was personality clashes, ” the developer said. “ I think Thomas and Gennadiy believe everyone is replaceable, which is not a great feeling when you go to work. And I think the only reason people stuck around is that they cared about everyone and because they legitimately made great games. We know the fans will love the game. They love the story and the world. ”
Mahler noted in the podcast that he became a parent for the first time in the middle of Will of the Wisps. And he said that as a parent, you have to be the one that tells people when they need perspective about things like working too hard.
But the developers interviewed for this story said the second Ori was also difficult to work on. Once in a while, Mahler’ s personality showed up in public. Mahler criticized CD Projekt Red on Twitter for its shoddy work on Cyberpunk 2077. He eventually withdrew the aggressive tweets. He also criticized Sean Murray of Hello Games for over-promising on No Man’ s Sky. One worker thought, “ Why are you dumping on other developers? ”
For the most part, Mahler only occasionally spoke publicly, and the podcast he and Korol did with the Academy of Interactive Arts & Sciences was relatively rare for its focus on the internal workings at Moon.
“ The podcast is all about respect and open culture and all that cool stuff, ” said one developer. “ But if you listen to the podcast, especially toward the end of it, you really hear the kind of true nature coming out and just the aggression that’ s inherent in everything. It’ s an extremely exhausting place to work. ”
One developer ticked off the problems and said, “ Extremely toxic. Turnover is extremely high. Remote work enabled people to be more toxic. ”
After the second Ori game shipped in March 2020, much of the team quit and forced Moon Studios to recruit a lot of people once again. And they found fresh people to do the work.
“ If they retained the talent they had, everyone would think they’ re an amazing studio, ” said one developer.
The pay itself wasn’ t top-notch, but it wasn’ t rock bottom either. Developers were lured by the chance to work with impressive peers and the promise that they would get bonuses if they made a successful game.
It was common for the founders to say that someone would get a bonus at the end of the project on top of the monthly contractor payment. No one really got overtime, as that doesn’ t apply to contractors.
“ They were just dangling that carrot whenever there was the next push, on top of the already crazy crunch. They wanted people to crunch even more, ” he said.
They do a good job of selling the bonuses, developers said. “ There was no overtime pay and the worst crunch I’ ve ever experienced in my career. For those who were left, it was a question of whether it was worth putting up with this bullshit. ”
The founders said that they share the profits of Moon Studios with their developers. And that sounded correct according to those GamesBeat talked to. But it wasn’ t necessarily life-changing, given what developers had to endure.
These bonuses — based on when Moon itself got paid — came long after the games shipped, as it took time for the royalty payments to arrive. And they were contingent on the worker staying on with the team.
But some of those who departed said they gave up their bonuses because they couldn’ t take the abusive culture anymore. And the bonuses others were getting weren’ t as big as expected, these people said.
Another developer said that Mahler was stingy with credits, even when someone had already done the work that showed up in a game. ( The founders denied this in their internal call with the staff).
But even with the bad culture, some developers would stick around.
“ By the time I really noticed what kind of studio this was, who these people were, I was so deep into it. And I don’ t like to leave projects unfinished, ” said one developer. “ When I hear these things, the same kind of disgusting humor and shit like that, I just ignore them. It makes me embarrassed. ”
Whatever its problems, Moon had talented people.
“ You hire enough senior people and they just fix messes behind the scenes and with back channels, ” said one developer.
And those talented people gave the game their best work.
“ They were able to hire incredibly passionate people who were incredibly skilled. And eventually, I think it got to the point where we just all just started talking with each other and not really going through Thomas and Gennadiy, ” said one developer. “ They still provided direction. Obviously, we still did what they said. ”
Another developer said, “ I do believe that Moon was a place full of wonderful people. It was just led by two monsters. As long as things were being done behind their backs, it was all actually enjoyable in the end because you were working with people who treated each other with respect. I believe that this is one of the biggest issues. Those guys don’ t respect each other. And they don’ t respect anyone. ”
Talented developers often bypassed the leaders and got things done, producing outstanding work often in spite of interference from the founders. But publicly, the founders were the ones who got the credit.
Stokes, the HR specialist, has heard about this kind of bonding together to get work done in other companies.
“ I’ ve heard many interesting stories over the decades of those environments where people have to make the magic happen in a way that gets the job done, ” said Stokes. “ Otherwise, if you seek approval, if you look for information where you want to collaborate, the leadership team will just push back on you. You have to do whatever you can to get the job done. ”
Working at Moon took its toll. Workers who left would say they were leaving for mental health reasons or because their spouses or families had had enough.
“ I was so stressed, ” said one developer. “ I got severely burned out. I considered a different career path. ”
Another worker said, “ I feel like I’ ve become a meaner, worse person, having been in this environment. ”
Still another developer likened the experience to post-traumatic stress disorder. They acknowledged the lasting damage from working at Moon.
“ I’ ve been at multiple studios now, and Moon is the only one that gave me PTSD about the games industry, ” said one developer. “ I think they are especially toxic. I definitely got burned out severely to the point where I think I would consider a different career path because it was so awful. ”
A different developer said he came to dread meetings with Mahler because he never knew if he would like the work the developer did or would cut the developer off and scream. That made the developer gunshy when it came to showing off creative work.
Another developer talked about being so happy after leaving Moon Studios.
“ I finally said, ‘ I can’ t do this anymore.’, ” said one game developer. “ And for what it’ s worth, it’ s the best decision I’ ve made in a long time. ”
People were burned out, with physical and mental issues and problems sleeping, said another developer.
“ I did get it all done, but at a great personal expense. And this game made me think about leaving the industry forever, ” said a different game developer. “ We were making changes to the story four months before ship, which is crazy. And that has so many knock-on effects. When we got to the end of Wisps, it was a complete contrast point for us. We were all tired and overworked but there was euphoria on Ori. ”
The developer added, “ We knew the game was good, but there was no euphoria. I was just relieved it was over. ”
Stokes, the human resources expert, said the fallout is familiar.
“ The mental health toll here looks considerable for all the people who left or who felt this changed their whole perspective on the game industry and how they wanted to get out of it, ” said Stokes. “ This isn’ t a one-off. This is common in large organizations, in game studios. There are levels of toxicity that people aren’ t able to speak of, but they are so normal. We have a long way to go [ in the game industry ]. ”
In person, Mahler could be charming and often seemed like a different person. That was the case when the founders took everyone to Florence, Italy on a retreat. People met each other in person for the first time and they got along with each other.
Developers considered the trip to Florence a generous gesture. Moon Studios also took the team to Barcelona.
“ What’ s really important is the team bonds, ” Mahler said in the podcast. “ Let’ s be really open. What are we doing wrong in the studio? Where do we fuck up? Are you guys happy? I think that is really important to keep people in the studio happy and make things work. It’ s people bonding over a shared interest. That is really really powerful. It is a powerful, human, emotional thing. ”
Pressed in the podcast for details, Mahler said he was not saying everything in the studio was “ peachy. ”
“ The team retreats were incredible. Being flown out to countries, eating out in a nice place, spending a lot of quality time with these people that I’ ve been working in the trenches with voice chat, ” said one developer. “ It’ s sort of this rejuvenating process. ”
In a call with staffers that GamesBeat has learned about, the founders said they plan to encourage more retreats in the future. Mahler acknowledged that the absence of the team retreats “ hurt us. ”
In the meeting, Mahler also said that the time will come soon to do retreats again.
“ It is time to do team bonding, ” he said. “ Team retreats are not a thing we canceled. Because of the COVID situation. We like it. We love if people can come together. We even want to increase to two a year. ”
“ Thomas is a charming person in person, ” said one game developer. “ And he doesn’ t say the same things in person as he does when he is free to say anything on chat, or on audio calls. ”
But just because a person is kind in real life doesn’ t mean they can’ t be a jerk when communicating online, developers said.
“ Thomas is a huge freaking keyboard warrior, saying the harshest stuff, like in text and everything else, ” said one developer. “ When the camera is on, he is a little different. You meet him in person, and he’ s all smiles. I think it really is the keyboard warrior’ s syndrome where there is this degree of separation. He has this protection, in this faraway country, and you’ re on the other end of the world. ”
“ In their hearts, they care so fucking much about the work they’ re doing, ” said one game developer. “ And these retreats were definitely very bonding. And wonderful. The retreats themselves were good, and it came from a good place. They spent money. But in terms of creating a professional work environment, they fail over and over again. ”
Another developer said the retreats did not excuse the behavior from the rest of the year.
“ It’ s for people who don’ t know him to understand just how fucked up it is that he’ s saying these things, given the way [ Thomas ] actually acts, ” the developer said.
Microsoft worked with Moon Studios for about 10 years. But it isn’ t easy to figure out how much the publisher knew about working conditions at the developer.
While Microsoft had a difficult relationship with Moon Studios over the years, it was often over funding amounts and delays, as the project scopes kept changing and Moon missed deadlines.
Microsoft held the purse strings for the company, and it could help figure out how much money the developer needed to get its games done under a reasonable schedule. But Moon’ s practices put quality above any timetable demands, and its games went off the rails on schedule.
This kind of delay strains the relationship with any publisher. Usually, it triggers conversations that get to the bottom of what is happening.
“ [ At Microsoft ], they knew what was going on. And to the degree that we need to clean up the industry. I want to see the industry get better, ” said one game developer.
But with a remote studio, there wasn’ t an easy way for Microsoft to discover what was happening. It didn’ t have contact with developers other than the leaders. It couldn’ t go and inspect the workplace in a physical location, since Moon was all remote. And Mahler was secretive when it came to letting developers talk to Microsoft.
One developer said, “ Thomas was always the one communicating with the publisher. ”
“ There was always this fear that if Microsoft woke up, maybe they would cancel the game, ” said one worker. “ But then there was always this confidence on the part of Thomas that they would never do it because Ori is the best game that they had shipped in a decade. They felt untouchable because they made quality games. ”
Moon Studios is working on a new game code-named Forsaken. It’ s a different type of title than Ori, and Take-Two Interactive’ s Private Division is the publisher. The title has a darker narrative. ( A spokesperson for Take-Two declined to comment for this story, citing a policy of not commenting on the internal matters of partners).
Some developers stayed on board because they received bonuses or were still expecting them from Ori and the Will of the Wisps. Others gave them up. But Moon managed to staff up to about 80 people, according to an internal meeting where Mahler mentioned it. ( More than 100 names are listed on the game’ s critics, not counting numerous external devs and the staff at Microsoft).
Microsoft and Moon evidently chose not to work with each other again. Microsoft has not yet responded to a request for comment to GamesBeat about our story.
“ As far as I know, it was a mutually agreed-upon separation between the two studios, ” said one game developer. “ The relationship with Microsoft and Moon was never silky smooth. On the Moon side, there was plenty of hate toward Microsoft. They also were very private about what they wanted Microsoft to know. ”
Mahler had one particular run-in with some team members of the new project where he wanted a scene where the main character of the story suffered rape. This rape scene would supposedly create the motivation for the sweet, small-town character to do the “ badass ” things they do in the rest of the game. But the idea was immediately controversial within the ranks. Developers pushed back and said that they couldn’ t put such a scene in a video game for a variety of reasons.
“ What the fuck, ” one worker said. “ We were saying this is a terrible idea. Thomas said he wanted something edgy. ”
Ultimately, Mahler gave in and decided not to include the rape scene. That was the right creative decision, but the developers felt like it was an unnecessary and shocking exercise that involved weeks of arguments.
“ If Thomas said he wanted something, it would take like half the team to band together and persuade him to not do it, ” said one game developer. “ The casual racism and sexism are bad. The rape scene is bad, but there’ s no real incident that just jumps out as being truly terrible. It’ s just like this kind of stuff happening on a daily basis. I would say it’ s death by 1,000 cuts, rather than an execution with an ax, which, frankly, would have been preferable. ”
It was exhausting and disturbing, but Mahler came around to the notion that it didn’ t achieve what he wanted. One worker said it was maddening because Mahler often told other developers that they should let go of their ideas if they didn’ t work out as expected.
Recently, after GamesBeat asked about the rape scene in questions sent to the founders, Korol discussed the scene in a meeting with the staff.
“ Obviously this is not where you can explain the nuances of a creative process, of trying to deal with a very delicate subject like this in terms of writing character development, and the process we go through. Whether or not that was a good idea, well that is beside the point, ” Korol told the staff. “ But obviously trying to paint the narrative that there is a deeper bad thing going on. It’ s a bit of an unfair thing, to be frank. The way this article will characterize things might be unfair. That doesn’ t mean we are perfect. It doesn’ t mean we can not improve or should not improve. ”
The women developers that we spoke with weren’ t surprised that the rape scene was so hard to get excised. They said the sexism was common, with Mahler saying in a chat after a long meeting that “ I need a woman now. ” They noted it was common for others to speak over them. They would have to endure a lot of sexist jokes, and it wasn’ t surprising to see the women leave after short stints. And it was noteworthy that most of the developers were men. Mahler reportedly said one of the women was “ clutching her pearls ” in arguing against something she perceived as sexist in a game.
There are some risks with the third game with its violent and dark themes.
“ The audience may very well be asking who are these people behind this dark game? ” said one game developer. “ That [ rape ] scene was very alarming. I was asking why are we as a studio moving from making Ori to this ultra-violent game. It doesn’ t seem like a logical progression for the studio. ”
The developer added, “ Now they have every right to go in a completely new direction. But this new game is so far from Moon’ s identity. I think it’ s another reason why people have left. ”
The darkness of the game made a difference to some developers.
“ The main reason I stuck around is I knew Ori would be good for my career. And that’ s been proven correct, ” said one game developer. “ The reason I’ m not sticking around is that I don’ t think the next game would be good for my career. ”
Will the founders rein in their abusive chat? In a staff call with the team, Korol said, “ If certain things were posted in chats recently, we have been deleting stuff that we don’ t feel is appropriate. It is what it is. We will have to sit through this and see how it plays out. ”
Mahler added, “ We have tried to clean up things in the chat. You might have seen that. We are now a fairly big team. We do not ever want to become a corporate environment. We think there is a huge gap between how Moon behaves and a typical games factory. But with size, we have to make sure we conduct ourselves properly. ”
And Korol added, “ I don’ t want us to start walking on eggshells. I don’ t want us to feel like we’ re under surveillance and being watched. I don’ t think it is a healthy way to live your life. It’ s not a healthy working environment. ”
One developer said that to be eligible for a bonus, developers would have to stay through the end of the Forsaken project. That could be a long time to stick around a place like Moon, the developer said.
Developers said they were conflicted about staying or leaving.
“ I resigned the project for exactly the kind of things you’ re talking about, ” said another game developer. “ There’ s definitely some really hard feelings that I’ m kind of still dealing with. And to give you a little bit of a scope into that, I very much enjoyed the team. I feel deeply personally connected to the game. Ori holds a very special place in my heart. And at the same time, it was the single worst work environment I ever let myself be a part of. ”
Of course, Moon will succeed in hiring game developers, especially in a world where they’ re idolized and many people would love to break into the business.
“ The talent, the people that make the games need to make these choices for themselves, ” said one developer. “ I think unionizing is perhaps a way to help these situations, but I also think individual agency, and really having a personal bar under which they’ re going to put up with or not. ”
For the developers who have left Moon, there are mixed feelings and lingering scars.
“ This is ridiculous like this, this needs to stop, ” said one game developer.
At the same time, the developer missed the connection to the Ori Games.
“ I love that intellectual property. I have it all hanging over my desk, ” the developer said. “ I love it. My relationship is completely severed with them now. The writing was on the wall. It was like a bad marriage. We had to rip the band-aid off. ”
One developer said that the scope of Moon’ s oppression was easier to understand after landing at a good company.
“ It is not an easy story. It was not easy to understand it when I was in the thick of it, to deal with every day, ” they said. “ For all of its outrageousness, like any good gaslighting situation, when you’ re deep in the weeds, it’ s really hard to see things with perspective and it’ s only been since joining someone else with a fantastically run company ” that it becomes clear.
The responsibility for fixing a company falls on the leaders, Stokes said. They need to curate the best culture the way they curate their games. Hiring an HR organization, internally or externally, is important. But how can the founders change?
“ You start off by doing a mea culpa, saying we’ re really sorry, ” Stokes said. “ They have to work out what culture they really want to create. How can we do this together? That humble approach is really what’ s required. ”
The reality of working at Moon is deciding whether the good work and the actual end product justify the Darwinian means of putting it all together.
“ Company culture is not a high priority. Thomas would say this is the place people come to do quality work, ” said one developer. “ We hire the best people in the community. What that meant was you have to come here and fight your way through. They’ re selecting these hyper overconfident alphas, essentially, who can come and forge their own way and won’ t take no for an answer. And they will make other people’ s lives miserable as they climb away at the top. ”
If there is something that Moon hopes to learn from this story, the founders said they want to improve the culture.
“ What we need to have is a culture where we all know we are doing good things. We all mean well, ” Korol said in the internal call with staff. “ There is no actual bad intent coming from anybody, and then we can be in that culture and speak freely. We need to be professional, but we don’ t always need to be looking over our shoulder. You want to talk to people. You want to be human. You want to sometimes have a goofy joke or humor. Who hasn’ t made a goofy joke in their life let them throw the first rock. Of course, there’ s a difference between goofy and inappropriate jokes, and those I think shouldn’ t happen. ”
As noted, Moon’ s founders are worried about this story. In an internal meeting with staffers, Mahler said, “ It sucks frankly. We won’ t be happy to read bad things about Moon. Gennadiy and I are proud of what we are working on. I see a lot of things that are super positive. Yesterday I was on a long design call. At the end of the day, we will be OK if at the end of the day we conduct ourselves properly and we make stuff people love. That’ s where I come from. I have this belief that let’ s make people ridiculously happy with our products. And hopefully, the journey to that will also be incredible. We have learned a lot from how we did things in the past. Hopefully, things will get better. This will be a bit of a hit. Reading this stuff won’ t be nice. We have to get through it. ”
On the matter of quality, developers disputed that the founders were the ones who made it possible. Rather, the behavior of the founders could stand in the way of achieving quality. These developers say the narrative that the founders create about this argument being about quality over being nice is completely off base.
“ In general, they were extremely unprofessional in almost any aspect of work. Whenever I wanted to introduce some pipeline or workflow, it was always a three to four hour debate with them and never reached any conclusion, ” said one developer. “ They were controlling and involved in the whole development, but at the same time they weren’ t held accountable for their actions. There one great example. At some point Kwolok’ s Hollow was almost ready to ship. It needed some polish and performance pass, but he decided that it was “ shit ” and decided to cut and rework a big part of it. Generally, it was not bad, but that was three months before [ the ] initial release and ~40% of the game was not ready at all. Imagine how much people had to work to fulfill that decision. ”
Rather than try to change, it appears the founders are prepared to engage in self pity.
Korol also said to the staff, “ We have been dragged into this public eye of Sauron if you will, and we will have to go through it. ”
Mahler told staff not to engage with journalists directly, but both he and Korol agreed it would be OK for staffers to respond to negative allegations on social media and defend the company if they wished.
Korol added, “ It is a bit interesting that some people decide to go to journalists and talk about it after the fact. What we will do is create an anonymous survey where you guys can talk to us. Anything we can do better. We need to be able to know that. We need to be able to hear it from you. That’ s why this will be anonymous. ”
Some developers realized that speaking out about Moon could damage the studio’ s reputation. Others felt a need to warn others about Moon, not only to get it to change but to help the whole industry move in the right direction.
“ I also love this industry, and I want to see it improve, ” said one game developer. “ I don’ t have any individual desire to sink anybody or vendettas to go after. I don’ t have any desire to ruin anybody’ s opportunities in life. I want to see this industry improve, I want to see it mature, I want everybody who works in the game industry, regardless of who you are, what you are, to feel comfortable. ”
Said another developer, “ Because Moon makes such wholesome and sweet games, people look at it and they think that it’ s wholesome and sweet people behind the scenes. And unfortunately, at the top, there really isn’ t. ”
Still another developer noted the contrast between working at Moon and the emotional experience of playing the game.
“ The people who were involved in the process of making the story and the art and everything else, we care a lot about what we do and what we did, ” said one game developer. “ And it was genuine. We were not tricking you into crying. We really wanted to make something emotional. It is very strange to see the contrast of what we were making and the conditions under which we were working. ”
And another developer said, “ Honestly I can go on and on about how shitty Moon was, but I consider this as really an ended part of my life and one of the biggest mistakes done in my life. Whenever someone from my friends reaches out about some insight before applying to Moon, I just tell them to avoid it. ”
One developer had a kind of survivor’ s guilt about working at Moon.
“ I kind of regret being a part of it, but it’ s the game I’ m most proud of in my career because I put the most of myself into it, ” said one game developer. “ I regret that I helped embolden them. ”
Another worker said, “ And I will say that my only regret is that I didn’ t call it out. It comes back to that oppressive environment that Thomas and Gennadiy created. Most of us were afraid to speak out against the leader because we just didn’ t want to be yelled at. Or face a wall of text on the screen. ”
Another developer said that the company should hire human resources leaders to make the company more professional.
One worker said that Mahler and Korol were perfectionists and believed that they would never change.
Another developer said, “ And even though they would say they would change, the atmosphere just remains very aggressive. And you’ re right, they do chase quality — and it’ s proven in what they’ ve released — but at the expense of a lot of people’ s mental health. ”
GamesBeat's creed when covering the game industry is `` where passion meets business. '' What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Learn More | tech |
Chile’ s Economy Grew Record 11.7% Last Year on Fiscal Stimulus | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Chile’ s economy expanded at the fastest pace on record last year, driven by billions of dollars in emergency stimulus measures that the government is now unwinding as the economy emerges from the pandemic and inflation accelerates.
Gross domestic product grew 11.7%, the most in central bank records going back to 1961, according to data released on Friday. The economy expanded by 1.8% in the fourth quarter from the previous three-month period, below the 2.2% median estimate of analysts in a Bloomberg survey.
Chile boomed last year as one of the world’ s fastest vaccination drives against Covid-19 propelled the economic reopening, at the same time that fiscal stimulus and a series of early pension withdrawals stoked consumer demand. Retail was one of the first sectors to benefit, followed by services. Still, the growth outlook is murkier this year, as the central bank delivers a series of aggressive interest rate hikes and inflation soars.
Domestic demand rose 3.8% on the fourth quarter from the previous three months, while mining grew 1.4% over the same period, according to the central bank.
Political uncertainty may weigh on growth this year. On March 11, Gabriel Boric was sworn in as Chile’ s youngest president ever and its most left-wing head of state in 50 years. He has vowed tax, labor and pension reforms, while pledging to control public debt, at the same time that the country is writing up a new constitution.
Boric has also said he will oppose any attempt for more pension fund withdrawals. Three rounds of drawdowns have pumped about $ 50 billion into the economy, fueling a surge in the consumption of goods from automobiles to electronics, while also stoking inflation.
While the previous administration said GDP will grow 3.5% in 2022, the new Finance Minister Mario Marcel told the local press on Thursday that those estimates are not “ reasonable ” and “ aren’ t consistent with the adjustment the economy should have this year to control inflation. ”
Consumer prices rose 7.8% in the year through February, well above the 3% target. Policy makers have raised borrowing costs by 500 basis points since July and are expected to deliver another aggressive hike later this month.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
China Nonferrous Gold Limited UK Regulatory Announcement: Extension to Short-Term Loan | LONDON -- ( BUSINESS WIRE) --
China Nonferrous Gold Limited 中国有色黄金有限公司
( “ CNG ” or the “ Company ”)
Extension to Short-Term Loan
Update on COVID 19
China Nonferrous Gold Limited 中国有色黄金有限公司 ( AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan announces that the Company has extended the repayment term for the most recent loan with CNMC Trade Company Limited ( “ CNMC Trade ”).
Extension Loan to CNMC Trade Company Limited
As announced on 24 January 2022, CNMC Trade provided a short term loan of USD $ 34.55 million to repay the existing CITIC China Bank Corporation Limited ( “ CITIC ”) in anticipation of the Company signing a new loan with CITIC in short order.
However, the new loan from CITIC is still the subject of discussions and negotiations ( including in particular around the use of proceeds for the new loan) and given the short term nature of the CNMC Trade, the Directors needed to consider other options.
Accordingly, the Company and CNMC Trade have today signed an extension agreement to extend the current short term loan to a longer term arrangement with the repayment date now being extended to 31 December 2022. As set out in the announcement of 24 January 2022, annual interest remains fixed at 3.00% and no other fees or changes are payable under the loan agreement ( the “ Loan ”).
The Company continues to engage with commercial banking partners to explore a wider refinancing of the business and further updates will be provided in due course.
Summary of Current Financial Position
The Company has total debt facilities ( including banking facilities) of c. US $ 319m at this current time ( unaudited).
COVID 19 ( Omicron) Update
The Company confirms that they have taken appropriate steps to ensure that staff at protected at site, and that to date operations at the mine site at Pakrut continue as normal. Further updates will be provided if the situation changes.
Related Party Transaction
As CNMC Trade is a wholly owned subsidiary of CNMC Group, which in turn is the parent company of China Nonferrous Metals Int’ l Mining Co., Ltd ( “ CNMIM ”), a substantial shareholder of the Company, the extension of the CNMC Trade Loan is deemed to be related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. The Company’ s board of directors ( excluding Yu Lixian, Zhang Hui and Wang Xiaohua, who are appointees of CNMIM) considers, having consulted with CNG’ s Nominated Adviser, WH Ireland Limited, consider that the terms of the extension of the Loan are fair and reasonable insofar as the shareholders of CNG are concerned.
For further information please visit the Company’ s website ( www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Zhang Hui, Managing Director
Tel: +86 10 8442 6662
WH Ireland Limited ( NOMAD & Broker)
Katy Mitchell, Andrew de Andrade
Tel: +44 ( 0) 207 220 1666 | general |
Oil posts second weekly decline as volatility rocks markets | The information you requested is not available at this time, please check back again soon.
Oil posted its first back-to-back weekly decline since December as intense volatility and geopolitical risks continued to upend markets.
Futures in New York fell 4.2 per cent for the five-day period to settle at US $ 104.70 after swinging by more than US $ 16 a barrel throughout the week. The price gyrations have followed rapid developments surrounding the war in Ukraine, exacerbating volatility amid supply concerns and conflicting news in peace talks that sent oil surging by the most in 16 months Thursday. The IEA said Friday that oil markets are in an “ emergency situation ” that could get worse, days after stating that the potential loss of Russian oil exports “ can not be understated ” in their monthly report.
Fundamentally, oil markets remain tight but “ until we get some resolution on what Russia’ s ultimate goal here is, you’ re going to have a lot of sentiment and a lot of volatility in oil prices, ” said Rob Thummel, portfolio manager at Tortoise, a firm that manages roughly US $ 8 billion in energy-related assets. There is at least US $ 20 of geopolitical premium currently priced in, he added.
A renewed COVID-19 outbreak in China has compounded the moves, as the country imposes some of its heaviest virus-related restrictions since early 2020. President Xi Jinping pledged to reduce the economic impact of his COVID-fighting measures, signaling a shift in a longstanding strategy that has minimized fatalities, but weighed heavily on the world’ s second-largest economy.
The rise in oil prices, along with other commodities exported by Russia, has also fanned inflation fears as governments try to encourage growth after the pandemic. The Federal Reserve this week raised interest rates and signaled further hikes to tackle the fastest price gains in four decades.
The IEA said earlier this week Russia’ s oil output could slump by about a quarter next month, inflicting the biggest supply shock in decades as buyers shun the nation’ s exports. On Friday, the agency said advanced economies could curb their oil demand by reducing speed limits and using public transport to ease potential strains on the market.
Russian crude is still being treated with extreme caution by buyers worried about damage to their reputation or falling foul of sanctions. Since the invasion of Ukraine, the lion’ s share of oil refining companies across Europe have said they will scale back purchases from Moscow.
One of the most volatile corners of the oil market has been diesel, partly because Russia is a major exporter to the rest of Europe. Open interest -- the number of contracts outstanding in Europe’ s main diesel contract -- has fallen by more than half from its high last year, as traders take fright at the volatility.
This U.S. legislation is a game changer: Curaleaf executive chairman
U.S. democratic senators to unveil draft cannabis reform bill on Wednesday: Report | general |
Why China won’ t bail Russia out over its invasion of Ukraine | Manila – Facing crushing sanctions from the West over Russia’ s invasion of Ukraine, Moscow is scrambling for fallback options in the East. After all, the past two decades have seen Russia’ s bilateral trade value with Asia almost matching its historically robust economic relations with Europe.
Largely shut off from the stock markets, tech sector and financial institutions of the West, Russia is pinning its hopes on revitalized ties with Asian partners. With close to half of Moscow’ s financial assets frozen, Russian Finance Minister Anton Siluanov has hoped that “ our partnership with China will still allow us to maintain the cooperation … where Western markets are closing. ”
Weeks earlier, Sergey Karaganov, a Kremlin adviser, had admitted that “ China is our strategic cushion. ”
“ We know that in any difficult situation, we can lean on ( China) for military, political and economic support, ” Karaganov said.
By all indications, however, Russia will struggle to find sufficient cushion in the East. Asia’ s most advanced economies have imposed sweeping sanctions on Moscow, while the vast majority of Association of Southeast Asian Nations ( ASEAN) members have condemned Russia’ s invasion of Ukraine.
Crucially, China is neither willing to nor capable of compensating for Russia’ s economic estrangement from the West. Prominent Chinese policy experts have openly argued that China needs to sever its ties with Russian President Vladimir Putin because, as influential Beijing-based expert Wang Huiyao writes in The New York Times, “ China will not want to shoulder Russia’ s economic burden alone. ”
Eager to avoid a full-blown showdown with the West, China has refused to categorically support Russia’ s latest aggression, repeatedly abstaining rather than vetoing U.N. resolutions against Moscow.
If anything, China has emphasized the need for respecting the territorial integrity of Ukraine, while offering to help de-escalate tensions as a potential mediator. Overall, China has prioritized its self-interest and chosen to focus on projecting an image of a responsible power that isn’ t bound by the mishaps of an unruly ally.
To be fair, Russia has made huge strides in reorienting its foreign policy toward Asia over the past decade. Beginning with its 2012 Asia Pacific Economic Cooperation summit, which carried a whopping $ 21 billion price tag, Russia actively pursued warmer trade and strategic ties across Asia. No less than Putin himself emphasized the importance of diversifying the country’ s strategic orientation, which has been historically tied to the West, during the 2013 St. Petersburg International Economic Forum.
Within a year, Russia and China had signed a $ 400 billion, 30-year energy deal that served as a launching pad for a proactive energy diplomacy across Asia. In fact, Russia sought to pursue similar deals with other major Asian economies, including Japan and South Korea. The imperative behind Moscow’ s “ March East ” strategy was accentuated by a new round of Western sanctions in the wake of Russia’ s annexation of the Crimean Peninsula in 2014.
Aside from its burgeoning trade and defense ties with China, Russia found considerable success in its pivot to Southeast Asia, where a whole host of authoritarian leaders desperately sought an alternative strategic patron amid the Sino-America cold war in the region. From Philippines President Rodrigo Duterte to Indonesian President Prabowo Subianto, prominent populist leaders openly welcomed warmer personal and strategic ties with Moscow.
Leveraging its world-class defense industry, Russia has emerged as the leading arms supplier in the region. Over the past two decades, the country has exported up to $ 10.7 billion in military hardware to Southeast Asia. Despite its supposed alliance with Beijing, Moscow heavily armed Chinese rivals such as Vietnam, which has purchased modern Russian submarines and fighter jets worth $ 7.4 billion since the end of the Cold War.
Until last year, Russia seemed like a promising “ third force ” in the region, potentially serving as an alternative to either the West or China. Russian energy companies began expanding their footprint across the region, aiding efforts by Southeast Asian states to develop their vast energy resources in the hotly contested South China Sea, especially in Vietnam’ s exclusive economic zone and the North Natuna Sea, off the coast of Indonesia.
Less than a year into the COVID-19 pandemic, which devastated several Asian economies, Russia offered the region its first-ever COVID-19 vaccine, Sputnik V, which Putin described as “ reliable as a Kalashnikov assault rifle. ” Soon after, Moscow launched its own “ vaccine diplomacy ” in Southeast Asia, offering co-production deals with Indonesia and Vietnam.
Soon after, Moscow also began to project itself as a potential peacemaker, especially with respect to post-coup Myanmar, which has been engulfed by civil unrest. In particular, Russia, a top defense supplier, enjoys significant influence with Myanmar’ s junta, including de facto leader Senior Gen. Min Aung Hlaing, who has repeatedly visited Russia in recent years.
Recognizing Moscow’ s influence over the regime, ASEAN foreign ministers held a special summit with Russian Foreign Minister Sergey Lavrov last year to discuss shared strategic interests as well as the crisis in Myanmar. Hobbled by Western sanctions, however, Russia struggled to expand its economic footprint across the region prior to its invasion of Ukraine. In 2019, the Eurasian country’ s bilateral trade with ASEAN stood at only $ 18.2 billion compared to Washington’ s $ 292.4 billion and China’ s $ 644 billion.
Russia’ s brazen invasion of a sovereign neighbor has sent shock waves across the region, prompting Japan, South Korea, Taiwan and even the perennially “ neutral ” Singapore to impose unprecedented sanctions on Russia, jeopardizing Moscow’ s free trade deals.
With Russia emerging as the world’ s most sanctioned nation, prompting boycotts by global financial and logistics giants, even friendly regional states such as Vietnam are struggling to conduct trade and finance joint projects. U.S. strategic partners such as Indonesia and Malaysia, and allies such as the Philippines will likely shun major defense deals with Russia for the foreseeable future.
By all indications, even China seems to be reassessing its economic relations with Russia. In recent weeks, Chinese companies have refused to provide Russia with aircraft components, while the Beijing-backed Asia Infrastructure Investment Bank has suspended loans to the Eurasian country as well as its ally in Belarus.
With the bulk of Sino-Russian trade conducted in euros, Moscow might soon struggle to finance its bilateral trade with the Asian power. As leading trade expert Ho-fung Hung noted, any switch to renminbi-based currency swap deals would mean “ little more than China giving out supplies to Russia for free as a disaster relief. ”
Not to mention, Washington has directly threatened China with sweeping sanctions should it help Moscow bypass new restrictions. This is particularly crucial because, as Huiyao argues in his New York Times commentary, “ China’ s economic interests with Russia are dwarfed by those it shares with the West. ”
Prominent political scientist Hu Wei, another top adviser to the Chinese government, has called on Beijing to prioritize “ its own best interests ” by “ unloading the burden of Russia. ”
At best, what Russia can expect is heavily discounted raw material exports to China on extremely favorable terms. Beijing will likely also demand major strategic concessions, including access to Russia’ s most prized military technology. India is also following suit, seeking to expand discounted energy imports from its Eurasian partner.
Heavily isolated in the West, Russia confronts either opportunistic partners that are bent on extracting maximum concessions from an enfeebled Moscow, or lukewarm welcome across much of Asia, which has been horrified by the invasion of Ukraine. Russia might want some succor among some Eastern partners, but a full-blown bailout seems out of question.
Richard Javad Heydarian is a professorial chairholder in geopolitics at the Polytechnic University of the Philippines and author of, among others, “ The Indo-Pacific: Trump, China and the New Struggle for Global Mastery. ” | tech |
Don Young, Veteran Alaska Congressman, Is Dead at 88 | The information you requested is not available at this time, please check back again soon.
Representative Don Young in Washington, D.C. in 2017. Photographer: Andrew Harrer/Bloomberg, Bloomberg
( Bloomberg) -- Representative Don Young, an Alaska Republican and the longest-serving member of the House has died, his office said Friday night. He was 88.
He died while traveling back to Alaska, his office said in a statement, without providing a cause or any other details. His wife, Anne, was with him at the time.
Young, first elected in 1973, was chairman of both the Natural Resources Committee and the Transportation and Infrastructure Committee. He cut a colorful and occasionally cantankerous figure in Washington. Visitors to his office were greeted by a giant bear hide.
He strongly supported the state’ s oil industry, beginning with the Trans-Alaska Pipeline early in his career.
According to his congressional biography, he advocated for legislation to establish a 200-mile fishing limit to help Alaska’ s fishing industry. He also, according to the biography, “ fought against federal control of lands and resources to which Alaskans are rightfully entitled – a battle he continues today with the same vigor. ”
He pushed for massive infrastructure and development projects for his state – including the notorious “ Bridge to Nowhere ” in Ketchikan, Alaska, a nearly $ 400 million project that became a symbol of pork barrel spending that was ultimately blocked.
His longevity in the chamber was marked with a 2018 ceremony in which he became the chamber’ s dean.
Young was born in California and arrived in Alaska about the time it became the 49th U.S. state, settling in Fort Yukon, a town near the Arctic Circle. He worked in various jobs, including construction and taught school.
He served as the mayor of Fort Yukon and was a member of the city council from 1960 to 1968. Later he became a member of the state House of Representatives, from 1966 to 1970, and the state Senate from 1970 to 1973.
Young ran for Congress in 1972, challenging incumbent Democrat Nick Begich. Weeks before the election, Begich and House Majority Leader Hale Boggs disappeared while on a campaign flight. Begich won re-election despite being presumed dead. Young won a March 1973 special election to succeed him.
Young is the fourth member of the current Congress to die in office. Representative Jim Hagedorn, 59, a Minnesota Republican, died last month. The congressman had been diagnosed with kidney cancer and had tested positive for Covid-19 in early January. Texas Republican Ron Wright died of Covid-19 in February 2021 and Alcee Hastings, a Florida Democrat, died of pancreatic cancer in April.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
WestJet foresees busy summer travel season as testing requirements dropped | The information you requested is not available at this time, please check back again soon.
WestJet Airlines Ltd. is preparing for an `` immediate and dramatic '' uptick in demand in the wake of the government of Canada's decision to remove pre-entry COVID-19 testing requirements for vaccinated travellers.
Ottawa announced Thursday that as of April 1, travellers arriving in Canada by air, land or water from any country no longer have to provide a negative COVID-19 test result to gain entry, as long as they 've had at least two doses of an accepted vaccine.
The move comes after months of lobbying by the Canadian travel industry, which had argued that the requirement to seek out and pay for a rapid antigen test before boarding a flight home was an unnecessary barrier to family and business travel.
`` Our view is that the desire to travel has remained throughout COVID, but it hasn't translated into booking demand because of the restrictions that have been imposed on the industry, '' said WestJet chief commercial officer John Weatherill in an interview Thursday.
In February, the federal government announced that double-vaccinated air and land travellers no longer need to present a negative result from a molecular test, such as a PCR test, before departure for Canada.
The government also lifted a mandatory self-isolation requirement for unvaccinated children under 12 returning to the country, as well as a blanket travel advisory against trips abroad.
Weatherill said WestJet has seen a dramatic jump in bookings as a result of these changes, meaning that March break is shaping up to be the airline's busiest period since before the pandemic began.
“ We are in some cases approaching the demand levels we saw in 2019, pre-pandemic, and that’ s really encouraging for us. It’ s going to be quite a busy spring break and spring travel season for us, '' Weatherill said.
Earlier this week, WestJet announced it will restore 94 per cent of its pre-pandemic routes in time for summer. Most notably, the airline is restoring and even adding capacity to its transatlantic schedules — adding increased service between Halifax and European destinations like Paris, London, Glasgow and Dublin; as well as non-stop service between Rome, Italy and WestJet's home hub of Calgary.
Weatherill said WestJet's investments in its European network speak to the airline's confidence in what the removal of restrictions and barriers will do for travel demand this summer.
`` That is the region for us right now that is booking the most quickly. We have the most bookings at this point, relative to pre-pandemic, in the European region, '' he said. `` I think it's really about pent-up demand. ''
Many March break travellers booked at the last minute this year, Weatherill said, a trend that has existed throughout COVID and likely intensified in 2022 due to the rapid rise and fall of the Omicron variant.
`` But I expect that as we recover from COVID, we’ ll see a reversal of that trend, and people will go back to a more normal booking curve, '' he said.
Still, Weatherill added that the pandemic has fundamentally changed the way airlines plan their networks and schedules.
`` We learn a little more through each wave, and we’ ve become much more flexible and adaptable, '' he said. `` We 've been able to adapt our schedule as required depending on what’ s occurring with travel restrictions or the virus itself … and as we move forward, it's going to be the same. '' | general |
Electric Bikes are Booming ( Again) | The information you requested is not available at this time, please check back again soon.
Electric bicycles are displayed for sale and rent at a shop in Watertown, Massachusetts, U.S., on Friday, May 8, 2020. Electric bicycle sales are exploding amidst the coronavirus outbreak., Bloomberg
( Bloomberg) -- The Pedego Electric Bike store in St. Louis normally closes for the month of February because there are not enough sales to justify keeping it open through the winter. This year, with an unusually large number of phone calls coming through, it re-opened early. February wound up being a “ bonanza of a month ” at the store, according to Pedego chief executive officer Don DiCostanzo, who oversees the e-bike brand’ s 208 dealerships across North America. “ We’ re seeing a big spike in orders coming in way ahead of the season, ” says DiCostanzo. “ Every month there’ s another record. ”
Though he can’ t prove it, DiCostanzo is convinced that rising fuel prices are driving sales. “ I’ m not going to tell you it’ s all because of fuel, ” he says. “ But I absolutely believe it’ s acting as a catalyst to get more people to consider alternate forms of transportation. ”
Other e-bike brands and merchants in the U.S. tell a similar story: Sales are rising faster than expected, above already high expectations set by a pandemic boom. While the cause is hard to pin down — eased pandemic restrictions and the return to the office may play a part — most point to fuel prices as a contributing factor.
“ I spend most of my day chatting with people that are either importers, brand managers or retailers of electric bikes, ” says Ed Benjamin, founder and chairman of the Light Electric Vehicle Association. “ And they’ re already telling me that people are coming in and asking about and buying electric bikes as personal transportation. ”
At Dutch e-bike maker VanMoof, sales over the past few weeks have been twice as high as the company’ s projections. “ We’ re attributing that to rising gas prices, ” says VanMoof co-founder and chief executive officer Taco Carlier in an email.
Gregg’ s Cycle, one of the largest bike retailers in the Seattle area, just had its best February since it opened in 1932. “ It was across the board, but e-bikes were a big percentage of that, ” says longtime general manager Marty Pluth. “ I think that was a result of the fuel hikes. ”
Seattle e-bike startup Rad Power Bikes surveys its customers at checkout about their reasons for buying. An increasing number, according to co-founder and chief executive officer Mike Radenbaugh, cite rising fuel costs. “ Just as the desire for safe and socially distanced transportation created another category of consumers for e-bikes, higher fuel prices do the same thing, ” says Radenbaugh. “ It layers growth on top of already fast growth. ”
Electric scooter and e-bike sharing companies are also feeling the lift. Earlier this week, Bird Global founder and chief executive officer Travis VanderZanden said gas prices were helping to drive demand in the first quarter of this year. The company says it plans to unveil an ad campaign with the tagline “ Give gas the Bird, ” including billboards in New York City’ s Times Square and in San Francisco, in the next few days. Bird’ s chief competitor Lime, which operates in more than 50 U.S. cities, says the number of rides taken on its scooters and bikes was up by nearly two-thirds in February compared to last year.
For some, the frenzy is reminiscent of the Bike Boom of the early 1970s, when U.S. sales more than doubled in the span of four years, driven at least in part by gasoline price shocks. “ History repeats itself, ” says DiCostanzo, who worked pumping gas at the time.
To be sure, the situation then was more dire, with rationing and long lines at gas stations. “ The frantic pace of bicycle sales during the Bike Boom was people who were thinking, ‘ I’ m not going to have any transportation,’ ” says Benjamin of LEVA, who worked assembling Schwinn bikes in Louisville, Kentucky at the time. This time around buyers simply want to save money.
“ People right now are looking to avoid high fuel prices, ” says Radenbaugh, “ What are their options? A $ 70,000-to- $ 150,000 electric car that takes nine months to arrive isn’ t very scalable and isn’ t very inclusive. ” | general |
Oil pares gains to trade near US $ 103 after another volatile week | The information you requested is not available at this time, please check back again soon.
Oil pared gains after the biggest daily surge in 16 months pushed prices back above US $ 100 a barrel.
Futures in New York were trading near US $ 103 after jumping 8.4 per cent on Thursday. Crude has whipsawed this week on conflicting news about progress in negotiations between Russia and Ukraine. The International Energy Agency said Friday that prices could move significantly higher in the coming months, adding that the oil markets are in an emergency that could get worse.
A renewed COVID-19 outbreak in China has compounded the moves, as the country imposes some of its weighiest virus-related restrictions since early 2020. President Xi Jinping pledged to reduce the economic impact of his COVID-fighting measures, signaling a shift in a longstanding strategy that has minimized fatalities but weighed heavily on the world’ s second-largest economy.
West Texas Intermediate crude has swung by more than US $ 16 a barrel this week, the latest sharp fluctuation. Brent has moved by more than US $ 5 in each of the last 16 sessions -- a record run. Both benchmarks are headed for a weekly loss.
Russia’ s invasion of Ukraine has fanned inflation, providing a challenge to central banks and governments as they seek to encourage economic growth after the pandemic. The Federal Reserve this week raised interest rates and signaled further hikes to tackle the fastest price gains in four decades.
The IEA earlier this week said Russia’ s oil output could slump by about a quarter next month, inflicting the biggest supply shock in decades as buyers shun the nation’ s exports. On Friday, the agency said advanced economies could curb their oil demand by reducing speed limits and using public transport to ease potential strains on the market.
“ Should the IEA’ s warnings prove to be prescient, there is little standing in the way of a hefty supply deficit in the coming months, ” said Stephen Brennock, an analyst at PVM Oil Associates.
Russian crude is still being treated with extreme caution by buyers worried about damage to their reputation or falling foul of sanctions. Since the invasion of Ukraine, the lion’ s share of oil refining companies across Europe have said they will scale back purchases from Moscow.
One of the most volatile corners of the oil market has been diesel, partly because Russia is a major exporter to the rest of Europe. Open interest -- the number of contracts outstanding in Europe’ s main diesel contract -- has fallen by more than half from its high last year, as traders take fright at the volatility.
This U.S. legislation is a game changer: Curaleaf executive chairman
U.S. democratic senators to unveil draft cannabis reform bill on Wednesday: Report | general |
Emaar Residential Property Sales Surge as Dubai Market Rebounds | The information you requested is not available at this time, please check back again soon.
Skyscrapers surround the Old Town Island residential area, developed by Emaar Properties PJSC, in Dubai, United Arab Emirates, on Tuesday, July 23, 2019. Like the rest of the city, the business center has suffered from a prolonged real-estate slump brought on by oversupply and slower economic growth. Photographer: Christopher Pike/Bloomberg, Bloomberg
( Bloomberg) -- Sale of residential properties surged at Emaar Properties PJSC last year as Dubai’ s biggest developer gained from a strong rebound in the real-estate market.
Revenue from the residential segment climbed 51% to 17.5 billion dirhams ( $ 4.8 billion), according to Emaar’ s full financial results. Income from sale of commercial units and land, and hospitality business also increased.
Property prices in Dubai have bounced back after the coronavirus pandemic exacerbated a downturn in the Middle East business and tourism hub. Dubai’ s luxury home market should keep growing after a “ spectacular turnaround ” in 2021, fueled by the city’ s recovery from the pandemic and openness to wealthy foreigners, according to property consultant Knight Frank. | general |
Canada retail sales jump 3.2% in January on auto purchases | The information you requested is not available at this time, please check back again soon.
Canadian retailers posted stronger-than-expected revenue gains in January, though business waned in February, according to data from the country’ s statistics agency.
Sales jumped 3.2 per cent in January, led by a pick-up in auto sales but with broad-based increases across sectors, Statistics Canada said in a release on Friday. That momentum didn’ t continue into February, when receipts fell 0.5 per cent, according to preliminary estimates for the month.
Even with the slip in February, the report adds to evidence the economy was relatively resilient at the start of 2022 in the face of COVID-19 restrictions meant to contain the spread of the omicron variant.
Economists were anticipating a 2.4 per cent sales gain in January. | general |
Austria Reimposes Some Coronavirus Measures to Curb Record Cases | The information you requested is not available at this time, please check back again soon.
INNSBRUCK, AUSTRIA - FEBRUARY 05: People enjoy the beautiful weather In the market square in the center of Innsbruck on February 05, 2022 in Innsbruck, Austria. Austria is phasing in a nationwide vaccination mandate against Covid-19 in three steps. The first phase, already underway, is a grace period to encourage people to get vaccinated and that lasts until March 15. In the second phase police are to begin checking and people still unvaccinated will be fined. In the third phase a central register will allow authorities to send out fines to people not yet vaccinated. ( Photo by Jan Hetfleisch/Getty Images) Photographer: Jan Hetfleisch/Getty Images Europe, Photographer: Jan Hetfleisch/Getty Images Europe
( Bloomberg) -- Austria will broaden mandatory mask wearing and shorten the quarantine for health care workers to curb record coronavirus infections and ensure hospitals continue to function.
The government is stepping back from a decision to remove most restrictions after daily infections reached record highs and modeling points to elevated case counts for the next two weeks.
Speaking to reporters on Friday, Johannes Rauch, appointed this month as Austria’ s health minister, said intensive-care unit occupancy remained low, but that hospitals were struggling to care for all patients due to the number of doctors and nurses becoming infected.
Austria has registered an average of more than 3,500 cases per 100,000 inhabitants over the past seven days. Last week, the government said it was suspending a law that made vaccinations mandatory.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Russia Space Program Set Back After Europe Shuns Collaboration | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Russia’ s space program suffered a fresh setback after Europe’ s space agency said it is suspending plans to collaborate on a Mars mission because of President Vladimir Putin’ s invasion of Ukraine.
The European Space Agency announced Thursday that member countries agreed they can not continue working with the Kremlin’ s Roscosmos on their ExoMars mission, which had been scheduled to launch in late September or early October. The mission was supposed to include a Russian surface platform and launch aboard a Russian rocket.
ESA also said it will put other missions on hold, including the Euclid space telescope and several Galileo navigation satellites, planned aboard Russia’ s Soyuz rockets.
The ESA announcement follows the cancellation by OneWeb Ltd., backed by the U.K. government and Indian billionaire Sunil Mittal, of a scheduled March 5 launch of 36 satellites after state space corporation Roscosmos demanded the U.K. sell its stake in the company. OneWeb is looking for alternative services for six future launches.
The cancellations will cut off an important source of cash for Russia’ s space program, which was already struggling, according to Jonathan McDowell, an astrophysicist at the Center for Astrophysics, which is operated by Harvard University and the Smithsonian Institution.
“ The Soyuz was the one bright spot, with OneWeb and other European collaboration, ” said McDowell. “ The future of the Russian space program does not look good.’
Dmitry Rogozin, director of the Russian space program, criticized Western sanctions last month. “ Do you want to ban all countries from launching their spacecraft on Russian rockets, the most reliable ones in the world? ” he wrote in a series of tweets translated by Rob Mitchell for Ars Technica.
ExoMars was already behind schedule after technical issues and the Covid-19 pandemic led the agencies to postpone a planned launch in 2020.
Russia has a history of failed attempts to explore the Red Planet, dating back to the early days of the Cold War space race. More recently, a spacecraft bound for Mars crashed back to Earth in 1996.
In 2011, Russia launched a mission to land on a Martian moon, but the spacecraft failed after it didn’ t escape Earth’ s orbit. | general |
March Madness Fuels Rebound in Sports-Betting Stocks | The information you requested is not available at this time, please check back again soon.
The logo for DraftKings is displayed on a laptop computer in an arranged photograph taken in Little Falls, New Jersey, U.S., on Wednesday, Oct. 7, 2020. The pricing of a DraftKings Inc. share sale combined with a fresh wave of Covid-19 infections across the National Football League sent shares of the online gaming company tumbling this week. Photographer: Gabby Jones/Bloomberg, Bloomberg
( Bloomberg) -- There may be only one Super Bowl for sports fans, but for betting stocks there are several -- and March Madness is one of them.
In the first week of the NCAA men’ s basketball tournament, sports betting stocks have rebounded. The Roundhill Sports Betting & iGaming exchange-traded fund ( BETZ) has jumped 12% since Tuesday, the most ever for the ETF. DraftKings Inc. and Penn National Gaming Inc. are among its top holdings and have also jumped in the same span, with DraftKings soaring 29% and Penn National rising 11%.
The rebound comes after a rough month for sports-betting companies, which all have been hit by investor fears around profitability and a selloff in software stocks. However, the anticipation for higher spending and more visibility of sports-betting during March Madness has given investors incentive to buy the shares.
Macquarie Bank analyst Chad Beynon said there is an increase in revenue and promotions around March Madness and because of this, the tournament is a catalyst for recent and near-future stock gains.
“ March is historically the fifth most important month of the year for sports betting, and absent the NFL months, it’ s actually the most important ” Beynon said. “ Sports betting seasonality really drops off after March Madness. ”
Just like now, sport-betting shares climbed in preparation for record betting on the Super Bowl last month.
Beynon said that even though the increased interest and anticipated boost in spending on sports-betting platforms should excite investors and buoy near-term stock performance, the most important mover long-term is their paths to profitability.
“ They’ re losing so much money and revenue estimates keep going higher, but losses keep going higher as well, ” Beynon said. “ DraftKings, FanDuel, BetMGM and Caesars are all saying, ‘ everything is according to plan’ and ‘ while we’ re gon na lose a decent amount of money in 2022, 2023 is gon na be much better. ”
Beynon said if sports-betting companies are really executing on plan and can become profitable “ investors will wake up to that and start to invest in these names. ”
It’ s getting harder to deal in some of the world’ s most important commodities as everything from geopolitical turmoil to exchange snafus prompt traders to rush for the exits, rapidly draining liquidity.
Citigroup Inc. has processed the US $ 117 million Russia transferred to pay two bond coupons, and has sent the cash further along the payment chain, according to a person familiar with the matter.
Chinese leader Xi Jinping assured U.S. President Joe Biden that his country didn’ t want war in Ukraine during a highly anticipated, two-hour video conference on Friday, their first conversation since Russia’ s invasion last month.
Hexo reported a net loss of $ 690.3 million as it recorded $ 616 million in one-time impairment charges in its latest quarter as it worked to turn around the cannabis business. | general |
Biden warned Xi of 'consequences ' for backing Russia in war | The information you requested is not available at this time, please check back again soon.
U.S. President Joe Biden warned Chinese President Xi Jinping in a video conference on Friday of “ implications and consequences ” should China support Russia’ s invasion of Ukraine, while Xi assured Biden that his country didn’ t want the war.
The highly anticipated call was the first conversation between the two men since Russia’ s invasion last month.
“ President Biden detailed our efforts to prevent and then respond to the invasion, including by imposing costs on Russia, ” the White House said in a statement. “ He described the implications and consequences if China provides material support to Russia as it conducts brutal attacks against Ukrainian cities and civilians. ”
The brief White House statement described the conversation as “ focused ” on Ukraine. But much lengthier summaries released by the China side portrayed a more wide-ranging discussion, including “ the situation in Ukraine, ” and said that the U.S. had requested the call.
Xi told Biden that the invasion “ is not something we want to see, ” according to the Chinese summaries, and that “ the events again show that countries should not come to the point of meeting on the battlefield. ”
The video conference began shortly after 9 a.m. Washington time and ended just before 11 a.m. It was an opportunity for Biden to assess where Beijing stands on the war and how Xi views his country’ s role, after some Chinese officials issued conflicting statements on their support for Ukraine and Russia.
Biden pointed out to Xi in detail the response to Russia’ s invasion from governments around the world as well as the private sector, according to a senior administration official who briefed reporters after the call on condition of anonymity. Many international companies have withdrawn from Russia’ s market, including Visa Inc., Mastercard Inc., McDonald’ s Corp. and Starbucks Corp.
Biden made clear to Xi that there likely would be consequences for anyone who supports Russia, the official said.
“ While we have not asked companies to take specific steps, you look at Russia and what’ s happened there, and what the implications have been for the Russian economy of companies pulling out, and that’ s certainly something for every country to watch as they’ re making decisions about which side of this conflict they’ re going to stand on, ” White House Press Secretary Jen Psaki said at a briefing after the call.
She said the “ vast majority ” of the call concerned Ukraine.
Biden also stressed U.S. concerns that Russia is spreading disinformation about a purported Ukrainian biological weapons program as a pretext for using chemical or biological weapons itself, the official said. He underscored to Xi U.S. concerns about echoing those claims.
American officials have previously criticized China for helping to promote the Russian allegations of a Ukrainian bioweapons program.
Psaki said the U.S. will now watch for Beijing’ s reaction. “ Actions are a key part of what we’ ll be watching, ” she said. “ What we would project or convey to any leader around the world is that the rest of the world is watching where you’ re going to stand as it relates to this conflict. ”
She has previously noted, in pointed terms, that China has not publicly condemned the Russian invasion. The summaries of the call that Xi’ s government issued did not mention any condemnation or criticism of Putin or the Kremlin.
Instead, Xi lamented the state of the world, according to his government’ s statement, observing that “ the prevailing trend of peace and development is facing serious challenges ” and “ the world is neither tranquil nor stable. ”
And he criticized Western sanctions against Russia, saying that “ the ordinary people are the ones who suffer, ” according the Chinese Foreign Ministry.
“ If further escalated, it will also trigger a serious crisis in global trade and economy, finance, energy, food, industrial supply chain, etc., which will add to the already difficult world economy and cause irreparable damage, ” he added.
He said that the U.S. and NATO should engage in dialogue with Russia to “ address the crux of the Ukraine crisis and ease the security concerns of both Russian and Ukraine. ”
And he warned Biden on Taiwan, saying the U.S. “ has misread and misjudged China’ s strategic intentions. ”
“ If the Taiwan question is not handled properly, it will have a subversive impact on the relationship between the two countries, ” he said.
Biden “ reiterated that U.S. policy on Taiwan has not changed, and emphasized that the United States continues to oppose any unilateral changes to the status quo, ” according to the White House statement.
Biden held the video conference in private from the White House’ s secure Situation Room.
U.S. officials have warned China of serious consequences should they decide to provide Russia with any military or financial assistance for the invasion.
“ We are ready to impose costs on China, ” Deputy Secretary of State Wendy Sherman told MSNBC before the call on Friday, urging Beijing to instead stand with Ukraine.
The war has left Xi walking a diplomatic tightrope. China has sought to maintain unity with its Russian ally -- which is under heavy pressure from U.S. and European sanctions -- without itself becoming the target of such financial penalties, at a time when the Chinese economy is already struggling with new Covid-19 outbreaks and a real-estate crisis.
Earlier, the Chinese dismissed the suggestion that they have chosen the wrong side in the war.
“ The claim that # China is on the wrong side of history is overbearing. It is the # US that is on the wrong side of history, ” Hua Chunying, China’ s assistant foreign minister said in a tweet.
The White House has called out Beijing for efforts to portray itself as a neutral arbiter, while U.S. intelligence suggests China is open to supplying Russia with military and financial aid -- a request the U.S. has said was made by Moscow shortly after the invasion.
It’ s not clear if China has decided to provide material support for Russia. China and Russia have denied such requests were made.
The Ukraine crisis has increased the pressure on a relationship already strained on a variety of fronts, including from trade disputes and U.S. support for the democratically elected government on Taiwan.
While China has refrained from criticizing the invasion and voiced support for Russia’ s “ legitimate strategic concerns, ” it has also urged peace talks and the protection of civilians. China’ s ambassador to the U.S., Qin Gang, has rejected speculation that Xi had advance knowledge of Putin’ s plan as “ disinformation, ” saying China would’ ve tried to stop the conflict.
The call is also part of the U.S.’ s ongoing efforts to maintain open lines of communication between the two countries even as tensions run high.
It follows a six-hour meeting earlier this week in Rome between Biden’ s National Security Adviser Jake Sullivan and China’ s top diplomat, Yang Jiechi, which the White House described as an intense back-and-forth.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Pay-Anything Mood Grips U.S. Importers Fearful of Shipping Woes | The information you requested is not available at this time, please check back again soon.
The ONE Competence container ship is unloaded at the TraPac terminal in the Port of Los Angeles in Los Angeles, California, U.S., on Sunday, Nov. 21, 2021. Shipments to the Port of Los Angeles fell 8% year over year in October. Photographer: Tim Rue/Bloomberg, Bloomberg
( Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @ economics and subscribe to our podcast.
U.S. importers, straining under a tapped-out supply chain, are increasingly offering top dollar for long-term shipping contracts that may not even be honored as they try whatever it takes to guarantee the arrival of their products.
The pandemic-driven boom in demand for goods pushed both contract and spot rates for shipping to records -- getting merchandise from place to place costs about 11 times more than it did before the Covid-19 outbreak. With demand so high and capacity limited, importers are paying up to avoid a repeat of 2021, when some contracts set at lower prices weren’ t honored, leaving customers without their stuff.
Importers are accepting higher contract rates because they “ fear that the market can get even worse, ” said Lars Jensen, chief executive officer of Copenhagen-based Vespucci Maritime, a shipping market-analysis firm. “ Fear of losing out on capacity to some degree trumps fear of paying too much right now. ”
Contracts are typically negotiated on a yearly basis with importers and carriers agreeing to a minimum capacity level between certain ports, and the spot market used for freight shipped outside of the agreed terms. But this year, importers are prepared to pay more, locking in higher, pandemic-era prices for two or even three years -- despite some predictions they won’ t stay as elevated -- in order to protect themselves from the volatile spot market.
The shipping chaos has completely changed how David Kunelius, president of Minnesota-based medical device company MedSource Labs, gets merchandise to the U.S. from Asia.
“ Pre-pandemic, we would set up shipping contracts for an entire year, ” paying about $ 4,000 per 40-foot container, which allowed for planned investment in research and development, Kunelius said. But starting last year, MedSource Labs was getting a new quote for cargo every two weeks, increasing by thousands of dollars each time to about $ 23,000 now.
Rates are unlikely to return where they were before the pandemic, when carriers suffered from overcapacity and low profits for years, said Stephanie Loomis, vice president of international procurement at freight forwarder CargoTrans, Inc.
“ It’ s settling into the market now that the days of really very low, ridiculously cheap ocean rates are over, ” she said, adding that prices are unlikely to stay at these levels for more than a couple of years and will likely settle a little lower.
While shippers are interested in securing longer-term freight contracts earlier and for greater durations to best ensure reliability and predictability, carriers only have so much space aboard ships. Orders for new capacity reached a record last year, but that will only relieve markets in 2023 and 2024, according to VesselsValue data.
And with supply-chain disruptions stemming from Russia’ s invasion of Ukraine and China’ s Covid Zero policy locking down major manufacturing regions in the Asian nation, things could get harder to predict in the short term. All this while U.S. goods imports continue at records amid decades-high inflation rates.
The major ocean carriers have faced criticism for charging such high rates, leaving many shippers and importers -- or beneficial cargo operators known as BCOs -- without options.
President Joe Biden asked Congress to look at the biggest ocean carriers and whether the three major shipping alliances they’ ve formed are anticompetitive. Exporters are paying the price too, as carriers often skip picking up goods to rush containers back to Asia for another load of more lucrative imports to the U.S. West Coast.
Larger freight forwarders are also signing multiyear agreements, and paying more for securities through add-ons, said Robert Khachatryan, CEO of Los Angeles-based cargo forwarder Freight Right Global Logistics.
Besides a contract rate with a guaranteed allocation of space, a carrier may take 20% of your contracted containers at a lower price with guaranteed space -- provided importers also book others at premium rates, Khachatryan said.
Last year, ocean carriers offered a lot of “ premium services, ” including ensuring cargo was loaded on the first ship out, for example. Those extra charges became a substantial part of container movement from Asia to the U.S. and while they’ re less common right now, they could make a comeback, Loomis said.
Meanwhile, importers like Kunelius continue to battle the volatility.
“ If we can get back to some of those more stable prices on the long-term contracts, we would definitely do that. ” He said. For now the company will pass some of the price increase on to its distributors, who stock hospitals, emergency services and fire departments. “ It can’ t last forever, ” Kunelius said.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
China Reports Covid Deaths for First Time Since January 2021 | The information you requested is not available at this time, please check back again soon.
A Covid-19 testing facility set up at a community center in Shanghai. Photographer: Qilai Shen/Bloomberg, Bloomberg
( Bloomberg) -- China reported its first Covid-19 deaths since January 2021 as the omicron variant continued to spread across the world’ s most-populous nation.
The two deaths were both reported in Jilin on Friday, the National Health Commission said in a statement.
Although there have been repeated flareups and outbreaks in China despite the country’ s tight curbs -- first against the delta variant, then omicron -- few of those infected had been seriously sick since mid-2021. Many who developed severe symptoms survived, even patients above the age of 60 and those with other underlying diseases.
China has reported fewer than 5,000 deaths throughout the entire pandemic, with most occurring when the virus first emerged from Wuhan in early 2020. Stringent curbs and mass testing have helped officials stymie Covid’ s spread and identify cases early, while many were sent to designated hospitals for treatment regardless of the severity of their illness.
Nearly 90% of China’ s 1.4 billion people fully vaccinated and more a third having received booster shots, and omicron appears increasingly as asymptomatic infections.
Still, officials and health experts have warned about inevitable deaths even from a less virulent variant as widespread infections keep hospitals and medical staff stretched. | general |
UN Fails to Finalize an Agreement to Protect Marine Life | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- The United Nations Friday failed to finalize a landmark treaty to preserve the biodiversity of the high seas – the 60% of the ocean beyond any nation’ s jurisdiction. Observers, though, expect an agreement to be reached by year’ s end as pressure builds to protect marine life from the growing impacts of climate change, overfishing and pollution.
The two-week meeting that concluded Friday at UN headquarters in New York City was the fourth round of negotiations since 2018, when the General Assembly approved the drafting of the treaty after years of preparatory talks. The meeting was originally to be held in 2020 and be the final session but the Covid-19 pandemic delayed in-person negotiations for two years.
“ Regardless of where you live, the high seas is contributing to the oxygen you breathe and is one of the climate regulators of the planet, ” said Peggy Kalas, coordinator of the High Seas Alliance, a coalition of more than 40 environmental groups founded in 2011 to push for an ocean biodiversity treaty. “ The ocean absorbs our carbon emissions and is really making our existence possible on Earth while providing food for billions of people. ”
The UN Convention on the Law of the Sea sets rules for shipping, seabed mining and other activities in international waters.
But the word “ biodiversity ” does not appear in the 1982 treaty. While it promotes the protection of the marine environment, it provides no mechanism to assess the environmental impact on marine life of industrial fishing and other exploitative activities that were not envisioned when the agreement was negotiated.
The Law of the Sea also does not offer any procedures to conserve the biodiversity of the high seas, such as through the creation of marine protected areas.
The latest round of negotiations have focused on the four main elements of the treaty.
One is the creation of marine reserves that could place areas of the ocean off-limits to fishing or limit exploitation. Connecting such areas on the high seas to marine reserves within territorial waters would provide protected corridors for important species like whales and tuna that migrate across the world but are imperiled by shipping, overfishing and other threats.
The treaty would also require environmental impact assessments for potentially harmful activities on the high seas, such as proposals to conduct geoengineering experiments in the ocean to combat climate change.
It would mandate the sharing among nations of marine genetic resources, which includes marine molecules, bacteria and algae that could be used in pharmaceuticals and other products.
Lastly, the treaty calls for the transfer to developing countries of marine technology, such as remote sensing equipment and computer modeling software.
For the treaty to be adopted, 193 nations must reach a consensus on its terms. Significant differences remain.
For instance, the delegates must agree on how protected areas on the high seas would be created, reviewed and approved as well as who would manage them and enforce restrictions on their use. Still, some observers are optimistic that a consensus is developing.
“ I think there has been a lot of closer movement and vocal support for this agreement to establish high seas marine protected areas, ” said Liz Karan, director of the Pew Charitable Trusts’ campaign to protect ocean life on the high seas.
“ Marine genetic resources has continued to be a challenging issue, especially around the sharing of benefits, but I think that there is movement on that issue that we haven’ t seen before, ” she added.
Observers said that while there is general agreement that nations should conduct environmental impact assessments for high seas activities, there is not consensus on whether a high seas treaty organization should review and approve those reports.
On Friday, the delegates adopted a report approving another, final negotiating session to be held as soon as possible. Observers said they expect that session to be scheduled for around August. In the meantime, a new draft of the treaty that reflects the latest negotiations will be prepared.
“ We have made real progress, ” said the U.K.’ s delegate, Lowri Mai Griffiths, during the session’ s closing meeting. “ We are optimistic we will be able to conclude. ” | general |
Natural COVID-19 Antibodies in Children Last for at Least Seven Months | Children previously infected with COVID-19 develop natural circulating antibodies that last for at least seven months, according to a new study led by researchers at UTHealth Houston.
The study was published today ( March 18, 2022) in Pediatrics.
Researchers examined data from 218 children across the state of Texas between the ages of 5 and 19 who were enrolled in the Texas CARES survey, which began in October of 2020 with the goal of assessing COVID-19 antibody status over time among a population of adults and children in Texas.
Volunteers who enrolled in the study provided researchers with three separate blood draws. Samples were collected before the vaccine rollout and during the Delta and Omicron variants. To date, investigators have completed three different phases of the study.
“ This is the first study from the Texas CARES survey that includes data from all three time points in the survey, ” said Sarah Messiah, PhD, MPH, corresponding author of the study and professor of epidemiology, human genetics, and environmental sciences at UTHealth School of Public Health Dallas campus. “ These findings are important because the information we collected from children infected with COVID-19 didn’ t differ at all by whether a child was asymptomatic, severity of symptoms, when they had the virus, were at a healthy weight or had obesity, or by gender. It was the same for everyone. ”
While 96% of those infected with COVID-19 continued to have antibodies up to seven months later, well over half ( 58%) of the sample were negative for infection-induced antibodies at their third and final measurement. The findings do not include the impact of vaccine protection.
The results of Texas CARES, Messiah said, are just a step in understanding the virus’ s impact on children. To date, 14 million kids in the U.S. have tested positive for the virus, she said.
“ Adult literature shows us that natural infection, plus the vaccine-induced protection, gives you the best defense against COVID-19. There has been a misunderstanding from some parents who think just because their child has had COVID-19, they are now protected and don’ t need to get the vaccine. While our study is encouraging in that some amount natural antibodies last at least six months in children, we still don’ t know the absolute protection threshold. We have a great tool available to give children additional protection by getting their vaccine, so if your child is eligible, take advantage of it, ” Messiah said.
The Texas CARES study is ongoing.
Reference: “ Durability of SARS-CoV-2 Antibodies From Natural Infection in Children and Adolescents ” by Sarah E. Messiah, PhD, MPH; Stacia DeSantis, PhD; Luis Leon-Novelo, PhD; Yashar Talebi, MS; Frances Brito, MS; Harold W. Kohl, III, PhD, MSPH; Melissa Valerio-Shewmaker, PhD; Jessica Ross, BS; Michael D. Swartz, PhD; Ashraf Yaseen, PhD; Steven H. Kelder, PhD, MPH; Shiming Zhang, MS; Onyinye S. Omega-Njemnobi, MD, PhD; Michael O. Gonzalez, MPH; Leqing Wu, MS; Eric Boerwinkle, PhD; David Lakey, MD; Jennifer A. Shuford, MD and Stephen J. Pont, MD18 March 2022, Pediatrics. DOI: 10.1542/peds.2021-055505
Additional UTHealth Houston authors included Stacia DeSantis, PhD; Luis Leon-Novelo, PhD; Yashar Talebi, MS; Frances Brito, MSc; Harold W. Kohl, III, PhD, MS; Melissa Valerio-Shewmaker, PhD; Jessica Ross, BS; Michael D. Swartz, PhD; Ashraf Yaseen, PhD; Steven H. Kelder, PhD, MPH; Shiming Zhang, MS; Onyinye S. Omega-Njemnobi, MD, PhD; Michael O. Gonzalez, MPH; Leqing Wu, MS; and Eric Boerwinkle, PhD. Other authors included David Lakey, MD, with The University of Texas System; and Jennifer A. Shuford, MD, MPH and Stephen J. Pont, MD, MPH, with the Texas Department of State Health Services.
The study was funded and supported by the Texas Department of State Health Services ( # HHS000866600001) and the University of Texas System. | tech |
Azerbaijan's cure rate for COVID-19 makes up 70pct | Military Hospital’ s central laboratory head Elvin Bayramov has said that the current cure rate for COVID-19 in Azerbaijan is 70 percent.
He made the remarks at the international scientific conference “ Modern approaches to comprehensive diagnostics of SARS-CoV-2 ”, Day.az reported.
Bayramov underlined some problems during the pandemic “ the samples went bad due to the fact that reception and transportation were not carried out according to the norms ”.
Emphasizing that the problem was later corrected, he added that samples are now being collected and transported in accordance with international norms.
On February 28, 2020, the country confirmed its first COVID-19 case. On March 25, the country implemented a special quarantine regime and implemented a number of measures to combat COVID-19 in the country.
Azerbaijan is taking effective measures in the fight against coronavirus, and four types of COVID-19 vaccines out of nine existing have been imported to Azerbaijan.
Vaccination has been carried out in Azerbaijan since January 18, 2022, and it is still being carried out successfully. The epidemiological situation in Azerbaijan remains stable due to the active participation of the population in vaccination.
The nationwide vaccination is free and voluntary, and it is in accordance with the `` Vaccination Strategy Against COVID-19 in Azerbaijan for 2021-2022 ''.
The country began vaccinating citizens with China's Sinovac on January 18, AstraZeneca's Vaxzevria vaccine on May 3, Russia's Sputnik V on May 18, and Pfizer from the United States on June 7. From May 10, the country began offering COVID-19 vaccination to citizens over the age of 18.
Simultaneously, on August 9, Azerbaijan began issuing vaccination exemption certificates to citizens who have contraindications to coronavirus vaccines approved for use in the country. | general |
The German Government's First Report Card by Helmut K. Anheier | Although Germany's three-party coalition government inherited multiple brewing crises when it came to power 100 days ago, it has risen to the occasion in many ways. But with each of the parties already having had to abandon some of its core principles, maintaining unity will be an ongoing challenge.
BERLIN – The time-honored American tradition of assessing a government’ s first 100 days has found its way to Germany, where pundits are scoring the performance of Chancellor Olaf Scholz’ s Ampelkoalition ( “ traffic light coalition ”), comprising the Social Democrats ( SPD), the Free Democrats ( FDP), and the Greens.
The Ampelkoalition is Germany’ s first three-party government since the 1950s. To make it work, each party has had to bend on sacred principles and adopt policy positions that previously would have seemed unthinkable. And while that would have been a remarkable achievement in the best of times, no incoming government since the Federal Republic’ s founding in 1949 has faced a more challenging start, owing to the COVID-19 pandemic and, even more, to Russia’ s invasion of Ukraine.
German politics have changed dramatically almost overnight. For a country that prefers consensual, deliberative decision-making and no-surprises, many of the recent, sudden policy shifts have been profound and will alter Germany’ s domestic and foreign-policy trajectory for decades to come. But if Scholz fails to manage the short-term fallout of these changes, and the inevitable tensions they will create within the coalition, his chancellorship could be the shortest-lived since the Weimar Republic.
To continue reading, register now.
As a registered user, you can enjoy more PS content every month – for free.
Register
Subscribe now for unlimited access to everything PS has to offer.
Already have an account? Log in
For more than 25 years, Project Syndicate has been guided by a simple credo: All people deserve access to a broad range of views by the world's foremost leaders and thinkers on the issues, events, and forces shaping their lives. At a time of unprecedented uncertainty, that mission is more important than ever – and we remain committed to fulfilling it.
But there is no doubt that we, like so many other media organizations nowadays, are under growing strain. If you are in a position to support us, please subscribe now.
As a subscriber, you will enjoy unlimited access to our On Point suite of long reads, book reviews, and insider interviews; Big Picture topical collections; Say More contributor interviews; Opinion Has It podcast features; The Year Ahead magazine, the full PS archive, and much more. You will also directly support our mission of delivering the highest-quality commentary on the world's most pressing issues to as wide an audience as possible.
By helping us to build a truly open world of ideas, every PS subscriber makes a real difference. Thank you.
Subscribe Now
Writing for PS since 2017 25 Commentaries
Helmut K. Anheier, Adjunct Professor of Social Welfare at UCLA’ s Luskin School of Public Affairs, is Professor of Sociology at the Hertie School of Governance in Berlin.
Before posting a comment, please confirm your account. To receive another confirmation email, please click here.
It appears that you have not yet updated your first and last name. If you would like to update your name, please do so here.
After posting your comment, you’ ll have a ten-minute window to make any edits. Please note that we moderate comments to ensure the conversation remains topically relevant. We appreciate well-informed comments and welcome your criticism and insight. Please be civil and avoid name-calling and ad hominem remarks.
Your name
Your email
Friend's name
Friend's email
Message
First Name
Last Name
Email
Phone number
Organization
Please provide more details about your request
Despite showing remarkable unity following Russia's invasion of Ukraine, EU leaders have yet to devise an adequate economic response. In fact, European policymakers seem to be grossly underestimating the economic risks ahead.
Please log in or register to continue. Registration is free and requires only your email address.
Email required
Password required Remember me?
Please enter your email address and click on the reset-password button. If your email exists in our system, we 'll send you an email with a link to reset your password. Please note that the link will expire twenty-four hours after the email is sent. If you can't find this email, please check your spam folder.
Reset Password Cancel
Email required
Sunday newsletter
By proceeding, you are agreeing to our Terms and Conditions.
| general |
Italy to scrap coronavirus certificate requirements | Italians will no longer be required to show proof of coronavirus vaccination, testing or recovery to enter public spaces starting from May 1, Health Minister Roberto Speranza announced on Thursday, Trend reports citing Politico.
Already starting from April 1, the requirement will be lifted for outdoor venues. The color-coded risk system for the country's regions, which ties restrictions to the epidemeological situation, will also be abolished, as will the requirement that workers aged 50 and over be vaccinated in order to go to work. Speranza also said that, starting on April 30, masks will no longer be required indoors.
Meanwhile, the state of emergency that has been in place since the start of the pandemic is set to end on March 31. The country's advisory technical-scientific committee on COVID-19 will then be scrapped. Speranza said that in its place the health ministry will create an operational unit for the coronavirus.
The decisions taken by the government `` eliminate almost all the measures which have restricted our lives in the past months, '' Prime Minister Mario Draghi told a press conference. | general |
`` Seek the Story of Sake '' Begins Selling Robuchon Sake | Seek the Story of Sake, a Japanese sake cross-border e-commerce site provided by NTT DOCOMO, has begun limited-time sales of two types of Robuchon ( Japanese sake) created based on the concept of sake that pairs well with French cuisine.
The late Joel Robuchon, the “ Emperor of French cuisine ” and the chef with the most Michelin stars in the world, was a pioneering chef who pursued the possibilities of French cuisine and sake. Inheriting his father’ s passion for sake, Louis Robuchon visited sake breweries across the country in pursuit of the best sake to go with the finest French cuisine, and after years of searching, he arrived at two breweries. One is the Yamamoto Sake Brewery, which brews its “ Fukuhachi ” using ultra-soft water from the Shirakami Sanchi mountain range in Akita Prefecture, and the other is Kiyama Shoten, a small group of elite sake brewers in the town of Kiyama on the eastern edge of Saga Prefecture. Together with these breweries, we have developed two enchanting sake products.
The following are the sake products that will be sold. “ Fukuhachi 80 Joel Robuchon Junmai Sake ” – Yamamoto Sake Brewery This sake is not only suitable for Japanese cuisine, but also for Western food such as meat and caviar.
“ Kiyama Joel Robuchon ” – Kiyama Shoten This sake has a harmony of juicy umami and refreshing tartness.
For details, please see here. https: //www.seekstorysake.com/pages/robuchon
* About “ Seek the Story of Sake ” This is a cross-border e-commerce site launched on May 27, 2021 by NTT DOCOMO, Inc. ( hereinafter “ DOCOMO ”) in cooperation with domestic sake breweries and Fun Japan Communications Inc. ( hereinafter “ Fun Japan ”) to sell Japanese sake, which is of great interest to overseas customers amid declining domestic and overseas consumption of sake due to the spread of the novel corona virus.
The site offers sake recommendations that match customer tastes from a variety of different perspectives, such as conveying the “ thoughts and background behind sake brewing ” of each sake brewing company selling sake, and introducing outstanding products from a professional’ s point of view.
We are currently selling sake to Hong Kong, Singapore, and Taiwan, and in the future we plan to expand the target area and develop products that will please overseas customers, such as food products, sake vessels, and local products that go well with sake. | tech |
MRNA Vaccines Blocked Worst Outcomes as Variants Spread, CDC Says | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Messenger RNA vaccines were highly effective at preventing people from suffering the most severe outcomes from Covid-19 even as infectious new coronavirus variants spread, a U.S. study found.
Receiving two or three doses of a vaccine made by either Moderna Inc. or partners Pfizer Inc. and BioNTech SE led to a 90% reduction in the risk of needing to be put on a ventilator or death because of Covid-19, according to a study published by the Centers for Disease Control and Prevention on Friday.
Both the Pfizer and Moderna shots are approved by federal regulators as an initial two-shot primary series for most people. Regulators have cleared third-dose booster shots on an emergency basis, and the drugmakers have asked that clearance for additional doses be considered. Those who support the idea of more booster shots cite the potential for a new variant to cause another wave of widespread infections.
The CDC study looked at data gathered from March 2021 to this January, periods when the alpha, delta and omicron variants were circulating in the U.S. In recent months, when the omicron variant was dominant, three doses of an mRNA shot provided 94% protection against the worst outcomes. Researchers compared vaccinated and unvaccinated adults hospitalized with Covid-19 in 21 medical centers across 18 states.
The findings come as the U.S. has shifted away from an emergency response to the pandemic as cases caused by omicron ebb. However, as many states move to get rid of pandemic-curbing restrictions, there is concern that cases could again rise.
The new data showing that three mRNA doses provide strong protection against severe omicron disease are also likely to raise questions over whether fourth vaccine doses are needed at this point. This week, both Pfizer and Moderna asked the Food and Drug Administration to clear fourth doses.
In a separate study, also published Friday in the CDC’ s Morbidity & Mortality Weekly Report, researchers found that in January, unvaccinated adults were 12 times as likely to be hospitalized compared with adults who had received a booster or additional dose. Adults who were vaccinated but hadn’ t received a booster or additional dose were three times as likely to be hospitalized. | general |
Online cockfighting wagers rake in billions in the Philippines | The roosters stood centimeters apart, hook-shaped blades strapped to their legs. Cameras surrounded a dirt ring, streaming the fight to thousands of online gamblers huddled over cell phones across the Philippines.
A referee shadowed the animals as they tore out feathers, pounded air and nipped at vulnerable parts of the neck. Less than a minute later, the match was over and a winner declared. The victor squawked over the body of the defeated.
Cockfighting, in which two roosters spar to the death, has become an online craze in the Philippines. Once a declining bloodsport, the centuries-old game is now a major industry across this Southeast Asian nation, pulling in millions of dollars in bets a day and attracting a new generation of gamblers.
Its resurgence in the Philippines, the only country in the world that accepts online bets for game fowl, has shaken traditional players on the casino floor. Matches are drawing in more monthly revenue than the local ventures of gambling behemoths Melco Resorts & Entertainment Ltd. and Genting Hong Kong Ltd. Investors are taking notes, with countries from Mexico to Papua New Guinea mulling forays into online betting, according to people in the industry.
A taboo in much of the West, cockfighting holds no such stigma in the Philippines, where fights can attract crowds on par with U.S. baseball games or British rugby matches. Cashing in on a surge in popularity, Resorts World Manila, which is owned by tycoon Andrew Tan, opened a betting station in its casino. Two other resort developers are expected to do the same.
A cockfighting enthusiast collects his winnings. | BLOOMBERG
At the center of the phenomenon is Charlie “ Atong ” Ang, a freewheeling fitness buff and the brain behind Pitmasters Live, the top-shelf brand of online cockfighting. His group streams matches round-the-clock, averaging around 350 a day and partnering with breeders across the country. Digital payment platforms and hundreds of agents facilitate access to the Pitmasters webcast, take wagers and disburse winnings.
With minimum bets set at less than $ 2, online cockfighting is affordable and instantaneous, a sellable diversion for the country’ s video game generation. But the industry’ s rapid rise is also the story of ruined lives and addiction, of a tug-of-war with regulators and backlash from international animal rights groups.
A senior church official from the Catholic Bishops’ Conference of the Philippines called online cockfighting “ one of the most disastrous things ever allowed by the government. ” Lawmakers are investigating the disappearance of more than two dozen gamblers, prompting some to propose suspending the sport until cases are solved.
Ang waved off criticism. In the rough-and-tumble world of cockfighting, he said, bets should only be placed with “ your laughing money. ”
“ Anything that’ s more than what we need is addiction — be it food or money, ” he said. “ Let’ s not be hypocrites. ”
Cockfighting has an expansive history in the Philippines, predating the exploits of Ferdinand Magellan, the Portuguese explorer who landed on the shores of this island nation more than five hundred years ago.
Though illegal in most of the world, sabong, as the game is known locally, has a devoted following in the Philippines. Every year, scores of people gather to watch the World Slasher Cup, a multiday series of matches held in a coliseum in metro Manila. The event has all the corporate trappings of a modern sports tournament, complete with giant inflatable roosters and a soundtrack that tends to favor “ Eye of the Tiger. ”
In recent years, the game has waned in popularity. Government rules limit fights with in-person spectators to Sundays and holidays. Cockpits raised entry costs for bettors. When COVID-19 lockdowns shuttered businesses, the country’ s most ambitious gaming operators, who had already started streaming matches, sensed an opportunity: Why not digitize many more of them?
“ Online cockfighting wouldn’ t be this big were it not for the pandemic and the game’ s accessibility through mobile phones, ” said Claire Alviar, an analyst at Philstocks Financial Inc. in the Philippines.
The sport’ s spike in popularity is really the rise of Pitmasters, which has a near-monopoly on the business model. According to data from Ang, the group generates more than 700 billion pesos ( $ 13.4 billion) annually in wagers. That figure is more than double the estimated gross gaming revenue of the country’ s casinos in 2019, based on figures provided by the Philippine Amusement & Gaming Corp.
“ We are the superstar of sabong. We are the NBA of this sport, ” he said.
The purported profits are staggering. The platform collects an average of 2 billion pesos to 3 billion pesos each day, according to Ang. Of that amount, 95% goes to bettors as winnings and the remaining 5% to Pitmasters and its agents as commission. Another 135 million pesos is paid as a monthly tax to the state-run gaming regulator, which has used funds to fight the pandemic.
Ang, 63, said his group’ s revenue each month is 1.5 billion pesos, a huge sum considering Bloomberry Resorts Corp., which operates one of the country’ s biggest casinos, pulled in profits of about 10 billion pesos in 2019.
Agents who joined Pitmasters early stumbled into a modern-day gold rush.
Within weeks of starting his job in Aug. 2020, one said he was earning at least 3 million pesos a month, or nearly $ 60,000 — more than enough to buy a new car and house. After technology giant Globe Telecom Inc. started facilitating bets and linking games to its platform, cutting out the need for middlemen, his pay fell to a more modest $ 2,300.
“ It was easy to sell online sabong, ” said the agent, who uses the alias Edwin Cruz. “ The pandemic provided great timing because many Filipinos are gamblers and they were stuck at home getting bored. ”
Ang has spent practically his entire life in the business. As a teenager, he frequented cockpits and casinos. During the reign of former president Joseph Estrada, he worked as a consultant for the government’ s gaming regulator.
His reputation is checkered. In 2001, Estrada was ousted from office after evidence surfaced that Ang had helped him divert 130 million pesos in tobacco taxes. With pressure building, Ang fled to the U.S., where he was caught gambling in Las Vegas and placed under house arrest. In 2006, he was extradited to the Philippines and later pleaded guilty to a corruption charge.
After serving time in jail, Ang sought to reinvent himself. In 2019, he drafted his business plan, drawing inspiration from off-track betting for racehorses and the success of online casinos. He studied laws governing cockfighting and convinced the city of Manila to allow him to set up offsite betting stations.
A taboo in much of the West, cockfighting holds no such stigma in the Philippines. | BLOOMBERG
When the pandemic shut down the world, Ang pounced. He started streaming matches with the blessing of the government. Globe Telecom’ s GCash and later PLDT Inc.’ s Paymaya joined to process payments. Last September, the House of Representatives approved a 25-year franchise application for Pitmasters. Its fate now rests with the senate.
“ There’ s a lot of room for expansion, ” Ang said, estimating that his 900 betting stations cover only 20% of the Philippine archipelago.
Still, the sudden success of online cockfighting has engendered scrutiny and lurid tales of bets gone awry.
In the coastal town of Hagonoy, a man stabbed to death his 87-year-old neighbor after he refused to lend him money. At a news conference, Senator Panfilo Lacson recounted the story of a gambler who killed himself after accumulating debt totaling 600,000 pesos.
In response to the disappearance of a few dozen people last seen at cockfighting arenas, the senate recently summoned Ang for questioning. In January, at a Pitmasters cockpit in Manila, a grenade was found. “ We have nothing to do with these incidents, ” Ang said.
As investigators probe further, the industry’ s future is unclear. Ahead of presidential elections in May, Leni Robredo, one of the leading candidates, said she’ s generally not in favor of gambling. The front-runner, Ferdinand Marcos Jr., has yet to publicly comment on the issue.
Breeders exercise their game fowl before their turn in a competition at the Pitmasters compound. | BLOOMBERG
Then there are the animal rights advocates who find the sport unconscionable. To amp roosters for a fight, breeders sometimes slip cayenne pepper into their anuses. Jason Baker, a senior vice president at the People for the Ethical Treatment of Animals, or PETA, lamented the rise of e-sabong.
“ Moving this cruel and unethical practice online is a desperate move by a dying industry, ” he wrote in an email. “ Birds are mutilated, injected with steroids, and forced to fight until their unnecessary death. ”
To this, Ang scoffed. His company has given more than 800 million pesos to charity. Not only is the sport honorable, he said, but it is here to stay.
“ Among the games you can bet on, cockfighting’ s 50-50 odds of winning is the best there is, ” Ang said. “ They say gambling is bad, but why are casinos, liquor and cigarettes legal? It’ s because they’ re paying taxes. ” | tech |
How Japan's bullet trains keep passengers safe during an earthquake | It’ s a scenario that would seem to be destined to end in disaster: A large earthquake strikes as a bullet train zips along elevated tracks at speeds of around 300 kilometers per hour.
But when a train on the Tohoku Shinkansen line derailed late Wednesday after a magnitude 7.4 earthquake struck off Japan’ s northeastern coast, none of the 75 passengers or three crew members were injured.
Operator East Japan Railway Co. ( JR East) says that safety measures introduced after a similar incident in the past helped prevent a catastrophe earlier this week when 16 of the 17 train cars derailed on a viaduct in Shiroishi, Miyagi Prefecture.
The company says, however, that it will be difficult to fully restore the service by the end of March due to damaged infrastructure — including piers and utility poles — demonstrating that some quake-proof installations were not sufficient for such a strong quake. The delay in relaunching full services has created concern over the impact on tourism in the region and the local economy as a whole.
Still, the high-tech systems installed on the train line kept passengers safe despite the quake, which registered an upper 6 on Japan’ s seismic intensity scale — one below the top level — in parts of Miyagi and Fukushima prefectures.
Hitoshi Tsunashima, a professor of railroad engineering at Nihon University, who studied the images of the train’ s interior and exterior on the internet, said, “ The train must have been shaken sideways as well as up and down, and some of the cars may have derailed, as if they were jumping up. ”
According to a 28-year-old passenger from Sendai, the train had been slowing down when the first earthquake alert was issued and stopped just before the second, more powerful quake hit. Tsunashima believes the emergency brakes triggered by the urgent earthquake detection and alarm system helped reduce the damage.
The system detects and analyzes data of the primary waves, known as P waves, which travel faster than the secondary waves ( S waves), which in large quakes are accompanied by strong shaking.
In the event of a strong earthquake, seismographs installed along the line and other locations detect the P waves and estimate the location and scale of the epicenter. The system stops trains automatically by cutting power at selected sections.
The system also uses data from the Meteorological Agency’ s earthquake alerts and undersea seismometers.
To guard against derailments, JR East has installed L-shaped metal parts on its train cars as a countermeasure. The parts are designed to hook the cars on the rails, thus preventing them from colliding with side walls. JR East developed the parts following the derailment of Joetsu Shinkansen cars after a powerful earthquake in Niigata Prefecture in 2004. All of the company’ s bullet trains are equipped with the parts.
JR East has also taken measures to prevent trains from tipping by installing devices to fix the rails firmly in place so that they won’ t tilt. The devices were installed on approximately 1,000 km of track, including at the site where Wednesday’ s derailment occurred.
Transport ministry officials say such systems worked to reduce the damage to the train cars, though Wednesday’ s quake showed large temblors can still take a toll on trains and surrounding infrastructure.
JR East has been promoting seismic reinforcement of areas on active fault lines following the 1995 Great Hanshin Earthquake and the 2011 Great East Japan Earthquake. But in February last year, when an earthquake measuring an upper 6 on the seismic intensity scale hit Fukushima and Miyagi prefectures, damage to structures and installations was confirmed in locations outside the areas where reinforcements had been completed.
Following last year’ s earthquake, the company revised the priority areas for reinforcement and worked on seismic upgrades of utility poles at a pace approximately twice as fast as before, but the work will still take seven years to complete.
The firm has not been able to keep up with reinforcement work as a number of large earthquakes continue to occur.
Experts say it will take weeks to assess the full extent of the damage to the Tohoku Shinkansen line and carry out the necessary work to completely restore services.
The operator said that the section connecting Nasushiobara and Morioka stations will remain suspended until Monday, and full resumption of the line before the end of March may not be possible.
Following the 2004 Niigata quake, it took about two months to resume operations due to difficulties removing the cars amid continued aftershocks and other issues.
Such a delay would not be welcome news for either the company or the Tohoku region after over two years of poor economic conditions amid the pandemic.
The government has decided to fully lift the COVID-19 quasi-emergency next week, and JR East is hoping that tourists will flock to the Tohoku region during the Golden Week holidays. A prolonged suspension of shinkansen services would dampen the outlook for recovery.
“ It is necessary to carefully verify whether the safety measures have worked, ” said Totaro Ichikawa, JR East’ s vice president. But he added, “ Personally, I’ d like to resume the service as soon as possible. ” | tech |
Injured yokozuna Terunofuji pulls out of Spring Basho | Osaka – Yokozuna Terunofuji withdrew from the Spring Grand Sumo Tournament on Friday due to injuries to his right heel and left knee, leaving the ongoing 15-day competition at Edion Arena Osaka without a wrestler from the sport’ s highest rank.
The 30-year-old suffered his second loss on Thursday, the fifth day of the tournament, against No. 2 maegashira Tamawashi.
Terunofuji will forfeit his scheduled bout on Day 6 against No. 3 Onosho and leaves the meet with a 3-3 record.
The injuries will require treatment for around one month, according to medical information Terunofuji submitted to the Japan Sumo Association on Friday.
The injury withdrawal is Terunofuji’ s first in his four tournaments as a yokozuna.
He hurt his heel during the January tournament, where he missed out on winning a third straight championship, and caught the coronavirus in early February, adding to concerns about his fitness for the current meet.
After reaching sumo’ s second-highest rank of ozeki, Terunofuji’ s career was nearly ended by injuries to both knees and bouts of serious illness that saw him plummet to the sport’ s second-lowest division in March 2019.
He clawed his way back up the rankings, however, and made a triumphant return to the top division in July 2020, when he won the second of his six Emperor’ s Cups.
The Mongolian-born powerhouse was promoted to yokozuna after last July’ s grand tournament and became the sole man at the rank when Hakuho retired in September.
The March tournament is being held in front of spectators at its regular home in Osaka for the first time since the start of the coronavirus pandemic. | tech |
70% of health care workers in Japan want to quit jobs | Some 70% of health care workers in Japan want to quit their jobs, a survey by an umbrella organization of labor unions for local government workers showed Thursday.
The result reflect serious labor shortages the medical field, according to the All-Japan Prefectural and Municipal Workers Union, or Jichiro, which conducted the survey on the impact of the prolonged COVID-19 pandemic on nurses and other staff at public hospitals.
`` With the constant personal shortages and the need for infectious disease measures, the exhaustion of frontline staff is immeasurable, '' Jichiro deputy head Mariko Aoki said, urging the central government to allocate funds to help secure more health care workers.
The survey was conducted online between late November of last year and late January of this year, covering nurses, clinical laboratory technicians and clerical workers at medical institutions affiliated with Jichiro. A total of 7,724 people responded to the survey.
When asked if they want to quit their jobs, 36% of the respondents said they feel so `` sometimes, '' 21% said `` often '' and 12% said `` always. '' By contrast, just 31% said they do not.
With multiple answers allowed, the most common reason for feeling like quitting was `` too busy, '' followed by `` heavy work responsibilities '' and `` dissatisfaction with wages. ''
The survey also showed that 23% of respondents experienced discrimination or prejudice because of their jobs.
`` I 'm avoided by people once they know that I work at a hospital accepting coronavirus patients, '' one respondent said. | tech |
Nike Reports Earnings Monday. Don’ t Get Your Hopes Up. | The Nike store in Miami Beach, Fla.
Joe Raedle/Getty Images
Nike
already had a China problem. Now you can add Europe to the list. The only question ahead of
Monday’ s earnings report
is whether all this is already reflected in the stock. Here’ s betting it isn’ t.
Nike ( ticker: NKE) is expected to report a fiscal third-quarter profit of 71 cents a share after Monday’ s close, down from 90 cents the previous year, on sales of $ 10.6 billion, up from $ 10.4 billion. The real problems could start with the fourth quarter, with some analysts—even the bullish ones—worrying that revenue estimates look high and expecting tepid 2023 guidance. They’ ve been cutting their estimates and lowering their price targets, from $ 184.93 at the end of January to a current average of $ 168.55.
There’ s a good reason for that. This past September, the Trader column warned that Covid and nationalism could create
headwinds for Nike in China
, but we didn’ t suspect the nation’ s turn to “ common prosperity ” would have such a negative impact on both domestic stocks and those that look to China for growth. Still, it’ s Covid that will likely have the biggest impact.
“ For China, the recent surge in Covid cases has further reduced visibility to planned sequential sales improvement, ” writes Baird analyst Jonathan Komp, who rates Nike Outperform and still sees strong growth outside China.
Europe could also be a problem in coming quarters, according to Wells Fargo analyst Kate Fitzsimons. Like Komp, Fitzsimons has an Overweight rating on Nike stock, but lowered her 2023 revenue and earnings-per-share estimates “ largely on Europe. ” Rising natural-gas prices are likely to result in a more subdued consumer in Europe, where Nike gets about a quarter of its sales.
That’ s not to say there aren’ t good things happening for Nike.
Puma
( PUM.Germany), and Adidas
( ADS.Germany) have both pointed to
strong demand outside China
, while Nike’ s direct-to-consumer channel now makes up about half of its North American sales, says Komp. What’ s more, many of Nike’ s problems might already be reflected in its stock, which has dropped 26% to $ 132.35 since closing at an all-time high of $ 177.51 on Nov. 5. It now trades at 29.3 times 12-month forward earnings, according to FactSet, still higher than the
S & P 500
’ s
19.2 but lower than the 40.9 it sported at the end of November.
Read More Trader
The Stock Market Just Had Its Biggest Gain Since 2020. Enjoy It While It Lasts.
The Price of Oil Is Flying All Over the Place. Here’ s How to Play Oil Stocks.
BTIG analyst Camilo Lyon calls Nike’ s current price “ attractive, ” but he isn’ t ready to change his Hold rating yet. He notes his forecast for a 15% sales decline in China “ could prove too optimistic, ” and Nike still has supply-chain issues. He’ s also concerned about rising input costs eating into margins. “ Taken together, despite NKE’ s slow progress, we still see headwinds to overcome, ” he writes.
We can’ t help but agree.
Write to
Ben Levisohn at
Ben.Levisohn @ barrons.com | business |
Employers need creative moves as workers vote with their feet | Shane McLave, director at Excel Recruitment, advises employers to engage with hybrid work models and more manageable workloads to retain valued staff members.
Creative moves around hybrid work and better-managed workloads will help employers to retain talent, says Shane McLave, director at Excel Recruitment.
Mr McLave was speaking following the publication of the Excel Recruitment 2022 Salary Guide, in which more than 56% of employers said that they will hire this year, while at least 52% have signalled that they will deliver pay rises to their staff in the coming months.
“ It differs from sector to sector, of course, but the one common thing to emerge from the pandemic is that most people want a better balance between work and home life, ” he said.
“ If you look at hospitality, employers are finding it very difficult to recruit people with two or three years’ experience. We’ ve lost a generation of hospitality experience.
“ The top end hasn’ t seen huge salary increases, but a chef de partie who was on a €28,000 salary prior to Covid-19 is now earning €38,000. ”
Meanwhile, the Excel Recruitment Employee-Employer Feedback Survey shows that workers are more ready to move than they were in the past. Some 38% of workers have plans to move jobs this year, while a further 36% said they were unsure as yet as to whether they would change roles.
Salaries are increasing across the board Excel Recruitment Employee-Employer Feedback Survey, which highlights the growing importance of non-salary-related work attributes when attracting and retaining employees.
“ It’ s not all about money for workers, ” said Shane McLave. “ People have gotten a taste for working from home. For many, if their employer won’ t offer the hybrid model the workers want, they’ ll consider changing.
“ For others, employers could look at lightening the workload. For example, if someone is doing 12 catering delivery calls a day, maybe nine deliveries would be a more attractive option.
“ People want a better quality of life. You have to put some thought into offering the right perks. It’ s not enough to just host a Christmas party.
“ Throughout 2021, Irish businesses have continued to adapt by deploying innovative solutions in product and service delivery, and in managing large teams working from home.
“ Thankfully, many have emerged victorious from the pandemic but, as with any business, new challenges have emerged – namely, skills and staffing shortages. ” The pandemic caused a shift in people’ s priorities heralding the emergence of the ‘ Great Resignation’ or the ‘ Great Re-evaluation’. | general |
DRC: Banana port deal makes waves inside president's office | After nearly three years of negotiations, Félix Tshisekedi's team has succeeded in winning substantial modifications in the concession agreement signed with the Emirati group by the Kabila regime in 2018 for the Banana deep-water port. [... ]
The contract signed in December last year by Kinshasa and DP World goes beyond building a deepwater port at Banana. Its provisions also cover the river port of Matadi, at the risk of irking the players - Abu Dhabi Ports, Qatar and Bolloré - in the running for the deal to modernise the site. [... ]
France's Bolloré has been keen on the modernisation project since 2019 but UAE's Abu Dhabi Ports is also now showing interest. [... ]
With a war chest of a billion dollars, Abu Dhabi Ports is hunting for projects in Africa in a bid to match its arch-rival DP World. Backed by the emirate's highest authorities, the parastatal, which in less than two years has gone from sub-regional player to global giant, is nevertheless struggling to build a proper African empire. [... ]
Félix Tshisekedi's government and the Dubai-based DP World have both had to make concessions to reach a deal on constructing the Banana deepwater port. [... ]
The deepwater Banana port project, bogged down for months by the Covid-19 pandemic and tensions between President Félix Tshisekedi and ministers loyal to his predecessor Joseph Kabila, now looks like it might move forward by the end of the year. [... ]
Africa Intelligence uses cookies to provide reliable and secure features, measure and analyse website traffic and provide support to the website users.Apart from those essential for the proper operation of the website, you can choose which cookies you accept to have stored on your device.Either “ Accept and close ” to agree to all cookies or go to “ Manage cookies ” to review your options. You can change these settings at any time by going to our Cookie management page.
A cookie is a text file placed on the hard drive of your terminal ( computer, smart phone, tablet, etc.) by the website. It aims to make browsing more fluid and to offer you content and services tailored to your interests.
These cookies are required to ensure the reliability and security and our website. They are also used to create and log into your user account.
These cookies allow us to anonymously collect data about traffic on Africa Intelligence. List of analytics cookies: Google Analytics.
These cookies help up us assess how effective our Twitter campaigns are to promote our publication and our services. List of marketing cookies: Twitter pixel.
These cookies allow us to better cater to our clients and users’ needs. List of user support cookies: LiveChat.
Do not hesitate to create your own notifications according to your interests: better criteria narrows down the results.
You can modify or delete your notifications or summaries in your account.
Once registered, you will be notified by a short message on your computer or mobile phone as soon as a new edition of our publication or an alert is published. Stay informed anytime, anywhere!
A pioneer on the web since 1996, Africa Intelligence is the leading news site on Africa for professionals. | general |
Hong Kong is now the centre of the pandemic | Hong kong, once famed for its low covid-19 count, is now recording the world’ s highest death rate from the virus. The city is facing a shortage of coffins; morgues are overflowing with victims; hospitals are struggling to cope. On March 17th 279 deaths were recorded in the city of 7.4m people. The death rate is more than twice as high as at the peak of Britain’ s second wave in early 2021. One model by researchers at the University of Hong Kong predicts more than 5,000 people could die of covid during this wave.
In the past few months the Omicron variant has swept through the Asia-Pacific region. But Hong Kong is an outlier in terms of deaths. Its case-fatality rate of 2% is more than ten times higher than those of New Zealand, Singapore and South Korea, where cases are also far above previous peaks. The rate in Hong Kong for unvaccinated people over 80 is 12%.
Hong Kong’ s elderly have been slow to get vaccinated and have almost no natural immunity from past infection. There are many reasons for their vaccine hesitancy, not least the mixed messages the government gave out about the safety of jabs when they first came out and the authorities’ lacklustre effort to inoculate those in care homes. When Omicron first hit, around 65% of over-80s were unvaccinated. Even after recent drives to increase uptake, around 44% are still completely unprotected.
Until recently this low vaccination rate has been of little consequence thanks to strict “ zero-covid ” policies across China. But as the virus sweeps through Hong Kong and several Chinese provinces report outbreaks, it is an increasing cause for concern. On the mainland, at least 40m people are under some form of lockdown ( though the authorities in some provinces prefer the term “ life on pause ” to “ lockdown ”). Relatively few people have natural immunity and China’ s health system is not equipped to handle a large wave. Beijing may be worried about a broader wave on the mainland. ■
For a look behind the scenes of our data journalism, sign up to Off the Charts, our weekly newsletter.
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Advocating for vaccine equity | When Digbijay Mahat arrived at MIT in 2017 to begin his postdoctoral studies, he had one very clear goal: to become an expert in cancer research and diagnostics so he could improve health care in Nepal, where he was born. In 2020, when the Covid-19 pandemic laid bare additional discrepancies in resource equity around the world, his goal did not waiver. But it did expand to fill a more immediate need — helping Nepal find the best way to navigate widespread Covid testing requirements and vaccine rollouts.
Mahat was born in the western region of Nepal, where his family has owned a large swath of land for generations. Before Mahat was born, his grandfather passed away unexpectedly. And, as the eldest son, Mahat’ s father assumed responsibility for his five of siblings at the age of 21. As a result, Mahat’ s father missed his chance to pursue the education he’ d envisioned. Perhaps because of this, he made it his mission to give Mahat the education he never received. However, no school was quite good enough, and he shuffled Mahat between nine different institutions before the age of 18.
While his father wished him all the success and prestige that would come with pursing a medical career, Mahat had other plans. Toward the end of high school, he became captivated by songwriting, and even secretly used his school tuition money one semester to record an album. “ It was a disastrous flop, ” he now recalls with a smile.
Although his foray into the music industry provides comic relief today, at the time Mahat was dismayed to be back on the medical track. However, he did convince his father to let him go to the United States for college. He ended up at Towson University in Maryland, living with his aunt and uncle and delivering pizzas to support his nuclear family back in Nepal. Some weeks, he clocked in over 100 hours of deliveries.
As a molecular biology, biochemistry, and bioinformatics major, he took every research opportunity he could get, and became enthralled by breast cancer research. Shortly thereafter, his mother was diagnosed with the same disease, which further strengthened his conviction to learn as much as he could in the U.S., and return to Nepal to help as many patients as he could.
“ The state of cancer diagnostics is very poor in Nepal, ” he explains. Patient biopsies must be sent to other countries such as India — a costly practice at the mercy of politics and travel restrictions. “ The least we can do is become self-sufficient and provide these vital molecular diagnostics tools to our own people, ” Mahat says.
He went on to earn his PhD in molecular biology and genetics from Cornell University, and by fall 2017 he had secured his dream job: a postdoc position in the lab of MIT professor of biology Susan Lindquist. Mahat had spent much of his time at Cornell studying a protein known as heat shock factor 1, and Lindquist had conducted seminal work showing that this same protein enables healthy cells to suddenly turn into cancer cells. Just as he had finalized his new apartment lease and was preparing to start his new job, Lindquist wrote from the hospital to tell him she had late-stage ovarian cancer, and suggested he complete his postdoctoral studies elsewhere.
Gutted, he scrambled to find another position, and built up the courage to contact Phillip Sharp, an Institute Professor, Koch Institute for Integrative Cancer Research member, and Nobel laureate. Mahat put together a formal research proposal and presented it to Sharp. A few days later, he became the lab’ s newest member.
“ From the beginning, the things that struck me about Phil were his humility, his attention to experimental detail, and his inexplicable reservoir of insight, ” Mahat says. “ If I could carry even just some of that same humility with me for the rest of my life, I would be a good human being. ”
In 2018, Mahat and Sharp filed a patent with the potential to revolutionize disease diagnostics. Widely available single-cell sequencing technologies reveal the subset of RNAs inside a cell that build proteins. But Mahat and his colleagues found a way to take a snapshot of all the RNA inside a single cell that is being transcribed from DNA — including RNAs that will never become proteins. Because many ailments arise from mutations in the “ non-coding ” DNA that gives rise to this “ non-coding ” RNA, the researchers hope their new method will help expose the function of non-coding variants in diseases like diabetes, autoimmune disorders, neurological diseases, and cancer.
Mahat was still immersed in this research in early 2020 when the Covid-19 pandemic began to escalate. As case numbers soared around the world, it became clear to him that the wealth of Covid testing resources available on MIT’ s campus — and throughout the United States in general — dwarfed the means available to his family back in Nepal. Polymerase chain reaction ( PCR) testing remains the most popular and accurate means to detect the virus in patient samples. While PCR machines are quite common in molecular biology labs across the U.S., the entire country of Nepal owned just a few at the start of the pandemic, according to Mahat.
`` Digbijay was focused intensely on developing our novel single-cell technology when he became aware of Nepal's challenges to control the Covid-19 pandemic, ” Sharp recalls. “ While continuing his research in the lab, he spent several months contacting leaders in pharmaceutical companies in the U.S. and leaders in public health in Nepal to help arrange access to vaccines and rapid tests. ”
Mahat was already in contact with the Nepali Ministry of Health and Population regarding the state of the country’ s cancer diagnostics, and so the government called on him to advise their Covid testing efforts. Given the high cost and limited availability of PCR machines and reagents, Mahat began discussions with MIT spinoff Sherlock Biosciences in order to bring an alternative testing technology to Nepal. These Covid tests, which were developed at the Broad Institute of MIT and Harvard, use the CRISPR/Cas9 system — rather than PCR — to detect the SARS-CoV-2 virus that causes Covid-19, making them cheaper and more readily available. Sherlock Biosciences ultimately donated $ 100,000-worth of testing kits, supplemented by an additional $ 100,000 grant from the Open Philanthropy Project, to help purchase the equipment necessary to implement the tests. In December 2020, Mahat and his wife Rupa Shah flew to Nepal to set up a testing center using these new resources.
Although this required Mahat to briefly pause his MIT research, Sharp was supportive of these extracurricular pursuits. “ We are very proud of Jay’ s effective work benefiting the people of Nepal, ” Sharp says.
Around the same time, Mahat reached out to Institute Professor and Moderna co-founder Robert Langer to help initiate vaccine talks with the Nepali government. Through Sharp’ s contacts, Mahat was also able to connect the government with Johnson and Johnson. In addition, Mahat, Sharp, and Professor Emeritus Uttam RajBhandary wrote a letter to MIT President L. Rafael Reif, who joined other university leadership in urging the Biden administration to donate vaccines to low-income countries.
Nepal ultimately received its Covid-19 vaccines through the COVAX program, co-led by the Coalition for Epidemic Preparedness Innovations, GAVI Alliance, and the World Health Organization. Today, the country has begun administering boosters. There were also some funds left over from the Open Philanthropy Project grant, which went toward sending Nepal several thousand PCR kits designed to distinguish between the delta and omicron variants. Professor Tyler Jacks, the Koch Institute director at that time, also connected Mahat with the company Thermo Fisher Scientific to secure additional PCR reagents.
Roshan Pokhrel, the secretary of Nepal’ s Ministry of Health and Population, met Mahat prior to the pandemic, and relied on his expertise to begin establishing Nepal’ s National Cancer Institute ( NCI) in 2020. “ It was his cooperation and coordination that helped us set up NCI, ” Pokhrel says. “ Mr. Mahat’ s continuous support during the first two waves of our Covid-19 vaccine distribution was also highly appreciated. During the recent omicron outbreak, his support in our public laboratory helped us to monitor the variant. ”
Bhagawan Koirala, chair of the Nepal Medical Council, participated in the vaccine talks that Mahat organized between Nepal’ s Ministry of Health and Johnson and Johnson. Koirala says he was impressed by Mahat’ s exceptional credentials and his modesty, as well as his desire to promote cancer research and diagnostics. As the chair of the Kathmandu Institute of Child Health, Koirala hopes to engage Mahat’ s expertise in the future to help advance pediatric cancer research in Nepal.
“ We have spoken extensively about the policies regarding cancer diagnostics in Nepal, ” Koirala says. “ Dr. Mahat and I are eager to work with the government to introduce policies that will help develop local diagnostic capacity and discourage sending patient samples out of the country. This will save costs, ensure patient privacy, and improve quality of care and research. ”
These days, Mahat is nothing short of a local celebrity in Nepal. Despite his current drive for ensuring vaccine equity, his ultimate goal is still to work with individuals like Koirala and Pokhrel to bring cancer treatment resources to the country. He not only envisions setting up his own research center there, but also inspiring young people to pursue careers in research. “ Before me, no one in my entire village had pursued a scientific career, so if I could motivate even a few young kids to follow that path, it would be a win for me. ”
But, he adds, he’ s not ready to leave MIT just yet; he still has more to learn. “ I feel privileged and honored to be part of this compassionate community, ” he says. “ I’ m also proud — proud that we’ ve been able to come together in this time of need. ” | business |
Bank of Canada partners MIT on CBDC research | The project will see the central bank and the MIT Media Lab’ s digital currency initiative team experiment with potential technology approaches to determine how a CBDC could work. The Bank of Canada has spent several years working with the country's commercial lenders to explore the creation of a DLT-based CBDC. Last year, it said that its work on a potential digital loonie has accelerated because of the Covid-19 pandemic and its impact on cash usage. Nevertheless, the bank continues to insist that `` no decision has been made '' on whether to roll out a CBDC. For the MIT team, the work will build on research carried out with the Federal Reserve Bank of Boston. This ongoing initiative, has already produced research showing a system capable of handling 1.7 million transactions a second, without using distributed ledger technology. | tech |
Robinhood pays $ 640k to settle with Vermont over outages | The settlement is the latest hit Robinhood has faced over the outages, which occurred during major stock market volatility in March 2020 due to the Covid-19 pandemic.At least 40 Vermont customers complained to Robinhood and/or the Vermont Department of Financial Regulation ( DFR) because they could not enter, modify, or cancel investment orders. In addition, the firm did not provide live, telephone customer service support. The settlement also covers Robinhood’ s wholly automated process for determining which investors should be approved for high level option and margin trading. Last year, Finra fined Robinhood $ 57 million and ordered the app to pay approximately $ 12.6 million in restitution, citing both the outages and options trading issue.The company has also been targeted by Massachusetts securities regulators, in part over the outages, and been fined $ 65 million by the Securities and Exchange Commission for misleading customers about payment for order flow practices. | tech |
The wealth advice revolution is here, how will you adapt? | While the wealth management sector has been something of a laggard when it comes to technology and innovation, changes in the financial services world related to regulation, compliance, competition, and client expectations mean that the sector has reached a tipping point, and the time to evolve has arrived. At a fundamental level, wealth management is inextricably tied to the client relationship, and historically, this need has been met effectively and without the demand for drastic innovation. Covid-19 has brought the inadequacies of this approach to the fore, as wealth managers were no longer able to service these relationships in person. This unprecedented situation of having to conduct meetings with clients over Zoom was a first for many clients, but it proved to usher in a new way of thinking about how wealth advice can and should be delivered. The pressure to evolve is evidenced in the strong appetite for consolidation within wealth management firms, and while significant untapped value remains, efforts to offer an updated portfolio of products and services are hamstrung by firms’ legacy technology stacks. These systems simply aren’ t fit to address the needs of clients in the modern world. There is a risk that wealth management clients may turn to industry newcomers such as fintech firms instead of traditional providers because they can offer a similar, or in some cases, a better and more convenient service, at a fraction of the cost. Neo-banks, as well as fintech investment apps, are starting to close in on this space. Several organisations have also identified that there is an underserved group in the mass affluent category. This group’ s needs are beyond what a high street lender can provide, but also not at the level in either sophistication, education or size of investment that would require the expertise of a private banker. Where once high street banks filled this gap in the market with in-branch financial advisors, since the Retail Distribution Review ( RDR) regulation came into force this segment has been left unserved as it became unprofitable. Innovation at this intersection is required. This piece explores the key themes and discussion explored in a virtual roundtable led by Finextra and Cognizant, titled ‘ Innovation in Wealth Management: Recipes for success’. The roundtable was conducted under Chatham House Rule. Understanding the culture of wealth management Despite Covid-19 being an accelerator for evolution within wealth management, there is definite resistance to change within the notoriously traditional industry – predominantly from the advisors, many of who are IFAs working under a wealth management firm’ s umbrella. Most relationships were built over a number of years – and in many cases multiple generations – before Covid-19 put an end to the old-world approach. Advisors are now accustomed to the use of technology within their client relationships and see the value it brings in terms of efficiencies. Since Covid-19 restrictions began to ease, some advisors have committed to continuing with a remote approach by carrying out their meetings over video conferencing platforms. However, this isn’ t unanimous, and many advisors have shown enthusiasm about getting back on the road to manage their client relationships face to face. This presents a challenge for the industry going forward, because the way these once high-contact relationships will develop remains unknown. On top of this, the industry is beginning to see a nuanced difference in the approach taken between existing clients and the onboarding of new clients. New clients tend to find it difficult to develop trust over a new fully online platform, while existing clients who have an established and trusted relationship with their wealth management firm are more comfortable shifting to a digital approach. Data is the bridge for crossing the Covid-19 divide There is no turning back on the digital progress set in motion throughout the Covid-19 pandemic, however, harnessing this momentum requires a considered approach to deploying new technologies and models for client interaction. Adapting to this new world rather than falling back into traditional patterns is essential, and one key to success here is building and maintaining an in-depth understanding of the client. While it is important that advisors don’ t disregard the strengths that made them successful originally to build their trust and reputation, there is space for evolution. Fostering a culture of experimentation, and accepting that it is okay to fail fast, is a valuable mindset for firms to adopt in order to successfully innovate. Also, while some clients will continue to demand a high-touch relationship model, others will be happy to adopt a more digital, remote approach. To achieve both, firms must become comfortable with managing a hybrid model which can be tailored to the individual preference of their clients. This hybrid approach, which is driven by the client’ s expectations and needs, but facilitated by the way in which the provider delivers that service, is vital for survival. The final ingredient which binds these forces together is clean, accessible data. Well managed data can assist the process of prioritisation, which means that in the early stages it is possible to begin crafting a service that the client will appreciate, and therefore pay for. As has been seen in the progress made by Open Banking and its evolution into Open Finance, this increase in data accessibility has enabled a comprehensive understanding of client needs and their risk profiles to be assembled. Doing so places the user at the heart of financial decision making, and equips financial institutions with the information they need to better serve their customers. This is particularly valuable where there is an overflow of change demand and normally a limitation around change capacity – whether that’ s financial or from the perspective of human resources. As was explored in Cognizant’ s recent impact study, ‘ Don’ t go extinct: How Wealth Managers can remain relevant’, data has the potential to help wealth managers completely reframe what they know about their clients. More efficiently analysing the data that is already available to develop useful insights for clients, means that the time spent managing each client is put to better use than merely collecting information. Time is money: How to smooth and expedite data capture It is natural that face-to-face meetings with human advisors are better suited to grasp the nuance or detail of a situation than any CRM system input form does. However, wealth managers are motivated to learn about ways to improve the flow and precision of data into a centralised system once it has been collated. There is a need within organisations to spend greater periods of time capturing the right data at the outset of a relationship and putting it into a structured format which can then be more effectively exploited. Getting this data capture right can save significant time and effort down the line. Investment managers and advisors hold a detailed and in depth understanding of their clients’ information. That data has remained with the managers themselves and hasn’ t been passed on the institutions’ systems. In effect, this means that there is a wealth of detailed data which has not been leveraged in ways that can better serve the client – for instance, through the use of nudges for timely conversation. The reason for this is that institutions’ systems have been dispersed and disconnected with multiple data points sitting underneath these systems. While the systems had a clear role and task to facilitate, these were not focused on delivering insights with the ample information at their disposal. Only recently has the value of this ecosystem begun to be unlocked, but to do so we must ask, which data should be used, how should it be used, and what are the insights that we wish to provide? From that point wealth managers are better placed to make adjustments to the way data is used in order to deliver a huge amount of value. It is also important to recognise that organisations can glean insights from the data that they do not receive during interactions with the client. This can be visualised with all data collected represented as an iceberg, with the ice above the waterline being the data that an organisation does capture or can see, for example, the client’ s preference for a specific product or service. The interesting data is what sits below the iceberg’ s waterline and can include comments clients make about or around services or products being offered and, information tied to what the client is not explicitly sharing in these interactions. While there is a significant amount of data which is captured, understanding the gaps in that data can help to really hone insights about a specific client. An unexpected source of finding out what clients think about products can be achieved through review sites, because these have become de facto advice sites where individuals can source further detail about products and services they’ re looking in to. How data enrichment enhances wealth management strategy in the long-term Not all data is useful data. Institutions can and arguably should spend time determining what is and what is not useful data to collect, store and analyse. Building a clear picture of a client is no small feat, and this can be particularly challenging when a client bears a one-to-one relationship with a manager or institution. In order to flesh out a client’ s profile, it is important to take data from a diversity of sources. This may include data held in a CRM system, third party information flows going on in the market, information about internal fund flows, which can then be synthesised against a larger market picture. All of this requires human analysis and judgement, therefore, ensuring that the data at hand is both relevant and accurate is essential for effective use of time and resource. Ensuring your strategy evolves with the times A telling observation to understand the shift in mentality being seen in wealth management is that some of the biggest private banks are currently working on launching technology applications and mobile solutions, with customisations that leverage data captured on the client journey. Historically, the clients of wealth managers – high net worth individuals – have sought high-touch, relationship-based interactions with their advisors. If the wealth management industry wishes to serve its clients and society as fiduciary representatives, it must evolve along with the population it is serving. This underscores a change in the traditional perception that technology could be used by wealth managers as a means to mass-market or fill the advice gap. Now, particularly given the rise of smartphone use and the highly digitised population, the sentiment and behaviours of clients, including high net worth clients – has evolved. The demand for real-time service is now a very real requirement, as clients want to be able to see their account statement or the performance of their investments instantly and in the palm of their hand. The challenge for the industry will be determining how and what clients want advice or engagement with their advisors, and at which point of their client journey. Robo advice was initially thought to be the solution across wealth management, however it was quickly found to be inadequate for the demands and queries of the oftentimes complex financial concerns raised by high-net-worth clients. A hybrid approach may well be the solution here. Goals-based planning has been seen to retain its value despite these new trends across wealth management, with clients expressing that they value assistance in setting out a long-term plan which outlines how a client’ s objectives will be met. When it comes to this hybrid approach, the model may split into one where the advisors remain in charge of developing a holistic plan for their clients, within which will be transactions that need to be mapped out over the next five, 10, 15 years by the technology side. How will the role of wealth advisors develop? Leveraging these deep wells of data through tech solutions will inevitably lead to greater control and choice put in the hands of clients, which may prompt a transformation of the role played by wealth advisors today. A negative characteristic of the wealth management industry has been the tendency to gravitate toward low-hanging fruit – large clients with assets to manage right now – rather than taking a long-term view which would see a greater focus on education of the next generation. This is emphasised by the regulator’ s focus on cost over value, which has the effect of reducing the incentive for advisors to entertain shifting or sharing their availability in the wider market. While increased accessibility to financial tools and services has given consumers greater control over their financial decisions, it has also prompted many to take financial risks in ways that were previously not available. In this sense, there is an opportunity to use tech as an educator in the evolution of financial services. As a tool for providing information and greater clarity around financial choice, technology can be the entrance or enabler to bring people into the wealth advisory arena. The sector should work to provide the capability to design specialised financial apps which target and assist the education of the next generation. As a business case, through the education of the next generation, customers will begin to see the value of advice and then proactively seek it out. | tech |
Japan begins accepting war-fleeing Ukrainians without need for a guarantor | Japan started on Friday granting entry to Ukrainians fleeing the Russian invasion even if they do not have a relative or acquaintance in Japan who can act as a guarantor, the government said.
The change to the original policy of requiring displaced people to have a guarantor was made at a meeting of relevant ministries and agencies given the humanitarian crisis that has led millions of Ukrainians to flee the country due to the ongoing war.
As of Wednesday, Japan had accepted 73 evacuees with a guarantor since March 2, when Prime Minister Fumio Kishida announced that the country would open its doors as part of its humanitarian response, according to the government.
Under the new measures, visa application procedures have been simplified for Ukrainian evacuees, and they are not required to provide negative COVID-19 test results upon entry.
“ We will make considerations so that they will be able to enter ( Japan) without problems, including in relation to our entry cap, ” Chief Cabinet Secretary Hirokazu Matsuno said at the gathering.
Japan currently limits the number of people entering the country to 7,000 a day as an anti-COVID-19 step, but the evacuees will not be counted toward the cap.
Other support measures for people fleeing Ukraine include securing accommodation, supplying them with daily necessities, and helping them to get jobs and study in Japan.
“ I ask that sufficient support will be provided to those who have fled to our country under harsh conditions, ” Matsuno told members at the meeting.
A government task force set up the same day will further review what support is needed to enable the displaced people to stay in Japan with a sense of security, according to Matsuno.
The government has already said evacuees who are granted short-term residency for 90 days when entering Japan will be permitted to later change their visas to “ designated activities ” status for one year. The change will give them residency and the legal right to get employed.
Tokyo also intends to administer COVID-19 vaccine shots to the evacuees.
The United Nations estimates that more than 4 million people displaced by the war will need assistance in the coming months. Many of them have fled to Poland and other neighboring countries.
People fleeing conflicts have long found a narrow path to attaining refugee status in Japan, with the government recognizing only around 1% of asylum seekers, earning criticism from human rights organizations.
The Ukrainians arriving in Japan after fleeing the Russian invasion have not been granted refugee status and are called evacuees by the government.
In the latest Justice Ministry figure for 2020, out of 3,936 asylum seekers, 47 people were recognized as refugees under Japan’ s immigration control and refugee recognition law. Another 44 were permitted to be in Japan for humanitarian reasons even though they were not granted refugee status. | tech |
What are the Key Elements of a Good AI Strategy in 2022? | Join Our Telegram Channel for More Insights. Join
Join Our Telegram Channel for More Insights. Join
Join Our Telegram Channel for More Insights. Join
Join Our Telegram Channel for More Insights. Join
After the COVID-19 pandemic struck in 2020, businesses throughout industries found out the importance of AI and Data Sciences but the inefficiencies in the industry prevented Data Science groups from improving to the deployment of AI globally. Finally, this year became rife with controversies surrounding Big Tech. The effect of AI algorithms and Machine learning on society and people is becoming apparent, and the duty of companies constructing them is increasing. Training models on local records will now not only provide higher business results but also offer higher accuracy. While no AI Strategy appears identical, all AI Strategies want to answer similar questions. The core components of any AI Strategy concern are the holy trinity of data strategy, infrastructure, algorithms, supported by the pillars of skills and organization. Let’ s dive deep into each component.
Without data, there may be no AI. Data relates to all pieces of data which are relevant to enhance your business. It may be something from sensor data of self-driving cars or monetary data for business decisions. Creating a Data Strategy is a crucial part of any AI Strategy. Startups that focus on creating models than building a viable product, waste valuable resources.
The second core factor of the AI Strategy is infrastructure. Infrastructure relates to making the facts handy and providing the desired computing power essential to process the data. AI models are hungry for inputs, and your AI crew needs the infrastructure to expand and set up models. In conventional companies, you’ ll discover data hoarded in silos, not accessible by different teams. Generally, structural, organizational, and prison reasons are responsible for it.
Algorithms are at the top of AI’ s holy trinity due to the fact they use data and infrastructure to churn out treasured products. The algorithmic part of your AI strategy is tricky. The AI community has been tremendously successful at extracting facts, units, and models that may be reused. This presents a remarkable benefit to your organization because you have access to all kinds of AI models.
Once the holy trinity of AI is in place, you want people skills for the data to meet its destiny. People are in the middle of setting their data, infrastructure, and algorithms to work to generate enterprise value. The promises of AI are too huge to encapsulate them in a single team. The AI Strategy has to enforce software that usually educates everybody to look for AI use-cases. Very often, those programs have to have high-effect individuals who can invest in AI projects.
The ultimate, but arguably most essential thing of the AI Strategy is to put together your company for AI. Evaluate, particularly your organizational design and the improvement processes. It is paramount to apprehend that AI can’ t work in silos. Instead of operating in vertical customer-focused business units, AI may be visible as a horizontal enabler of the company. AI is capable to affect inner processes, creating new products, or enhancing present products.
Join Our Telegram Channel for More Insights. Join Now
Join Our Telegram Channel for More Insights. Join Now | tech |
China's Omicron Setback Not a Deterrent for Hotel Developers | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
Free stories left to read
Subscribe to Skift Pro to get unlimited access to stories like these ( $ 25/month)
Cameron Sperance, Skift
Today at 2:00 AM EDT
China's national hotel performance sank amid an Omicron surge that is gripping major cities on the mainland as well as Hong Kong. But you wouldn't know that based on the development interest in the region from major companies like IHG.
Cameron Sperance
Skift’ s Daily Lodging Report is a subscription-required, email-only newsletter read by anyone and everyone in the hotel investor, owner, and operator space, including CEOs of some of the industry’ s top brands. It covers North America and Asia Pacific with two separate regional editions.
Learn More
Here’ s a sampling of what the Daily Lodging Report provided to its readers this past week. If you’ re not a subscriber, you should be. Don’ t wait. Sign up now here.
Mandarin Oriental Hotel Group has launched a branded collection of the world’ s finest private villas and mansions in sought-after locations, while providing exceptional service and experiences. Mandarin Oriental Exclusive Homes is being launched in partnership with StayOne. Specific benefits of a Mandarin Oriental Exclusive Home include: exceptional and exclusive homes, dedicated personal concierge service, private, on-demand culinary experiences, luxurious housekeeping, family-friendly experiences, thorough hygiene and safety standards, luxurious amenities, and exclusive benefits for Mandarin Oriental regular guests. The initial Collection of Mandarin Oriental Exclusive Homes comprise the following: In Ibiza, Tagomago Private Island, The Palms, San Jose, and Villa Lagarto, Jesus. In the South of France, Villa Oxygen, Grimaud, and La Maison vue de Saint Jean, Ese-Mer. In Mallorca, Villa Puesta del Sol, Port d’ Andratz and Ca’ n Miquelet, Deia. In the U.K., the Cirencester Estate, Cotswolds.
Skift Note: A branded home rental offering that adheres to the brand standards of an actual Mandarin Oriental hotel makes for quite a competitive advantage over other hotel companies entering the vacation rental space.
Things are getting worse instead of better in China regarding the Covid-19 outbreak, as authorities placed Shenzhen into a week-long lockdown. The Covid outbreak there is linked to Hong Kong and although all the measures they have taken and quick spread in Hong Kong should have resulted in a peak there, Chief Executive Carrie Lam said Hong Kong’ s cases have not peaked yet, reporting 32,340 new cases on Sunday. The lockdown in Shenzhen will last until March 20th and came after 60 cases were detected in the city over the week. All 17.5 million residents will be tested. Shenzhen is located in Guangdong Province to the immediate north of Hong Kong. For all of Mainland China, they reported 3,400 new cases of Covid-19 on Sunday, double the number reported on Saturday. Aside from Shenzhen, the city of Jilin in China’ s northeast and nearby Yanji were also partially locked down with Jilin reporting more than 500 cases on Sunday. After two years of a “ Zero-Covid ” policy, it is about time someone admits their policy was flawed.
Macau has finally reached an 80% vaccination rate. That has resulted in calls to resume group tours from China, but the director of Macao’ s Government Tourism Office said that is still a long way off. The Mainland government has not set any vaccination targets for the resumption of group tours. The MGTO director was speaking at a seminar on the future of tourism in the post-pandemic region. We can only hope that this China outbreak, two years after the first one, marks the end of the pandemic just like the first one marked the beginning.
Skift Note: Lower vaccination rates among elderly populations and a fear of overwhelming healthcare networks drives China’ s zero-tolerance approach to new case spikes. This isn’ t good news for hotels looking to see some semblance of normality this year.
Service Properties Trust announced Todd Hargreaves has been appointed as its President and Chief Investment Officer, effective April1, 2022. Mr. Hargreaves has served as Vice President of SVC since 2019 and as Vice President and Chief Investment Officer of SVC since 2020. Mr. Hargreaves succeeds John Murray, who is becoming President and Chief Executive Officer of Sonesta International Hotels Corporation, also effective April 1, 2022. Mr. Murray succeeds Carlos Flores at Sonesta. Flores is resigning from his position effective March 31, 2022. In connection with his transition to President and CEO of Sonesta, Mr. Murray will resign from his roles as President and CEO of Service Properties Trust and President and CEO of Industrial Logistics Properties Trust. Mr. Murray will continue to serve as a Managing Trustee on the boards of SVC and ILPT. Mr Murray will also continue to serve as Executive Vice President of The RMR Group and a member of RMR’ s Executive Operating Committee. Sonesta, SVC and ILPT are clients of RMR.
Skift Note: Sonesta’ s incoming CEO comes from the lodging trust responsible for much of the company’ s rapid growth during the pandemic — growth that came at the expense of Marriott and IHG.
Skift, the parent company of this publication, published an article on IHG and their plans to increase their expansion in China. Greater China had both the largest share of IHG room openings in 2021 as well as room signings, outperforming both the Americas as well as Europe, the Middle East, Africa, and Asian countries beyond China. Greater China was one of only three regions IHG showed an increase in the number of properties with IHG adding nearly 13,000 rooms across 69 hotels there. IHG had a loss of nearly 4,000 rooms in the EMEAA region and a drop of almost 15,000 rooms across 30 hotels in the Americas. Greater China is the worst-performing region of the three major hotel markets right now. IHG is looking long term and said they would not stop investing in China. IHG has a 435-hotel development pipeline in Greater China, 34% of IHG’ s nearly 271,000 room development pipeline, just behind the Americas which has 36%.
Skift Note: China’ s setback with coronavirus case spikes isn’ t rattling the country’ s pace of hotel development, especially with major Western hotel companies like IHG.
Membership Collective Group Inc. announced that Chief Financial Officer Humera Afzal is leaving her position in June due to factors outside the Company. A search process is underway to appoint a successor. Ms. Afzal will continue to serve as CFO until the end of her notice period on June 14, 2022, and will help ensure an orderly transfer of her duties.
Skift Note: The Soho House parent company’ s chief financial officer plans to depart the newly public company this summer. One has to wonder how much her successor and others at the company can go on touting growth without answering the decades-old question: When is Soho House ever going to post a profit?
Despite there being overwhelming public opposition to the plans for Integrated Casino Resorts in Japan and 90% of the companies that expressed an interest bolting from the bidding, Japan’ s ruling political party is doubling down on integrated resorts and the three potential host candidates are racing against the clock to overcome challenges to submit their plans by April 28th. In Osaka, plans by MGM/Orix are to build an IR on the artificial Yumeshima island in the city. The Osaka city assembly has received about 130 casino-related petitions that are skeptical on the project. Some demand the plan be dropped, others call for a referendum on whether the area should host the resort. In Wakayama and Nagasaki prefectures the prospective operators continue to be dogged by reports of having trouble securing lenders and investors. While everyone keeps talking about the opposition and how the public opinion is so against the IRs, nobody seems to be asking the more important question. Will casinos costing nearly US $ 10 billion ( Osaka) and over US $ 3 billion ( Nagasaki and Wakayama) be successful? While Japan won’ t have the issues that have caused the huge losses for IRs in South Korea and Vietnam, the success of Macau has never been echoed in the Philippines. The hope is that these casinos will be more like the duopoly success in Singapore than the marginal success in the Philippines.
Skift Note: MGM Resorts better look to the Singapore gaming playbook in its Asia growth ambition, as other markets looking to mimic Macau like the Philippines have come up short. | general |
Victims of blood contamination paid €5 million in 2020 | There are ten categories of people who are entitled to claim under the Tribunal, including a person who has been diagnosed positive for Hepatitis C or HIV arising from receiving a blood transfusion or blood product within the State.
The tribunal set up to compensate people infected by contaminated blood transfusions or blood products paid out over €5 million in 2020, as it still processes claims 25 years since it was first established.
The Hepatitis C and HIV Compensation Tribunal paid awards in 38 cases in that year, with approximately 377 initial claims still awaiting hearing.
In total, it has paid out over €750m in compensation since its first award in 1996.
The Tribunal was set up by the government in 1995. There are ten categories of people who are entitled to claim under the Tribunal, including a person who has been diagnosed positive for Hepatitis C or HIV arising from receiving a blood transfusion or blood product within the State.
It is also open to children or any spouse of such a person who have themselves been diagnosed positive for Hepatitis C or HIV.
4,977 total claims
In 2020, six new claims were submitted making a total of 4,977 total claims made since the scheme first began.
The Tribunal was forced to conduct remote hearings throughout most of 2020 due to Covid-19 restrictions. Hearings usually take place in Dublin but are held in Cork “ from time to time ” in response to requests from claimants in the Munster area. | general |
BCC gets ready for 2022 Azerbaijan Grand Prix [ PHOTO ] | F1 fans continue to get tickets for the 2022 Azerbaijan Grand Prix.
The interest in the F1 race is very high and the ticket sales are still underway.
The sale of tickets for the Formula 1 Azerbaijan Grand Prix has started since February 22.
The cost of tickets for the competitions ranges from 90 manats ( $ 52.9) to 970 manats ( $ 570.6).
Spokesman for the Baku City Circuit ( BCC) Turab Teymurov told reporters that the tickets for the 2020 Formula 1 Azerbaijan Grand Prix are still valid this year.
Those who bought tickets for the previous race should contact Baku City Circuit for brief information.
Speaking about the F1 race, BCC spokesman noted that no concerts will be held this year in order to ensure the safety of spectators amid the coronavirus pandemic.
However, Baku City Circuit ( BCC) gets ready to host various entertainment for race fans at the Seaside National Park.
At the same time, the 2022 Azerbaijan Grand Prix will last three days. There will also be certain changes in the timing of the races within the 2022 Azerbaijan Grand Prix.
Notably, the 2021 F1 Grand Prix Azerbaijan was held in Baku on June 4-6.
Sergio Perez from Red Bull Racing won the Grand Prix, while Sebastian Vettel ( Aston Martin) and Pierre Gasly ( Scuderia AlphaTauri) ranked second and third respectively.
The race was held without spectators and concerts amid the coronavirus pandemic. F1 racing will be held in Azerbaijan until 2024. | general |
Moderna, citing need for 'flexibility, ' seeks broad clearance of fourth COVID shot | When the omicron variant was first identified late last year, both Pfizer and Moderna prepared different plans.
Pfizer launched a trial in late January to test whether a vaccine specifically tailored to omicron would perform better than a second booster against the evasive and fast-spreading variant. Moderna quickly followed with one study evaluating an omicron-targeting shot and another testing both the variant and the virus ' original strain.
None of those studies have produced results yet. In the meantime, pressure has is mounting to tighten the U.S.'s defenses against the next COVID-19 surge. While infections and hospitalizations have plummeted in the U.S., an omicron `` subvariant '' has begun spreading across Europe amid relaxed mitigation measures and waning protection from boosters. Early warning signs, through wastewater samples, have indicated a similar rise could soon follow in the U.S.
That combination of factors has led Pfizer and Moderna to jump ahead of their trials and instead rely on observational studies to support requests to authorize another shot. Both of them have cited two analyses from Israel that point to lower rates of infection and severe COVID-19 as well as a higher immune response in people who have received four shots instead of three.
However, the results of those studies are mixed, with one showing a fourth shot wasn't strongly protective against mild or asymptomatic infections. That's made it hard to tell how much of the general population may benefit from another booster.
Once again, Pfizer and Moderna are charting different courses. Pfizer has asked the agency for a narrow authorization in people 65 and older, a group most vulnerable to severe illness and death from COVID-19. Moderna seeks a broader clearance in all adults who have previously received a booster. The idea is to let the Centers for Disease Control and Prevention, as well as healthcare providers, '' determine the appropriate use '' of an additional booster dose, such as for those at higher risk of COVID-19 because of their age or underlying health status, Moderna said.
Moderna hasn't said when to expect results from the continuing studies of its omicron-targeting vaccines.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Analysts expect that deal engines are ready to start firing again following the recent quiet period. Still, uncertainty remains about how biopharma acquisitions could play out in the coming months.
At an industry conference Monday, a group of venture investors noted changes in how long biotechs are taking to raise money, and a shifting outlook among investors who specialize in shepherding young companies to an IPO.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Analysts expect that deal engines are ready to start firing again following the recent quiet period. Still, uncertainty remains about how biopharma acquisitions could play out in the coming months.
At an industry conference Monday, a group of venture investors noted changes in how long biotechs are taking to raise money, and a shifting outlook among investors who specialize in shepherding young companies to an IPO.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more. | tech |
Are online covid-19 tests available? — Quartz | The White House has started its covid-19 test-to-treat program, where patients who test positive at a designated rapid-testing site can be immediately prescribed antiviral medications, for free. But the program is limited to just a few hundred pharmacies and community health centers. Healthcare providers—including pharmacists, who aren’ t allowed to prescribed the pills—have warned it needs reform to be a reliable source of infection control.
This doesn’ t mean the concept of test-to-treat lacks merit. Quite the contrary, says Michael Mina, an epidemiologist who has emerged as the US’ s foremost expert on at-home rapid antigen tests for covid-19. He’ s been advocating for their wider adoption since the early days of the pandemic. Now he wants to see them paired with software that can be used at home to consult with a health provider and obtain a prescription for treatment.
Rather than test-to-treat locations, says Mina, individuals should be able to use at-home rapid tests and connect with a telehealth service that can verify the test results and prescribe an antiviral treatment right away if necessary. In a sense, every home could become a test-to-treat center, provided patients have a rapid test available.
eMed, a telehealth company Mina joined as chief science officer to find practical applications of the rapid-test research he was conducting at Harvard, will start offering this type of service starting next week, for as little as $ 20. But the model would work just as well if implemented by the government, Mina says. “ What I really think the government should do is make a ‘ test-to-treat.gov’ site, ” he says.
A program like this would apply something that has been largely missing from the US pandemic response: software innovation. Software has a lot of potential to improve public health measures, but the only notable use of it in the US’ s covid-19 response had been the attempts at contact-tracing apps, which had barely any success.
A government website with free telehealth assistance could be a simple way to overcome the main barrier currently stopping people from getting treated, which is having to leave home to get tested. The process would be simple: By scanning the barcode on the test box—which are currently not really serving much of a purpose—people could access a government telehealth site where they could be guided through test taking, and given treatment, for free.
A test-to-treat-from-home approach would likely have the added benefit of catching covid-19 infections at the earlier stage and containing the spread better, because people who test positive at home wouldn’ t have to venture out to seek a prescription. It also would help with getting a real-time picture of where cases are and how the epidemic is moving, based on accurate testing data. | tech |
Another 21 Covid-linked deaths in Northern Ireland in latest weekly update | Twenty-one deaths linked to Covid-19 have been recorded in Northern Ireland in the latest weekly update ( PA)
Twenty-one deaths linked to Covid-19 have been recorded in Northern Ireland in the latest weekly update.
The weekly toll is down six on the 27 deaths that occurred in the previous week, according to data compiled by the Northern Ireland Statistics and Research Agency ( Nisra).
The latest deaths, registered in the week ending March 11, take the total number of coronavirus-linked fatalities recorded by Nisra to 4,371.
The Nisra figure is drawn from different data sources and is always higher than the Department of Health’ s total, as it provides a broader picture of the impact of Covid-19.
| general |
Phil Healy bows out at semi-final stage | 2022 IAAF World Indoor Athletic Championships, Stark Arena, Belgrade, Serbia 18/3/2022
Phil Healy held her head high after bowing out of the women’ s 400m at the World Athletics Indoor Championships in Belgrade tonight. The Bandon AC athlete was well off her best in the semi-final when fading to sixth place in 52.40.
Earlier in the day Healy had taken victory in her heat in 51.75 and, having drawn the favourable lane six in the semi-final, hopes were high that she could advance to the six-woman final. However, after reaching halfway in fourth place, Healy was unable to summon anything to challenge for a top-three qualifying spot, her legs becoming bankrupt over the final 50 metres.
Healy had battled a bout of Covid last week and delayed her journey to Belgrade to put in one last “ tester session ” on Tuesday, which she said went “ crap ”. She considered withdrawing from the individual 400m as a result but together with coach Shane McCormack, she decided she had “ nothing to lose ” by lining up.
“ This day last week I thought I wouldn’ t be on the plane at all, so look, it’ s been an unbelievable indoor season, six times under 52 seconds, so I have to be happy and take that on to outdoors, ” she said.
“ That race just shows indoor running: it’ s messy. I was in lane three at one point and veering in and out. I’ d obviously have liked to be up the field further and I wanted to get to the final, but it wasn’ t to be today. I’ ll take a rest now and come back out for the relay on Sunday. ”
Molly Scott turned in a strong performance to finish seventh in her 60m semi-final in 7.23, which was shy of her PB of 7.19 but an improvement on the 7.26 she ran in the heats earlier in the day.
“ I was nervous, I was doubting myself, but that was a much better race for me, ” she said. “ I came here to PB so I am disappointed I would have loved to get the ( national) record and I came close enough to it, but not enough.
“ I’ m going to come back here in two years and I’ ve a lot of things to put together but I’ ll be up there. I know I can run seven seconds. I was born to do it. ”
Mark English was eliminated from the men’ s 800m after an off-colour performance, the three-time European medallist finishing fifth and last in his heat in 1:51.35.
“ I haven’ t had the right preparation, ” said English. “ I got Covid last week and I thought I was able to come out and run but it proved a little bit too much. My winter was going well until about two weeks ago but unfortunately these things happen and I just wasn’ t where I needed to be. But I’ m excited to get back out and help the ( 4x400m) relay team on Sunday. ”
Sophie Becker missed out on qualification for the 400m semi-final after finishing third in what was a messy heat in 53.47. “ It was a cat-fight through the bell, I was happy with how I ran the first 200 but the scrap in front of me messed up my stride pattern, ” said Becker.
“ I lost my rhythm and once you lose it it’ s hard to get it back. I was coming in looking for a PB and it hasn’ t happened, but what can you do? I’ m excited for the rest of the year. ”
Sarah Healy cut a frustrated figure after finishing fifth in her 1500m heat in 4:12.44, Healy losing contact with her rivals over the latter half, an issue she blamed on a mental lapse.
“ I just let it get away from me, which is really annoying, ” said Healy. “ The way it played out, the girl in front of me got the third ( qualifying) spot and I thought it was gone, it was my mistake. I should have kept going.
“ It’ s a big lesson. I should have stayed more calm but sometimes you accept it’ s not going your way when you really shouldn’ t. There’ s a lot of learning from this. I thought I’ d overcome this stage, but not yet. ” | general |
Alison O'Connor: US experience is a warning to pay attention to Ireland's abortion law review | In a remarkable turnaround, abortion rights campaigners have protested in Dublin against moves to restrict access to abortion in the US. Irish women ought to bear in mind that the law governing their own rights are under review at the moment.
IF you are a citizen of the US state of Texas you are free to bring a lawsuit against anyone — friend, taxi driver, doctor — who “ aids or abets ” a woman there in getting an abortion. If your suit is successful you win a jackpot of $ 10,000 plus any legal fees incurred.
This now applies to an abortion taking place after a foetal heartbeat has been detected, something that occurs around six weeks.
Alongside Texas, Idaho has most recently introduced its own extraordinary legal constraints where family members can sue doctors who perform the procedure. The Idaho bill allows the mother, grandparents, siblings, aunts, and uncles of the “ preborn child ”, as well as the father, to sue if an abortion has been performed.
Abortion rights are under siege in the US, a place we would once have looked towards as a beacon of reproductive rights. Not that long ago such developments would have been impossible to imagine.
But hugely aided by the election of Donald Trump as US president, and his nomination of Supreme Court judges, as well as emboldened Republican politicians, the laws are being changed in some of the most pernicious ways possible.
There will be many in Ireland who might wish never to discuss the topic again and for women to quietly accept the historic referendum win of 2018. But while the US is an extreme example of how a situation can flip dramatically, so is Ireland given how we had such strict laws and chose to outsource the issue sending Irish women beyond our borders for terminations.
Review process
So it is good that a review is currently being carried out into our still-new abortion laws.
The Regulation of Termination of Pregnancy Act 2018 provides for a review of the legislation three years after its implementation.
The Government recently announced the appointment of barrister Marie O’ Shea as the independent chair. As part of that, we are having a public consultation which remains open until April 1. Anyone may contribute.
Afterwards, the independent chair will examine the findings, as well as research the experiences of those using the services. There will also be research provided by service provides themselves.
All of this will be combined into a report with recommendations.
It may surprise some people to discover that 375 women travelled from Ireland to the UK for an abortion in 2020. Those figures were provided by the clinics involved.
We don’ t know for sure, but can conclude the main reason would have been a diagnosis of a foetal anomaly that was not fatal, as well as women who were over the limit of 12 weeks pregnant. Who knows the additional burdens that were placed on these women by the pandemic?
One of the positives arising out of Covid was the decision to allow remote consultations between a GP and a woman wishing to discuss abortion. It is hoped this option will be retained. In the majority of cases these early terminations would involve abortion pills.
A very disturbing feature of our abortion care currently offered is that, out of 19 maternity centres only 10 offer a full service to women. In other words, quite incredibly, nine of the hospitals are not providing all services to women.
The HSE had intended addressing this issue two years ago but apparently these efforts were impeded by Covid. We have not been told which hospitals are not fulfilling their obligations and that information should be made known, as well as the reasons why. Under the law, individuals are entitled to a conscientious objection but institutions are not.
This situation means an even higher number of women will go to their GP for abortion care — but further figures show that only one in ten of family doctors are providing this service. That’ s according to the National Women’ s Council ( NWC), and it means only a third of GP surgeries offer these early medical abortions.
Many GPs providing early medical abortion don't take referrals
The NWC said Freedom of information requests seen by it show that, of the 405 GPs who are early medical abortion providers, just 246 are currently listed through My Options — the HSE unplanned pregnancy support services.
The other GPs only provide services to their existing patients and will not take referrals. “ This is very concerning as it indicates the actual pool of providers for the general public is just 7% of the overall GP population. ” Half of all Irish counties have less than 10 GPs offering the service currently — in some counties it could be as low as one GP per county said the organisation.
Abortion Working Group report
The NWC is one of over 20 civil society organisations that comprise the Abortion Working Group which has submitted a report to the current review process highlighting this and other issues. | general |
UK Drops All Covid Restrictions for International Travelers | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
Matthew Parsons, Skift
Today at 5:08 AM EDT
Almost two years since the pandemic began, and plenty of rule changes in between, the government has lifted restrictions.
Matthew Parsons
After two years of mostly non-essential travel advice, the UK government has come full circle to lift all Covid-related restrictions.
The removal of the measures took effect 4am on Friday, and includes the axing of passenger locator form for arrivals into the UK, as well as all tests for passengers who do not qualify as vaccinated.
As a result, unvaccinated passengers do not need to take a pre-departure test and a day-two post arrival test.
The UK first first advised against all non-essential international travel in March 2020, and today said the new measures reflected the government’ s “ Living with Covid plan ” and the high uptake of vaccines and boosters, with 86 percent of the population having received a second dose and 67 percent of the population with a booster or third dose.
The UK government claimed it was one of the first major economies to remove all its remaining coronavirus travel restrictions, and that it was a “ landmark moment for passengers and the travel and aviation sector. ”
However, since March the number of infections has been steadily rising, raising questions over how permanent the relaxation will be eventually prove.
Despite today’ s easing of rules, and a gradual climbdown on the use of masks in the previous weeks, the UK has just seen its biggest fall in domestic and international business travel since the start of 2022.
Business trips departing in the second week of March fell by 50 percent compared to 2019, according to the UK’ s Business Travel Association. The first week of March, in comparison, was reduced by 42 percent.
“ At a time of increased uncertainty across the world and rising fuel prices threatening our industry, it is disheartening to see a reduction in business travel, ” the association’ s CEO Clive Wratten. “ If this trend continues, we will be in the sad position of needing further government support. ”
Data from its partner Travelogix shows there has been an overall $ 4.5 billion loss in gross domestic product associated to domestic and international travel in the past week, compared to the same week in 2019 — the biggest loss since the start of this year.
“ This is the first real evidence of the impact of the devastating war in the Ukraine on international travel. It is particularly clear that the U.S. is once again cautious about travel to Europe and the UK, ” Wratten added. | general |
All remaining UK Covid travel measures to be axed even as cases continue to rise | The measures will end for travel to the UK from 4am on Friday ( Steve Parsons/PA)
Tourism companies have hailed the “ final game-changer ” as all remaining Covid travel measures are axed even as cases continue to rise in the UK.
Transport Secretary Grant Shapps said lifting the requirements, which include pre-travel tests for unvaccinated people, would allow “ greater freedom in time for Easter ” to go abroad.
After a meeting with senior ministers on Monday, he confirmed the measures were ending for travel to the UK from 4am on Friday under the Government’ s plans for “ living with Covid ”.
The Department for Transport ( DfT) said a “ range of contingency measures ” would be kept in reserve so ministers could take “ swift and proportionate action ” in the face of potential new variants.
The department said they would “ only be implemented in extreme circumstances ”, but it was understood the measures would include targeted testing from a country that has seen a new strain emerge.
Demand for foreign holidays has jumped since the start of the year and there is a newfound “ air of positivity ” within the sector, airline executives said in response to the move.
Derek Jones, chief executive of Kuoni, a tourism company, said bookings had surged in recent months for destinations including the Maldives, Mauritius, the Caribbean and Europe.
“ The removal of all travel restrictions is the final game-changer – people can now go on holiday or visit family and friends overseas without all of the stress that comes with testing before they return home, ” he said.
Travel has been in turmoil for two years but now it’ s back. ”
Mr Jones branded passenger locator forms used to track people after outbreaks of the virus, which are among the measures to axed on Friday, “ unpopular and ineffective ”. | general |
Grieving families mourn those who died in care during pandemic | The Remembrance Day event for those who died while in care during the Covid pandemic at Marina Park in Cork. Picture: Eddie O'Hare
Hundreds of grieving families turned out for Friday's Remembrance Day event for those who died while in care during the pandemic.
The events, in Marina Park beside Páirc Uí Chaoimh in Cork, and in the Square in Dundalk, Co Louth, were held ahead of the State's National Day of Remembrance on Sunday.
About 120 people attended the Cork event and some 250 attended the Dundalk event.
Thousands more engaged via Twitter and Facebook.
A video put up featuring photographs of just over 100 people who died was watched by around 3,700 people.
Candles were lit at both events and the names of some of the estimated 2,100-plus who died in nursing homes during the pandemic were read out.
Some families were too emotional to read out the name of their own loved one or say any words.
Instead, many of them stood in silence, tears streaming down their faces.
Family members held onto each other for comfort as, at the Cork event, the loudspeaker played Foster and Allen’ s 'Remember Me '.
Arlene Walsh, whose uncle, Jimmy Lee, died on February 3, 2021, at CareChoice Ballynoe Nursing Home, said a few words.
Then Regina Nolan, whose father, Noel O’ Sullivan, died on October 18, 2020, after a fall at the Bon Secours Care Village in Co Cork, read out a poem.
“ You can shed tears that they are gone or you can smile because they have lived.
“ You can close your eyes and pray that they will come back, or you can open your eyes and see all that they have left behind.
“ Your heart can be empty because you can't see them, or you can be full of the love that you shared. | general |
BP boss more than doubles pay packet to £4.5m | BP ( LON: BP) chief executive Bernard Looney has secured a £4.5 million payday in the wake of the supermajor’ s bumper 2021 profits.
Mr Looney was awarded bonuses of £2.4m as a result of the company’ s performance last year, in addition to his £1.3m salary.
Together with performance-related share awards and cash in lieu of retirement benefits, his total remuneration amounted to over £4.4m – around 87 times more than the median BP employee.
This contrasts with the previous year – Mr Looney’ s first in post – in which the company forwent bonus payments after disastrous results in the wake of the impact of the COVID-19 pandemic.
The CEO’ s salary will increase by 4.25% this year to just under £1.4m – a rise which will also extend to “ the majority ” of the company’ s wider workforce of some 66,000 people, according to BP’ s annual report, published Friday.
BP also said it would increase its dividend to shareholders by 4% in the second quarter of 2022, and initiate more than $ 4bn in share buybacks from 2021’ s surplus cash flow.
Looking ahead, it intends to deliver 4% dividend growth and yearly share buybacks of $ 4bn through to 2025.
In February the supermajor posted pre-tax profits of $ 15.2bn ( £11bn), reversing losses of $ 24.8bn in 2020, while revenues for totalled $ 157.7bn, up nearly 50% on the prior year.
It comes as calls have been made for a windfall tax on the profits of North Sea operators, who have seen revenues surge in light of higher oil and gas prices.
Average household energy bills for pre-payment customers in the UK are set to rise by £700 from April 1 as the price cap increases due to higher commodity prices. | general |
Pandemic surveillance: Is tracing tech here to stay? | The two-year fight against COVID-19 has turned technology into a weapon of choice to defeat the virus, but experts now worry that tech will outlive the pandemic and normalize mass surveillance.
From contact-tracing apps to facial recognition, technology has become part of the arsenal used to protect public health.
While this might have helped save lives, rights advocates say intrusive solutions could already be so entrenched that personal privacy is the long-term price many people may yet pay.
“ Once a big system is introduced into a society, it is difficult to fundamentally fix it, even if a problem is found afterwards, ” said Chang Yeo-Kyung executive director of South Korea’ s Institute for Digital Rights.
The country has largely been a COVID-19 success story, partially thanks to aggressive testing and tracing.
This year, as cases of the highly infectious but less deadly omicron variant surged, it scrapped contact-tracing and mandatory isolation for vaccinated people in favor of self diagnosis and at-home treatment to free up medical resources.
Yet, in December, it announced a nationally funded pilot to use artificial intelligence, facial recognition and thousands of CCTV cameras to track the movement of infected people — a move that raised privacy concerns.
The project was set to start in January in Bucheon, one of the country’ s most densely populated cities on the outskirts of Seoul, but it has reportedly suffered delays.
“ There are concerns that surveillance will become a ‘ new normal’ for our society after COVID-19, ” Chang said via email.
For example, he said people have already grown accustomed to showing proof of identity before entering a venue.
Government, too, has stretched boundaries, Chang said, in one instance using cell towers to identify thousands of people at a given location — then encountering only meek resistance.
Elsewhere in Asia, countries including Singapore, India, Thailand and Taiwan continue to use contact-tracing apps to track local residents, as well as keep tabs on tourists.
Singapore, Thailand and others also extensively use QR codes for check-ins at malls, restaurants, airports and other sites.
Last year, Singapore said it would allow police to use personal data from its contact-tracing app in “ serious ” criminal investigations, and introduced a bill that mandated penalties, including jail time, for misuse of the data.
The Indian state of Jammu and Kashmir said last year that it had shared data from a contact-tracing app with local police.
App-based food delivery firms, such as Zomato and Swiggy, began sharing workers’ names and body temperatures with clients.
Several Indian cities have also made it mandatory for municipal workers to wear tracking devices, while teachers in New Delhi have filed a lawsuit to stop the use of biometrics in an attendance app they say invades their privacy.
The increase in surveillance has spawned heightened debate and some legal action, according to digital rights experts, as fears grow that surveillance has already gone too far.
“ We have been asked to give a lot of data for the purposes of controlling the virus. Sometimes it was necessary, sometimes it was not, ” said Carissa Veliz, a professor at the Institute for Ethics in AI at Oxford University in Britain.
“ On the other hand … we are seeing more of a backlash than we used to and more awareness.. I think people are tired of feeling spied on. ”
Estelle Masse, global data protection lead at rights group Access Now, said contact-tracing apps in Europe fared relatively well in terms of privacy protection, in part due to greater public discourse.
“ A lot of the potential privacy risk that could have existed did not materialize, ” she said.
European apps, for example, largely stored data on people’ s phones rather than in one central database, she said, while the extent of info logged only stretched to the need-to-know.
But not everything went to plan — not when authorities used private data designed to stem the virus for other reasons.
In Germany, prosecutors in Mainz apologized after it was revealed that police surreptitiously obtained the details of people gathered by a privately-developed contact-tracing app, Luca, as part of a probe into the death of a man.
Luca said the app had worked as police only got access to its data about a restaurant visited by the man after getting the health department to pretend it was the site of an infection.
Similar cases caused a stir in Australia, where two states tested facial recognition software that let police check whether people were home during quarantine.
And in Britain, reports that the terms and conditions of some QR code check-in apps used by pubs and restaurants allowed client data to be held for years and shared raised eyebrows.
That underlined the importance of minimizing the amount of data that can be collected, and of putting in place strong legal frameworks over its use, said Masse.
But as the world moves from pandemic towards endemic phase, it was also time to start discussing the what-next, she said.
If they were no longer deemed necessary, governments had a duty to help phase them out and ensure companies would not repurpose the tools for other uses.
“ It’ s kind of the nature of the internet, platforms disappearing and people forgetting they have an account somewhere. But these are apps that were pushed by governments to be used by millions of people, ” said Masse.
“ The way governments accompanied their rollout and utilization, they will also have to accompany their deletion from users. ”
Yet, some developers believe their apps will have a life post-COVID now that people know the upside of digitizing services — so long as it is coupled with data protection.
Patrick Hennig, director of Germany’ s Luca app, said his firm’ s experience tracking the virus at venues could easily be used to streamline restaurant payments or hotel check-ins.
“ ( People) are very willing to share their data if they really see benefit, ” he said. “ If things are done correctly, then there is no issue, the general population will accept it. ” | tech |
Phil Healy powers to World Indoor semi-final | Ireland's Phil Healy wins her heat at the IAAF World Indoor Athletic Championships in Belgrade
Phil Healy shook off a recent bout of Covid to turn in a superb performance at the World Athletics Indoor Championships in Belgrade this morning, the Bandon AC sprinter taking victory in her 400m heat in 51.75 seconds.
Healy bided her time behind Dutch sprinter Lieke Klaver through the first 300m but swept past her opponent up the home straight to take victory, and with it a key outer lane in this evening’ s semi-final.
“ It was so important to get that win to get a decent lane, ” she said. “ I didn’ t expect to win the heat as the Dutch girl is so quick, but I felt good coming down the last 60 so I said I’ d go get that win as it’ s so important for this evening. ”
Healy battled a bout of Covid last week and delayed her journey to Belgrade to put in one last “ tester session ” on Tuesday, which she said went “ crap ”. She considered withdrawing from the individual 400m as a result but together with coach Shane McCormack, she decided she had “ nothing to lose ” by lining up today.
“ Derval ( O’ Rourke) sent me a voice note yesterday saying the hard work is done, that last week is a few days out of years of hard work, so go out there and put it behind me, ” she said. “ That’ s what I did. ”
The women’ s 400m semi-finals will take place at 5:35pm Irish time today. | general |
Quake-hit Japan plants restart but Toyota to suspend 18 assembly lines | Manufacturers began restarting production at plants in the country’ s quake-hit northeast, but Toyota Motor Corp. said it plans to idle 18 assembly lines for a few days next week due to a shortage of parts from suppliers.
On one hand, the limited damage caused by the magnitude 7.4 temblor has highlighted Japan’ s success in building resilience against the frequent tremors that shake the archipelago.
But the quake has sparked concerns of further disruptions to a pandemic-hit supply chain for precision components vital to electronics and autos production and in which Japanese manufacturers play a leading role.
Toyota, the world’ s largest automaker by sales volume, said it will idle 18 lines at 11 domestic factories, mostly for three days.
It had suspended operations at three factories due to the quake and sees lost production of 20,000 units due to the stoppages. Toyota has already cut its global production target due to the ongoing chip shortage.
Murata Manufacturing Co., the top global supplier of ceramic capacitors used in smartphones and cars, said it restarted production on Friday at two plants, with its remaining two idled plants to restart next week.
A fire that broke out at a factory that produces chip inductors caused some damage to equipment.
Renesas Electronics Corp., which makes nearly a third of the microcontroller chips used in cars globally, said it has restarted production after stopping it at two factories, with a partial stop at a third.
All three factories, including the Naka factory where a fire broke out last year, are expected to return to pre-quake capacity by Wednesday, Renesas said.
Power has mostly been restored across the northeast, which suffered Japan’ s biggest-ever earthquake 11 years ago. Areas of Tokyo lost power for nearly three hours after the latest quake, in which three people died and 183 were injured.
The blackout has forced the disposal of some COVID-19 vaccines held in cool storage, the Yomiuri newspaper reported.
Tech conglomerate Sony Group Corp. is in the process of gradually restarting production at three factories in the quake-hit area, a spokesperson said.
There is some damage to a facility in Shiroishi, Miyagi Prefecture, that produces laser diodes but the impact on production is limited, Sony said. | tech |
Japan and Saudi Arabia to work toward stabilizing crude oil markets | Prime Minister Fumio Kishida and Saudi Arabia’ s Crown Prince Mohammed bin Salman agreed Thursday to bolster cooperation on stabilizing global crude oil markets after Russia’ s invasion of Ukraine sent prices surging.
Kishida expressed hope for Saudi Arabia’ s “ strong leadership ” in bringing calm to the markets amid supply concerns, the prime minister told reporters after speaking by phone with the crown prince.
They also confirmed close coordination in responding to the crisis in Ukraine, Kishida said.
Saudi Arabia is a major oil exporter to Japan, along with the United Arab Emirates.
Earlier this week, Kishida also asked the UAE to make “ proactive contributions ” as an oil producer and agreed with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan during phone talks that the two countries will jointly help crude oil markets stabilize.
Soaring fuel and food prices have prompted calls for the Japanese government to take action to ease the financial burden on households when the economy has yet to fully recover from a slump caused by COVID-19 restrictions.
Separately, Kishida held phone talks with Kenyan President Uhuru Kenyatta on Thursday to discuss Russia’ s aggression in Ukraine.
The two leaders agreed to cooperate in dealing with the crisis and promoting reform of the U.N. Security Council, Kishida said. Kenya is currently a nonpermanent member of the council that has permanent member Russia. | tech |
China Covid strategy: Xi Jinping vows to reduce the economic impact of surging cases | 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.
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.
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. | business |
Chicago Police Department is latest to lower hiring standards amid staffing shortages |
Chicago Police Superintendent David Brown announced last week that the department would waive a college-credit requirement for recruits who have two years of military or peace officer experience, or three years in corrections, social services, health care, trades, or education. Under the old policy, those candidates were required to have 60 hours of college credits.
About 3,800 people took the Chicago police department's entrance exam over the four months it was offered last year, compared to as many as 22,000 in recent years. At least two other big-city police departments have made similar moves in recent years.
Philadelphia used to require some college for officers, but changed that policy to help ease a staffing shortage. That city's former commissioner called the lowering of standards an `` embarrassment. '' New Orleans police also jettisoned a 60-hour requirement, and the education requirement for new recruits is a GED or high school diploma. That move was also in response to staffing shortages.
`` I think this is all about enlarging the pool of applicants you can choose from, '' said Chuck Wexler, executive director of the Police Executive Research Forum. `` Some cities are really strapped for candidates, so they have to take a second look, 'What do we have to do to expand the applicant pool? ' And also, how do you make sure the candidate pool reflects the community you're serving. ''
There's a broader trend of relaxing standards
Police departments across the country are struggling to maintain their workforces, according to recent survey data compiled by the Police Executive Research Forum. According to their findings, collected from about 180 police departments of various sizes:
• There were 42.7% more resignations in 2021 than in 2019.
• Agencies of all sizes reported substantial increases in resignations from 2019 to 2021.
• There were 23.6% more retirements in 2021 than in 2019.
• Agencies of all sizes reported an increase in retirements from 2019 to 2020, and large agencies saw the largest increase.
`` The job has become much more demanding, complicated, sophisticated in terms of technology, in terms of writing, all of the tools -- judgment, decision making -- all of the things we expect that translates into police officers of future, '' Wexler said. `` If you want to change American police culture, you need to hire the best and the brightest. I 'm not sure that's where we are today given what we're seeing. ''
Wexler said that not everyone who's gone to college goes on to become a good police officer -- `` I know some people who 've gone to college and they're complete idiots, absolutely no common sense '' -- and there's value in hiring older candidates with life experience who 've been in the workforce or couldn't go to school because they're raising a family.
But broadly, dropping the education requirement is `` worrisome, '' he said. `` We do know a more educated workforce is, you're getting a candidate pool ( that) recognizes importance of education. '' The Chicago move is part of a broader trend of relaxing standards to entice more people into becoming police officers.
Relaxing standards could mean allowing tattoos or prior use of marijuana. `` But also looking at things, like, how do you attract a larger base of candidates to choose from. If you talk to any chief today, they will tell you they're just not seeing the same number of people they 've seen in years, '' Wexler said.
Life experience makes ' a very big difference '
In Chicago, about 3,800 people took the police department's entry exam over the four months it was offered in 2021. As many as 22,000 took the exam in 2018, about 14,000 applicants in 2016, and about 19,000 applicants in 2013.
The Chicago Police Department's attrition rate more than doubled from 4% in 2020 to 8.5% in 2021, according to Brown. Chicago police declined to comment on how many people took recent entrance exams, or were hired from those exams, but called the pool of candidates `` very small. ''
`` The 60 hours of college credit requirement can be prohibitive, '' Brown said last week at a news conference. A deputy chief, at the same news conference, said that `` life experience really does make a very big difference. ''
Brown said the restrictions on recruit class sizes early in the pandemic to mitigate the spread of Covid-19 had an impact on the overall attrition rate, as well as an outbreak of Covid-19 in the summer of 2020 that prompted a shutdown of the police academy.
Chicago's most recent recruit class in February was 48% female, 65% Hispanic, Brown said. The racial and ethnic makeup of the department in its entirety includes 20% African American, 4% Asian, 45% White, 30% Hispanic and `` various other categories of diversity '' that account for 1% of officers, he added. The city, as of the most recent census, is 33% White, 29.2% Black, and 28.6% Hispanic or Latino. That changed slightly from 10 years earlier, when the city's Black population was larger.
Migdalia Bulnes, deputy chief of the newly created recruiting team for the agency, said that their goal was to open the pool of applicants to people who have work experience but were not able to attend college to obtain the 60 credit hours required for the job.
`` There are many, many people just like that in our communities, '' she said. `` They are leaders, they have a job, they have experience, they have communication, they're making decisions, they're filling out reports. So those were the individuals that we thought of when we started talking about this program and exactly what we wanted to see come into this police department. '' | business |
UK police officer jailed for murder of Sarah Everard charged with more sex crimes | Wayne Couzens, 49, whose job was to guard diplomatic premises, abducted marketing executive Sarah Everard on a London street as she walked home from visiting a friend in March last year, using his police credentials to force her into his car.
Her body was later found in woodland about 50 miles ( 80 km) away in southeast England.
His actions provoked anger at the failure of police and wider society to tackle violence against women, and he was told he would go to prison for life with no chance of parole.
The Crown Prosecution Service said it had now authorized Couzens to be charged with four more suspected offenses of exposing himself, which had taken place less than a month before he attacked Everard.
`` Following a referral of evidence by the Metropolitan Police, the CPS has authorised four charges of indecent exposure against Wayne Couzens, '' said Rosemary Ainslie, Head of the CPS Special Crime Division. `` The four alleged offences took place between January and February 2021. ''
He is due to appear at London's Westminster Magistrates ' Court on April 13.
In January, the government announced there would be a public inquiry into whether Couzens could have been stopped before he murdered Everard.
Her death led to public rallies and outpourings of anger from women who recounted their own experiences and fears of being out alone at night.
Last week, the High Court in London ruled that police had acted unlawfully when they used Covid-19 rules to force campaigners to cancel an outdoor vigil for Everard, which ended with officers using heavy-handed tactics to arrest several women and provoked widespread condemnation. | business |
Daily Podcast: Oyo’ s Bumpy Road to an IPO | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
Rashaad Jorden, Skift
Today at 5:55 AM EDT
Good morning from Skift. It's Friday, March 18, in New York City. Here's what you need to know about the business of travel today.
Rashaad Jorden
Listen to the day’ s top travel stories in under four minutes every weekday.
Learn More
Today’ s edition of Skift’ s daily podcast discusses what endemic Covid could mean for tourism in Asia, how rising fuel prices are hitting the meetings and event industry, and Oyo’ s challenges as it looks to an IPO.
Several Asian nations — including Malaysia, Thailand and Singapore — are moving forward with plans to treat Covid as endemic, after two crushing years under a pandemic. So what does that mean for the travel industry throughout the continent? The large-scale move to an endemic phase could spark a tourism rebound, reports Asia Editor Peden Doma Bhutia.
Bhutia writes the shift to endemic will go a long way in simplifying travel to Asia, where travel regulations have frequently changed from country to country during the pandemic. She adds that destinations will have the opportunity to market themselves to prospective visitors without having to provide so many caveats for entry.
Next, budget hotel operator Oyo had big plans for its initial public offering. But it’ s been far from smooth sailing for the India-based company. As Executive Editor Dennis Schaal writes, its IPO could be cut in half in scope — or even withdrawn.
Oyo had filed its IPO paperwork with India regulators in October 2021, proposing a $ 10 billion to $ 12 billion valuation. The company was also looking at a $ 9 billion valuation in January of last year, but its IPO has been in limbo pending approval by the Securities and Exchange Board of India.
But as Oyo faces numerous lawsuits as well as a market that has seen the collapse of IPOs, a published report on Thursday revealed the company could go public with a $ 6 billion valuation or withdraw its IPO. When asked the possibility of either outcome, an Oyo representative declined to comment about any changes in its IPO plans.
Finally, just as the in-person event industry was starting to make progress in its recovery, it now has to grapple with surging fuel prices. So where will the event industry feel the impact of the rising cost? Just about everywhere, reports Contributor Eileen Wennekers for EventMB, a Skift brand.
As Wennekers writes, the cost of fuel affects virtually every aspect of running an event. Brent Taylor, the president of Canada-based Timewise Events, predicts increasing fuel prices will spur more planners to focus on local events. Taylor cited his company as an example as it now operates on a much smaller geographic scale than previously.
While Wennekers writes the mid-term outlook is quite bleak for the events, another executive — Will Curran, the founder of Endless Events — believes the industry can overcome the challenges presented by higher fuel prices. Curran said planners can offset the increasing price of transportation by choosing less expensive locations for their events. In addition, rising truck costs could spur organizers to make their events smaller, thus reducing their carbon footprint. | general |
MLB labor deal opens door for Shohei Ohtani to play in 2023 World Baseball Classic | After an injury kept him out of the 2017 World Baseball Classic, Los Angeles Angels two-way sensation Shohei Ohtani now appears to be on track to participate a year from now when the tournament resumes after a six-year hiatus.
The 2023 edition, originally scheduled for March 2021 but pushed back due to the coronavirus pandemic after its 2020 qualifying rounds were postponed, was in doubt until MLB agreed with its union on a new labor deal and the owners ended their lockout.
Ohtani had been on track to compete in the 2017 WBC as the reigning MVP of the Pacific League, but injured his ankle in the 2016 Japan Series and aggravated it in Japan’ s international friendlies that November.
Although Ohtani was not fit to pitch — his bat was sorely missed when Japan lost 2-1 in the semifinals against the United States, the eventual tournament champion. In 2023, however, WBC fans have the mouth-watering possibility of seeing him star on the mound as well.
The thought of having Ohtani play for Samurai Japan likely influenced the choice of Hideki Kuriyama as national team manager. Kuriyama was chosen to replace Atsunori Inaba in December.
During his tenure as Hokkaido Nippon Ham Fighters manager, Kuriyama helped Ohtani realize his dream of contributing with both ball and bat.
After winning the first two WBCs in 2006 and 2009, Japan overhauled its organization after losing to Puerto Rico in the semifinals in 2013 under a stopgap coaching staff. Since then, Japan’ s managers and staff have been chosen well in advance and given years to plan.
Inaba left after piloting Japan to the Tokyo Olympic gold medal, giving Kuriyama barely more than a year to prepare for 2023. After fielding a team with no active MLB players in 2017, Japan’ s strongest team ever could possibly be at Kuriyama’ s disposal.
In addition to Ohtani, Kuriyama may well have the San Diego Padres’ Yu Darvish, Orix Buffaloes ace Yoshinobu Yamamoto, the Tohoku Rakuten Golden Eagles’ Masahiro Tanaka, and current Fukuoka SoftBank Hawks ace Kodai Senga in his rotation.
While defense is Japan’ s calling card, Kuriyama will get to choose some experienced power hitters: Ohtani, Yoshitomo Tsutsugo of the Pittsburgh Pirates, and slugging outfielder Seiya Suzuki.
With the quality of pitching in Japan gradually edging closer to what hitters see from MLB hurlers, Japan’ s domestic big boppers without MLB experience might struggle less in the final round, where Japan has faltered the last two times.
The Tokyo Yakult Swallows’ Munetaka Murakami and Tetsuto Yamada, the Yomiuri Giants’ Kazuma Okamoto, the Hawks’ Yuki Yanagita and Orix’ s Masataka Yoshida are all candidates to give Samurai Japan that extra pop it has often lacked in the final round. | tech |
Democracies should unite in opposition to Russia’ s ‘ immoral war’ – Taoiseach | The Taoiseach has said that democracies across the world should unite in opposition to the “ immoral war ” on Ukraine.
Micheál Martin made the comments following a phone call with Canadian Prime Minister Justin Trudeau about Vladimir Putin’ s invasion of Ukraine.
The two leaders spoke by phone for around 30 minutes, a government spokesman said.
Mr Martin remains in Washington DC where he is isolating following a positive Covid-19 test.
Just spoke with Canadian PM @ JustinTrudeau.We agreed like-minded democracies everywhere should unite in opposition to this immoral war on # Ukraine.We discussed need to accelerate transition to renewable energy.And we agreed there has to be consequences for Putin’ s Russia.
“ We agreed like-minded democracies everywhere should unite in opposition to this immoral war on Ukraine, ” Mr Martin said.
“ We discussed the need to accelerate transition to renewable energy and we agreed there has to be consequences for Putin’ s Russia. ”
The two leaders discussed the push in Europe to reduce dependence on Russian gas, as well as climate change and a transition to renewables
Mr Trudeau also wished the Taoiseach a happy St Patrick’ s Day.
A spokesman for the Taoiseach said he is feeling well and continuing with his work in Washington.
I’ m in # Poland to meet my counterpart to hear what more # Ireland and EU can do to help refugees. Already I have seen the extraordinary lengths Poland has gone to in receiving more than 2 million people in 3 weeks from Ukraine. Incredible solidarity here.🇮🇪 🇵🇱 🇺🇦 🇪🇺 pic.twitter.com/Xkt9WDXn8C
It comes as the Foreign Affairs Minister visited Poland, a country that is hosting a significant proportion of the many Ukrainians who have fled the war. | general |
Net zero banks can lend to polluters for transition – Carney | The transition from LIBOR to RFR has brought challenges for structured products. There are still legacy IBOR products to consider and at the same time the pricing and risk systems need to be upgraâ¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
You are currently accessing Risk.net via your institutional login.
If you already have an account please use the link below to sign in.
If you have any problems with your access, contact our customer services team.
You are currently accessing Risk.net via your Enterprise account.
If you already have an account please use the link below to sign in.
If you have any problems with your access or would like to request an individual access account please contact our customer service team.
Edited by Bill Coen and D. R. Maurice
Members of the Glasgow Financial Alliance for Net Zero ( GFANZ) can keep capital flowing to polluters as long as it is to help their clients reach net zero emissions, former Bank of England governor Mark Carney has said.
Speaking at the Futures Industry Association ( FIA) conference in the US on March 16, Carney said the initiative wasn’ t just about “ flipping a green switch for investment only in companies that are already green ”.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [ email protected ] or view our subscription options here: http: //subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [ email protected ] to find out more.
You are currently unable to copy this content. Please contact [ email protected ] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
For assistance please visit our Help Centre or reach out to customer services.
Register for a Risk.net trial to access this article. Sign up today and get access to:
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
© Infopro Digital Risk ( IP) Limited ( 2022). All rights reserved. Published by Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. Companies are registered in England and Wales with company registration numbers 09232733 & 04699701.
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
To use this feature you will need an individual account. If you have one already please sign in. | general |
Lloyds’ IMA RWAs up 43% in run-up to Ibor switch | The transition from LIBOR to RFR has brought challenges for structured products. There are still legacy IBOR products to consider and at the same time the pricing and risk systems need to be upgraâ¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
You are currently accessing Risk.net via your institutional login.
If you already have an account please use the link below to sign in.
If you have any problems with your access, contact our customer services team.
You are currently accessing Risk.net via your Enterprise account.
If you already have an account please use the link below to sign in.
If you have any problems with your access or would like to request an individual access account please contact our customer service team.
Edited by Bill Coen and D. R. Maurice
Lloyds Banking Group’ s modelled market risk-weighted assets ( RWAs) inflated by 43% to £2.8 billion ( $ 3.7 billion) over the course of 2021, largely the result of adapting models for the post-Libor era.
During the year, the multiplier used to translate value-at-risk readings into RWAs ratcheted up from 3x to 3.5x at the ring-fenced bank and to 3.9x at the investment bank, which Lloyds partly attributed to “ Ibor-related activities ”.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [ email protected ] or view our subscription options here: http: //subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [ email protected ] to find out more.
You are currently unable to copy this content. Please contact [ email protected ] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
For assistance please visit our Help Centre or reach out to customer services.
Register for a Risk.net Premium subscription to access this content. Sign up today and get access to:
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
© Infopro Digital Risk ( IP) Limited ( 2022). All rights reserved. Published by Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. Companies are registered in England and Wales with company registration numbers 09232733 & 04699701.
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
To use this feature you will need an individual account. If you have one already please sign in. | general |
MSIM holds half of FX options notionals among US funds | The transition from LIBOR to RFR has brought challenges for structured products. There are still legacy IBOR products to consider and at the same time the pricing and risk systems need to be upgraâ¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
You are currently accessing Risk.net via your institutional login.
If you already have an account please use the link below to sign in.
If you have any problems with your access, contact our customer services team.
You are currently accessing Risk.net via your Enterprise account.
If you already have an account please use the link below to sign in.
If you have any problems with your access or would like to request an individual access account please contact our customer service team.
Edited by Bill Coen and D. R. Maurice
Morgan Stanley Investment Management ( MSIM) has grown its footprint in foreign exchange options yet again, and now accounts for more than half the total volume of trades on the books of US mutual funds at the end of the fourth quarter, propelling Goldman Sachs into second place in the dealer rankings in the process.
Starting with a 21% market share in Q4 2020, the asset management arm of the US banking giant owned 50% of the FX options market by the end of last year. This represents a $ 39
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [ email protected ] or view our subscription options here: http: //subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [ email protected ] to find out more.
You are currently unable to copy this content. Please contact [ email protected ] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
For assistance please visit our Help Centre or reach out to customer services.
Register for a Risk.net trial to access this article. Sign up today and get access to:
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
© Infopro Digital Risk ( IP) Limited ( 2022). All rights reserved. Published by Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. Companies are registered in England and Wales with company registration numbers 09232733 & 04699701.
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
To use this feature you will need an individual account. If you have one already please sign in. | general |
Banks: sanctions evasion driving rise in money laundering risk | The transition from LIBOR to RFR has brought challenges for structured products. There are still legacy IBOR products to consider and at the same time the pricing and risk systems need to be upgraâ¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
You are currently accessing Risk.net via your institutional login.
If you already have an account please use the link below to sign in.
If you have any problems with your access, contact our customer services team.
You are currently accessing Risk.net via your Enterprise account.
If you already have an account please use the link below to sign in.
If you have any problems with your access or would like to request an individual access account please contact our customer service team.
Edited by Bill Coen and D. R. Maurice
International banks are warning of a rise in attempts by Russian firms and individuals that are, or are likely to find themselves, subject to economic sanctions to divert cash out of the country through would-be legitimate means.
The international community has responded to Russia’ s invasion of Ukraine by imposing hefty sanctions on the country’ s banks and corporates, as well as individuals seen as close to the Russian executive. For banks in countries barred from dealing with such entities
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [ email protected ] or view our subscription options here: http: //subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [ email protected ] to find out more.
You are currently unable to copy this content. Please contact [ email protected ] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
For assistance please visit our Help Centre or reach out to customer services.
Register for a Risk.net trial to access this article. Sign up today and get access to:
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
© Infopro Digital Risk ( IP) Limited ( 2022). All rights reserved. Published by Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. Companies are registered in England and Wales with company registration numbers 09232733 & 04699701.
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
To use this feature you will need an individual account. If you have one already please sign in. | general |
Should the West Build its Own 'Great Firewall '? | Lost amid all the focus on China’ s ‘ Great Firewall ‘ and Beijing’ s efforts to censor what its citizens can see and say is the undeniable capability afforded to a nation’ s defensive posture through a sovereign intranet. An irrefutable fact that likely contributed to Russia’ s decision to build their own.
In June and July of 2021, Russia’ s government disconnected its national internet from the global network to test its “ sovereign internet, ” Runet. The level of preparation needed and the cooperation necessary to disconnect the country’ s networks from the global internet is significant. In 2019, Russia adopted a sovereign internet law aimed at ensuring the country could still function if it was cut off from global networks, in the event of a crisis with the United States, for example. Under this law, the country’ s telecommunications companies were mandated to cooperate with the government and annually test this kind of disconnection.
Unsurprisingly, the law and its implementation prompted concerns by civil rights and free speech advocates who saw the move as an effort by the Kremlin to further control what was said and seen on the domestic internet. Similar concerns have been raised about China’ s implementation. These are reasonable concerns and there exists sufficient evidence to confirm these networks are exploited in such ways.
This law, the test and Russia’ s efforts to develop a sovereign internet mask a much more sinister possibility—Moscow could take the country offline, maintain its defensive cyber posture with minimal disruption and unleash relentless cyberwarfare on the west’ s infrastructure; denying the United States and its allies the ability to respond in cyberspace. A disconnected Russian internet would allow them to attack telecommunications, financial networks and the electrical grid, largely with impunity and making it nearly impossible to retaliate—a capability that China already possesses. This renders any concept of ‘ mutually assured cyber destruction ‘ moot.
Russia and China’ s efforts to isolate their cyberinfrastructures give the rest of the world reason to pause. The west’ s digital infrastructure is expansive, unregulated, a creator of opportunity … and a point of significant weakness. Its vast, open and flexible nature allows amazing freedom—online bookings, communication, shopping, etc.—and has transformed the way we live. It also inhibits our security, limits opportunities for governments to ensure our safety and creates an ever-expanding threat landscape.
On the contrary, Russian internet traffic must pass through government-controlled nodes that allows the government to monitor and—if necessary—restrict access. Further, a Russian-owned Domain Name System ( DNS) has been established to ensure the country’ s sovereign internet continues to operate if external connections are severed.
Now, the Great Firewall of China has not made them immune to cyberespionage. As recently as March 2021, a Chinese cybersecurity research firm announced it had detected at least 40 high-level overseas hacker organizations and more than 2,700 advanced cyberattacks against China in the past few years. What these systems enable—on top of the ability to surveil their citizens’ internet activity, which must be reiterated—is the ability to take their entire nation offline if required. From this offline state, either Russia or China would be capable of relentless cyberattack without retaliation. The only cost? The freedom of their citizens to participate as global citizens.
Citizens of China are more familiar with the absence of internet freedom than their Russian counterparts. It has become increasingly widespread under General Secretary of the Chinese Communist Party ( CCP) Xi Jinping’ s administration to monitor and restrict the internet freedom of their citizens. The development of Russia’ s sovereign internet evidences a transition by their government toward a similarly strict surveillance state. That said, no matter how familiar Russia and China are with their approach to citizen surveillance, the decision to completely remove their respective countries from the global community would be devastating to national stability.
One result of the COVID-19 pandemic—more now than ever—is that enterprise, innovation and opportunity are intertwined with the ability of an individual to participate as a global citizen. Ironically, citizens of China and Russia are two of the most internet-dependent nations in the world. For instance, in eSports, the fastest growing online community in the world, Russian and Chinese competitors rank second and third behind only the United States. Any justification for disconnecting either nation is unlikely to be well-received for long before the seeds of dissent take root and flower.
It is through expanding their sovereign internet to facilitate national surveillance that these countries have crippled the defensive capability it offers. The ability to maintain a defensive posture without inciting unrest is critical to the success of this capability. The sustainability of these exceptional defensive measures beyond the capability of any would-be adversary while maintaining the security of critical infrastructure is critical to its success. The west should not be looking to implement a nationwide internet managed through government-controlled nodes ( that may or may not be used to surveil citizens). But a sovereign intranet that protects and maintains our critical infrastructure during periods of global conflict? That’ s an idea.
No nation is prepared for the current cyberthreat landscape. The global skills shortage alone demonstrates the difficulties facing the sector. If the global landscape shifts to such an extent that nation-states are openly engaging in cyberwarfare against critical services, organizations would be as effective at protecting their infrastructure as sandcastles are at stopping the tide. It should be a priority for legislators to adopt strategies that improve the preparedness of our critical infrastructure should such an event occur.
There are existing legislative frameworks for managing risks relating to critical infrastructure that introduce positive security obligations for critical infrastructure assets. However, recent amendments to legislation in Australia, the United Kingdom, the United States and other western governments fall short of accounting for the necessary defensive measures required in the global climate that both China and Russia are actively preparing for. This oversight leaves nations exposed when faced with cyberattacks that would cripple health systems, communication, transportation and utilities.
Jack Lindsay’ s primary focus is on management, sales, and technology issues in industry focusing on software and security. Jack brings expertise in learning, coaching, and software development at every level to ensure companies are successful at people, strategy, execution, and finance. Jack is co-founder of Upward Spiral, an innovative solution to the recruitment issues facing the IT community. Their mission is to help 1 million professionals find their dream job and measurably improve the job-seeker and hiring experience. When Jack isn’ t working, he is a Board member at the women’ s international cycling union ( The Cyclists’ Alliance), contributor to various cycling websites, hockey player in the Bundesliga, and involved in various InfoSec, Software and FinTech conferences.
jack-lindsay has 1 posts and counting.See all posts by jack-lindsay | general |
Why Vaccine Cards Are So Easily Forged | My proof of COVID-19 vaccination is recorded on an easy-to-forge paper card. With little trouble, I could print a blank form, fill it out, and snap a photo. Small imperfections wouldn’ t pose any problem; you can’ t see whether the paper’ s weight is right in a digital image. When I fly internationally, I have to show a negative COVID-19 test result. That, too, would be easy to fake. I could change the date on an old test, or put my name on someone else’ s test, or even just make something up on my computer. After all, there’ s no standard format for test results; airlines accept anything that looks plausible.
After a career spent in cybersecurity, this is just how my mind works: I find vulnerabilities in everything I see. When it comes to the measures intended to keep us safe from COVID-19, I don’ t even have to look very hard. But I’ m not alarmed. The fact that these measures are flawed is precisely why they’ re going to be so helpful in getting us past the pandemic.
Back in 2003, at the height of our collective terrorism panic, I coined the term security theater to describe measures that look like they’ re doing something but aren’ t. We did a lot of security theater back then: ID checks to get into buildings, even though terrorists have IDs; random bag searches in subway stations, forcing terrorists to walk to the next station; airport bans on containers with more than 3.4 ounces of liquid, which can be recombined into larger bottles on the other side of security. At first glance, asking people for photos of easily forged pieces of paper or printouts of readily faked test results might look like the same sort of security theater. There’ s an important difference, though, between the most effective strategies for preventing terrorism and those for preventing COVID-19 transmission.
Security measures fail in one of two ways: Either they can’ t stop a bad actor from doing a bad thing, or they block an innocent person from doing an innocuous thing. Sometimes one is more important than the other. When it comes to attacks that have catastrophic effects—say, launching nuclear missiles—we want the security to stop all bad actors, even at the expense of usability. But when we’ re talking about milder attacks, the balance is less obvious. Sure, banks want credit cards to be impervious to fraud, but if the security measures also regularly prevent us from using our own credit cards, we would rebel and banks would lose money. So banks often put ease of use ahead of security.
That’ s how we should think about COVID-19 vaccine cards and test documentation. We’ re not looking for perfection. If most everyone follows the rules and doesn’ t cheat, we win. Making these systems easy to use is the priority. The alternative just isn’ t worth it.
I design computer security systems for a living. Given the challenge, I could design a system of vaccine and test verification that makes cheating very hard. I could issue cards that are as unforgeable as passports, or create phone apps that are linked to highly secure centralized databases. I could build a massive surveillance apparatus and enforce the sorts of strict containment measures used in China’ s zero-COVID-19 policy. But the costs—in money, in liberty, in privacy—are too high. We can get most of the benefits with some pieces of paper and broad, but not universal, compliance with the rules.
It also helps that many of the people who break the rules are so very bad at it. Every story of someone getting arrested for faking a vaccine card, or selling a fake, makes it less likely that the next person will cheat. Every traveler arrested for faking a COVID-19 test does the same thing. When a famous athlete such as Novak Djokovic gets caught lying about his past COVID-19 diagnosis when trying to enter Australia, others conclude that they shouldn’ t try lying themselves.
Our goal should be to impose the best policies that we can, given the trade-offs. The small number of cheaters isn’ t going to be a public-health problem. I don’ t even care if they feel smug about cheating the system. The system is resilient; it can withstand some cheating.
Last month, I visited New York City, where restrictions that are now being lifted were then still in effect. Every restaurant and cocktail bar I went to verified the photo of my vaccine card that I keep on my phone, and at least pretended to compare the name on that card with the one on my photo ID. I felt a lot safer in those restaurants because of that security theater, even if a few of my fellow patrons cheated.
This essay previously appeared in the Atlantic.
* * * This is a Security Bloggers Network syndicated blog from Schneier on Security authored by Bruce Schneier. Read the original post at: https: //www.schneier.com/blog/archives/2022/03/why-vaccine-cards-are-so-easily-forged.html | general |
Moderna seeks FDA authorization for second Covid-19 booster shot for all adults | Moderna is seeking an amendment of the FDA's emergency use authorization for its Covid-19 vaccine to allow a fourth vaccine dose for any adults who 've gotten an initial booster of any of the authorized or approved vaccines.
`` The request to include adults over 18 years of age was made to provide flexibility for the U.S. Centers for Disease Control and Prevention ( CDC) and healthcare providers to determine the appropriate use of an additional booster dose of mRNA-1273, including for those at higher risk of COVID-19 due to age or comorbidities, '' the company said in a news release. `` This submission is based in part on recently published data generated in the United States and Israel following the emergence of Omicron. ''
On Tuesday, Pfizer and BioNTech, makers of the other mRNA Covid-19 vaccine used in the US, submitted a request to the FDA for EUA of an additional booster of their Covid-19 vaccine, but that application was only for adults 65 and older.
A study of health care workers in Israel, published Wednesday in the New England Journal of Medicine, found that a fourth dose of the Pfizer/BioNTech or Moderna Covid-19 vaccine was safe and boosted antibody levels similar to what was seen after a third dose.
A few countries area already offering fourth doses of Covid-19 vaccines. Currently, fourth vaccine doses are authorized in the US only for certain people with weakened immune systems.
The FDA has said it will convene its independent vaccine advisers, the Vaccines and Related Biological Products Advisory Committee, in April `` to have a transparent discussion about considerations for 2022 booster shots, including whether and when those boosters may be needed and for which populations, based on the available data and latest science on circulating or emerging virus variants. '' A date for the meeting has not been set.
| business |
Macron promises tax cuts, welfare reform in election manifesto | Speaking at his first major campaign event on Thursday, 44-year old Emmanuel Macron announced a programme aimed deepening pro-business reforms he began in 2017 aimed at reducing high unemployment.
`` It's quite normal, especially when you consider the state of public coffers, that we work more, '' Macron told some 300 journalists gathered at a venue in a northern Paris suburb, in front of giant screens showing his slogan `` With You ''.
`` We have two levers: full employment and reforming the pension system, '' he said.
Macron acknowledged that he had been unable to push through the pension overhaul as promised in 2017, but promised to tackle it again and push back the retirement age to 65 from 62.
He also proposed reforms to the benefits system that would require the unemployed to undertake 15 to 20 hours of work or training per week.
Another politically risky change would see all social benefits – for unemployment, housing, or childcare -–centralised in a single system, affecting up to 20 million French people.
Unions call strike for salary increases ahead of French presidential election
Major new public investments in the military, the energy sector and new technologies were also required, he said, in order to create `` an independent France in a strong Europe ''.
The programme `` has been informed by the crises we 've experienced in the last five years which we weren't expecting, '' he said, referring to so-called `` Yellow Vest '' anti-government protests from 2018, the Covid-19 crisis, and the war in Ukraine.
Déjà vu as France's Yellow Vest protesters mark three years of struggle
Many of his proposed reforms will be subject to debate with stakeholders, he said, such as changes that would introduce more autonomy for schools and wage differences between teachers.
`` 'With you ' is not just a slogan, it will be for me a new democratic way of working, '' he insisted.
Rivals across the political spectrum, who have struggled to make an impact as Russia's invasion of Ukraine has dominated headlines, have accused Macron of neglecting the election campaign until now.
He has taken a leading role in Western diplomatic efforts to stop the war in Ukraine, holding 20 hours of talks with Russian leader Vladimir Putin in the last five weeks.
Macron says Putin has broken promises, after Russia recognises Ukraine separatist regions
`` The president wants to be re-elected without ever really having been a candidate, without a campaign, without a debate, without a competition of ideas, '' the head of the Senate, Gerard Larcher, said on Tuesday.
`` If there isn't a campaign, then there will be questions about the legitimacy of the winner, '' Larcher, from the opposition Republicans party, told Le Figaro newspaper.
His diplomatic efforts over the Ukraine war appear to have boosted his lead in the polls.
The most recent voter surveys show Macron has gained five to six points over the last month and is likely to win the first round of the election on 10 April and beat any opponent in the April 24 run-off.
He is currently polling at around 30 percent, with veteran far-right leader Marine Le Pen in second place on around 18 percent, a poll of polls by the Politico website suggests. | general |
How did America handle the covid-19 pandemic? | TWO YEARS on, even cautious Democrats are feeling confident that America is entering a new, less severe phase of the covid-19 pandemic. But, depending on how you measure it, America’ s death toll from the coronavirus has just passed a horrendous milestone—one million. How did America handle covid-19?
The Economist’ s Sondre Solstad takes us through the data. We look at how Florida has dealt with the pandemic. And The Economist’ s Tamara Gilkes Borr examines why America was unprepared for the onslaught of the virus.
John Prideaux presents with Charlotte Howard and Idrees Kahloon. Runtime: 42 mins
For full access to print, digital and audio editions as well as exclusive live events, subscribe to The Economist at economist.com/uspod
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
COVID-19 Update: Benefit of 4th Booster Could be Modest, New White House Coordinator | Although there is talk of a fourth shot of the Moderna and Pfizer-BioNTech COVID-19 vaccines, with both companies having made Emergency Use Authorization ( EUA) requests, the data so far suggest the benefits may be modest. Continue reading for details and more COVID-19 news.
Moderna has submitted a request to the U.S. Food and Drug Administration to amend its Emergency Use Authorization ( EUA) for its COVID-19 vaccine. It wants to get authorization for a fourth dose — a second booster — in adults 18 years and older. They argue that the request is broad to provide flexibility for the U.S. Centers for Disease Control and Prevention ( CDC) and healthcare providers to decide who it would be appropriate for — whether due to age, immunosuppression, diabetes, obesity or other comorbidities.
Pfizer and BioNTech have also made a request for authorization for a fourth dose.
A small study in Israel published in the New England Journal of Medicine demonstrated that the four-dose efficacy of mRNA vaccines, such as Moderna's and Pfizer-BioNTech's, is modest against symptomatic Omicron COVID-19 infection. In their study, of 1,050 eligible Israeli healthcare workers, 154 were given a fourth dose of the Pfizer-BioNTech shot and 120 the Moderna. The fourth dose offered a robust immune response with no concerning adverse events. In the control group, 25.0% were diagnosed with an Omicron infection, compared to 18.3% in the Pfizer group and 20.7% in the Moderna group. In general, efficacy against symptomatic disease was about 65%. They concluded, `` A fourth vaccination of healthy young health care workers may have only marginal benefits. Older and vulnerable populations were not assessed. ''
The Biden Administration has requested $ 22.5 billion in funding to continue its COVID-19 testing and therapeutic programs, but Congress so far has been resistant. In speaking before Congress, Dr. Anthony Fauci, Biden's COVID-19 advisor and director of the National Institute of Allergy and Infectious Diseases, cautioned that countries around the world are seeing surges from the Omicron BA.2 subvariant, and the U.S. is likely to as well, that countries are easing restrictions, and vaccine protection is waning.
`` We have all three of those factors right now in this country, '' Fauci said. `` I would predict that we are going to see a bit of an increase, or at least a flattening out and plateauing of the diminution of cases. And the question is how do we deal with that? ''
Dr. Ashish Jha, dean of the Brown University School of Public Health, will be replacing Jeff Zients as the Biden Administration's COVID-19 coordinator. In some ways, he's a great choice — a knowledgeable subject matter expert with particular expertise in communication, which may be what the White House was looking for. What he doesn't have, and this has raised some concerns about critics, is extensive government experience.
`` Jha is both a medical and public health expert who has been a voice of reason and clarity during the pandemic, '' said Beth Linas, a research epidemiologist at RTI International, a nonprofit scientific organization. `` The only thing I wonder is how another academic with limited government experience will help the nation. Government experience is a really important aspect of leading the massive federal bureaucracy. ''
Zients ' background is in government and business. He was the director of the National Economic Council from February 2014 to January 2017 and was an executive at several companies, including The Advisory Board Company and CEB. He had no particular public health expertise.
Jha did work for four years as a medical advisor at the Department of Veterans Affairs.
As the initial Omicron ( BA.1) surge has begun fading, the so-called `` stealth '' subvariant, Omicron BA.2 is rising worldwide. And researchers would like to know why. Both BA.1 and BA.2 have a common core of genetic mutations, but each has a few unique mutations. BA.2, for example, does not have a mutation that BA.1 has that makes it easier to tell it apart from the Delta variant, which is where the `` stealth '' terminology came from. Largely, the higher level of transmissibility comes down to two factors: immune evasion and transmissibility. Immune evasion means it's better at hiding from the immunity, either caused by previous infection or vaccines. More vaccinations or boosters or reformulated shots might be the answer if that's the case. If other factors make it more transmissible — causes more asymptomatic infections, lasts longer in the air, finds a home more easily in the nose and mouth, for example — then other approaches may be better. Although preliminary, the data suggests that it's mostly related to the first factor.
Early on in the pandemic, it was common for experts to suggest it was only a matter of time before you caught COVID-19. Then vaccines came out, and it became possible that people would never catch the bug — until the more transmissible Delta, Omicron BA.1 and BA.2 variants started causing breakthrough infections. Models vary but suggest that 50% to 75% of people in the U.S. have been infected with Omicron. Does that mean that it's only a matter of time for the rest of the population?
First, the vaccines are highly effective against preventing hospitalization and death. And public health experts say that it's not inevitable that you will catch Covid if you haven't caught it yet. Some of this is due to behaviors, such as masking and social distancing, vaccination rates, and potentially genetics.
Dr. Jonathan Grein, director of hospital epidemiology at Cedars-Sinai in Los Angeles, said, `` Some people may come into more contact with people more regularly than others. There are probably environmental reasons as well, the virus is probably transmitted more efficiently in certain circumstances like classically the indoor poorly ventilated space compared to outside. ''
Although a specific gene has not been associated with increased risk of COVID-19, some studies have suggested certain gene variants put people at greater risk of severe COVID-19.
That said, each variant that surges tends to do so because it's more transmissible than previous variants, which increases the likelihood of getting infected. Alternately, as things go on, the more people who are vaccinated and/or had previous infections create a lower likelihood of catching COVID-19. | general |
COVID-19 tracker: Cumulative cases in Japan top 6 million | The cumulative number of coronavirus cases in Japan topped 6 million Friday as the omicron-induced wave continues to wane.
Although the sixth wave of infections appears to have peaked out, some experts are concerned that a fresh infection wave may hit the country due to the spread of the BA.2 omicron variant.
The cumulative number exceeded 6 million just 18 days after topping 5 million Feb. 28. It took 13 days for the tally to rise from four million to five million.
On Friday, Japan reported 49,210 new COVID-19 cases, down by some 6,600 from a week before, while new fatalities totaled 156. The number of very ill coronavirus patients fell by 99 from Thursday to 991.
Tokyo reported 7,825 new positive cases Friday, down by 639 from a week before. New fatalities totaled 21.
According to the Tokyo Metropolitan Government, the seven-day average of new infections stood at 8,067.7, down from 9,108.7 a week before.
The number of coronavirus patients with severe symptoms under the metropolitan government's criteria fell by five from Thursday to 48.
Elsewhere, Chiba Prefecture reported 3,048 cases and 15 deaths, Aichi Prefecture confirmed 2,601 cases and six deaths and Hyogo Prefecture saw 2,203 cases and seven deaths.
The daily number of new COVID-19 cases confirmed in Japan on Thursday fell by some 7,500 from a week before to 53,587. | tech |
Crypto industry faces ‘ fork in the road’ over sanctions | The transition from LIBOR to RFR has brought challenges for structured products. There are still legacy IBOR products to consider and at the same time the pricing and risk systems need to be upgraâ¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
You are currently accessing Risk.net via your institutional login.
If you already have an account please use the link below to sign in.
If you have any problems with your access, contact our customer services team.
You are currently accessing Risk.net via your Enterprise account.
If you already have an account please use the link below to sign in.
If you have any problems with your access or would like to request an individual access account please contact our customer service team.
Edited by Bill Coen and D. R. Maurice
Cryptocurrency exchanges face a “ watershed moment ” where they can either comply with regulations or face the reputational consequences of failing to prevent sanctions evasion, London Stock Exchange Group chief executive David Schwimmer told an audience at the FIA Boca conference this week.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [ email protected ] or view our subscription options here: http: //subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [ email protected ] to find out more.
You are currently unable to copy this content. Please contact [ email protected ] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User ( named subscriber), as outlined in our terms and conditions - https: //www.infopro-insight.com/terms-conditions/insight-subscriptions/
For assistance please visit our Help Centre or reach out to customer services.
Register for a Risk.net trial to access this article. Sign up today and get access to:
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
© Infopro Digital Risk ( IP) Limited ( 2022). All rights reserved. Published by Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. Companies are registered in England and Wales with company registration numbers 09232733 & 04699701.
You need to sign in to use this feature. If you don’ t have a Risk.net account, please register for a trial.
To use this feature you will need an individual account. If you have one already please sign in. | general |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.