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TransPerfect Expands Manchester Presence | World’ s Largest Provider of Language Services and Technology Grows UK Footprint
NEW YORK & MANCHESTER, England -- ( BUSINESS WIRE) -- TransPerfect, the world’ s largest provider of language and technology solutions for global business, today announced the move of its Manchester office into a new, larger facility, as well as the creation of new jobs in technology, media, and project management to support the company’ s UK and European clients.
Originally opened in 2019 as a small satellite location, TransPerfect’ s Manchester office has grown rapidly since its inception. The UK residents that moved to Manchester during the COVID-19 pandemic have complemented the existing talent pool and made the city an attractive locale for expansion.
The new larger office will accommodate Manchester’ s growth as a technology and production hub for the company, combining senior-level managers and experts with newly created positions that will enable qualified professionals to enter the language solutions industry. Focus areas include translation services and media solutions such as voiceover, dubbing, and subtitling.
International organizations with significant presences in Manchester include AstraZeneca, Siemens, Adidas, Microsoft, Amazon, Kellogg’ s, Unilever, and Gazprom.
TransPerfect President and CEO Phil Shawe stated, “ The United Kingdom continues to be one of TransPerfect’ s major bases of operations. We are excited to expand our presence in Manchester and to tap into the growing talent pool in the region. ” | general |
Why 2022 is only the beginning for AI regulation | Did you miss a session at the Data Summit? Watch On-Demand Here.
As the world becomes increasingly dependent on technology to communicate, attend school, do our work, buy groceries and more, artificial intelligence ( AI) and machine learning ( ML) play a bigger role in our lives. Living through the second year of the COVID-19 pandemic has shown the value of technology and AI. It has also revealed a dangerous side and regulators have responded accordingly.
In 2021, across the world, governing bodies have been working to regulate how AI and ML systems are used. From the UK to the EU to China, regulations on how industries should monitor their algorithms, best practices for auditing and frameworks for more transparent AI systems are on the rise. In the U.S. there has been much less progress made on regulating artificial intelligence than in other geographies. Yet, over the past year, the federal government has begun to take steps toward regulating artificial intelligence across industries.
The threat to civil rights, civil liberties and privacy is one of the biggest considerations made in regulating AI in the U.S. The debates concerning how AI should be handled this year have focused on three areas of interest: Europe and the UK, the individual U.S. states, and the U.S. federal authorities.
Europe is moving quickly toward comprehensive legislation regulating how AI can be used across industries. In April, the European Commission announced a framework to help enterprises monitor their AI systems. In the UK, there have been several steps in creating more regulations around AI auditing practices, AI assurance and algorithmic transparency.
Recently, Germany put forth the world’ s first guidance for the specific criteria published by public authorities to be put into a framework for lifecycle management of AI. The AI Cloud Service Compliance Criteria Catalogue ( AIC4) responds to the calls for AI regulation by clearly outlining the essential requirements for promoting robust and secure AI practices.
Meanwhile, the United States has taken a less-centralized approach to AI regulation. States legislatures have taken steps to regulate this agile technology, but the federal government has made little progress compared to Europe. The federal action the United States took this year, while promising, is largely unbinding.
In the U.S., states and local governments have begun the move toward more accountable and enforceable AI regulation. In Colorado, the state legislature created SB21-169, Restrict Insurers’ Use of External Consumer Data, to ensure insurance companies are held accountable for the discriminatory practices of their AI systems.
Meanwhile, local governments in New York City and Detroit have taken to regulations to mitigate biases and discriminatory practices of algorithms. In New York, the City Council passed the nation’ s first attempt to rein in harmful, AI-based hiring practices. Earlier in 2021, Detroit’ s city council passed a city ordinance to require more accountability and transparency in the city’ s surveillance systems.
A year ago,, the National Security Commission and Government Accountability Office ( GAO) submitted their final report to Congress, recommending that the government take domestic legislative action to protect privacy, civil rights and civil liberties in AI development by government entities. Highlighting the lack of public trust in AI for national security, the intelligence community and law enforcement, this report advocates for the private sector to lead the way in promoting more trustworthy AI. In June, the GAO published a report of key practices to guarantee accountability and responsibility in AI use by federal agencies.
In April, the Federal Trade Commission ( FTC) issued guidance on how to responsibly build AI and ML systems. Through lifecycle monitoring to identify bias and discriminatory outcomes, embracing streamlined auditing and setting clear expectations for what AI systems can accomplish, the FTC hopes to promote more trust in these complex systems. Fundamentally, the FTC believes the current law is sufficient for enforcement and will be enforced on AI systems when necessary.
The FTC also has taken a firm stance advocating for more transparent and fair hiring processes, including placing controls and clear expectations on AI systems. Through greater accountability and transparency, the FTC believes there will be greater trust and confidence in AI, making the U.S. more competitive.
Under the guidance of the National Defense Authorization Act of 2021, the Department of Commerce directed the National Institute of Science and Technology ( NIST) to develop a voluntary risk management framework for AI systems.
Additionally, the Department of Commerce established the National Artificial Intelligence Advisory Committee ( NAIAC) in September under the advice of the National AI Initiative Act of 2020. The committee will advise the president and other federal agencies on a range of issues relating to AI: competitiveness, the science around AI, issues that come along with AI in the workplace and how AI can enhance social justice issues.
Earlier this year, the Food and Drug Administration ( FDA) released the Artificial Intelligence/Machine Learning-Based Software as a Medical Device ( SaMD) Action Plan. This plan outlines how the FDA intends to oversee the use and development of AI- and ML-based SaMD devices used to treat, diagnose, cure, mitigate or prevent disease and other medical conditions. This plan updates the original proposal penned in 2019. In November, this plan was refreshed again in partnership with Canada and the UK.
In October, the Equal Employment Opportunity Commission ( EEOC) launched an initiative to mitigate AI bias and promote algorithmic fairness. The initiative has yet to publish any formal procedure, but plans to author a framework in the near future thanks to industry leaders, enterprises and consumers are in the works. This guidance will be used to promote more transparency and fairness in artificial intelligence in the hiring process.
Last summer, the National Institute of Science and Technology ( NIST) requested information from enterprises and technology experts to help inform their proposed artificial intelligence risk management framework. In an effort to promote more transparency and trust in how enterprises use artificial intelligence, this RFI generated many responses from a variety of stakeholders working to promote innovation and security.
When it comes to AI, the Biden administration has, thus far, primarily focused on protecting consumer privacy. In July, the White House – as a part of the National Artificial Intelligence Initiative – began to gather information from enterprises, academia and experts on how to create a comprehensive AI Risk Management Framework. This framework is intended to address concerns about trust and transparency in AI systems. Additionally, it will work toward the implementation of more responsible and equitable artificial intelligence.
In September, the U.S.-EU Trade and Technology Council ( TTC) released its first joint statement. In it, the council vows to develop “ AI systems that are innovative and trustworthy and that respect universal human rights and shared democratic values. ” To achieve this, both the EU and U.S. promised to uphold the OECD Recommendation on Artificial Intelligence for more trustworthy AI and evaluation tools. Additionally, the TTC intends to conduct a joint economic study examining the impact of AI on the labor market’ s future.
In October 2021, the White House Office of Science and Technology Policy expanded the conversation around regulating AI, protecting consumer privacy and guaranteeing safety. Working with experts across industries, academia and government agencies, the Office accepted public interest submissions to inform the creation of a Bill of Rights for an AI-powered world.
In October, questions regarding Facebook’ s data practices were brought into the limelight when former staff member Frances Haugen was questioned by Congress. The hearing revealed the ways in which Facebook knowingly continued business practices that caused harm to vulnerable groups. Following the initial hearing, members of Congress began to introduce legislation to place regulations on major technology companies to prevent them from causing harm to vulnerable communities.
In an effort to implement safeguards to govern how AI is used in the United States, Rep. Frank Pallone ( D-NJ) introduced the Justice Against Malicious Algorithms Act of 2021. This comes after Facebook stated its intent to place new safeguards on algorithms to protect children from harm. It would remove existing protections websites have under Section 230 of the Communications Decency Act of 1996 that insulate them from liability of what is posted on their platforms.
In another attempt to regulate how algorithms are used on online platforms, a bipartisan group of members of Congress sponsored the Filter Bubble Transparency Act in November. This bill would force major corporations to grant their users options on how their data is used by opaque algorithms.
As concerns over privacy and trust in artificial intelligence continue to rise, legislation of this type is likely to continue throughout the next several years. Legislators want to grant Americans more autonomy in how their data is used by the platforms that have become so ingrained into daily life.
In 2021, strides were made toward regulating AI across the globe, expect that to continue in 2022 as an increased number of corporations, analysts and governments are recognizing the importance of safeguards, risk management strategies and governance frameworks placed on AI systems.
Predictions for 2022 often discuss a more widespread adoption of explainable AI, stronger AI-centered risk management strategies and increased monitoring of AI systems. Discussions about AI ethics will be central to the development of more regulations as more calls for ethical hiring practices, bans on facial recognition and much more continue to grow across the globe.
Chris J. Preimesberger, editor of this article, is a former editor of eWEEK and a regular VentureBeat contributor who has been reporting on and analyzing IT trends and products for more than two decades.
Anthony Habayeb, an AI/ML governance thought leader and industry commentator, is the founding CEO of Monitaur, an AI governance and ML assurance software provider. Habayeb is dedicated to guiding enterprises to build and deploy responsible AI and machine learning models. He has a newscast series on YouTube.
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 |
Top 14 drilldown: O'Gara frustrated after Toulon trimming: If this is our best, we're in trouble | La Rochelle's Fijian centre Eneriko Buliruarua scores a try at Toulon's Stade Mayol but it was one of the few bright moments for Ronan O'Gara's men.
With most rugby hearts and minds focused on the final weekend of the Six Nations, four Top 14 teams were also in action, using up what was otherwise a fallow weekend for French men’ s professional rugby to catch up on matches postponed from earlier in the season.
As it turned out, Ronan O’ Gara would have been happier sitting in front of his tv watching Ireland roll over Scotland in Dublin than pitchside at Toulon, where his La Rochelle were well beaten; while Toulouse’ s France internationals Romain Ntamack and Francois Cros were in the crowd to watch Ugo Mola’ s stripped back young side beat league leaders Montpellier.
Here, then, is the current Top 14 table, with all clubs now back on schedule and the Covid bend run out. Toulouse climbed to fifth with their much-needed win, La Rochelle dropped out of the top six - and Toulon now have the slimmest of outside chances of making the play-offs.
Missing: Speed. Aggressiveness. Precision
Ronan O’ Gara’ s La Rochelle headed to struggling Toulon with a fourth win in a row on their minds, and a shot at third place in the Top 14 in their sights. Instead, they slipped to their worst defeat of the season and dropped out of the play-off places altogether, with a performance that the coach hinted could be the penultimate nail in their coffin.
# TOP14 # RCTSR - J15Bis Bonus offensif 👍 doublé de Kolbe ✌️ et session de rattrapage réussie pour le @ RCTofficiel qui rembourre un peu plus son avance sur la zone rouge ⬇️ pic.twitter.com/2qqvMptu8O
“ If this is our best representation of things, we are in danger, ” O’ Gara told reporters after watching his side ship four tries in losing 41-11 at Stade Mayol.
🌱 𝓛𝓮 𝓜𝓾𝓰𝓾𝓮𝓽 𝓻𝓮𝓯𝓵𝓮𝓾𝓻𝓲𝓽 𝓽𝓸𝓾𝓳𝓸𝓾𝓻𝓼 𝓪𝓾 𝓟𝓻𝓲𝓷𝓽𝓮𝓶𝓹𝓼 pic.twitter.com/s2xO0Fvn9d
Louis Carbonel showed Toulon what they’ ll be missing when he joins Montpellier next season, with 21 points from the tee, while Cheslin Kolbe scored his first and second tries in Toulon colours as Franck Azema’ s side picked up a bonus-point win that put eight points of clear water between them and 13th-placed Perpignan.
❤️ 𝗧𝗢𝗨𝗟𝗢𝗡 pic.twitter.com/tiEmoR1OBY
Asked what was missing from their performance, O’ Gara replied. “ Speed. Aggressiveness. Precision - which makes it easy to understand where we are now. ”
Ronan O’ Gara: « On a manqué de vitesse, d’ agressivité, d’ un peu de tout en fait… C’ est une immense déception. » pic.twitter.com/i5WDnHl0Wa
But he shouldered much of the responsibility for the performance himself, and is looking to his players to come up with an instant response at home to Racing 92 next weekend: “ It's up to me to look in the mirror and come back with solutions on Monday, because maybe our season will be over next Saturday.
So great to witness God's faithfulness unfold.Boys were on fire last night 🔥 🔴⚫ pic.twitter.com/K5hrSWs1WA
“ If there is a comeback, it would be interesting and maybe we would deserve to be in the top six. But if it's like that, the season won't end with much. ”
. @ RCTofficiel: le déclic @ CheslinKolbe 🔎 # RCTSR ▶️ https: //t.co/bVFIjRdqBv pic.twitter.com/U1gBfYyW9M
Future Toulouse stars make their mark
Toulouse’ s Australian-born JIFF-qualified lock Emmanuel Meafou had one of those eye-catching matches on Sunday, as the defending champions ran in five tries to beat league leaders Montpellier 35-10. They didn’ t play like a side missing 10 internationals.
It was a match the hosts had dubbed their ‘ doubloon final’, their last match without the services of their French internationals, a time in which they have also beaten former table-toppers Bordeaux.
# TOP14 # STMHR - J15BisVictoire importante pour le @ StadeToulousain qui prend le bonus offensif et en profite pour remonter dans le wagon des qualifiables 🚃 pic.twitter.com/OsAog5ppGJ
In his 61 minutes on the Ernest Wallon pitch, Meafou, 23, clocked up 19 runs for 58 metres, six offloads, two beaten defenders, his own sit-down emporium franchise, and 10 out of 12 successful tackles.
La joie d'une 𝙫𝙞𝙘𝙩𝙤𝙞𝙧𝙚 𝙗𝙤𝙣𝙞𝙛𝙞𝙚́𝙚 🥰🔙 Le Stade est de retour dans le Top 6 🙌 # STMHR pic.twitter.com/yMvowm7bMF | general |
Hong Kong to lift flight bans on UK and eight other countries | Hong Kong’ s leader has said the city will lift flight bans on countries including Britain and the US as well as reduce quarantine time for travellers as coronavirus infections in its latest outbreak plateau.
Chief executive Carrie Lam announced during a press conference on Monday that a ban on flights from nine countries — Australia, Canada, France, India, Nepal, Pakistan, the Philippines, Britain and the US — would be lifted from April 1.
A flight ban on most of these countries has been in place since January, as authorities sought to stem the outbreak of the highly transmissible Omicron variant in Hong Kong.
Travellers entering the city can also quarantine for seven days in quarantine hotels — down from 14 days — if they test negative for the virus on the sixth and seventh days of their quarantine.
Such travellers must also be fully vaccinated and test negative for the coronavirus before entering the city.
Ms Lam also said that plans for a city-wide mass-testing exercise, which was first announced in February, would be suspended.
“ The experts are of the opinion that it’ s not appropriate for us to devote finite resources to the universal mass-testing, ” Ms Lam said.
“ The SAR government will continue to monitor the situation. When the conditions are right, we will consider whether we will be implementing the compulsory universal testing. ”
The changes announced on Monday signal a shift in Hong Kong’ s handling of the coronavirus pandemic, as authorities sought to provide a direction for Hong Kong businesses and its residents after two years of aligning with mainland China’ s “ zero Covid ” policy.
Ms Lam said that the changes come as part of an interim review of the city’ s measures, and that various stakeholders in the city will be consulted for any longer-term road maps when it comes to public health and economic development. | general |
Coveney: Taoiseach is 'well ' during Covid-19 recovery | Senior Government sources have said there is a strong desire to have the Taoiseach leave the US as quickly as possible.
Taoiseach Micheál Martin is “ well ” and continuing to work from his hotel room in the US, where he is isolating following a positive test for Covid-19. | general |
Cork's Community Response Forum to lead council's Ukrainian refugee management | The newly-painted street art in Cork City to welcome Ukrainian refugees. The top phrase says 'Welcome to Cork ' in Ukrainian.
A group which has been set up to spearhead Cork City Council’ s community response to the Covid-19 pandemic will now lead its response to Ukrainian refugees coming to the city, according to council chief executive Ann Doherty.
She told a virtual meeting of the Cork City Joint Policing Committee that the Cork City Community Response Forum has already met in recent days to discuss the city council’ s response to the arrival of refugees from Ukraine, with a further plan to meet this week.
Initially, the group was set up to ensure that vulnerable members of the community or those living alone can access vital grocery, medicine and fuel deliveries and social care supports. | general |
Four key considerations to help prepare for the next public health threat | As Omicron cases continue to decline and hopes for a return to normalcy rise once again, it's tempting to let your guard down. However, Robert Kramer, CEO of Emergent BioSolutions, cautioned that now is the time to plan and prepare for the next public health threat. `` We can not assume the next pandemic, or even the next phase of this one, will be the same. We need to take an expansive view of potential public health threats and create the capabilities to respond. That work should begin now, before the next crisis takes shape, and Emergent stands ready to do so '' Kramer said.
As a contract development and manufacturing organization ( CDMO), Emergent has been working for more than two decades to develop, manufacture and deliver protections against public health threats and deliver vaccines and therapeutic products for clients. In its work with biopharma and biotechnology businesses, as well as government and nongovernment organizations, Emergent provides the technology, expertise and talent to help quickly and efficiently ramp up manufacturing and development for its clients ' products. During COVID-19, Emergent deployed new processes, and technologies to manufacture novel coronavirus vaccine and therapeutic candidates for CDMO clients. That experience has doubled as a learning opportunity for the future. Below, Emergent team members reflect on lessons learned through COVID-19 and share four considerations to help prepare for the next public health threat.
Well before a crisis strikes, you need an action plan and partners in place. Jon Lenihan, Emergent's head of sales and business development, CDMO business, said that it can take considerable time and effort to find the right CDMO partner. You need an organization with technical competence, relevant experience — including experience operating in a pandemic environment — and available capacity, that is also a good cultural fit. `` The more time you have to thoroughly evaluate these criteria, the fewer compromises you may have to make, '' Lenihan said. `` There tend to be far more options available to companies that begin their search early. ''
When staring down the next public health threat, Lenihan said, a well-vetted team could be the key to making a lasting impact. `` Securing the necessary expertise, capacity and materials can mean the difference between a promising product making it to the patients that need it and an equally promising product that never makes it to production, '' he said. `` Good science alone doesn't guarantee that a product will be successful. It takes a network of suppliers, manufacturers and other partners whose activities are closely coordinated. ''
It's important that biopharma businesses know the regulatory landscape — including which global regulators they 'll be working with — but also understand that in a time of crisis, that landscape can shift. `` We saw during the COVID-19 pandemic that guidance and orders were issued and updated on a regular cadence across the globe; monitoring and seeking to understand this in real time is important to ensure your assumptions are correct and remain true, '' said Karolyn Gale, Emergent's senior director, regulatory affairs. Gale added that when developing and/or manufacturing potential vaccines or therapeutics, it's important to seek feedback and engage early with regulatory agencies, because written policies may not include all considerations necessary to satisfy the statutory and regulatory requirements for licensure.
For organizations working with a CDMO, Gale said, it's important to inquire about how both parties will work together and understand their respective roles with global regulators. Regulatory offerings may include areas such as inspection readiness, hosting inspections, source document creation, document review, document provision and/or filing support. Biopharma businesses should also discuss specific deliverables and timelines with CDMOs when it comes to filings so there are no surprises. `` A true partnership between both the CDMO and the sponsor is needed, '' she said.
COVID-19 laid bare the vulnerability of supply chains. Looking ahead, businesses must prioritize building strong partnerships with suppliers and establishing supply chains that are agile and robust enough to rapidly respond to an organization's growth, said Stephanie Malone, director, supply chain, with Emergent. Malone said a successful supply chain must be adaptable, scalable and redundant to respond in a timely manner to the needs of their stakeholders. `` Failure to adapt can result in a loss of confidence in the organization and the inability to support any new unplanned demand. Continuity of operations is dependent upon supply chains ' holistic approach to their planning activities, '' Malone said. By understanding the supply chain from end to end, a biopharma business can identify pain points and make adjustments and contingency plans early on so they're not caught off guard in a crisis.
To hit the ground running, it's imperative to have the latest tech and tools at the ready. Lenihan said that many biopharma businesses opt to work with CDMOs for that very reason: Emergent, for example, offers its partners diverse technology platforms to help build customizable solutions at scale. `` Experienced CDMOs tend to see a broad cross section of technologies and processes and can offer valuable insights that might not be apparent to innovators who only have experience with a single process or technology, '' he said. `` An experienced CDMO may be able to identify failure modes more proactively or identify gaps in critical process parameters because they have worked on similar projects or with similar production technologies in the past. ''
Over the last two years, we 've all seen the world change with barely a moment's notice. This certainly isn't the first time we 've navigated a public health threat, and it won't be the last. By aligning with the right partners today, we can best prepare our scientific, manufacturing and logistical capabilities, so they're ready when needed.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
For the first time in years, biotechs no longer have an easy path onto Wall Street, a market reversal that could change what the next generation of young drugmakers looks like.
Rapid scientific advances have put the gene therapy field at the forefront of biomedical research. But, as recent setbacks have shown, researchers and drugmakers still face major challenges.
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.
For the first time in years, biotechs no longer have an easy path onto Wall Street, a market reversal that could change what the next generation of young drugmakers looks like.
Rapid scientific advances have put the gene therapy field at the forefront of biomedical research. But, as recent setbacks have shown, researchers and drugmakers still face major challenges.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more. | tech |
ANGOLA: Total and Chevron's bugbear with local content rules | After a wait of five years, the decree providing for greater local company involvement in the oil industry is set to come into force at a difficult time, with the country still in the throes of the Covid-19 crisis. [... ]
The new local content law that the Angolan government is on the point of finalising is likely to raise the [... ]
With Angola's oil industry in a heated debate over the [... ]
Angola's new bill on local content in the oil and gas industry has sparked a heated debates in Luanda, six [... ]
2019 should be a decisive year for the joint venture Angola LNG ( ALNG), which has operated the Soyo LNG plant [... ]
The idea of a national hydrocarbons agency, a project masterminded by Isabel dos Santos, has come under fire from Sonangol and several majors. [... ]
With his back against the wall as he attempts to address the mountain of arrears Sonangol owes its oil partners, [... ]
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KENYA: Kenyatta in Paris with his WTO candidate | Kenya again showed its support for the Polisario cause during a meeting of the African Union's Peace and Security Council. [... ]
Ismaïl Omar Guelleh is scheduled to meet his French counterpart Emmanuel Macron late January in Paris to talk about energy sector investments, among other things. [... ]
The EU's top diplomat Josep Borrell is courting the Kenyan president Uhuru Kenyatta in the hope of a speedy agreement to the free trade arrangements that are to replace the Cotonou accords. [... ]
Though barred by the African Development Bank on charges of fraud when still called Sinohydro, China's Stecol is still winning road contracts in Kenya. Meanwhile, Nairobi is not answering the bank's calls. [... ]
The WTO will publish its shortlist for the position of director-general of the organisation next week. The two African candidates are pulling out all the stop to win votes. [... ]
The proposed permit extensions for two blocks in Turkana have not gone down well with the French major and it is now threatening to pull out altogether. Here's why. [... ]
Kenyan president Uhuru Kenyatta's late September visit to Paris will only be announced at the last minute to avoid any disappointment should Covid-19 thwart his plans. If he does make it, business should be the main item on the agenda. [... ]
Amina Mohamed enjoys the full support of her president's diplomatic arsenal in her bid to see off African and global competition for the top job at the World Trade Organization. [... ]
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A pioneer on the web since 1996, Africa Intelligence is the leading news site on Africa for professionals. | general |
DRC: DSK offers Felix Tshisekedi his good offices | In Bissau on 15 January to meet with President Umaro Sissoco Embaló, the former International Monetary Fund managing director Dominique Strauss-Kahn has offered to help Guinea Bissau raise Chinese funding for infrastructure projects. [... ]
The two NGOs will work with the DRC government in publishing mining contracts, in line with one of the IMF's conditions for providing new financial support. [... ]
The Covid-19 pandemic has had a profound effect on the sovereign advisory market but consultancy heavyweights Jacques Attali and Dominique Strauss Kahn have been quick to adjust, vying for contracts to help states overwhelmed by the crisis. [... ]
Six months after leaving Lazard, Matthieu Pigasse is quietly working on the creation of a new boutique bank that will specialise in sovereign advisory and looking for his first state clients in Africa. He is also looking for new investments in the African entertainment sector, which is currently booming. [... ]
All the big-name advisory banks are laying siege to the presidential palace in the hope of winning the contract to advise the DRC on its relations with the IMF. [... ]
His neighbour Sassou N'Guesso recently secured $ 450 million, but the Congolese president is still failing to meet the conditions set by the IMF for a resumption of loans to the country. [... ]
Since February, French lobbying firms have been lining up to offer their services to the Congolese president's office. Among the most active is ESL & Network. [... ]
Parnasse, the company owned by former International Monetary Fund ( IMF) director general Dominique Strauss-Kahn, is trying to come up with [... ]
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A pioneer on the web since 1996, Africa Intelligence is the leading news site on Africa for professionals. | general |
Cork farmers dominate Dairy Beef Calf Programme | The objective of this measure is to increase the efficiency of beef from the dairy herd and to support farmers rearing progeny from the dairy herd.
The Dairy Beef Calf Programme has become an important scheme for Munster farmers since it was introduced in 2021.
Figures for that year show Cork dominated the scheme, with the €20 per eligible calf drawn for 27,031 animals in 1,187 herds. Farmers in Tipperary, with 15,805 animals in 620 herds, and in Limerick, with 10,240 animals in 463 herds, were also prominent in the scheme.
It also attracted farmers in Clare, Galway, Kerry and Kilkenny, with 6,000 to 7,000 calves each.
Agriculture Minister Charlie McConalogue has announced the opening for 2022 applications for the €5m Dairy Beef Calf measure. Applications can be lodged through agfood.ie with the closing date on Monday, April 25.
The objective of this measure is to increase the efficiency of beef from the dairy herd and to support farmers rearing progeny from the dairy herd. They each have to weigh between five and 40 live calves and dams and send the weights data to ICBF.
A continuation of the measure in 2023 is proposed as part of Ireland's CAP strategic plan which was submitted to the EU Commission at the end of 2021. The 2021 figures point to Munster’ s growing influence in the beef industry because 60% of cattle processed in meat plants are currently of dairy origin.
Over the coming weeks, more than 350,000 dairy-bred calves under six weeks of age will be purchased by over 10,500 rearing herds, directly from dairy farms or via livestock marts.
According to Dr Nicky Byrne, Teagasc, Grange, Dunsany, Co. Meath, calf purchasers should prioritise herds that have a sustainable breeding policy, actively selecting high merit beef sires suitable for use on the dairy herd throughout the breeding season, using the dairy beef index ( DBI), which identifies sires which will maintain calving performance ( gestation length, calving difficulty and mortality) while offering greater terminal efficiency to finishers.
Read MoreMilk helping the fight against Covid-19
Purchasers of dairy-beef calves should focus on the beef sub-index of the sires ' DBI, ensuring this contributes to 50% of the overall index, as this combines traits of greatest economic importance to beef systems, such as carcass weight, conformation and fat, and feed intake.
In his advice in the Spring Edition of the BeefHealthCheck Newsletter from Animal Health Ireland, Dr Byrne also pointed to the usefulness of the new commercial beef value ( CBV) selection tool for buyers of dairy-beef calves.
As the level of genotyping in Irish dairy and suckler herds increases, more and more animals will be presented for sale with a genomic CBV figure. This ranks animals’ genetic merit for carcass weight, conformation and fat, docility and feed intake. It has proved to be an excellent predictor of beef performance, taking a lot of the guesswork out of buying dairy male calves only a few weeks old.
ICBF will work with marts to have CBVs shown on mart boards this year. Dr Byrne stressed the importance of calf care in the first 12 weeks on the new farm, a period that will determine much of the animal’ s lifetime performance.
At Teagasc Grange, more than 150 calves are purchased annually, from 35-40, at three weeks old. Calf mortality rate of less than 1.5% is achieved thanks to a herd health plan covering procurement and management. This includes checking the history of herd health, vaccination ( for scour), colostrum and feed management, before buying calves which are individually visually checked for good health.
At Grange, calves are kept in groups of similar ages in a well-ventilated and clean environment until weaning. On arrival, they get two litres of electrolyte and are left to settle for 24 hours before they receive intra-nasal vaccines to boost immunity against bacterial/viral pathogens ( IBR, RSV and Pi3).
Intramuscular Booster vaccinations are used thereafter, plus vaccination against clostridial disease, and anticoccidial drench. All calves over the last two years were reared on 4L/day ( 0.5kg solids) of milk replacer at 12.5% concentration in two feeds.
This reduced level of milk promotes a high intake of concentrates from three weeks old, aiding rumen development and the transition phase between weeks four and eight when calves move from pre-ruminant to ruminant. From arrival, concentrates are offered ad-lib with high-quality barley straw and weaning begins at 90kg. Calves at Grange are 10.8 weeks at weaning, after ADG of 0.75kg. They are weaned gradually. | general |
Almost 64,000 Covid cases recorded over St Patrick's weekend | In total, 1,308 people with the virus are in hospital, the highest level it's been at in over a year.
The department of health has confirmed 63,954 cases of Covid-19 from St Patrick's day until March 21.
Today, the HPSC were notified of 4,024 PCR-confirmed cases of Covid in addition to 10,631 positive antigens registered through the HSE portal on Sunday, March 20.
Over the long weekend, Thursday, March 17 saw 5,231 PCR-confirmed cases and 8,322 positive antigens registered through the HSE portal on the previous day.
Friday, March 18, saw 5,628 PCR-confirmed cases and 6,313 registered positive antigens through the portal on the previous day.
There were 4,787 confirmed cases through PCR testing on Saturday, March 19, while 6,774 people registered positive antigens the previous day. On Sunday, 5,067 people tested positive for the virus through PCR testing and 7,177 registered positive antigens through the portal on the previous day.
Meanwhile, the number of people in hospital with Covid-19 has jumped by 123 in the last 24 hours.
In total, 1,308 people with the virus are in now hospital - the highest level for more than a year.
February 3, 2021, was the last time the figure was higher when 1,366 people were hospitalised due to Covid.
However, the number of people in intensive care with the virus is remaining steady.
Some 49 people are in ICU with Covid, the same number as it was on Sunday and down from 52 on Saturday.
The latest information around how many people have tested positive for Covid over the weekend is due to be announced by the Department of Health later today.
Speaking on Sunday, the Tánaiste said new Covid restrictions are unlikely.
Leo Varadkar said the rate of infection is not causing undue concern, due to high levels of vaccination.
`` I think it is another wave, '' he said.
`` What's happening across Europe now is a second wave of Omicron, but I don't think it's going to require the repetition of restrictions. ''
The head of the HSE said today that 50% of those hospitalised had been admitted with other conditions and when tested it was found that they had Covid-19.
Paul Reid said there had been a “ significant increase ” in the last 14 days in the numbers being hospitalised. “ We are still dealing with a highly transmissible virus. ”
A high percentage of patients were aged over 75 which led to further problems as there were fewer places in nursing homes because of Covid outbreaks.
The health system was under pressure, he said.
While the Omicron variant had a less severe impact, hospitals still had to implement infection controls which put pressure on spaces. Some hospitals had to cancel elective surgeries, but private hospitals were being utilised for elective care. | general |
' I thought I had the whole world fooled. I couldn't control it: Rural Ireland’ s love affair with cocaine | Although most of the cocaine users being treated for addiction in Ireland are men, the number of women in treatment is increasing, and they are across every area and every social class.
“ Cocaine will probably go down in history as the drug that broke the socio-economic demographic boundary that everybody perceived. Even though there is still a higher prevalence of drug abuse in areas of poorer education and higher unemployment, that is becoming progressively less pronounced because of the widespread use and availability of cocaine, ” said Michael Guerin of addiction centre Cuan Mhuire.
“ Cocaine dependence is absolutely no respecter of education, affluence, poverty, deprivation or any such social, economic or financial factor that we would have seen heretofore being a predictor for the prevalence of addiction. ”
According to Mr Guerin, the growth in cocaine use in recent years shows too that the seeds for drug addiction are now being planted earlier in life.
He said: “ Before, when we would get clients in, in their mid to late 20s with a drug dependence issue, they would relate to us in a lot of cases that their unhealthy relationship with substances began in early adolescence with either cannabis and/or alcohol.
“ They could trace back the roots of their problem to risk-taking behaviour in early adolescence with alcohol and cannabis. It would appear, from what our latest clients are telling us, that cocaine has now become part of that risk-taking milieu of substances that young people are engaging in at a very young age — as young as 15. ”
They are hitting our place now somewhere between 20 and 25 years old and are presenting in a state that a 30-something-year-old addict would have been 10 years ago.
He said he was aware of one person who had a successful job and never touched a drug apart from alcohol until he was in his 40s and began to take cocaine recreationally.
“ We have come across individuals who had never encountered a drug apart from alcohol, prior to using cocaine. They would have encountered cocaine in social, recreational settings and tried it and found very quickly then that they developed a cocaine dependence, even though they had no history of alcohol dependence. ”
This highlights the addictive nature of cocaine as a stand-alone addiction, he said.
There are a lot of people out there in this day and age who talk about cocaine in the same breath as drink. It is almost seen now that if you are under 40, are drinking and doing cocaine as well, it is kind of acceptable.
Although most of the cocaine users being treated for addiction in Ireland are men, the number of women in treatment is increasing, and they are across every area and every social class.
The proportion of women reporting cocaine as their main problem drug has risen from 17% in 2014 to 21% in 2021, according to the latest data from the 2014-2020 Drug Treatment Data published by the Health Research Board last year.
The report also noted that crack cocaine use was more common among women entering treatment for cocaine use ( three in 10) than among men ( one in 10).
However, powder cocaine is the most popular form of cocaine used by women, according to the report.
Michael Guerin said those statistics were borne out in his treatment centre.
“ We are seeing plenty of females — we have seen nothing to suggest that there is a marked difference between the genders in terms of cocaine dependence. In every phone call we are getting now, cocaine is mentioned. Between people ringing us with a cocaine problem or concerned family members ringing up despairing about a relative who is abusing cocaine and is in complete denial that they have any issue whatsoever. ”
Garda sources agree that women are taking cocaine but are rarely involved in dealing the drug.
One said: “ You wouldn’ t come across girls as much but they are using. I know of a few who are involved in transporting stuff but it is more male-orientated. ”
There have been a number of cases in recent years where women were convicted of involvement in cocaine operations.
The source said: “ They are not prevalent but they are in the background. It is more males doing the dealing but usage is across the board to be honest. It seems to be more males get caught. ”
According to analysis of recorded crime statistics from 2020, males were identified as being responsible for just under 90% of drug offences.
The majority of controlled drug offences were carried out by people in the 18-29 year old age group, accounting for 57.8% of offenders, while 28.4% of such offences were carried out by people aged between 30 and 44 years old. And the number of those offences being recorded in rural areas is on the increase.
Small towns, big problems
Analysis of Garda detections for controlled drug offences across the country between 2017 and 2020 shows an increase in many rural areas.
In West Cork, statistics from An Garda Síochána published by the Central Statistics Office show there were 75 such offences detected in the Bandon area in 2020 — up from 27 in 2017.
Similarly, Bantry has had an increase from 17 in 2017 to 41 in 2020.
Other rural areas across the country have experienced increases too in recent years, including Carlow town, which has increased from 229 incidents to 393 in the same four-year period.
Clonmel in Tipperary has risen from 220 recorded drug offences in 2017 to 257 in 2020.
Detections in the Cork town of Cobh have more than doubled, from 55 in 2017 to 118 in 2020, with the same situation in Mallow, where figures rose from 80 to 167 in the same four-year period.
In Kerry, there has also been an increase in Killarney ( 156 to 182), while Nenagh in Tipperary has also seen an increase from 67 to 88 incidents.
In Mayo, the number of offences has almost doubled in Castlebar, from 49 to 97.
Although figures in smaller towns and villages are much smaller, it can be seen from a sweep of statistics relating to each Garda station area across the country that drug use is a factor in every area of Ireland.
Small towns and villages including Ardfinnan in Tipperary, Aglish in Waterford and Bruff in Limerick have all had instances of detections for drug-related offences in the period from 2017 to 2020.
And while numbers are low, the example of Castletownbere highlights that drugs are more prevalent in rural Ireland than they used to be — with a trebling of detections in the fishing town from five in 2017 to 15 in 2020.
Chief Superintendent Derek Smart, head of the Tipperary Garda Division, said there have been 30 detections for drug dealing in his division already this year, including one seizure of more than €100,000 of cocaine in Toomevara.
And he said: “ We also had a very significant seizure in Fethard, worth around €20,000. ”
West Cork publican and county councillor Danny Collins owns the Boston Bar in Bantry.
He said cocaine use is now a major issue in rural Ireland, including in Bantry.
He stresses that he has a zero tolerance approach to drug use in his pub and says that his clientele are older people. But he says he is well aware that cocaine and all kinds of substances are an issue throughout west Cork.
He adds: “ It does not have to be a big town now anymore for these kind of substances to be freely available.
“ I have had parents come to me with concerns because their teenagers are using drugs. Once, a family came to me about a drugs debt, prior to Covid. But I believe cocaine use has risen during Covid because there have been a lot more house parties where there would have been no control. ”
Dara's story: ' I wasted 16 years of my life '
As Dara * took his first line of cocaine, he felt a rush of adrenaline unlike anything he had ever felt before. This was life as it should be, with the gift of the gab within his reach, along with a confidence he had never felt before.
At just 17-years-old, he had no way of knowing his split-second decision on a night out with friends in the West Cork town of Bandon would set him on a new path punctuated by brushes with the criminal justice system.
He vividly remembers the first night he took cocaine.
“ When I was 17, we were all in the pub and one of my mates had tried it before. He was working and got it off one of his mates in Cork City and gave me a small bit for myself.
Straightaway, I loved it. I used to live for the weekend then to get more of it because I loved it and the feeling it gave me. There was no awkwardness and I wasn’ t stuck for words. It accelerated my addiction. ”
Now aged 36, Dara says cocaine and other drugs were readily available in Bandon without a problem 20 years ago — and in the surrounding towns and villages as well.
The same applies today, and he was using cocaine up until he entered treatment two and a half years ago.
He recalls: “ The cocaine went out of control for me after about two or three years. I would be dabbling in it during the week and had to sell a bit to fund my addiction. I started getting in trouble with the gardaí and getting caught with drugs. I was caught with weed, cocaine.
`` I was in jail from the age of 19 to probably the age of 33 — in and out all the time. That was my life. ”
He was in prison at least eight times, with the longest stretch being 18 months.
And even though prison was meant to be a punishment, he reflects: “ Sometimes going into prison, you would be delighted because it took me away from the drink and drugs. Prison was like a break really. ”
Despite having been a hard worker on his family’ s farm, Dara’ s life became taken over by his addiction and he was caught by gardaí for crimes including drug possession, theft and fraud.
“ I was signing cheques knowing there was nothing there to meet them. ” His farm work was also suffering.
“ At the start, it was OK because I was able to manage it but after about 12 months, it was a no-go. For a start, I wouldn’ t come home because it could be a two- or three-day session. ”
His parents and brother had to cover his work when he didn’ t turn up.
“ There would be lie on top of a lie. After about 12 months, when I got a bit heavier on it, they did know it [ that he was using cocaine ]. They knew there was strange behaviour and the lies, me not turning up for work. I was always a good worker, even when growing up and as a teenager. I would always have been out and about and stuck in machinery. Everything went — all my interests went. My family pulled me loads of times and asked what was going on. ”
Later on, while he was in treatment, his parents told them of the pain they endured watching what his addiction was doing to him.
I thought I had the whole world fooled. I thought I was on top of it. ”
But he knows he was not in control of his cocaine use when he looks back on his years of addiction now.
“ Everyone was using but there was a group of three or four of us that couldn’ t control it. There were other people who were on it during the weekend and could stop then during the week whereas I couldn’ t. If I had money, I was taking it. ”
He was consumed by his addiction — either thinking of getting it or what would he have to do to get it.
Cocaine was not the first drug he used. Cannabis was. But he only used that for a short time a few months before doing his first line of cocaine.
He had a regular supplier in Cork City, who he had met during one of his stints in prison.
Paying for his habit was not always easy and he became involved in small level dealing to fund his own use.
He says: “ I got into trouble with debt. I would use nearly all I had to sell and had no way of paying for it. I would have to borrow money off my parents, off my friends, to pay it back. Everyone got sick of me soon enough. They bailed me out once, and then I would be going to jails.
`` My parents always stood by me but you could see they were broken. I had two brothers and two sisters. Nobody disowned me but they left me know they were not happy either. I was the only one of us who took drugs. ”
Dara felt his life was always going to be a pattern of drug-taking and going in and out of prison.
“ For years, I accepted my life and that this was how it was going to be. I was in jail one time and I was thinking it was not too bad. I thought this was me for life.
`` But the drink took over at the end of my addiction and the drugs were not doing anymore for me. I burned myself out from the drink. It brought me to my knees. I kept vomiting, I couldn’ t hold stuff down. I was getting sick maybe three or four times a day for the last two years of my addiction. It was horrible. ”
For his family, it became harder and harder to stand by and watch him decline. His parents managed to persuade him to go for help and he tried for two months to access treatment.
He eventually secured a place in Cuan Mhuire and is doing his utmost to ensure he remains clean, and continue to work.
Although no longer in the drugs scene, he knows cocaine use is as prevalent now as it was before.
He believes most people who take drugs do so because they are not dealing with their emotions or are socially awkward, and urges them to seek help.
“ It is not weak to ask for help and talk to somebody. It is a sign of strength. It is not an easy journey. It is tough work but it is worth it. When I have good days, they are really good. When I have tough days, I have the tools to get me through the tough days. They get not so tough after a while. It is a lot tougher being in addiction. ”
His relationship with his family has changed utterly since he entered recovery.
My family never thought they would get me back. I didn’ t have a proper conversation with my mother for 16 years because of the shame and guilt of what I was doing. ”
Now that he is in recovery, Dara’ s life has begun to brighten after having been “ fairly black ” in the last years of his drug use.
“ It is all about getting by and keeping the head cool on a daily basis and getting through the day. ” He works full-time in construction now, and says his life has a new structure which leaves him feeling in control. There is a consistency he never had during the 16 years of his addiction.
He adds: “ I wasted 16 years of my life but I don’ t regret a bit because I am on the journey I am on today because of it. I am two and a half years clean now. I am really concentrating on my recovery now. I don’ t have time for a relationship to be splitting my weekends with someone else. I have two kids and they take up a lot of time too. I am trying to get back into civilisation and survive sober — something I have never done before. Between work, my kids and my family, I have loads on my plate. ”
Mags's story: ' I tried it once and within a week I was using it on my own '
Mags *, a 31-year-old mother living in north Tipperary, has been off cocaine for the past four months. She was also a user of ecstasy, speed and cannabis in the past.
She started using cocaine at 17 years old and says she went from 0 to 100 with it.
She remembers: “ I tried it once and within a week, I was sitting in a room in my nana’ s house, using it on my own. It was all I wanted and that went on for a while and I went totally off the rails. I drove my poor family mad. ”
She ended up in treatment in the UK at the age of 19, which she says was brilliant.
But after being clean for three years, she returned to drug use and blames a violent relationship for getting back into cocaine at the start of the first lockdown in March 2020.
She initially started using cocaine at weekends but the habit then became part of her weekly routine too, during the pandemic.
She says: “ I was able to handle it for a while. It was a weekend thing. ”
However, her habit evolved to such a degree that she used to take cocaine before going shopping or when making dinner — just part of her everyday routine.
She believes the isolation of the early days of the pandemic made her drug use much worse.
“ There was nothing to get up for, there was nothing to go out for. ” And she says there was nowhere to go for help from her violent relationship.
She says she had been taking cocaine during the relationship but her usage increased when the relationship ended — “ to help me get through it ”.
Waking up in the same environment when trying to leave addiction is like “ groundhog day ”, she says.
“ It is very hard to see any bit of hope when everyone around is doing the same thing and you can’ t see anyone else living any other life. I thought everyone was living the same way as I was living but it was only the people I was around. ”
She even changed how she dressed in a bid to distance herself from the life she had before she stopped taking cocaine because “ I just wanted to be a different person ”.
She says drugs are everywhere now, especially cocaine, making it difficult for recovering addicts.
I don’ t even understand how the dealers are even making any money because there are so many of them. It is just crazy. Years ago, cocaine used to be this expensive, classy drug. Now, it’ s the ruination of so many people.
“ I think it is becoming very socially acceptable to be in that lifestyle [ drugs ]. It is everywhere. It is in music, it is on telly. ”
She also can not believe how open young people are about getting drugs for a night out, and while she knows many people can take cocaine recreationally, she says that is not the case for everyone.
“ I can’ t. When it is so socially acceptable, like drink, it is hard to admit that you have a problem and that you can’ t do that. ”
She says going to a pub or club now for her is impossible if she wants to remain clean from drugs.
“ I don’ t even want to go out — I can’ t tempt myself with going out because it is everywhere. Everyone is doing it. I am shocked. Some of them are so young and it is just normal and it is all the time.
“ It is everywhere when you step outside the door. Walking through town, dealers are just walking and driving past you all the time and I know them all. They would still ring me now telling me they have something. ”
She is a mother to three children and she says her family now has “ to start all over again ”.
Mags describes as “ torture ” the moment she finally realised she needed help and phoned a helpline in the summer of 2020, as the pandemic continued.
“ I was looking at it [ cocaine ], knowing I didn’ t want to do it but I felt I just couldn’ t stop. I rang that number that day. ”
Members of her family tried their best to help her. But she admits: “ There is only so much a family can do as well. They can’ t stop you. The person has to get the support and help themselves to do it.
`` I would have given anything to just stop and just not feel the way I was feeling. The only way has been just by talking about and saying how I feel and changing the people I was around, the environment, especially my living environment. ”
She says drug addiction impacts the whole family.
“ It is not until after you stop that you see the damage. It is only now I am beginning to realise the effect on my family. I was not there emotionally or mentally for them in the last couple of years and it is only now that I am starting to come back around and start spending proper time with them. They were constantly with me but emotionally I have not been there.
`` I feel bad because they have had to go through all that with me and now I am trying to get better and get them better.
Tale of addiction: Rachel’ s Holiday is more relevant than ever to Irish women
When Marian Keyes penned Rachel’ s Holiday a quarter of a century ago, the main character was a fan favourite who has stood the test of time.
The New York glamour, the humour and the absolute absurdity of the life of Rachel Walsh was the perfect escape novel for Keyes’ s legion of fans. It has led to a follow up book on Rachel’ s life — Again, Rachel — published in recent weeks to critical acclaim.
But today, the story of Rachel is no longer unusual. Instead, there are Rachels throughout the country who see themselves as recreational users of drugs like cocaine, and firmly believe they are in control of their lives — until they finally admit they have a problem that needs to be addressed through residential treatment.
And just like Rachel’ s older sister, there are family members who are worried to distraction about what is ahead of their loved ones if they don’ t kick the cocaine habit which they believe is recreational and a bit of fun.
Like Rachel, Jacqui * was totally caught up in her mad and exciting life with the man she thought was her ideal partner. She met him over a decade ago and fell for him hard and fast — for a number of reasons, including the lifestyle he gave her, and the fact he had status as a drug dealer.
Looking back now, from the comfort of a residential treatment centre in her native Kildare, she can see her life was not as glamorous or as fun as she thought it was when she was living through it.
The 33-year-old mother has been taking cocaine since the age of 17. From a small town in Kildare, she says she smoked cannabis and drank in small amounts before taking cocaine. She was introduced to it by a guy she wanted to impress.
She remembers:
He was a party animal and I was trying to keep him. He left me after a month and I was trying to win him back. I started taking cocaine because I thought I would win him back. He was 19 at the time. ”
Although she was unsuccessful in her bid to win him back, the life-path she found herself on was a roller coaster.
“ I loved it. I couldn’ t believe how cocaine took over. I was in control at the start — I wouldn’ t have needed it like I did years later. I would have it at weekends and it didn’ t bother me if I didn’ t have it. That went on until I was about 22. ”
In the interim period, she had met somebody else and the couple had a baby girl together when Jacqui was 20 years ' old.
However, the couple did not stay together as they had different views on life. Jacqui was still involved in the drugs scene while the father of her child was not.
Eager to remain a good time girl, she threw herself back into the party scene.
She says: “ When I was 22, I got in with a drug dealer for 10 years and was in a relationship with him for a number of things — for the lifestyle, the money, the holidays, the cocaine. ”
She thought she had landed on her feet and was living the dream.
And for the first while, she did exactly that. But now, she can see her life was beginning to lose control, even in the early days of the relationship.
“ For the first couple of months, it was OK but then it spiralled out. There were people coming to the house all the time, partying. I was always in competition with girls who were trying to go with my fella behind my back. It was chaos and it was toxic. Life was 100 miles an hour. ”
And although life was chaotic, she stayed in the relationship for ten years. It finished a year and a half ago, when her partner left. Although he was a drug dealer, he did not approve of Jacqui’ s spiraling cocaine habit and was more restrained himself in his using.
But there were other difficulties too in the relationship. She believed that if she had a child with him, it would please him because her first child was not his. Their daughter was born in 2017.
Jacqui recalls: “ I thought I would have a good life when I had the child for him. I thought we would be secure but he turned into a demon then. He would go out all the time and leave me there with the children. ”
She gave up taking cocaine while pregnant but continued with the lifestyle of partying.
Three weeks after she was born, I was so hungry for cocaine again and I got addicted fast. I was craving it then because I had been off it so long. I took it every weekend on Friday, Saturday and Sunday. Then I would have to have it on Monday morning to get going for the day. ”
Her partner worked full time as well as dealing in drugs. She says he would not give her drugs as her habit became more and more serious.
But it didn’ t stop her sourcing it when she wanted it.
“ When he would be gone to work, I would be ringing around looking for cocaine first thing in the morning. I worked in the same job for nearly 18 years so I had money.
“ Cocaine is an expensive drug. I don’ t know how I afforded it. I could have worked five or six days a week, but I handed every penny over to cocaine. | general |
Milk helping the fight against Covid-19 | Placebo-controlled human clinical trials with chewable tablets containing 25% bovine lactoferrin are now likely to be carried out.
Laboratory tests have shown that bovine lactoferrin from cows’ milk exhibited a wide spectrum of antiviral activity against several Covid-19 strains.
There has been worldwide media publicity for the milk ingredient, after the antiviral properties of the milk ingredient were revealed in a recent research report in the Journal Of Dairy Science co-authored by Loren Ward, chief R & D officer at Glanbia Nutritionals, and University of Michigan researchers Jonathan Sexton, Jesse Wotring, and Reid Fursmidt.
Glanbia Nutritionals said more investigation is needed, in a clinical setting, to fully understand the antiviral potential for bovine lactoferrin against Covid-19.
As one of the lactoferrin market leaders globally, Glanbia Nutritionals is well-positioned to benefit from the news of extra health properties. Since 2015, Glanbia Nutritionals has been increasing lactoferrin production capacity.
The research finding will also be good news for consumers worldwide who boosted dairy demand worldwide by an estimated 2.3% in 2020, a trend that continued in 2021, when stronger demand for dairy products was especially evident in Asia. Consumers responded to dairy products being promoted as a good source of protein and an important part of the diet to strengthen the immune system. This has now been confirmed in the Glanbia Nutritionals/University of Michigan report.
“ Lactoferrin’ s broad inhibition of Sars-CoV-2 variants in conjunction with the low cost and ease of production make this an exciting clinical candidate for treatment or prevention of Sars-CoV-2 in the future, ” said the researchers. They showed for the first time that lactoferrin has potent efficacy across different viral strains, including the Omicron and Delta variants.
Placebo-controlled human clinical trials with chewable tablets containing 25% bovine lactoferrin are now likely to be carried out.
In their experiment, bovine lactoferrin supplied by Glanbia Nutritionals inhibited Sars-CoV-2 ( the virus that causes Covid-19) variant infection by blocking the virus’ s ability to enter cells. The lactoferrin was also found to support cells’ antiviral defences. | general |
Eamon Ryan to speak to Ryanair about refugee price hike claims | Transport Minister Eamon Ryan has said he will speaking to Ryanair about allegations of a jump in prices between Poland and Ireland. Picture: Niall Carson/PA
The Transport Minister has said he will talk to Ryanair after the airline was accused of hiking prices along one of the key routes to Ireland for Ukrainian refugees.
Ryanair has rejected claims that fares have jumped between Poland and Ireland, an accusation levelled by Ukrainian ambassador to Ireland Larysa Gerasko last week.
Eamon Ryan is due to meet the Ukrainian ambassador this week.
He said he would listen to Ms Gerasko before discussing the issue with the low-cost airline.
“ We’ re in constant touch with Ryanair. Through the previous Covid crisis, on a number of occasions, they helped us in terms of getting people out of difficult places in different ways, ” Mr Ryan said on Monday.
“ Let me first of all talk to the ambassador and then I’ ll talk to Ryanair without a doubt, ” he told RTE radio. | general |
Shanghai Disneyland closes amid rise in coronavirus cases as Shenzhen reopens | Shanghai Disneyland has closed as China’ s most populous city tried to contain its biggest coronavirus flare-up in two years, while the southern business centre of Shenzhen allowed shops and offices to reopen after a week-long closure.
Meanwhile, the cities of Changchun and Jilin in the north east began another round of city-wide virus testing following a surge in infections.
Jilin tightened anti-disease curbs, ordering its two million residents to stay home.
China’ s case numbers in its latest infection wave are low compared with other major countries, but authorities are enforcing a “ zero tolerance ” strategy that has suspended access to some major cities.
The government reported 2,027 new cases on the Chinese mainland on Sunday, up from the previous day’ s 1,737.
That included 1,542 infections in Jilin province, where Changchun and Jilin are located.
Shanghai, which has a population of 24 million, has avoided a city-wide shutdown but appealed to the public to stay home.
Bus services into the city have been suspended and visitors are required to show a negative virus test.
Disney said Shanghai Disneyland, Disneytown and Wishing Star Park were closed until further notice.
On Monday, Shanghai reported 24 new cases.
The city earlier suspended access to two residential areas and carried out mass testing at dozens of others.
Shanghai residents posted photos on the internet showing empty streets and subways during what is usually a crowded Monday morning rush hour.
The government of Shenzhen, a finance and technology centre that abuts Hong Kong, announced businesses and government offices were allowed to reopen on Monday while authorities took steps to try to prevent a resurgence of virus cases.
Bus and subway services, which had been suspended, were restarted.
Last week, the city of 17.5 million shut down all businesses except those that supply food and other necessities and told the public to stay home following a spike in cases.
Shenzhen is home to some of China’ s biggest companies, including telecom equipment maker Huawei, electric car brand BYD Auto and Tencent, operator of the popular WeChat message service. | general |
FDA approves new epilepsy drug, handing Marinus a long-awaited victory | Nearly 20 years since its founding, Marinus is now bringing its first product to market. Analysts at the investment firms SVB Leerink and Jefferies predict sales of Ztalmy as a CDD treatment could reach $ 100 million at their peak, though they would likely grow higher if Marinus ' additional development plans succeed.
The company wants to show its drug can treat rare epilepsies beyond CDD. Already, Marinus is sponsoring a late-stage study of Ztalmy in patients with tuberous sclerosis complex, or TSC, with results expected in the first half of 2024. And it sees another opportunity in Lennox-Gastaut syndrome, a seizure disorder for which there are several FDA-approved treatments, including one from GW Pharma that was the centerpiece of the biotech's recent $ 7 billion sale to Jazz Pharmaceuticals.
Marinus is also trying to develop an intravenous version of Ztalmy to treat acute seizure disorders. There, one of the company's top targets is `` status epilepticus, '' which it claims is the second most common neurological emergency in the U.S., with 150,000 cases annually.
A late-stage study evaluating Ztalmy in patients with status epilepticus began in late 2020. While results were expected early this year, Marinus disclosed in February that they won’ t become available until the back half of 2023. Executives blamed the delay on the impact of the omicron coronavirus variant on hospital resources, and an `` unexpected interruption '' of the materials needed for the clinical supply of the intravenous form of Ztalmy.
The update was `` clearly disappointing news for many investors, '' Marc Goodman, an SVB Leerink analyst, wrote in a note to clients last week.
Investors may still be holding onto some doubts about Marinus, as company shares were down almost 12% late Monday morning, to trade at about $ 8.80 apiece.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Despite tumbling biotech valuations, however, several said they still prefer smaller-sized `` bolt-on '' deals to larger, potentially more disruptive, transactions.
Through high-stakes litigation, aggressive patenting practices and a bit of luck, Amgen will likely stretch Enbrel's monopoly until 2029, more than 30 years after it was approved.
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.
Despite tumbling biotech valuations, however, several said they still prefer smaller-sized `` bolt-on '' deals to larger, potentially more disruptive, transactions.
Through high-stakes litigation, aggressive patenting practices and a bit of luck, Amgen will likely stretch Enbrel's monopoly until 2029, more than 30 years after it was approved.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more. | tech |
Why Amazon is fighting with Ambani's Reliance over Future Group — Quartz India | Amazon isn’ t letting India’ s largest private company breathe easy.
Last week, the US-based firm took out a newspaper ad, accusing Mukesh Ambani-owned Reliance Industries ( RIL) of playing a “ fraud ” in the $ 3.5 billion ( 24,713 crore rupees) deal it announced with India’ s Future Group in October 2020.
That deal involved the Future Group selling its assets to RIL. Amazon India objected to this. It has been taking every possible legal route to stop the deal. The online marketplace argues that this agreement violated its own pact with the Kishore Biyani-led company.
In 2019, Amazon India invested around $ 200 million in Future Coupons, the promoter entity of Future Group which, in turn, holds a 9.82% stake in its retail arm Future Retail.
This deal involved a non-compete clause that forbade Future Coupons from selling its retail assets to certain firms, including RIL’ s retail subsidiary Reliance Retail. One of the points in the deal said that in case of a dispute, the matter will be settled by the Singapore International Arbitration Centre ( SIAC).
However, when the covid pandemic reached India in 2020, a badly affected Future Group decided to sell some of its assets to Reliance Retail, owned by Asia’ s richest man.
Reacting swiftly, Amazon approached the SIAC and successfully stopped the Future-Reliance Retail deal. Both Future Retail and Amazon later challenged each other in Indian courts as well.
Denying any breach on its part, Future Retail argued in court that Amazon was trying to seek its control without owning any stake in it. It claimed to be facing a severe cash crunch and said it could potentially get liquidated if the deal with Reliance Retail failed.
For both Reliance and Amazon, their respective deals with Future are guaranteed paths to the dominance of India’ s $ 900 billion retail industry.
Reliance Retail is already India’ s largest retailer. It has over 1,000 offline stores. The Future deal, however, will put it beyond any rival’ s reach. Conversely, with its offline 1,500 outlets, it could be Amazon in that enviable position if it has its way with Future.
Both companies are growing roots in India’ s e-commerce market as well.
Stuck in a legal tangle with both Amazon and Reliance, Future Group recently expressed its surprise over Reliance’ s “ forceful ” take over of its stores.
In February, it was reported that Reliance, which so far has stayed off the dispute in public, had begun taking control of Future’ s retail businessess and even offered jobs to its employees.
Unfazed, Amazon offered talks with Future to end the “ whirlpool of litigation. ” However, on March 15, it informed the supreme court that these talks had failed.
Meanwhile, in a filing on March 19, Future Group’ s listed companies informed the exchanges about the meetings of their respective shareholders and creditors being convened on April 20 and 21 to get approval for the deal with Reliance Retail. | tech |
Google Cloud expands contact center automation offerings with third-party integrations | Did you miss a session at the Data Summit? Watch On-Demand Here.
In 2019, Contact Center AI, a Google Cloud service that promises to automate conversations between businesses and customers and deliver “ intelligent ” tools for customer service agents, reached general availability. A year later, Google introduced new features, including custom-generated voices and an agent assist module that transcribes calls in real time. Now, with an eye toward unifying its various contact center AI service offerings across Google Cloud, Google is launching what it describes as an “ extension ” of Contact Center AI that adds new integration support for customer relationship management platforms.
The goal, says director of product management for Contact Center AI Yariv Adan, is to “ [ make ] it easier to unify sales, marketing, and support teams around common data and customer experiences. ” While call centers have been slow to embrace automation historically due to budget constraints as well as challenges around technology and processes, the staffing shortages and high call volumes brought on by the pandemic prompted many to reconsider. According to a 2020 report from Canam Research, 78% of contact centers in the U.S. report plans to deploy AI in their contact center in the next three years for uses including chatbots, self-service, and AI for quality management.
Contact Center AI Platform would appear to be a response to Amazon Web Services’ ( AWS) Contact Center Intelligence solutions, which launched two years ago. Like Contact Center AI Platform, Contact Center Intelligence solutions enables companies to integrate their contact centers with self-service, analytics, AI, self-service, customer management, and agent assist products through third-party vendors.
“ While there was no better time than the present to bring Contact Center AI Platform to market, the decision to act now was based on data-driven insights received from our customers and the retail industry at large, ” Adan told VentureBeat via email. “ Pre-pandemic, Contact Center AI helped our customers meet the demands of their contact centers, but the COVID era exposed tech gaps in the system that could sometimes put customer service interactions in a negative light. To address this, we identified opportunities to better help not only our customers with a solution in Contact Center AI Platform that addresses their greater needs beyond the pandemic, such as being adaptive to the demands of customers wanting to interact with agents on their smartphones, but also helps agents and all sized businesses produce more positive outcomes for both the customer and agents. ”
The new Contact Center AI Platform adds a range of features to Google’ s Contact Center AI suite, including the ability to create customer experiences that can be embedded into mobile and web channels ( e.g., iOS and Android apps) using existing software developer kits. Using Contact Center AI Platform, Adan says, brands can manage multiple channels without having to switch between voice, texting, and chat support and leverage customer relationship management platforms as a “ single source of insight into the customer experience. ”
“ Contact Center AI Platform is an evolved, modernized solution that addresses customer and consumer needs beyond the pandemic. Reducing call volume … and reducing costs are just some ways in which the Google Cloud solution focuses on the future of problems being felt in the market today, ” Adan continued. “ Contact Center AI Platform offers streamlined experiences and seamless integrations with customer relationship management platforms and numerous telephony providers, key differentiated benefits to ensure an enriched, cost-effective solution that will continue to meet customer and consumer needs both today and in the future. ”
The new offering also attempts to predict customer needs and route calls based on historical customer relationship management data and real-time interactions. Contact Center AI Platform, Adan says, can additionally automate some scheduling functions including schedule adherence monitoring ( which measures whether agents work the amount of time they’ re scheduled to work) and provide customers with self-service via the web or mobile apps.
“ Human agents are, and will continue to be, incredibly important, ” Adan said. “ Google Cloud Contact Center AI enables the best experience for both agents and customers. AI and natural language processing are, and should, be used to scale, support and improve human agents, not to replace them. We see great opportunities for seamless collaboration between human agents, virtual agents, and supportive AI and natural language processing tools. Combined, they deliver excellent customer experience, at a consistent high level of availability and quality. ”
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 |
GTC 2022: GPU topics go beyond tech prowess and applications | Did you miss a session at the Data Summit? Watch On-Demand Here.
When Nvidia’ s GTC conference kicks off this week, the sessions will be filled with some of the typical discussions on technical topics like CUDA architecture, data-centric AI or simulating quantum computers. In the background, though, there will be more whispers about very untechnical areas like central banks, supply chain stress, unstoppable inflation and invasion. This is a far cry from just a few years ago when the only chatter about guns was about the virtual models in the latest first person shooter.
The chips that were once only noticed by gamers and AI scientists are now key components in many of the most essential parts of the economy. GPUs are the highest-profile circuits sold at the highest prices and they’ re now a kind of flagship for the entire industry. When they are hard to find or rising in price, everyone notices.
The effects can be seen browsing through the shelves. For more than the last year, gamers have been complaining loudly about how hard it can be to find a GPU card, spawning videos laced with bitter humor. On Twitter, many curse GPU scalpers and GPU shortages.
Some suggest the drought is easing, if only because stores aren’ t completely empty. Still, many of the listings for Nvidia graphics cards at Amazon at this writing include little notes in red warning that only a few are left in stock. Other vendors like CDW have many cards listed as backordered for 4-6 weeks. Currently, used prices on cards like the RTX 3070 are often just a few dollars below the list price for new ones.
If the problem were limited to just the gamers who had to wait a bit longer to stroll through an elaborate virtual world at 60 Hz, that would be one thing. But these shortages are affecting many other industries. Car manufacturers can’ t get all of the chips they need to make the latest models and prices are skyrocketing for anything that rolls. The Mannheim used car index in March 2022 was running 22% higher than one year before.
These supply shocks cascade through the economy. If workers can’ t afford a car, they can’ t get to the job. If they can’ t get to the job, assembly lines shut down. Prices jump as supply can’ t keep up with demand. And the process repeats and repeats in what no one wants to turn into an infinite loop that bricks the economy.
“ The chip shortage is just not getting any better and it won’ t for a couple of years, ” said Maribel Lopez, an analyst at Lopez Research. “ There’ s going to be quite an increase in the processing power that we’ re going to need to do certain things like run the metaverse or guide autonomous cars. There’ s a tremendous demand for GPU cycles and it far outstrips anyone’ s ability to supply it. ”
Inflation is just one of the many GPU-related topics raising the stress level of the world. Part of the reason that demand for the GPUs is so high is that some cryptocurrencies like Bitcoin or Ethereum reward the first to solve a worthless mathematical puzzle. Nvidia’ s GPUs are some of the fastest options to find a solution and so any bump in Bitcoin, Ethereum or a number of other cryptocurrencies leads to a bump in GPU demand.
This so-called proof-of-work might be better called proof-of-wasted-energy, though, and many are wondering if it makes sense for society to pour so many joules into what was supposed to be a low-cost, frictionless means of settling debts. Environmentalists point to the carbon footprint and anyone who must compete for electricity to, say, cook or heat a house needs to pay more.
For its part, Nvidia has tried to limit these side effects. Some of their newer models are tweaked to make them dramatically slower for cryptocurrency applications but still quite zippy for gamers or AI researchers. The hackers, though, search for weaknesses and it’ s hard to keep the market forces at bay, especially when the GPUs are designed to be easily reprogrammed.
Another wrinkle is the future of the COVID-19 pandemic and the world’ s response to it. Some have wondered how much the pandemic drove GPU prices. More parents and children working and learning remotely meant more purchases of PCs and laptops. Will demand fall away if the world goes back to an office? Or is this a new pattern for GPU demand?
A recent outbreak of a new variant of COVID is also haunting the electronics industry and shutting down factories in Schenzen. Apple’ s main supplier, Foxxconn, shut down some assembly lines on April 14th. Will similar caution affect GPU supplies? No one can be certain.
One tricky topic is what might happen to Taiwan Semiconductor Company ( TSMC), the world’ s leading chip manufacturer that produces some of Nvidia’ s best chips, if a shooting war were to break out between China and Taiwan. Just a few months ago, no one imagined that such a battle might start, but then just a few months ago few believed that Russia would be sending waves of tanks to invade Ukraine.
The real war bursting through the proscenium wall creates a bit of an impedance mismatch for the gaming community. While the industry has long devoted an impressive level of attention to even the smallest details in order to recreate much of the feeling of combat, somehow it’ s different when there are real tanks and real AK-47s.
Gamers, of course, are well-educated about the patrol-level tactics in the Ardennes Forest thanks to titles like “ Call of Duty WWII. ” Shadow War DLC Pack 4 of the game sends the user on a mission to “ uncover the secrets of a classified Axis weapons facility ”, but this doesn’ t prepare them for finding a way to save the fab lines that make the chips that once only they loved.
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 |
Exodus: Can Hong Kong stem the outflow of financial talent? | What a difference a pandemic makes. When Covid first emerged in China, the country’ s most outward-looking city reacted to the threat swiftly and decisively.
Hong Kong was praised at first for keeping its citizens safe; forcing arrivals to quarantine for up to three weeks. Business travel slumped and tourists stayed away, but the city stayed relatively protected. And because bars stayed open, complaints from big banks and corporates were easy to ignore.
Then came this year’ s deadly Omicron surge. The variant has ripped through a city that still stubbornly clings to an unviable ‘ zero-Covid’ strategy. The seven-day rolling average of coronavirus-related deaths up to March 13 is the highest in the world. Hong Kong’ s death rate is now 23 times higher than Singapore’ s.
Despite bolting the door and keeping the virus out for nearly two years, the Chinese territory was shockingly unprepared for Omicron. A once-vibrant financial hub that liked to party hard is now a ghost town. Gyms are shut.
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Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards | general |
New BioAge Drug Prevents Death From COVID-19 in Old Mice by Reversing Immune Aging | A Phase 2 clinical trial is testing the new drug’ s ability to reduce mortality in older people hospitalized with COVID-19. By directly targeting immune aging, BGE-175 could effectively treat emerging COVID variants that evade vaccine-based immunity.
The immune system deteriorates with age, making COVID-19 particularly deadly in older people — but to date, no clinically available medication addresses this key risk factor. A study published today ( March 21, 2022) in Nature shows that an oral drug that reverses multiple aspects of immune aging effectively prevents death in a mouse model of COVID-19, suggesting that the medication could be used to protect the elderly patients who are at greatest risk in the pandemic.
In the study, daily doses of BGE-175 ( asapiprant) protected aged mice from a lethal dose of SARS-CoV-2, the virus that causes COVID-19. Ninety percent of mice that received the drug survived, whereas all untreated control mice died. BGE-175 treatment was initiated two days after infection, when the mice were already ill, a time-frame relevant to real-life clinical situations in which patients would receive medication only after becoming symptomatic.
The mouse model used in the study closely mirrored the pathological progression of human COVID-19. The mouse-adapted strain of SARS-CoV-2 generated by the researchers caused a disease that shared many of the hallmarks of human COVID-19: accumulation of fluid in the air sacs of the lungs, extensive infiltration of lung tissue by immune cells, and high levels of pro-inflammatory factors called cytokines.
BGE-175 is currently in a Phase 2 clinical trial to test whether it can prevent disease progression and mortality in older patients hospitalized with COVID-19. BGE-175 is being clinically developed by BioAge Labs, a California-based biotechnology company devoted to creating drugs that treat human disease and extend healthspan by targeting the molecular mechanisms of aging.
“ The COVID-19 pandemic has devastated elderly populations around the world, ” said Kristen Fortney, PhD, CEO of BioAge and an author of the study. “ The promising preclinical data in this paper show that BGE-175 almost completely protects aged mice from lethality in a compelling model of human COVID-19. By reversing age-related declines in critical immune mechanisms, BGE-175 could allow older patients to more effectively fight off this disease. ”
As we age, a biochemical pathway involving the signaling molecule PGD2 becomes more active, impairing immunity in two major ways: First, antigen-presenting cells called dendritic cells migrate less efficiently, slowing the adaptive T-cell and antibody responses. Second, white blood cells called neutrophils infiltrate infected tissues more aggressively, leading to damaging inflammation. Thus, the aged immune system is both slower to respond to new infections and more likely to overreact once it does mount a response.
BGE-175 inhibits this pathway by blocking the interaction between PGD2 and its receptor, a protein called DP1. BioAge’ s AI-based drug discovery platform identified the PGD2-DP1 pathway as a key target for immune aging. In the study described in the Nature paper, BGE-175 increased migration of dendritic cells from the lungs into the lymph nodes, decreased the levels of neutrophils in lung tissue, and dramatically improved overall survival. From the standpoint of PGD2 pathway activity, the drug restored the immune system to a more youthful state.
As with the drug-treated animals, genetically engineered mice that were unable to synthesize PGD2 or lacked DP1 had lower viral loads, exhibited less inflammation and tissue damage, and were less susceptible to death from viral infection, confirming that BGE-175 acts through the PGD2 pathway.
“ Our findings clearly show that the therapeutic target of BGE-175 plays a key role in making the aged lung environment conducive for optimal immune function, and thereby counters immune aging, ” said Stanley Perlman, MD, PhD, Professor of Microbiology and Immunology and Pediatric Infectious Physician at the University of Iowa, who was an author of the Nature paper. “ The drug’ s protective effect in mice supports the idea that BGE-175 corrects age-related declines in immunity, providing a strong rationale for testing in older patients who are hospitalized with COVID-19. ”
A Phase 2 clinical trial, initiated in March 2021, is testing whether BGE-175 can prevent respiratory failure and mortality in older patients hospitalized with COVID-19. Because some cases of COVID-19 are associated with uncontrolled inflammation, which increases disease severity and morbidity, the trial will also measure BGE-175’ s effect on levels of inflammatory markers, providing insight into BGE-175’ s ability to restore normal regulation of the immune system. Full details of the trial are available at ClinicalTrials.gov, and efficacy data are anticipated in the first half of 2022.
Antiviral drugs against COVID-19, as well as antibodies raised by vaccines, bind to specific viral proteins to exert their effect, and could therefore could lose efficacy if the SARS-CoV-2 virus continues to mutate — as already observed for the highly contagious omicron variant.
Because BGE-175 targets the host immune system rather than the invading virus, it has the potential to retain its efficacy against emerging strains that can resist antiviral drugs or evade vaccine-based immunity. Similarly, because its mechanism of action is not specific to COVID-19, the drug could help older patients fight off other viruses. Consistent with this, in the Nature study, BGE-175 prevented lethality from SARS-CoV, the original SARS virus, which like SARS-CoV-2 also causes more severe disease in older animals.
“ A properly functioning immune system is our first defense against any virus, and we know that age-associated immune abnormalities place the elderly at a much increased risk for death and complications from COVID-19, ” said Eric Verdin, MD, President and CEO of the Buck Institute for Research on Aging, who was not involved in the study. “ New therapeutics that target age-associated pathways, especially those involved in immunity, will provide important tools for decreasing the burden of mortality and disability caused by COVID-19, as well as other infections that disproportionately harm the elderly. ”
Pending positive results in the Phase 2 trial, BioAge intends to pursue broad clinical applications for BGE-175, including diseases such as influenza and viral pneumonia.
Reference: “ Eicosanoid signaling blockade protects middle-aged mice from severe COVID-19 ” 21 March 2022, Nature. DOI: 10.1038/s41586-022-04630-3
BioAge is a clinical-stage biotechnology company developing a pipeline of treatments to extend healthy lifespan by targeting the molecular causes of aging with a large and mechanistically diverse portfolio of drugs. The company uses its discovery platform, which combines quantitative analysis of samples from proprietary longitudinal human cohorts, to map out the key molecular pathways that impact healthy human aging, thus revealing the causes of age-related disease. | tech |
IVORY COAST: Prosuma's strategy for pulling ahead of Carrefour | In mid-September in Antananarivo, Système U snapped up the outlets of the South African supermarket chain Shoprite. [... ]
Despite the economic slowdown caused by Covid-19, France's big retailers have not given up on their expansion plans in Cameroon, whose market is estimated to be worth €8bn per year. [... ]
Pathé-Gaumont and Prosuma have ended up choosing Setao, a subsidiary of the French giant Bouygues, to take over the project to build the Abidjan multiplex that will boast six cinema studios and is due to open in late 2021. [... ]
The crisis provoked by the Covid-19 pandemic has led to a sharp fall in property prices in the principality, where many African leaders and oligarchs have invested a part of their fortunes. [... ]
The German company Lidl Stiftung & Co, which operates nearly [... ]
With the Ivorian retailer Prosuma pulling ahead, France's Carrefour is [... ]
Some of the biggest retail chains in Ivory Coast, including [... ]
Prosuma, the retail giant owned by Abu Kassam, Karim Fakhry [... ]
Mata Holding, a company owned by Ivorian businessman Aboubacar Sidiki [... ]
Issi Sidibe, the Ivorian businessman who co-founded TaxiJet with associate [... ]
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Reseachers Find the Largest Risk Factors for COVID-19 Infection | Black residents of Baton Rouge and New Orleans faced twice the risk of SARS-CoV-2 infection as white residents, a study shows.
Ochsner Health and Pennington Biomedical Research Center analyzed 4,752 records from two large prevalence studies in both cities. The New Orleans data were collected in May 2020, the Baton Rouge data in July 2020.
“ We found that communities that experience a lot of deprivation – high household crowding, lower income, disparities in education, etc. – are at higher risk for COVID, ” said Amy Feehan, Ph.D., a clinical research scientist at Ochsner and the lead author of the study. “ But individual factors, such as race, marital status, age and other health issues, account for a lot of that risk. ”
In addition to examining individual factors, the study also looked at characteristics of communities that might be related to higher COVID-19 infection. Infection risk was higher among residents in communities with larger differences in household income in New Orleans but not in Baton Rouge. Higher monthly rent in New Orleans and higher percentages of high school graduates in Baton Rouge communities were associated with lower odds of infection.
Kara Denstel, Project Manager for Population and Public Health Sciences at Pennington Biomedical, said the findings may have been influenced by when researchers gathered the information.
“ New Orleans data were collected in May 2020, when residents were under a stay-at-home order. Most restaurants and shops were closed. Non-essential employees worked from home, ” Denstel said. “ But when we collected the Baton Rouge data in July 2020, the stay-at-home orders had been lifted, businesses were reopening, and people were going back into the workplace. ”
“ In addition, there was a rapid increase in knowledge and public health prevention campaigns during late spring and summer of 2020, ” Denstel said. “ The reason young adults in Baton Rouge had the greatest risk of infection may have been because they were the first to go back to work and resume social activities. Meanwhile, by July 2020 older age had emerged as a major risk factor for severe COVID-19 so many older adults were still staying home. ”
The study was supported by Ochsner, the Baton Rouge Area Foundation, Louisiana COVID-19 Health Equity Task Force, The Humana Foundation, The Blue Cross and Blue Shield of Louisiana Foundation, Healthy Blue, the Huey and Angelina Wilson Foundation, and the Irene W. and C.B. Pennington Foundation.
Pennington Biomedical Executive Director John Kirwan, Ph.D., said the study illustrates another of the Research Center’ s strengths: flexibility. Pennington Biomedical responded quickly to the needs of Louisiana and its residents, pivoting to focus resources and the center’ s considerable talents on battling the pandemic.
“ Knowing how the virus spreads and identifying the most vulnerable in our communities are important steps to slowing COVID-19 infections, ” Dr. Kirwan said.
The study was published in the journal PLOS One.
Reference: “ Community versus individual risk of SARS-CoV-2 infection in two municipalities of Louisiana, USA: An assessment of Area Deprivation Index ( ADI) paired with seroprevalence data over time ” by Amy K. Feehan, Kara D. Denstel, Peter T. Katzmarzyk, Cruz Velasco, Jeffrey H. Burton, Eboni G. Price-Haywood and Leonardo Seoane, 30 November 2021, PLOS One. DOI: 10.1371/journal.pone.0260164 | tech |
The Worldwide Pneumococcal Testing Industry is Expected to Reach $ 2.3 Billion by 2027 - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Pneumococcal Testing Market Research Report by Method, by Technology, by Product Type, by End-user, by Region - Global Forecast to 2027 - Cumulative Impact of COVID-19 '' report has been added to ResearchAndMarkets.com's offering.
The Global Pneumococcal Testing Market size was estimated at USD 1,293.67 million in 2020, is expected to reach USD 1,403.17 million in 2021, and is projected to grow at a CAGR of 8.83% to reach USD 2,339.19 million by 2027.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Pneumococcal Testing Market based on Business Strategy ( Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction ( Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R & D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Pneumococcal Testing Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Pneumococcal Testing Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Pneumococcal Testing Market?
4. What is the competitive strategic window for opportunities in the Global Pneumococcal Testing Market?
5. What are the technology trends and regulatory frameworks in the Global Pneumococcal Testing Market?
6. What is the market share of the leading vendors in the Global Pneumococcal Testing Market?
7. What modes and strategic moves are considered suitable for entering the Global Pneumococcal Testing Market?
Market Dynamics
Drivers
Restraints
Opportunities
Challenges | general |
SOUTH AFRICA: Russian PhosAgro plots course for big break into local phosphates market | In light of Western measures against their shareholders, the fertiliser producers PhosAgro, Uralchem and Eurochem will drastically cut their exports to Africa, a market they had turned to with relative success after the loss of their Ukrainian clients in 2014. [... ]
Russian phosphate fertiliser producer PhosAgro plans to increase its sales and storage space in southern and eastern Africa but is slowing expansion in the west, as record price hikes hamper trade. [... ]
Chinese giant Citic, shortlisted by Sonatrach in 2018 but then dropped, is scrambling to get back into its good books. The Algerian state-owned firm is looking for a new partner for a massive project to exploit the country's phosphate reserves, and Citic wants to be the chosen one. [... ]
The Luanda government was to organise an international tender to help local blenders secure fertilisers from overseas in order to boost the agricultural sector. After getting off to such a slow start, its seems highly unlikely it will be finalised in the short term. [... ]
Already negatively impacted by the Covid-19 pandemic, the prospects for fertiliser sales in Mali, one of the leading markets in West Africa, have deteriorated further. The recent coup d'état has increased uncertainty among international commodities producers and local blenders. [... ]
The Norwegian group Yara is using a mix of grants and infrastructure builds to promote its interests to African governments, who largely call the shots on how much fertilizer their countries order. [... ]
Morocco's OCP, which is the leader in the fast-growing African fertilisers market, has run into increasing competition from Russia's PhosAgro and Saudi Arabia's Maaden, particularly on its west African `` home '' turf. The battle has been made fiercer by the direct interventions made by heads of state and governments. [... ]
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Global Dental Radiography Market ( 2022 to 2031) - Focus on Product Type, Application, End-user and Region - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Dental Radiography Market - A Global and Regional Analysis: Focus on Product Type, Application, End User, and Region-Wise Analysis - Analysis and Forecast, 2022-2031 '' report has been added to ResearchAndMarkets.com's offering.
The global dental radiography market was valued at $ 2,328.5 million in 2021 and is projected to reach $ 3,914.8 million by the end of 2031.
The global dental radiography market is projected to witness significant growth during the forecast period 2022-2031. The high prevalence and growing incidences of oral cancer, oral disorders and the technological advancements in dental radiography systems are the key propellers for the growth of the market.
The development of advancements such as integration of software with the dental imaging systems, surge in dental tourism and increased awareness regarding dental care and oral hygiene are leading to the evolving of dental radiography continuously. In terms of regional markets potential, Europe and Asia-Pacific are projected to grow with considerable CAGR during the forecast period 2022-2031. The rising prevalence of oral disorders and oral cancer, rising need for cosmetic dentistry, growing technology adoption, and improving healthcare infrastructure are the macro factors that will advance the regions ' market growth.
The market for dental radiography devices is rapidly growing, with an increasing number of dental procedures requiring modalities. Oral cancer and oral disorders have emerged as serious public health concerns and rising awareness for oral health is driving the market forward. Various branches of dentistry such as implantology, endodontics, oral and maxillofacial surgery and orthodontics require radiography techniques as a basic diagnostic tool.
Key Questions Answered in the Report
Impact of COVID-19 on the Global Dental Radiography Market
The COVID-19 pandemic had a debilitating impact on the global healthcare ecosystem. Hospitals and clinics faced several challenges such as lack of resources, high patient influx, and risk of infection among care providers. The dental radiography market was negatively impacted due to the pandemic due to stoppage and postponing of elective procedures, including dental procedures. The market is projected to witness considerable growth during the forecast period 2022-2031. The increasing innovations and product designs in the global market and the growing use in emerging economies are the driving factors for the growth of the market.
Market Report Coverage - Dental Radiography
Market Segmentation
Regional Segmentation
Market Dynamics
Drivers | general |
Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market to 2027 - by Diagnostic Test, Treatment and Region - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Paroxysmal Nocturnal Hemoglobinuria Treatment Market Research Report by Diagnostic Test, by Treatment, by Region - Global Forecast to 2027 - Cumulative Impact of COVID-19 '' report has been added to ResearchAndMarkets.com's offering.
The Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market size was estimated at USD 2,337.37 million in 2020, is expected to reach USD 2,579.36 million in 2021, and is projected to grow at a CAGR of 10.71% to reach USD 4,767.48 million by 2027.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Paroxysmal Nocturnal Hemoglobinuria Treatment Market based on Business Strategy ( Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction ( Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R & D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market?
4. What is the competitive strategic window for opportunities in the Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market?
5. What are the technology trends and regulatory frameworks in the Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market?
6. What is the market share of the leading vendors in the Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market?
7. What modes and strategic moves are considered suitable for entering the Global Paroxysmal Nocturnal Hemoglobinuria Treatment Market?
Market Dynamics
Drivers
Restraints | general |
It takes a village: How collaboration and inclusion drive equitable health solutions | During the COVID-19 pandemic, technology has helped bring care to underserved populations through the use of virtual care and telehealth. However, achieving true health equity will take a village: community leaders, providers, payers and, most importantly, patients themselves working together.
Host Ankoor Shah, MD, MBA, MPH from Accenture talks to community members Nicole Gyimah and Kelly Binder from Unite Us about the challenges patients can face when trying to access healthcare and how health systems can join community-led collaborations to help drive health equity forward. | tech |
New Zealand's COVID-19 shared care record creates GP outcry as cases soar | Credit: © the Crown courtesy of covid19.govt.nz CC BY-NC 4.0
After two years of astonishingly low COVID-19 levels, New Zealand is dealing with a wave of Omicron cases and a new government COVID-19 care platform has been adding to the burden for GPs.
As the controversy over the Covid Clinical Care Module ( CCCM) grew in tandem with the surge in COVID-19 cases, in early March the Ministry of Health conceded there were `` issues with the speed '' of the shared care record system used by GPs and other health providers.
`` Depending on demand, the links between other systems and the CCCM are not always providing a real-time view about people with COVID-19 that require support, '' a ministry statement said.
`` During the past 10 days, the increasing number of cases and multiple concurrent changes to IT systems that support the care of COVID-19 cases has resulted in intermittent delays in notifying cases. ''
Originally developed to manage care in quarantine and isolation COVID-19 cases, the CCCM now allows general practices, rural community hubs and other relevant healthcare providers to access patient information to enable coordinated care.
It integrates with the National Contact Tracing Solution, which automatically creates a record for every COVID-19 case in the CCCM, and the Ministry of Social Development’ s Community Portal. GPs access the portal via their practice management systems.
But General Practitioner Council chair Vanessa Weenink told eHealthNews.nz there had been a `` cacophony of complaints '' from GPs about the CCCM.
`` The system has not been built for the people working on the frontline and the implementation of it has very much alienated GPs, '' Dr Weenink said.
Michael Dreyer, the Ministry’ s group manager of data and digital, said in a media conference that a `` large amount of new technology '' had been rapidly released to help contend with the Omicron variant's spread.
`` These systems were designed, developed, tested and delivered at pace. However, with all new IT systems there are initial bugs and process flows to sort out. ''
He said the ministry is `` constantly refining our systems, taking on board feedback from our health workers and our health consumers ''.
Dreyer said since the CCCM's go live in the middle of February, its capacity has been boosted from processing about 4000 cases an hour to 20,000.
The Ministry of Health's primary care lead, Dr Joe Bourne, responded to the concerns of GPs by acknowledging the pressures being created by the CCCM.
`` We know the sharp increase in cases has caused a significant increase in workload for general practice, and that the concurrent implementation of a new digital system is challenging. This means that practices have little time for training and familiarising themselves with the tool, '' Dr Bourne wrote.
`` We also understand that much of the workflow within CCCM is additional to healthcare professionals’ requirements and, as a result, its use is seen by many primary care clinicians as limited in its current configuration. It also takes 2-4 hours from when a new positive test result is reported to generate a [ CCCM ] record.
Dr Bourne said improvements to the system are being made.
`` We are reducing this time as quickly as we are able, but it is likely in the medium term rather than immediately. We are working hard to improve the system, to make it more user friendly and add to its value. ''
The scale of this surge is certainly considerable in New Zealand terms. The nation's pandemic response has been hailed globally at times over the last two years as an exemplar for its low COVID-19 statistics – both cases and deaths – as a result of the government’ s `` go hard, go early '' approach to lockdowns, the community's willingness to adhere to restrictions and geographic isolation.
But the country’ s current COVID-19 crisis continues to grow. Yesterday, ten COVID-19-related deaths were announced. More than 19,500 new community cases of COVID-19were recorded in the previous 24 hours, and 930 people were hospitalised, including 23 in intensive care.
94 per cent of New Zealanders aged 12 and above are fully vaccinated.
The United States Centers for Disease Control and Prevention has this week urged Americans to avoid travel to New Zealand as a result of the surge. | tech |
Global Automotive Logging Device Market ( 2022 to 2027) - Industry Trends, Share, Size, Growth, Opportunity and Forecasts - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Automotive Logging Device Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 '' report has been added to ResearchAndMarkets.com's offering.
The global automotive logging device market reached a value of US $ 13.10 Billion in 2021. Looking forward, the publisher expects the market to reach US $ 17.66 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
An automotive logging device, or electronic logging device ( ELD), refers to an electronic device used in vehicles to track and monitor the driving time and maintain hours of service ( HOS) records. It consists of a vehicle tracking device that connects to the vehicle, fleet management software and a mobile application. Automotive logging devices are plugged into the onboard diagnostics ( OBD) port of the vehicle that gathers information regarding the distance covered, engine condition, power, hours and vehicle movement directly from the engine. They are widely used in trucks, buses, light commercial vehicles and cars. The devices aid in conducting vehicle diagnostics for route management, location tracking, optimizing fuel consumption and increasing productivity and streamlining operations.
Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Automotive logging devices are widely used in transportation vehicles for periodically checking the health of vehicular components and tracking the working hours of the drivers.
Additionally, the increasing product demand for continuous vehicle condition monitoring and improving the response time to equipment defects and vehicle breakdowns is favoring the market growth. Moreover, various product innovations, such as integration of automotive logging devices with smartphone applications for detecting issues and recording vehicle information, are favoring the market growth.
In line with this, the utilization of the Internet of Things ( IoT) -enabled sensors for real-time monitoring and remote tracking of engine health is positively impacting the market growth. Other factors, including the implementation of various government initiatives towards the safety and security of vehicles and passengers, along with the increasing consumer demand for commercial vehicles and trucks, are anticipated to drive the market toward growth.
Key Questions Answered in this Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Automotive Logging Device Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
7 Market Breakup by Service Type
8 Market Breakup by Form Factor
9 Market Breakup by Vehicle Type
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape | general |
Improving care means addressing the situation of women – ESSC | This article is based on Eurofound’ s note for the European Parliament, prepared in March 2022 by Hans Dubois, Agnès Parent-Thirion and Eleonora Peruffo, Eurofound.
The European Social Services Conference 2022 calls for rethinking recovery and seeking new tools and modernisation of social services. In particular, the momentum should be used to improve care services that have some persistent challenges – all of which have implications to situation of women. Care is a key sector to consider in perspective of gender equality for three reasons: most care workers are women, most informal carers are women, and most recipients of long-term care are women.
Working conditions in care therefore impact women disproportionally, both on the workers concerned and on the quality of care. Similarly, improving access to care services is necessary to provide relief for informal carers and to benefit those with care needs – a majority of whom, again, are women.
Residential and non-residential long-term care services are a key part of the care sector, but most care is provided by family and friends. In the EU, 44 million adults provide frequent informal long-term care to family or friends ( 12% of people aged 18 years or over who care for one or more disabled or infirm family member, neighbour or friend, of any age, more than twice a week). The formal long-term care sector employs 6.3 million people in the EU. In just one decade, the sector has expanded by one-third. Amidst this rapid change, some some features persist:
Some policy responses begin emerging: the COVID-19 pandemic drove, for instance, Germany to further facilitate working beyond the pensionable age ( in particular, to stimulate employment among care workers), by increasing the income people can earn without facing pension deductions. However, such measures have a limited impact if working conditions are not improved simultaneously, as many care workers across Europe report heavy workload and do not believe they can stay in work until retirement age. They suffer from the perils of the shift work and twice as frequently encounter adverse behaviour at work.
The European Care Strategy in the making is a major opportunity to address the aforementioned challenges systemically – so that care workers are enabled to provide quality care, which they are motivated to do, as reflected by high proportion of care workers having ‘ the feeling of doing useful work’ ( 71% in social services sector as a whole). However, there are chronic staff shortages in long-term care in many countries that encourage looking to improve arrangements for those who currently are informal carers or domestic workers.
Overall, for making the care systems reset for the future, a broad understanding of ‘ access’ is needed so that preventing or postponing dependency on care is advanced. To effectively implement the right to accessing care as outlined in the European Pillar of Social Rights, access has to be promoted throughout the whole range from someone’ s perception of care needs to satisfying those needs. In a broader social policy perspective, access to care can be improved by also addressing some apparent ‘ non-care’ circumstances:
All that would not only help to prevent health problems and care needs, but also would enable social inclusion and enable people to work longer.
European Working Conditions Survey – 2021 extraordinary edition ( publication forthcoming – follow Eurofound website). | general |
Saliva Testing for COVID-19 Is Quicker and Safer Than Nasal Swabs | Genetic testing of saliva samples identifies the SARS-CoV-2 virus more quickly than testing of nasal swabs. The research is published today ( March 21, 2022) in Microbiology Spectrum, a journal of the American Society for Microbiology.
“ That is important because people can spread COVID-19 before they know that they have it, ” said coauthor Donald K. Milton, M.D., DrPH, a professor of occupational and environmental health at the Institute for Applied Environmental Health, University of Maryland School of Public Health, College Park. “ Earlier detection can reduce the disease’ s spread. ”
The research was motivated by the problem that early in the pandemic, an urgent need to increase testing was accompanied by a shortage of supplies, notably nasal swabs, which were then the standard method for collecting samples for testing.
To identify people with COVID-19 the investigators began conducting weekly tests of saliva samples from healthy community volunteers in May 2020 and continued over the next 2 years. Of the asymptomatic volunteers who tested positive, Milton and his colleagues found that those patients would typically show symptoms a day or 2 later. “ That made us wonder whether saliva was better for catching pre-symptomatic patients than the traditional nasal swabs, ” he said.
To answer that question, the researchers used data from a companion study of close contacts of people with confirmed cases of COVID-19. In the study, “ We collected saliva and mid-turbinate [ nasal ] swab samples from contacts every 2 or 3 days during their quarantine period, ” said Milton. “ All samples were tested using real-time reverse transcription polymerase chain reaction [ RT-PCR ] to detect SARS-CoV-2 and measure how much viral RNA was in the samples. We then analyzed how these results changed in the days before and after symptom onset. ”
“ Early in the course of infection, saliva was significantly more sensitive than mid-turbinate nasal swabs, ” notably so before onset of symptoms, according to the study, which noted that previous studies had shown that pre-symptomatic transmission plays a greater role than symptomatic transmission of SARS-CoV-2.
The findings have implications for improving public acceptance of COVID-19 testing, reducing the cost of mass COVID-19 screening and improving the safety of healthcare workers who conduct testing. In the latter case, saliva self-testing avoids the close contact between patient and healthcare worker that nasal swabbing entails and avoids causing patients to cough and sneeze, thereby spreading virus particles as a result of swabbing the sensitive nasal passages, as well as discomfort to patients.
“ Our research supports the use of saliva in large-scale screening in schools and workplaces, as a means of improving screening rates, as well as early detection, ” said Milton. “ We expect that if rapid saliva tests become available, they could be a major advance from the current nasal swab-based rapid tests. ”
Reference: “ Comparison of Saliva and Midturbinate Swabs for Detection of SARS-CoV-2 ” by Jianyu Lai, Jennifer German, Filbert Hong, S.-H. Sheldon Tai, Kathleen M. McPhaul and Donald K. Milton for the University of Maryland StopCOVID Research Group, 21 March 2022, Microbiology Spectrum. DOI: 10.1128/spectrum.00128-22 | tech |
Why index funds are often a better bet than active funds | In this article
If you own an investment fund that's `` actively managed, '' odds are that your returns lagged in 2021. Those chances are even worse over a multiyear time frame.
Mutual and exchange-traded funds are generally `` actively '' or `` passively '' managed. In the former, a fund manager selects the fund's stocks and bonds. The latter strategy doesn't employ active stock-picking, but instead tracks an index.
The S & P 500 Index, for example, is a U.S. stock index comprising the biggest public companies weighted according to their market capitalization. An index fund aims to replicate its holdings and returns.
In general, active funds try to beat the market and index funds are the market.
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But active managers didn't fare well last year. About 80% of all actively managed U.S. stock mutual funds underperformed their benchmark in 2021, the third-worst showing in the past two decades, according to S & P Dow Jones Indices ' annual SPIVA report.
`` It was really quite exceptionally bad, '' said Craig Lazzara, a managing director in S & P's core product management group.
Certain stock sub-categories were worse. About 85% of U.S. large-cap stock funds underperformed the S & P 500, the second-worst percentage on record; the share was 99% for large-cap growth funds relative to their benchmark.
However, there were some exceptions, particularly among bond funds. Ten out of 14 bond categories beat their benchmarks in 2021, according to the S & P report. ( Meaning more than half of the funds in those categories beat their benchmarks.)
However, the results aren't as good over longer time frames. Just four bond categories outperformed over a 10-year period and none over 15 years, according to the S & P report.
Just 26% of all actively managed funds beat the returns of their index-fund rivals over the decade through December 2021, according to a separate report published last month by Morningstar. Foreign-stock, real estate and bond funds generally had the highest success rates; success was lowest for U.S. large-cap funds, the report said.
`` As an investor, your presumption should be that passive will beat active, '' Lazzara said. `` And if you make that presumption — for almost everywhere in the world, asset class and [ time ] period — you 'll be vindicated. ''
Active funds do have certain structural advantages over passive funds, though. For example, by virtue of not having to track an index, managers can sell specific holdings that may become too risky.
Many proponents say active funds generally shine in volatile markets. Evidence from the Covid-19 market rout suggests otherwise — about half of active funds survived and outperformed their average index rivals in 2020, according to Morningstar.
The S & P report statistics are averages, which mask broad variation within actively managed stock and bond categories.
Investors who buy an actively managed fund can improve their odds of choosing a winner by buying a lower-cost option.
Underperformance tends to correlate to higher costs, according to Ben Johnson, director of global ETF research for Morningstar. ( Put differently, lower-cost funds had greater odds of success.)
The cheapest active funds outperformed about twice as often as the most expensive ones ( 35% versus 18%) in the decade through Dec. 31, 2021, Morningstar found.
`` Fees matter, '' Johnson said. `` They are one of the only reliable predictors of success. ''
Fees are a big reason why index funds typically outperform their actively managed counterparts. The average asset-weighted fee for an index fund was 0.12% in 2020 versus 0.62% for active funds, according to Morningstar. ( These are annual fees that represent a percentage of an investor's total fund assets.)
That means the average active fund needs to earn an extra 0.5% to equal the return of the average index fund.
One rule of thumb for investors to follow: An active manager must have 10 years of market-beating performance to make a convincing case for skill over luck, according to Jeremy Siegel, a finance professor at the University of Pennsylvania's Wharton School. | business |
What the Blinkit-Zomato deal says about quick commerce in India — Quartz India | India’ s 10-minute grocery delivery firms are struggling.
On March 16, food aggregator and delivery platform Zomato extended a $ 150 million loan to quick commerce firm Blinkit, formerly Grofers.
The two have reached an all-stock deal for a merger, TechCrunch reported around then. In effect, Zomato would acquire the latter for around $ 700 million.
Since pivoting to instant deliveries last August, Blinkit had scaled-down and was struggling for funds. Losing its unicorn status with this deal, it has now brought up questions about the efficacy of such a business model.
Across India, kirana or mom-and-pop stores are not only within walking distance, but also offer conveniences like home delivery and credit. Getting groceries within a time limit “ is not something that needs emergency attention, ” Yugal Joshi, partner at consultancy Everest Group, told Quartz.
While some people in metros want to shop from the comfort of their homes, most can plan ahead for next day delivery at least. Instant delivery is largely viewed as a marketing gimmick—an expensive one that makes riders drive dangerously to avoid being penalised.
Nevertheless, India’ s 10-minute grocery delivery market is set to grow 15 times to $ 5.5 billion, according to consultancy firm RedSeer.
For Blinkit, however, scaling up won’ t come easy.
‘ The costs will significantly increase. ( This model) needs larger team, ” Vidhyashankar Sathyamurthi, CEO of Network of Indian Cultural Enterprises ( NICE), had told Quartz when Grofers initially began quick deliveries.
To realize the full potential of quick commerce, moreover, companies need to look beyond metros and grow private labels to boost unit economics and margin, according to RedSeer.
Zomato, on its part, has reason to back Blinkit: ammo to fight Swiggy’ s Instamart. Unfortunately, its history of acquisitions isn’ t promising.
“ Zomato has had its share of troubles where it expanded globally with limited success, acquired Uber Eats which didn’ t go anywhere. And now this, ” says Joshi. “ Whether this acquisition succeeds or not, time will tell. However, the probability appears low. ”
Especially as a listed company now, “ the challenges it has faced along with other poster-children like Paytm may not allow enough headroom to keep investing in Blinkit. ”
A whole new terrain for Zomato, quick commerce is already teeming with competitors.
Dunzo, which has over the past many years built up its business, even if largely in Bengaluru, is looking to expand by partnering with Reliance Retail. It will increase its dark store or warehouse count from 75 to 200 by the end of this year and aims to be in 20 cities.
After taking baby steps with its 90-minute delivery promise, e-commerce behemoth Flipkart is accelerating to a 45-minute routine in parts of Bengaluru.
Besides, smaller, nascent firms aren’ t out of the race either.
For instance, Y Combinator-backed Mumbai-based Zepto—a half-a-billion dollar worth startup launched by two teenage Stanford dropouts shortly after the Covid-19 outbreak—has expanded to all metros and even tier 2 cities like Ghaziabad. It has over 100 dark stores equipped to handle 2,500 deliveries daily. | tech |
Hong Kong Eases Covid Restrictions | As promised, the Hong Kong government unveiled plans to loosen Covid restrictions after its leader admitted last week that the tolerance of some financial institutions in the city was waning.
Hong Kong will allow flights from nine countries – Australia, Canada, France, India, Nepal, Pakistan, the Philippines, the U.K. and the U.S. – as of April 1, according to Hong Kong chief executive Carrie Lam during a media briefing today, ending the original ban which would have been in effect until April 20.
Incoming travelers’ hotel quarantine has been shortened from 14 days to seven days if tested negative for the coronavirus.
Fully vaccinated Hong Kong residents will be able to board flights to the city if they obtain a negative nucleic acid test result. Thereafter, they will undergo a 14-day hotel quarantine with daily rapid antigen testing and be allowed to leave the hotel on the seventh day if they test negative on the sixth and seventh day.
Social Distancing
In addition, the Hong Kong government will also loosen various social distancing measures including limits on public gatherings, dining curfews, face-to-face schooling and more.
The government has also put its plans to conduct compulsory citywide testing on hold for now.
The announcement makes good on Lam’ s promise last week to unveil a new round of loosening for Covid restrictions, citing concerns about waning patience at some financial institutions in the city. | general |
Egypt Central Bank Raises Benchmark Rate in Surprise Meeting | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Egypt’ s central bank on Monday raised the benchmark interest rate by 100 basis points, citing what it said were global inflationary pressures stemming from the coronavirus pandemic.
The decision, taken after an extraordinary meeting of the bank’ s Monetary Policy Committee, boosted the deposit rate to 9.25% and the lending rate to 10.25%.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Stock futures are flat after Powell says bigger hikes possible | Stock futures were flat in overnight trading after Federal Reserve Chair Jerome Powell said the central bank is open to higher rate hikes to combat rising inflation.
Futures on the Dow Jones Industrial Average rose 10 points, while S & P 500 futures Nasdaq 100 futures were flat.
Nike shares rose 6% in extended trading on Monday after the retailer reported a beat on the top and bottom lines in the third quarter, buoyed by strong demand in North America.
The Monday trading session was volatile as Powell vowed to take `` necessary steps '' to curb inflation less than a week after the agency raised rates for the first time since 2018. Powell said `` inflation is much too high '' and added that rates could increase more than the previously approved 25 basis points if needed.
During regular trading on Monday, the Dow Jones Industrial Average fell 201.94 points, or 0.6%, breaking a five-day winning streak. Meanwhile, the S & P 500 finished marginally lower after rising as much as 0.4% during the session, while the Nasdaq Composite fell 0.4% to 13,838.46 after dipping as much as 1.5% at session lows.
`` I 'm pretty encouraged that the market came back pretty nicely in the last hour of trading, '' Ed Yardeni, Yardeni Research president and chief investment strategist, told CNBC's `` Closing Bell: Overtime '' on Monday.
`` I think the market is looking for opportunities and the opportunities continue to be in areas like energy, commodities. I think the market will also find more opportunities in financials as interest rates go up and technology looks awfully cheap to me, '' he added.
Meanwhile, oil prices rose again on Monday following news that the European Union is weighing a ban on Russian oil. West Texas Intermediate and Brent crude both rose about 7%, settling at $ 112.12 and $ 115.62 a barrel. Amid the rally, energy stocks including Occidental Petroleum and Marathon Oil jumped 8% each.
Investors on Monday continued to watch the situation in Eastern Europe as ongoing peace talks between Russia and Ukraine failed to make progress and Ukraine refused to surrender the port city of Mariupol to Russian forces. Market watchers are also monitoring the omicron subvariant as it spreads across Europe along with one of the worst Covid-19 outbreaks in China since 2020.
Buzzfeed is set to report earnings before the bell on Tuesday, followed by Poshmark and Adobe after the bell. | business |
Powell says 'inflation is much too high ' and the Fed will take 'necessary steps ' to address | Federal Reserve Chairman Jerome Powell on Monday vowed tough action on inflation, which he said jeopardizes an otherwise strong economic recovery.
`` The labor market is very strong, and inflation is much too high, '' the central bank leader said in prepared remarks for the National Association for Business Economics.
The speech comes less than a week after the Fed raised interest rates for the first time in more than three years in an attempt to battle inflation that is running at its highest level in 40 years.
Reiterating a position the Federal Open Market Committee made Wednesday in its post-meeting statement, Powell said interest rate hikes would continue until inflation is under control. He said the increases could be even higher if necessary than the quarter-percentage point move approved at the meeting.
`` We will take the necessary steps to ensure a return to price stability, '' he said. `` In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so. And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well. ''
A basis point is equal to 0.01%. FOMC officials indicated that 25 basis point increases are likely at each of their remaining six meetings this year. However, markets are pricing in about a 50-50 chance the next hike, at the May meeting, could be 50 basis points.
Stocks slipped to their lows of the session after Powell's remarks while Treasury yields rose.
The sudden policy tightening comes with inflation as measured by the consumer price index running at 7.9% on a 12-month basis. A gauge that the Fed prefers still has prices up 5.2%, well above the central bank's 2% target.
As he has before, Powell ascribed much of the pressures coming from Covid pandemic-specific factors, in particular escalated demand for goods over services that supply could not meet. He conceded that Fed officials and many economists `` widely underestimated '' how long those pressures would last.
While those aggravating factors have persisted, the Fed and Congress provided more than $ 10 trillion in fiscal and monetary stimulus since the pandemic's start. Powell said he continues to believe that inflation will drift back to the Fed's target, but it's time for the historically easy policies to end.
`` It continues to seem likely that hoped-for supply-side healing will come over time as the world ultimately settles into some new normal, but the timing and scope of that relief are highly uncertain, '' said Powell, whose official title now is chairman pro tempore as he awaits Senate confirmation for a second term. `` In the meantime, as we set policy, we will be looking to actual progress on these issues and not assuming significant near-term supply-side relief. ''
Powell also addressed the Russian invasion of Ukraine, saying it is adding to supply chain and inflation pressures. Under normal circumstances, the Fed generally would look through those types of events and not alter policy. However, with the outcome unclear, he said policymakers have to be wary of the situation.
`` In normal times, when employment and inflation are close to our objectives, monetary policy would look through a brief burst of inflation associated with commodity price shocks, '' he said. `` However, the risk is rising that an extended period of high inflation could push longer-term expectations uncomfortably higher, which underscores the need for the Committee to move expeditiously as I have described. ''
Powell had indicated last week that the FOMC also is prepared to begin running off some of the nearly $ 9 trillion in assets on its balance sheet. He noted the process could begin as soon as May, but no firm decision has been made. | business |
Nike ( NKE) about to report Q3 2022 earnings: Here's what to expect | In this article
Nike's post-earnings comments Monday could be a harbinger of how the retail industry is being affected by the war in Ukraine, sky-high oil prices and inflationary pressures that threaten to curtail consumer spending.
The sneaker giant is set to report its results for the fiscal third quarter after the market closes. Nike's exposure to China is also under a microscope, as the United States may choose to impose consequences if Beijing helps Russia wage its war against Ukraine and Western brands face continued boycotts throughout Asia.
Nike shares have traded down in recent weeks, as investors anticipate the retailer taking a hit from some of the aforementioned risks. The stock closed Friday at $ 131.24, down 21% year to date, compared with the S & P 500's decline of 6%, and off a 52-week high of $ 179.10. Still, some analysts say shares can fall even further.
Nike is expected to report 2022 fiscal third-quarter revenue of $ 10.6 billion, on earnings of 71 cents per share, according to a survey of analysts by Refinitiv.
Here are some of the key topics analysts are watching and expecting Nike to address later Monday.
UBS analyst Jay Sole thinks Nike's fourth-quarter and initial fiscal 2023 outlooks, should the retailer offer them, are going to disappoint investors.
`` Our checks suggest Nike's China business is not recovering as fast as we, or the market, expected, '' Sole wrote in a note to clients. Plus, he said, the market has been underestimating the effects of the persistent global supply chain challenges that have delayed manufacturing and shipments, Nike's temporary suspension of business in Russia, higher oil prices and a rising U.S. dollar that will pressure Nike's forecast for profits.
Earlier this month, Nike said that given the rapidly evolving situation in Russia, along with increased operational challenges, it paused its business there. At this point, it's unclear how long that will persist. The company has 116 retail stores in Russia, representing less than 2% of its total sales, according to analysts ' estimates.
`` We think Nike's third-quarter report will cause the market to see the company's earnings rebound happening later than currently believed, '' said Sole.
Analysts polled by Refinitiv see Nike's total sales growing 2.3% in the fourth quarter compared with a year earlier. For fiscal 2023, Wall Street anticipates Nike's sales will amount to $ 53 billion, up 13% from the prior year.
Barclays analyst Adrienne Yih said the bigger and longer-term obstacle for Nike will be China, which accounted for 19% of Nike's sales in fiscal 2021, which ended on May 31.
In early 2021, sales at brands including Nike and its rival Adidas plunged in China due to a boycott among Chinese citizens of Western brands. The outrage was sparked over allegations of forced labor in the cotton industry around the Xinjiang region, where Uyghur Muslims are a prominent minority group. These allegations were denied by the Chinese government, but brands including Nike took a stance of not using Xinjiang cotton.
When Nike reported its second-quarter results in late December, Chief Financial Officer Matt Friend told analysts on a conference call that Nike was seeing `` encouraging signs '' in China. Still, the company expected fiscal 2022 to be a year of recovery in the region, he said. Later on the call, Chief Executive John Donahoe said Nike was taking the long-term view in China and creating new products that are tailored to the Chinese consumer.
Nike may not see a positive catalyst until June or later, said Morgan Stanley analyst Kimberly Greenberger.
She flagged the recent renewed Covid lockdowns in China as another risk for Nike and its peers.
`` [ China ] has been a focus point for investors in the last year amidst the boycotts and inventory challenges, with investors specifically debating whether underperformance is demand or supply driven, '' wrote Greenberger, in a note to clients. `` It's unlikely third-quarter results resolve these lingering debates. ''
Separately, Citi retail analyst Paul Lejuez said his team conducted a survey of 1,000 Chinese consumers earlier this month to gauge how they feel about Nike compared with other brands, including those based in China. The poll found that Chinese consumers continue to rate Chinese sportswear brands, such as Li Ning, as in line with or better than Western brands. However, he said that Nike and Adidas appear to be in relatively good standing.
Also on analysts ' and investors ' radar is Nike's commentary around its relationships with wholesale partners. The athletic footwear giant has been pursuing a clear shift toward selling more of its shoes and apparel directly to consumers, rather than through third parties, in a bid to boost profits and raise affinity for its brand.
Foot Locker, one of Nike's biggest vendor partners, disclosed in late February that its mix of sales from Nike will fall from 65% in the fourth quarter of 2021 to 55% in the fourth quarter of 2022, with a chance it will drop even lower.
Analysts at Credit Suisse have estimated that this could account for a loss of between $ 600 million and $ 800 million in wholesale revenue for Nike in fiscal 2023.
`` While we didn't think Nike would pivot so quickly as to disrupt Foot Locker's cash flows so meaningfully, we understand why Nike would want those sales represented through its owned channels, '' said Credit Suisse analyst Michael Binetti.
As of Nov. 30, direct-to-consumer revenue accounted for roughly 41% of Nike's overall business. Investors will be looking for more color on how that figure could keep growing from here and what partners Nike will remain most reliant on. | business |
Last week’ s rally is a reminder to watch for a bounce during market downturns, Jim Cramer says | The stock market's recovery last week is proof that investors should always watch for bounce, even when all seems hopeless, CNBC's Jim Cramer said Monday.
`` The most important lesson of last week is that you never want to get too negative, because once the market gets oversold, it doesn't take much good news to create an explosive rebound, '' Cramer said.
`` When the whole market roars, you need to recognize that not everything has the same kind of staying power. Many downtrodden groups made a comeback thanks in part to short covering … but some other groups look a lot more durable, '' he added.
The `` Mad Money '' host said that he believes `` consumer discretionary stocks '' like Macy's and companies in the travel sector including Delta Air Lines and American Express will be winners.
Cramer's comments come following last week's monster rallies as investors digested the news of the Russia-Ukraine War, the Federal Reserve's quarter-percentage-point-rate hike and Covid outbreaks in Russia and China. All of the major averages finished their best week since November 2020 on Friday, with the S & P and 500 and Nasdaq surging for four consecutive days while the Dow Jones Industrial Average gained for five days.
The markets teetered Monday following Fed chairman Jerome Powell's statement that the Fed could take more aggressive rate hikes for the rest of the year if necessary to combat surging inflation.
Cramer said that while investors should be careful to pick stocks with `` staying power, '' his overall position on only holding stock of money-making firms hasn't changed.
`` While the last week gave you a tremendous opportunity to reposition, it has not changed my fundamental thesis. … Stick to profitable companies with real products or real services, especially the ones that return capital to their shareholders, '' he said.
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Questions, comments, suggestions for the `` Mad Money '' website? madcap @ cnbc.com | business |
Hong Kong plans to scrap flight ban on 9 countries on April 1 | Hong Kong plans to relax some anti-Covid measures next month. That includes lifting a ban on flights from nine countries, reducing quarantine time for arrivals from abroad and reopening schools.The moves, announced on Monday by Chief Executive Carrie Lam, could quieten some criticism from residents who have become increasingly frustrated with the city's stringent measures, some of which have been in place for over two years.The flight ban would be lifted from April 1, while hotel quarantine for arrivals could be cut to seven days from 14 if residents tested negative, Lam told a news briefing. She had previously said measures would be in place until April 20.
Schools would resume face-to-face classes from April 19, after the Easter holidays, while public venues including sports facilities would also reopen from April 21, she said.
Hong Kong's border has effectively been shut since 2020, with very few flights able to land and hardly any passengers allowed to transit, effectively isolating a city that had built a reputation as a global financial hub.
The ban had made it very difficult for residents to return to the Chinese-ruled territory, with many spending time known as `` washing out '' in other countries for two weeks before being allowed to return.
The rules, together with constant mixed messaging from the government, including over whether a citywide lockdown and mass testing would take place, have triggered an exodus of residents in the past two months.
Net outflows show more than 54,000 people have left Hong Kong so far in March, compared with more than 71,000 in February and nearly 17,000 in December before the fifth wave of the pandemic hit, prompting fears for the city's longer-term competitiveness.
Businesses and the city's economy are reeling from widespread closures, while doctors say many of the city's 7.4 million residents are grappling with rising mental health issues, particularly among low-income families.
A plan to carry out mass coronavirus testing would be put on hold, Lam said, citing experts who said it was not a suitable time.
While the former British colony has officially stuck to the `` dynamic zero '' coronavirus policy, similar to mainland China, which seeks to curb all outbreaks, it has been shifting to mitigation strategies as deaths skyrocketed.
Hong Kong has registered the most deaths per million people globally in recent weeks — more than 24 times that of rival Singapore — owing to a large proportion of elderly people who were unvaccinated as the highly transmissible omicron variant ripped through care homes since February.The densely packed city has recorded more than 1 million infections since the pandemic started and about 5,000 deaths — most of them in the past month.
As many as 4 million people could be infected, according to estimates from health experts, as many residents have contracted the virus and isolated at home without notifying authorities.
| business |
European markets as Russia-Ukraine pressure continues | LONDON — European stocks closed slightly higher on Monday as the Russia-Ukraine war continued to weigh on global market sentiment.
The pan-European Stoxx 600 provisionally closed up 0.1%, with sectors and major bourses pointing in opposite directions. Mining shares surged 4.3% to lead gains, while travel and leisure stocks fell 1.8% after a Boeing 737 passenger jet crashed in China.
Global markets continue to be roiled by events in Ukraine as the war continues. Ukraine's President Volodymyr Zelenskyy warned at the weekend that if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a third global war.
`` If these attempts fail, that would mean that this is a third world war, '' Zelenskyy said in an interview with CNN's Fareed Zakaria that aired Sunday morning.
Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions.
Ukraine on Monday rejected an ultimatum to surrender its besieged port city of Mariupol to Russian forces.
Goldman strategist names two sectors with 'incredibly cheap ' stocks after Fed rate hike
The Nasdaq is down more than 10% this year. Here are Wall Street's top picks to buy the dip
Dan Niles predicts a recession — and picks stocks to weather the volatility ahead
Investors are also evaluating a rise in Covid-19 cases in Europe stemming from an emerging subvariant of the omicron strain of the virus.
On Wall Street, U.S. stocks opened in negative territory after the S & P 500′s best week since 2020, while shares in Asia-Pacific were mixed by Monday's close, as investors reacted to the release of China's latest benchmark lending rate.
Oil prices also surged once again on Monday, with international benchmark Brent crude futures up 6.8% to $ 115.28 per barrel by late afternoon in Europe. U.S. crude futures climbed 5.8% to $ 110.74 per barrel.
In terms of individual share price movement in Europe, Finland's Nokian Tyres plunged more than 13% as its exposure to Russia continued to weigh, while German arms manufacturer Rheinmetall jumped over 9%.
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— CNBC's Ryan Browne, Maggie Fitzgerald and Eustance Huang contributed to this report. | business |
China sticks to zero Covid, managing outbreak one local city at a time | BEIJING — As some parts of China reopen, others are imposing new Covid-related restrictions, reflecting the challenge government officials face in controlling the worst outbreak since early 2020.
Chinese authorities are trying to maintain their zero-Covid strategy that used swift lockdowns to help the economy grow in 2020. Beijing has increasingly emphasized how the strategy needs to be `` dynamic. ''
But local officials now face multiple challenges at once: Keeping their jobs whose performance hinges on controlling Covid outbreaks, limiting the spread of a highly transmissible variant and supporting enough growth to achieve the national GDP target of around 5.5% set by Beijing.
`` Officials at all levels must give top priority to epidemic response, '' according to a readout Friday of a top-level government meeting chaired by Chinese President Xi Jinping.
`` Anyone who fails to perform their duties and responsibilities and thus leads to a drastic escalation will be investigated and held to account right away in accordance with discipline and regulations, '' the readout said.
Dozens of local Chinese officials have lost their jobs or received punishments after failing to prevent the latest spike of cases.
Mainland China's new daily Covid cases remained well above 1,000 over the weekend, with hundreds of asymptomatic ones.
The northern province of Jilin reported Friday the first two deaths in the latest Covid wave, which stems primarily from the highly transmissible omicron variant. The number of new cases and deaths is still low compared with other major countries.
On the economic front, regions are affected by business disruptions and uncertainty, even if stricter Covid controls don't necessarily halt production outright.
China's steel-making hub of Tangshan city ordered that as of Sunday, all non-emergency vehicles are banned from local roads, except for those that obtain special approval. Several districts ordered residents to stay home and told businesses such as gyms to close.
There was no specific order for steel mills. But Chinese financial news outlet Cailian reported, citing locals, that Tangshan's steel trade and logistics businesses had stopped work, while some producers had retained a few workers for basic production.
Tangshan reported nine confirmed Covid cases this weekend.
In southern China, the tech and manufacturing city of Shenzhen has kept ports open despite orders last week to halt other business activity and factory production.
Shipping giant Maersk said late last week Covid testing requirements for truck drivers and stricter road control between Shenzhen and nearby cities means trucking services in the area will likely `` be severely impacted by 40%. '' That's up from the company's assessment a few days earlier of a 30% impact.
`` Consequently, there will be longer delivery time and a possible rise in transport costs such as detour fee and highway fee, '' Maersk said.
Shenzhen reported 82 new cases over the weekend — relatively high for China. However, municipal authorities declared Sunday that the outbreak was `` controllable. '' They announced the city would resume `` normal '' operations and production Monday, including public transportation.
It's less clear how normal life can be in practice. The city said anyone taking public transit must show a negative virus test taken within the last 48 hours.
Some neighborhoods remain under lockdown, and non-essential businesses are to remain shut, the city said. Authorities told parents to help their children with online learning — without making it clear whether businesses would allow employees to work from home.
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Similarly, in a southern manufacturing center of Dongguan, local authorities emphasized the need for `` targeted '' Covid control measures, including `` one policy per business '' or factory.
Dongguan's city-wide lockdown measures announced last Tuesday are set to expire at the end of Monday, although public transit resumed operations on Friday.
The city reported a total of two new confirmed Covid cases over the weekend.
Shanghai has taken one of the most targeted lockdown policies in China, as authorities seek to balance economic growth with Covid control. The city reported 41 new confirmed cases for the weekend.
However, the outbreak is still taking its toll on big businesses. Shanghai Disney Resort announced it would be closed from Monday until further notice due to the pandemic. | business |
Apple supplier Foxconn resumes normal operations after Covid pause | In this article
Foxconn, a major Apple supplier, has `` basically '' resumed normal operations in Shenzhen, China, after an uptick in Covid cases in the area caused it to pause production last week, according to Reuters.
Foxconn said Wednesday it had partially resumed production in Shenzhen by implementing a `` closed loop '' system with employees who live on the campus.
Though Foxconn produces some iPhones, iPads and Macs in Shenzhen, nearly half of iPhones are produced in a factory in Henan province, according to a Bank of America note last week. The analysts said at the time that the company could relocate production in the short term if the lockdown was not extensive.
Still, the initial pause came just days after Apple announced several new products and created concern that the shutdown could cause product shortages.
Foxconn did not immediately respond to CNBC's request for comment.
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WATCH: What Apple's largest manufacturer, Foxconn, does, and what it's really up to in Wisconsin | business |
U.S bonds: Treasury yields climb with focus on Russia-Ukraine war | U.S. Treasury yields climbed Monday after Federal Reserve chief Jerome Powell warned about rampant inflation.
The yield on the benchmark 10-year Treasury note rose 12 basis points to 2.27% by around 12:40 p.m. ET. The yield on the 30-year Treasury bond moved 8 basis points higher to 2.5%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Meanwhile, the 2-year yield rose above 2%, its highest level since 2019.
Powell on Monday promised to take tough action on inflation, which he said jeopardizes an otherwise strong economic recovery.
`` The labor market is very strong, and inflation is much too high, '' the central bank leader said in prepared remarks for the National Association for Business Economics.
Investors will be keeping an eye out for more indications on the Fed's policy plans, after the central bank raised its benchmark interest rate for the first time in more than three years last week.
`` The sell-off in bond prices ( which sent yields higher) occurred as investors weighed the impact of higher inflation with the war in Ukraine on US and global growth in the months and quarters ahead, '' John Stoltzfus, chief investment strategist at Oppenheimer, said in a note Monday.
Investors are also monitoring the geopolitical conflict between Russia and Ukraine.
Ukraine's President Volodymyr Zelenskyy warned that if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a global war.
`` If these attempts fail, that would mean that this is a third world war, '' Zelenskyy said in an interview with CNN's Fareed Zakaria that aired Sunday morning. Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions.
Goldman strategist names two sectors with 'incredibly cheap ' stocks after Fed rate hike
The Nasdaq is down more than 10% this year. Here are Wall Street's top picks to buy the dip
Dan Niles predicts a recession — and picks stocks to weather the volatility ahead
Investors are also monitoring the rise in Covid-19 cases in Europe, stemming from an emerging variant.
Auctions are scheduled to be held on Monday for $ 57 billion of 13-week bills and $ 48 billion of 26-week bills.
— CNBC's Maggie Fitzgerald contributed to this market report. | business |
China Stockpiles Record Cash In a Sign of Slow Fiscal Stimulus | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- China’ s government stockpiled a record amount of cash in the first two months of the year instead of spending it, despite numerous pledges by top officials to speed up fiscal stimulus to boost the economy.
Government deposits, which are listed under liabilities on the central bank’ s balance sheet, rose by a combined 1.17 trillion yuan ( $ 184 billion) in January-February, according to Bloomberg calculations of official figures. That was the biggest increase for the two-month period since comparable data going back to 2000.
The figures suggest the government is spending far less than the income it’ s getting from sources such as local bond sales and tax revenue. It also contradicts the messages from senior leaders and pledges from the government’ s own work reports to “ front load ” stimulus to bolster a faltering economy.
The build-up in savings means authorities have plenty of financial ammunition to deploy when they push up spending.
Xing Zhaopeng, senior China strategist at Australia and New Zealand Banking Group, attributed the record deposits to the fast pace of local government bond issuance, saying he expects a jump in expenditure soon.
“ There will be plenty of room for further fiscal stimulus, and fiscal spending will be significantly accelerated from March, ” he said.
China’ s top leaders have pledged to “ properly advance infrastructure investment ” as part of efforts to bolster an economy besieged by a housing market slump, a resurgence in domestic Covid cases, and spiking energy prices due to the Russia-Ukraine war.
Even though the economy got off to a stronger-than-expected start to 2022, concerns remain over whether Beijing’ s ambitious growth target of around 5.5% growth for this year can be achieved. Bank lending slumped in February, pointing to still sluggish corporate demand for loans while home mortgages declined for the first time in at least 15 years.
Those risks make infrastructure spending, with its knock-on effect on construction and other sectors, even more important as an engine of growth in a politically sensitive year in which the Communist Party is making economic stability a top priority.
A key source of funding for infrastructure investment is local governments’ issuance of new general and special bonds, which climbed to more than 950 billion yuan in the first two months of the year. Aside from the pandemic-hit year of 2020, that was the highest amount of bonds sold ever in the two-month period, Bloomberg calculations show.
“ Supporting infrastructure construction with fiscal money will remain the key to stabilizing economic growth, ” said Qi Sheng, an analyst at Orient Securities Co. “ Government deposits will drop in the coming months as fiscal spending accelerates while income growth slows. ”
A new report from CIBC Capital Markets analysts says ESG funds may be missing the mark by putting too much emphasis on the “ E ” and not enough on the “ S ” or the “ G ”.
A National Bank of Canada economist is warning that the surge in inflation through the start of the year is poised to take a greater toll on household balance sheets than the Bank of Canada’ s decision to raise rates off the effective lower bound.
Boeing faces a new crisis after a 737 jet fell out of the sky in China, renewing concerns about its best-selling family of planes and extending one of the most turbulent periods in the aviation titan’ s century-long history.
Gains in the energy and base metals sectors powered Canada's main stock index to a record high above 22,000 for the first time while the loonie reached its highest level in two months. | general |
Stocks making the biggest moves midday: Boeing, Disney and more | In this article
Check out the companies making headlines in midday trading.
Boeing — Shares fell about 4% after a Boeing 737 passenger jet crashed in China with 132 people on board. China's civil aviation agency lost contact with the flight over Wuzhou, and the number of deaths is currently unknown.
Air Products and Chemicals — The specialty chemical stock gained nearly 1% after JPMorgan upgraded Air Products and Chemicals to overweight from neutral. JPMorgan said the stock's rough start to a year had created a discount relative to a rival chemical stock with several possible catalysts coming up.
Berkshire Hathaway — Berkshire Hathaway ( BRK.A) shares rose 1.9% on news that it would buy insurance company Alleghany for $ 11.6 billion in cash, or $ 848.02 per share. Shares of Alleghany, which will operate as an independent subsidiary of the Omaha, Nebraska-based conglomerate, soared 24% following the news.
Manchester United — Shares of Manchester United rose more than 4% after Deutsche Bank upgraded the stock to a buy from hold and said it was trading at a discount.
General Motors — Shares of General Motors fell 2.8% as Morgan Stanley lowered its price target to $ 50 per share and reiterated the auto company as equal weight. Analysts said they were concerned about inflation and ongoing supply chain disruptions which could affect demand.
Disney — Disney shares fell 1.9% on Monday. It comes as the entertainment company announced it would close its Shanghai Disney Resort amid a Covid outbreak in China.
Silvergate Capital — Shares of the crypto-focused bank rose 0.6% after Bank of America rated the stock as a buy and said it offers investors an `` alternative way to gain exposure to the growth of the digital asset ecosystem. ''
Nielsen Holdings — Nielsen shares sank 7.8% after the company, which is known for TV ratings, rejected a $ 9.13 billion takeover bid from a private-equity consortium.
Anaplan — The business software company's shares soared by more than 27% following a deal with private equity firm Thoma Bravo, which will buy Anaplan for $ 10.7 billion, or $ 66 per share, in cash. Thoma Bravo said it plans to use Anaplan as a platform for further acquisitions, according to the Wall Street Journal.
Tesla — Tesla shares rallied just shy of 1% after Jefferies reiterated the electric-vehicle company as a buy but lowered its price target to $ 1,250 from $ 1,400 amid a `` riskier macro and geopolitical environment. ''
BlackBerry — BlackBerry shares rose about 1.2% after RBC upgraded the company's stock to sector perform from underperform.
Occidental Petroleum, Marathon Oil — Oil prices edged higher on Monday as talks between Russia and Ukraine showed no signs of progress. Shares of Occidental and Marathon each rose about 7%, respectively.
— CNBC's Hannah Miao, Jesse Pound and Tanaya Macheel contributed reporting | business |
GM creating new import business of iconic vehicles from U.S. to China | In this article
DETROIT – General Motors is creating a new China-based premium import business focused on sales of high-margin, `` iconic vehicles '' from the U.S.
The business, which GM is calling a start-up within the automaker, will focus on vehicles and potentially brands that are currently not available in the Chinese market, according to GM President Mark Reuss.
`` We're going to bring in some pretty iconic vehicles into China, '' he told CNBC during an interview. `` It's a strategy that I think is really neat because it's uniquely American, in most cases. ''
The products will include electric vehicles as well as ones with traditional internal combustion engines, Reuss said. He declined to specify what vehicles will be part of the new business but cited `` a pretty aspirational Cadillac '' and other `` iconic '' SUV-like vehicles.
`` It's some iconic vehicles but also some iconic brands as well, '' Reuss said. `` It's exciting. It's a different way to think about it. ''
The new business is a change in strategy for GM. The automaker has not exported many vehicles to China, which is the automaker's largest market by volume. It has instead localized production for China through joint venture partners within the country.
GM did not export any vehicles from the U.S. to China in 2021, according to a company spokeswoman. That compares with GM's overall sales in China last year of 2.9 million vehicles. The company previously imported some U.S.-built vehicles to China, such as the Chevrolet Camaro, but in low volumes, according to research firm LMC Automotive.
Automakers typically don't export many U.S.-built vehicles to China due to logistical costs and tariffs, which eat away at profit margins. The top five U.S.-built vehicles sent to China were from German luxury automakers BMW and Mercedes-Benz, according to LMC. Combined, they only totaled about 144,000 units, LMC said.
The new import business `` is being built from the ground up and will enjoy a high level of autonomy, '' GM said in a statement. The automaker declined to disclose other information regarding the business, saying `` additional details will be shared at a later date. ''
The comments follow local Chinese media recently reporting GM's China chief, Julian Blissett, confirming plans to create a new, independently owned premium brand in the country through the import of `` halo cars. ''
Halo vehicles are often iconic products that are unique in design and feature high-performance parts. They're used to attract attention to a car nameplate or brand.
While the new business will likely be importing in low volumes, such vehicles could carry hefty profit margins for the automaker. GM's Chinese operations earned about $ 1.1 billion in 2021, up $ 586 million from 2020, when the coronavirus pandemic weighed more heavily on the business.
`` It's Americana. It's low volume, high margin; it's the whole notion of a halo, '' said Jeff Schuster, president of global forecasting and the Americas at LMC. `` I think there still is some aspiration to have Americana. ''
He added: `` As long as that holds, and again, the volumes are going to be small, I suspect that it's going to be an easy play that makes sense. '' | business |
Accused bitcoin launderer Heather Morgan in plea talks | In this article
Federal prosecutors on Monday said they were in plea negotiations with a New York woman recently arrested with her husband on charges of trying to launder $ 4.5 billion worth of stolen bitcoin cryptocurrency.
The talks were cited in a request by prosecutors asking a judge to postpone by 40 days Friday's scheduled status hearing for the woman, Heather `` Razzlekhan '' Morgan, in U.S. District Court in Washington, D.C.
Prosecutors said in a court filing that the postponement would `` facilitate... plea discussions between the parties, '' as well as give them time to assemble and share evidence that could be used against Morgan with her attorneys.
Morgan, 31, was arrested with her husband, 34-year-old Ilya `` Dutch '' Lichtenstein, on Feb. 8 in their Manhattan apartment. The arrests were on the same day the Justice Department has said it seized more than $ 3.6 billion worth of bitcoin that was part of the alleged laundering scheme.
Read more of CNBC's politics coverage:
Prosecutors allege that the couple illegally tried to hide, through a complex series of transactions, the source of almost 120,000 bitcoin stolen during the 2016 hack of the Bitfinex cryptocurrency exchange. Neither of the defendants is charged with the hack itself.
At the time of the hack, the stolen bitcoin was worth $ 70 million. But the value of bitcoin has soared since then.
Morgan's lawyers do not oppose the postponement of her hearing, according to Monday's filing by the U.S. Attorney's Office for the District of Columbia.
Prosecutors disclosed in court on Feb. 28 that they were discussing a possible `` resolution '' of Morgan's criminal case to avoid a trial.
But until Monday, they had not publicly used the words `` plea discussions '' to describe those talks with her lawyers.
Morgan's lead attorney did not immediately respond to a request for comment on the filing.
It is common for prosecutors and defense attorneys to discuss possible plea deals in criminal cases, and for those discussions to lead to postponements of court hearings.
However, Morgan's case is unusual for the relatively short time between her arrest and the disclosure of plea talks.
Morgan, an aspiring rapper and entrepreneur, is free on a $ 3 million bond.
Lichtenstein has been in jail since his arrest and has been denied bail.
Netflix last month announced that a series on the couple will be directed by Chris Smith, who was executive producer of the company's Covid pandemic smash hit `` Tiger King. '' | business |
Ontario lifts mask mandates in most public spaces including schools, retail settings | The information you requested is not available at this time, please check back again soon.
Ontario residents were able to shop, see a movie, and take in a hockey game without wearing a mask for the first time in about a year-and-a-half as the province lifted face-covering mandates for most public spaces Monday.
Students in public schools were also able to attend class without wearing a mask, though many chose to keep wearing them.
Branav Jalan said his six-year-old daughter, who has two doses of a COVID-19 vaccine, will be wearing a mask at her school in Toronto for now.
`` I have seen ( the) majority of the people ( at school) are still wearing masks, so I think that that's a good step, '' he said. `` It's good to be back after spring break, so let's hope that everything continues in a good sense. ''
Sudhir Kesarkar said his 10-year-old son will be wearing a mask for a little while longer, but once the boy receives his second vaccine dose in a few weeks, Kesarkar will feel `` absolute comfort '' sending him to school without a mask.
`` I 'm just happy that this pandemic is ending and we can live our life freely, '' he said.
Several school boards had wanted more time to keep mask mandates, but those requests were denied by Ontario's chief medical officer of health. The Hamilton-Wentworth school board has said it still plans to keep a mask requirement until April 1.
NDP Leader Andrea Horwath said the board was clearly listening to advice from some public health experts and a coalition of children's hospitals urging the government to keep masks mandatory in schools for a few more weeks.
`` That's what I think that they were basing their decision on, and I have some respect for that, '' she said.
Liberal House Leader John Fraser said the government has not articulated why it couldn't keep masks mandatory in schools for a bit longer, as Nova Scotia has.
`` ( Boards) should be able to work with a government to do what's needed in their local community, '' he said. `` We're talking two weeks, we're not talking a new curriculum... The government's inflexible on this and I don't understand why. ''
Select settings such as public transit, health-care facilities, long-term care homes and congregate care settings will keep mask mandates until the end of April, but masks are no longer required in most other public spaces, including restaurants, bars, gyms, retail, cinemas, theatres, sports venues, and meeting and event spaces.
Monday marked `` an important milestone '' in the fight against COVID-19, Premier Doug Ford wrote on Twitter.
`` Ontario's cautious approach throughout the pandemic has allowed us to save countless lives as we emerge with one of the lowest fatality rates in North America, '' he said later Monday in remarks to a Canadian American Business Council roundtable in Washington, D.C.
`` From the outset of the pandemic we learned that you can't have a healthy economy without healthy people. ''
Vaughan, Ont., residents Raymond Pirnasar and Chessa Pirnasar stepped into a mall on Monday without wearing masks.
`` ( We're) going in to the mall to shop for the first time being able to breathe. That’ s my prerogative, '' Chessa Pirnasar said, while stressing that if people don't feel comfortable taking off their masks, then she respects their choice.
`` Both of us have had three doses, so I think we feel safe. ''
Robert Burns, who was wearing a medical mask on his way to a mall in Toronto, said he feels `` indifferent '' about mask mandates being lifted, but hopes that people don’ t act `` recklessly. ''
`` Personally, I will continue to wear my mask. I think it's safer, '' he said.
Burns said he doesn't have a set timeframe for when he 'll stop wearing a mask while he’ s out and about. `` I have a grandchild who has not been vaccinated because she's too young, so I want to protect her, '' he added.
Individual businesses can keep mask mandates or a proof-of-vaccination system for customers, the latter of which was dropped provincewide March 1.
Hot Docs Cinema in Toronto said it would keep masks mandatory until at least April 1 to assess the COVID-19 situation and to honour tickets that were purchased before the mandate lifted.
Jodi Wheeler, owner of Blue Crow Gallery in Toronto, said her art gallery will keep a mask requirement in part because she has such a small staff.
`` If we get sick we can’ t really continue to operate, '' she said. `` We have a lot of customers, I think, that were happy to hear that we were considering keeping it in place. ''
Provincial government politicians and top health officials say public health indicators have improved enough to remove mask rules, which have also been lifted in other jurisdictions across Canada and around the world, though many epidemiologists and infectious diseases physicians have said the mandates should have stayed - particularly in schools - for a few weeks longer.
Chief Medical Officer of Health Dr. Kieran Moore has said making masks optional does not signal that COVID-19 has disappeared or that the pandemic is over, but it means that Ontario has come to place where it can now manage the virus.
The number of people in hospitals with COVID-19 has been steadily falling since the peak of the Omicron variant wave in January, but wastewater surveillance suggests COVID-19 activity has recently started to increase again.
Ontario reported 1,217 new cases Monday, but Moore has said the actual number is likely 10 times higher than the daily count, since access to PCR testing is restricted.
The Ontario Medical Association published tips on Monday to help people stay and feel safe as restrictions ease, including wearing a mask in indoor public spaces, especially if vulnerable people or unvaccinated children are there, as well as keeping up to date with vaccinations and expecting there will be more booster shots.
For sale: Trudeau’ s oil pipeline. Wanted: Indigenous buyers
Russia's Influence in Energy Blunted by U.S. LNG: Yergin | general |
Cramer: Powell's 'been dealt an insanely bad hand ' in inflation fight | CNBC's Jim Cramer defended Federal Reserve Chair Jerome Powell Monday after the central bank chief promised aggressive action on inflation.
`` Powell's been dealt an insanely bad hand. So of course he's fallen behind. Hence why he's said that the Fed will move with alacrity from here on out, '' the `` Mad Money '' host said. `` So feel free to blame him for not seeing what was coming. If he has to do a [ 50 basis point interest rate hike ], he will. ''
`` Never forget that Powell's been asked to do the impossible here: Figure out how fast to raise interest rates when so many things should be slowing the economy and cooling inflation naturally, yet nothing has worked out the way we expected, '' he added.
Powell on Monday pledged that the Fed will take strong action against surging inflation, which is currently at its highest level in 40 years. Powell said rate hikes bigger than a quarter-percentage point are possible and hikes will continue until inflation is under control.
His strong stance against inflation, which comes one week after the Fed raised interest rates for the first time in more than three years, led the market to teeter Monday, ending a multiday streak of gains. The Dow Jones Industrial Average dipped 0.6%, while the S & P 500 slipped 0.04%. The Nasdaq Composite dropped 0.4%.
Listing a bevy of recent market shakers — including the current housing shortage, the semiconductor chip shortage, healthy consumer spending, Covid fears and Russia's invasion of Ukraine — Cramer reiterated that these unprecedented times have made it difficult for Powell to anticipate what will strike the market next.
Cramer added that he believes it's unfair for investors to expect Powell to predict the path of the pandemic.
`` At the end of the day, public health is outside of the Fed's purview, '' Cramer said.
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Pinduoduo Sales Miss Estimates Amid China Slowdown | The information you requested is not available at this time, please check back again soon.
The download page for the Pinduoduo Inc. application on a smartphone arranged in Hong Kong, China, on Tuesday, May 25, 2021. Pinduoduo is scheduled to release earnings results on May 26., Bloomberg
( Bloomberg) -- Pinduoduo Inc. reported revenue that missed estimates, the third straight quarter it’ s disappointed investors after China’ s economic slowdown sapped online consumption.
Sales for the December quarter inched 3% higher to 27.2 billion yuan ( $ 4.3 billion), Pinduoduo reported on Monday. That lags the 30 billion yuan analysts expected on average and represents by far the slowest rate of growth since the company went public in 2018. It swung to a net income of 6.6 billion yuan from a loss previously, thanks to a sharp reduction in costs and a one-off rebate from a service provider that it did not specify.
The disappointing performance demonstrates the challenges facing Pinduoduo, one of the more volatile Chinese stocks in a broad tech selloff that emerged in 2022 as investors grapple with the uncertainty of Beijing’ s ongoing tech crackdown and a delisting threat from Washington.
The Shanghai-based firm is one of few Chinese internet giants that have yet to seek a secondary listing outside the U.S. Although shares of Chinese tech companies, Pinduoduo included, rebounded in past days following Beijing’ s vow to support its economy and markets, it remains unknown if regulators from both countries can resolve a dispute over accounting.
The company founded by Colin Huang gained a foothold in China’ s highly competitive ecommerce arena by selling cheaper goods to cost-sensitive families in less-developed regions. But now larger rivals like Alibaba Group Holding Ltd. and JD.com Inc. are catching up on that front with their own bargain-hunting apps, just as persistent Covid-19 outbreaks across China slow retail spending.
Pinduoduo’ s active buyer accounts expanded 10% to 868.7 million in 2021, lagging expectations for 883.3 million.
Read more: China Regulator Weighs Letting U.S. Inspect Some Company Audits
( Corrects date of IPO in second paragraph.) | general |
Cathay to Fly Just Once Every 14 Days When U.S., U.K. Ban Lifts | The information you requested is not available at this time, please check back again soon.
A passenger aircraft operated by Cathay Pacific Airways Ltd. takes off from the Hong Kong International Airport in Hong Kong, China, on Monday, March 7, 2022. A total of 5,082 people departed Hong Kong on Sunday, the most since the city was hit with its most severe and far-reaching wave of Covid. That took last week's tally to a net 22,965 departures from all ports. Photographer: Bertha Wang/Bloomberg, Bloomberg
( Bloomberg) -- Traveling to Hong Kong isn’ t set to get much easier once a ban on flights from nine countries including the U.S. and the U.K. is lifted, with Cathay Pacific Airways Ltd. planning just one inbound flight every two weeks.
The airline said it isn’ t able to expand its schedule any more than what it was planning due to “ the possibility ” of falling afoul of the city’ s 14-day ban on airlines that carry too many passengers found to be infected with Covid.
Cathay said it was trying to avoid unplanned disruptions that would impact quarantine hotel bookings and other travel arrangements.
Airlines can be banned if four or more passengers from the same airport of origin test positive for Covid-19 upon arrival in Hong Kong within a seven-day period. Similarly, three or more cases on the same flight, or one confirmed case and another non-compliant case on the same plane also triggers the ban.
Hong Kong on Monday lifted a ban on flights from nine countries also including Australia, Canada and France, and halved hotel quarantine for inbound travelers to seven days from two weeks. Both changes take effect April 1. | general |
Another Shanghai Record; Tokyo Ends Restrictions: Virus Update | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Shanghai saw a record number of Covid cases for a second straight day, with CCTV reporting 896 cases were found on Monday as the city becomes the latest Chinese hotspot. Hong Kong meanwhile scrapped some travel curbs and laid out a road map for easing internal pandemic restrictions.
Japan’ s government lifted quasi-state of emergency measures in Tokyo and other regions across the country, bringing to an end steps introduced in early January as cases continue to tumble after peaking in early February.
Indonesia is also lifting all quarantine rules for fully-vaccinated visitors to end two years of border closure, following its neighbors in easing entry restrictions as Southeast Asia moves past the worst of the omicron wave.
Shanghai Reports Record Cases for Second Day ( 7:50 a.m. HK)
Shanghai saw 896 Covid-19 cases on Monday, CCTV reported, posting a record for a second straight day. The flareup has come after authorities expanded testing to more residents to root out silent transmission chains. The city last week ruled out imposing a broad lockdown, but officials said Monday that some areas will remain locked down for further testing.
Restrictions End in Japan After 2 1/2 Months ( 7 a.m. HK)
Japan’ s government lifted quasi-state of emergency measures in Tokyo and elsewhere across the country on Monday, bringing to an end steps introduced in early January to help curb a surge in omicron cases.
Cases have slid in the capital since peaking in early February, with Tokyo seeing an average of about 7,500 cases a day as of Monday.
A Kyodo News survey found that 53% said the timing of ending the steps was appropriate, with 32% saying it was too early. Another 11% felt the move came too late. The quasi-state of emergency in practice largely allowed regional governors to call for bars and restaurants to close early, with eateries that followed the largely voluntary steps in Tokyo having closed at 9 p.m.
Europe Faces Another Covid Act ( 1:30 a.m. HK)
Europe faces a revival of a revival of virus risks as cases spread rapidly, accelerated by the emergence of the more-transmissible BA.2 omicron strain. Germany is now setting fresh records for infection rates almost daily, while Austria has also reached new highs and cases in the Netherlands have doubled since lifting curbs on Feb. 25.
“ The messaging from politicians is encouraging many people who were taking precautions to mix with others, ” says Martin McKee, professor of public health at the London School of Hygiene and Tropical Medicine. “ It does seem very courageous, and indeed risky, to assume that the pandemic is over. ”
Most authorities have shrugged off the surge however, showing little appetite to re-impose curbs after easing measures just a few weeks ago. Germany has stuck with plans to let most nationwide restrictions expire. Austria last week suspended a law that made coronavirus vaccinations mandatory, stepping back from one of Europe’ s strictest measures. In France, millions of high school students and teachers ditched masks for the first time in almost two years last week.
FDA Advisers to Consider Extra Covid Boosters ( 1 a.m. HK)
U.S. government advisers will meet early next month to discuss the use of additional Covid-19 booster shots as states and companies lower prevention safeguards such as masking and work at home.
The Vaccines and Related Biological Products Advisory Committee will meet April 6, with the FDA calling the meeting for help deciding which populations, such as the elderly or immunocompromised, might need boosters, and when they should be administered. | general |
European Natural Gas Prices Fall Amid Boost in Supplies – LNG Recap | Sign in to get the best natural gas news and data. Follow the topics you want and receive the daily emails.
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European natural gas prices on Monday finished at the lowest point since Russia invaded Ukraine on Feb. 24, as the arrival of spring and an influx of liquefied natural gas ( LNG) appeared to tip the balance of a market on edge over the war.
Mild weather is expected across Central and Northern Europe over the next five days, according to Maxar’ s Weather Desk. Russian natural gas flows to the continent also remain strong, and a jump in imports from Norway were adding to supplies as the week got underway.
LNG deliveries are also poised to jump 71% week/week to 4.8 billion cubic meters, according to Schneider Electric. Arbitrage spreads through the remainder of the year show Europe is expected to continue edging out Asia as the premium market for Atlantic Basin LNG cargoes.
[ Want to know how global LNG demand impacts North American fundamentals? To find out, subscribe to LNG Insight. ]
Even still, Rystad Energy analyst Kaushal Ramesh said “ the situation remains as precarious as ever. ” Ukraine refuses to surrender the southern port city of Mariupol as fighting has intensified and talks for a ceasefire continue.
The Title Transfer Facility fell across the curve Monday, while the prompt contract gave up about $ 3 to finish near $ 31/MMBtu. Two weeks ago, TTF finished at a record high of $ 72.765, when fears about whether Russia would cut gas flows to the continent or whether the west would sanction Russia’ s natural gas exports dominated.
Gazprom PJSC elected not to book any additional pipeline capacity into Germany for April at a monthly auction Monday as warmer weather settles in. The company also elected not to make spot gas available on its electronic platform as it has done since November.
Longer-term, however, Europe is looking to diversify its supplies following the release of a plan earlier this month to gain independence from Russian fossil fuels by 2030. Qatar Energy ( QE) said Monday that it was in negotiations with Germany to supply LNG. QE CEO Saad Sherida Al-Kaabi met with German Economy Minister Robert Habeck, who assured the company that the nation is accelerating plans for two LNG import terminals.
Meanwhile in Asia on Monday, Japan-Korea Marker spot prices were steady above $ 30/MMBtu amid competition with Europe and an earthquake off Fukushima, Japan, last week that shut down coal-fired power plants. The 7.4-magnitude earthquake forced some Japanese utilities to utilize more LNG-fired plants to fill the gap, necessitating additional spot purchases, according to Wood Mackenzie.
The LNG supply outlook in the region is improving. Petronas announced the startup of feed gas to its Bintulu LNG complex after problems with a production field that it’ s wrestled with since last year. Shell plc’ s Prelude floating LNG facility offshore Australia was also cleared by regulators to restart operations after a fire knocked out power in December.
Elsewhere in Asia, a surge in Covid-19 cases in China that has resulted in full or partial lockdowns across 10 cities in the country could limit industrial demand, Ramesh added.
Concerns over Russian supplies were also showing in the oil market on Monday as Brent crude for May delivery climbed significantly higher to an intraday high of more than $ 116/bbl after retreating last week. The conflict in Ukraine continues to be the biggest driver of the oil market, which is boosting LNG prices linked to Brent.
Analysts at Engie EnergyScan said Monday concerns about Russian oil flows have been compounded by Yemeni Houthi rebels who attacked oil facilities in Saudi Arabia over the weekend.
In the U.S., demand in the global LNG market continues to push feed gas deliveries to new highs. EBW Analytics Group said a new record was set Saturday when those volumes stood just below 13.8 Bcf. However, Henry Hub prices traded sideways at just under $ 5/MMBtu Monday amid mixed weather reports and higher domestic production.Editor’ s Note: This segment is regularly available to subscribers of NGI’ s LNG Insight. It covers weekly developments in the global natural gas markets and is being made available free due to escalating tensions between Russia and Ukraine. To request a trial to NGI’ s LNG Insight click here.
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Related topics: Asia Europe Ukraine-Russia Crisis
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Natural gas prices trended lower much of Monday as production increased and forecasts showed light weather-driven demand across most of the Lower 48. Still, futures crept back into positive territory in afternoon trading amid the persistent global supply pressures amplified by Russia’ s war in Ukraine. At A Glance: Calls for LNG exports elevated Weather-driven demand… | general |
April Natural Gas Futures Slip as Coronavirus Concern Remerges | Sign in to get the best natural gas news and data. Follow the topics you want and receive the daily emails.
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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.
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Natural gas prices trended lower much of Monday as production increased and forecasts showed light weather-driven demand across most of the Lower 48. Still, futures crept back into positive territory in afternoon trading amid the persistent global supply pressures amplified by Russia’ s war in Ukraine. At A Glance: Calls for LNG exports elevated Weather-driven demand…
Infrastructure
LNG | general |
Jefferies Reduces FX Prime Brokerage and Two of the Unit’ s Top Executives Depart | The information you requested is not available at this time, please check back again soon.
Jefferies headquarters in New York, U.S., on Tuesday, Jan. 4, 2022. Wall Street’ s push to refill office towers across the country has been derailed again. This time it’ s the highly transmissible omicron variant of the Covid-19 virus that’ s forced executives to rethink their plans., Bloomberg
( Bloomberg) -- Jefferies Financial Group Inc. is reducing its foreign exchange prime brokerage business and two of the unit’ s top executives are departing to join the cryptocurrencies industry.
Brandon Mulvihill, who led the foreign exchange prime brokerage business globally, and Anthony Mazzarese, who oversaw distribution for the division, are forming a new venture in the digital asset space, according to separate posts on LinkedIn. Their last day at Jefferies was Friday.
“ We provide comprehensive FX capabilities that serve the diverse and sophisticated needs of our clients, ” a spokesman for Jefferies said in an emailed statement. “ We are prioritizing the areas where we can best serve our clients with differentiated capabilities, and in doing so, we have decided to reduce our FX prime brokerage footprint. ”
Mulvihill and Mazzarese join a spate of Wall Street executives leaving traditional firms for the world of cryptocurrencies. Citigroup Inc.’ s Greg Girasole and Alex Kriete, who the bank tapped last year to oversee a new digital-assets group inside its wealth-management division, announced earlier this month they’ re also leaving to start a new venture in the industry.
“ After 18 years of working in FX, I am excited to enter crypto as I fully believe cryptocurrencies and blockchain technology will transform traditional financial markets, ” Mazzarese said in his post. “ I’ m eager to share more about our venture in the coming weeks. ”
Mulvihill said he and Mazzarese have been interested in digital assets since examining crypto non-deliverable forward contracts in 2018.
“ We are incredibly excited and passionate to announce the launch of our entrance into digital assets, ” Mulvihill said in his post. “ Anthony and I have been overwhelmingly inspired by the innovation and growth within the industry, as well as the challenges the industry faces due to such growth. ” | general |
Evergrande Joins China Developers Set to Miss Earnings Deadline | The information you requested is not available at this time, please check back again soon.
A worker at the construction site of a China Evergrande Group development in Beijing, China, on Thursday, Jan. 6, 2022. Evergrande is seeking to delay an option for investors to demand early repayment on one of its yuan-denominated bonds, in the latest sign of distress amid a broader real estate debt crisis. Photographer: Andrea Verdelli/Bloomberg, Bloomberg
( Bloomberg) -- China Evergrande Group joined a handful of Chinese developers to warn they will probably miss deadlines for reporting audited 2021 results this month.
Evergrande and its two Hong Kong-listed units expect to delay publishing the results by March 31 because audit work hasn’ t been completed, a stock exchange filing showed Tuesday. Sunac China Holdings Ltd. and Shimao Group Holdings Ltd. issued similar statements Monday night.
The companies blamed the latest Covid-19 wave in China for the delays, while Evergrande also said “ drastic changes ” in the operating environment added to audit procedures. Shimao and Sunac plan to release unaudited 2021 results on March 31. Evergrande said it will publish audited results “ as soon as practicable ” after audit procedures are completed. It will issue a separate statement to inform investors of its expected results release date.
Chinese property firms listed in Hong Kong face a March 31 deadline to file annual results, their first audited financial statements since the industry’ s liquidity crisis spread. Transparency and governance concerns have cropped up alongside worries about developers’ ability to repay debt following a record number of defaults last year.
Evergrande also announced plans to appoint King & Wood Mallesons as an additional legal adviser to handle debt risks. The firm’ s risk management committee is “ actively looking for solutions and communicating with its creditors, ” it said.
The company’ s shares were suspended on Monday pending an announcement containing “ inside information. ”
Sunac said that “ due to the restrictions on travel, logistics and others in mainland China and Hong Kong as a result of the recent Covid-19 pandemic, the audit procedures of the group could not be completed as scheduled. ” In a separate statement, Sunac said it expects 2021 profit fell about 85% due to factors including the sector’ s challenges in the second half of last year.
Shimao said its audit process has been affected by certain management and employees being placed under quarantine during the latest Covid wave. The company also said there has been a delay in obtaining “ certain external confirmations from third parties ” for the audit.
Shimao estimates audited annual results will be published on or before April 30. Its onshore unit said in January that it was changing its auditor for the first time in 27 years.
Ronshine China Holdings Ltd. said on Monday that it won’ t file audited results by March 31, and it too said its process was affected by Covid impacts. Accountant PricewaterhouseCoopers LLC was unable to complete its work partly because the supply of requested information had fallen behind schedule, Ronshine said, and the firm resigned. That came after at least four other auditors resigned or were replaced by builders since the start of this year.
Firms listed on the Hong Kong Stock Exchange typically see their shares halted if they are unable to release audited annual figures three months after their fiscal year ends. Dozens of companies’ stocks had trading stopped April 1, 2021, for not meeting the requirement, notably China Huarong Asset Management Co. It remained halted for nine months.
However, firms that release preliminary results by March 31 and show Covid-related issues in finalizing audit work can get an extension to avoid a trading halt. Companies still need to file their annual reports by April 30 to prevent a possible trading suspension, according to exchange listing rules.
Prime Minister Justin Trudeau announced an agreement with a left-leaning opposition party aimed at preventing another election until 2025.
Canadian Pacific Railway Ltd. said it will resume normal operations after it agreed to work with an arbitrator on a contract for 3,000 workers, ending a two-day work stoppage.
Air Canada says it is acquiring 26 new extra-long range Airbus A321neo aircraft. | general |
FDA advisory committee to discuss future of Covid boosters | A Food and Drug Administration advisory committee will meet next month to discuss the future of Covid-19 booster shots in the U.S. and whether the vaccines should be updated to target specific variants.
The FDA's Vaccines and Related Biological Products Advisory Committee will meet April 6 to debate the timing of Covid boosters for the coming months as well as when the shots should be updated to target specific variants. They haven't scheduled a specific vote nor are they expected to discuss Pfizer or Moderna's recent applications for fourth Covid vaccine doses.
Public health experts and the vaccine makers have said Covid will eventually become a seasonal virus like the flu, which has higher transmission during the winter months and then recedes when the weather turns warm again. The CEOs of Pfizer and Moderna have both said annual vaccinations against Covid will be necessary similar to the flu, particularly for the elderly and those with underlying conditions.
Ever year, the FDA advisory committee decides which flu vaccine should be administered in the U.S. based on what strain is circulating and other factors. The committee will likely take a similar approach to Covid vaccines moving forward.
`` Now is the time to discuss the need for future boosters as we aim to move forward safely, with COVID-19 becoming a virus like others such as influenza that we prepare for, protect against, and treat, '' said Dr. Peter Marks, the head of the FDA's vaccine safety group.
Read CNBC's latest global coverage of the Covid pandemic: | business |
Crude jumps more than 7% as EU mulls Russian oil ban | In this article
Oil prices soared more than 7% on Monday, with global benchmark Brent crude climbing above $ 115 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.
Brent rose 7.12% to end the day at $ 115.62, while U.S. West Texas Intermediate ( WTI) crude futures settled 7.09%, or $ 7.42, higher at $ 112.12.
European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West's response to Moscow.
`` It could be the precipice for global trouble supply-wise, '' said John Kilduff, a partner at Again Capital LLC.
Ukraine defied a Russian demand that its forces lay down arms before dawn on Monday in Mariupol, where hundreds of thousands of civilians have been trapped in a city under siege and already laid to waste by Russian bombardment.
With little sign of the conflict easing, the focus returned to whether the market would be able to replace Russian barrels hit by sanctions.
`` Optimism is seeping away about progress in talks to achieve a ceasefire in Ukraine and that's sent the price of oil on the march upwards, '' Susannah Streeter, senior markets analyst at UK-based asset manager Hargreaves Lansdown, said.
Over the weekend, attacks by Yemen's Iran-aligned Houthi group caused a temporary drop in output at a Saudi Aramco refinery joint venture in Yanbu, feeding concern in a jittery oil products market, where Russia is a major supplier and global inventories are at multi-year lows.
Saudi Arabia on Monday said it would not be responsible for any global oil supply shortages after these attacks, in a sign of growing Saudi frustration with Washington's handling of Yemen and Iran.
The latest report from the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, showed some producers are still falling short of their agreed supply quotas.
Oil prices were also sensitive to talk of Hong Kong lifting COVID-19 restrictions, which could increase demand, and in response to the growing list of U.S. companies retreating from Russia - including Baker Hughes, ExxonMobil, Shell, and BP. | business |
Russia-Ukraine war: oil prices jump, IEA calls for cut in energy usage | Oil prices jumped even higher on Monday after Russia-Ukraine talks appeared to yield no sign of progress, and markets continued to fret over tight supply — sparking a call by the International Energy Agency to reduce oil demand.
Crude futures were up more than 3% on Monday morning during Asia trading — international benchmark Brent crude was at $ 111.46, and U.S. futures at $ 108.25.
Oil prices have been volatile in recent weeks – soaring to record highs in March before tumbling more than 20% last week to touch below $ 100. They jumped again in the latter half of last week to rise above that level.
In a note on Monday, Mizuho Bank said two factors were pushing oil prices higher: lingering Russia-Ukraine uncertainty as well as hopes that China's latest Covid impact could be less dire than anticipated amid expectations of easing restrictions. The key hub of Shenzhen partially opened up Friday, as five districts were allowed to restart work and resume public transportation, Reuters reported.
Ukrainian and Russian officials have met intermittently for peace talks, which have so far failed to progress to key concessions. Still, Ukrainian President Volodymyr Zelenksyy has called for another round of talks with Moscow.
`` If these attempts fail, that would mean that this is a third world war, '' Zelenskyy told CNN's Fareed Zakaria in an interview that aired Sunday morning.
`` The breakdown of peace talks between Russia and Ukraine saw crude oil prices extend their rebound on Friday, '' ANZ Research analysts Brian Martin and Daniel Hynes wrote in a Monday note. `` However, it failed to offset the losses earlier in the week, with Brent crude ending down more than 4%. ''
Meanwhile, tight supply continued to worry markets, sparking a call by the International Energy Agency ( IEA) on Friday for `` emergency measures '' to reduce oil usage.
The Russia-Ukraine war has led to worries over supply disruptions as a result of U.S. sanctions on Russian oil and gas. The U.K. and European Union also said they would phase out Russian fossil fuels. Russia supplied 11% of global oil consumption and 17% of global gas consumption in 2021, and as much as 40% of Western European gas consumption in the same period, according to statistics from Goldman Sachs.
European Union governments are set to meet U.S. President Joe Biden this week as the EU considers an oil embargo on Russia over the unprovoked invasion of Ukraine.
The Commonwealth Bank of Australia warned Monday that oil prices have fallen below recent peaks because markets are still largely pricing oil by `` assessing the likelihood of a diplomatic solution to the Ukraine conflict. ''
`` Physical shortages, linked to current sanctions on Russia, though will eventually play a more dominant role in oil price determination, '' said Vivek Dhar, the bank's director of energy commodities research, in a note.
`` The industry's apparent inability to fill any potential gap has seen calls for consumption to be reduced, '' the ANZ Research analysts said.
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Goldman sees 3 oil market scenarios unfolding from Russia-Ukraine war with one taking crude to $ 175
OPEC+ in its latest report showed some producers are still falling short of their supply quotas, with Reuters citing sources who said that the alliance missed its targets by more than 1 million barrels a day.
In a 10-point plan, the IEA's suggestions to reduce oil demand included reducing speed limits for vehicles, working from home for up to three days a week, and avoiding air travel for business.
`` We estimate that the full implementation of these measures in advanced economies alone can cut oil demand by 2.7 million barrels a day within the next four months, relative to current levels, '' the IEA said Friday. | business |
What to watch today: Wall Street looks relatively steady after best week since November 2020 | U.S. stock futures dropped slightly Monday after strong gains last week that saw the Dow, the S & P 500 and the Nasdaq each log their best weekly performances since November 2020. Dow stock Boeing fell 5% in the premarket after a 737-800 jet crashed with 132 people on board in China. ( CNBC) Friday's rally capped a week in which the Dow rose 5.5%, the S & P 500 gained nearly 6.2%, and the Nasdaq jumped 8.2%. All three stock benchmarks broke multiweek losing streaks. Only the Nasdaq remained in a correction. ( CNBC)
U.S. oil prices on Monday gained 4% to $ 109 per barrel as European Union nations considered joining the United States ' Russian oil embargos. The 10-year Treasury yield Monday rose to around 2.24%. Following last week's first interest rate hike in more than three years, Fed Chairman Jerome Powell is set to speak at 12 p.m. ET. ( CNBC)
Warren Buffett's Berkshire Hathaway ( BRK.a) said Monday morning it agreed to buy insurance company Alleghany ( Y) for $ 11.6 billion, or $ 848.02 per share, in cash. Alleghany shares, which closed at $ 676.75 on Friday, rallied toward that buyout price in Monday's premarket. The deal, which is expected to close in the fourth quarter of this year, came after Berkshire's Class A shares hit a record high last week. ( CNBC)
China's civil aviation authority said a Boeing 737-800 jet operated by China Eastern Airlines crashed Monday in the southern region of Guangxi. There was no immediate word on the fate of the 123 passengers and nine crew members. The incident comes as Boeing has been trying to recover its reputation after a number of major crashes in recent years. ( AP)
President Joe Biden has added a stop in Poland to his trip this week to Europe for urgent talks with NATO and European allies about Russia's offensive in Ukraine. Poland, a crucial ally in the Ukraine crisis, is hosting thousands of American troops and taking in more Ukrainian refugee than any other nation. White House officials have said Biden has no plans to travel to Ukraine. ( AP) Ukrainian officials on Monday rejected a Russian demand for a surrender in Mariupol in exchange for safe passage out of the besieged strategic port city. In the capital Kyiv, Russian shelling devastated a shopping center near the city center. Britain's Defense Ministry said Monday that Ukraine's resistance had kept the bulk of Russian forces more than 15 miles from the center of Kyiv. ( AP)
Supreme Court Justice Clarence Thomas, 73, has been hospitalized since Friday due to an infection. The court provided no additional details about the infection, but said Thomas was being treated with antibiotics and his `` flu-like symptoms '' were abating. Thomas, among the 6-3 conservative majority, plans to participate in the cases this week even if he misses the arguments, the court said. ( AP) The news about Thomas ' hospitalization came as the Senate Judiciary Committee prepared to begin confirmation hearings Monday for Ketanji Brown Jackson. The 51-year-old judge is Biden's pick to succeed retiring liberal justice Stephen Breyer. She would be the first Black woman on the Supreme Court. ( AP)
U.S. health experts are warning an emerging, highly contagious Covid omicron variant, called BA.2, could soon lead to another uptick in domestic coronavirus cases. White House chief medical advisor Dr. Anthony Fauci said BA.2 is about 50% to 60% more transmissible than omicron, but it does not appear to be more severe. ( CNBC)
The Shanghai Disney Resort said on Sunday it will temporarily close until further notice starting Monday, citing a new coronavirus outbreak in China. China is fighting its biggest wave of locally transmitted Covid cases since it contained the initial outbreak. ( CNBC) * ‘ Extremely awkward’: Bob Chapek and Bob Iger had a falling out, they rarely talk — and the rift looms over Disney’ s future ( CNBC)
Goldman Sachs ( GS) is pushing further into the nascent market for derivatives tied to digital assets. The firm is close to announcing that it's the first major U.S. bank to trade an over-the-counter crypto transaction, CNBC has learned.
Anaplan ( PLAN) agreed to be bought out by private-equity firm Thoma Bravo for $ 10.7 billion, or $ 66 per share in cash. The business planning software company's stock had closed at $ 50.59 per share Friday, and it surged 28% in the premarket.
Nielsen Holdings ( NLSN) tumbled 18.6% in premarket trading after it rejected a $ 9.13 billion takeover bid, worth $ 25.40 per share, from a private-equity consortium. Nielsen said the bid significantly undervalues the company, best known for its TV ratings.
General Motors ( GM) bought Softbank's $ 2.1 billion stake in its Cruise driverless-car division. It also announced it would invest an additional $ 1.35 billion in cruise, replacing funds that Softbank had pledged to provide. GM initially fell more than 1% in the premarket but then pared those losses.
SAP ( SAP) fell 2% in the premarket. Chief Financial Officer Luka Mucic is departing the German business software company at the end of March 2023.
Deutsche Bank upgraded Manchester United ( MANU) to buy from hold, saying the soccer team's shares are undervalued relative to its peers in sports and live events. Manchester United gained 1.6% in premarket action.
Nio ( NIO) said it had no immediate plans to raise prices on its electric vehicles, although China-based carmaker said it would be flexible on pricing. Rivals like Tesla ( TSLA) and BYD have recently raised prices due to higher materials costs.
BlackBerry ( BB) added 2.1% in the premarket after RBC upgraded the communication software company to sector perform from underperform, saying the stock price is now more aligned with BlackBerry's fundamentals.
All eight of the regional semifinal March Madness matchups are set. Top men's seeds Gonzaga, Kansas and Arizona are in the Sweet 16. So is little Saint Peter's, the giant killer and only the third No. 15 seed to make it this far in the NCAA Tournament. ( AP) | business |
LIBYA: Austria and Hungary scupper Eunavfor | Young Turkish air transport company San Marino Executive Aviation ( SM Executive Aviation) has opened a new air link with Libya, [... ]
Although European Union ( EU) member states have not yet been [... ]
Following the failure of the humanitarian truce called for on March 18 by the United Nations to prevent the coronavirus ( Covid-19) spreading in Libya, nothing seems likely to stop the fighting in Tripoli between Khalifa Haftar's Libyan National Army ( LNA) [. [... ]
Athens lost the battle to take command of Operation EUNAVFOR [... ]
The negotiations in Moscow between Fayez Sarraj and Khalifa Haftar, which were organised in haste on January 13, escaped Vladimir Putin's control in a matter of hours. According to information gathered by Maghreb Confidential, the talks quickly turned into a [. [... ]
The future of the EUNAVFOR Med maritime force, aka Operation [... ]
Italian rear admiral Ettore Soci took operational command of the European Union's Libyan coastal surveillance operation EUNAVFOR Med ( also known [... ]
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Asia light ends: Key market indicators for March 21-25 | In this week's Market Movers Americas, presented by Jeff Mower: * US Gulf of Mexico offshore output...
Asia's light ends markets are expected to be firm on stronger Brent crude, with gasoline also set to be boosted by increased regional travels following easing COVID-19 curbs.
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Naphtha is seeing buying interest for the current front cycle, though overall demand is dampened by reduced cracker runs, while LPG supply is considered ample to meet regional demand at a time of high prices.
Asia's gasoline complex is expected to strengthen in the week starting March 21, supported by the relaxation of COVID-19 restrictions by regional economies, sources said.
* * Brokers pegged front-month FOB Singapore 92 RON gasoline crack against Brent swap in the $ 16.10- $ 16.15/b range at 0300 GMT March 21, down from $ 16.20/b at the Asian close March 18, S & P Global Commodity Insights data showed.
* * Growing tourist demand could boost driving activity, as Cambodia and South Korea announced easing of travel curbs. Cambodia waived pre-entry tests, while South Korea to allow fully vaccinated travelers to enter without quarantine from April 1, local media reported.
* * Asian gasoline supplies are expected to tighten and help boost prices, as sanctions on Russia restrict crude oil flow to South Korea and Japan, limiting their gasoline production, sources said.
* * At 0300 GMT March 21, US RBOB-Brent crack spread narrowed 1.06% from the previous Asian close to $ 27.46/b, S & P Global data showed.
* * The narrowing of the spread was possibly fueled by lower US product supplied, or implied demand, of finished motor gasoline, which fell 18,000 barrels on the week to 8.944 million barrels in the week ended March 16, US Energy Information Administration data showed.
* * The physical C+F Japan naphtha marker rose $ 40.375/mt from the previous Asian session to $ 989.375/mt in mid-morning trade March 21 as crude prices firmed.
* * While buying activity had emerged for the current H1 May-delivery cycle in the March 14-18 week, overall demand was pressured by lower cracker run rates. PetroChina is running at reduced rates of 87% in H2 March, except for the Liaoyang cracker, which is slated to be reduced to 68%, sources said.
* * Reflecting weak demand, brokers early March 21 pegged front-month April-May Mean of Platts Japan naphtha swap time spread down $ 3.25/mt from the previous close to $ 18.25/mt, S & P Global data showed.
* * Weakness in the naphtha complex was also seen in CFR Japan naphtha physical crack spread against front month ICE Brent crude futures, which narrowed $ 47.375/mt on the week to $ 137.575/mt at the March 18 Asian close, S & P Global data showed.
* * Lower demand reduced supply from poor Western arbitrage economics, with brokers pegging the key East-West spread -- the difference between front month CFR Japan and CIF Northwest Europe swaps -- at minus $ 2.75/mt in early Asian trade March 21, down from minus $ 2.50/mt at the European close March 18, showed S & P Global data.
* * Front-month April propane contract price swap was indicated at $ 881/mt March 21, up from $ 854.5/mt valued the previous session, and $ 14/mt below the March term CPs.
* * The premium of butane to propane was indicated at $ 20/mt March 21, unchanged from the previous session.
* * The discount of April FEI propane swap versus Mean of Platts Japan naphtha was pegged March 21 around $ 114.9/mt versus $ 99/mt the previous session, extending LPG's viability as alternate cracker feedstock.
* * Saudi Aramco announced acceptances of April-loading term cargoes, which traders said were largely in line with nominations, though others said some delays were seen but within expectations. Other sources also expect Aramco to offer spot cargoes, which would keep the region well supplied.
* * The VLGC market, which has ample vessel supply, is also eyeing recent spot trades from Qatar and Abu Dhabi National Oil to help pick up shipping activity and reverse retreating rates.
등록은 쉽고 무료입니다. 아래 버튼을 클릭하시면 되고, 등록 절차가 완료되면 다시 이 페이지로 돌아옵니다. | business |
Far-Left Melenchon Rises Again as French Election Nears | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Far-left French presidential candidate Jean-Luc Melenchon is steadily climbing in polls in an election dominated so far by right-wing candidates.
An Ipsos poll released on Monday gives Melenchon 14% of voting intentions in the first round on April 10, confirming a trend seen in other surveys, and placing him third after incumbent Emmanuel Macron and nationalist Marine Le Pen. He’ s ahead of ultra-right polemicist Eric Zemmour and conservative candidate Valerie Pecresse. Macron is leading all polls.
Left-leaning voters appear to be increasingly tempted to vote for Melenchon for strategic reasons. If they all decided to do this, he could be polling at around 25%. But that end of the political spectrum is particularly fractured, with an array of parties competing against each other, including the greens and the Socialists.
So to make it to the runoff, and secure the second spot after Macron, Melenchon has just three weeks to win over center-left liberals who back his rivals. The 70-year-old might have a hard time doing that, especially given his past ambiguous positions on Russia.
Melenchon’ s team argue that if he does end up in the runoff, the focus of the presidential debate will shift from immigration and security to inequality and climate change.
That could make winning harder for Macron -- his environmental track record has been criticized and he has tacked to the right on a range of issues despite the state’ s largesse during the Covid pandemic.
Last time around, in 2017, Melenchon got a surge of support late in the race, though he still fell 618,540 votes short of the total he needed to make it to the final round.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Will China's “ Common Prosperity ” Survive Putin’ s War? by George Magnus | Chinese President Xi Jinping's `` common prosperity '' campaign takes aim at the market-oriented policies that have enabled China’ s rise. At a time when COVID-19 border controls and perceived complicity in Russia’ s aggression are already threatening to isolate China, the risks of pursuing such a campaign should not be underestimated.
OXFORD – Earlier this month, as Russian forces shelled Ukrainian cities and COVID-19 infections soared, Communist Party of China ( CPC) leaders gathered for their most important annual political meetings: the National People’ s Congress and Chinese People’ s Political Consultative Conference. While the weighty documents and lengthy speeches that defined both meetings hardly mentioned the pandemic, and did not mention Russia’ s war at all, China – and its already troubled economy – is undoubtedly being rocked by both.
For much of the last year, the CPC’ s “ common prosperity ” campaign has dominated Chinese government rhetoric. President Xi Jinping has frequently described common prosperity as “ an essential requirement of socialism. ” But important questions about the campaign’ s contours remain, and many observers expected them to be answered, at least partly, at this month’ s twin sessions.
That did not happen. Instead, China’ s leaders made only brief and patchy references to “ prosperity ” and “ prosperity for all. ” In the face of internal and external instability, China’ s leaders seem to be recalibrating their priorities.
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Writing for PS since 2014 5 Commentaries
George Magnus, a research associate at the University of Oxford’ s China Centre and SOAS University of London, is the author of Red Flags: Why Xi’ s China Is in Jeopardy ( Yale University Press, 2018).
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As Russian forces continue their indiscriminate attacks on Ukrainian civilians, pressure is growing globally to create a special tribunal to prosecute Russian President Vladimir Putin and his inner circle for the crime of aggression. Justice demands that this process begin immediately.
By nominating Ketanji Brown Jackson to the US Supreme Court, President Joe Biden has implicitly acknowledged that the administration of justice in a complex society requires institutions with `` affective appeal. '' Her appointment is not just good politics; it will also lead to better jurisprudence.
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San Francisco Rents Barely Changed During Covid Housing Boom | The information you requested is not available at this time, please check back again soon.
A pedestrian wearing a protective mask walks along a residential street in the Western Addition neighborhood of San Francisco,., Bloomberg
( Bloomberg) -- San Francisco and San Jose’ s rents are little changed compared with two years ago, a sharp contrast with red-hot markets such as Miami where housing costs surged during the pandemic.
The California technology hubs top U.S. metro areas with the smallest rent growth since February 2020, according to a Bloomberg analysis of data from Zillow Group Inc. In New York City and Washington, D.C., rental asking prices increased roughly 4% on an annual basis, less than half the national average of 8.5%.
The figures show that pandemic-era rents rose the least in some of the country’ s priciest coastal cities.
“ The major trends in rental housing demand throughout the pandemic have been toward warmer, sunnier, more affordable cities, and away from those that are colder, more expensive, and places where a larger share of people are in careers that allow them work remotely, ” Jeff Tucker, senior economist at Zillow, said in an emailed statement.
Modest growth in housing costs is the hallmark of cities that have lagged behind in the recovery, including New York. San Francisco also has been struggling with the nation’ s weakest office occupancies and one of the country’ s slowest recoveries of jobs lost during Covid-19. And many tech companies are embracing remote work or letting employees move elsewhere.
Still, it doesn’ t mean that New York, San Francisco or San Jose have become affordable. Average monthly rents in the two California cities are the highest in the nation at more than $ 3,000, based on Zillow data. That’ s about $ 1,200 above the national level.
And the markets started to bounce back last year. San Francisco’ s average rents dipped below $ 2,800 at the end 2020, but they crossed the $ 3,000 mark again last August and have been inching up since.
“ It’ s important to put these trends into the context of the pandemic, ” said Danielle Hale, chief economist at Realtor.com. “ While big tech cities missed out on the initial Covid surge in rents seen in other areas throughout the country, as people fled to less expensive and crowded areas, the relative bargains renters were finding in these historically-expensive markets are quickly disappearing. ”
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Ottawa under pressure as CP Rail stoppage enters second day | The information you requested is not available at this time, please check back again soon.
Industry groups that rely on Canadian Pacific Railway Ltd. for the shipment of goods are pleading with the federal government to take action as the work stoppage at the Calgary-based railway continues into its second day.
Leaders of the Canadian Cattlemen's Association and the National Cattle Feeders ' Association were in Ottawa Monday, urging the government to immediately bring an end to the work stoppage they say could devastate their industry.
`` If these trains don't run, we 've got maybe two weeks of feed left, '' said Cattlemen's Association president Bob Lowe, explaining that western Canadian cattle producers have been reliant on shipments of feed by rail from the U.S. this year in the wake of last summer's drought and resultant widespread feed shortage.
`` There is no Plan B. We have no other source of feed. ''
Fertilizer Canada chief executive Karen Proud said the work stoppage couldn't have come at a worse time.
`` We are, in Canada, about four to six weeks from seeding season... which means that farmers may not get all the fertilizer they need, '' Proud said, adding that's particularly concerning this year given the war in Ukraine and its impacts on global fertilizer supplies as well as the prices of wheat and other grains.
`` The concern for the average consumer is, if we're not able to maximize our ( crop) yields... the prices of food are likely going to go up. ''
Industry leaders and politicians are urging Labour Minister Seamus O'Regan to end the labour dispute after 3,000 conductors, engineers and train and yard workers were off the job over the weekend.
The company and union both blamed each other for causing the work stoppage, though both also said they were still talking with federal mediators on Sunday.
Canadian Chamber of Commerce President Perrin Beatty said O'Regan must table back to work legislation immediately. He warned the consequences to the supply chain — already battered by the COVID-19 pandemic and uncertainty in northern Europe — could be severe.
The House of Commons resumed Monday following a two-week break, so legislation could come immediately if the government so chooses.
O'Regan was in Calgary on Monday and said in an emailed statement he will remain there until the two parties reach an agreement.
`` Canadians expect them to do that ASAP, '' O'Regan said in the statement. | general |
Landlords, Business Groups in Philippines Want Workers Back in The Office | The information you requested is not available at this time, please check back again soon.
Commuters walk along an overpass in Taguig City, Metro Manila, the Philippines, on Tuesday, Nov. 9, 2021. The Philippines ' recovery gained traction in the third quarter on strong growth in household consumption and services, putting the economy on track to return to its pre-pandemic level earlier than expected. Photographer: Veejay Villafranca/Bloomberg, Bloomberg
( Bloomberg) -- Business groups and property companies in the Philippines are asking industries to bring their workers back to the office amid calls from outsourcing firms and their staff for more flexibility.
“ The path to recovery, we aver, begins with the presence in the business and commercial centers of our country’ s workers, ” according to a statement signed by executives of Ayala Land Inc., Megaworld Corp., Robinsons Land Corp. and SM Prime Holdings Inc. as well as business groups.
The statement comes as outsourcing companies are told to require their workforce to return to office by April 1 or risk losing their tax breaks.
Workers under the IT & Business Process Association of the Philippines prefer a hybrid set up, the nation’ s largest outsourcing group was quoted by local media as saying. The government had denied their request to extend remote-work arrangements, as lower Covid-19 infections lead to looser mobility restrictions.
The tussle illustrates complications for companies bringing workers back to the office after two years of the Covid-19 pandemic forced a rethink of how work is done.
With vaccination rate in Metro Manila at 70% and nationwide at 57%, mall foot traffic has increased to as high as 63% of its pre-Covid figure and fast food traffic at 78%, according to the statement. “ We encourage the public to venture out of their homes, ” the signatories said. | general |
Australian PM Morrison Presses India’ s Modi on War in Ukraine | The information you requested is not available at this time, please check back again soon.
CANBERRA, AUSTRALIA - MARCH 22: Prime Minister Scott Morrison speaks during a press conference at Parliament House on March 22, 2020 in Canberra, Australia. The second federal stimulus package unveiled today by the Australian Government offers $ 66 billion worth of measures for coronavirus-hit economy including relief for retirees and a new wage for workers who lose their jobs and it builds on the measures included in the first $ 17.6 billion economic stimulus package announced more than a week ago. There are now 1081 confirmed cases of COVID-19 In Australia while the death toll now stands at seven. ( Photo by Sam Mooy/Getty Images), Photographer: Sam Mooy/Getty Images AsiaPac
( Bloomberg) -- India is coming under growing pressure from its Quad partners to take a stronger position against Russia’ s war in the Ukraine, as Australia raised the issue at a bilateral meeting, days after it figured prominently in talks with Japan.
“ The tragic loss of lives underlines the importance to hold Russia to account, ” Australian Prime Minister Scott Morrison said in opening remarks ahead of Monday’ s meeting with his counterpart Narendra Modi. “ The cooperation of like-minded liberal democracies is key to an open, inclusive, resilient and prosperous Indo-Pacific. ” Modi did not comment on the Russia’ s invasion of its neighbor.
India has stood out over its reluctance to censure Moscow over Vladimir Putin’ s attack on Ukraine. While New Delhi has supported calls for a cease-fire and a diplomatic solution, it abstained at the United Nations on votes for draft resolutions condemning Russia’ s invasion. Canberra has been an outspoken critic of the war and has responded with deliveries of military and humanitarian aid to the government in Kyiv.
Morrison is the second Quad partner in the last few days to push New Delhi to take a sharper stand. Over the weekend Japanese Prime Minister Fumio Kishida called for more cooperation between democracies while noting Putin’ s war has “ shaken the global order. ”
Monday’ s meeting is the second virtual summit held between the two countries in recent years -- Morrison and Modi met remotely in June 2020, after being forced to postpone an in-person meeting due to the Covid-19 pandemic.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Tencent Stays in Beijing’ s Sights Even After $ 490 Billion Drop | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Bigger job cuts. A fintech revamp. A drought of new games. If China’ s crackdown on its giant tech sector is finally easing up, Tencent Holdings Ltd. has yet to feel it.
Tencent has lost about $ 490 billion in market value since its 2021 peak even as it’ s consistently played down the impact of Beijing’ s heightened scrutiny over industries from entertainment and media to finance. While signs are increasing that China’ s campaign is relenting, it’ s difficult to make the case that the gaming and social behemoth is out of the woods.
China’ s second-largest company is expected to unveil its slowest pace of growth on record when it reports earnings Wednesday. On top of a set of results that will likely do little to assuage investor concerns, Tencent is coping with challenges that have yet to show up on its quarterly print. Regulators are considering requiring Tencent to bundle WeChat Pay into a financial holding company, Bloomberg reported last week, part of an overhaul of its giant fintech arm that could undermine the appeal of its entire social media business. And like its biggest rivals, Tencent is readying deeper job cuts than in prior years at a time when President Xi Jinping pushes for the end of a “ disorderly expansion of capital. ” Tencent’ s trailing 12-month price-to-earnings ratio of about 15 compares with Electronic Arts Inc.’ s 44, according to data compiled by Bloomberg.
“ China’ s internet firms are trading at historic lows. They enjoyed premium valuations during past years of rapid expansion, but the selloff has popped the bubble entirely, ” said Citic analysts led by Wang Guanran in a March 16 note. “ Tencent’ s earnings will face pressure over the short term but its core businesses remain competitive. ”
China’ s tech corporations have resigned themselves to a new era of cautious expansion, nearly two years into Beijing’ s bruising internet crackdown that quickly engulfed everything from e-commerce to ride-hailing and online education. Alibaba Group Holding Ltd. this month reported a 10% sales increase, the slowest pace of growth on record, and pledged to prioritize user retention over acquisition. Streaming hubs iQiyi Inc. and Bilibili Inc. – big spenders of past years – now aim to reach break-even more quickly, after their user growth slowed down.
Tencent has thus far largely escaped Beijing’ s direct scrutiny, but the sheer size of its internet empire – with a billion-plus WeChat users at its heart – has left it vulnerable to macro and regulatory headwinds. Hammered by China’ s weak economy during Covid-19 lockdowns, its online advertising business is expected to have contracted for the first time on record in the fourth quarter. A freeze on new titles in the world’ s largest mobile gaming market is now entering its eighth month, forcing Tencent to increasingly turn outward with renowned properties like the League of Legends franchise. Its nascent fintech and cloud segment – the only division projected to post double-digit growth – has yet to meet requirements from the financial regulators, and faces intensifying competition from the likes of Alibaba and Huawei Technologies Co.
Tencent and its chief foes have gyrated widely as investors switched their bets. Just last week, Chinese officials led by Vice Premier Liu He vowed to stabilize financial markets, stipulating that the “ rectification ” of major tech platforms should end “ as soon as possible. ” His remark spurred a 30% rebound in the Hang Seng Tech Index in two days. Tencent and Alibaba gained roughly $ 200 billion in market value during that period, easing a $ 1 trillion yearlong meltdown from their peaks.
Several unresolved issues remain. Regulators are now weighing whether Tencent should include WeChat Pay in a newly created financial holding company, a year after they told the tech giant and 12 other firms to cordon off financial services from their main businesses. While similar requirements are imposed on Jack Ma’ s Ant Group Co., ring-fencing Tencent’ s financial business could be more difficult because it’ s an integral part of WeChat’ s one-stop-shop convenience and relies on back-end support from different divisions within the company.
Tencent’ s fintech and business arm – which includes cloud computing – is its fastest growing part, contributing roughly 30% of sales, the biggest revenue source after gaming. Tencent executives have said a fintech shakeup should have little impact on operations, and WeChat Pay is first and foremost a transactional platform, instead of a lender, which has higher risks. The Wall Street Journal reported last week that Tencent faces a record fine after Chinese authorities found WeChat Pay had violated anti-money laundering rules.
But it’ s in gaming – which yields the lion’ s share of Tencent’ s revenue and global clout – that the greatest uncertainty persists. Regulators have imposed strict curbs on playtime for minors, and are finalizing more restrictions on in-game purchases. That’ s partly why Beijing’ s media watchdog hasn’ t approved the launch of a single title since the end of July.
It’ s deja vu for Tencent, which in 2018 saw its first profit drop in at least a decade during a months-long gaming approval hiatus. While aging hits like Honor of Kings remain Tencent’ s biggest cash cows, the company is delving deeper into the global market, including through a new publishing division set up in Amsterdam and Singapore. For the September quarter, Tencent’ s domestic games sales grew just 5%, a fraction of the 20% increase in its international division.
“ Tencent has many approved games in the pipeline, despite having no concrete timetable. We believe it has delayed these launches to avoid regulators’ attention in the near term, ” Daiwa analysts including John Choi said in a note. “ We expect its collaborations with international game houses and investments in overseas game studios to drive Tencent’ s expanding influence globally. ”
Tencent’ s investment arm – which in the past bankrolled expansion for the likes of Meituan and ride-hailing platform Didi Global Inc. – has entered stealth mode. The company recently reduced its stake in Singapore’ s Sea Ltd. and handed out almost all of its JD.com Inc. stock as a one-time dividend – spurring speculation it’ s exiting or sidelining similar investments across the industry.
Meanwhile, WeChat is the glue that ties Tencent’ s sprawling internet businesses together, for everything from a Call of Duty purchase to a TikTok-style video feed and meal delivery. Last year, China’ s tech-industry overseer warned internet firms against blocking rival services, prompting WeChat to start allowing external links to apps run by the likes of Alibaba and ByteDance. That process remains in the works. | general |
Ontario lifts mask mandates in most public spaces | The information you requested is not available at this time, please check back again soon.
Ontario residents were able to shop, see a movie, and take in a hockey game without wearing a mask for the first time in about a year-and-a-half as the province lifted face-covering mandates for most public spaces Monday.
Students in public schools were also able to attend class without wearing a mask, though many chose to keep wearing them.
Branav Jalan said his six-year-old daughter, who is double vaccinated, will be wearing a mask at her elementary school in Toronto for now.
`` I have seen majority of the people ( at school) are still wearing masks, so I think that that's a good step, '' he said. `` I feel it's good to be back after spring break, so let's hope that everything continues in a good sense. ''
Sudhir Kesarkar said his 10-year-old son will be wearing a mask for a little while longer, but once the boy receives his second vaccine dose in a few weeks, Kesarkar will feel `` absolute comfort '' sending his son to school without a mask.
`` I 'm just happy that this pandemic is ending and we can live our life freely as we were doing it two years back, '' he said.
Several school boards had wanted more time to keep mask mandates, but those requests were denied by the chief medical officer of health. The Hamilton-Wentworth school board has said it still plans to keep a mask requirement until April 1.
Select settings such as public transit, health-care facilities, long-term care homes and congregate care settings will keep mask mandates until the end of April, but masks are no longer required in most other public spaces, including restaurants, bars, gyms, retail, cinemas, theatres, sports venues, and meeting and event spaces.
However, individual businesses can keep mask mandates or a proof-of-vaccination system for customers, the latter of which was dropped provincewide March 1.
Provincial politicians and top health officials say public health indicators have improved enough to remove mask rules, which have also been lifted in other jurisdictions across Canada and around the world, though many epidemiologists and infectious diseases physicians have said the mandates should have stayed - particularly in schools - for a few weeks longer.
Chief Medical Officer of Health Dr. Kieran Moore has said making masks optional does not signal that COVID-19 has disappeared or that the pandemic is over, but it means that Ontario has come to place where it can now manage the virus.
For sale: Trudeau’ s oil pipeline. Wanted: Indigenous buyers
Russia's Influence in Energy Blunted by U.S. LNG: Yergin | general |
A locked-in man has communicated in sentences by thought alone | In a world first, the man was able to ask for soup, beer, and even talk about his son for the first time since becoming completely paralyzed.
A completely paralyzed man has been able to communicate entire sentences using a device that records his brain activity. The man was able to train his mind to use the device, which was implanted in his brain, to ask for massages, soup, and beer, and to watch films with his son.
It is the first time a completely locked-in person—someone who is conscious and cognitively able but completely paralyzed— has been able to communicate in this way, say the researchers behind the work.
Brain-computer interfaces record the electrical signals inside a person’ s brain and convert them to commands that control a device. In recent years, BCIs have enabled partially paralyzed people to control prosthetic limbs or communicate a simple “ yes ” or “ no ” by thought alone. But this is the first time someone who is completely locked in, and unable even to control their eye movements, has used a BCI to communicate full sentences.
“ It’ s really remarkable to be able to reestablish communication with someone in a completely locked-in state, ” says Jaimie Henderson, a neurosurgeon at Stanford University, who was not involved in the work. “ To me, that’ s a tremendous breakthrough and obviously quite meaningful for the research participant. ”
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The man, who lives in Germany, was diagnosed with amyotrophic lateral sclerosis ( ALS) in August 2015, when he was 30 years old. ALS is a rare, progressive neurological disease that affects neurons involved in movement. By the end of the year, he was unable to speak or walk. Since July 2016, he has relied on a ventilator to breathe.
He began using an eye-tracking device to communicate in August 2016. The device monitors eye movements, allowing users to select letters from a computer screen. But a year later, his condition had deteriorated and he was no longer able to keep his eyes fixed on a particular spot. The device was now useless. His family members started to use a paper-based approach, in which a family member would hold up a grid of letters against a background of four colors. Family members would point to each color section and row, and interpret any eye movement as a “ yes. ”
The man and his family worried that he would eventually lose the ability to move his eyes at all, so they sought out the help of Niels Birbaumer, then at the University of Tubingen, and Ujwal Chaudhary of ALS Voice gGmbH, a nonprofit that offers BCIs and other technologies to people that are otherwise unable to communicate.
What the world’ s fastest brain-typist is telling us about the future of computer interfaces.
On meeting the man in February 2018, Chaudhary tried to automate the communication system that the family was already using. The team connected an eye-tracking device to computer software that would read out colors and row numbers, allowing the man to select letters one at a time using his eye movements to spell out words.
But as the man increasingly lost control over his eye movements, he became less able to communicate using that device, too. “ We proposed implanting [ an electrode ], ” says Chaudhary. Tiny electrodes can be implanted in the brain to record the electrical activity of brain cells directly. The procedure—which tends to involve drilling a hole in the skull and cutting away the brain’ s protective layers—comes with a small risk of infection and damage to the brain. So it was a last resort, says Birbaumer. “ If the [ non-invasive ] BCIs and the eye-trackers don’ t work anymore, there is no other choice, ” he says.
The man consented to the procedure using eye movements, says Chaudhary. His wife and sister also gave their consent. By the time the procedure had been approved by an ethics committee and Germany’ s Federal Institute for Drugs and Medical Devices at the end of 2019, the man had lost the ability to use the eye-tracking device. In March 2019, surgeons implanted two tiny electrode grids, each measuring 1.5 millimeters across, into the man’ s motor cortex—a region at the top of the brain responsible for controlling movement.
The day after the electrode was implanted, the team began trying to help the man communicate. At first, the man was asked to imagine making physical movements—this has helped other recipients control prosthetic limbs and exoskeletons, and is the approach that Elon Musk’ s company Neuralink plans to take. The idea is to get a reliable signal from the brain, and translate this into some kind of command.
But the team couldn’ t get it to work. After 12 weeks of trying, they scrapped the idea and decided to try an approach called neurofeedback instead. Neurofeedback works by showing a person their brain activity in real time so that they can learn how to control it. In this case, when the electrodes in the man’ s brain recorded an increase in activity, a computer would play a rising audio tone. A fall in brain activity would play a descending tone.
“ Within two days, he was able to increase and decrease the frequency of a sound tone, ” says Chaudhary, who says he visited the man in his home every weekday during 2019, until coronavirus hit. “ It was just incredible. ” The man eventually learned to control his brain activity so that he could play a rising tone to signal “ yes ” and a descending tone to signal “ no. ”
The team then introduced software that mimicked the paper-based computer system the man had originally used to communicate with his family. The man would hear the word “ yellow ” or “ blue ” for example, to choose a block of letters from which to select. He would then be played individual letters and use a rising or descending tone to either select or dismiss each ( see video).
In this way, the man was soon able to communicate entire sentences. “ [ His family ] were so excited to hear what he had to say, ” says Chaudhary, who, along with his colleagues, published their findings in the journal Nature Communications on Tuesday. One of the first sentences the man spelled was translated as “ boys, it works so effortlessly. ”
Communication was still slow—it takes around a minute to select each letter. But researchers believe the device has significantly improved the man’ s quality of life. He has asked for specific meals and soups, directed carers on how to move and massage his legs, and asked to watch films with his young son, for example. One sentence translated as “ I love my cool son. ”
“ Many times, I was with him until midnight, or past midnight, ” says Chaudhary. “ The last word was always ‘ beer.’ ”
One of the first sentences the man spelled was translated as “ boys, it works so effortlessly. ''
Chaudhary envisions developing a catalog of frequently used words that could eventually allow software to autocomplete the man’ s words as he spells them, for example. “ There are many ways in which we could make it faster, ” he says.
No one knows how long the electrodes will last in the man’ s brain, but other studies have found that similar electrodes are still functioning five years after being implanted in other people. But for a locked-in person, “ a single day can make a difference, ” says Kianoush Nazarpour at the University of Edinburgh, who was not involved in the work. “ That is a fundamental opportunity for them to regain choice and control of their lives, ” he says. “ A day of high quality could be really important for that person. ”
Nazarpour thinks that the technology could be routinely offered to similarly locked-in individuals within the next 10 to 15 years. “ For a person that has absolutely no communication, even a “ yes ” / ” no ” is potentially life-changing, ” he says.
Brian Dickie, director of research development at the Motor Neurone Disease Association in the UK, agrees that this timeline is realistic. But he wonders how many people with motor neuron disease—of which ALS is the most common type—stand to benefit from such BCIs.
The man who received the BCI has a form of ALS called progressive muscular atrophy ( PMA). This form of the disease tends to target motor nerves that travel from the spine to muscles, leaving people unable to control their muscles. But around 95% of cases of ALS also involve degeneration of the motor cortex in the brain, too, says Dickie.
Even people with PMA can experience this degeneration, which might explain why, since the study was completed, the man appears to have lost some of his ability to communicate. For the past month or so, the man has only used the device to communicate “ yes ” or “ no, ” says Birbaumer.
“ I have no clue why he is only saying yes and no and not formulating sentences, but that happens from time to time, ” Birbaumer says. “ There could be many reasons for this. ”
It’ s also possible, for example, that specialized cells in the brain have recognized the electrode as foreign and clumped around it, limiting its ability to function. “ It could be psychological reasons, technical reasons, electrode reasons … but at least he is in good shape and has a good quality of life, as he communicates, ” says Birbaumer.
If the electrode eventually fails, the man’ s family members might request that it be removed and replaced with another, perhaps in a different brain region. But, for now, having the ability to say “ yes ” and “ no ” is enough, says Birbaumer. “ [ The family ] told me … most information they needed was exchanged in the first one and a half years, ” he says ( the family members themselves have requested privacy at this time). “ With ‘ yes’ and ‘ no’ you can say many things … if you ask the right questions. ”
Shi Zhengli has spent years at the Wuhan Institute of Virology researching coronaviruses that live in bats. Her work has come under fire as the world tries to understand where covid-19 came from.
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Our in-depth reporting reveals what’ s going on now to prepare you for what’ s coming next. | tech |
Azerbaijan confirms 29 more COVID-19 cases, 71 recoveries | Azerbaijan has detected 29 new COVID-19 cases, 71 patients have recovered, and three patients have died, Trend reports citing the Operational Headquarters under Azerbaijani Cabinet of Ministers.
Up until now, 791,511 people have been infected with coronavirus in the country, 781, 057 of them have recovered, and 9,659 people have died. Currently, 795 people are under treatment in special hospitals.
To reveal the COVID-19 cases, 2,506 tests have been carried out in Azerbaijan over the past day, and a total of 6,668,546 tests have been conducted so far.
Some 7 people were vaccinated against COVID-19 in Azerbaijan on March 21, Trend reports referring to the Operational Headquarters under the Azerbaijani Cabinet of Ministers.
The first dose of the vaccine was injected into 0 citizens, the second one to 0 citizens, the third dose and the next doses to 5 citizens. Some 2 citizens was vaccinated with a booster dose after a positive test result for COVID-19.
Totally, up until now, 13,368,489 vaccine doses were administered, 5,319,389 citizens received the first dose of the vaccine, 4,814,484 people - the second dose, 3,010,297 people - the third dose and the next doses.
Some 224,319 citizens were vaccinated with a booster dose after a positive test result for COVID-19. | general |
Today's edition of The Download, MIT Technology Review's daily tech newsletter | This is today's edition of The Download, our weekday newsletter that provides a daily dose of what's going on in the world of technology.
The news: The largest bank in Russia has warned its users to stop updating any software due to the threat of “ protestware, ” open source software projects whose authors have altered their code in opposition to Moscow’ s invasion of Ukraine. Open source software is software that anyone can modify and inspect, making it more transparent—and, in this case at least, more open to sabotage.
Some context: Around two dozen open source software projects have been spotted adding code protesting the war. Most of the protestware simply displays anti-war, pro-Ukrainian messages when it is run but at least one project is believed to have had malicious code added which would wipe computers located in Russia and Belarus.
Loss of trust: Some within the open source community worry that the possibility of sabotage can undermine the open source ecosystem. Although it is less well known than commercial software, open source software is enormously important to running every facet of the internet. Read the full story.
I’ ve combed the internet to find you today’ s most fun/important/scary/fascinating stories about technology.
1 Food prices are soaringUkraine supplies much of the world’ s wheat, corn, and barley—and its farmers are unlikely to be able to plant this season. ( NYT $) + Climate change is compounding the problem. ( Wired $) + A Ukrainian MP has accused Russia of trying to starve Mariupol into surrender. ( BBC) + Russia is using cluster bombs, and they could pose a danger for decades. ( Wired $) + 6.5 million people have been displaced inside Ukraine, according to the UN. ( Axios)
2 Is Russia holding back from cyberwar? The most dire predictions haven’ t come to pass—yet. ( Vox) + Right now, the propaganda war is the most significant virtual battlefront. ( TR) + Russian families are fighting over reality, as different members receive vastly different reports on the war. ( WP $) + Ukraine is appealing to DJI to restrict where its drones can fly. ( Vice)
3 China reported its first covid deaths since January 2021Omicron has arrived on its shores—but it’ s meeting with stiff resistance. ( The Guardian) + England’ s health service has started giving out second covid boosters to people categorized as higher-risk. ( The Guardian) + Hong Kong is emerging from some of the world’ s strictest covid restrictions. ( Nikkei) + But low vaccination rates and levels of immunity led to a heavy death toll. ( The Guardian)
4 What’ s a “ normal ” amount of time to grieve? Psychiatry’ s most powerful body thinks it’ s about a year. ( NYT $) + How to mend your broken pandemic brain. ( TR)
5 Americans are hoarding nickels 💰The ones who’ ve noticed its price spiking recently, at least. ( The Atlantic $) + The war in Ukraine looks likely to also cause a shortage of neon. ( Recode) + It could be a major setback for electric car sales too. ( NYT $)
6 NASA’ s giant new moon rocket has arrived at its launch pad 🚀Marking a crucial milestone in NASA’ s space exploration plans, though it may be months before it flies. ( Ars Technica) + Russia sent three cosmonauts to the International Space Station amid turmoil over Ukraine. ( WP $)
7 Sounds like SXSW was… kinda depressingThere’ s always hype in tech, but the gap between promises and likely outcomes looks like a giant chasm recently. ( Vice) 8 Have iPhone cameras become too smart? Some users are complaining that the latest iteration over-corrects their photos. ( New Yorker $) 9 Why do video games keep getting longer? 🎮⌛It’ s a golden age for games—you just need to have the time to actually play them. ( WP $) 10 What AI thinks an Emily Dickinson poem looks likeTruly otherworldly stuff. ( Debugger $)
“ There can be no talk of any surrenders, laying down of arms. We have already informed the Russian side about this. Instead of wasting time on 8 pages of letters, just open a [ humanitarian ] corridor. ”
—Ukraine’ s deputy prime minister Iryna Vereshchuk issues a defiant message as the Russian military deadline for the surrender of Mariupol passed today, news outlet Ukrainska Pravda reports.
A place for comfort, fun and distraction in these weird times. ( Got any ideas? Drop me a line or tweet 'em at me.) + Not NOW, Japanese demon. + These physics toys look endlessly entertaining. + Sean Connery’ s Highlander voiceover dubbed over the opening of Teletubbies can not be unheard—or unseen. + Why you should embrace being boring. + New Ben Affleck film Deep Water asks the eternal question: can a drone engineer be sexy?
If Russia disconnects from—or is booted from— the internet’ s governing bodies, the internet may never be the same again for any of us.
The specter of Russian hackers and an overreliance on voluntary cooperation from the private sector means officials are finally prepared to get tough.
One of the world’ s biggest blockchains is testing a new way to approve transactions. The move has been many years in the making but doesn’ t come without risks.
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The impact of the war in Ukraine on food security | Global food production will be sufficient to feed the global population this year. But export bans, high prices and increasing transport cost might prevent vulnerable countries from procuring sufficient food supplies. Measures to ensure global access to scarcer food supplies and to boost grain production are warranted.
Ukraine and Russia are major food exporters. They each provide about 6% of global market shares in food calories. Russia’ s invasion of Ukraine puts this at risk. Even in February 2022, before the invasion, food prices were at a record high ( Figure 1), in particular because of the pick-up in demand in the COVID-19 recovery, and because the pandemic disrupted supply chains. The war in Ukraine and consequent sanctions could mean high food prices will endure.
The commodities for which Russia and Ukraine play the biggest roles are wheat, barley, maize, sunflower seeds and sunflower oils ( Figure 2). The Russian/Ukrainian shares of global exports of barley and wheat increased in 2021, to 14% and 10% respectively.
Figure 3 shows the net food importers that are most exposed to a disruption in the food supplies from Ukraine and Russia. The uppermost countries in the chart are the least self-sufficient in terms of cereal supply. Countries to the right of the chart are those most reliant on cereal imports from Ukraine and Russia. This is important because logistics are crucial in the trade of cereals: switching to other, more distant suppliers, is very costly. The doubling of shipping fuel prices and charter rates compared to last year, implies that countries that currently rely on cheap and accessible Ukrainian and Russian cereals imports will find it particularly difficult and expensive to replace them.
The upper right corner of Figure 3 shows the most exposed countries. The most vulnerable countries are Middle Eastern and North African countries that rely almost exclusively on imports to sustain their cereal consumption, and import more than 10% of their cereals from Ukraine and Russia. The most at-risk, excluding high-income countries, are Jordan, Yemen, Israel and Lebanon. Yemen and Lebanon have major pre-existing food insecurity problems and import 31% and 47% of their cereals respectively from Ukraine and Russia. Libya does not appear on the chart due to lack of data, but is also extremely vulnerable, relying on imports for up to 90% of its cereal consumption. Ukraine ( 40%) and Russia ( 15%) account for 55% of Libya’ s cereal imports ( Comtrade data).
Some European and Central Asian countries have a higher share of domestic cereal production but rely completely on Ukraine and Russia for cereal that they do import. These include Armenia ( 92% of imports from the two countries), Georgia ( 85%) and Azerbaijan ( 77%).
A number of sub-Saharan African countries are also vulnerable because, though they rely on Ukraine and Russia only to a limited extent for cereals, they have little economic capacity to adapt to rising prices and supply disruptions. They include especially Sudan but also Congo Brazzaville.
Russia and Ukraine jointly account for 57% of global sunflower oil exports. Vegetable oil prices were already at historic highs in February 2022 ( Figure 1). These prices have been the main driver of food inflation since the end of 2021. High prices for vegetable oils, which are found in most food goods, are the result of a combination of bad weather, bad harvest and surging energy prices. The war is set to increase pressure on vegetable oil prices, given the importance of the region for sunflower oil production ( Figure 2). Between 35% and 40% of the EU’ s sunflower oil comes from Ukraine.
Fertiliser prices were already on the rise before the war, reaching levels unseen since the global financial crisis ( Figure 4). The price spike was mostly due to higher gas prices, which curbed production of important inputs into fertiliser production, such as ammonia. Already in September 2021, China imposed export restrictions on phosphate fertiliser until June 2022.
Russia and Belarus are respectively the first and sixth biggest global exporters of fertilisers, representing a total of 20% of global supply ( Figure 5). Russia accounts for nearly a tenth of global nitrogen and phosphate fertilisers, and with Belarus accounts for around a third of potash production. The war will have a direct impact as Russia has already announced fertiliser exports bans to “ non friendly countries ”.
Indirect impacts will also be felt as fertiliser production is highly energy-intensive, relying especially on natural gas. Fertiliser production, ammonia especially, represents 1-2% of global energy consumption.
Disruption to the global fertiliser market will have major impacts on crop yields and farm income. In the EU, farmers will be affected by both price increases and renewed trade restrictions. The EU has already introduced sanctions on Belarussian potash exports. The EU relies on imports for 85% of its potash consumption, including 27% from Belarus.
In addition to short-term disruption to exports from Ukraine, exports could also be limited in the medium- to long-term because of war-damaged infrastructure and crops could not be planted this year. In addition to these constraints both Ukraine and Russia have imposed export restrictions in the face of strained domestic supply. In March, Ukraine banned exports of a number of food products ( rye, barley, buckwheat, millet, sugar, salt and meat) until the end of 2022. Figure 6 shows the most vulnerable countries: according to three different scenarios of cereal supply disruption.
Outcomes will depend on new developments. So far, big agricultural firms in Ukraine have suspended operations amid security concerns. Major infrastructure, especially ports from where most cereals are exported, remains intact but not operational. Agricultural maps show a concentration of important crops in conflict areas in the east and south-east of Ukraine, suggesting agricultural land could be damaged, or at least not seeded.
The UN Food and Agriculture Organisation so far expects that between 20% and 30% of land usually destined for cereals, maize and sunflower seeds will not produce crops for next year’ s harvest. In our worst-case scenario Ukraine will need all it can produce domestically and exports will drop by 100%. In the second worst-case scenario, Ukraine will still be able to bring half of its normal production to export markets. And in the best-case scenario, which would likely only materialise if hostilities end quickly, Ukraine might only lose 33% of its exports.
For Russian exports, the three scenarios anticipate a reduction of shipments by 10%, 20% and 30%. Risks are concentrated on export restrictions. So far, Russia has closed the Asov Sea to commercial vessels but has kept its Black Sea port open, from where most of its cereals are shipped. In the face of surging food prices, Russia started curbing exports as early as December 2021. In March 2022, cereal exports to Central Asia were suspended.
Finally, a fertiliser shortfall would imply reduced food production elsewhere in the world, leading either to higher import needs in food-importing countries, or reduced exports from exporting countries. In our worst-case scenario, fertiliser exports from Russia and Belarus would be largely stopped and high gas prices would substantially curtail fertiliser production elsewhere. We assume a resulting loss of 10% of global food export volumes. The second-worst scenario would see global food exports drop by 5%. In the best case, there would be no reduction this year.
In the worst-case scenario, more than 30 countries will lose more than a quarter of their normal imports, while in the best-case scenario only seven most-vulnerable countries will be affected, losing over 10% of their normal imports.
The most vulnerable countries include Tunisia, Lebanon, Egypt, Armenia, Sudan, Georgia and Turkey. However, the most notable result is that the countries most exposed would be low- and middle-income countries in Central Asia, eastern Europe and the Middle East and North Africa. The supply shock will translate into higher prices and thus import reliance and the ability to swallow a higher import bill are the most important determinants. Sub-Saharan African countries that do not feature so prominently as being at risk in Figure 6 but which have high import-dependency ratios, including Mauritius, Cape Verde, Botswana, Lesotho and Namibia, could be just as impacted as those that are historically reliant on imports from Ukraine and Russia. In addition, countries with low disposable income have financial situations significantly worsened by the COVID-19 pandemic.
Shifting the supply routes for agriculture commodities will also be challenging from a transport perspective. Many Middle Eastern and North African countries rely on the Black Sea route, considered a ‘ chokepoint’ for agriculture trade. For low- and middle-income countries, the costs of importing from further away will be more difficult to absorb, especially as freight prices increase with commodity prices in general, which will be aggravated by the spike in energy prices.
How these risks play out over time will depend on several factors. Harvests in parts of Asia and Africa are expected to be below average, which could further undermine supplies. Stockpiles in some countries may soften or delay the blow. Wheat stocks in North Africa of 13.4 MN tonnes represent about half of last year’ s imports ( 28 MNt). While some export restrictions may be eased if the market becomes less tight in the coming months, uncertainty around the Black Sea region could last, and sanctions against Russia appear unlikely to be lifted soon.
Lower food supply and higher prices will persist in the coming months. Global inflation will surge with the combined historic rise in energy and food prices. As the prices of staples surge, humanitarian needs and political risks will increase. The last time food prices reached current highs ( Figure 1), they set the stage for the Arab Spring uprisings. A number of countries are already applying export restrictions to secure their own supplies while exacerbating the problems for most vulnerable countries.
The full impact will not be felt until next autumn’ s crop season. Anticipating future shortfalls could significantly help soften the blow and limit the humanitarian impacts of food supply shocks. Major producers including the EU, the United States and Australia can prepare. These economies have very efficient agro-industries and could boost production on fallow land. The EU especially, with its proximity to the most vulnerable markets, needs to enable its farmers to drastically step-up grain production. Crops for food consumption should be prioritised where possible over fodder and biofuels ( which are in high demand in developed countries because of spiking energy prices). The EU currently produces energy crops on about 15% of its arable land. In addition, given the magnitude of the current shock, a requirement for EU farmers to leave 5% of arable land as ‘ ecological focus areas’ – uncultivated and without fertiliser use – should be lifted for the current planting season. The flexibility for the current planting season for grains, which typically runs until late March, is likely very limited, but for the next season it will be crucial to ensure that food stocks are replenished.
A major challenge for EU farmers remains the spike in input prices, including fertilisers and fuel. This might justify targeted support to ensure farms remain economically sustainable. Some European farmers may be safe from this year’ s fertiliser shock because they have already what they need, but the shock will be felt fully next year. This year, significant differences in exposure should be monitored. As the energy crisis is set to last, global measures improving the efficiency of fertiliser use should also be taken.
Given the uncertainty, multilateral engagement to limit protectionist measures on food and fertiliser needs to be stepped up. The G20’ s Agricultural Market Information System, meant to enhance international transparency and encourage coordination of food trade policies, could play an important role. Global food production will, even in the worst case, be sufficient to feed the global population, but the uneven geographical impact of supply disruptions and the devastating effects of high food prices on the poorest, call both for pushing up supply and finding ways to deliver food where it is needed.
Weil, P. and G. Zachmann ( 2022) ‘ The impact of the war in Ukraine on food security’, Bruegel Blog, 21 March
Bruegel considers itself a public good and takes no institutional standpoint. Anyone is free to republish and/or quote this post without prior consent. Please provide a full reference, clearly stating Bruegel and the relevant author as the source, and include a prominent hyperlink to the original post.
A stop to Russian oil and coal supplies would push Europe into a short and painful adjustment period. But if managed well, disruptions would remain temporary.
A trans-Atlantic pact between North America and Europe is essential if Europe is to free itself in the short term from its dependence on Russian energy.
Major economies are addressing the challenges brought by digital trade in different ways, resulting in diverging regulatory regimes. How should we view these divergences and best deal with them?
The European Union will have to bolster members most vulnerable to Russian blackmail and rethink the structure of European energy markets in order to effectively counter Putin.
Even with help from China, Russia will be unable to mitigate the immediate impact of Western sanctions.
The Ukraine war will have significant economic policy consequences for the European Union and its members, arising from the adverse supply shock triggered by the rise in oil and gas prices, energy independence measures, the inflow of refugees and boosted defence spending. Their direct budgetary implications could be 1.1/4% of GDP in 2022.
Russia is reeling from massive financial sanctions, while Ukraine’ s financial system is battered but remains functional, and the EU and global financial systems have rather easily absorbed the initial shock.
Russia's war in Ukraine has underscored the need for Europe finally to invest more in its own defence and security. Such an outrageous act of aggression calls for harsh sanctions, which will require new policy mechanisms to help EU countries maintain solidarity.
The European Union can manage without Russian gas next winter, but must be united in taking difficult decisions, accepting that in many cases it won’ t have enough time for perfect solutions. | business |
Building the Green-Recovery Consensus by Lolwah Al-Khater & Brian Finlay | Even if everyone can agree in principle that the global recovery from the COVID-19 pandemic should be equitable and sustainable, that doesn't mean it will be. What is needed is a concrete roadmap with clear goals, timelines, and innovative ideas to ensure that policymakers around the world are on the same page.
DOHA – While Russia’ s invasion of Ukraine is capturing global headlines, COVID-19 continues to wreak socioeconomic havoc around the world. The pandemic has taken more than six million lives, pushed 124 million people into extreme poverty, and impeded progress toward achieving the 2030 Sustainable Development Goals. Fortunately, around five billion people have now received at least one dose of a COVID-19 vaccine, and the World Health Organization and Gavi have set a goal of vaccinating 70% of people in all countries by this July.
Notwithstanding the horrific war in Ukraine, the pandemic and its lasting toll will continue to top the list of pressing global concerns alongside climate change. The effects of the latter crisis are already being felt daily, as the Intergovernmental Panel on Climate Change’ s Sixth Assessment Report shows. Just recently, extreme temperatures and droughts have ravaged West Asia and North Africa. Rising sea levels are threatening many island states and low-lying countries. Catastrophic flooding has inundated parts of Europe and China. And wildfires have torn across the American West and large swaths of Australia.
Scientists now warn that “ business as usual ” will likely increase the average global temperature, relative to the pre-industrial level, by a catastrophic 3-4º Celsius by the end of the century. To keep global warming at a far safer level, below 1.5ºC, carbon dioxide emissions will need to fall by 45% ( from 2010 levels) by 2030, and then to net zero by 2050.
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As Russian forces continue their indiscriminate attacks on Ukrainian civilians, pressure is growing globally to create a special tribunal to prosecute Russian President Vladimir Putin and his inner circle for the crime of aggression. Justice demands that this process begin immediately.
By nominating Ketanji Brown Jackson to the US Supreme Court, President Joe Biden has implicitly acknowledged that the administration of justice in a complex society requires institutions with `` affective appeal. '' Her appointment is not just good politics; it will also lead to better jurisprudence.
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Deep Dive: Positive outlook for commercial property | You are currently accessing Investment Week via your Enterprise account.
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Expectations are often different from reality. This was true of UK commercial real estate in 2021 where total returns of 16.5% were markedly stronger than the IPF consensus autumn forecast of 1.5% for the year. This strong return was largely reflective of a better-than-expected economic recovery, with GDP returning to pre-pandemic levels for the first time in November. Meanwhile, investor sentiment had improved, reflected in yield compression and £64.9bn of transactions. The industrial sector was the standout performer, but retail warehouses also delivered 21.9% - both segments benefiting from the strong demand drivers associated with the continued growth in e-commerce.
As we transition from a pandemic to an endemic state, investors are grappling with the macro risks of inflation and interest rate rises. In December 2021, UK consumer price growth rose to a three-decade high of 5.4% per annum. Amid concerns that some of this inflation could endure, the Bank of England increased its base interest rate from 0.1% to 0.25% prompting expectations for further gradual, modest rises this year, which would enable the economy and housing market to absorb without significant impact.
Generally in a UK economic growth environment, both capital and rental growth have historically either kept up with - or outpaced - inflation, demonstrating that real assets can offer some protection. Exposure to leases providing inflation protection such as RPI index-linked leases ( common in supermarkets), frequently ‘ re-set rents ' ( residential/hotels) and quality assets with attractive fundamentals with rental growth potential all help to preserve real income.
The latest IPF consensus forecasts a five-year total return of 6.2% per annum, with 8.6% for 2022. But these figures are based off forecasts produced weeks or even months prior to the survey date and bear no regard for the war in Ukraine. Given the change in the economic and geo-political landscape, can we extract much value from such forecasts? Arguably not, but the implied, collective view was that regardless of inflation and interest rate risk, investors had a positive outlook for commercial property. This was based on improving economic and employment growth - both of which are key demand drivers for space - buoyant household savings which are supportive of a retail and leisure recovery and employees returning to the office - a further sign of normality resuming. By how much this emerging confidence will be knocked by the uncertainty of the conflict is to be seen.
Indeed, the impact of the war in Ukraine on the global economy and the UK's nascent recovery will depend on its duration. The government may need to repeat some measures implemented during the pandemic to support the economy in response to the effects of sanctions on the cost of living, notably energy. So as is typical in uncertain times, a flight to quality is likely. This has been evident in recent years where core assets have proven their resilience in the face of significant market shocks, supported by investors and occupiers seeking out prime assets with a growing focus on best-in-class sustainability credentials.
With the removal of Covid restrictions and life returning to normal, business activity should increasingly resemble a pre-pandemic world, supportive of tenants paying rent ( which in turn pays income to investors) - which was largely achieved during the various lockdowns. With yield compression the main driver of capital growth last year, a greater reliance will be on rental growth, particularly in the industrial sector, to move values on. The war in Ukraine brings a new form of uncertainty which may interrupt the market momentum, yet investors are likely to remain mindful of the protection real assets have tended to offer during times of higher inflation.
© Incisive Business Media ( IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR.Registered in England and Wales with company registration numbers 09177174 & 09178013 | business |
Interest rate rises trigger rotation | You are currently accessing Investment Week via your Enterprise account.
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That triggered a sharp rotation out of growth stocks. In the space of a few weeks, funds that had dominated performance tables for years lost a quarter or a third of their value. Premiums evaporated. Some of this was logical, much was not.
The Russian invasion of Ukraine has compounded the inflation problem. Oil, gas, wheat and a range of metals have soared in price - benefiting non-Russian producers, but straining valuations in countries and stocks dependent on these commodities. Markets have had another lurch down as a result.
Where I think these moves are counter-intuitive, is with trusts that focus on quality as well as growth.
Simplistically, the impact of interest rate rises on valuations of growth stocks comes from an increase in the discount rate used to value future cash flows. Money in the bank now and near-term cash flows - from companies paying out high levels of dividend, for example - are then worth more to investors than distant cashflows. Stocks that are loss-making and not expected to produce meaningful cashflows for many years should be particularly badly affected.
However, many of the funds investing in growth stocks also focus on high quality companies. One important factor in determining the quality of a stock is its ability to generate sustainable and growing levels of cash now.
Funds like BlackRock Throgmorton, Montanaro ( UK and European Smaller Companies), and Smithson investment trust look for growing, high-quality businesses and then back them for the long term. Turnover on these funds is relatively low, as the managers of these funds think that trying to time markets is a dangerous game ( as the Ukrainian invasion is teaching all of us).
BlackRock Throgmorton is differentiated from the others as it has the ability to short stocks the manager feels face insurmountable, structural challenges. Dan Whitestone has built up a good track record of adding value from his short positions since he took on responsibility for the trust. He is looking then for winners and losers from trends such as changing consumer behaviour and new manufacturing models.
Over longer time periods they are among the best-performing funds in their sector and well ahead of index benchmarks. However, the NAVs of these four trusts have fallen by between 20.8% and 26.1% over the past three months and for each of them the fall in the share price over that period is more than that.
The discount rate effect should be much less acute for these funds than for Edinburgh Worldwide, with its bias to earlier-stage businesses, for example, because of its focus on profitable, cash generative companies ( as an aside, the same could be said for Chrysalis relative to Schiehallion, but there is a more than 50 percentage point gap between Chrysalis's discount and Schiehallion's premium). The focus on quality also produces a strong bias against highly indebted companies. Almost half of Montanaro European's portfolio had net cash on its balance sheet, for example. Rising interest rates do not have a direct effect on the profitability of these businesses, therefore.
Another attribute of high quality companies is their ability to pass on price increases to their customers. Smithson, for example, highlights the importance of a company having a dominant market share in their niche product or service or having brands or patents which others would find difficult, if not impossible, to replicate. This should mean that these companies are better positioned to survive a prolonged period of high inflation, perhaps even picking up market share from their rivals.
That is important, as there is a good chance inflation will be with us for some time yet. Not only do we have the price shock from the war to contend with, but central banks are nervous of the possibility of stagflation and unlikely to be aggressive with their interest rate rises.
In a recent conversation with the managers of Henderson Diversified Income, they suggested that, in the US, in particular, much of the stimulus pulled forward spending on consumer goods. When the effects of the enormous fiscal stimulus injected into economies to tackle the effects of Covid-19 fade, we could see sharp falls in spending. Much higher fuel prices are likely to have an impact too. In the UK, this is compounded by the looming tax rises. Economies will slow, perhaps tip over into recession. Businesses that can continue to grow in such an environment should be prized.
If rates are not going to rise as fast or as far as feared, then the discount rate argument for the growth sell-off breaks down. If inflation remains elevated, high quality stocks are better able to weather the storm. High quality growth seems oversold to me.
© Incisive Business Media ( IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR.Registered in England and Wales with company registration numbers 09177174 & 09178013 | business |
Every Photo from Prince William & Kate Middleton's Royal Caribbean Tour | Every product on this page was chosen by a Harper's BAZAAR editor. We may earn commission on some of the items you choose to buy.
Amid protests, the Duke and Duchess of Cambridge have embarked on an eight-day tour to Belize, the Bahamas, and Jamaica on behalf of Queen Elizabeth.
In celebration of Queen Elizabeth's Platinum Jubilee, Prince William and Duchess Kate have embarked on an eight-day royal tour that will take them through Belize, the Bahamas, and Jamaica.
The trip, which is the couple's first official joint overseas tour since the onset of the COVID-19 pandemic, has been marked by protests and growing criticism from locals throughout the Caribbean demanding slavery reparations and staging demonstrations against the royal family's history of colonization. BAZAAR.com understands that the couple's tour hopes to serve as a `` charm offensive '' to win over residents across the Caribbean at a time when many are unsure about keeping a royal head of state.
Ahead, see every photo from the Duke and Duchess of Cambridge's royal tour. And watch this space for updates.
The couple visits the coastal village of Hopkins, a cultural center of the Garifuna community in Belize.
The duchess greets a child in Belize.
Prince William and Duchess Kate attend a demonstration in Hopkins.
William and Kate attend a demonstration in Hopkins.
The royal couple observes food preparations in Hopkins.
For day two of their royal tour ( their first full day of events), Kate wears a midi dress in a bright pattern by Tory Burch, along with white espadrilles by Stella McCartney, Ray-Ban sunglasses, and bright-blue earrings from Sezane. William wears a light-blue button-up with navy slacks and brown shoes.
The duke and duchess laugh as they walk on the beach.
Kate participates in an event in Belize.
William and Kate visit the Che'il chocolate farm in southern Belize.
The couple tries their hand at making chocolate.
The duchess samples some chocolate.
William and Kate land at the Philip S.W. Goldson International Airport to begin their royal tour.
The Duke and Duchess of Cambridge greet well-wishers.
Kate and William meet the prime minister of Belize, Johnny Briceño, and his wife, Rossana Briceño, at the Laing Building in Belize City.
Kate wears a lace Jenny Packham suit in a royal-blue hue, paying tribute to Belize's flag. William coordinates in a light-blue suit with a white shirt and black tie. | general |
CoxHealth Deploys New Body Worn Camera Solution to Increase Patient, Visitor, and Staff Safety | CoxHealth, the area leader in healthcare and community involvement in southwest Missouri, has upgraded its public safety and security officers’ body worn cameras with a new state-of-the-art solution, increasing overall patient, visitor, and medical staff safety. The open architecture-based solution easily integrated with CoxHealth’ s existing video management system ( VMS) and it provides the scalability necessary to meet the present and future needs of the organization and its numerous SW Missouri locations.
“ There have always been incidents and threats of patient-generated violence in healthcare, but recent years have seen an escalation in the level of violence and aggression associated with patient incidents, ” said Alan Butler, system director of public safety and security at CoxHealth. “ The deployment and upgrade of body worn cameras has helped to deter incidents and reduce the number of false claims of officer misconduct, offering a clearer picture of every interaction, and has resulted overall in better behavior of guests, patients, and families. ”
While body worn cameras act as a safety tool, they have also proved vital to improving officer training methods, and in the case of CoxHealth have helped training programs emphasize de-escalation tactics. For example, body worn camera footage of an incident on a medical campus can be reviewed internally, and new ways to approach a situation can be developed more effectively. This enables the organization to better train its officers, providing them with the proper tools to better manage intense and potentially violent situations.
Another instance where body worn cameras have been particularly useful for de-escalation and preventing patient incidents is in COVID-19 screening scenarios. With the onset of the pandemic, CoxHealth frequently deals with visitors and patients who are angry about COVID-19 restrictions. These interactions occur at entry portals, where hospital staff are tasked with screening individuals. Body worn cameras and captured footage have been valuable in de-escalating tense interactions, helping healthcare staff be more effective, and serving as training materials.
In addition to improved security functions, the healthcare organization emphasized the need for a more user-friendly solution, and with this new upgrade, officers are issued a key fob containing an RFID tag which, when swiped, configures a specific camera with that officer’ s information for the duration of their shift. At the end of each shift, the camera is placed back in a charger and automatically downloads all recordings to a video management system. This feature allows for ease-of-use, and for cameras to be shared seamlessly across work shifts, regardless of user.
CoxHealth has outfitted its team of more than 60 public safety and security officers with body worn cameras for over three years, however, the organization felt the older equipment was fragile, lacked sufficient video quality, and important user-friendly features. When CoxHealth began its search for an upgraded solution, they turned to NetWatch Inc., an integrated security solutions provider located in Nixa, Missouri, who was able to assist the organization in selecting Axis Communications cameras as its upgraded solution.
“ The support we received during the implementation of our body worn camera upgrade has been outstanding, ” said Butler. “ The cameras are durable and easy to use for our officers, and the quality of the video and audio has been exceptional, allowing us to provide our security staff with the proper tools and training to ensure patient, visitor, and staff safety in all situations. ”
“ Body worn cameras offer tremendous value to medical environments, both in de-escalation and by offering a more robust training toolkit, ” said Paul Baratta, segment development manager, healthcare for Axis Communications. “ At high-volume facilities such as CoxHealth, a comprehensive body worn solution can make all the difference in mitigating the risk of violence against healthcare staff and ensuring safety for all parties. ”
Attendees at the ISC West event in Las Vegas are invited to attend a presentation of this customer success story on March 23 at 10:30 a.m. in Venetian 102, Level 1. The session entitled, Body Worn Cameras’ Vital Role in Workplace Violence Prevention, will be co-presented by Alan Butler of CoxHealth as well as Paul Baratta and Steve Jussaume of Axis Communications. Attendance is free with an Expo or Conference pass. | tech |
China's zero-Covid policy is showing signs of strain. But ditching it now could be a disaster | A version of this story appeared in CNN's Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country's rise and how it impacts the world. Sign up here.
Even as the rest of the world struggled to contain new, more transmissible variants, China remained an island -- its borders shut and population largely untouched by the virus.
All that changed this month, as multiple outbreaks across the country saw the largest surge in China's local infections since it brought its initial outbreak in Wuhan under control in early 2020.
Some 12,000 new cases have been reported in the past three days alone, according to health officials, who have warned the country's defenses are facing the highly transmissible Omicron subvariant BA.2 for the first time.
These numbers may seem small in a population of 1.4 billion and when compared to the rest of the world. But to the ruling Communist Party -- which has sought to promote its ability to control the virus as evidence for its superior model of governance -- the outbreak represents a significant political challenge.
To respond, China has rolled out its well-worn methods for controlling the disease: placing tens of millions of residents under some form of lockdown, shuttering factories in the tech hub of Shenzhen, constructing makeshift hospitals to isolate cases in hard-hit Jilin province and rounding up `` close contacts '' of cases for surveillance or quarantine.
But this approach, known broadly as `` zero-Covid, '' is showing signs of strain.
Already authorities have moved to revise their rule for hospitalizing all patients, in a sign they are worried their own stringent measures could quickly overwhelm the health care system. And there are also indications that the patience of the general public, which has been broadly supportive of the measures, is starting to wear thin.
For now, anyway, China's leaders may have few other options. Authorities have spent two years focused on keeping Covid-19 out of its borders and quashing its spread. But now, as more questions are raised about the sustainability of `` zero-Covid, '' experts say the country remains unprepared for the alternative of `` living with the virus. ''
Shanghai physician Zhang Wenhong -- often likened to top American epidemiologist Dr. Anthony Fauci for his straight-talk and expertise -- alluded to this dilemma last week, writing in the business journal Caixin: `` We haven't prepared anything of what we need to prepare. How could we possibly dare to 'lie down ' ( and allow the virus to spread)? ''
Not prepared
To be sure, China has undertaken massive efforts to protect its people from the virus, pulling off what's been called the largest vaccination campaign in history -- developing vaccines at record speed and doling out 2.8 billion doses domestically in 2021 alone.
But despite this, there are both critical gaps in Beijing's vaccination effort and -- though the vaccines are thought to remain effective against severe disease and death from Omicron -- unresolved questions about how just how well they can protect, especially for vulnerable groups. That poses significant concerns for any transition away from zero-Covid for a country that had grown used to seeing no Covid-19 deaths.
While the vast majority of China's cases have been mild or asymptomatic, the government reported the first Covid-19 deaths in more than a year on Saturday. Health authorities said the deceased -- two elderly Covid-19 patients in northeastern Jilin province, one vaccinated, one not -- had mild cases and succumbed to their underlying conditions.
But experts say the risks of a more serious situation have been made starkly clear for Beijing by the events over the border in Hong Kong, where a rampant outbreak has overwhelmed hospitals and morgues, leading to more than 5,500 deaths so far this year, largely due the low vaccination rate among the elderly.
While one is a city of less than 8 million and the other a nation of 1.4 billion, experts say parallels have raised alarms in recent weeks.
`` Both have pursued a 'zero-Covid strategy, ' both have a large unvaccinated elderly population, and in addition ( both) have not invested in public health surge capacity building before the Omicron wave arrived, '' said Yanzhong Huang, a senior fellow for global health at the Council on Foreign Relations.
`` And in China, you have a large percentage of the general population that have not been exposed to the virus, because of zero-Covid, or that are vaccinated with vaccines that ( studies show) are not effective in preventing infection. ''
While China's overall vaccination rate tops 87%, immunization among the elderly, and especially the most vulnerable over 80s, lags that of countries like the US or Britain, as these groups were not originally prioritized in China's vaccination campaigns.
An estimated 40 million Chinese over the age of 60 have yet to receive a vaccine, according to data from China's National Health Commission. While some 80% of China's 264 million elderly people are fully vaccinated, that percentage falls to only around half for the group most vulnerable to Covid-19, those over 80 years old.
`` We have been ringing the alarm bell again and again about this -- it's a hard-learned lesson not only for Hong Kong, but also for China, '' said Jin Dongyan, a professor at the University of Hong Kong's School of Biomedical Sciences.
China's potential problem is further compounded by its reluctance to approve a foreign mRNA vaccine, which could be used as a booster dose, despite securing an option on 100 million doses of a widely used vaccine by Germany's BioNTech in late 2020.
`` ( Not approving the BioNTech shot) was also a missed opportunity for Chinese policy to out-evolve the virus, '' said health security expert Nicholas Thomas, an associate professor at City University of Hong Kong, who called the decision a `` clear example of vaccine nationalism '' in favor of China's domestic shots.
`` Had they ( approved the BioNTech vaccine last year), given the impressive resources that China deployed with their earlier vaccination program, it is unlikely that they would now be facing the same threat from the Omicron outbreak, '' he said.
While several homegrown mRNA vaccines are in development -- with at least one in the final phase of clinical trials -- it remains unclear when or whether those doses will ultimately be approved, or if they 'll measure up the existing shots in use around the world.
Potentially compounding these risks is that many of China's elderly live in the countryside, where health care is significantly less advanced than in cities. China's ability to handle a crush of severe cases could also be hampered by its ICU capacity, which falls well below that of many Western countries.
There are signs that China is seeking to fill the gaps. In recent days health authorities have given updates on efforts, for example, to enlist mobile clinics to get elderly people vaccinated and stress the importance of their booster drive. They 've also included the foreign Covid-19 antiviral pill by Pfizer in the latest guidelines -- a new addition to China's medicine cabinet -- and said that Omicron-specific vaccines are in the works.
End game?
The problems that China faces are not necessarily unique: countries across the world have battled Covid-19 with low vaccination rates in the elderly and ailing health systems.
In China, because heavy-handed tactics have so far allowed the population to steer clear of the worst effects of the virus, experts say relaxing those measures could come as a shock.
`` The pressure to maintain zero-Covid is not only from the central government but also the general public, '' said Xi Chen, a professor at Yale School of Public Health, pointing to public support for the government's measures in the past two years.
While there are signs that people and experts in China are beginning to look more toward policies in the rest of the world to `` live with the virus, '' this may also require a significant shift for official messaging that has focused on the gravity of health crises outside China's borders, even after mass vaccination campaigns reduced deaths in developed countries.
`` The problem is that if you continue to highlight the danger of the disease and demonize the pandemic response efforts of other countries, it means that the fear in the public won't fade away, and that makes moving away from a zero-Covid strategy difficult, '' said CFR's Huang.
And even if this outbreak is brought under control, these questions will continue to rise to the fore in China, as containing Omicron amounts to a `` Sisyphean effort '' for China's leaders and its people, he said.
`` They are not going to eradicate all the Omicron cases in China... they are just waiting for the next round. ''
Correction: A previous version of this story misidentified Nicholas Thomas ' workplace. | business |
U.S. Insurance Carriers Engage BPO Providers to Recover From Pandemic | U.S. insurance carriers are turning to business process outsourcing ( BPO) providers to help them navigate a new way of doing business and meet rising customer expectations stemming from the COVID-19 pandemic, according to a new report published today by Information Services Group ( ISG) ( Nasdaq: III), a leading global technology research and advisory firm.
The 2021 ISG Provider Lens™ Insurance BPO Services Report for the U.S. finds insurance carriers in the country looking for provider expertise to supplement their in-house talent after large employee turnover during the pandemic.
Insurance BPO providers offer technologies that help insurance carriers automate processes and reduce manual handling of insurance processes, allowing carriers to reduce employee headcount in some areas, the report says. Carriers also are looking to BPO providers to help them build and grow their online sales channels, cut costs and optimize processes.
“ During the pandemic, insurance carriers needed to be able to sell remotely with mobile applications that deliver a first-class customer experience, ” said Paul Schreiner, partner and insurance industry lead for ISG Americas. “ Carriers that were far along in their digital transformation efforts before the pandemic were able to shift easily to remote work models because they could offer customers and employees tools and technologies that automated many processes. ”
The report sees many insurance carriers in the U.S. still dealing with pre-pandemic issues like legacy technology system constraints while they market their services to an increasingly tech-savvy customer base. Carriers also are facing increasing competition from traditional and new competitors, such as Insurtechs, as well as cybersecurity concerns and data handling challenges.
To meet their growth and innovation goals, many carriers are looking to BPO service providers to help them bring new customer-facing technologies to market, the report adds.
Carriers in the U.S. are also engaging BPO providers and third-party administrators ( TPAs) to provide sophisticated analysis tools, the report says. Many providers now offer data analytics and data management capabilities that help carriers make sense of their data and glean insights to inform strategic business decisions.
In addition, U.S. carriers are looking to BPO providers and TPAs to help them contain costs and optimize efficiencies across their businesses, the report adds. Automating parts of the underwriting process can, for example, free trained staff from performing redundant and manual tasks.
Finally, many carriers see engaging with BPO providers and TPAs as a key to improving customer experience, the report says. BPO providers and TPAs can help carriers create personalized services, facilitate processes from applications through claims, and create omnichannel communications with policyholders.
The 2021 ISG Provider Lens™ Insurance BPO Services Report for the U.S. evaluates the capabilities of 34 providers across three quadrants: Life and Retirement Services, Property and Casualty Services and Life and Retirement TPA Services.
The report names Accenture, Cognizant, DXC Technology, EXL, Infosys and WNS as Leaders in all three quadrants. Genpact and TCS are named Leaders in two quadrants, and NTT DATA, ReSourcePro and SE2 are named Leaders in one quadrant.
In addition, Genpact, Illumifin and Teleperformance were named Rising Stars—companies with “ promising portfolios ” and “ high future potential ” by ISG’ s definition—in one quadrant. | tech |
Covid-driven shutdowns in China need careful monitoring by U.S. ports and supply chains | Recent developments in China related to the uptick in Omicron variant infections appear to be shaping up to have a significant downstream impact on United States-bound import patterns, at a time when the ongoing supply chain congestion issues appeared to be showing signs of improvement.
That was made clear in a recent New York Times report, which observed that Chinese officials are “ imposing lockdowns and restrictions that are adding chaos to global supply chains, ” coupled with China’ s zero-Covid policy, with many of China’ s largest industrial cities fighting outbreaks, which are impacting its factory and transportation networks, referred to as the backbone of both China’ s manufacturing, as well as the global economy.
What’ s more, the report noted that since Omicron infections have picked up in China, a number of cities with major manufacturing operations and presences have closed down, including: Dongguan and Shenzhen in southern China near Hong Kong, where Foxconn has huge factories to make iPhones and other Apple products; Changchun and Jilin City in Jilin Province; and Langfang, next to Beijing. And it added that some smaller cities have also gone into lockdowns, like Suifenhe and Manzhouli on China’ s border with Russia.
Data from Chicago-based Fourkites, a provider of real-time tracking and visibility solutions across transportation modes and digital platforms, highlighted some of the impacts of China’ s lockdown on ocean freight volume in Shenzen, China.
The company’ s data showed that In Guangdong Province, where the City of Shenzhen is located), the seven-day average ocean load volume for both imports and exports is down 43% since March 1, adding that on March 17th, the seven-day average load volume was down 39% week-over-week.
As for dwell times, FourKites said that dwell times at the Port of Shenzhen remain stable, hovering around 8.3 days for exports and 5.1 days for imports, though dwell times will likely increase over the coming days as throughput decreases.
“ Shenzhen is the second-busiest port next to Shanghai, so we will expect to see significant volume shift to the other ports within China, ” said Ryan Closser, Director of Network Collaboration at FourKites. “ This will increase potential dwell, suboptimal routing, as well as increased inland costs to move freight to a port further away from the manufacturing point. With regard to navigating the current situation, I would advise [ shippers ] to route the goods that are urgent to alternative ports, and monitor the re-opening of the port to guide any relief. The fact is, shipments bound for the US are likely to sit on the ships for a while anyway, so a couple more weeks of shutdown may not have a huge disruption, but the longer the area is shutdown the more ripple effect it will have. ”
San Francisco-based freight forwarding and customs brokerage services provider also offered up some guidance for shippers related to this current situation in a market update.
With the Covid outbreaks in China and subsequent lockdown and restriction measures disrupting production and trade activity in Southern ( Shenzhen/Dongguan) and Eastern ( Shanghai) regions, Flexport said ocean carriers are assessing impacts to bookings and have not yet announced any blank sailings.
“ Additional volatility drivers in the market remain: severe congestion, equipment imbalances, sliding vessel schedules, port omissions, blank sailings, and increased fuel charges, ” it said. “ The moving market remains primarily at premium levels with some pockets and routings open for FAK ( freight all kinds). ”
Not surprisingly, Flexport noted that rate levels remain elevated, with the premium market strong and space at critical levels and severe under-capacity, too. It told shippers it is key to: book at least three-to-four weeks prior to the cargo ready date; consider premium options; be flexible in regard to equipment and routings; and to check closely with suppliers to understand any Covid-related impacts or changes to production outputs and forecasts.
From a port perspective, Port of Los Angeles Executive Director said on a media conference call last week that China’ s zero-Covid policy could see slowdowns in ports and supply chains as well as factories, which he said are equally-important.
“ We are going to be watching this closely and see what kind of traffic patterns, energy consumption, and pollution looks like to see how quickly factories can ramp back up if they are forced to close down for short periods of time, ” he said. | general |
NAVER CLOVA to Present AI Strategy for Business Leaders | NAVER CLOVA, NAVER’ s artificial intelligence ( AI) division, announced that it is presenting at NVIDIA GTC, which runs from March 21-24, 2022. Hosted by NVIDIA, this annual global AI developer conference will include more than 900 sessions delivered by 1,400 presenters, including industry leaders in AI, high-performance computing and computer graphics.
Under the theme ‘ AI Strategy for Business Leaders,’ Chung Suk-geun, head of NAVER CLOVA, will talk about enabling AI transformation with hyperscale AI, and Park Woo-myoung, Conversational AI team leader of NAVER CLOVA, will share insights and cases from experts who performed successful AI applications through world-class infrastructure.
In May 2021, NAVER CLOVA introduced HyperCLOVA, the first hyperscale AI language model in Korea. Based on its leading research and development ( R & D) capabilities and global network of AI experts, as well as robust data from NAVER services, NAVER began operating an NVIDIA DGX SuperPOD supercomputer with a capacity of 700 petaflops ( PF) in October 2020 to accelerate development of its hyperscale AI. NAVER is the first among private companies in the country to implement such infrastructure.
NAVER’ s implementation of AI applications to its real-world services and products globally is unmatched. Hyperscale AI is now being applied across NAVER services, including search and shopping, which are widely used by Koreans. NAVER CLOVA’ s AI technology is also used by many third parties that are incorporating AI capabilities in their products and services. National government agencies and local administrations are using NAVER’ s AI-powered conversation agent call services to help monitor COVID-19 patients throughout the prolonged pandemic and to communicate with senior citizens as part of social welfare services.
Through constant R & D with the world’ s leading AI experts, NAVER CLOVA will continue advancing its AI technology to become an AI-transformation enabler for everyone from small businesses and creators to third-party developers, with the aim of providing easy-to-use ‘ AI to empower everyone.’
At GTC, NAVER CLOVA will introduce various case studies of AI use which have shown promising results in solving problems as the technology advances. NAVER CLOVA will also introduce a new AI development methodology used in developing HyperCLOVA as a solution to replace existing AI models that tend to rely on the modeler’ s capabilities and lengthy development periods.
Interested parties can sign-up for NAVER CLOVA’ s sessions through the GTC website. | tech |
Kingsoft Cloud Announces Plan to Explore Hong Kong Listing | Kingsoft Cloud Holdings Limited, a leading independent cloud service provider in China, announced that in order to provide our shareholders with greater liquidity and protection amid an evolving market and regulatory environment, we are exploring a dual listing of our ordinary shares on the Main Board of the Hong Kong Stock Exchange, subject to regulatory approvals and market conditions. In the meantime, we will keep focused on driving our sustainable development as a U.S. listed company through innovation and technology to maximize shareholder value. Despite recent fluctuations in our stock price, our business operations remain normal and uninterrupted.
This press release does not, and is not intended to, constitute an offer to sell or a solicitation of an offer to purchase any of our securities in the United States, Hong Kong or elsewhere. It does not, and is not intended to, constitute an offer, solicitation or sale of any securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the requirements of the Securities Act of 1933, as amended as well as other applicable laws and regulations.
This press release contains forward-looking statements. These statements are made under the “ safe harbor ” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “ will, ” “ expects, ” “ anticipates, ” “ future, ” “ intends, ” “ plans, ” “ believes, ” “ estimates ” and similar statements. Among other things, Kingsoft Cloud’ s strategic and operational plans contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ( “ SEC ”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to other parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’ s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’ s goals and strategies; Kingsoft Cloud’ s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’ s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud’ s ability to monetize the customer base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to Kingsoft Cloud’ s business operations and the economy in China and elsewhere generally; China’ s political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’ s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law. | tech |
Covid Isn't Keeping People Out of Restaurants. But Rising Prices Might. | More people are feeling safe eating at restaurants again—but that doesn’ t necessarily translate into a big boon for the industry, warns Evercore ISI.
Analyst David Palmer writes that his firm’ s latest research shows consumers are saying they are now comfortable eating at a restaurant again, the highest point since the start of the pandemic.
He attributes this to lower numbers of Covid-19 cases, but also that consumers are venturing out because they’ re tired of the pandemic. This is despite the fact that case counts may be lower, they’ re still higher than during the summer of 2021, and vaccine efficacy has diminished.
Palmer cautions that other factors could limit restaurants’ sales bump. The next two months specifically will see difficult year-over-year comparisons, given the 2021 stimulus and pent-up demand.
“ In March, we expect fast food ( and Domino’ s ( DPZ) in particular) to experience a relative slowdown since increased comfort adds to the stimulus headwinds, ” he writes. “ Casual dining should have comfort as an offset to stimulus comparisons. ”
He notes that preliminary data show that restaurant sales have slipped in recent weeks even with improving comfort levels, showing the impact that a lack of stimulus has had on spending.
Of course Covid isn’ t the only factor impacting food costs, as the Russian invasion of Ukraine is also weighing on investors’ minds. Palmer writes that he favors franchised fast-food companies as the best positioned to ride out ongoing food inflation.
Worries about exposure to the conflict has been weighing on companies like McDonald’ s ( MCD), but concerns about food costs is hurting even domestic-focused companies. That said, Barron’ s noted that Wendy’ s ( WEN) looks like one potential safe haven in the industry. | business |
Federal Reserve Is Just One Point of Concern for Advisor Clients | To the surprise of exactly no one, the Federal Reserve kicked off a new cycle of interest-rate hikes last week. Investors are now braced for rate increases through the rest of 2022, with Fed policy makers now expecting six more by year-end.
At least that’ s the ideal scenario.
If the Fed boosts rates fewer than six times, it’ s a sign the economy is slowing and perhaps headed toward recession. Yet if the Fed needs to boost rates more than that projection, and pushes them up in 2023 as well, then markets will understand that the inflation genie is refusing to go back into the bottle. In either scenario, equity markets are bound to slump. Getting rate policy right, slowing the economy just enough but not too much, will be a herculean task.
Speaking to clients last week at Morgan Stanley at Work’ s Virtual Financial Wellness Retreat, Lisa Shalett laid out a series of potential economic landmines that go well beyond Fed policy. The chief investment officer for Morgan Stanley’ s wealth management unit, Shalett is keeping close tabs on events in Ukraine, noting that markets had already been on edge before the Russian invasion.
Now, “ investors are trying to figure out how inflation will be impacted by the sudden surge in commodity prices, ” she said. Shalett noted that Russia supplies 40% of Europe’ s oil and 35% of its natural gas. “ And Russia and Ukraine are the largest exporters of wheat and corn after the U.S., ” she added, noting that food and commodity prices may keep inflation at stubbornly higher levels for longer than the Fed and markets currently anticipate.
It’ s worth noting that the Fed has continually underestimated inflation and may be continuing to do so. As part of a prepared statement at last week’ s meeting, the FOMC raised its 2022 expectation for inflation to 4.3%. Considering that inflation has been galloping at a torrid clip in the early months of 2022, the Fed seems to be suggesting that inflation will sharply decelerate later this year to reach that 4.3% annual rate. Yet there are ample reasons to believe that inflation will stay elevated for an extended period.
Beyond the Fed and inflation, Shalett expressed concerns about the impact of the current economic sanctions that have been put in place against Russia. “ We’ ve never seen such a massive level of central bank assets being tied up, ” she said. That may not seem like a big concern since the Russian economy only represents 3% of global GDP, she added. Yet global bond markets could struggle to digest a large wave of Russian bond defaults, because many Russian bonds are owned in institutional portfolios. She predicted that “ when some of these debt obligations fail, global liquidity will become constrained. ” Many bond fund managers are already marking those bonds down to zero to see how they will affect portfolio derivatives and swaps, she added.
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Whither the consumer? After laying out those concerns, Shalett shifted gears to the still-resilient U.S. consumer. In February, Americans boosted spending by 0.3% sequentially ( though much of that extra spending was eaten up by rising gasoline prices). The strength in spending is unusual when you consider that the University of Michigan’ s index of consumer sentiment fell in early March to 59.7, the lowest reading in 11 years. The FOMC will have a chance to assess next month’ s spending and sentiment gauges before adjusting interest rates again, though as noted, another rate hike at the early May meetings is almost baked in.
The Fed acknowledges that the economy has already begun to slow, which may complicate its rate hike strategy. This past December, the Fed thought the U.S. economy would grow 4.0% in 2022, but it recently revised that forecast down to just 2.8%.
As Rick Rieder, BlackRock’ s chief investment officer of global fixed income and head of the company’ s Global Allocation Investment Team, wrote in a note to clients, the Fed is now “ straddling a very fine line between higher levels of inflation and potentially lower levels of growth. ” A slowing economy and elevated inflation bring back concerns of stagflation and the prospects of simultaneous drops in both stock and bond prices.
Not all segments of the economy are slowing. Shalett said that during the pandemic, spending was heavily weighted toward goods rather than services as people spent many hours making online purchases. With the volume of new Covid cases sharply dropping, she predicted spending will shift to services such as travel, dining out, sporting events, and other forms of entertainment. Yet the CIO suggested that goods providers may see more of a slowdown than many currently expect. “ A lot of demand for various goods was pulled forward during the pandemic, and that demand may now sharply slow, ” said Shalett. We’ ve already seen that play out with firms such as Peloton.
Getting a fix on fixed income. While clients grapple with “ confusion and angst ” in their equity portfolios, said Shalett, advisors need to also keep close tabs on fixed-income markets. “ We’ ve rarely seen bond markets this volatile, ” she said, adding that advisors and clients are “ thrashing between whether a hot economy can absorb rate hikes, weighed against the fear that the economy may already be slowing and rate hikes will make that worse. ”
In response to the Fed’ s quarter-point interest-rate increase last Wednesday, bond prices slumped and the yield on the 10-year Treasury bill rose to its highest level since the spring of 2019. The 10-year yield retreated somewhat late last week but surged again early Monday, to 2.23%. Shalett said she expected it to keep rising over the next 12-18 months until it reaches 2.5%, “ which matches long-term inflation expectations. ”
Cooler heads prevail. While it is important to help clients process anxiety about today’ s volatile economic and geopolitical issues, Shalett insisted it is equally important to help clients to stay focused on the long haul and avoid panic selling. “ The key to wealth-building is to avoid losses, ” she says. “ And the best way to do that is to avoid locking in a loss when prices are down. ”
Both stock and bond prices could fall further in coming weeks and months, which may call for advisors to adapt hedging strategies through the use of commodity funds, put options on major indexes, and other such moves. Yet Shalett’ s suggestion that clients “ need to stay invested during troubled times like these ” is likely to prove prescient for anyone who does not need to tap into investment accounts any time soon.
During the economic crisis of 2008, there was an elevated level of selling, which many investors later regretted as they sold at market lows. “ Many advisors told me it was due to many clients who demanded they sell, ” Allen Roth recently noted at Barron’ s Advisor. Such pressure from clients is happening again today, and it’ s our job to help them understand that it is wise not merely to stand firm, but also become opportunistic. Roth wrote that “ it’ s far better to buy stocks after a decline than after a surge. Sticking to an asset allocation, no matter what’ s on the news, forces one to buy low and sell high. ” It may not always be easy to give such advice while clients are in panic mode, but it’ s our job to help them understand the lessons learned from past market cycles.
David Sterman is a journalist and registered investment advisor. He runs Huguenot Financial Planning, a New Paltz, N.Y.-based fee-only financial planning firm. | business |
Many Californians Are Trading One High-Cost City for Another: New York | Not all sticker-shocked San Franciscans have headed for the hills—some are headed for New York’ s high rises.
California has lost a significant number of residents since the onset of the Covid-19 pandemic. Not only has in-migration declined, with the number of new Californians down in all of the state’ s counties between March 2020 and September 2021, but out-migration has also increased by 12%. The Bay Area in particular is losing residents, with the number of departures up by 21% between March 2020 and September 2021, according to census data and recent research.
One factor is certainly the price of housing in the Bay Area, where as of February, the median sales price for single-family homes stood at $ 1.335 million, and $ 1.9 million within the city of San Francisco, according to the California Association of Realtors.
While some are heading to more affordable, less dense counties in California and elsewhere, a notable number of former Bay Area and Los Angeles residents have relocated to New York’ s similarly high-cost boroughs of Manhattan and Brooklyn.
This increase in interest is reflected in searches by Zillow users in the San Francisco metro area for properties in New York City, which rose by 171% from the fourth quarter of 2019 to the fourth quarter of 2021. Brooklyn in particular seems to hold tremendous appeal for Californians planning to move.
“ Brooklyn has become more popular with Californians in the past two years, ” said Nancy Wu, economist with StreetEasy. “ It does offer relatively more space for a better price than Manhattan or San Francisco, for people looking for city life near amenities and restaurants. ”
Many Americans felt spurred during the pandemic to move into homes that offered greater conveniences: ample square footage with room for remote work and learning, outdoor space and distance from neighbors.
These features tend to be in short supply in New York City, but that hasn’ t deterred buyers and renters from the West Coast.
“ I’ ve definitely noticed a substantial increase in inquiries from California, mostly from San Francisco, ” said Jad Cary, sales director of the Lower East Side condominium One Essex Crossing. “ A lot of these buyers have lived here in the past and are nostalgic for New York, and some are exploring work opportunities here. ”
More: A Record-Month for Bidding Wars in the U.S.
New rental developments, too, are seeing a surge of interest from Californians looking to move to New York.
“ It began about a year ago, at another project where one-third of our traffic was coming from California, mostly the Silicon Valley and San Francisco areas, ” said Christopher Wendel, director of leasing at the Magnolia DUMBO luxury rental development in Brooklyn. “ Now we have 25% of renters on average each week coming from the area, and our tours are mostly virtual. ”
And unlike in previous years, when the majority of new renters in luxury developments worked in the finance world, today most are in tech.
New York is giving Silicon Valley a run for its money these days, with major tech companies opening new or expanding headquarters in the city. And last year, New York brought in more funding for cryptocurrency startups than any other region in the country.
“ The tech craze is driving demand, ” Mr. Wendel said. “ There are a lot of tech startups in New York now, and they’ re plucking top talent from the big institutions like Google, Amazon, Facebook, and Spotify. ”
Work life is also a driver of demand, in that many new residents hailing from California are working remotely or following a hybrid model. This new flexibility has encouraged buyers and renters to split their time between multiple locations. Mr. Cary noted that about half of the buyers from California are investing in pied-a-terres rather than primary residences.
“ People not having to be in the office 100% of the time is making them consider where they really want to live, and they’ re realizing they can live between two cities and work can still be done, ” he said. “ That’ s where a lot of this demand is coming from. ”
And for Californians who have personal or professional connections overseas, New York provides an ideal halfway point between Europe and the U.S.
These buyers and renters still want the outdoor space that can be easier to come by in California, as well as shared workspace, and are drawn to luxury developments that offer plentiful amenities.
“ Now that the city’ s really booming and people are coming back, buyers are looking for something that will offer light and air and a connection to outdoor space, ” Mr. Cary said. “ California buyers are outdoorsy people, and we’ re resonating with them because we’ re on a whole city block, with green space and views. ”
Both Manhattan and Brooklyn real estate markets experienced slowdowns that began in 2018, Ms. Wu said, and are now showing signs of recovery as buyers and renters return to the city.
After an initial pandemic-induced slump, markets around the country bounced back dramatically, and continue to contend with inventory shortages and price appreciation. Low mortgage rates are also contributing to the home-buying frenzy, though that incentive may be drawing to a close.
But in New York, the recovery in pricing has been a bit less dramatic, presenting opportunities for new residents.
“ In most major metro areas, prices rose by an astronomical amount over the past year, but home prices have been rising by only about 2% to 5% in Manhattan and Brooklyn, ” Ms. Wu said. “ There’ s more room for prices to grow, and there may still be some relative deals, so it’ s a good investment opportunity for people moving here. ”
On the rental side, prices have returned to or exceed pre-pandemic levels, with Manhattan rents up by 23.5% in February year over year and Brooklyn rents up by 10.5% in the same time period. Inventory in Brooklyn, meanwhile, had dropped by 85% in February 2022, compared to February 2021.
Perhaps spurred by the competition, some California renters have been signing two-year leases, Mr. Wendel said, and plan to stay in New York for the long term.
“ It’ s fascinating how many are coming from California, ” he said, but added that some of the new residents are also former New Yorkers who relocated during the pandemic and were disappointed by what they found. “ We’ re also getting people coming back from upstate saying it’ s so boring up there, and they want to come back to the city. ” | business |
Supreme Court nominee Ketanji Brown Jackson faces confirmation hearings: 7 questions answered | Confirmation hearings for Ketanji Brown Jackson, nominated to be the first Black female justice on the Supreme Court, began on March 21, 2022. The dayslong process will see President Joe Biden’ s pick for the bench grilled by members of the Senate Judiciary Committee.
Jackson is currently a judge on the U.S. Court of Appeals for the D.C. Circuit, where she was one of President Biden’ s first judicial nominees. The Conversation asked Alexis Karteron, associate professor and director of the Constitutional Rights Clinic at Rutgers University Law School and a former senior attorney at the New York Civil Liberties Union, to discuss the prospect of Jackson’ s serving on the highest court in the U.S.
There are not that many Black women lawyers in the United States. We’ re only about 2% of our profession. Having been in that position of being in a very small club of Black women who attend law school and become lawyers, I’ m pretty excited to see one of us ascend to the very top of the profession and be nominated to join the Supreme Court.
Beyond that, I’ m excited to see her nominated because I think she has a wealth of experience and a unique background professionally that I believe could only benefit the court’ s decision-making. She’ s the first person to be nominated to the court who has been a criminal defense attorney since Justice Thurgood Marshall was on the court, and he’ s been off the court over 30 years now.
She is supremely qualified. She has not just an elite education – she went to Harvard for both college and law school – she clerked for the retiring justice whose place she will take, Stephen Breyer. Beyond that, she has been in private practice, she’ s been on the U.S. Sentencing Commission and she’ s been both a trial court and appellate judge. So she’ s seen the profession from a variety of perspectives that will inform her decisions.
I imagine it will help her understand the very real human toll of our criminal justice system. The U.S. is far and away the world’ s largest jailer, with around 2 million people incarcerated in jails and prisons and 4 million more under criminal justice supervision like probation or parole. The criminal justice system takes an enormous toll on both people in the system and their loved ones. I believe having a Supreme Court justice who is familiar with that is incredibly valuable.
In addition, having represented people facing accusations from the government, she knows that the government does not always get things right. That may mean that she has a healthy skepticism of the government’ s version of things, which is important for ensuring fairness in our judicial system.
Her presence on the court will not necessarily swing the outcome of high-profile cases. But she’ s also not Justice Breyer’ s clone. I think having her voice on the court will certainly still be valuable, and again, she brings different life experiences to the bench that will inform her decision-making.
There was one case during the Trump administration involving whether the White House counsel could be required to testify in the House of Representatives. One of the notable things that she said in that opinion was that “ presidents are not kings. ” She ruled that in our constitutional government, people have to abide by the rules, and the White House counsel could not be excused from complying with the House subpoena simply because the president didn’ t want him to.
I’ m teaching constitutional law right now, and this is a classic clash between Congress and the executive branch – a fight for control and how much Congress should be able to inquire into the president’ s activities. This is not a radical opinion that marks a major departure from precedent or other recent decisions.
I don’ t think her being a Black woman necessarily tells us anything about how she’ ll rule on a particular case. But we all know that judges bring their lived experiences to the bench. She has experienced the world in a way that is different from everyone else on the Supreme Court – even though she has plenty in common with other members on the court.
Research from the business world suggests that diverse groups make better decisions, in part because people challenge each other. They don’ t necessarily have the same blind spots or see things the same way. I’ m wondering how that will carry over to the Supreme Court.
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I’ ve heard justices say before that any time a new member joins the court, it’ s a new court, that the dynamic shifts. From a generational perspective, there may be things that are important to her that are different than they were for Justice Breyer. I think having some youthful energy on the court can be useful – if it counts as youthful energy to have a 51-year-old added to the Supreme Court.
Maybe she has a more detailed or nuanced understanding of, say, social media, and how it operates. Maybe she has younger people in her life, who can inform her about those things and provide a different perspective than the members of the court who are a little bit older.
A new justice means there’ s a new court, even if the ideological balance doesn’ t necessarily shift. This is a really interesting time to watch the Supreme Court, because the majority on the court right now is willing to question things that seemed like they were settled for a long time. For example, although Roe v. Wade seemed to be settled law, we’ re going to find out soon whether a majority of the court agrees.
Similarly, earlier this year, when the court barred implementation of OSHA’ s COVID vaccine mandate for large businesses, it resurrected a doctrine that had been moribund for decades.
So I’ m excited to see how her addition to the court will change things, both with the high profile blockbuster cases, and the ones that tend to fly under the radar.
This is an updated version of an article originally published on Feb. 25, 2022. | business |
U.S. Insurance Carriers Engage BPO Providers to Recover | U.S. insurance carriers are turning to business process outsourcing ( BPO) providers to help them navigate a new way of doing business and meet rising customer expectations stemming from the COVID-19 pandemic, according to a new report published today by Information Services Group ( ISG) ( Nasdaq: III), a leading global technology research and advisory firm.
“ Carriers that were far along in their digital transformation efforts before the pandemic were able to shift easily to remote work models because they could offer customers and employees tools and technologies that automated many processes. ”
The 2021 ISG Provider Lens Insurance BPO Services Report for the U.S. finds insurance carriers in the country looking for provider expertise to supplement their in-house talent after large employee turnover during the pandemic.
Insurance BPO providers offer technologies that help insurance carriers automate processes and reduce manual handling of insurance processes, allowing carriers to reduce employee headcount in some areas, the report says. Carriers also are looking to BPO providers to help them build and grow their online sales channels, cut costs and optimize processes.
“ During the pandemic, insurance carriers needed to be able to sell remotely with mobile applications that deliver a first-class customer experience, ” said Paul Schreiner, partner and insurance industry lead for ISG Americas. “ Carriers that were far along in their digital transformation efforts before the pandemic were able to shift easily to remote work models because they could offer customers and employees tools and technologies that automated many processes. ”
The report sees many insurance carriers in the U.S. still dealing with pre-pandemic issues like legacy technology system constraints while they market their services to an increasingly tech-savvy customer base. Carriers also are facing increasing competition from traditional and new competitors, such as Insurtechs, as well as cybersecurity concerns and data handling challenges.
To meet their growth and innovation goals, many carriers are looking to BPO service providers to help them bring new customer-facing technologies to market, the report adds.
Carriers in the U.S. are also engaging BPO providers and third-party administrators ( TPAs) to provide sophisticated analysis tools, the report says. Many providers now offer data analytics and data management capabilities that help carriers make sense of their data and glean insights to inform strategic business decisions.
In addition, U.S. carriers are looking to BPO providers and TPAs to help them contain costs and optimize efficiencies across their businesses, the report adds. Automating parts of the underwriting process can, for example, free trained staff from performing redundant and manual tasks.
Finally, many carriers see engaging with BPO providers and TPAs as a key to improving customer experience, the report says. BPO providers and TPAs can help carriers create personalized services, facilitate processes from applications through claims, and create omnichannel communications with policyholders.
The 2021 ISG Provider Lens Insurance BPO Services Report for the U.S. evaluates the capabilities of 34 providers across three quadrants: Life and Retirement Services, Property and Casualty Services and Life and Retirement TPA Services.
The report names Accenture, Cognizant, DXC Technology, EXL, Infosys and WNS as Leaders in all three quadrants. Genpact and TCS are named Leaders in two quadrants, and NTT DATA, ReSourcePro and SE2 are named Leaders in one quadrant.
In addition, Genpact, Illumifin and Teleperformance were named Rising Stars—companies with “ promising portfolios ” and “ high future potential ” by ISG’ s definition—in one quadrant. | tech |
Investors Are Missing Risks to Global GDP and Earnings Growth | About the authors: Larry Hatheway and Alex Friedman are the co-founders of Jackson Hole Economics, and the former chief economist and chief investment officer, respectively, of UBS.
A year ago, ahead of the consensus, we argued that inflation was underestimated. Now it is time to warn about the coming slowdown.
Like then, our view is unfashionable. Indeed, in the past week equity markets staged a strong comeback, a sign that investor spirits are recovering from their soggy start to 2022. As we note below, that bounce back isn’ t entirely without justification. But it isn’ t likely to enjoy much follow through, either.
Several factors have underpinned the most recent recovery of risk assets. Federal Reserve Chairman Jerome Powell assuaged fears by offering an unusual degree of clarity about the Fed’ s first quarter-point rate hike, ruling out in advance a more aggressive half-point increase. Reports that Russia and Ukraine might find a diplomatic solution to the war is also reason for hope, despite the absence of tangible progress in their talks. Finally, despite a widening of the latest Covid outbreak in China, investors took heart from comments by Vice Premier Liu He that China would take measures to invigorate its economy.
Those factors, alongside expectations that Europe will significantly boost spending on defense and re-orient its energy dependency away from Russia have helped to re-kindle investor sentiment.
So far, so good. But in our opinion, investors continue to underestimate global GDP and earnings growth risks.
Let’ s begin with corporate profits. According to FactSet, U.S. earnings growth is set to decelerate to 4.8% year-on-year in the current quarter, its slowest pace since the final quarter of 2020. Moreover, earnings growth has been revised down by nearly a percentage point since the start of the year. Of the 12 reporting sectors, only two—utilities and energy—are forecasted to have higher net profit margins relative to consensus estimates three months ago. That reflects ongoing supply chain challenges, as well as rising costs for many inputs. Four sectors, including financials and consumer discretionary, are now expected to record negative year-on-year profits growth. The percentage of companies issuing negative quarterly profits’ guidance is 69%, above the five-year norm of 60%.
Double digit profits growth is a thing of the past. Excluding energy, basic materials, and utilities, U.S. S & P 500 first-quarter earnings may fall below 4%. Simply put, U.S. corporate earnings are one mid-sized shock away from a profits recession. With valuations ( price-to-earnings basis) some 20% above long-term norms, the U.S. equity market appears to have limited upside potential over the remainder of 2022.
At the same time, global economic activity has probably peaked. In country after country—advanced, emerging, and less-developed—real wages are plunging. In Western Europe, nominal wages are lagging headline inflation by over five percentage points. While some investors predict that falling real incomes will unleash a powerful surge in wages, the evidence is thus far more mixed. U.S. wages, as compiled by the Federal Reserve Bank of Atlanta, are rising at a 5.8% annual clip, their fastest pace on record ( dating to 1997). Even so, U.S. wages are lagging consumer price inflation, which is up 7.9%.
In Germany, meanwhile, wage inflation is subdued and as Bundesbank President Joachim Nagel recently noted, there are “ no signs ” of a sharp wage acceleration. According to a recent YouGov poll, most workers in all advanced economies ( with the sole exception of Sweden) are unlikely to ask for a pay increase. And of those asking for higher pay, the median expected increase is below the current rate of inflation.
Various reasons account for the reticence of workers to recoup lost purchasing power. Two sharp jumps in unemployment in the past dozen years ( during the global financial crisis and then again during the pandemic) are powerful reminders of job insecurity. Rates of unionization have fallen in many countries. The increased pace of technological change is a further form of worker uncertainty.
Workers also face the prospect that central banks will block their efforts to restore lost purchasing power resulting from surging prices. The Federal Reserve, the Bank of England and even the European Central Bank are taking steps to ensure that inflation is quickly curbed. The result is likely to be a period of below trend growth that increases the rate of unemployment, undermining labor’ s bargaining position.
It is a mystery why central banks are so convinced that aggressive tightening is now required. After all, there is precious little evidence that today’ s inflation is the result of monetary policy excess. Bank lending, as well as consumer and business borrowing, have not surged in response to low interest rates and increased liquidity of recent years.
Indeed, if one poses the question, “ what happened in the past two years that accounts for higher prices? ” the answer is unlikely to be monetary. Rather, the pandemic produced an adverse supply shock and prompted a massive fiscal demand impulse. Those factors, alone, account for the greatest part of the macroeconomic imbalance between aggregate demand and aggregate supply.
The actions of central banks, on the other hand, were more preventative, including helping to contain credit and financial risk. Monetary policy also boosted asset prices on everything from houses to stocks and bonds, but there is very little data to suggest that wealth effects and balance-sheet effects have significant impacts on consumer and business spending.
In short, some removal of emergency monetary policy measures is surely warranted as growth returns to trend, fuller employment is restored, and pandemic risks recede. But if monetary policy was not the primary cause of inflation, it is questionable as to whether it should assume responsibility for curbing it.
That question is even more important considering that global demand drivers are already slowing. In the U.S., for instance, real household disposable income is falling, courtesy of negative real wages. Unsurprisingly, consumer confidence is falling sharply. And pent-up demand unleashed by economic re-opening is also likely to subside. After all, the personal savings rate has now fallen to its lowest level since 2014, suggesting that consumers are already outspending their incomes.
Meanwhile, fiscal policy will exert a powerful drag on US 2022 growth. The Brookings Institution forecasts “ fiscal drag ” of over 3% of U.S. GDP this year. Finally, net exports are apt to weaken as European and Chinese growth rates slow ( owing to high food and energy prices worldwide as well as to Covid-lockdowns in China).
In sum, investors appear too ready to believe that war in Ukraine will fade away, that China can easily stimulate growth and that higher spending on defense and energy security will prop up European growth. That thinking may have some merit, but it overlooks the demand destruction of falling global household purchasing power, a negative U.S. fiscal impulse, and the risk of global monetary policy error.
A miscalculation would be fine if earnings growth were robust and valuations reasonable. But that is not the starting point—earnings growth is already weak and valuations are high.
Just as investors were late to focus on the inflation risk a year ago, they seem equally unprepared for the coming global growth slowdown. It’ s time to take notice. | business |
Drug Maker Stole COVID Vax Trade Secrets, $ 950M Suit Claims | A Seattle biopharmaceutical company sued India-based Emcure in Washington federal court on Monday, claiming the generic-drug maker stole its secrets for a new COVID vaccine with a proprietary mRNA platform and should pay more than $ 950 million in damages.HDT Bio said its suit stems from Emcure's `` blatant theft '' of its `` billion-dollar trade secrets '' concerning `` the most advanced vaccine technology in the world. `` The American company said its COVID-19 vaccine was created with a goal of providing top-notch health care to all, regardless of nationality or income.Its scientists developed a vaccine against COVID-19 that is `` safer, cheaper, more portable, and... | general |
Grill's COVID Losses Not Covered, Ill. Panel Affirms | An Illinois appellate court on Friday upheld the dismissal of a Chicago-area restaurant's proposed class action against State Farm for denying coverage related to COVID-19 business income losses, saying the eatery's losses are strictly economic, not physical.A Chicago-area eatery failed to convince an Illinois appellate court to overturn a lower court's decision denying its bid for COVID-19 business interruption coverage. ( AP Photo/Elaine Thompson) Hyun Lee and his father, Jaewook Lee, the owners and operators of Evanston Grill, argued that State Farm should be on the hook, under its property coverage policy, for the business interruption that occurred when the restaurant... | general |
The Worldwide Comprehensive Metabolic Panel Testing Industry is Expected to Reach $ 13.8 Billion by 2027 - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Comprehensive Metabolic Panel Testing Market Research Report by Disease, by Test Type, by Test Type, by End User, by Region - Global Forecast to 2027 - Cumulative Impact of COVID-19 '' report has been added to ResearchAndMarkets.com's offering.
The Global Comprehensive Metabolic Panel Testing Market size was estimated at USD 6,914.84 million in 2020, is expected to reach USD 7,614.67 million in 2021, and is projected to grow at a CAGR of 10.48% to reach USD 13,898.02 million by 2027.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Comprehensive Metabolic Panel Testing Market based on Business Strategy ( Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction ( Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R & D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Comprehensive Metabolic Panel Testing Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Comprehensive Metabolic Panel Testing Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Comprehensive Metabolic Panel Testing Market?
4. What is the competitive strategic window for opportunities in the Global Comprehensive Metabolic Panel Testing Market?
5. What are the technology trends and regulatory frameworks in the Global Comprehensive Metabolic Panel Testing Market?
6. What is the market share of the leading vendors in the Global Comprehensive Metabolic Panel Testing Market?
7. What modes and strategic moves are considered suitable for entering the Global Comprehensive Metabolic Panel Testing Market?
Market Dynamics
Drivers
Restraints | general |
NJ Health System's Virus Coverage Suit Kept In Federal Court | A New Jersey health care system can't send its COVID-19 coverage suit against a Zurich Insurance Group unit back to state court, a Garden State federal judge said Monday.U.S. District Judge Christine P. O'Hearn said federal judges are capable of answering questions of COVID-19 coverage.Inspira Health Network is seeking coverage from American Guarantee and Liability Insurance Co. under the policy's interruption by communicable disease, or ICD, coverage, according to court documents. `` While the interpretation of the ICD term in plaintiff's policy certainly implicates important issues of public policy in New Jersey and no New Jersey court may have yet... | general |
China Cabinet Vows Stronger Monetary Policy Support for Economy | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- China’ s cabinet pledged stronger monetary policy support for the economy while cautioning against flooding the market with liquidity, state broadcaster CCTV reported late Monday.
In a State Council meeting chaired by Premier Li Keqiang, the cabinet called for adoption of monetary policy tools to sustain credit expansion at a stable pace. The authorities also promised to maintain policies that can support the economy, while pledging to avoid measures that can hurt market sentiment.
The statement came as Chinese banks left borrowing costs unchanged early Monday, even as some market participants had expected a cut following a strong vow from Vice Premier Liu He last week to support growth. The one and five-year loan prime rates were kept unchanged at 3.7% and 4.6% respectively, according to the People’ s Bank of China.
The cabinet also said it’ s important to monitor how international developments can affect the domestic capital market. Some 1 trillion yuan ( $ 157 billion) of tax refund for smaller firms was also announced.
China’ s economy has come under mounting pressure since late 2021, with a persistent housing market slump and the latest wave of Covid-19 outbreak hurting domestic demand.
One monetary policy action expected by economists is a reduction in the reserve requirement ratio. The PBOC lowered the ratio in July and December for most banks last year, with both of the cuts first signaled by the premier or the cabinet days in advance. However, there was also an instance in 2020 where the central bank chose not to act in the end act even after the State Council mentioned the policy tool. The Monday statement didn’ t have a specific reference to the RRR when mentioning monetary policy tools.
A new report from CIBC Capital Markets analysts says ESG funds may be missing the mark by putting too much emphasis on the “ E ” and not enough on the “ S ” or the “ G ”.
A National Bank of Canada economist is warning that the surge in inflation through the start of the year is poised to take a greater toll on household balance sheets than the Bank of Canada’ s decision to raise rates off the effective lower bound.
Boeing faces a new crisis after a 737 jet fell out of the sky in China, renewing concerns about its best-selling family of planes and extending one of the most turbulent periods in the aviation titan’ s century-long history.
Gains in the energy and base metals sectors powered Canada's main stock index to a record high above 22,000 for the first time while the loonie reached its highest level in two months. | general |
POLA, POLB again push back consideration of container dwell fee to March 25 | The Port of Los Angeles ( POLA) and the Port of Long Beach ( POLB) said late last week that they have again postponed the implementation date for their ocean carrier Container Dwell Fee, which will now not be considered until March 25.
This follows previous joint announcements by POLA and POLB, whom collectively account for roughly 40% of United States-bound import volumes, indicating that consideration of the fee would be pushed back each week going back to the week of November 22, 2021.
Going back to when the fee was initially rolled out on October 25, POLA and POLB said that the ports have seen a cumulative 62% decline in the amount of aging cargo on their docks, a tally which has trended up going back to the initial announcement of this fee.
In late October, the ports announced they would start assessing surcharges to ocean carriers for import containers dwelling on marine terminals, as part of an effort to clear out the significant backlog at the ports.
And beginning November 1, POLA and POLB previously said that ocean carriers with cargo in either of these categories would be charged $ 100 per container, which will increase in $ 100 increments per container per day. The ports said that the fees collected from this initiative will be reinvested for programs to enhance efficiency, accelerate cargo velocity, and also address congestion impacts throughout San Pedro Bay.
These fees were subsequently approved by the Harbor Commissions of both ports on October 29, 2021.
POLA and POLB officials said that prior to the mid-2020 pandemic-driven run-up in imports, containers for local delivery, on average, were on container terminals for less than four days, with containers destined for trains dwelled for less than two days.
POLA Executive Director Gene Seroka said on a media conference call last week that, as of Wednesday, March 16, there were 44 ships in the queue on their way to the San Pedro Bay ports, which is down 60% from a high of 109 vessels in January.
“ The improvement is a combined result of the projected lull after Lunar New Year in Asia and increased fluidity on our container terminals, ” he said. “ In the weeks ahead, we expect to see an increase in vessels headed our way, as retailers begin a big push to replenish shelves. But we are also watching very closely the events in China, with yet another wave of Covid-19 spreading through major cities and businesses. The zero-Covid policy China has implemented could see slowdowns in ports, supply chains and in factories. ”
And he said POLA’ s efforts to get imports and empties off the marine terminals faster has resulted in improved numbers.
“ Container dwell time at terminals stands at five days versus a peak of 11 days last fall, ” he said. “ On-dock rail dwell is currently at four days compared to a high of 13.5 days last summer. In recent weeks, though, we have noticed an uptick in on-dock rail volume and dwell time. We are working daily with the National Economic Council and the western railroads along with PHL to try and smooth out some of this curve. ”
POLB Deputy Executive Director and Chief Operating Officer Noel Hacegaba recently told LM that the fee really represents one of three major actions POLB has taken to address supply chain disruption.
“ One of the very first things we did is we activated vacant land inside the port, ” he said. “ To date, we have repurposed more than 130 acres of vacant land. That is an enormous amount of land we have applied to this challenge, and the idea there is very simple. Warehouse capacity is at an all-time low. The vacancy rate in the Inland Empire, which is about 60-to-70 miles from the ports, is at about 1%. So, in the absence of warehouse capacity, we noticed that containers were piling up in the terminal, and that was what was creating this backlog of ships. By making land available inside the port, it allowed our terminals and our shippers to push those boxes out, and it provided immediate relief to the terminals. The second major action we took was to expand hours of operation at the port. One of our terminals, TTI, has been open 24 hours a day, four days a week, since October. Every other terminal in the Southern California complex is opening earlier and closing later…expanding the hours of operation. ”
As for the impetus of the Container Dwell Fee, Hacegaba said that POLB and POLA started seeing that a surplus of containers was spending three times as long inside the terminal once they were loaded off a ship, which, in turn, was creating a lot of issues for the terminals.
“ This fee was intended to encourage shippers to remove those inbound containers more quickly, ” he noted. “ I can tell you that the fee has worked, and that is one reason we have not collected it. We evaluate it on a week-to-week basis, and each week since we have announced the fee, we have been postponing it. When we first announced it, those loaded inbound containers, at POLB, that were sitting on the terminal nine days or longer accounted for about 35% of all containers on the terminal. Today, that figure is closer to 11%. From when we introduced the fee in late October through January 14, that percentage of containers on terminal nine days or more is down by 50%, at POLB. The fee has worked, and that is the reason we have not implemented it. We evaluate it on a week-to-week basis and encourage all of our stakeholders to continue to do their part. ” | general |
Oil futures: Brent up over 6% as ceasefire talks fail, EU mulls further sanctions | Crude oil futures were up over 6% Monday as the latest talks between Russia and Ukraine failed to find a breakthrough with Russia insisting on the full surrender of the port city of Mariupol, while the EU is set to consider a further round of sanctions this week.
Front-month May ICE Brent futures were trading at $ 115.15/b ( 1800 GMT), compared to Friday's settle of $ 107.93/b.
At the same time, April NYMEX WTI was trading $ 110.25/b, versus Friday's settle of $ 104.70/b, while the more liquid May contract was trading at $ 109.27/b compared to Friday's settle of $ 103.09/b.
Last week the International Energy Agency warned up to 3 million barrels per day of Russian crude and products could be off the market by April, while OPEC+ is missing output targets by around 900,000 bpd.
`` Russia has increasingly been left isolated with demand for its oil falling, mostly due to self-sanctioning from Western oil traders. Given Russia's limited ability to store unwanted oil, the IEA very pessimistically estimated that from April some 3 million barrels per day of Russian production could be shut in, '' said Ole S Hansen, head of commodity strategy at Saxo Group.
So far, most Russian oil is still flowing as contracted term barrels continue to load, while steep discounts in the spot market have supported demand there. However, further'self sanctioning ' plus finance and shipping constraints are likely to tighten.
The European Union is also expected to come under further pressure this week to tighten sanctions against Russian oil in a series of meetings with US officials, including US President Joe Biden.
However, Russian Deputy Prime Minister Alexander Novak said Monday the rejection of Russian oil would lead to prices of $ 300/b.
`` The market continues to fret about supply disruptions, with data suggesting they are already impacting. The industry's apparent inability to fill any potential gap has seen calls for consumption to be reduced, '' said ANZ commodity strategist Daniel Hynes, referencing the IEA's 10-point plan to cut consumption.
Saudi Aramco CEO Amin Nasser said in a media call after the company reported 2021 results: `` Global spare capacity is around two million barrels per day, which is not significant enough to deal with these geopolitical events and what is happening in the market. ''
Oil markets were also supported after the latest attack on Saudi oil facilities by Houthi rebels, which has reportedly led to a drop in run rates at the 400,000 bpd at the Yasref refinery.
China reported 2,027 new Covid-19 cases on Sunday, the National Health Commission, taking the total to 132,226 cases.
However, Shenzhen city said it would allow offices and factories to restart operations from Monday, raising the prospect that the impact on oil demand will be less severe than previously expected. | general |
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