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China searches for victims, flight recorders after first plane crash in 12 years | * Plane crashed in heavily forested mountains in southern China
* China Eastern grounds all of its Boeing 737-800 jets after crash
* Chinese media shows video footage of plane's near vertical dive
WUZHOU, China, March 22 ( Reuters) - Rescuers in China scoured heavily forested slopes on Tuesday with hopes fading of finding any survivors from the 132 people aboard a China Eastern Airlines passenger jet that crashed a day earlier in the mountains of southern Guangxi.
Parts of the Boeing 737-800 jet were strewn across mountain slopes charred by fire after China's first crash involving a commercial jetliner since 2010. Burnt remains of identity cards, purses and wallets were also seen, state media reported.
Flight MU5735 was en route from the southwestern city of Kunming, capital of Yunnan province, to Guangzhou in Guangdong province bordering Hong Kong, when it suddenly plunged from cruising altitude at about the time when it would normally start to descend ahead of its landing.
Chinese media carried brief highway video footage from a vehicle's dashcam apparently showing a jet diving to the ground behind trees at an angle of about 35 degrees off vertical. Reuters could not immediately verify the footage.
`` The plane fell vertically from the sky, '' state-run Beijing Youth Daily quoted a local resident as saying.
`` Although I was far away, I could still see that it was a plane. The plane did not emit smoke during the fall. It fell into the mountains and started a fire. ''
Lu, 64, a villager near the crash site who declined to provide his first name, told Reuters he heard a `` bang, bang '' at the time of the crash. `` It was like thunder! '' he said.
State media have described the situation as `` grim '', and that the possibility of all onboard perishing could not be ruled out.
A working group from the Chinese aviation regulator was deployed to the crash site, alongside fire rescue and paramilitary forces.
Vice Premier Liu He left for Wuzhou city in Guangxi on Monday night to oversee the rescue efforts and crash investigation after an emergency government meeting.
State media described the crash site as being hemmed in by mountains on three sides, with access provided by just one tiny path. Rain was forecast for the area this week.
Authorities barred journalists and onlookers from approaching the site, keeping the road clear for emergency service vehicles.
ABRUPT DESCENT
U.S.-based aviation analyst Robert Mann of R.W. Mann & Company said investigators will need the flight data recorders to understand what might have caused the abrupt descent suggested by Automatic Dependent Surveillance-Broadcast ( ADS-B) data. ADS-B is a technology that allows aircraft to be tracked.
The crash comes as Boeing seeks to rebound from several overlapping crises, including the coronavirus pandemic and crashes involving its 737 MAX model. The cockpit voice recorder could also yield clues to what went wrong once it is found.
`` Accidents that start at cruise altitude are usually caused by weather, deliberate sabotage, or pilot error, '' Dan Elwell, a former Federal Aviation Administration head, told Reuters.
Elwell, who led the FAA during the 737-MAX crisis, said mechanical failures in modern commercial jets were rare at cruise altitude.
China Eastern and two of its subsidiaries on Monday grounded its fleet of 737-800 planes, state media reported. The group has 225 of the aircraft, data from British aviation consultancy IBA shows.
Other Chinese airlines have yet to cancel any of their flights that use 737-800 aircraft as of Tuesday, according to data from Chinese aviation data provider Flight Master.
Onshore-listed shares of China Eastern slumped more than 6.5% on Tuesday, while those trading in Hong Kong fell nearly 6%.
Dinglong Culture, a Guangzhou-headquartered firm whose businesses range from entertainment to titanium mining, said on Tuesday its chief financial officer Fang Fang had been on the flight. The company said it was closely monitoring rescue developments and would arrange support for her family.
The last crash of a commercial jetliner in China was in 2010, when an Embraer E-190 regional jet flown by Henan Airlines crashed, killing 44 of 96 people on board.
( Reporting by Martin Quin Pollard in Wuzhou, Ryan Woo and Stella Qiu in Beijing, Jason Xue and Brenda Goh in Shanghai, Jamie Freed in Sydney, Allison Lampert in Montreal and Eric M Johnson in Seattle. Editing by Gerry Doyle & Simon Cameron-Moore) | business |
Market Movers Europe, Mar 21-25: Markets look to overcome supply issues and soaring prices | In this week's highlights: Western governments consider response to oil supply squeeze; the EU mulls...
The Argentinian government has decided to raise export taxes on soybean meal and oil to control...
Russia is finding ways to bypass sanctions on its oil supplies and customers are `` happy to buy '' its...
In this week's highlights: Western governments consider response to oil supply squeeze; the EU mulls over measures to combat soaring gas prices; talks to accelerate renewable energy projects; and COVID-19 lockdowns in China a concern for container shipping markets.
In this week's highlights: Western governments consider response to oil supply squeeze; the EU mulls over measures to combat soaring gas prices; talks to accelerate renewable energy projects; and COVID lockdowns in China a concern for container shipping markets.
But first, in oil, Western governments are grappling with the expected loss of some 2.5 million b/d to global supply, resulting from efforts to isolate Russia.
A variety of responses to the supply squeeze are under consideration, including consumption restrictions and boosting domestic output.
A diplomatic drive is gathering pace to secure more supply from the likes of Saudi Arabia and the UAE while hopes of a breakthrough in nuclear talks with Iran have risen, which could, in the event of full sanctions relief, provide a major boost to supplies.
And that takes us to our social media question for the week: How significant an impact on the market could we expect from an Iran-deal breakthrough? Tweet us your thoughts.
All this will play into the mix as energy ministers from International Energy Agency member countries meet in Paris on Wednesday and Thursday.
We will also be reporting on the views of some of the world's leading commodity market players as executives speak at the annual FT Commodities Summit, kicking off Monday.
In gas and power, EU leaders will gather again in Brussels this week to address record-high energy prices, with proposals to decouple soaring gas feedstock prices from wholesale power price formation.
The European Commission is reviewing emergency measures ranging from price or transaction margin caps to mandatory sales at fixed prices.
Details are due by the end of the month, while in May the Commission will come forward with longer term proposals.
The Commission is also looking at the thorny issue of accelerating permissions for wind and solar projects in member states.
This is one of several measures in the REPowerEU package designed to reduce Europe's reliance on Russian energy.
Missing from the package is any mention of nuclear – but here member states will take their own decisions, notably Belgium, which is on the cusp of extending existing reactors.
In the UK, meanwhile, the focus will be on the spring budget update on Wednesday, and any new financial incentives to increase energy independence.
A British security plan is expected to mirror the EC's goal of front-loading renewables growth this decade.
Will we see progress on a deal for new nuclear reactors at Sizewell C? Watch this space.
Finally, all eyes in the container freight markets remain focused on the southern Chinese city of Shenzhen, currently under lockdown amid a coronavirus outbreak.
Limitations on trucking capabilities are in place, likely impacting the loading and unloading of ships at the port, and potentially resulting in a ripple effect across the region.
Yantian port previously closed in May 2021 due to a COVID-19 outbreak, which pushed ex-Asia container rates to all-time highs, and resulted in bottlenecks at nearby ports. As the market is still yet to recover fully from last year's closure, any news on potential impacts is eagerly awaited.
Many expect a bullwhip effect once factories come back online due to pent-up demand, which could see container rates jump in the coming weeks.
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Asia crude oil: Key market indicators for March 21-25 | In this week's Market Movers Americas, presented by Jeff Mower: * US Gulf of Mexico offshore output...
Crude oil prices are expected to remain volatile, with the uptrend intact, in the week ending March 25 amid a reduction in Russian supply and continued recovery in global oil demand from COVID-19.
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At 0200 GMT March 21, front-month May ICE Brent crude futures stood at $ 110.89/b, up $ 2.96/b ( 2.74%) from the March 18 settlement.
* * Spot activity for May-loading crude remains sluggish with most Asian refiners pressured by higher crude prices and a stronger sour complex.
* * Regional buyers are hoping the sour complex will continue to slide lower, which could prompt end-month crude purchases. Some spot tenders could be expected in the week ahead though prices will be the main driver behind buying activity.
* * Dubai cash-futures, or M1-M3, averaged $ 8.77/b the week ended March 18, against $ 11.91/b in the week ended March 11.
* * Intermonth spreads were narrower during mid-morning trade March 21 with May-June pegged at $ 2.12/b, down 4 cents/b from the Asia close March 18.
* * May Brent-Dubai Exchange of Futures for Swaps was pegged at $ 9.25/b mid-morning March 21, down from $ 9.66/b at the Asia close March 18.
* * Market participants to continue to monitor trade activity for May-loading barrels of Australia's North West Shelf condensate, while keeping a close watch on the overhang barrels from the April-loading cycle.
* * Across the light sweet crude complex, trade details for May-loading barrels of Ichthys Field Condensate and Kutubu Blend are expected to emerge this week.
* * Market participants are keeping a close watch for offers of any June-delivery barrels of Far East Russian Sakhalin Blend crude amid the Russia-Ukraine tension, as sentiment remains sluggish with muted end-user demand.
* * Traders will be looking out for regional spot trades of Malaysia's May-loading Kimanis and Labuan sweet crudes, as well as tender results of a slew of Vietnamese crudes offered by PetroVietnam Oil.
* * Market participants will also watch for trades of April-loading Nile Blend; traded levels may rise on the month amid resilient LSFO cracks.
* * Further details of Australia's May-loading heavy sweet Vincent and Van Gogh crudes are likely to emerge this week.
* * Traders await Taiwan CPC Corporation's sweet crude tender results following the dip in WTI Midland crude prices recently amid a narrower Brent-WTI spread.
* * Sentiment for June delivery cargoes of Brazil's Tupi crude into Asia dimmed on the back of tepid Chinese demand. However, supply remains tight as western demand is reportedly healthy.
* * The International Energy Agency late last week warned of a potential global oil supply shock as an estimated 3 million b/d of Russian oil production likely to be shut next month due to sanctions, while buyers shun the major exporter.
* * In China, falling COVID-19 cases calmed investor fears of infections spiraling out of control in the world's second largest economy. The country's National Health Commission reported 1,656 locally transmitted cases on March 19, down from 2,157 the previous day.
* * In the week ended March 18, international crude oil benchmarks were lower with the May ICE Brent crude futures contract down 4.2% on the week to settle at $ 107.93/b, while the April NYMEX light sweet crude complex slumped 4.2% lower at $ 104.70/b.
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OIL FUTURES: Crude extends rally as market eyes EU sanctions on Russian energy | In this week's highlights: Western governments consider response to oil supply squeeze; the EU mulls...
Crude futures extended their rally in midday US trading March 21 as the possibility of EU sanctions...
The Argentinian government has decided to raise export taxes on soybean meal and oil to control...
Crude futures extended their rally in midday US trading March 21 as the possibility of EU sanctions on Russian oil raised supply concerns.
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At 1550 GMT, NYMEX April WTI was up $ 5.17 at $ 109.87/b and ICE May Brent was $ 6.43 higher at $ 114.36/b.
The foreign ministers of Lithuania and Ireland said March 21 that it was time for the EU to start looking at sanctions on Russian oil, according to a Reuters report. Current EU sanctions packages have refrained from targeting the energy sector.
`` Looking at the extent of the destruction in Ukraine right now, it's very hard to make the case that we shouldn't be moving in on the energy sector, particularly oil and coal, '' said Irish Foreign Minister Simon Coveney, according to a report from the news agency.
`` [ The market ] is starting to see this growing belief that eventually the EU is going to be put in a position where they will have to ban Russian energy supplies, '' OANADA senior market analyst Ed Moya said, adding that `` this drastic measure will really hurt the Russian economy, and you will see this market subject to some potentially severe disruptions in the near future. ''
NYMEX April RBOB traded 13.35 cents higher at $ 3.3723/gal and April ULSD was up 23.23 cents at $ 2.8304/gal.
The US has already imposed a ban on Russian oil imports, and further sanctions against Moscow are expected to be announced later this week.
A drone attack perpetrated by Yemeni Iran-aligned Houthi rebels on the Yasref oil facilities in Saudi Arabia over the weekend added to supply risks.
According to media reports, the attack had resulted in a temporary decrease in output at the refinery, but there were no casualties.
`` The assault on Yasref facilities has led to a temporary reduction in the refinery's production, which will be compensated for from the inventory, '' the company said. Yanbu Aramco Sinopec Refining Company is a joint venture between Saudi Aramco and China Petrochemical Corporation.
Falling COVID-19 cases in China have eased investor fears of infections spiraling out of control in the world's second largest economy. The country's National Health Commission reported 1,656 locally transmitted cases March 19, down from 2,157 the previous day.
`` Falling new cases underscored the country's prompt and stringent measures, including lockdowns and mass tests, in containing the rapid spread of the virus. This may help boost investor confidence amid the country's most severe viral outbreak since 2020, '' said IG DailyFX strategist Margaret Yang in a March 21 note.
Chinese authorities had imposed restrictions across nearly 20 provinces and municipalities in recent weeks in a bid to contain the outbreak.
The areas of Guangdong, Shandong, Jilin and Shanghai, which are among the epicenters of the COVID-19 outbreak this time, accounted for around 30% of China's oil consumption in 2021, data from S & P Global Commodity Insights showed.
The lockdowns had prompted concerns of demand destruction that weighed on crude prices during the week ended March 18.
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Europe’ s logistics real estate market set for another year of growth | The European logistics market is set for another year of growth, as companies ramp up capacity to meet booming e-commerce delivery demand and nearshoring activities in order to navigate mounting supply chain challenges. This is according to a new report by Buck Consultants International.
For its study, the international strategic supply chain and logistics consultancy surveyed logistics real estate developers, investors and industry experts to gain insight in the latest developments in the logistics landscape.
The analysis shows that there’ s no stopping the growth of logistics real estate take-up volumes, with a 3% increase predicted for 2022 to nearly 34 million square metres, on the back of a bumper 10% growth booked last year. For its study, Buck Consultants International assessed the market outlook in 11 European markets.
“ The results show that Covid-19 has not impacted the logistics real estate take-up volumes across Europe. The fast growth of e-commerce and the build up of more inventory to cope with supply chain disruptions favour the growth of warehousing ”, explained René Buck, the CEO of Buck Consultants International.
Germany, France and the United Kingdom are all expected to see take-up volumes in 2022 outperform the market average, although Spain will lead the growth with 13% more million square metres of logistics real estate to be added. The Netherlands and Belgium meanwhile will see their total take-up volumes wind down, just as the Czech Republic.
Over half of the respondents told the researchers that they expect ( strong) growth in the mega distribution centers segment – distribution centers with more than 40,000 million square metres of space. Germany, Poland and the Netherlands are regarded as the most popular locations for such centres, for a variety of reasons including proximity to infrastructure hubs and the availability of real estate.
In the city distribution centers segment ( typically city and last mile hubs), the respondents are more pronounced in their forecast: 92% expect growth of this segment, in particular due to the rise of e-commerce and food delivery concepts. In this segment, London and Paris are seen as the most promising cities.
Accommodating the growing demand for logistics services will however comes with its challenges. This includes overcoming the complex journey of digitising operations and the lack of warehouse personnel.
Johan Beukema, a partner at Buck Consultants International, said: “ Lack of warehouse personnel is becoming an important hurdle for further growth of the logistics sector and related logistics real estate. In many hotspot logistics regions demand for labour is higher than supply. There are three solutions to this: ensuring employers remain attractive for their people, looking for migrant workers and accelerating automation and robotisation. ” | general |
Tonix Launches New Phase III Study to Reconcile Mixed Fibromyalgia Data | Eight months after Tonix Pharmaceuticals announced its intentions to halt enrollment in the Phase III RALLY study following a futility analysis of the first 50% of patients, the company announced data that supported that decision.
Today, New Jersey-based Tonix announced that TNX-102 SL ( cyclobenzaprine HCl sublingual tablets) failed to generate a statistically significant outcome in fibromyalgia patients. The study was assessing TNX-102 for the reduction of reducing daily pain after 14 weeks compared to placebo. Interim data first reported in July 2021 indicated that the Tonix asset would not yield the desired results. Based on the recommendation from the Independent Monitoring Committee, Tonix halted enrollment in the clinical program.
At the time the IDMC made the recommendation, Tonix remained blinded to the study results. The company opted to continue studying patients who had already enrolled until completion, then conduct a full analysis of the unblended data.
In contrast to the RALLY data, Tonix saw positive results in the Phase III RELIEF study. Data announced in late 2020 showed that TNX-102 SL met the primary endpoint of pain reduction in fibromyalgia, a chronic pain disorder that is believed to result from amplified sensory and pain signaling within the central nervous system.
Gregory Sullivan, chief medical officer of Tonix, noted the contrasting results between the two studies. He suggested the difference between RALLY and RELIEF may have been driven by the number of patients who discontinued due to adverse events. Sullivan noted there was a 79% increase in adverse event-related participant discontinuation in RALLY patients who received TNX-102 SL compared to RELIEF. However, there was also a 77% increase in adverse event-related discontinuations in the placebo group.
Seth Lederman, chief executive officer of Tonix, said the company is of the mind that the increased rate of adverse event-related discontinuations could possibly be related to the fact the RALLY study was conducted during the peak of the COVID-19 outbreak in the United States, about the same time the vaccines were being rolled out.
Lederman added that although TNX-102 SL missed the primary endpoint in RALLY, it continued to show strong activity on sleep disturbance and on the Patient Global Impression of Change, a patient-reported assessment of overall improvement during the trial period. He said the findings from the data, as well as the general understanding of TNX-102 SL tolerability, have encouraged the company to advance its plans for the F307 RESILIENT Phase 3 study for fibromyalgia later this year.
“ Since the pandemic phase of COVID-19 appears to be transitioning to an endemic phase, we believe that starting the new RESILIENT Phase III study imminently is justified based on the expectation that rates of adverse event-related discontinuations will return toward the levels of RELIEF and our PTSD studies, ” Lederman said in a statement.
TNX-102 SL is a sublingual form of cyclobenzaprine hydrochloride. It is designed to provide rapid transmucosal absorption and reduced production of a long half-life active metabolite, norcyclobenzaprine, due to bypass of first-pass hepatic metabolism, the company said. TNX-102 SL binds and blocks serotonin 2A, alpha1-adrenergic, histaminergic-H1, and muscarinic-M1 receptors. Cyclobenzaprine, the active ingredient of TNX-102 SL, has no recognized potential for addiction, which has made it an appealing asset for development in fibromyalgia. | general |
Întrebări şi răspunsuri privind vaccinarea pe durata pandemiei de COVID-19 | OMS recomandă administrarea tuturor vaccinurilor de rutină conform schemei, chiar şi în timpul pandemiei de COVID-19. În prezent, nu există date care să demonstreze că pandemia de COVID-19 prezintă vreun risc în ceea ce priveşte vaccinarea. Se iau aşadar în calcul datele disponibile cu privire la alte boli infecţioase. Potrivit acestor date, un eventual contact cu o boală infecţioasă nu reprezintă o contraindicaţie pentru imunizarea de rutină ( 1). Imunizarea de rutină ar trebui să continue pe cât posibil, în funcţie de contextul local creat de răspunsul la COVID-19. Totuşi, ar trebui să se ia măsurile standard de prevenire a infecţiilor în vederea reducerii riscului de transmitere a COVID-19 în rândul tuturor angajaţilor şi vizitatorilor din cadrul unităţii medicale.
Este extrem de important ca un copil să beneficieze de toate vaccinurile planificate a fi administrate la naştere şi în primii doi ani de viaţă ( 2). Aceste vaccinuri pot varia în funcţie de recomandările naţionale. Ar trebui reluată orice campanie de imunizare corespunzătoare unei anumite grupe de vârstă ce a fost întreruptă şi ar trebui implementate campanii de vaccinare de tip catch-up cât mai repede cu putinţă. Vaccinarea la timp oferă protecţie tinerilor şi vârstnicilor împotriva unor boli infecţioase grave ce le pun în pericol viaţa, permiţând de asemenea prevenirea creşterii categoriilor nevaccinate şi a pierderii imunităţii colective ( 1).
COVID-19 este o boală nouă în legătură cu care încă se mai adună date. Cu toate acestea, din experienţa referitoare la alte boli infecţioase, se ştie că vaccinarea împotriva unei boli nu slăbeşte răspunsul imunitar al unei persoane la altă boală ( 3), ( 4), ( 5). Nu există în prezent dovezi care să arate că vaccinarea creşte riscul de infectare a unui copil cu COVID-19 sau că afectează evoluţia bolii în cazul unui copil care a fost vaccinat involuntar în faza asimptomatică sau în perioada de incubaţie.
Mai mult, continuarea vaccinării de rutină a copiilor pe durata pandemiei de COVID-19 îi protejează împotriva bolilor ce pot fi prevenite prin vaccinare ( BPV). Vaccinarea într-o unitate ce adoptă măsuri adecvate de prevenire a infecţiilor va reduce la minim orice risc de contractare a COVID-19 în cazul copiilor.
Orice întrerupere a serviciilor de imunizare, chiar şi pentru perioade scurte de timp, poate expune comunitatea şi mai ales copiii unui risc imediat de răspândire a BPV ( 6). Creşterea numărului persoanelor susceptibile într-o comunitate poate pune în pericol protecţia colectivă şi poate creşte riscul de apariţie a focarelor de BPV. Astfel de focare pot duce la apariţia unor boli asociate şi decese provocate de BPV, sporind totodată presiunea asupra sistemelor medicale, şi aşa copleşite de răspunsul la epidemia de COVID-19.
Nu există în prezent dovezi clare referitoare la relaţia dintre COVID-19 şi vaccinare, prin urmare ar trebui aplicate principiile generale privind vaccinarea pacienţilor cu boli infecţioase. Potrivit acestor principii, vaccinarea nu influenţează evoluţia bolii infecţioase în cazul unui copil care este eventual infectat deja, dar asimptomatic la momentul vaccinării sau în cazul unui copil care se infectează imediat după vaccinare. De asemenea, eventuala infectare a copilului nu va influenţa siguranţa sau eficacitatea vaccinului administrat ( 1), ( 7).
Simptomele uşoare, precum febra şi/sau tusea, nu constituie neapărat o contraindicaţie pentru vaccinare ( 1). În conformitate cu procedurile normale, cadrul medical ar trebui să facă recomandări în baza unei evaluări a riscurilor şi beneficiilor ( gravitatea simptomelor, precum şi riscul şi gravitatea BPV). În cazul în care cadrul medical se pronunţă împotriva realizării vaccinării în ziua respectivă, ar trebui reluată schema normală de vaccinare pentru copilul în cauză cât mai repede cu putinţă, după însănătoşirea acestuia.
Este important ca orice persoană cu rezultat pozitiv la testul COVID-19 să rămână izolată, respectând recomandările naţionale, pentru a nu infecta şi alte persoane şi a nu contribui la răspândirea virusului.
În momentul de faţă, nu există niciun vaccin împotriva COVID-19. Peste 100 de potenţiale vaccinuri sunt în faza de studiu clinic sau de evaluare preclinică ( 8). OMS colaborează cu toate părţile interesate pentru a se asigura că, în momentul în care va fi disponibil un vaccin sigur şi eficace, acesta va fi distribuit în mod echitabil. Acum, mai mult ca niciodată, toate cadrele medicale ar trebui să se asigure că sunt la zi cu vaccinurile recomandate în schema naţională ( 9).
În momentul de faţă, nu există dovezi clare privind posibilul impact al COVID-19 asupra răspunsului vaccinal sau viceversa. În prezent, nu există cerinţe sau recomandări privind testarea sistematică pentru COVID-19 înaintea vaccinării de rutină. Orice pacient cu un test COVID-19 negativ poate fi vaccinat în orice moment dacă starea sa clinică permite acest lucru.
Din câte se ştie, nu există nicio interferenţă între testul COVID-19 sau COVID-19 şi testul cutanat la tuberculină.
Pe lângă prevenirea tuberculozei, vaccinul ce conţine bacilul Calmette–Guérin ( BCG) are efecte benefice asupra sistemului imunitar şi oferă protecţie împotriva a diverse tipuri de infecţii, fiind folosit şi în tratarea cancerului de vezică. Sunt în curs de desfăşurare două studii clinice care încearcă să afle dacă vaccinul BCG ar putea juca un rol în protejarea cadrelor medicale şi a altor persoane vulnerabile împotriva formelor grave de COVID-19, însă, până acum, nu s-au obţinut date care să dovedească faptul că vaccinul BCG protejează împotriva infecţiei cu noul coronavirus. Prin urmare, OMS nu recomandă vaccinarea BCG în scopul prevenirii COVID-19. OMS continuă să recomande vaccinarea BCG a nou-născuţilor în ţările sau contextele în care se remarcă o incidenţă ridicată a tuberculozei.
( 1) Siguranţa vaccinurilor şi false contraindicaţii pentru vaccinare. Manual de pregătire. Copenhaga: Biroul Regional pentru Europa al OMS; 2017 ( http: //www.euro.who.int/ data/assets/pdf file/0009/351927/WHO-Vaccine-Manual.pdf, accesat în data de 10 iunie 2020).
( 2) Orientări privind imunizarea de rutină în perioada pandemiei de COVID-19 în regiunea europeană a OMS. Copenhaga: Biroul Regional pentru Europa al OMS; 2020 ( http: //www.euro.who.int/en/health-topics/communicable-diseases/hepatitis/publications/2020/guidance-on-routine-immunization-services-during-covid-19-pandemic-in-the-who-european-region-2020, accesat în data de 10 iunie 2020).
( 3) Offit P, Quarles J, Gerber MA, Hackett CJ, Marcuse EK, Kollman TR et al. Addressing parents’ concerns: do multiple vaccines overwhelm or weaken the infant’ s immune system? Pediatrics. 2002; 109:124–9.
( 4) Comitetul consultativ global pentru siguranţa vaccinurilor, 6–7 iunie 2006. Raport epidemiologic săptămânal. 2006: 28 ( 81):273–84 ( https: //www.who.int/vaccine safety/committee/reports/wer8128.pdf? ua=1, accesat în data de 10 iunie 2020).
( 5) Miller E, Andrews N, Waight P, Taylor B. Bacterial infections, immune overload, and MMR vaccine. Arch Dis Child. 2003; 88:222–3.
( 6) Takahashi S, Metcalf CJ, Ferrari MJ, Moss WJ, Truelove SA, Tatem AJ et al. Reduced vaccination and the risk of measles and other childhood infections post-Ebola. Science. 2015; 347 ( 6227):1240–2.
( 7) Rubin LG, Levin MJ, Ljungman P, Davies G, Avery R, Tomblyn M et al. 2013 IDSA clinical practice guideline for vaccination of the immunocompromised host. Clin Infect Dis. 2014; 58 ( 3):309–18.
( 8) Prezentarea schematică a potenţialelor vaccinuri împotriva COVID-19. Geneva: OMS; 2020 ( https: //www.who.int/who-documents-detail/draft-landscape-of-covid-19-candidate-vaccines, accesat în data de 10 iunie 2020). ( 9) Sinteza documentelor de poziţie ale OMS – imunizarea cadrelor medicale. Geneva: OMS; 2020 ( https: //www.who.int/immunization/policy/Immunization routine table4.pdf, accesat în data de 10 iunie 2020).
Fără scuze. Țineți școlile deschise. Copiii nu pot aștepta. | general |
Raport privind îngrijirea copiilor în țările cu venituri ridicate: România ocupă o poziție fruntașă la concediul de maternitate, dar este pe unul din ultimele locuri în privința accesului la serviciile de îngrijire și educație timpurie | BUCUREȘTI, 18 iunie 2021 – Chiar și înaintea crizei provocate de COVID-19, unele dintre cele mai bogate state ale lumii nu reușeau să ofere soluții complete de îngrijire a copilului tuturor familiilor, iar în unele cazuri, acestea reflectau mai degrabă prioritățile lor de politică decât resursele disponibile, potrivit unui nou raport al Biroului de Cercetare al UNICEF – Innocenti, publicat astăzi. Studiul - Where do rich countries stand on childcare? [ Care este situația serviciilor de îngrijire a copilului în țările bogate? ] - folosește cele mai recente date comparabile, evaluând politicile referitoare la concediul parental și îngrijirea copilului din cele 41 de state cu venituri ridicate care fac parte din Organizația pentru Cooperare și Dezvoltare Economică ( OCDE) sau din Uniunea Europeană ( UE).
Raportul clasează fiecare țară în funcție de opt indicatori, grupați pe patru dimensiuni: concediul parental, accesul, calitatea și accesibilitatea financiară a serviciilor de îngrijire a copilului. România se află pe locul doi în ceea ce privește concediul parental ( 92 de săptămâni de concediu plătit integral), fiind precedată de Japonia și urmată de Estonia și Republica Coreea. România și Estonia acordă cel mai lung concediu de maternitate, în timp ce Japonia și Coreea au cel mai lung concediu de paternitate.
În general, concediul de maternitate, care începe în mod normal chiar înaintea nașterii copilului, se întinde pe o perioadă scurtă și este bine plătit, ajungând, în medie, la 19 săptămâni în cazul țărilor bogate și fiind plătit cu 77% din salariul mediu pe economie. Concediul parental acordat după concediul de maternitate are, de obicei, o durată mai lungă și un cuantum mai mic: în medie, 36 de săptămâni, cu un cuantum ce ajunge la 36% din salariul mediu.
În ceea ce privește accesul, România ocupă poziția 39 ( situându-se în ultima treime a clasamentului), fiind urmată de Slovacia și Turcia. Dimensiunea referitoare la acces cuprinde doi indicatori: copiii de 3-5 ani care au beneficiat de servicii de îngrijire și educație timpurie cel puțin o oră pe săptămână în 2019 și copiii cuprinși într-o formă organizată de învățământ cu un an înainte de începerea școlii în 2018. În ceea ce privește accesibilitatea financiară a serviciilor de îngrijire a copilului, România ocupă locul 27 ( aflându-se în treimea din mijlocul clasamentului), împreună cu Polonia.
„ Concluziile raportului arată în mod clar faptul că trebuie să sporim accesul la serviciile de îngrijire a copilului pentru toți copiii români și în special pentru cei vulnerabili, în vederea asigurării dezvoltării lor, pentru aceasta fiind esențial ca serviciile de îngrijire și educație timpurie a copilului să fie unele de calitate și accesibile financiar. Garanția europeană pentru copii va avea un rol cheie în ceea ce privește obținerea de rezultate în acest domeniu ”, a afirmat Pieter BULT, Reprezentantul UNICEF în România.
Potrivit raportului, unii părinți depind de sprijinul informal sau neremunerat oferit de rude, prieteni sau vecini pentru îngrijirea copilului. În țările înstărite, 27% dintre copiii sub trei ani și 29% dintre copiii a căror vârstă este cuprinsă între trei ani și vârsta școlară depind de acest tip de îngrijire cel puțin o oră pe săptămână. Însă procentul variază între aproape 0% în țările nordice și peste 50% în România. O pondere redusă a îngrijirii informale reflectă existența unor măsuri cuprinzătoare în domeniul îngrijirii și educației timpurii a copilului ( IETC), în special garanții pentru îngrijirea copilului sau dreptul legal la servicii formale de îngrijire a copilului.
Pandemia de COVID-19 a prezentat o serie de provocări și în ceea ce privește educația, îngrijirea și bunăstarea copiilor, în eforturile părinților de a găsi un echilibru între responsabilitățile profesionale și cele legate de îngrijirea copilului, povara căzând în mod disproporțional pe umerii femeilor. În contextul măsurilor de carantină și al închiderii școlilor, serviciile de îngrijire a copilului au fost printre cele mai afectate servicii adresate familiilor și au avut un puternic efect de domino.
În prima jumătate a anului 2020, 12 state bogate au introdus politici privind îngrijirea copilului cu scopul de a reduce impactul crizei asupra familiilor cu copii. Acestea au inclus beneficii pentru îngrijirea copilului ( Canada, Italia, Republica Coreea, Polonia), concediu plătit ( Grecia, Ungaria, Norvegia, România) sau proceduri simplificate de accesare a beneficiilor pentru îngrijirea copilului ( Austria).
Raportul folosește date ale OCDE, Eurostat și UNESCO referitoare la anii 2018, 2019 și 2020 cu scopul de a evidenția disponibilitatea concediului plătit integral în cazul mamelor și al taților, precum și accesul, calitatea și accesibilitatea financiară a serviciilor de îngrijire a copilului, de la naștere până la vârsta școlară.
UNICEF promotes the rights and wellbeing of every child, in everything we do. Together with our partners, we work in 190 countries and territories to translate that commitment into practical action, focusing special effort on reaching the most vulnerable and excluded children, to the benefit of all children, everywhere.
For more information about UNICEF and its work for children, visit www.unicef.org.
Alăptarea pare un lucru atât de firesc, încât nu crezi că mai poți învăța ceva nou. Și totuși...
Iată câteva dintre amintirile reprezentanților UNICEF în România, din 1991 până în prezent.
„ Încetul cu încetul se fabrică oțetul! ”, zicea unul dintre jocurile copilăriei care, pe lângă hohotele de râs stârnite, ne învăța cum să ne atingem ținta. | general |
India Philanthropy Report 2022 | We have limited Spanish content available. View Spanish content.
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Building philanthropic infrastructure to accelerate giving in India
By Arpan Sheth, Radhika Sridharan, Neera Nundy, Pakzan Dastoor, and Prachi Pal
Report
Riding on the back of tremendous economic growth in the past decade, India has now become the fifth-largest economy in the world. Not all this growth has been inclusive, however. The gap between the top 1st percentile and the bottom 50th percentile has continued to widen. In addition, the Covid-19 pandemic has pushed more than 200 million Indians into poverty. Although social sector funding in India, primarily driven by the government, has grown approximately 12% annually from approximately INR 10 lakh Cr. to about INR 17.5 lakh Cr. over the past five years, gaps remain. According to NITI Aayog, India needs to funnel approximately 13% of its GDP into social causes—the current average is about 7% —to achieve its United Nations ( UN) Sustainable Development Goals ( SDG) commitments by 2030.
With state finances negatively affected because of the pandemic and government debt increasing, private philanthropy must realise its full potential and play a crucial role in bridging the gap. Overall private giving ( domestic and foreign), however, has stayed relatively flat over the past few years, while private domestic giving has grown at a moderate pace ( 8% to 10% year over year [ YOY ]). Corporate social responsibility ( CSR), family philanthropy ( ultra–high-net-worth individuals [ UHNIs ] and HNIs), and retail giving cumulatively contribute about 84% of the total private philanthropic capital in India; they will act as three strong pillars as we move ahead.
CSR, driven by the 2% mandate, has grown at 15% annually in the past seven years, with its share in total private giving growing from approximately 12% in fiscal year ( FY) 2015 to 23% in FY 2021. Riding on rapid economic growth, formalisation, and more companies coming under its umbrella, CSR contributions are expected to grow at 19% annually, with its share expected to reach about 32% of total private giving by FY 2026.
Family philanthropy, in contrast, has contracted overall. UHNI giving has decreased from the peak of 2016, while HNI giving has grown at a modest pace. Relative contributions ( giving as a percentage of wealth) among Indian UHNIs range from 0.1% to 0.15% compared with 1.2% to 2.5% in the United States, 0.5% to 1.8% in the UK, and 0.5% to 1.4% in China. Overall, however, family philanthropy is expected to grow at a robust 13% per year until FY 2026, driven by increasing wealth and a rise in the number of technology entrepreneurs and NowGen philanthropists.
Retail giving in India is mostly unorganised and often an emotional and impulsive decision. It has grown at a modest 5% annually from INR 21,000 Cr. in FY 2015 to INR 28,000 Cr. in FY 2021, but with the ballooning middle class and the sheer growth in the number of donors, retail giving is expected to grow at approximately 10% annually and contribute one-fourth of total private giving by FY 2026. As we advance toward transforming India and propelling its growth story at the scale and pace needed, a real opportunity exists to invest in and support different funder groups across CSR, family philanthropy, and retail giving. To continue the momentum and further accelerate giving in India, it will be imperative to build on the short-term transformational potential of CSR, greater investment in building an enabling ecosystem for retail and high-potential HNI givers, and increased thoughtful social investments by NowGen philanthropists. All funder segments must be more knowledge led and flexible in their giving; they must engage with their grantee partners as equal stakeholders. Building a robust philanthropy infrastructure for all segments is critical for the next decade of India’ s growth, and the institutional funders must invest in it.
In the past decade, India has witnessed tremendous economic growth and been one of the world’ s fastest-growing major economies. It is now ranked as the fifth-largest economy in the world in absolute GDP and the third-largest economy in terms of purchasing power. In terms of per capita GDP, however, it ranked 153rd in 2010 and increased only marginally to 144th in 2021. The trend has been further accentuated by the pandemic, which pushed more than 200 million Indians into poverty, widened the inequality gap, and hit disproportionately disadvantaged communities hard. These and other indicators establish that although the country’ s economic trajectory has been strong, its development story can hardly be called inclusive. Progress and access to opportunities have missed the most vulnerable geographies and populations. It is imperative that the pace of action accelerate toward inclusive and sustainable development—now more than ever.
The total social sector expenditure in India has seen a robust 12% annual growth from approximately INR 10 lakh Cr. to about INR 17.5 lakh Cr. over the past five years. In fact, FY 2021 witnessed a sharp increase, with a 20% jump in total expenditure. Most of this rise, however, has been a result of increased government expenditure: public funds ( central and state social expenditure) account for approximately 93% of the total, up from approximately 90% five years ago.
With the total supply of funds at an average 7% of GDP in recent years ( 8.3% in 2021, however), India is still short of NITI Aayog’ s estimation of the total annual funds needed ( approximately 13% of the GDP) to achieve its UN SDG commitments by 2030. The result is a deficit of INR 8 lakh Cr. for FY 2021 and INR 10 lakh Cr. for FY 2026 if the same trajectory continues. In fact, India’ s social sector expenditure as a percentage of GDP is less than neighbouring countries and other countries, such as Brazil, Russia, India, and China, and some way behind Organisation for Economic Co-operation and Development countries ( see Figure 1).
The glaring deficit of social sector funding in India must be plugged. As with any developing nation, the government has been taking most of this burden, but with increasing fiscal deficit and higher debt burden following the pandemic, government finances will be limited. It is here that private philanthropy comes into the picture, with its ability to bridge some of the gap if it realises its true potential.
Private-sector funding stems from two major sources: foreign and domestic philanthropists. Domestic philanthropists include corporations ( CSR and corporate trusts) and individuals. Domestic individuals can be further categorised into family philanthropy ( UHNIs and HNIs) and retail depending on their net wealth or income and donation amount. Our research shows past trends and future projections for each of these sources ( see Figure 2):
“ Economic volatility and an increase in contributions to quasi-official funds coupled with lack of reliable information on where to give especially during Covid has affected the inflow of funds into the sector. ”
Total private philanthropic funding in India is estimated to grow at approximately 12% annually in the next five years, riding on robust growth in the three main segments: CSR, family philanthropy ( UHNI and HNI), and retail. The growth can be even greater if we can harness relevant enablers within each segment, as highlighted in the upcoming sections of the report. Private foreign funding could continue to contract, however, because of regulatory barriers. Corporate trusts can grow at 15% to 20% annually but still contribute a mere approximately 2% of total private funding.
Historically, CSR funds have grown at a faster pace than that of the economy. Robust future GDP growth accompanied by the 2% mandate and Bombay Stock Exchange 200 companies contributing approximately 50% to the total CSR spending point to strong future CSR contributions. The segment is expected to grow both in absolute terms and in its share of total private funding. Reasons for this projected trend include the expected rise in the Indian economy and India Co’ s profits, a shift from an informal to a formal economy, an increase in the number of companies falling in the CSR orbit, and an increase in the number of companies spending more than the 2% mandate ( approximately 140 companies contributed more than 3% in FY 2020).
Although family philanthropy may have less visibility and growth than CSR, it is expected to grow at a robust 12% to 14%, with both UHNI and HNI contributions blossoming. With a disproportionate increase in wealth during the pandemic and a possible increase in relative giving ( giving as a percentage of net wealth) as more tech entrepreneurs and NowGen philanthropists enter the fray, this cohort holds the potential to play a crucial role in meeting the country’ s social sector fund requirement. Flexibility in spending and long-term commitment of funds are key differentiators of this cohort and could improve further as younger entrepreneurs increase their donations.
Retail giving is another important pillar, constituting about one-fourth of total private funding despite the minor dip in the share from approximately 27% ( FY 2021). Total retail donations are expected to reach approximately INR 45,000 Cr. in FY 2026, growing at a slower rate than the other two sources ( possibly because of stickiness issues after Covid-19) but still a healthy approximately 10%. This increase will primarily be driven by strong GDP growth and robust growth in the Indian middle class. Moreover, increasing adoption of technology and the evolution of new platforms, such as crowdfunding, can accelerate the transition from traditionally informal giving ( approximately 81% in FY 2021) to formal giving.
“ Covid created an inflection point, particularly around how new funds such as ACT Grants came up, and it might be interesting to reflect on this and further explore such pathways. ”
Private philanthropy in India is poised to grow with the projected growth in the economy, a rise in the number of donors across the segment, and growth in income and wealth. It is important to take advantage of these factors and focus on building a robust ecosystem that encourages giving and unlocks potential across the segments in the future.
Within the context of the overall trends, let’ s delve deeper into the three major segments that account for approximately 84% of overall contributions and are expected to lead India’ s private philanthropy moving ahead: CSR, family philanthropy ( UHNI and HNI), and retail giving.
The CSR mandate began in 2014 and remains one of a kind, with India the only country mandating that corporations fulfill their social responsibility. Eligible companies are required to spend a minimum 2% of their past three-year average net profits on CSR activities. Average CSR giving has hovered around the same 2% mark over the years.
In other economies, such as the United States, CSR is a voluntary process. The minimum percentage defined in India provides a more structured path for corporate giving in addition to boosting its position vis-à-vis the United States, where corporate giving is less than 20% of total private giving. CSR activities in India have seen an upward trend, which is reflected in the increase in donations. From INR 10,066 Cr. in FY 2015 to an expected INR 23,665 Cr. in FY 2021, the segment has shown a robust CAGR of 15% in the past seven years.
In terms of the total number of companies contributing toward CSR, approximately 90% are unlisted. Further, only approximately 3% of companies spent more than INR 10 Cr. in FY 2020, whereas more than 70% of companies contributed less than INR 50 lakhs. Moreover, the number of companies spending INR 0 to INR 50 lakhs has grown approximately 15% from FY 2015 to 2020, pointing to a broadening of the CSR orbit and a rise in contributions by smaller companies. A similar trend is expected in the future because more companies are likely to fall under the CSR rule, driven by economic growth and formalisation.
“ As key stakeholders in the development of India, corporates can do more. I believe there is room to have progressive tax slabs in CSR, just like our income tax structure. A company making INR 10,000 Cr. in profit can certainly give more than 2%. ”
Of the three major sources of private giving, CSR is the most widely distributed across sectors in which funds have been donated toward more than 20 causes. In total, 70% of the total CSR spending over FY 2018 through 2021 went to education, healthcare, rural development, environmental sustainability, and poverty, which is much better compared with family philanthropy and retail ( community giving), where approximately 60% of funds go to education and healthcare alone, respectively. Because of this wider spread, CSR also affects smaller sectors, such as sports, art and culture, animal welfare, and women empowerment, which struggle to attract funding from other sources.
In FY 2021, healthcare, boosted by funds allocated to the Prime Minister’ s National Relief Fund, emerged as the focus sector for CSR because of the various Covid-19 relief activities organisations undertook. As a result of this reallocation, other sectors, such as education and rural development, witnessed a decline in their share of CSR funding ( see Figure 3).
According to the Indian Ministry of Corporate Affairs, the amount currently spent on Covid-19 relief is eligible as a CSR activity. As a result, FY 2021 witnessed a large proportion of funds directed toward Covid-19 relief activities ( approximately 40%), with a five-times increase in funds from INR 1,815 Cr. in FY 2020 to INR 9,225 Cr. in FY 2021.
With respect to geographical allocation, approximately 50% of CSR funds are distributed to 10 states, led by Maharashtra, Karnataka, and Gujarat, limiting the distribution of funds to cities in other states. States such as Uttar Pradesh, Kerala, and Himachal Pradesh are also gradually gaining funding, with 32%, 33%, and 48% growth rates, respectively, from FY 2015 to 2021.
“ CSR now needs to move beyond cities. Money givers are willing to give to the work in the cities and also villages in Maharashtra, Gujarat, Andhra, Telangana, and some more states, but what about Uttarakhand, Bihar, Jharkhand, Meghalaya, and so many other states and regions where they don’ t have business establishments and factories? ”
A major challenge with CSR giving is the lack of an established institutional mechanism through which to deploy funds. Because companies tend to contribute funds in the vicinity of their company location, geographical bias, wherein fund allocation focuses more on cities than villages, creeps in. Lack of readily available organised data, knowledge of causes, and organisational due diligence pose a barrier to effective deployment of CSR funds.
Domestic individual philanthropy includes the two strong pillars of family philanthropy ( UHNI and HNI) and retail donations. Unlike CSR’ s positive trend, the story is not that simple here, with some segments reporting an increase and others stagnating or even reducing their contributions.
Family philanthropy overall forms about one-third of total private giving vs. approximately 40% in FY 2016. Division of the segment into UHNI and HNI giving shows differing trends, with UHNI giving exhibiting some volatility and reduction from its peak:
Even though absolute UHNI giving has increased over the past two years, giving as a percentage of net wealth ( excluding Azim Premji) has declined. One reason is a steep increase in the wealth of UHNIs following Covid-19: The number of individuals with wealth of more than INR 1,000 Cr. increased by approximately 20%, from 828 in FY 2020 to more than 1,000 in FY 2021, while their cumulative net worth increased by approximately 50%, from approximately INR 60 lakh Cr. to approximately INR 90 lakh Cr. in the same period. This trend was even more evident within the top wealth bracket, as the cumulative wealth of UHNIs in the more than INR 50,000 Cr. bracket rose by approximately 80% compared with an approximately 45% and approximately 30% rise in the INR 10,000 to INR 50,000 and INR 1,000 to INR 10,000 Cr. brackets.
Compared with China, the UK, and the US, Indian HNIs donate substantially less across all wealth brackets ( see Figure 5). This trend can change, however, especially with the rise of Indian start-ups and young tech entrepreneurs. UHNIs from the technology sector have donated more generously than other sectors, constituting about 8% of the total UHNI wealth in 2021 but contributing to approximately 35% of total donations ( see Figure 6), with similar trends noted in 2020. Multiple conversations with key stakeholders and initiatives such as the Young India Philanthropic Pledge, started by the Kamath brothers of Zerodha ( who, in fact, were the youngest entrepreneurs ever to feature in the Hurun Rich List), seem to back this trend.
“ The rise in new-age models of philanthropy, platforms such as Young India Philanthropic Pledge, and a growing number of institutions and intermediaries are playing a critical role in shaping and inspiring strategic and large-scale philanthropy … developments that can only bode well for the future of philanthropy in India. ”
Given these positive developments, Indian UHNIs could potentially increase their donations by 8 times, to INR 90,000 to INR 100,000 Cr., given that they match the percentage of giving of their UK and Chinese counterparts, and by 13 times, to INR 160,000 to INR 170,000 Cr., if they can match their US counterparts ( see Figure 7).
Unlike UHNI philanthropy’ s huge swings, total HNI donations could be less volatile, growing at a CAGR of 6%, from approximately INR 16,000 Cr. in FY 2015 to approximately INR 22,000 Cr. in FY 2021. In the period mentioned, the number of affluent households has risen from approximately 280,000 to approximately 391,000, and the number of HNI households has increased from approximately 5,000 to approximately 8,000. Both segments have increased at approximately 6% CAGR over the past seven years, driven by upward movement among upper-middle-class families into the affluent category.
Growth of the stock markets and India Inc. profits, increasing inflow of foreign capital for investment, and a meteoric rise in value creation in the start-up ecosystem have all contributed to this phenomenon. This trend is expected to grow stronger as India strives to become a $ 5 trillion economy by 2030.
Most interviewees asserted that as wealth grows and more families engage in formalised philanthropy, there is a need for a curated ecosystem for this particular segment of givers, which is placed between UHNIs ( whose donation sizes are usually large enough to justify setting up personal foundations or family offices) and retail givers ( the segment on which most crowdfunding platforms are focusing). It is critical to harness the giving potential of this segment, which will keep growing as India reaps the benefits of economic growth.
“ We see immense potential for family philanthropy over the next decade—unlocking it will need increased transparency and collaboration, evidence-based knowledge on credible giving opportunities, and stories of impact to inspire new givers. ”
Everyday giving and community-led social change have been integral parts of India’ s history and are deeply embedded in the culture. Unlike CSR and family philanthropy, retail donations are unorganised and nonsystemic in nature; they are often a result of emotional decisions and impulse action. Total retail donations have grown at a CAGR of 5%, from INR 21,000 Cr. in FY 2015 to INR 28,000 Cr. in FY 2021. Growth has been driven by upward mobility among households toward higher income groups between 2005 and 2018, with the majority of retail giving undertaken by high-income and upper-middle-income groups, both of which grew at 10% CAGR between FY 2006 and FY 2019 ( see Figure 8). Generally, it has been observed that an increase in retail donations is a function of rising income and the number of donors.
Retail donations take place through two major channels: formal and informal. Formal channels consist of retail donations to nongovernmental organisations ( NGOs) and disaster relief funds ( DRF), exemptions to which are available under Section 80G of the Income Tax Act. Such donations typically involve a direct monetary transfer from the donor to the NGO or DRF, with limited intervention by intermediate crowdfunding platforms such as Ketto and Milaap. These platforms are estimated to account for less than 10% of transactions by volume.
The informal segment covers everyday community giving to people in need. It is a direct form of help and proximate to the point of impact—for example, giving money to one’ s community to help a family member in need of urgent healthcare. Over the past five years, crowdfunding platforms have disrupted this segment by offering greater accessibility, flexibility, and ease of payment to donors along with a substantially wider reach to individuals and charities raising money.
“ In the midst of the disaster, crowdfunding infrastructure stood up and delivered. Anyone who wanted to give was able to, globally, with a single click. Easy-to-discover, reliable platforms were in place and were able to handle the scale. It is a good sign of where retail giving has reached in its evolution. However, these are still early days and a lot more needs to be done. ”
The crowdfunding market is still in its nascent stages in India and is minuscule in size compared with that of other countries, such as France, the UK, Canada, and the US. The estimated size of gross crowdfunding donations raised in the UK and France is approximately seven to eight times that of India.
The sluggish growth of the Indian crowdfunding sector can be attributed to limited penetration of digital payment methods and excessive regulatory barriers. Primarily, there are three types of crowdfunding: donation based, debt based, and equity based. In India, equity crowdfunding is illegal, and debt-based crowdfunding ( person-to-person lending) faces intense scrutiny from the Reserve Bank of India.
Crowdfunding shows immense potential as a key vehicle for channelising retail donations in the future. The power of crowdfunding can be seen by the volume of resources these platforms mobilised during the two deadly waves of the pandemic. Platforms such as Ketto and ImpactGuru registered four-times and two-times growth, respectively, during the pandemic-induced lockdown.
In both formal and informal channels, increasing digitisation of donations is a common emerging theme. Lockdowns and social distancing norms have also facilitated an increase in online donations. One survey highlights that 44% of Indians interviewed preferred using digital wallets compared with 28% in 2019. The number of people making donations online with cards has also been increasing, from 33% in 2018 to 35% in 2019 and 40% in 2020.
Formalisation of the retail donation landscape—that is, an increase in formal donations as a proportion of total retail donations—is an interesting trend that can be observed over the past five years. Formal donations have grown from approximately 10% in FY 2017 to approximately 20% in FY 2021 on the back of factors such as increasing incomes and the advent of crowdfunding platforms ( see Figure 9).
Although India has shown progress, a massive opportunity remains to formalise the sector. Studies show that tax incentives can play a positive role as well. For example, following an increase in incentives in Singapore from 200% to 250% in 2009, a 7% increase in individual donors was observed. Another intriguing approach to expand retail individual donations is instilling innovative practices such as donation matching within corporations. An organised way of donating wherein the employer matches the employee’ s contribution to a specific cause could help people come forward and donate. It is important to improve donors’ experience through innovative solutions ( appealing to the need for customised donation requirements across causes, organisations, events, etc.). Focusing on enhancing flexibility, convenience, and impact visibility for the donors will be crucial in the future.
CSR has the potential to be transformational in the short term; a deepening of the approach will help. Recent CSR mandates have opened the gateway to a larger, more predictable annual inflow of funds to the social sector. Additionally, stakeholders point to several corporations that went beyond the mandate to support communities during the pandemic, be it through cause marketing or promoters adding their private wealth to their corporate giving. With the growing emphasis on environmental, social, and governance reporting, corporations over the years have formalised and structured their CSR mandates, often involving business leaders and senior management in decision making and seeking CSR advisory groups to shape and manage their giving.
Although CSR has certainly evolved over the years, sector leaders emphasise the need for three shifts:
“ In India, the methodology and mindset of giving have still not been reimagined. Bangladesh, on the other hand, is a great example in developing a philanthropic strategy, for when they reach middle-income status in the next six to eight years. We’ ve got a lot to learn. ”
The pandemic prompted a rise in retail giving and brought new donors into the ecosystem through online crowdfunding platforms. As income increases, sector leaders assert that retail givers will gradually move from informal to formal modes of giving and seek more transparency in how their funds are being used. This shift calls for greater investment in the retail ecosystem across three key areas: expansion of causes beyond healthcare; innovating with recurring giving models, such as subscription-based monthly giving, leading to more involved giving vs. impulse giving; and creating stronger impact feedback loops with givers to encourage repeat giving. Retail giving affords significant flexibility to organisations as a funding channel; therefore, enhancing the ecosystem to support this segment will be key in the next decade of Indian philanthropy.
The infrastructure to support microlevel and UHNIs continues to evolve, but the annual giving potential among the segment of HNI family philanthropists in the range of INR 50 lakh to 5 Cr. has yet to be served. With new wealth being created in the country, there is a greater need to understand the profile of this cohort—their interest areas, motivations, and barriers to giving.
This segment needs an enabling ecosystem of knowledge-vehicles networks—reliable, organised data and knowledge about sectors and organisations that can accelerate giving decisions; shovel-ready opportunities across causes and giving levels; and platforms to understand and learn from giving journeys of peers. This group is widely scattered; investing in a combination of technology and networks to create a range of platforms, vehicles, and tools will enable this segment of givers to use their networks, talents, and assets toward philanthropy and creating impact. In turn, the request from this segment is that givers be more ready to take risks, provide flexible capital, and use their influence to unlock resources from their peers and networks.
“ Intermediaries can do a lot—connect corporates to good NGOs, facilitate linkages among various stakeholders, and educate families on how to best deploy their philanthropic resources. ”
Family philanthropy is becoming more visible and slowly shifting away from charitable work in the form of funding food, education, and scholarships to newer concepts and deeper focus areas. This shift is the result of the higher risk appetite of NowGen philanthropists, who are more entrepreneurial, socially aware, and innovative in their approach. It is critical to provide hands-on support to this promising cohort so that they can spearhead India’ s journey to achieve SDG.
Given their proximity to grassroots community groups and understanding of local realities, NGOs have played a critical role in supporting the most vulnerable communities through the pandemic, enabling last-mile connections where government services were unable to reach those in need.
As NGOs scale their reach within communities, there is a need for them to raise funding for and invest in institutional capabilities, particularly impact reporting, fundraising, and using technology and social media for strategic communications. This, of course, makes the case for more funders to allow for institutional funding within their grants so that NGOs can build teams and capabilities for deeper and greater funder engagement.
As we move beyond Covid-19 relief efforts, there is a growing need to create resilient, shockproof grassroot nonprofits so that the communities they serve can be empowered to rebuild and become resilient themselves.
“ I urge funders to place greater trust in local NGOs, enabling them to become nimble, responsive, and resilient organisations. This requires a different form of funding, one that is flexible, long-term, and covers the real costs required for NGOs to meet the community’ s ever-changing needs. ”
Although all funder segments have evolved and deepened their giving approaches over the years and we have seen more instances of co-creation among funders and NGOs, especially during the pandemic, there are three clear missions for all of them. First, let on-the-ground contexts and realities influence their giving decisions rather than top-down approaches; second, provide flexible funding so that the NGO can deploy it where it will be most effective for the communities; and finally, have a dialogue with the NGO as an equal stakeholder in this journey, not to view the NGO as a beneficiary but engage with it as an expert implementation organisation most proximate to the needs and challenges of vulnerable communities. Understanding and weighing in on their perspective while making funding decisions is key not only to stronger, more sustainable NGOs but to more sustainable impact.
“ The intent to be more flexible and proximate in their giving is great, but we are yet to see it really happening to a significant extent. I hope funders continue this dialogue, take action themselves, and inspire their peers to do the same. ”
Based on projections, CSR, retail, and family philanthropy are set to grow by approximately 10% to 14% in the next few years. There continues to be an information-expectation-priority asymmetry in the sector: Investing in strengthening ecosystems will help address that asymmetry and unlock greater, more equitable philanthropy. Some of the key tactics are as follows:
Sector leaders also suggest that although tax incentives may encourage giving as a desirable behavior and unlock greater capital, it is not the underlying driver for philanthropy. This further accentuates the need to invest in philanthropy infrastructure and create an inspiring, audacious movement to establish giving as a social norm in the country. We are today at a critical juncture, not only to understand but also to carry forward the momentum and potential of each cohort in pushing forward the country’ s development. The time to build a robust infrastructure to accelerate giving in India is now.
The India Philanthropy Report 2022 is a collaborative effort of Bain & Company and Dasra.
The authors wish to thank Deval Sanghavi, co-founder and partner at Dasra, and Darpan Jain, Swetabh, Neelima Tiwari, Ojasvi Chauhan, Manav Sehgal, Guneet Kaur, and Vyom Sharma from Bain for their contributions to the development of key insights that have gone into the report.
The authors would also like to thank the following individuals, who contributed rich insights to this report through their conversations with the authors:
Anshu Gupta, GoonjArnav Kapur, Bill and Melinda Gates FoundationFarhad Forbes, Forbes MarshallGautam John, Rohini Nilekani PhilanthropiesIngrid Srinath, Centre for Social Impact and PhilanthropyPradeep Bhargava, Confederation of Indian IndustryPushpa Aman Singh, GuideStar India & GivingTuesday IndiaShiv Kumar, Catalyst 2030Sumit Tayal, GiveIndia Foundation
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Strong pricing boosts Nike results despite China hit | Hi, what are you looking for?
Strong product pricing helped Nike offset a hit from lower sales in China, enabling to report better-than-expected quarterly profits.
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Published
Strong product pricing helped Nike offset a hit from lower sales in China, enabling the sporting goods giant to report better-than-expected quarterly profits on Monday.
The apparel and sneaker company scored increased sales in three of its four operating regions, led by Asia Pacific/Latin America and North America, the company’ s biggest source of revenues.
Nike said its gross profit margin increased from the same period of last year due to more full-priced sales, partly offset by elevated freight and logistics costs.
But revenues fell five percent in Greater China to $ 2.2 billion. The region — which has seen activity constrained by Beijing’ s “ zero tolerance ” policy on Covid-19 — also saw the biggest drop in profits before interest and taxes.
The company reported total profits of $ 1.4 billion for the quarter ending February 28, down four percent from the prior year, even as revenues rose five percent to $ 10.9 billion.
Shares of Nike jumped 5.9 percent to $ 137.85 in after-hours trading.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
The horrors of the war in Ukraine can be seen in 13-year-old Volodymyr's empty expression as he lies in the children's hospital in Kyiv.
Australia has returned 29 religious and cultural artefacts to India, among them several stolen or illegally exported from the country.
A China Eastern passenger jet carrying 132 people crashed onto a mountainside in southern China on Monday causing a large fire.
The EU’ s foreign policy chief Josep Borrell calls Russia’ s attack on port city of Mariupol “ a massive war crime. ”
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Centering communities for an enduring climate movement | Part of a series produced by Drawdown Labs featuring people without `` sustainability '' in their job title who fold climate into their roles and embody the different ways one can take climate action in the workplace.
Nico Valencia works for Intuit, leading innovation and programming for its corporate responsibility team. As part of Intuit’ s commitment to leveling the playing field for those historically with limited access to educational programs and job opportunities, Nico’ s core work focuses on opening doors for low-income and underserved students of color by providing enhanced access to educational tools and workforce training. Nico specifically facilitates entrepreneurship education through project-based learning, getting students to build their own businesses to grow real-world skills.
In his work, Valencia finds that while making a buck is appealing, the students he works with are much more interested in learning how to create businesses when an element of sustainability is core to the project. `` Instead of saying, ‘ Build a business,’ if I say, ‘ Reduce carbon emissions or create a sustainable water system,’ the students are more excited to go deeper in the project than if it was anything else reminiscent of traditional business. ''
Valencia’ s students reflect a heartening mindset present in younger generations: 93 percent of corporate employees under 30 believe they will become more motivated and loyal to their employers as their companies become more socially and environmentally responsible. By listening to his students’ interests, Nico is helping build the next generation of sustainability entrepreneurs, advocates and practitioners.
Valencia’ s students’ attraction to sustainability — and the nurturing of that interest — is vital for creating a durable climate movement for the long-haul. As such, he understands how crucial it is to close the opportunity gaps his students face so that they can be part of the solution in a system that hasn’ t always worked in their favor, especially during the pandemic.
Many of his students were forced to attend school virtually from their homes when the COVID-19 pandemic hit, subjecting many to unfit learning environments ( unstable home dynamics, food insecurity, unreliable internet connection, to name a few).
Valencia actively works to bridge this digital divide and ensure his students, who deeply care about social impact and sustainability, can pursue those passions now and in the future. When solutions are implemented in a way that actively uplifts the wants and needs of a community — such as a group of young people — they not only benefit the community itself, but they also create resilient and lasting systems for climate action.
Paisley Smith advances climate action through the Unity for Humanity program at Unity, fostering a community of social impact creators who are using real-time 3D technology to drive innovative storytelling. She’ s quick to note that her job `` is not as directly engaged with climate and sustainability as the sustainability team. '' In fact, Smith's work is very much tied to climate, encouraging people to get involved with sustainability by identifying social impact creators and supporting them through grants. This year, her company’ s grant program specifically identified creators taking action on climate and environment.
Smith sees `` a lot of projects that deal with climate change impacting community and culture '' — projects that tackle the heartbreaking reality that the climate crisis is impacting ways of life, today.
There are projects from all over the world, all using immersive technology and powerful narrative to share how climate change is disturbing their corners of the globe. One notable project `` explores the impacts of urban oil drilling on community health and how systemic racism and environmental injustices intersect, '' while another follows Indigenous peoples of the Amazon to show how climate change is hurting both their cultural and ecological communities.
Not only do community-focused stories stand out to Smith, but she also specifically looks for projects that are embedded in and will serve a specific community. When a proposed project has a strong community connection, Smith notes `` it will have a lifespan, and it might inspire other folks in the community and beyond to get involved. ''
When climate solutions — and their stories — come from and are ingrained in a community, they can ripple out to have a larger, longer-lasting impact, across people and generations.
2050 is a critical year for the climate crisis: It is the latest year by which the world must reach net-zero emissions to stay below a warming increase of 1.5 degrees Celsius, the goal of the Paris Agreement. When asked to envision a future in which the world has met this goal, and what must happen to get us there, Valencia and Smith highlight the importance of influencing others for change.
Valencia: There will be healthier, happier people and more community. And the only way to get there is for individuals and corporations to think beyond themselves. Everybody needs to think about what they can do to affect the world outside of just their own lives and realize their spheres of influence are bigger than they think. | esg |
S.Korean stocks end lower as Ukraine risks persist | * KOSPI falls, foreigners net sellers
* Korean won weakens against U.S. dollar
* South Korea benchmark bond yield rises
* For the midday report, please click
SEOUL, March 21 ( Reuters) - Round-up of South Korean financial markets:
* * South Korean shares fell on Monday as worries about continued fighting in Ukraine overshadowed hopes that peace would be brokered in the conflict. The Korean won weakened, while the benchmark bond yield rose.
* * The benchmark KOSPI closed down 20.97 points, or 0.77%, at 2,686.05. It gained as much as 0.40% earlier in the session to its highest level since March 4.
* * Leading the declines, chip giants Samsung Electronics and SK Hynix fell 1.13% and 1.61%, respectively, while battery maker LG Energy Solution rose 1.05%.
* * Ukraine on Monday rejected Russian calls to surrender the port city of Mariupol as they continued fierce fighting, despite attempts at peace talks between Russia and Ukraine.
* * Investors are also eyeing a series of speeches by Federal Reserve policymakers this week, starting with remarks by Chair Jerome Powell later on Monday.
* * At home, data on Monday showed South Korea's exports for the first 20 days of March jumped 10.1% from the same period a year earlier, while imports soared 18.9%, bringing the trade balance to a $ 2.08 billion deficit.
* * Meanwhile, the country has reached a deal to buy 10 million doses of the country's first experimental coronavirus vaccine, developed by SK Bioscience Co Ltd.
* * Foreigners were net sellers of 485.6 billion won ( $ 399.58 million) worth of shares on the main board.
* * The won ended at 1,216.3 per dollar on the onshore settlement platform, 0.72% lower than its previous close.
* * In offshore trading, the won was quoted at 1,215.3, while in non-deliverable forward trading its one-month contract was quoted at 1,215.5.
* * In money and debt markets, June futures on three-year treasury bonds fell 0.13 point to 107.43.
* * The most liquid 3-year Korean treasury bond yield rose by 3.7 basis points to 2.268%. ( $ 1 = 1,215.2900 won) ( Reporting by Joori Roh) | business |
Plugging the hole in the global cybersecurity industry | Hi, what are you looking for?
Over the past year some countries have seen decreases with the numbers employed in cybersecurity and others have seen increases.
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The cybersecurity industry has grown to 4.1 million professionals globally from 3.5 million in 2020. Within this significant population, workforces around the world are competing to be industry leaders.
The move by many companies to remote or hybrid working in response to the COVID-19 pandemic has increased the workloads for skilled IT professionals, and combined with the rising rate of ransomware attacks, this has fostered rise in demand for jobs relating to cyber-protection.
Despite the growth with the workforce, some countries have seen decreases with the numbers employed and others have seen increases.
Veriff, an international identity verification provider, has analysed the global cybersecurity workforce to reveal the top 14 countries paving the way, as well as the companies leading in recruitment and the most in-demand cybersecurity job roles.
This analysis reveals the top 10 countries with the largest cybersecurity workforce 2020 versus 2021. These are:
The data set has some interesting patterns.
The biggest growth is with the U.S., where the country has developed in size of the workforce being the number one largest in cybersecurity, with a total of 1,142,462 people. While numbers have increased, a cybersecurity talent gap exists across the country.
Where a large fall has occurred is with the U.K., which has decreased in 2021 by a loss of 65,736 people. In contrast, another European country, Germany, has expanded significantly in the workforce for cybersecurity in 2021 at 464,782 compared to any other country. Because of this, Germany was ranked seventh in 2020, which has now shifted to fourth place. The lowest-ranked country for the size of a workplace in cybersecurity in 2021 is Spain pushing Australia up ( 2020) to ninth place. Along with France, these three countries have relatively small populations working within the cybersecurity space.
Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.
The horrors of the war in Ukraine can be seen in 13-year-old Volodymyr's empty expression as he lies in the children's hospital in Kyiv.
Australia has returned 29 religious and cultural artefacts to India, among them several stolen or illegally exported from the country.
A China Eastern passenger jet carrying 132 people crashed onto a mountainside in southern China on Monday causing a large fire.
The EU’ s foreign policy chief Josep Borrell calls Russia’ s attack on port city of Mariupol “ a massive war crime. ”
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Crude jumps more than 6% as EU mulls Russian oil ban | Brent rose $ 7.14, or 6.6%, to $ 115.07 a barrel by 12:33 p.m. EDT ( 1633 GMT), while U.S. West Texas Intermediate ( WTI) crude futures rose $ 5.85, or 5.6%, to $ 110.55.
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.
( Additional reporting by Noah Browning in Londo, Sonali Paul in Melbourne and Florence Tan in Singapore; Editing by Marguerita Choy and Barbara Lewis)
By Marcy de Luna | business |
Nike runs past manufacturing setbacks; sales jump | Nike Inc said on Monday manufacturing issues pinching sales over the past six months were now behind it, positioning the company to take advantage of surging demand for sports shoes and apparel.
Shares of the world's biggest sportswear maker rose 5.9% to $ 137.90 in extended trading, as it also beat third-quarter revenue and profit estimates.
Pandemic-related factory closures last year in Vietnam, where about half of Nike's footwear is made, and the slow return to normal production in the country led to a shortage of Nike, Jordan and Converse sneakers across most markets.
All Nike factories in Vietnam are now operational, with total footwear and apparel production in line with pre-closure volumes, the company's Chief Financial Officer Matthew Friend said.
However, shipping delays were still a cause for concern for Nike, especially in North America where transit times have worsened, Friend added.
The company's North America revenue rose 9% in the third quarter, helped by sustained pandemic demand for athletic wear, return of school sports and price increases.
`` As people returned to some sort of new normal, that still has involved a lot of outdoor activities like trail running, golf and tennis, '' said Jessica Ramirez, retail analyst at Jane Hali & Associates.
Revenue in Greater China fell 8% in the third quarter, as Nike was forced to prioritize sending its limited supplies to North America over the Chinese market.
The company said it was unclear what the impact of a fresh surge in COVID-19 cases in China would have on its fourth-quarter results.
Nike's revenue rose 5% to $ 10.87 billion in the quarter ended Feb. 28, while analysts had expected $ 10.59 billion, according to IBES data from Refinitiv.
On an adjusted basis, the company earned 87 cents per share, beating estimates of 71 cents per share. ( Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta) | business |
UNICEF’ S response to COVID-19 in Eastern and Southern Africa | Since the earliest days of the COVID-19 pandemic, UNICEF country offices in Eastern and Southern Africa have worked closely with national governments, civil society and private sector partners, United Nations country teams, non-governmental organizations and donors to reduce transmission and mitigate the impacts of the virus.
In October 2020, the UNICEF Eastern and Southern Africa Regional Office commissioned a Real-Time Assessment ( RTA) of UNICEF’ s response to COVID-19 across the Eastern and Southern Africa region. This exercise was conceptualised in two phases: the first phase took place from October 2020 to January 2021, while Phase II started in April and ended in December 2021.
UNICEF’ s work is grounded in empirical data, rigorous research and thoughtful analysis.
For more than 70 years, UNICEF has led the global fight for children’ s rights. Join us. | general |
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.
Hong Kong ( CNN)
For nearly two years, China's daily Covid caseload rarely extended into triple digits, and often weeks went by without a single case.
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.
Read More
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.
A temporary hospital for the Covid-19 patients in Changchun, capital of northeast China's Jilin Province in March, 2022.
`` 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.
A medical worker takes a swab sample from a resident for nucleic acid test at a community of Jiutai District in Changchun, northeast China's Jilin Province on March 18, 2022.
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.
CNN's Beijing bureau contributed reporting. | general |
Ascot Reports 2021 Annual Results | March 21, 2022 18:30 ET | Source: Ascot Resources Ltd. Ascot Resources Ltd. Vancouver, British Columbia, CANADA
VANCOUVER, British Columbia, March 21, 2022 ( GLOBE NEWSWIRE) -- Ascot Resources Ltd. ( TSX: AOT; OTCQX: AOTVF) ( “ Ascot ” or the “ Company ”) announces the Company's audited consolidated financial results for the year ended December 31, 2021. For details of the audited consolidated financial statements, Management's Discussion and Analysis, and Annual Information Form for the year ended December 31, 2021, please see the Company's filings on SEDAR www.sedar.com.
Derek White, President and CEO, commented, `` Ascot continued to make solid progress on the project last quarter and early in 2022. The Early Works program was advanced with a focus on installing the Ball and SAG mills, continuing work inside the mill building, and preparing for this year’ s outdoor construction season. The Mines Act Permit was received in December and the Environmental Management Act Permit was received in January, enabling the commencement of full-scale construction and underground development planned for late April 2022. The Company recently closed a bought deal financing for gross proceeds of C $ 64M, providing additional funding for project construction this year. On the exploration front, we saw continued success and expansion at the Day Zone, encouraging initial drill results at the Sebakwe Zone, and high-grade stope definition drill results at Big Missouri. We are eager to advance the Premier Gold Project this year towards pre-commissioning in Q4 2022, first gold pour in Q1 2023, and becoming Canada’ s next gold producer. ”
All amounts herein are reported in $ 000s of Canadian dollars ( “ C $ ”) unless otherwise specified.
The Company reported a net loss of $ 170 for Q4 2021 compared to $ 4,436 for Q4 2020. The lower loss in Q4 2021 was mainly driven by a $ 1,799 gain on change in estimate of Production Purchase Agreement ( PPA) liability due to a change in anticipated production schedule and a $ 1,659 decrease in loss on valuation of the Company’ s convertible debt, driven by fluctuations in the variables used to calculate the fair value of the embedded derivative.
The Company reported a net loss of $ 2,948 for 2021 compared to $ 8,427 for 2020. The lower loss in 2021 was mainly driven by a $ 3,515 gain on valuation of the Company’ s convertible debt driven by fluctuations in the variables used to calculate the fair value of the embedded derivatives and a $ 1,799 gain on change in estimate of PPA liability.
As at December 31, 2021, the Company had working capital of $ 47,002, cash & cash equivalents balance of $ 59,130. During 2021, the Company issued 98,027,377 common shares, 603,190 stock options, 40,781 Deferred Share Units. Also, 1,400,000 stock options expired, 505,558 stock options were forfeited, 66,667 stock options were exercised and 29,167 RSUs were forfeited during 2021. Subsequent to December 31, 2021, the Company closed a bought deal financing for total gross proceeds of $ 64,241.
Figure 1 – Overview of mill building and temporary construction camphttps: //www.globenewswire.com/NewsRoom/AttachmentNg/18b614da-3643-48d8-843f-70772b97b765
Figure 2 – Ball and SAG millshttps: //www.globenewswire.com/NewsRoom/AttachmentNg/0c991c0a-60bf-4f1b-ad77-bc5416a6329f
Figure 3 – Tank erection outside mill buildinghttps: //www.globenewswire.com/NewsRoom/AttachmentNg/07002c58-0e2e-481e-bb9a-79ad042f5097
Figure 4 – Snow removal reaching the planned S1 underground portal areahttps: //www.globenewswire.com/NewsRoom/AttachmentNg/7b113467-7642-4ba2-bee8-1bfcc3d409c8
John Kiernan, P.Eng., Chief Operating Officer of the Company is the Company’ s Qualified Person ( QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
On behalf of the Board of Directors of Ascot Resources Ltd. “ Derek C. White ” President & CEO
David Stewart, P.Eng.VP, Corporate Development & Shareholder Communicationsdstewart @ ascotgold.com778-725-1060 ext. 1024
Ascot is a Canadian junior exploration and development company focused on re-starting the past producing Premier gold mine, located on Nisga’ a Nation Treaty Lands, in British Columbia’ s prolific Golden Triangle. Ascot shares trade on the TSX under the ticker AOT. Concurrent with progressing the development of Premier, the Company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in collaboration with Nisga’ a Nation as outlined in the Benefits Agreement.
For more information about the Company, please refer to the Company’ s profile on SEDAR at www.sedar.com or visit the Company’ s web site at www.ascotgold.com, or for a virtual tour visit www.vrify.com under Ascot Resources.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
All statements and other information contained in this press release about anticipated future events may constitute forward-looking information under Canadian securities laws ( `` forward-looking statements ''). Forward-looking statements are often, but not always, identified by the use of words such as `` seek '', `` anticipate '', `` believe '', `` plan '', `` estimate '', `` expect '', `` targeted '', `` outlook '', `` on track '' and `` intend '' and statements that an event or result `` may '', `` will '', `` should '', `` could '' or `` might '' occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including statements in respect of the use of proceeds of the Offering, the advancement and development of the PGP and the timing related thereto, the exploration of the Company’ s properties and management's outlook for the remainder of 2022. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks associated with the business of Ascot; risks related to exploration and potential development of Ascot's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and indigenous groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; risks associated with COVID-19 including adverse impacts on the world economy, construction timing and the availability of personnel; and other risk factors as detailed from time to time in Ascot's filings with Canadian securities regulators, available on Ascot's profile on SEDAR at www.sedar.com including the Annual Information Form of the Company dated March 21, 2022 in the section entitled `` Risk Factors ''. Forward-looking statements are based on assumptions made with regard to: the estimated costs associated with construction of the Project; the timing of the anticipated start of production at the Project; the ability to maintain throughput and production levels at the Premier Mill; the tax rate applicable to the Company; future commodity prices; the grade of Resources and Reserves; the ability of the Company to convert inferred resources to other categories; the ability of the Company to reduce mining dilution; the ability to reduce capital costs; and exploration plans. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Although Ascot believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Ascot can give no assurance that such expectations will prove to be correct. Ascot does not undertake any obligation to update forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. | general |
Mexico City's new international airport opens with few flights | Hi, what are you looking for?
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Mexico on Monday opened a new international airport serving the capital — a flagship project of President Andres Manuel Lopez Obrador — but so far many airlines are hesitant to use it.
Felipe Angeles International Airport, built at a military air base north of Mexico City, began operating with a domestic Aeromexico flight bound for Villahermosa in Lopez Obrador’ s home state of Tabasco.
“ The airport is 100 percent complete, ” Lopez Obrador said at his daily news conference held at the new airport.
“ It’ s just a matter of airlines increasing their trips ” from Felipe Angeles, he said.
The opening of Lopez Obrador’ s first major infrastructure project comes as Mexicans prepare to vote on April 10 in a referendum championed by the president on whether he should stay in office.
So far only three national airlines — Volaris, Viva Aerobus and Aeromexico — as well as Venezuela’ s Conviasa have agreed to operate a limited number of mostly domestic flights from Felipe Angeles.
The new hub, named after a general in the Mexican revolution, is meant to take the pressure off Benito Juarez airport, which will continue operating.
Benito Juarez, which handled a record 50.3 million passengers in 2019 before the Covid-19 pandemic, is one of the busiest airports in Latin America.
Its location in eastern Mexico City is far more convenient for many residents of the capital than Felipe Angeles, which is located about 40 kilometers ( 25 miles) north of the city’ s historic district.
A planned rail link to connect the airport with the capital’ s suburban train network is not scheduled to be completed until the second half of 2023.
Felipe Angeles was controversial from the start.
After taking office in 2018, Lopez Obrador canceled another airport project launched by the previous government that was already one-third complete.
He branded the $ 13 billion project a “ bottomless pit ” rife with corruption and tasked the military with overseeing construction of the new airport at a cost of around $ 3.7 billion.
Felipe Angeles is expected to handle 2.4 million passengers in 2022 and about five million people by 2023, its operational director Isidoro Pastor told reporters.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
The horrors of the war in Ukraine can be seen in 13-year-old Volodymyr's empty expression as he lies in the children's hospital in Kyiv.
Australia has returned 29 religious and cultural artefacts to India, among them several stolen or illegally exported from the country.
A China Eastern passenger jet carrying 132 people crashed onto a mountainside in southern China on Monday causing a large fire.
The EU’ s foreign policy chief Josep Borrell calls Russia’ s attack on port city of Mariupol “ a massive war crime. ”
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TFG Weekly Trade Briefing, 21st March 2022 | COVID-19 pushed 4.7m people in Southeast Asia into extreme poverty in 2021, but region can bounce back in 2022, says new ADB report
UK and Turkey agree clean transport deal worth £1.7bn in boost to British rail industry
The ICC and the WTO have published the world’ s first toolkit to help companies and governments adopt standards to accelerate the digitalisation of trade processes. Read more→
The Russian war in Ukraine is leading to a long-term upheaval in global trade flows of everything from wood and oil to diamonds and COVID-19 vaccines. Read more →
A new report has found that the COVID-19 pandemic pushed 4.7 million people in Southeast Asia into extreme poverty in 2021, following the loss of 9.3 million jobs since 2019. Read more →
The new changes to the master participation agreements ( MPAs) reflect the cessation of the London Interbank Offered Rate ( LIBOR) at year-end 2021. Read more →
The new platform, DiginexLUMEN, is a due diligence tool that aims to provide brands with trust, transparency, and accountability in global supply chains. Read more →
The UK has signed a landmark trade finance deal with Turkey that will support the construction of a major new railway. Read more →
Volante Technologies, a global cloud payments and financial messaging company, has announced the launch of its Volante ISO 20022 Service. Read more →
The new Climate Working Group ( CWG) will aim to support the integration of climate action in the export credit, trade finance, and political risk insurance industries. Read more →
Elcyn Domigo is an author for Trade Finance Global.
Elcyn Domigo is an author for Trade Finance Global. | general |
Seattle faces dire challenges, including homelessness and rise in violent crime – in pictures | In Seattle, a surge in violent crime and the rise of homelessness are among some of the tough issues exacerbated during the covid pandemic
Photographs by John Moore/Getty Images
Mon 21 Mar 2022 09.19 GMT Last modified on Mon 21 Mar 2022 21.01 GMT
Photograph: John Moore/Getty Images | general |
How the Ukraine conflict and supply chain chaos could play out in food prices | Wells Fargo chief agricultural economist Michael Swanson is already seeing improvements in inflationary pressures such as labor and transportation, even as `` the next wave '' of increases takes hold.
Whether meat, produce, bread or dairy, there has not been a single food category that has escaped inflationary pressures. Most recently, the consumer price index for food-at-home recently saw its biggest 12-month increase in more than 40 years, according to U.S. Bureau of Labor Statistics data.
Supply chain disruptions, labor shortages, and higher fuel and transportation costs have all fed into the increase. Extreme weather has as well, and it has led to shortages of major crops, from durum wheat to citrus. More recently, Russia's assault on Ukraine has devastated regional food supply chains, caused major CPG companies to halt operations and investments, and triggered price spikes for global commodities such as wheat and soybeans.
But despite this chaotic picture for food prices, Michael Swanson, chief agricultural economist at Wells Fargo, believes that many — but not all — of these issues will sort themselves out in the coming months. Swanson spoke to Food Dive this past week to share his take on the current state of inflation, its main drivers, and `` the biggest mistake '' that food CPGs could make as they try to navigate the price volatility. What follows are highlights of that conversation.
Editor’ s note: This interview has been edited for clarity and brevity.
MICHAEL SWANSON: A couple of things come to mind that I think are a little bit different than what you would hear generally. One is when we look back at the current inflation, we're seeing food at home running at 8.7% year-over-year, which of course everybody knows is a multidecade high for food inflation. That's not a result of a shortage of ingredients — it’ s hard for a lot of people to really believe that. The price increases we're seeing today, those were negotiated back in November, December and January between the food manufacturers and the food retailers. What we're seeing there was the labor and the transportation and the packaging costs being passed along. So we really haven't had a food shortage or food scarcity. Food inflation to date has represented almost entirely that transformation process of turning what we already had abundantly into what we want to eat.
SWANSON: Absolutely: protein, which has led the way in the food inflation spike of 2020 during COVID and the current spike. Basically when you talk about protein, you're talking about transforming corn and soybean meal and other basic feed grains and into animals. And when you see the price that we have for the feed range right now, for the people that have the livestock that have to buy that, they're obviously going to be catching a new wave of price inflation. And you're concentrating higher-price grain and multiplying it by that multiplier effect of the protein. So, yes, we would expect that meat, poultry and dairy to really compress their margins and also pass along at higher costs, because you can't run that sector without the higher price of corn and soybeans.
SWANSON: Let's go back and talk about a couple things that the general public doesn't understand. First, the United States exports wheat, has and always will, so we’ re not an importer. But that doesn't mean we're insulated from the world market. If a grain operation can export wheat at a higher price, they will do so and then the domestic market has to match it. And so the run up in wheat prices is almost entirely the fact that the rest of the world is going to be short due to the missing Ukraine and Russian wheat. Not us — we still grow way more wheat than we need.
Having said that, we produce a very high-quality wheat, the United States grain handling system. I used to work for Cargill. It's clean, it's high quality, it's sorted, well handled. So, it's highly prized by a lot of the wealthier countries around the world. So that definitely is going to push up the price of flour. Flour equals higher-price bread flour, higher-price flour equals higher-price chips and crackers, as well as pasta. So there's no way to hide from that global trade problem.
SWANSON: Here are some numbers that I 've been sharing with a lot of purchase managers, just to put things in context: Ukraine and Russia have 190 million people in two countries out of 8 billion [ globally ], so they have 2.4% of the population in the globe. They account for 3.6% of global agricultural production. So that means they have a surplus — that's why they're important in the export market. So it's pretty, pretty similar to their total but they're 14.6% of the global production of wheat — 11.3% is in Russia, 3.3% was in Ukraine. So that's why they are such an important part of the wheat market.
So Russia is part of the corn market — 3.8% of the global trade and production — but they certainly shouldn't be a price set. But we have this current flow through to our domestic price model, based on a relatively small piece of the market. Now [ for ] the wheat, they're a bigger piece of a small market.
One thing you hear with no context is that Ukraine does 80% of the world's trade in sunflower oil. Yes, but sunflower's like 3% of the total edible oil market. So they're a big player in a very small piece of that market. It's not like they're Malaysia with palm oil. They're nowhere near that type of influence there.
So once again, the market is panicked between the canola trade and that soybean trade. I 'm not going to say you can stand against the market in the short term, but certainly the numbers themselves don't justify the amount of volatility we 've seen in the market, on a historical basis.
SWANSON: It's surprising but we now have more truck driving than we 've ever had before. And we now have more people working in food manufacturing than we’ ve ever had before. So they 've been able to hire enough people. I was with several producers last week and I always ask, “ What's your labor situation? ” And they said that surprisingly, they’ d always like to have a few more good people, but they're well past that dire situation a year or so ago where they were running short-staffed continuously. So what that says is if you are well staffed and continuously staffing, the adequate wage pressures that start to slow, you're not going to have to keep bidding higher and higher. That doesn't mean you go backwards, but I see some good things happening.
We're seeing a recovery in the manufacturing floor and in the trucking industry, which really is going to help take away some of those major constraints that are really pushed up on food inflation. Now we're going to be dealing with higher ingredient costs, kind of the second wave here, but we will be dealing with both of them at the same time.
SWANSON: Absolutely — and things that don't repeat themselves. For example, last year we had that freeze in Texas that impacted the packaging availability, the petrochemical complex. It doesn’ t look like we’ re going to have that again this year. I heard that some of the container traffic delays are down. Container prices are still high, but those can drop dramatically. As we unkink a lot of these supply chain issues... that's going to be really helpful because that was the genesis of the first wave of inflation. If it doesn't continue, then they 'll be able to absorb the ingredient cost a lot better.
SWANSON: The old saying about `` not switching horses in the middle of the stream keeps you from getting wet '' applies to the current environment. Many CPGs have refocused on their hedging strategies because of the volatility and the rising costs. Hopefully, they were `` hedging to budget '' before the price increases and volatility. That means they are benefiting from that protection, and in the future, they will deal with falling prices which are in their budget. The biggest mistake would be to switch their hedging and risk management to `` swing for the fences '' based on the belief that they know what happens next. No one can know the unknowable, but it’ s surprising how many people don’ t accept that in reality. The key will be to make sure their hedges actually do what they are supposed to do and don’ t turn into speculation.
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Pfizer Boss Earned $ 24.3 Million in 2021 and Other COVID-19 News | There is no doubt that Pfizer’ s approach to COVID-19 has been a success: the first COVID-19 vaccine in partnership with BioNTech to be authorized in the United States, one of the predominant vaccines around the world, and a successful oral antiviral therapy, all without taking direct R & D funds from the government via Operation Warp Speed. And the company has benefitted handsomely, as has its chief architect, Albert Bourla. For that and more COVID-19 news, continue reading.
Pfizer’ s Bourla Raked in $ 24.3 Million in Total Compensation in 2021
Albert Bourla, Pfizer’ s chief executive officer, took home a salary of $ 1.69 million in 2021, with a cash incentive of $ 8 million and $ 13.2 million in stock and options. Throw in $ 1.38 million on other compensation and he received $ 24.3 million in total compensation, an increase of 15% from 2020. Bourla holds almost 597,000 shares in the company, worth more than $ 32 million. To Pfizer, he’ s undoubtedly worth it, having helmed the company to be the first, with its partner BioNTech, to receive an emergency use authorization ( EUA) for a COVID-19 vaccine in the U.S. That vaccine alone generated $ 36.8 million in revenue last year, with $ 32 billion projected for 2022. Toss in another projected $ 22 billion for its COVID-19 antiviral regimen projected for this year, and Bourla led the company to stellar profitability.
There are three authorized and/or approved COVID-19 vaccines in the U.S.: Pfizer-BioNTech, Moderna, and Johnson & Johnson. Around the world, there are others, including AstraZeneca-Oxford, Sinovac, Sputnik V and a handful of others. Late to the market are Novavax and Sanofi-GlaxoSmithKline, while other companies are still regularly announcing preclinical and clinical results for their potential vaccines. But as new cases worldwide slow, is there a market for new vaccines?
“ We think there’ s likely going to be long-term ongoing demand for COVID vaccines, for boosters at least, ” said Matt Linley, analytics director for London-based Airfinity. “ But it will be a lot smaller than it is. We believe it’ s kind of peaked. ”
And a U.S. Centers for Disease Control and Prevention study found that the three COVID-19 vaccines authorized in the U.S. provided strong prevention against death and severe disease even though their efficacy wanes over time. They found it was 79% effective in preventing ventilation or death and that a single booster shot brought it up to 94%.
Tinnitus, or ringing or buzzing in one or both ears, might be a side effect of COVID-19 vaccines. Although there have been some reports, the CDC and vaccine makers who have investigated reports of tinnitus haven’ t found evidence of cause and effect. A JAMA study from Johns Hopkins University School of Medicine analyzed 555 reports of hearing loss that may be linked to any of the three U.S. COVID-19 vaccines reported in the Vaccine Adverse Event Reporting System ( VAERS). However, the study didn’ t find that hearing loss or other auditory problems were more common after vaccines than expected in the general population. A study of Israel found a slight increase in hearing problems after receiving the Pfizer-BioNTech vaccine, but the reports are very rare.
As COVID-19 cases increase in Europe, primarily due to the rise of the Omicron BA.2 subvariant and relaxation of restrictions, Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases and the Biden administration’ s chief COVID-19 advisor, predicts an “ uptick ” in cases in the U.S. that will echo those in Europe. He added, it is “ no time at all to declare victory because this virus has fooled us before and we really must be prepared for the possibility that we might get another variant. And we don’ t want to be caught flat-footed on that. ”
Dr. Fauci’ s comments occur partly in the context of attempts by the Biden administration to convince Congress to continue funding COVID-19 pandemic relief efforts. Dr. Fauci also added that an increase in BA.2 cases might not lead to a parallel surge in hospitalizations or deaths, similar to what is happening in Europe.
As mentioned above, another SARS-CoV-2 variant appears to be increasing in the U.S. and Europe. It is a subvariant, or sister variant of Omicron, dubbed BA.2. Its genetic sequence is different from that of the first Omicron variant, BA.1, and has sometimes been called a “ stealth ” variant because it isn’ t easy to differentiate from the Delta variant. It now makes up about 23.1% of cases, up from 14.2% from the week ending March 5. It is more transmissible than BA.1, but it isn’ t known if it causes severe illness. Nor is it known if it evades immunity from vaccines, previous illnesses or antibody therapies. Vaccines seem to be as effective against BA.2 as against BA.1, which generally means they don’ t necessarily prevent infection but prevent severe illness and death. And they do believe that if you were infected by BA.1, you have good protection against BA.2.
AstraZeneca recently reported a study indicating that its antibody-based cocktail Evusheld effectively neutralizes BA.2. An earlier study said it was effective against BA.1. | general |
Suspected DarkHotel APT resurgence targets luxury Chinese hotels | Hospitality firms in Macao, China, are bearing the brunt of targeted cyberattacks.
Charlie Osborne is a cybersecurity journalist and photographer who writes for ZDNet and CNET from London.
A new wave of suspected activity conducted by the DarkHotel advanced persistent threat ( APT) group has been disclosed by researchers.
Last week, Trellix researchers Thibault Seret and John Fokker said that a malicious campaign has been targeting luxury hotels in Macao, China since November 2021, and based on clues in the attack vector and malware used, the team suspects DarkHotel is the culprit.
DarkHotel is a South Korean APT that uses tailored spear phishing attacks. The APT has been active in the hospitality, government, automotive, and pharmaceutical industries since at least 2007 and tends to focus on surveillance and data theft, with business and industry leaders marked as targets.
If you're looking to compromise high-value targets such as CEOs and other executives, it makes sense to target high-end locations they are likely to book in with. According to Trellix, major hotel chains in Macao, China -- including the Grand Coloane Resort and Wynn Palace -- are now among the APT's victims.
DarkHotel's campaign began with a spear phishing email sent to appear to be from the `` Macao Government Tourism Office '' to management staff in the luxury hotels, including front office and HR employees, who were likely to have access to guest booking systems.
The emails contained an Excel sheet lure requesting the completion of a form for a guest inquiry, and if macros are enabled by the victim in order to read the document, the macros trigger the download and execution of malware payloads.
Once the researchers peeled back layers of obfuscation, they revealed a malware function designed to create a scheduled task for persistence and the launch of VBS and PowerShell scripts to establish a connection to a hard-coded command-and-control ( C2) server disguised as a service owned by the Federated States of Micronesia.
The attack chain has a number of similarities, including the IP address and C2 infrastructure in use, as a campaign documented by Zscaler in 2021.
Normally, you would expect the APT to then execute further payloads for credential harvesting and data theft. However, in this campaign, activity suddenly stopped in January.
`` We suspect the group was trying to lay the foundation for a future campaign involving these specific hotels, '' Trellix said. `` After researching the event agenda for the targeted hotels, we did indeed find multiple conferences that would have been of interest to the threat actor. [... ] But even threat actors will get unlucky. Due to the rapid rise of COVID-19 in Macao and in China in general, most of [ the ] events were canceled or postponed. ''
Trellix has attributed the attacks to DarkHotel with a `` moderate '' level of confidence, based on IP addresses already linked to the APT and `` known development patterns '' clues hidden in the malware's C2 server.
However, the team acknowledges that this may not be enough for full attribution, especially when some threat groups are known to plant false flags to lead the cybersecurity community to believe their work is that of another, thereby staying under the radar.
`` Regardless of the exact threat actor attribution, this campaign demonstrates that the hospitality sector is indeed a valid target for espionage operations, '' the researchers say. `` Executives should be aware that the ( cyber) security of their respective organizations doesn't stop at the edge of their network. ''
Back in 2020, Qihoo 360 attributed an ongoing wave of cyberattacks launched against Chinese government agencies and their employees to the APT.
The cybersecurity researchers said that a zero-day vulnerability was used to compromise at least 200 Sangfor SSL virtual private network ( VPN) servers, many of which were used by government entities in Beijing and Shanghai, as well as departments involved in Chinese diplomacy.
While the COVID-19 pandemic has severely disrupted the travel industry and the rising cost of both living and transport may keep tourists away for longer, threat actors will continue to try and obtain valuable information from hotels and their guests.
When you're on the road, it is advisable to keep basic security standards up, and while you can't prevent security incidents such as the compromise of point-of-sale ( PoS) systems, using mobile networks rather than public Wi-Fi hotspots is recommended, as well as the use of virtual private networks ( VPN) and fully updated software.
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Hong Kong to lift ban on flights from nine countries in April | Hi, what are you looking for?
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Hong Kong will resume international flights from nine countries including the United States and Britain in April, city leader Carrie Lam said Monday.
After the highly transmissible Omicron variant emerged in January, authorities quickly put in place flight bans from eight countries deemed high-risk — including the United States, Britain, France and India — and in February added a ninth, Nepal.
But infections climbed rapidly within the finance hub despite tightening social distancing measures, and in three months Hong Kong recorded more than a million cases and 5,600 deaths.
On Monday, Lam said starting April 1, Hong kong lift remove flight bans — known as a “ circuit breaker ” — for the nine countries.
“ The circuit-breaker … is inopportune now, ” she said during a press conference.
“ The epidemic situations in those countries are not worse than Hong Kong’ s, and most arrivals did not have serious symptoms. To extend the circuit-breaker will add to concerns and anxieties of Hong Kong residents stranded there. ”
Lam’ s administration has been pummelled for its handling of the Covid crisis, for putting out unclear messages about proposed mass testing and lockdown measures.
Fear of being caught in a sudden lockdown fuelled panic — causing residents to strip supermarket shelves bare — and led to a record high exodus of both foreign and local residents.
By mid-March, Hong Kong recorded a net outflow of more than 134,000 people leaving the city.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
The horrors of the war in Ukraine can be seen in 13-year-old Volodymyr's empty expression as he lies in the children's hospital in Kyiv.
Tens of thousands of farmers and others from the countryside warned the Spanish government their lifestyles are in danger - Copyright AFP Shahid Saeed...
This case will create either ripples or waves throughout the global regulatory and civil legal environment.
Nearly 200 nations gather to grapple with a question how does a world addicted to fossil fuels prevent carbon pollution from making Earth unliveable?
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Australia to make Big Tech hand over misinformation data | The Australian Communications and Media Authority ( ACMA) will also be able to enforce an internet industry code on uncooperative platforms, the government said on Monday, joining others around the world seeking to reduce the spread of harmful falsehoods online.
The planned laws are a response to an ACMA investigation that found four-fifths of Australian adults had experienced misinformation about COVID-19 and 76% thought online platforms should do more to cut the amount of false and misleading content online.
The laws broadly align with efforts by Europe to curb damaging online content, which are due to take effect by the end of 2022, although the European Union has said it wants even tougher measures to stop disinformation given some of the output from Russian state-owned media during the invasion of Ukraine.
`` Digital platforms must take responsibility for what is on their sites and take action when harmful or misleading content appears, '' Communications Minister Paul Fletcher said in a statement.
Australians were most likely to see misinformation on larger services like Meta Platforms's Facebook and Twitter Inc, the ACMA said.
False narratives typically started with `` highly emotive and engaging posts within small online conspiracy groups '' and were `` amplified by international influencers, local public figures, and by coverage in the media '', it added.
The authority also noted that disinformation, which involves intentionally spreading false information to influence politics or sow discord, was continuing to target Australians. Facebook had removed four disinformation campaigns in Australia from 2019 to 2020, it said.
It said conspiracy groups often urged people to join smaller platforms with looser moderation policies, like Telegram. If those platforms rejected industry-set content guidelines `` they may present a higher risk to the Australian community '', the ACMA said.
The crackdown adds another element to the ruling conservative government's assertion that it has taken a big stick approach to tech giants, as it faces an election that is due by May that most polls suggest it will lose.
Fletcher said the new powers for the regulator would be introduced to parliament in late 2022, meaning it would likely be up to the current opposition Labor party to shepherd them through if the government loses the election.
A spokesperson for Labor's shadow communications minister, Michelle Rowland, told Reuters the opposition supported the expanded powers but the government had taken too long to introduce them since they were recommended in 2019.
DIGI, an Australian industry body representing Facebook, Alphabet's Google, Twitter and video site TikTok, said it supported the recommendations and noted it had already set up a system to process complaints about misinformation.
( Reporting by Byron Kaye; editing by Jane Wardell, Robert Birsel)
By Byron Kaye | business |
Aluminium prices dip as China's COVID cases dampen growth outlook | Aluminium prices slipped on Tuesday as rising coronavirus cases in China clouded growth outlook for the top metals consumer, although losses were capped by jitters over supply disruption as Russia-Ukraine peace discussions failed to ease conflict.
Three-month aluminium on the London Metal Exchange ( LME) was down 0.1% at $ 3,516 a tonne by 0236 GMT, but hovered close to a near two-week high scaled on Monday.
The most-traded May aluminium contract on the Shanghai Futures Exchange fell 0.7% to 22,875 yuan ( $ 3,594.21) a tonne.
China's financial hub Shanghai on Tuesday reported a fifth consecutive daily record for locally transmitted COVID-19 asymptomatic cases as the highly infectious Omicron variant complicates efforts to stop the virus spreading.
However, exacerbating aluminium supply concerns was Australia's export ban of alumina and aluminium ores to Russia as part of its sanctions against Moscow, while Germany-based TRIMET is also due to cut aluminium production at Essen facility by 50% due to higher energy prices.
FUNDAMENTALS
* LME copper fell 0.4% to $ 10,257 a tonne, lead rose 0.6% to $ 2,272.5, zinc was 0.9% lower at $ 3,906 and tin was up 0.7% at $ 42,025.
* ShFE copper was flat at 73,140 yuan a tonne, lead eased 0.2% to 15,220 yuan, zinc rose 0.9% to 25,595 yuan and tin fell 1% to 338,840 yuan. The most-traded August nickel contract fell 2.4% to 197,460 yuan a tonne.
* The LME three-month nickel contract hit its lower trading limit of 15% on Monday as traders sold on expectations of falling prices for the metal.
* The global nickel market saw a surplus of 6,000 tonnes in January compared with a deficit of 5,300 tonnes in the same period last year, data from the International Nickel Study Group showed on Monday.
* Global primary aluminium output fell to 5.114 million tonnes in February from 5.236 million in the same month in 2021, data from the International Aluminium Institute showed.
* A joint venture between Indonesian state miners Aneka Tambang and Inalum expects a commercial operation delay until at least July 2024 for its $ 831.5 million alumina smelter.
* Zambia's Mopani Copper Mines has suspended operations at one of its shafts following an accident in which one person was killed.
* U.S. Federal Reserve Chair Jerome Powell said on Monday the central bank must move `` expeditiously '' to raise rates and possibly `` more aggressively '' to keep an upward price spiral from getting entrenched.
* For the top stories in metals and other news, click or
MARKETS NEWS
* The yen fell through the psychological 120 level for the first time since 2016, after a hawkish speech from Powell raised bets on higher U.S. interest rates and widened the policy gap on a dovish Bank of Japan.
DATA/EVENTS ( GMT)
1100 UK CBI Trends - Orders March
( $ 1 = 6.3644 Chinese yuan) ( Reporting by Eileen Soreng in Bengaluru; Editing by Sherry Jacob-Phillips) | business |
NXGN: Saka, Rodrygo, Martinelli and 2020's best wonderkids | Since NXGN's introduction in 2016, GOAL has profiled the 50 best footballing wonderkids on the planet on an annual basis, with the top-ranked player taking home the NXGN award.
Some of those recognised for the talent as teenagers are now household names, but others have not yet realised their potential.
So, ahead of the NXGN 2022 list being revealed on Tuesday, March 22, check out where the stars of 2020 are now, while all of the other previous NXGN lists can be found below...
2020: Having scored more than 200 goals at youth level for Barcelona, teenage forward Moreno was beginning to make a similar impact in Turin, while having also earned a place on the first team's bench during the 2019-20 campaign.
2021: Moreno joined Manchester City in a swap deal in the summer of 2020, before being sent on loan to Girona. He managed 26 appearances in the Spanish second tier, scoring twice.
2022: The forward was loaned back to Girona for a second successive season, but has struggled for game time this time around.
2020: Already a Malaysia Under-23s international at the age of 18, Hakim had seen a move to Belgian side KV Kortrijk be put on hold due to Covid-19 restrictions.
2021: Hakim eventually arrived at Kortrjk in the summer of 2020, but made just one appearance in his first season with the club.
2022: Though now a full international, Hakim has still played just once for Kortrijk since his move to Belgium.
2020: Having been snapped up from Bochum in 2016, Germany youth international Unbehaun was working his way through the youth ranks at Dortmund.
2021: The first-choice goalkeeper for Dortmund's reserve side, Unbehaun did make the first-team bench on a number of occasions.
2022: Unbehaun has missed a lot of the current season with a hand injury, but remains the No.1 for Dortmund's reserves, who play in the German third tier.
2020: Having become Ajax's youngest-ever goalscorer at the age of 16, Unuvar was being tipped to eventually replace Hakim Ziyech in the first team, despite reports linking him with Barcelona.
2021: Unuvar endured a difficult campaign, as he struggled to kick on in Amsterdam, and played solely for Jong Ajax in the second division.
2022: Unuvar has performed much better for Jong Ajax this season, racking up double-figure toals for both goals and assists already, while also earning a couple of first-team appearances.
2020: Had recently made his Serie A debut for the Rossoneri, following in the footsteps of his grandfather, Cesare, and father, Paolo, in representing the seven-time European champions.
2021: Maldini picked up another 10 first-team appearances over the course of 2020-21, but largely remained on the fringes at San Siro.
2022: The attacking midfielder marked his first Serie A start with a goal early in the current campaign, but has not seen much game time since.
2020: After stunning Barcelona with his decision to leave La Masia in the summer of 2019, Simons was beginning to impress for PSG's Under-19s side.
2021: Simons made his first-team debut in February 2021, while appearing on the bench for the first team on a number of occasions.
2022: One of the stars of this season's UEFA Youth League, Simons has also appeared sporadically at senior level, though he could be about to leave Parc des Princes as he enters the final few months of his contract.
2020: While still only 15, Moukoko was already being spoken about as a potential superstar, having scored freely for both the St. Pauli and Dortmund youth teams, despite playing three or four years above his actual age.
2021: Moukoko became both the youngest player and goalscorer in Bundesliga history, as well as the youngest player in Champions League history, before his season was ended in March by a ligament injury.
2022: Injuries have continued to plague Moukoko throughout the current campaign, severely limiting his involvement in the first team.
2020: Having been given the seal of approval by Zlatan Ibrahimovic during the Swede's time in MLS, Alvarez was beginning to earn more minutes for the Galaxy first team.
2021: Alvarez made his Mexico debut in March 2021, before growing into a regular starter for the Galaxy over the course of the year.
2022: The playmaker made a fantastic start to the 2022 MLS season, scoring a 30-yard screamer against Charlotte FC in early March.
2020: Riccardi was attracting interest from Juventus, having made his senior debut for Roma in late-2019, with some hopeful he would fill the void left by Francesco Totti at Stadio Olimpico.
2021: The attacking midfielder spent the 2020-21 season on loan at Pescara, but made just nine appearances for the Serie B outfit.
2022: Riccardi has made it clear that he wishes to leave Roma, meaning he has been left out of the club's plans at all levels for the majority of the campaign.
2020: The first player born in the 21st century to score in La Liga, Gil was spending the second half of the 2019-20 season on loan at Leganes in a bid to gain experience at senior level.
2021: Gil joined Eibar for the following campaign and proved to be one of La Liga's most exciting wingers, despite playing in a team that would ultimately be relegated. That earned him an international debut for Spain, and a £21.6m summer move to Tottenham.
2022: Having failed to start a Premier League game during the first half of the season, Gil was loaned to Valencia in January 2022.
2020: Already a full Republic of Ireland international, Parrott had committed his future to Spurs after being handed his Premier League debut by Jose Mourinho midway through the 2019-20 campaign.
2021: Loaned to Millwall for the 2020-21 season, Parrott's deal was cut short after failing to find the net for the Championship side. From there, he joined Ipswich Town for the remainder of the campaign, for whom he scored his first professional goals.
2022: Parrott has remained in League One this season and is playing on loan at MK Dons, for whom he is a regular contributor of goals and assists.
2020: Having been at La Masia since 2012, there were fears that Konrad could be set to leave Barcelona amid interest in the United States Under-20 international from the Bundesliga.
2021: Konrad made both his first-team and international debut in November 2020, but the former would be the first of only three appearances he made for Barca before he was sold to Marseille in the summer of 2021.
2022: After providing assists in two of his first three Ligue 1 games, Konrad has seen a drop in form and injuries stall his progress.
2020: Having starred for France at the 2019 Under-17 World Cup, Lihadji had been frozen out at Marseille after refusing to sign a new contract, with Manchester United and Chelsea among those being linked with his signature.
2021: Lille eventually won the race for the winger, as Lihadji made 15 Ligue 1 appearances for the eventual French champions.
2022: Lihadji has continued to make sporadic appearances in 2021-22, the majority coming off the bench, though he did manage to score his first professional goal in January.
2020: The first Real Sociedad player to skip the club's B team and go straight into the first team since Antoine Griezmann, Barrenetxea had already found the net against Real Madrid in his fledgling senior career.
2021: The winger's first full season in the senior squad was a good one, with Barrenetxea impressing in his 31 league appearances, earning himself a new, six-year contract in the process.
2022: Two extended spells on the sidelines through injury have stalled Barrenetxea's progress, with the latest having ruled him out since early January.
2020: Barcelona had already seen a bid for Portugal youth international Paulo rejected, with the striker having become a regular in the Fluminense first team.
2021: Paulo allowed his contract to run down before joining Atletico Madrid on a free transfer in the summer of 2021. He was immediately loaned out to Famalicao by the Rojiblancos.
2022: The forward is yet to open his account in Portuguese football and, as such, has fallen out of favour.
2020: After moving to San Siro from Sochaux in the summer of 2019, France Under-17s captain Agoume was earning comparisons to Paul Pogba following his Inter debut.
2021: Agoume joined newly-promoted Spezia on loan for the 2020-21 season and made 12 appearances in Serie A as they avoided relegation.
2022: The midfielder is back in France this season, playing on loan for Brest, where he has been a regular starter.
2020: The Golden Ball winner at the 2019 Under-17 World Cup, Veron had already broken into the Palmeiras first team, scoring twice on just his second senior appearance.
2021: Veron went on to play an important part in 2020 Palmeiras ' Copa Libertadores triumph, which was sealed in early 2021, and he was linked with a host of top European clubs. He missed four months of action with a hamstring injury, however, and struggled for force his way back into the line-up in 2021.
2022: The winger continues to be in and out of the Palmeiras team in the early weeks of the 2022 campaign.
2020: The former Rangers academy star was earning rave reviews at Chelsea after putting in dominant displays against both Liverpool and Everton, shortly before football went into its coronavirus-enforced shutdown.
2021: A serious knee injury saw Gilmour miss six months of football in the latter half of 2020, and he struggled to re-establish himself following Thomas Tuchel's arrival at Stamford Bridge. In the summer of 2021, he joined Norwich City on loan.
2022: Perhaps not a player with the skills needed for a relegation-threatened team, Gilmour has been criticised at times by Norwich fans, though he has been a regular starter under Dean Smith.
2020: Having become the youngest Liverpool player to appear in the FA Cup when making his debut at 16, defender Hoever was getting further opportunities to prove his worth to Jurgen Klopp in cup competitions.
2021: Hoever joined Wolves in a £9m move in the summer of 2020 and made his first 12 Premier League the following campaign, acting predominantly as a back-up for Nelson Semedo.
2022: The ex-Ajax youngster has performed a similar role under Bruno Lage, though the Wolves boss has criticised him for a lack of preparation leading to a recent injury.
2020: Centre-back Badiashile was earning comparisons to Samuel Umtiti, having quickly become a regular in the Monaco line-up after making his first-team debut in November 2018.
2021: Having generated interest from Manchester United, Badiashile played all-but three league games for Monaco in 2020-21 as they went close to winning the French title under Niko Kovac.
2022: The 20-year-old has struggled with hamstring injuries over the course of the current season, but continues to perform well when he is available.
2020: Juventus, Paris Saint-Germain and AC Milan all showed an interest in Marin before he signed his first professional contract with Dinamo in 2017, and the playmaker had begun to make his mark in the first team in Zagreb.
2021: He joined AC Monza on loan for the 2020-21 season but, after making just seven appearances in Italy, Marin cut his stay short and joined Lokomotiva for the remainder of the campaign in January 2021.
2022: Marin is spending the current season on loan at HNK Sibenik and has emerged as one of the best creative forwards in the Croatian top flight.
2020: Tavares started five of Benfica's six Champions League group games in 2019-20, with the Portugal Under-19 international already a key member of the senior squad at Estadio da Luz.
2021: Having joined Alaves on loan in the summer of 2020, Tavares made just five appearances for the Spanish side before the deal was cut short in January. From there, he joined Farense, where he was a regular starter in the Portuguese top flight.
2022: The full-back is spending the current season on loan at Basel, where he has racked up over 20 appearances, despite not being a regular starter.
2020: Already a full international and goalscorer for Belgium, 'the new Eden Hazard ' was a regular in the Anderlecht line-up.
2021: A three-month absence with an ankle injury, coupled with an early finish to the season due to Covid-19, meant that Verscharen made just 16 league appearances in 2020-21, though he still managed to score five times.
2022: Now an established starter, Verscharen has already set personal bests for goals and assists in a single season with two months still to go.
2020: Already something of a cult hero in the eyes of Liverpool fans after scoring a stunning winner against Everton in the FA Cup, as well as the deciding penalty in a Carabao Cup shootout victory over Arsenal earlier in the 2019-20 season.
2021: Jones began to earn comparisons with Steven Gerrard as he went from strength to strength over the course of the 2020-21 season.
2022: Having missed two months with an eye injury, Jones has struggled to re-establish himself in the Liverpool midfield, though he continues to make the odd appearance for Jurgen Klopp's side.
2020: Traore impressed during his first 12 months in Amsterdam following his move from Ajax Cape Town, with the Burkina Faso international having found the net on his debut for Erik ten Hag's side in December 2019.
2021: The striker made headlines in October 2020 when he netted five goals in Ajax's record-breaking 13-0 win over VVV-Venlo, but he scored just twice more in the Eredivisie in 2020-21 as he fell down the pecking order, leading to Shakhtar Donetsk paying €10m to sign him in the summer transfer window.
2022: Traore made a brilliant start to life in Ukraine, scoring nine goals in his first 14 Shakhtar appearances, only to suffer a season-ending knee injury in September.
2020: Watford moved quickly to sign Joao Pedro before he had even made his Fluminense debut and, after catching the eye with his performances in Brazil, he eventually made the switch to Vicarage Road in January 2020.
2021: The forward did not get a run of games under his belt until the Hornets found themselves in the Championship, but once he was in the team, it proved difficult to get him out of it, as he scored nine goals to help fire Watford to promotion.
2022: Joao Pedro has already made over 20 appearances this season, though he has been in and out of the Premier League line-up.
2020: Released by Bayern Munich at an early age, Adeyemi opted to join Salzburg over Chelsea when he turned 16, and had just made his debut for the Austrian champions.
2021: Despite not being a regular starter, Adeyemi reached double figures for both goals and assists in 2020-21, marking him out as Salzburg's next breakout star.
2022: Break out he has this season, earning himself a Germany debut in the process after impressing in both the Austrian Bundesliga and the Champions League. Bayern Munich and Borussia Dortmund are among the clubs hoping to sign him this summer.
2020: As a young American learning his trade at Dortmund, it was only natural that Reyna would earn comparisons to Christian Pulisic, but the forward was living up to the hype after becoming the youngest goalscorer in DFB-Pokal history.
2021: Reyna became a key part of Dortmund's attacking unit in 2020-21, providing seven goals and eight assists in all competitions while also establishing himself in the U.S. men's national team.
2022: The forward spent almost six months on the sidelines with an injury earlier this season and only recently returned to action at Signal Iduna Park.
2020: Having scored decisive goals in each of his first two Bayern Munich appearances, Netherlands Under-19 international Zirkzee was settling into his role as the Bavarians ' main back-up for Robert Lewandowski.
2021: Zirkzee fell out of favour during the opening months of the 2020-21 season and was loaned to Parma in January. He managed just four appearances in Italy, as a knee injury ended his season early, before he joined Anderlecht on loan for the new campaign.
2022: The striker has been a revelation in Belgian football, and already has over 20 combined goals and assists to his name as the season enters its final two months.
2020: Both the youngest player and goalscorer in Porto history, Silva was earning comparisons to Cristiano Ronaldo in his homeland after enjoying a superb youth career.
2021: Wolves paid a club-record £35m ( $ 47m) to bring the striker to Molineux in the summer of 2020, and though he became the club's youngest-ever Premier League goalscorer, he struggled at times after being required to deputise for the injured Raul Jimenez.
2022: With Jimenez back available, Silva has tended to be used off the bench this season, though he continues to disappoint in frontn of goal.
2020: Boadu was well on his way to finishing the 2019-20 season with 20 goals and 13 assists in all competitions, and having already played and scored for the Netherlands, he looked destined for a big-money summer transfer.
2021: That move did not come, and Boadu made a slow start to the following season before eventually finding his form to finish the campaign with 15 goals. That convinced Monaco to pay €17m to sign him in the summer of 2021.
2022: Boadu has struggled in his role as Wissam Ben Yedder's back-up at the Stade Louis II, with the goals having dried up since his move to Ligue 1.
2020: Almada was being heavily linked with a move to Manchester City after continually putting in performances for Argentine side Velez that belied his tender years.
2021: A nine-goal season followed for the playmaker in 2021, as he continued to be linked with a move to either Europe or MLS.
2022: Atlanta United made Almada the most expensive signing in MLS history, paying $ 16m in February 2022 to bring him to Georgia.
2020: The young midfielder already knew he would be leaving Las Palmas for Barcelona at the end of the season, with the Blaugrana having paid an initial €5m to sign a player likened to Andres Iniesta.
2021: The breakout star of the 2020-21 La Liga season, Pedri played all-but one of Barca's league games as he struck up a superb relationship with Lionel Messi. He went on to be named Young Player of the Tournament at Euro 2020, and the Golden Boy and Kopa Trophee winner for 2021.
2022: Pedri's hectic schedule, which also included the Olympic Games, eventually caught up with him, as a hamstring injury ruled him out for three-and-a-half months during the first half of the current season, though he has been in fine form since returning to fitness.
2020: After becoming the youngest player in Premier League history in the spring of 2019, Liverpool moved quickly to sign the Fulham starlet that summer, before handing him first-team opportunities in the early weeks of the following campaign.
2021: Elliott spent the 2020-21 season on loan at Blackburn Rovers and he proved to be one of the Championship's star attractions, providing a combined 18 goals and assists at Ewood Park.
2022: The midfielder forced himself into Liverpool's line-up to start the season, only for a horrific ankle injury to rule him out for five months. He has since returned to action and scored his first goal for the club in February.
2020: Aouchiche made headlines in the summer of 2019 after scoring nine goals in just four games at the Under-17s European Championship, and the midfielder backed that up by finding the net in one of his first appearances for the PSG first team.
2021: Having let his PSG contract run down, Aouchiche joined Saint-Etienne, and played all-but four of their Ligue 1 games in his first season at the club.
2022: Largely a substitute during the current campaign, Aouchiche has still laid on a handful of assists for the struggling Verts.
2020: After being given opportunities to impress under Unai Emery, the versatile winger was excelling as a left-back under Mikel Arteta in north London.
2021: Saka truly exploded in the 2020-21 season, directly contributing to 17 goals for Arsenal, before starring for England in their run to the Euro 2020 final.
2022: The forward's form has continued into the current campaign, where he has already surpassed his previous best season for goals.
2020: Already the youngest goalscorer in Lyon history, Cherki was beginning to make waves in French football having been touted as a potential generational talent throughout his youth career.
2021: Cherki made mostly substitute appearances in 2020-21, as he continued to be linked with a move to Real Madrid.
2022: Though he found form in the Europa League and for France Under-21s this season, Cherki was not having the breakout season a number of fans were expecting before a broken foot ended his campaign early in February.
2020: The former La Masia star was beginning to earn regular game time under Pep Guardiola at the Etihad Stadium, with City believing they had a defensive gem on their hands.
2021: It was announced that Garcia would not be renewing his contract at City, and so he struggled for minutes in 2020-21, though that did not stop him from playing a key role for Spain at Euro 2020. Ahead of the tournament, it was announced that he would be returning to boyhood club Barcelona on a free transfer.
2022: Garcia has largely been a starter in his first season back in Catalunya and the hope is that he will become Gerard Pique's long-term replacement.
2020: Regarded as one of the best young centre-backs in European football, Saliba was back on loan with boyhood club Saint-Etienne after Arsenal agreed to pay £27m to bring the teenager to north London in the summer of 2019.
2021: Somewhat surprisingly, Mikel Arteta opted against integrating Saliba into his squad, meaning he was forced to join Nice on loan for the second half of the 2020-21 season in a bid to get minutes under his belt.
2022: Saliba remains in France after joining Marseille on loan and despite a strong start, his form has, by his own admission, dropped off a little in 2022.
2020: One of the stars of Italy's run to the Under-17s European Championship final in 2019, Esposito had already scored his first goal for the Inter first team after becoming their youngest-ever player in European competition.
2021: The forward's loan spell at SPAL for the 2020-21 season was cut short after six months and he instead joined Venezia for the second half of the season, where he played 19 games as they earned promotion to Serie A. He joined FC Basel on loan at the start of the following season.
2022: Esposito made a brilliant start to live in Switzerland, scoring in four of his first five league appearances, but a series of injuries have made putting a run of consistent games together difficult.
2020: After becoming Ajax's youngest-ever player in September 2018, Gravenberch was a regular in Erik ten Hag's side at the age of 17 and being compared to Paul Pogba.
2021: The midfielder continued to progress, scoring his first Champions League goal as well as three times in the league. Gravenberch's form earned him a first Netherlands cap in March 2021.
2022: Though not always at his best this season, Gravenberch remains one of the most sought-after youngsters in world football, with Bayern Munich having been heavily linked with a move this summer.
2020: Forced to leave Barcelona in 2016 following their FIFA-imposed transfer ban, Kubo had returned to Spain in the summer of 2019 with Madrid, having broken countless J.League records in his homeland. Was spending his first season in La Liga impressing on loan at Mallorca.
2021: Having joined Villarreal on loan in the summer of 2020, the forward failed to force his way into Unai Emery's team and had his loan spell cut short in January 2021, with Madrid instead sending him on loan to Getafe for the remainder of the season, though he struggled to make much of an impact.
2022: Mallorca's promotion back to La Liga allowed them to make their move and bring Kubo back to the club on loan in 2021-22, with the Japan international's form having improved a little as a result.
2020: One of Europe's best teenage creative midfielders, Ihattaren could be found regularly pulling the strings for PSV.
2021: The attacking midfielder fell out with PSV managed Roger Schmidt at the beginning of the 2020-21 season and he played just 22 times in the Eredivisie. Further rifts followed, leading to Ihatteren joining Juventus in a €6m deal, before he was loaned to Sampdoria.
2022: Ihattaren never played a game in Serie A and there were even reports that he would retire after he returned to the Netherlands mid-season. He was signed on a year-long loan by Ajax in January 2022, but has failed to impress Erik ten Hag because of his lack of fitness.
2020: After winning the Golden Ball at the 2019 Under-20 World Cup as an 18-year-old, South Korea international Lee was earning regular starts for Valencia.
2021: Lee rejected a series of contract renewal offers from Valencia over the course of the 2020-21 season and was placed on the transfer list at the end of the campaign. In the end, he was released in August, allowing Mallorca to sign him on a free.
2022: After beginning the season as a starter, Lee has fallen down the pecking order a little over the course of the past two months.
2020: Plucked from the fourth tier of Brazilian football in the summer of 2019, Martinelli had made a superb start to life at Arsenal, becoming the first teenager to reach double figures for goals in a single season for the club since Nicolas Anelka in 1998-99.
2021: Martinelli missed the first half of the 2020-21 season with a knee injury and struggled to force himself into the first-team picture thereafter, finishing the campaign with just two goals to his name.
2022: The forward has been back to his best this season, with his pace and dribbling ability down the left-hand side earning him a regular starting spot in the Gunners line-up, as well as a first Brazil call-up.
2020: Camavinga became an overnight star in August 2019 after a highlights clip went viral of the then-16-year-old putting in a dominant performance against Paris Saint-Germain. He was soon linked with a host of top European clubs, most notably Real Madrid, as he continued to shine in Ligue 1.
2021: The midfielder started the 2020-21 season in sparkling form, and became France's youngest goalscorer in over a century, before his form dropped off in the second half of the campaign. That did not put off Real Madrid, though, who paid €40m to bring him to Santiago Bernabeu.
2022: After scoring on his Madrid debut, Camavinga has largely been a substitute during his first season in Spain, as he learns under the likes of Luka Modric, Toni Kroos and Casemiro.
2020: The latest teenager to swap Brazil for the Bernabeu, Madrid paid €35m in January 2020 to sign the Flamengo playmaker, who had been likened to Kaka in South America.
2021: Reinier joined Borussia Dortmund on a two-year loan deal in the summer of 2021, but started just one match – the final league game of the season – in his first campaign in Germany. Despite reports his deal would be terminated, he opted to remain with the club for a second season.
2022: Things have not improved for Reinier, with the Brazilian still able to count on one hand the number of starts he has made since arriving in the Bundesliga.
Following Greenwood's inclusion on the NXGN 2020 list, he continued to develop, becoming a key figure in the Manchester United forward line and a full England international.
In January 2022, Greenwood was suspended `` until further notice '' by United, after he was arrested on suspicion of rape and assault.
2020: Having beaten Real Madrid to the signing of Fati, Barcelona took the almost unheard of decision to promote the forward to the club's first-team squad in the summer of 2019, despite him having never played for the club's B team. He rewarded them by breaking countless goalscoring records, including becoming the youngest ever player to find the net in the Champions League in December of the same year.
2021: Fati earned a first Spain cap as he started the 2020-21 season by scoring four goals in his first seven league appearances, only to suffer a meniscus injury in November that required four surgeries and ruled him out for the season. He did, however, pick up the 2021 NXGN award.
2022: When Fati has played this season, he has been a thorn in the side of opposition defences, but back-to-back hamstring injuries have meant that it again looks like being a lost campaign for the forward.
2020: Having made his Santos debut at the age of 16 in 2017, Rodrygo joined Madrid 18 months later in a deal worth €45m. He marked his Blancos debut with a goal after 93 seconds before scoring a perfect hat-trick on his first Champions League start. In addition, he had already been capped twice by Brazil.
2021: Rodrygo was mainly a substitute during the 2020-21, and scored just twice in all competitions.
2022: Though still largely a rotational piece in Carlo Ancelotti's squad, the Brazilian has put in some key performances so far this season, especially in the Champions League. | general |
S.Korea to buy 10 million doses of SK Bioscience's COVID vaccine | The South Korean company has since August conducted Phase 3 trials of its vaccine candidate, codenamed `` GBP510 '', jointly developed with the University of Washington's Institute for Protein Design and aided by global drugmaker GlaxoSmithKline ( GSK).
`` They aim to secure formal approval in the first half of this year, and public distribution is expected to begin in the latter half, '' Korea Disease Control and Prevention Agency ( KDCA) director Jeong Eun-kyeong told a briefing.
SK Bioscience said in a statement the deal is worth 200 billion won ( $ 164.6 million) and that it would also supply its vaccine to the global vaccine sharing facility COVAX once authorised.
The drugmaker also produces COVID-19 vaccines developed by AstraZeneca Plc and Novavax Inc.
( $ 1 = 1,215.3400 won)
( Reporting by Hyonhee Shin; Editing by Tom Hogue and Sam Holmes)
By Hyonhee Shin | business |
Ford moves top HR exec into new Ford Blue role, makes other leadership hires | Ford Motor Co., seeking to fill the leadership team of its newly created Ford Blue division, said Kiersten Robinson, its top human resources executive, would become general manager of Ford Blue's family vehicles as well as president of Ford's operations in Mexico and Canada.
Robinson will report to Kumar Galhotra, president of Ford Blue, and the move will formally take effect in mid-May, the automaker said Monday.
`` Kiersten is a transformational leader who has been instrumental in supporting Ford's business and global team for nearly three decades through innovative people, talent, employee safety and workplace experience solutions, '' CEO Jim Farley said in a statement. `` Now she's taking on a critical global operating role within Ford Blue as president of Mexico and Canada, as well as leading our Family Vehicles product line that includes the popular Ford Explorer, Expedition and Everest. ''
Robinson joined the company in 1995 and has held a number of roles. She has been Ford's chief people and employee experiences officer since 2020, and she played a key role in shaping the automaker's remote work plans amid the coronavirus pandemic.
Ford also announced Monday it has hired Jennifer Waldo from Apple to replace Robinson as chief people and employee experiences officer, effective in mid-May. She will report to Farley.
Waldo has been Apple's vice president of People Business Partners since 2019, in charge of the team supporting all nonretail people-related functions, including software, hardware, services, design and marketing, as well as the global mobility and talent development teams, Ford said in the statement.
`` Jen has incredible experience and a track record of helping companies across different industries build talent and culture to support innovation and growth, '' Farley said in a statement. `` She will be an invaluable addition as we build a diverse, high-performance team to deliver the Ford+ plan. '' | general |
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Now is not the time for partisan arguments or preserving the status quo of powerful and influential industries.
Jason Perlow is a technologist with over two decades of experience integrating large heterogeneous multi-vendor computing environments in Fortune 500 companies. His expressed views do not necessarily represent those of his employer, The Linux Foundation.
The last two years have been a wakeup call for humanity: Decades of dire warnings from experts in nearly every scientific discipline have converged on us seemingly all at once. We are mired in a global pandemic that has exposed weaknesses in -- and created major interruptions to -- the supply chains for food, fuel, labor, and goods. We 've experienced significant weather events and shifts in seasonal weather behavior that can only be attributed to the human impact on climate change. Species are going extinct at an alarming rate. Plastic pollution is choking our oceans and land. The list just goes on and on.
For generations, most of the world's problems have been attributed to the scarcity of resources -- who has it, who doesn't, and what means will be undertaken to control it or obtain it. Wars, inequality, hunger, and economic turmoil ultimately boil down to the haves and the have nots on a global scale.
Now, likely as an outcome of this overall scarcity, a Central European conflict instigated by Russia upon the nation of Ukraine is leading towards massive increases in global petroleum and natural gas prices, in addition to causing potential interruption of about 25% of the world's grain supply that is locked up in Russia and Ukraine.
As just one opinionated technologist, I won't presume to have solutions for all of the world's extremely complicated economic and geopolitical problems. But I believe that individual nations can take specific actions to minimize these impacts on their own citizens.
Let's start with petroleum and natural gas -- two resources that are not renewable, in limited supply, and controlled by a limited number of nations.
In addition to being the world's largest source of fuel, petroleum is used to make products such as plastics, polyurethane, solvents, and hundreds of other applications. We also need to find ways to replace it in the petrochemical industry.
Even assuming we can eventually switch many vehicles to EV-based propulsion, there is also the issue of the aviation, marine, and commercial transportation industries needing a viable fuel source.
Previously, I have discussed the use of plant waste, or biomass, to produce biofuel, including aviation and aerospace ( bio aviation/jet fuel/rocket fuel) and marine and biodiesel fuels. Many plants are potentially suitable for the production of biofuel, in particular bio aviation fuel.
Hemp, which was legalized for cultivation with restrictions in 2018 as part of the Farm Bill, is an extremely good candidate for doing this because, as a crop, it has many different applications.
Hemp cultivation does not require chemicals or irrigation. It proliferates with a very high yield -- it takes about four months for a stalk to reach maturity, and it is possible with efficient farming techniques to produce 500 to 1500 pounds of hemp biomass per acre.
Hemp fibers can be used not only for biofuel but also for textile and hundreds of other manufacturing uses, including biodegradable hemp plastic.
Hemp produces very high-quality cooking oil, and its seeds are very high in protein, making it ideal for food industry applications such as hemp milk, hemp oil, hemp cheese substitutes, and hemp-based protein powder -- all of which we will need as plant-based proteins become more and more incorporated into our diets. According to the Agricultural Marketing Resource Center, one acre of hemp can yield an average of 700 pounds of grain which can be pressed into about 22 gallons of oil and 530 pounds of meal.
Which hemp cultivars we would use for these purposes is really up to the scientists and the agriculture industry -- but some of the most promising candidates in terms of oil yield are likely to be currently classified as marijuana due to their THC content, as from a legal perspective, anything over 0.3% THC on a dry weight basis is no longer considered to be industrial hemp.
I have long been a proponent of the federal decriminalization or legalization of marijuana for its many therapeutic and pharmacological properties, which have been investigated academically in other nations, such as Israel, a world leader in this area. Initial pre-peer review studies by the University of Chicago under grants from the National Institute of Health suggest that CBD is a potent anti-inflammatory agent and antiviral treatment.
Assuming these observations are conclusive, CBD and other cannabinoids have the potential to be the best treatment yet for COVID-19 and other viral diseases, among other debilitating ailments, which along with existing and future vaccines, would help combat the current labor ( and ultimately, supply chain) problems associated with the pandemic by reducing the duration of illness or preventing or even halting serious illness entirely.
While we would need to likely spend hundreds of millions or even billions of dollars of research on all of the potential pharmaceutical applications, as marijuana contains hundreds of compounds for investigation, our first step towards energy independence may very well be the wholesale legalization of marijuana, not just expanding hemp production from the original Farm Bill.
At the very least, a large-scale hemp industry would employ millions of people across multiple sectors, from food and industrial applications to fuel and pharmaceuticals.
But biofuels address only part of the overall energy independence challenge. The United States ' power-generating infrastructure is largely based on non-renewable energy.
Keep essential appliances, electronics, and equipment running during power outages with these electric backup generators.
According to the US Energy Information Administration ( EIA), in 2021, the United States generated about 4 trillion kilowatt-hours of electricity. Approximately 60% of the electricity generated was from fossil fuels ( coal, natural gas), with 19% attributed to nuclear and 21% to renewables.
A report released by the US EIA in March of 2022 forecasts an upward trend towards the use of renewables as 44% of the country's total power generation capacity by 2050.
However, with the future of Russian oil and natural gas exports to the West now in question, the EIA's model will require major recalculations. In particular, how will this supply shortfall impact our previous calculations from a scarcity perspective? But complex economic models aren't needed for us to conclude that if we don't make some changes to how we generate power, the future of the climate and global economy looks less than promising.
We will need to look at renewables such as wind, solar, hydroelectric, and geothermal. To accommodate the renewables, nations like the United States will need to build two-way electrical grids, not just the traditional Transmission System Operator and Distribution System Operator model we have been using for more than 100 years. Modernized, distributed smart grids -- built on open source technologies -- will need to be implemented, such as the ones France's RTE and the Netherlands ' Alliander are building.
Renewables are essential. But we need to face that 800-pound gorilla. While we can supplement the world's energy requirements with renewables, it is highly unrealistic to think we can supplant coal and natural gas with them. Any discussion of eliminating the fundamental fuel sources for large-scale power generation on a global basis needs to include nuclear.
In 2010, I postulated that Barack Obama could have been the Nuclear President. Twelve years later, my position is unchanged. According to the US Energy Information Administration, there are 93 nuclear reactors distributed among 56 atomic power plants in 28 states, generating approximately 800,000 Mwh of energy. As stated earlier, that represents about 19% of the energy consumed in the United States.
Back of the envelope calculations, based on current monthly nuclear energy output figures tracked by the EIA and 4 trillion kilowatt-hour consumption estimates indicate that we would need between 200 or 300 or so new reactors to replace all fossil fuel electricity in the United States, and perhaps as many as 860 new reactors to replace fossil fuels for all domestic uses, including transportation and heating/cooling.
This assumption is based on the existing power generation infrastructure being fungible and on current power output per reactor ( many of which are 50-year-old designs), without modern efficiencies of innovation being applied such as breeder capability and modern construction techniques which may permit smaller ( and much safer) designs.
While total replacement of the coal and natural gas power generating infrastructure entirely with nuclear may be unrealistic, if we do these calculations and build models with increased use of renewables and a modernized grid into consideration, it may be possible to achieve our energy goals with considerably fewer new nuclear plants.
The safety discussion needs to be had, but I think at this point, we are well beyond NIMBY-ism as a divisive element to hold back new nuclear reactor buildouts. The modern designs used by the US Navy and tested by the government at DARPA and other agencies are virtually meltdown proof and have many new safety enhancements that make them extremely safe to operate.
The arguments from those who protest nuclear energy's use have been debunked, many times. Would we need to heavily safeguard these plants from the potential enemy military, terrorist, and cyberattacks? Yes. But we need to do this for all of our infrastructures anyway. Is sustainable, commercial nuclear fusion a possibility in the next 30 years? Recent developments indicate that it could happen. But we need nuclear fission as a bridge technology to get us there.
Now is not the time for partisan arguments or preserving the status quo of powerful and influential industries about how we approach the situation. We are now at an inflection point where the country's economic wellbeing and national security are at stake.
We 've seen in decades past critical strategic decisions made and accelerated paradigm shifts in technology occur due to pressing needs, such as in wartime. With the world in crisis and energy scarcity being the most pressing topic affecting virtually everything, we again need to make some important choices about how we proceed.
The first step is to realize that the status quo is no longer an option. We need to rapidly move away from fossil fuels and towards renewable energy sources. The time for partisanship is over; we need to come together and make this shift happen.
We have the technology available to make this happen, but it will require a concerted effort from all sectors of society. The government needs to provide the necessary regulation and incentives to make it happen, while the private sector needs to invest in the research and development of new technologies. And everyday citizens need to do their part by making choices that help reduce our reliance on fossil fuels.
This is not going to be easy, but we must act now.
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Chinese stocks are on a roller coaster with no end in sight |
US-listed Russian stocks have been in freefall following the
invasion of
Ukraine
— but it's not the only nation whose stocks are getting whipsawed.
Shares of major Chinese firms have been up and down in 2022. There's plenty weighing on sentiment: worries about leading Chinese companies
possibly getting delisted in the United States
, Beijing's crackdowns on big Chinese tech firms, criticism over China's
`` no limits '' relationship with Russia
and a
resurgence of Covid cases
in China.
The
iShares MSCI China ETF
(
MCHI
)
, which has big investments in top Chinese companies such as
Tencent
(
TCEHY
)
,
Alibaba
(
BABA
)
,
China Construction Bank
(
CICHF
)
,
Baidu
(
BIDU
)
and
Nio
(
NIO
)
, is down 16% so far this year.
But the ETF surged 12% last week thanks to strong rallies Wednesday and Friday. So why are investors suddenly a little more optimistic about China? It appears the Chinese government realizes the damage created by tumbling stock prices is not ideal.
Shanghai Disney closes as city sees record surge in Covid cases
A committee chaired by Chinese Vice Premier Liu He
said last week
that the government should `` actively roll out policies that benefit the markets. ''
Read More
`` China's promise to ease the regulatory crackdown and support property and technology stocks could be a game, and a trend, changer, '' Ipek Ozkardeskaya, senior analyst with Swissquote, said in a report, adding that `` it appears that the latest selloff was so strong that it brought the Chinese government to pull out the white flag. ''
Beijing also noted last week that US and Chinese regulators have made `` positive progress '' in talks about US listings for Chinese stocks.
That may allay some concerns that companies such as Alibaba and its top rival
JD
(
JD
)
could be booted off US exchanges.
Chinese stocks likely to remain volatile
The uptick in Covid cases in China may also push Beijing regulators to shift policy, as they try to minimize some of the well-publicized supply chain woes that have hurt the Chinese economy and led to intensified inflation pressures in the US.
`` China is seeing its largest Covid outbreak since the initial stages, challenging the 'zero-Covid ' policy, '' Mark Hackett, chief of investment research at Nationwide, said in a report last week.
Chinese president
Xi Jinping recently said
China's goal is to aim `` for maximum prevention while minimizing the impact on economic and social development. '' Hackett noted this would include
``
easing restrictions for factories in the tech hub of Shenzhen, potentially alleviating the supply chain impact. ''
A change in tone from Beijing would be welcome news for some Western investors. But experts warn that Chinese stocks will remain extremely volatile, noting that some US investors appear to be actively betting against some Chinese companies.
`` With China's State Council trying to talk up Chinese stocks we have seen the shorting community returning and very active, '' Dan Pipitone, CEO and co-founder of brokerage firm TradeZero, said in a report last week. Investors `` short '' a stock when they think it will go down in price.
Pipitone said TradeZero customers were shorting several notable Chinese firms, including Alibaba and JD, Nio, ridesharing firm
Didi
, real estate brokerage
KE Holdings
and cloud leader
Kingsoft.
Clearly, plenty of worries about Chinese stocks remain. The country's economy does continue to grow rapidly, despite recent challenges. But until the dust settles with the latest Covid outbreak and the Russia-Ukraine conflict, even top Chinese companies like Alibaba and Tencent may remain risky. | general |
Highly contagious BA.2 Covid omicron variant spreading across the U.S. | Hi, what are you looking for?
A new COVID Omicron variant, ca; lled BA.2 is spreading across the Northeast and Western parts of the U.S.
By
Published
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.
According to CNBC News, White House chief medical advisor Dr. Anthony Fauci said BA.2 is about 50 to 60 percent more transmissible than Omicron, but it does not appear to be more severe.
However, Dr. Fauci, along with other health officials continues to stress coronavirus vaccines and boosters remain the best ways to prevent serious illness from the virus.
“ It does have increased transmission capability, ” Fauci said Sunday on ABC’ s “ This Week. ” “ However, when you look at the cases, they do not appear to be any more severe and they do not appear to evade immune responses either from vaccines or prior infections. ”
How is the BA.2 variant different from Omicron?
The BA.2 variant is considered by the World Health Organization ( WHO) as a “ sublineage ” of the highly transmissible Omicron variant. BA.2 is also known as “ stealth Omicron, ” a more transmissible version of the Omicron variant.
BA.2 has several key mutations, with the most important of those occurring in the spike protein that studs the outside of the virus. Those mutations are shared with the original Omicron, BA.1, but BA.2 also has additional genetic changes not seen in the initial version.
Those additional genetic changes made it difficult to identify with regular COVID-19 tests routinely used around the country. However, BA.2 has not yet been declared a variant of concern on its own.
“ BA.2 is part of Omicron, ” Dr. Isaac Ghinai, medical director for lab-based surveillance at the Chicago Department of Public Health, said Thursday. “ Omicron is a variant of concern, therefore BA.2 is a variant of concern. Same as BA.1 is a variant of concern. ”
As most of us know, the BA.2 variant has been spreading around the world for the past several weeks, with cases in Europe seeing a spike as well as in China. In the U.S., BA.2 accounted for about a quarter ( 23.1 perc3nt) of the cases for the week ending March 12, the CDC says. That’ s up from 14.2 percent the week ending March 5.
Does BA.2 spread faster? Is it more lethal?
Studies have shown that BA.2 is “ inherently more transmissible ” than Omicron BA.1, according to the World Health Organization.
What’ s not yet known is if BA.2 causes severe illness as did Omicron BA.1, which prompted a rapid surge in cases, hospitalizations, and deaths for a month before plummeting just as quickly.
But, preliminary data indicate vaccinations and boosters are similarly effective in preventing symptomatic cases of BA.1, the original Omicron variant, and BA.2.
White House COVID-19 Response Coordinator Dr. Ashish Jha, said he’ s watching what happens in the next couple of weeks in the U.S.
“ I’ m not expecting a big surge here, but we’ re gon na have to pay close attention and really be driven by data as we have throughout the whole pandemic, ” Jha said last week.
Karen Graham is Digital Journal's Editor-at-Large for environmental news. Karen's view of what is happening in our world is colored by her love of history and how the past influences events taking place today. Her belief in man's part in the care of the planet and our environment has led her to focus on the need for action in dealing with climate change. It was said by Geoffrey C. Ward, `` Journalism is merely history's first draft. '' Everyone who writes about what is happening today is indeed, writing a small part of our history.
The horrors of the war in Ukraine can be seen in 13-year-old Volodymyr's empty expression as he lies in the children's hospital in Kyiv.
Australia has returned 29 religious and cultural artefacts to India, among them several stolen or illegally exported from the country.
A China Eastern passenger jet carrying 132 people crashed onto a mountainside in southern China on Monday causing a large fire.
The EU’ s foreign policy chief Josep Borrell calls Russia’ s attack on port city of Mariupol “ a massive war crime. ”
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Hedge Fund Up 3,000% in Five Years Can’ t Buy Enough China Stocks | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Just as worries from the fallout of Russia’ s invasion of Ukraine and surging Covid cases pummel Chinese stocks, a local hedge fund that jumped almost 30 times over the past five years by picking undervalued shares is ready to dive in.
Guangdong Zhengyuan Private Fund Investment Management Co., which saw its assets surge fivefold from the start of last year to about 14 billion yuan ( $ 2.2 billion) now, is planning to raise money again next month as stock valuations become increasingly attractive, founder and fund manager Liao Maolin said.
“ With the market having fallen to this level, there are so many stocks that I want to buy now but we have no more money ” as the company is already fully invested, he said in a March 8 phone interview from Guangzhou, where the company is based.
While that sounds like a risky bet, Liao has built a solid track record after his funds returned a whopping 2,944% since 2017, topping five-year rankings for stock hedge funds at Shenzhen PaiPaiWang Investment & Management Co.
His rationale is simple: all the gloom out there -- from the war in Ukraine to monetary tightening in the U.S. and economic headwinds at home -- reinforces the possibility that policy makers will refrain from pricking more bubbles and move faster to spur encouraged areas like new infrastructure and digital transformation.
“ Everything you see this year could be bad news and uncertainty, but the government will likely take counter-cyclical measures, ” Liao, 37, said. “ The negative news you see has been mostly priced in and we would instead see more unexpected policy support down the road. ”
His comments were borne out last week, when Beijing pledged to stabilize markets, a move that triggered the biggest two-day rally in Chinese stocks since 1998. Policy makers are now expected to loosen monetary policy and ease up on technology and property industry crackdowns.
Liao favors middle- and downstream firms in emerging strategic industries like batteries and new-energy vehicle parts, he said, declining to name specific targets. Such companies now suffering from soaring raw material costs will only benefit when commodity prices eventually subside, according to Liao.
By sticking to areas supported by the government and steering clear of those in the cross-hairs of regulators, Zhengyuan has avoided “ land mines ” from real estate developers to internet platforms, which have imposed huge losses on investors in the past two years.
For the same reason, the company has shunned once-hot stocks like liquor makers that mutual funds were heavily exposed to, as well as gaming industry shares -- even as those could perform well.
“ What we buy is full of positive energy -- we walk in the sunshine, ” Liao said. “ Therefore it’ s very unlikely for us to step on policy or ethical mines. ”
The firm’ s Zhengyuan No. 1 fund, which manages more than 1 billion yuan, gained more than 160% last year by focusing on upstream plays like rare earths, industrial silicon and raw materials for new-energy vehicles -- areas that benefited from the local economy’ s rebound from that stage of the pandemic.
This year, Liao said he’ s focusing instead more on downstream firms, in industries including new energy infrastructure such as charging piles for electric vehicles, database construction, information security and environmental protection. He reckons depressed valuations due to high costs will translate into profits when their performance rebounds. “ The surge in commodity prices clearly can’ t be sustained, ” he said.
When tensions in Ukraine escalated ahead of Russia’ s invasion, Zhengyuan added to its photovoltaic holdings in anticipation that higher costs of traditional energy like natural gas would fuel demand for solar power in Europe, Liao said, declining to provide details. Such investments returned about 40% last year, he said.
Zhengyuan targets undervalued stocks that are expected to show substantial improvements within a year to attract other investors, providing it with opportunities to realize profits, Liao said. It borrows leverage less than 30% but doesn’ t short.
While stock prices and economic growth fluctuate, the key for long-term returns at Zhengyuan is picking the right industries and companies.
“ The structure is really important these days, ” Liao said. “ When you get it right, it feels good every time. When you get it wrong, it can really hurt. ”
CP Rail shares jumped after it agreed to work with an arbitrator on a contract for 3,000 workers, ending a two-day work stoppage.
Bank of Montreal has confirmed its plan to sell shares to help finance its US $ 16.3-billion takeover of Bank of the West.
Prime Minister Justin Trudeau’ s power-sharing deal with an opposition party promises to tackle the soaring cost of housing in Canada and may target real estate investment trusts that own homes. | general |
Traders warn of Russia-related diesel and gas shortages | Prices across gas, oil, metals and agricultural markets have soared since the invasion and become so volatile that companies have had to cut traded volumes owing to strained liquidity.
The chief executives of four of the biggest energy traders - Vitol, Gunvor, Mercuria and Trafigura - said the gas market in particular had become dysfunctional owing to unmanageable margin calls.
`` The longer the war goes on, the greater the chance of an economic recession, '' Vitol CEO Russell Hardy told the FT Commodities Global Summit.
Russia calls the biggest invasion in Europe since World War Two a `` special military operation '' to disarm Ukraine and protect it from `` Nazis ''. The West says this a false pretext for an unprovoked war against a democratic country.
Energy markets had little spare capacity even before Russia launched its invasion on Feb. 24. They will now struggle to absorb the potential loss of about 2 million barrels per day ( bpd) of oil from Russia, which competes with Saudi Arabia as the world's biggest oil exporters.
`` From an economic perspective, Russia will be a loser. Europe won't do particularly well either with a refugee crisis... ( and) higher commodity prices, '' Mercuria CEO Marco Dunand said, adding that he expects Middle East Gulf countries to benefit most from prices and as political brokers between the West and Russia.
Though sanctions have not been imposed on Russian oil globally, companies far and wide have been boycotting Russian commodities.
`` Many people across Europe wish to boycott Russian oil, '' Hardy said, adding that it is unclear as yet how much oil would be lost.
Trafigura Chief Executive Jeremy Weir pegged lost Russian crude and products so far at between 2 million and 2.5 million bpd. Vitol, Mercuria and Gunvor, on the other hand, said the decline is not immediately calculable but they do not see the shortfall exceeding 3 million bpd.
The three businesses have halted spot purchases of Russian oil but are seeing out existing longer-term contracts.
DIESEL SHORTAGES?
The top concern for Europe is diesel. Europe imports half of its needs from Russia and could face shortages, the trading companies said, with Trafigura adding that Latin America and Africa could also be hit hard.
Any replacement oil is likely to be months away. Iran could increase exports by 1 million bpd provided that an international nuclear deal is signed, but the Organization of Petroleum Exporting Countries ( OPEC) and its allies are unlikely to increase output faster, Hardy said.
`` They 've been fairly clear up til now that they will continue with their OPEC+ agreement, '' Hardy said, adding that African countries in particular had less oil to spare than before the COVID-19 pandemic.
`` Are we expecting a 1-2 million bpd increase? Yes, but not likely in the next couple of months, '' he said.
Hedging in futures markets, particularly for natural gas, has become difficult to manage as strained credit lines force market participants to cut positions, which in turn contributes even more volatility.
The trading companies said the market was looking to regulators, central banks and governments for back-up emergency liquidity.
Gunvor's chief executive said that Dutch TTF wholesale gas futures, which are used as a European benchmark, were not fit to be used to hedge the global liquefied natural gas ( LNG) market.
`` The problem is the dysfunctional TTF price because of margin calls. The tradeability of gas has exploded over the last five years and a proper benchmark to absorb that kind of volume was shown not to be there, '' said Gunvor CEO Torbjorn Tornqvist.
`` We are in the middle of a storm now. Many parties got hurt. ''
Liquidity contraints because of extreme margin calls have forced traders to focus on core business, Tornqvist said, including his own.
The initial margin is collateral, or cash, posted by clearing members to the clearing house to cover potential losses in the event of a member default. Margin calls arise when the gap between the current spot price and the future sale becomes too wide, forcing traders to increase the deposit they hold at exchanges on each trade.
`` The spot market has dried up... Every trader is focused on core business. We are doing less volume than we normally do but we can size up again quickly, '' Tornqvist added.
( Reporting by Julia PayneEditing by Barbara Lewis and David Goodman)
By Julia Payne | business |
Sunak Plans Cost-of-Living Help, Pledges to ‘ Stand By’ Britons | The information you requested is not available at this time, please check back again soon.
Rishi Sunak, U.K. chancellor of the exchequer, arrives for a weekly meeting of cabinet ministers in London, U.K., on Tuesday, Nov. 10, 2020. The U.K.'s House of Lords rejected government plans to break international law over Brexit, putting the onus back on Prime Minister Boris Johnson, who immediately vowed to push ahead with the legislation., Bloomberg
( Bloomberg) -- Rishi Sunak plans to help British families struggling with a surge in energy prices and the cost of living, adding to 21 billion pounds ( $ 28 billion) of measures already announced.
The U.K. Chancellor of the Exchequer will use his Spring Statement on Wednesday to promise “ security for working families as we help with the cost of living, ” according to a Treasury statement late Tuesday. Sunak will also say Britain’ s response to Russia’ s invasion of Ukraine includes “ strengthening our economy here at home. ”
With inflation already at a three-decade high and forecast to go higher, Sunak is trying to juggle competing demands. He’ s under intense political pressure from his own Conservative Party as well as the Labour opposition to tackle a snowballing cost-of-living crisis while delivering on pledges to cut taxes by 2024 and to get to grips with the record debt pile built up during the coronavirus pandemic.
A price cap on energy bills and taxes are both set to jump next month, and the war in Ukraine has put further upward pressure on prices. That’ s led business lobby groups, politicians and consumer advocates to call for more government measures to lighten the burden on households and companies facing soaring bills.
There was some good news for Sunak on Tuesday when public sector finance statistics showed the budget deficit running 26 billion pounds ( $ 34 billion) below official forecasts for the first 11 months of the tax year.
While that gives him scope to boost giveaways for struggling Britons, he’ ll also stress the importance on Wednesday of “ more resilient public finances, ” according to the Treasury. That suggests the chancellor doesn’ t intend to splurge all of the extra cash.
Read More: Sunak Under Pressure as U.K. Prices Surge: Here Are His Options
His most likely options for action include a cut to fuel duty, which would ease the pain at the pumps with petrol prices at records, and raising the threshold at which people start paying national insurance, a payroll tax that’ s set to rise by 1.25 percentage points next month to pay for health and social care costs. Sunak has repeatedly pushed back against calls from the opposition and his own party to scrap that tax hike.
Sunak is also under pressure to do more to help consumers with domestic energy bills, which are set to surge by 54% next month when a new price cap takes effect. But the Chancellor already unveiled a 9-billion pound package of measures in February, and officials have signaled he’ s unlikely to do more before the next planned change in the price cap in October. The Treasury said its measures to help with the cost of living for this year and next, total 21 billion pounds, including freezing duties on fuel and alcohol.
As well as calling on Sunak to reverse tack on national insurance, the opposition Labour Party says he should impose a windfall tax on the profits oil and gas companies. The government has said that would threaten the competitiveness of the domestic industry, which it is trying to boost in order to reduce the U.K.’ s dependence on energy supplies form abroad.
Ahead of Sunak’ s statement, Labour accused Sunak of being a “ high-tax Chancellor ” who has raised taxes by more than any other British finance minister in half a century. That’ s likely to rankle with Sunak, who has repeatedly said he stands for low taxation -- but in fact has put the country’ s tax burden on track to be its highest since the 1950s.
The Chancellor said last week that he wants to use tax cuts to stimulate the private sector to invest in equipment, training and research and development.
According to the Treasury, Sunak on Wednesday will “ set out how the government plans to create a new culture of enterprise, with the private sector training more, investing more, and innovating more. ”
That may be a hint that the Chancellor plans to further extend breaks for investment expenditure by companies, building on a two-year so-called super deduction that he unveiled a year go. The incentive allows companies that invest to reduce their taxable profits by 130% of the amount invested, and has been described by Sunak as “ the biggest business tax cut in modern British history. ”
The U.K.’ s biggest business lobby, the Confederation of British Industry, has called for the deduction to be made permanent, at a lower rate of 100%. “ Incentivizing investment far beyond political cycles is the best way of creating truly sustainable growth, ” CBI Chief Economist Rain Newton-Smith said late on Tuesday.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint
Joe Natale left Rogers with a $ 14.1M golden parachute | general |
China-Europe Rail Routes Become Supply Chain’ s Latest Problem | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- More than a million containers set to ride 6,000-plus miles of railway linking Western Europe to Eastern China via Russia are now having to find new routes by sea, adding to costs and threatening to worsen the global supply chain chaos.
With Moscow’ s war raging in Ukraine, exporters and logistics firms transporting auto parts, cars, laptops and smartphones are now looking to avoid land routes passing through Russia or the combat zone. Security risks and payment hurdles stemming from sanctions are mounting, as is wariness that customers in Europe could boycott products that used Russian rail.
Kuehne + Nagel International AG, one of Europe’ s largest freight forwarders, is already rejecting rail cargo from China to Europe, according to Marcus Balzereit, a senior vice president for Asia Pacific at the Switzerland-based company. Some companies are switching to sea, said Glenn Koepke, a general manager at FourKites Inc., a Chicago-based information provider for the logistics industry.
The conflict is adding to congestion at some of the biggest ports, putting further pressure on global supply chains that are still reeling from pandemic-induced manpower shortages. Balzereit said a combination of sea-air solutions could help some automakers and high-tech electronics manufacturers prevent production disruptions despite a surge in costs.
“ At times like these, it’ s more important for companies to get their goods delivered even if the cost of transport is higher, ” said Um Kyung-a, a transportation analyst at Shinyoung Securities Co. in Seoul. “ It’ s more important for them to keep their production going. ”
Starting March, the export volume on trains heading to Europe from the port of Dalian has been “ greatly reduced, ” the official Securities Times run by the People’ s Daily reported this week. The shipments saw an average growth of more than 70% in the first two months of the year. Representatives for China Railway didn’ t immediately respond to a request for comment.
The rail links between China and Europe have been forged over the past decade as part of President Xi Jinping’ s new Silk Road project, which later morphed into the “ Belt and Road ” initiative. It is an ambitious mix of foreign policy and economic strategy to extend the country’ s influence across continents.
Last year, trains moved about 1.46 million containers carrying goods valued at about $ 75 billion between China and Europe on the routes, or about 4% of total trade between the two sides, according to estimates by Bain & Co.
The rail networks stretching from China, Kazakhstan, Russia, Belarus and beyond connect Chinese commercial centers such as Yiwu in Zhejiang province, Xi’ an in Shaanxi, Zhengzhou in Henan, Chengdu in Sichuan and Wuhan in Hubei to European cities including Moscow, Minsk, Hamburg, Milan, Warsaw, Munich and Madrid. Apart from consumer electronics and autos, wood-based products and petrochemicals also hitch a ride.
It takes about two weeks to send Asian goods to Europe via rail compared with a month by ship, according to logistics firms. Ships are still the cheapest method. The cost of transporting a container by rail is roughly twice that of sea freight and a quarter of sending goods by air, according to logistics provider DSV.
Last year, when online vendors rushed to meet a boom in demand for laptops and mobile phones during the pandemic, rail offered a crucial lifeline because some ports in China were locked down, said Helen Liu, a partner at Bain & Co. in Shanghai. This year, consumer electronics are likely to be impacted the most if rail isn’ t used, she said.
Some companies that use the rail network -- from Dell Technologies Inc. to IKEA and Toyota Motor Corp. -- have already paused their operations or sales in Russia. Still, the war in Ukraine hasn’ t stopped the rail traffic, with some trains as much as 500 meters long continuing to carry containers between Xi’ an and Kaliningrad, a Russian city sandwiched between Poland and Lithuania.
Those who want to shun these routes are looking at alternatives, said Balzereit.
“ We see that sea freight remains the backbone, able to move large volumes at a fairly reasonable price, ” he said. “ Air freight is another option even though the route might not be as direct as the past and you need to go through some route changes which might mean longer time and higher cost. Or a combination of sea and air -- we have been doing this for many years. ”
Any increase in traffic at ports couldn’ t come at a worse time. A flare-up of coronavirus infections in China has prompted authorities to tighten controls, along with mass testing of workers and drivers. For instance, a long line of trucks was waiting to enter Shenzhen’ s Yantian container port earlier this month, with shipping major Hapag-Lloyd AG estimating delays to at least 13 vessels.
“ Getting vessel capacity and getting shipping on time to destination has already been a challenge in the past six months, ” said FourKites’ Koepke. “ This is just one more thing that’ s being added to an already fragile network. ” | general |
Thai Central Bank Backs Top Lenders After S & P Downgrades Ratings | The information you requested is not available at this time, please check back again soon.
Barricades near a portrait of King Maha Vajiralongkorn at Siam Commercial Bank Park Plaza, which houses the headquarters of Siam Commercial Bank Pcl, in Bangkok, Thailand, on Wednesday, Nov. 26, 2020. Pro-democracy protesters in Thailand planned to rally outside the main office of the nation's most valuable lender, in which King Vajiralongkorn is the biggest shareholder, as they push for more transparency and accountability from the monarchy., Bloomberg
( Bloomberg) -- Thailand’ s banking system remains resilient with high levels of capital buffer to withstand future risks and uncertainties, the nation’ s central bank said on Tuesday, a day after S & P Global Ratings downgraded the top lenders citing increased systemic risks.
The capital adequacy ratio of Thai banking system stands at 20% and lenders have increased provisioning against bad loans by 430 billion baht ( $ 12.8 billion) in the past two years, the Bank of Thailand said in a statement. Total provisioning at 890 billion baht is equivalent to 1.6 times of non-performing loans, it said.
“ This reflect banks vigilance against the backdrop of heightened uncertainties, ” the central bank said. “ Currently, the financial positions of the Thai banking system remain resilient with high levels of buffer. ”
S & P Global ratings lowered ratings of Siam Commercial Bank Pcl and Kasikornbank Pcl to BBB from BBB+ and that of Krung Thai Bank Pcl and TMBThanachart Bank Pcl to BBB- from BBB, saying the move reflected its view “ that systemic risks have increased for banks operating in Thailand. ” The rating company affirmed ratings of Bangkok Bank Pcl and Bank of Ayudhya Pcl at BBB+ and also retained the stable outlooks for all the six lenders.
“ Systemic risk for Thailand’ s banks has risen, and high leverage among borrowers is likely to persist for longer than we previously expected, ” S & P said. “ Regulatory relaxation, such as a loosening of loan-to-value ratio requirements for mortgages, or an absence of any concrete action to rein in high household debt would delay a resolution of structural issues, in our view. ”
S & P’ s base case scenario project bad loans ratio of Thai banks jumping to 5% over the 24 months, the highest level since the 2008 global financial crisis, from 3% currently, it said.
But the central bank said regular stress tests on banks’ capital found that the “ Thai banking system remained resilient and able to withstand future risks and uncertainties. ” “ Going forward, the continued recovery of the Thai economy will help improve income and debt serviceability of borrowers as well as the loan quality of banks, ” BOT said.
Various debt relief measures introduced by the central bank during the pandemic have been instrumental in bringing down the number of debtors under the financial assistance program of banks to 14% of total loans from a peak of 30% during a surge in Covid-19 outbreak in July 2020, BOT said.
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.
Canadian Prime Minister Justin Trudeau’ s government is close to an agreement with a left-leaning opposition party that would keep his Liberals in power until 2025, according to multiple reports.
Air Canada says it is acquiring 26 new extra-long range Airbus A321neo aircraft.
Oil erased an earlier gain in choppy trading as the European Union weighs a possible ban on Russian crude imports, though some key members remain opposed to such a move for now. | general |
Arts activities may improve self-control and reduce antisocial behavior among teenagers -- ScienceDaily | For the peer-reviewed study, published in the Journal of Youth and Adolescence ( JOYO), researchers looked at data from more than 25,000 teenagers in the United States who had filled out questionnaires over several years.
They measured the teenagers ' overall engagement with arts activities based on a wide range of factors, from involvement in school clubs, orchestras, choirs, and arts classes outside school, to whether they had visited museums or been to concerts, or read on their own.
They found that the more of these activities the teenagers were involved in, the less likely they were to report being engaged in antisocial behaviour -- ranging from misbehaving at school, to getting into fights, to criminalised behaviour such as stealing and selling drugs -- both at the time of the first survey and when they were asked again about antisocial behaviour one and two years later.
The team also found that teenagers and young people who were more engaged in the arts were likely to have better self-control scores and view antisocial behaviour negatively. These outcomes have previously been found to make young people less likely to engage in antisocial and criminalised behaviours.
The research was carried out as part of the EpiArts Lab, a National Endowment for the Arts Research Lab.
Senior author Dr Daisy Fancourt ( UCL Institute of Epidemiology & Health Care) said: `` Past research has shown that getting involved in the arts can have a big impact on teenagers ' mental health and wellbeing.
`` Our study adds to evidence about the wide-ranging benefits that arts and culture can have for young people, demonstrating a positive link between the arts and a lower prevalence of antisocial behaviour.
`` Notably these findings remained, even when taking into account factors such as children's age, gender, ethnicity, socio-economic background, their parents ' educational background, where they lived, and their previous patterns of antisocial behaviours. ''
Lead author Dr Jess Bone ( UCL Institute of Epidemiology & Health Care) said: `` Our definition of arts and cultural engagement was very broad. It included dancing and acting in school clubs, reading, going to cinemas, museums, concerts, and music classes, as well as other hobbies that teenagers took part in regularly.
`` Finding ways to reduce antisocial behaviour among teenagers is important because these behaviours may become established and continue into adulthood, affecting someone's whole life.
`` Our findings demonstrate the importance of making arts and cultural activities available for all young people, particularly in the wake of the Covid-19 pandemic, which has limited access to and funding for these resources. ''
Researchers looked at data from two US-based longitudinal studies, the National Longitudinal Study of Adolescent to Adult Health and the National Education Longitudinal Study of 1988, whose participants were nationally representative. The research team analysed questionnaires filled in by teenagers and their parents between 1988 and 2002. The average age of participants at the start of these studies was 14 to 15 years.
In one of the cohorts, about half of adolescents reported engaging in antisocial and criminalised behaviours in the last 12 months. The average number of times participants engaged in these behaviours over the year was 1.6.
Although the researchers found that arts engagement was linked to fewer positive perceptions of antisocial behaviour and better self-control scores, they could not conclude that these factors were causally responsible for the association between arts engagement and antisocial behaviour as the study was observational.
Nonetheless, in considering mechanisms through which the arts could reduce antisocial behaviour, the researchers cited previous studies showing improvements from arts engagement including increased empathy, more prosocial behaviour, reduced boredom and improved self-esteem, as well as better emotion regulation.
The research was funded in part by the National Endowment for the Arts, Bloomberg Philanthropies, the Pabst Steinmetz Foundation, and Arts Council England. | science |
Actis Weighs Sale of Indonesian Private School Firm | The information you requested is not available at this time, please check back again soon.
The Merlion Statue and Jubilee Bridge stand in front of the city skyline during the `` circuit breaker '' lockdown in Singapore, on Wednesday, May 20, 2020. Singapore will allow more businesses to reopen on June 2 -- increasing the active proportion of the economy to three-quarters -- after a nationwide lockdown cut transmission of the coronavirus among citizens and permanent residents. Photographer: Lauryn Ishak/Bloomberg, Bloomberg
( Bloomberg) -- Private equity firm Actis is considering the sale of an Indonesian private education company in a deal that could be worth around $ 100 million, according to people familiar with the matter.
Actis is working with an adviser to gauge potential buyers’ interest in the Singapore Intercultural School Group, said the people, who asked not to be identified as the information is private. The sale of SIS Group could launch as early as the end of March, the people added.
The buyout firm acquired the asset when it took over funds formerly managed by Abraaj Group, one of the people said.
Discussions are at early stage and Actis could decide not to proceed with a sale, the people said. Representatives for Actis and SIS Group didn’ t immediately respond to requests for comment.
Southeast Asia’ s private education assets have been in high demand as private equity and other investors try to tap into the region’ s growing middle class.
Established in 1996 by Jaspal Sidhu, SIS Group schools teach the Singapore, Cambridge and International Baccalaureate curricula to students from pre-school to junior college, according to its website. The Group operates seven schools in Indonesia as well as locations in India, Myanmar and South Korea. It plans to add four additional facilities in Indonesia, the website shows.
In 2004 Actis was spun out of British International Investment, the U.K. government’ s development-finance institution known at the time as CDC Group. Actis has raised about $ 24 billion since inception, according to its website. It took over several of Abraaj’ s vehicles in 2019, after the Middle Eastern firm collapsed amid allegations of misusing investor funds.
CP Rail shares jumped after it agreed to work with an arbitrator on a contract for 3,000 workers, ending a two-day work stoppage.
Bank of Montreal has confirmed its plan to sell shares to help finance its US $ 16.3-billion takeover of Bank of the West.
Prime Minister Justin Trudeau’ s power-sharing deal with an opposition party promises to tackle the soaring cost of housing in Canada and may target real estate investment trusts that own homes. | general |
Russian Oil Seeps Into Global Market to Ease Supply Fears for Now | The information you requested is not available at this time, please check back again soon.
Oil pumping jacks, also known as `` nodding donkeys '', operate in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. The flaring coronavirus outbreak will be a key issue for OPEC+ when it meets at the end of the month to decide on whether to delay a planned easing of cuts early next year., Bloomberg
( Bloomberg) -- Millions of barrels of Russian oil are still finding a way to buyers almost a month after the country first invaded Ukraine, tempering concerns that a sanctions backlash would all but choke off supply and cause the market for physical cargoes to overheat.
India’ s oil refiners grabbed multiple cargoes of Russia’ s flagship Urals crude this month, potentially supplanting the Middle Eastern varieties they normally purchase from Abu Dhabi and Iraq. Meanwhile China’ s private processors are still thought to be targeting their favored cargoes from the east of Russia -- likely at knock-down prices.
Since Russia invaded Ukraine late last month, the market has been twisting on two vital questions: how much crude will Moscow end up selling, and where? There’ s been a buyers’ strike across swaths of Europe in response to the invasion, but what’ s less clear is how much other regions -- especially Asia, the top demand center -- will purchase.
“ Russian barrels must look tempting, ” said John Driscoll, chief strategist at JTD Energy Services Pte, adding that his view is that measures against the country will nonetheless curb buying of its crude over time. “ Resourceful traders may explore ways to move cargoes -- the Chinese won’ t be intimidated by U.S. sanctions, and will remain the largest importer of Russian crude. India is the next one to watch. ”
At least for now, what’ s going on with the buying and selling of non-Russian oil suggests traders are becoming less fraught about the threat of supply shortages, even if trading the nation’ s barrels isn’ t risk-free, and spreads on Brent oil point to a market that remais incredibly tight by historical standards.
At the moment, there are no sanctions directly prohibiting purchases but there are worries about what steps might ultimately be taken if the war drags on. Financing, insuring and shipping of Russian petroleum have also become much more complicated by the measures that the west has taken.
European officials are debating the idea of an embargo on Russian oil sales, although the bloc is divided on the idea and Germany opposes such a step.
For now, though, traders appear to be taking the view that the flow of Russian oil is helping in Asia.
A flurry of offers for Middle Eastern barrels took place in the Asian spot market this week, according to traders. Importantly, that comes together with a slowdown in Chinese demand amid Covid lockdowns, and wild price gyrations that’ s kept many buyers on the sidelines.
The differentials at which Middle Eastern barrels sell, a key indicator of demand for them, have dipped after starting off strongly early this month. Abu Dhabi’ s Upper Zakum crude for May loading was offered by a western oil major at about $ 8 a barrel more than the Dubai benchmark this week. That compares with a premium of over $ 10 a barrel two weeks ago.
Crude cargoes from the Persian Gulf were thought to be a natural choice for Asian buyers in the absence of Russian cargoes.
Shortly after the invasion, more and more buyers became wary of Russian cargoes despite record discounts after the U.S. banned Russian oil imports and Shell Plc came under heavy criticism due to a purchase of Urals. The major, along with TotalEnergies SE and BP Plc, were among a swath of European buyers that stepped back.
While it’ s still early in the trading and shipping process to gauge the volume of Russian crude that will ultimately flow to Asia in the coming months, the International Energy Agency said in a report last week that the nation’ s oil production is forecast to slump by about a quarter next month, inflicting the biggest supply shock in decades.
Still, some deliveries to Asia are likely to stay, at least for now.
May shipments of Sokol crude -- another variety from the Russian Far East -- are being organized to some customers in northeast Asia who have committed volumes under long-term contracts and equity agreements, according to traders who sell and buy the grade.
May-loading cargoes of ESPO from eastern Russia were being offered at discounts to the Dubai marker against which they trade, compared with premiums for comparative grades from the Middle East. Chinese independent refiners were seen as most likely buyers, although no transaction has yet been heard this month amid a reduction in market transparency, traders said.
What’ s adding to the slowness in spot transactions is lackluster demand from Chinese refiners including independent processors that have reduced operating rates amid Covid resurgence that’ s led to lockdowns.
The private plants, known as teapots, make up a quarter of the nation’ s processing capacity. They are running at a five-year low, according to industry consultant OilChem. At least two of them sold back cargoes of crude from West Africa and Latin America in a rare move earlier this month.
Diminished appetite from Chinese buyers has also hindered purchases of West African cargoes, dragging down offer levels for crude from producers like Angola, traders said. A handful of Angolan cargoes for April loading are still left unsold even after the release of program for May, they said.
In Europe, traders said the impact of missing barrels of Urals hasn’ t been as profound in terms of market tightness as they had previously expected, with most European refiners already having secured their required cargoes through the middle of next month.
European buyers are more likely to grab cargoes from the North Sea such as Johan Sverdrup to replace their Urals, and Iraq’ s Basrah Medium is another variety that could be picked up as an alternative the Russian grade, the traders added.
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 |
Breakthrough hospitalizations 'extremely uncommon ' after COVID-19 immunity, study finds -- ScienceDaily | `` In the general primary care patient population, those who have been vaccinated have very low risk of subsequent hospitalization for breakthrough COVID-19, '' says lead author Benjamin Pollock, Ph.D., a researcher in the Mayo Clinic Robert D. and Patricia E. Kern Center for the Science of Health Care Delivery. `` Our study shows that while it can and does happen, that these occurrences are extremely uncommon. ''
The researchers created a longitudinal study of 106,349 primary care patients at Mayo Clinic in Rochester who were 18 or older and tested positive for COVID-19, and/or were vaccinated for COVID-19. Of those patients, only 69 were hospitalized because of a breakthrough COVID-19 infection.
The researchers found the hospitalization rate was:
While there were slight differences between the three groups, the researchers note the difference is not statistically significant.
`` We found these results to be in line with previous studies, although the interpretation shouldn't necessarily be that natural immunity provides the same protection as vaccination, '' says Dr. Pollock. `` Rather, this study found that among our primary care population, both natural immunity and vaccine immunity appeared to lead to very low rates of breakthrough hospitalizations. ''
The researchers looked at breakthrough cases that resulted in hospitalization, but they did not compare immunity after infection and vaccination rates among mild or asymptomatic breakthrough cases.
`` We know that vaccination remains the safest route to protection from COVID-19 infection and severe disease, '' says Aaron Tande, M.D., a Mayo Clinic infectious diseases physician, and a co-author of the study. `` I explain to my patients that a COVID-19 vaccine provides additional protection, even if they have been previously infected. For those who have not been infected, vaccination remains the safest and most reliable route of protection. ''
Previous studies have shown similar results, the researchers note. Some studies have shown that immunity after infection prevents the most hospitalizations. Other studies have shown that vaccination prevents the most hospitalizations. In both cases, breakthrough hospitalizations are similarly rare.
`` Because it's impossible to tell in advance how severe a first infection may be, or who among vulnerable populations the virus may spread to, waiting for natural immunity is a gamble and not a safe alternative, '' Dr. Tande says.
The research was supported by the Mayo Clinic Robert D. and Patricia E. Kern Center for the Science of Health Care Delivery. The center's research focuses on transforming clinical practice. Its researchers seek to discover new ways to improve health; translate those discoveries into evidence-based, actionable treatments, processes and procedures; and apply this new knowledge to improve patient care.
The senior author of the study is Priya Sampathkumar, M.D., a Mayo Clinic infectious diseases physician and head of Mayo's Infection Prevention and Control Program. In addition to Dr. Tande, the study's co-author is Curtis Storlie, Ph.D., a researcher in the Mayo Clinic Kern Center for the Science of Health Care Delivery.
The research was funded by Mayo Clinic Robert D. and Patricia E. Kern Center for the Science of Health Care Delivery. The team reports no conflicts of interest. | science |
Russia Diamond Supply Squeeze May Benefit Zimbabwe Miner’ s Gems | The information you requested is not available at this time, please check back again soon.
A collection of rough diamonds sit on a sorting table during processing at the United Selling Organisation ( USO) of Alrosa PJSC sorting center in Moscow, Russia, on Tuesday, Feb. 12, 2019. Alrosa PJSC, one of the world’ s top diamond miners, is returning to crisis-stricken Zimbabwe, the latest example of Russia expanding its footprint in Africa., Bloomberg
( Bloomberg) -- Zimbabwe’ s biggest rough diamonds miner sees Russia’ s invasion of Ukraine triggering “ far-reaching consequences ” for the global gem industry and possibly lifting demand for its own stones.
Russia’ s Alrosa is the world’ s biggest diamond producer by volume at 30% and the slightest disruption to its ability to supply distorts the market, according to Zimbabwe Consolidated Diamond Co. Chief Executive Officer Mark Mabhudhu.
“ It may end up creating the supply gap that may drive demand for our product, as well as that of other players, ” he said in an interview Monday. “ However, we don’ t wish for the worst case, but if it happens we will be able to sell our production. ”
The southern African country is targeting $ 12 billion of mining industry revenue by next year, and state-owned ZCDC plans to contribute $ 1 billion of that, Mabhudhu said.
The company had the “ best year so far ” in 2021 after exceeding its 3 million carat production target by 30%, which resulted in profit for the first time since its inception in 2015. It produced 2.3 million carats of diamonds in 2020.
“ For 2022, we are set to not only achieve, but exceed our diamond production target by more than 40% when compared to the 2021 baseline target, ” he said.
ZCDC will resume diamond auctions in April after an eight-month hiatus as a result of the coronavirus and expects buyers from Dubai, Israel, India and South Africa, Mabhudhu said.
“ We have sizeable parcels for sale and the ultimate quantum per sale is determined in consultation with our selling agent, the Minerals Marketing Corp. of Zimbabwe, ” he said.
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 |
Study points to strategies for closing the participation gender gap in engineering courses -- ScienceDaily | Another major factor in women's class participation is participation by other women -- the researchers found that women are much more likely to speak after another woman has spoken in class.
`` That was one of the findings that I was most excited about, because it felt like something that could really be leveraged to change teaching practices, '' said study coauthor Nikita Dutta, who completed a Ph.D. in mechanical and aerospace engineering at Princeton in 2021 and is now a Director's Postdoctoral Fellow at the National Renewable Energy Laboratory. `` It's kind of like a waterfall effect once one woman starts to participate. ''
While much progress has been made in recent decades, women remain significantly underrepresented in engineering and other STEM fields. In 2018, women earned 22.2% of engineering bachelor's degrees in the United States. ( Princeton Engineering's current undergraduate population is 41% women.) Previous work has shown that experiences with mentors, peer groups and classroom climates play critical roles in undergraduate women's success in engineering.
The study, published online March 1 in IEEE Transactions on Education, included observations of 1,387 student comments over 89 class periods in 10 different courses in Princeton's engineering school. Five of the courses were taught by women and five were taught by men, although only 30 of the observed class periods were taught by women. While the students observed in the courses were 45.5% women and 54.5% men, only 20.3% of the classroom comments came from women. ( The study setup did not allow for students to self-identify their gender; the observers noted the perceived gender of each student as `` man, '' `` woman '' or `` non-binary. '')
This gender gap widened slightly when the researchers considered only courses taught by men ( 17.1% of comments came from women in classes taught by men versus 20.3% overall), but almost disappeared with a woman instructor. In classes taught by women, comments from women students increased to 47.3%.
Investigating the timing of students ' comments, the researchers found that after one woman participated in class, during the next minute the proportion of comments by women rose to 32.4% -- an effect that decayed over time but lasted for nine minutes after the initial comment.
Dutta conducted her dissertation research with Craig Arnold, the Susan Dod Brown Professor of Mechanical and Aerospace Engineering and director of the Princeton Institute for the Science and Technology of Materials. In fall 2018, she also served as an assistant in instruction for Arnold's course, `` Structure and Properties of Materials. ''
During lectures, she noticed that women seemed to answer questions and offer comments less often than men; she started tracking students ' participation informally, and found variability from one class session to the next. She became curious about what might be behind these fluctuations, and whether other engineering courses might reveal larger trends. At the semester's end, Dutta presented her findings to Arnold and the rest of his research group during their weekly meeting.
`` My jaw dropped. I thought, 'This is remarkable; this is incredible. ' She started talking about her plans … and ultimately it turned into a real scientific study, '' said Arnold, who coauthored the paper with Dutta.
Dutta and Arnold submitted a proposal to Princeton's Institutional Review Board, which oversees research on human subjects. They also consulted with pedagogy and educational assessment experts at Princeton's McGraw Center for Teaching and Learning, where Dutta had been trained as a graduate teaching fellow.
During the next two semesters, they enlisted other graduate students to assist with observations in lecture courses representing different class sizes and levels. Although the study was curtailed by the COVID-19 pandemic, they were able to gather sufficient data to draw some meaningful conclusions.
Besides recording student commenters ' genders, observers labeled comments as `` unprompted, '' `` solicited '' or `` involuntary. '' The gender gaps in unprompted and solicited participation were similar to the overall gender gap. The number of involuntary comments was small, since only three of the 10 instructors called on students who had not raised a hand, but the observations suggest that instructors called on men and women equally.
Observers also classified comments as `` concept questions, '' `` clarifiers, '' `` answers '' or `` general comments '' unrelated to course content. Women participated more frequently after another woman's comment, regardless of comment type, which points to icebreaker questions as a strategy that instructors can employ to promote participation and refresh students ' attention.
`` I think the fact that the conversational comments still had the effect of increasing participation by women is a really empowering result, because it means that you can solicit less intimidating forms of participation, '' said Dutta. `` For instance, in a materials class, you can ask students where they have observed these kinds of properties in real life. That is a technique that some professors are already using, but I think this shows how it can be helpful not just for encouraging more participation, but for encouraging more equitable participation. ''
The researchers also noted that involving more women as co-instructors, guest lecturers and teaching assistants could help close the participation gender gap by tapping into the effect seen in courses taught by women. It could be especially useful to draw on early-career researchers as instructors and role models, given the long timespan of changing gender representation among university faculty.
For women and students from other underrepresented groups in STEM fields, decades of research have shown the importance of `` feeling like they're part of that community, that they can be part of the conversation and speak in a group setting, get clarity or answer a question with confidence, '' said Kelly Godfrey, assistant director of educational and program assessment at the McGraw Center, who advised on the research. `` Being part of the community is the end goal, and this is one of the ways that we can clear that path. ''
`` The challenges of inclusive teaching often seem so big: How are we going to fight systematic oppression and hundreds of years of patterns; how can we make a difference in that? '' said Sarah Schwarz, senior associate director for graduate pedagogy at the McGraw Center. `` I think there's often really compelling small touches that make a difference in creating classrooms that are more inclusive, and this is one of many powerful examples of that. ''
Dutta and Arnold said they hope educators at Princeton and other institutions will implement some of the strategies they suggest, as well as expand on this initial study by examining participation patterns in a broader range of students and courses, including the participation of students from other underrepresented groups.
`` The results we found are just the beginning -- there is much more learn, '' said Arnold. `` I hope this paper gets people thinking about some of the small things you can do in the classroom that can make a big difference. ''
Dutta's work was supported in part by Princeton's Charlotte Elizabeth Procter Honorific Fellowship. | science |
Pfizer to Sell Up to 4 Million Paxlovid Doses to Poorer Nations | The information you requested is not available at this time, please check back again soon.
Boxes of Pfizer Inc.’ s Paxlovid antiviral medication in a warehouse in Shoham, Israel, on Jan. 18, 2022. A fourth dose of the Pfizer-BioNTech vaccine was insufficient to prevent infection with the omicron variant of Covid-19, according to preliminary data from a trial in Israel released Monday., Bloomberg
( Bloomberg) -- Pfizer Inc. will sell as many as 4 million doses of its Paxlovid pill for Covid-19 to low- and middle-income countries as part of an agreement with Unicef, the global relief organization.
Terms of the agreement to supply 95 countries with the drug were not released in the statement Tuesday from the New York-based drugmaker. Some upper-middle-income countries in Africa are also included in the deal, Pfizer said, and the company expects supply to be available in April and continue throughout the year.
Paxlovid cut the risk of hospitalization or death from Covid by almost 90% in clinical trials and promises to play an important role in battling the disease. So far, richer countries have secured about a quarter of Pfizer’ s initial supplies, heightening concern about access.
Pfizer has forged agreements with about three dozen drugmakers in countries around the world to make low-cost versions of Paxlovid, but those may not reach the market until 2023, according to an estimate by analytics firm Airfinity Ltd.
“ Supplying to Unicef is an important part of our comprehensive strategy to accelerate access to Paxlovid to treat Covid-19 infection as quickly as possible and at an affordable price, ” Pfizer Chief Executive Officer Albert Bourla said in the statement. | general |
New tool to accelerate drug discovery: Simpler, less-expensive method using bioluminescence shines light on real-time cellular traffic -- ScienceDaily | Now, for the first time, new technology developed at the University of Houston College of Pharmacy will be able to peer inside and get a close look at the trafficking in real-time. Bradley McConnell, professor of pharmacology, has devised a way to watch the membrane protein trafficking using bioluminescence, the production and emission of light inside living organisms, replacing the need for complicated protocols, methods or highly automated equipment.
`` We describe a powerful unrestricted and universal technology of drug discovery that is based on trafficking properties of plasma membrane receptors, '' reports McConnell in Communications Biology, a Nature journal. The paper's lead author is Arfaxad Reyes-Alcaraz, a postdoctoral fellow in McConnell's laboratory. `` This technology can be applied to monitoring the effectiveness of a potential new therapeutic drug that is targeted to a cell receptor and then internalized into the cell. It can also be used to monitor the SARS-CoV-2 viral entry into the cell. ''
Ultimately, the researchers expect the process to be used for drug development for heart disease, metabolic disorders, cancer, infectious diseases, COVID-19 and others.
The process monitors how cell receptors are internalized into the cell as part of their normal function in response to a hormone, or a therapeutic drug, interacting with its receptor -- a powerful tool to understand how the body works. Scientists have successfully studied this process for years using complex and expensive biological tools, but highly sensitive and versatile technologies have been lacking to study such processes in real-time living systems.
`` Now imagine studying this process simply and inexpensively with a method that is even more informative than is currently available, '' said McConnell. `` The ability to selectively generate a bioluminescent signal when the membrane receptor is in the early endosome to monitor receptor internalization ( i.e., membrane trafficking) is novel. '' | science |
Nanoparticle-based COVID-19 vaccine could target future infectious diseases: 'Eventually there will be another emergent disease ' -- ScienceDaily | In a new study, 100% of mice who received the protein-based immunization survived when challenged with lethal doses of the SARS-CoV-2 virus, which causes COVID-19. None of the mice experienced lung damage due to SARS-CoV-2 exposure. All mice who did not receive this nanoparticle vaccine died in a 14-day trial.
The results, published this week in the Proceedings of the National Academy of Sciences, outline the structure-function relationships between the first spherical nucleic acid ( SNA) vaccine developed to protect against viral infections.
`` What makes this vaccine different than other vaccines is the approach we take to design them, '' said Dr. Michelle Teplensky, co-first author of the paper. `` Even as recently as a few years ago people focused on selecting the right target to train the immune system and the right stimulant to activate it, not on how those components were arranged structurally and presented to the body. ''
Called SNAs, the nanoparticles that house the immune target are a form of globular DNA that can enter and stimulate immune cells with extreme efficiency. SNAs have been tested in more than 60 cell types. Researchers experimentally determined the ideal ratio between the SNA's shell and core density that produces the most potent response.
SNA vaccines have been used to treat mice with triple negative breast cancer -- and more vaccines for other cancers are in development.
Chad A. Mirkin, the inventor of SNAs and the paper's corresponding author, led the study and said the platform can translate to infectious diseases.
`` This is a remarkable demonstration of rational vaccinology -- the idea that the structure of a vaccine, as opposed to just components, can have a profound influence on efficacy, '' Mirkin said. `` While we have previously shown this to be the case for cancer immunotherapies, this is the first demonstration for an infectious disease. ''
Mirkin is the George B. Rathmann Professor of Chemistry in Northwestern's Weinberg College of Arts and Sciences, director of the International Institute of Nanotechnology and member of the Robert H. Lurie Comprehensive Cancer Center of Northwestern University.
Making the drug
Vaccines typically take years to develop. But with COVID-19 came astonishing advancements in this arena. Mirkin challenged Teplensky, a postdoctoral fellow in Mirkin's lab, to work with Ph.D. student and co-first author Max Distler, to evaluate whether the SNA platform could be used to create a potent vaccine, and expand its scope of impact. The two finished the project in just nine months -- roughly the same amount of time as commercial developers.
Typical viral immunizations consist of a mixture of molecules from the virus ( called antigens) that tell the immune system what its target will be ( the virus), and other molecules ( called adjuvants) stimulate the immune system to boost the body's ability to tackle that target when it appears later. Because the mixture isn't traditionally packaged together, researchers predict that cells within patients are not getting a potent dose of both antigens and adjuvants.
That's where structure comes into play. Mirkin coined the term `` rational vaccinology '' to describe how co-delivery and timing of these two drugs via one nanoparticle can make vaccines more effective. Tiny changes at the nanoscale can have big implications for a vaccine's efficacy and predictability.
Mirkin's team packaged the antigen ( a portion from COVID-19's infamous spike protein) inside the core of an SNA, and used a specific sequence of DNA known to stimulate the immune system ( adjuvant) as the radial shell surrounding the core. The researchers injected mice under the skin, causing an immune response to the spike protein, and then monitored antibody production in the weeks following injection.
Challenging the results
Two weeks following the injection, mice vaccinated with the SNA vaccine had the highest antibody production compared to those vaccinated with a simple saline mixture of the same components, even outperforming other formulations containing commercially used adjuvants ( which have been used in formulations of shingles, Hepatitis B and flu vaccinations) by 14-fold.
Antibodies correlate to protection against infection, establishing the platform's potential in the COVID-19 and infectious disease space. Protein-based vaccines also have fewer side effects and can be stored at normal refrigerator temperature, lowering production and distribution costs considerably.
The researchers looked at papers from commercially available COVID-19 vaccinations and found other studies ' final antibody production at two weeks was `` right on track '' with their own.
Just to be sure, the team sent their vaccine off to Argonne National Laboratory and allowed them to be put to the test by vaccinating mice and then infecting them with high doses of the SARS-CoV-2 virus in a double-blind study. One hundred percent of mice dosed with the SNA vaccine survived through the end of the trial with no lung damage caused by COVID-19 pneumonia.
Stopping future viruses
Using COVID-19 as a case study to compare how well the vaccine worked was mainly practical. But it also calls attention to the broader implications of the SNA as an infectious disease platform.
Teplensky says that COVID-19 caused a shift in behavior toward infectious diseases. `` People didn't recognize and appreciate the emergent power that infectious disease can have, '' Teplensky said. `` We saw an opportunity to use COVID as a case study to shed light on the shortcomings in the vaccination space. ''
Distler said, `` with this case study, although the results are quite impressive, the goal was not to compete with existing COVID vaccines. We're preparing for the next mutation, or the next disease in need of a highly structured vaccine because eventually there will be another emergent disease. '' According to the researchers, the platform could even be used to target something as complex as HIV.
`` The modularity of this approach implies that a quick tweak might only be required to make a new vaccine for a future virus, especially if what we 've observed previously with the cancer vaccine works, '' Mirkin said. `` All we 'd need to do is change what we're teaching the immune system to target. ''
The paper, `` Spherical Nucleic Acids as an Infectious Disease Vaccine Platform, '' came together as a collaboration between Northwestern scientists, physicians, and engineers, the Argonne National Laboratory and University of Chicago. The research was supported by the Air Force Office of Scientific Research ( award FA9550-17-1-0348), the Polsky Urologic Cancer Institute of the Robert H. Lurie Comprehensive Cancer Center of Northwestern University at Northwestern Memorial Hospital and the National Cancer Institute of the National Institutes of Health ( under awards R01CA208783 and P50CA221747). | science |
Worldwide Animal Health Industry to 2025 - Featuring Merck & Co, Boehringer Ingelheim, Zoetis and Elanco Among Others - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Global Animal Health Market: Analysis by Product, By Type, By Region Size & Trends with Impact of Covid-19 and Forecast up to 2025 '' report has been added to ResearchAndMarkets.com's offering.
This report provides an in-depth analysis of the global animal health market with description of market sizing and growth. Furthermore, the report also provides detailed analysis of market by value, by type, by product, and by region.
Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and would be driving the growth of the industry. Growth of the overall global animal health market has also been forecasted till 2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Region Coverage
Company Coverage
Based on the animal species, animal health market can be segmented into food producing animals ( FPA) and companion animals ( CA). Food producing animals ( FPA) consist of swine, poultry, ruminants, and aquatic species. Companion animals ( CA) include dogs, cats, horses and fishes.
The global animal health market has progressed promptly over the years and the market is further anticipated to escalate during the forecasted years. The market would augment owing to numerous growth drivers such as, escalating disposable income, growing demand for animal protein, rising veterinary healthcare expenditure, surging urban population, augmenting awareness of animal health, etc.
However, the market faces some challenges which are hindering the growth of the market. Some of the major challenges faced by the industry are unanticipated safety, quality or efficacy concern and regulatory obligations. Moreover, the market growth would succeed by various market trends like increasing adoption of wearable devices, evolution of pet nutrition products, pet humanization, etc.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Animal Health Market: An Analysis
3.1.1 Global Animal Health Market by Value
3.1.2 Global Animal Health Market by Products ( Pharma, Biological and Medicated Feed Additives ( MFAs))
3.1.3 Global Animal Health Market by Type ( Food Producing Animals ( FPA) and Companion Animals ( CA))
3.1.4 Global Animal Health Market by Region ( North America, APAC, Western Europe, Latin America, Eastern Europe and ROW)
3.2 Global Animal Health Market: Product Analysis
3.2.1 Global Animal Biological Product Market by Value
3.2.2 Global Animal Medicated Feed Additives ( MFAs) Product Market by Value
3.2.3 Global Animal Pharma Product Market by Value
3.3 Global Animal Health Market: Type Analysis
3.3.1 Global Food Producing Animals ( FPA) Market by Value
3.3.2 Global Food Producing Animals ( FPA) Market by Species ( Cattle, Swine, Poultry, Aquaculture and Sheep)
3.3.3 Global Food Producing Animals ( FPA) Species Market by Value
3.3.4 Global Companion Animals ( CA) Market by Value
3.3.5 Global Companion Animals ( CA) Market by Products ( Parasiticides, Specialty Products, Vaccines and Antibiotics)
3.3.6 Global Parasiticides Product Market by Value
3.3.7 Global Specialty Animal Product Market by Value
3.3.8 Global Animal Vaccines Market by Value
3.3.9 Global Animal Antibiotics Market by Value
4. Regional Market Analysis
5. COVID-19
5.1 Response of World Farmer's Organization
5.2 Response of Market Players after Spread of Pandemic
5.3 Regional Impact of COVID-19
5.4 Variation in Organic Traffic
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Growing Demand for Animal Protein
6.1.2 Rising Veterinary Healthcare Expenditure
6.1.3 Surging Urban Population
6.1.4 Escalating Disposable Income
6.1.5 Augmenting Awareness of Animal Health
6.2 Challenges
6.2.1 Unanticipated Safety, Quality or Efficacy Concern
6.2.2 Regulatory Obligations
6.3 Market Trends
6.3.1 Increasing Adoption of Wearable Devices
6.3.2 Evolution of Pet Nutrition Products
6.3.3 Pet Humanization
7. Competitive Landscape | general |
Seven things you need to know about Liberal-NDP support plan | The information you requested is not available at this time, please check back again soon.
Justin Trudeau’ s federal Liberal Party of Canada struck a support agreement with Jagmeet Singh’ s New Democratic Party on Tuesday, a deal that will see the NDP keep the Liberal minority in power through the end of its current mandate in 2025.
Under the terms of the deal, the NDP will support the government on budget and confidence votes in exchange for agreeing to pursue wide-ranging policy objectives ranging from climate initiatives to stronger medical supports.
The two parties seem intent on pushing through Trudeau’ s campaign promise to hike taxes on the big banks and insurers. That proposal would boost taxes on bank and insurance profits above $ 1 billion a year to 18 per cent from 15 per cent, a move Ottawa said would generate $ 2.5 billion for the government over the next four years. When announced, the measure was met with pushback from the Canadian Bankers Association, which took umbrage with the banking industry being singled out.
The parties are also pledging to implement a publicly accessible beneficial ownership registry – essentially a database of who ultimately owns and controls private corporations – by the end of 2023. That would make good on a promise made in last year’ s federal budget to implement tools to identify who controls the bevy of numbered corporations across Canada, though the feds initially targeted a 2025 implementation date.
As affordability spirals out of control in not only the nation’ s major urban centres but in outlying communities as well, the two parties said they would be “ tackling the financialization of the housing market ” by the end of next year. However, they did not outline what measures would be put in place or who would be targeted, be it housing speculators or corporate entities snapping up supply.
Part of the proposal calls for an extension of the Rapid Housing Initiative – a pandemic-era plan to help create affordable housing units and new rentals – for another year, past the sunset date of Mar. 31, 2022. The parties also pledged to implement a Homebuyer’ s Bill of Rights and offer a one-time $ 500 top-up of the Canada Housing Benefit.
The parties announced plans to introduce legislation to prohibit the use of replacement workers – or “ scabs ” – when an employer in a federally regulated industry like the railroads has locked out employees or the union has gone on strike.
The pledges include passing a Canada Pharmacare Act by the end of next year, which would make good on a Trudeau election promise dating back to the 2019 campaign. The parties would then task the National Drug Agency with putting together a bulk drug purchasing plan and determining essential medicines for the program.
Under the terms of the deal, the two parties promise to ensure all federally-regulated workers will receive 10 days of paid sick leave “ as soon as possible ” in 2022. The issue of paid leave took on greater prominence over the course of the pandemic as COVID-19 disrupted businesses far and wide. | general |
Children's antibody responses to COVID-19 are stronger than adults ', study finds: Findings differ from earlier reports of low antibody responses in children exposed to COVID-19 virus -- ScienceDaily | The new study suggests that children tend to have strong antibody responses after SARS-CoV-2 infection. Understanding antibody responses to SARS-CoV-2 at different ages can inform COVID-19 vaccine strategies and policies.
The findings will be published online March 22 in the journal JCI Insight.
This analysis is based on samples taken at enrollment from 682 children and adults in 175 Maryland households who participated in a household surveillance study of SARS-CoV-2 infection and had not yet received a COVID-19 vaccine. Participants ranged in age from 0 to 62 years, and enrollment samples were collected between November 2020 and March 2021.
The researchers found evidence of SARS-CoV-2 antibodies, indicating prior infection with the virus, in 56 people at the time of enrollment. Of these 56 people with antibody evidence of previous SARS-CoV-2 infection, 15 were children ages 0 to 4 years, with the youngest three months old; 13 were children ages 5-17 years; and 28 were adults ages 18 years or older. Antibodies to a key site on the virus's outer spike protein -- the `` receptor-binding domain '' ( RBD) -- were present at much higher levels in children compared to adults: more than 13 times higher in children age 0-4, and nearly 9 times higher in children age 5-17. And levels of SARS-CoV-2 neutralizing antibodies, which may help to predict protection against severe COVID infection, were nearly twice as high in children ages 0-4 compared to adults.
In most households where both children and adults had antibody evidence of SARS-CoV-2 infection, children ages 0-4 years had the highest levels of SARS-CoV-2 RBD and neutralizing antibodies of all infected household members.
`` This study demonstrates that even children in the first few years of life have the capacity to develop strong antibody responses to SARS-CoV-2 infection, which in some cases exceed adult responses, '' says Ruth Karron, MD, lead investigator and a professor in the Department of International Health and director of the Johns Hopkins Vaccine Initiative at the Bloomberg School.
Karron and colleagues set up their prospective household surveillance study, known as SARS-CoV-2 Epidemiology And Response in Children ( SEARCh), to learn more about SARS-CoV-2 infection in children less than 5 years of age, a relatively understudied population. To be included in the study, each household had to have at least one child four years old or younger, and agree to approximately 8 months of follow-up for evidence of SARS-CoV-2 infection.
The analysis of these samples also found that:
`` Very young children in our study developed high titers of antibody to the SARS-CoV-2 spike protein, which is the target antigen for COVID vaccines, '' Karron says. `` These findings should provide some reassurance that with the appropriate vaccine doses we can effectively immunize very young children against SARS-CoV-2. ''
Few studies have looked at antibody responses to SARS-CoV-2 in both children and adults. A study of hospitalized patients found that adults mounted higher neutralizing antibody responses than children. In contrast, several community-based studies found that children mounted robust responses. Findings from this study expand on those from previous community-based studies.
Children ages 5-17 years are currently eligible for the Pfizer-BioNTech mRNA COVID-19 vaccine, and studies of the vaccine in younger children are ongoing.
Karron and colleagues are continuing to analyze follow-up specimens from these 56 individuals, as well as individuals infected during the SEARCh study, to learn more about the quality of their SARS-CoV-2 antibody responses and to see how durable their antibody responses are over time.
`` Binding and Neutralizing Antibody Responses to SARS-CoV-2 in Very Young Children Exceed Those in Adults '' was written by Ruth Karron, Maria Garcia Quesada, Elizabeth Schappell, Stephen Schmidt, Maria Deloria Knoll, Marissa Hetrich, Vic Veguilla, Nicole Doria-Rose, Fatimah Dawood, and other members of the SEARCh Study Team.
The study was funded by the CDC ( contract 75D30120C08737). | science |
U.S. to Hold Largest Military Drill in Decades With Philippines | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- The U.S. and Philippines will hold their biggest military drills in three decades as tensions grow with China, injecting new life into a defense alliance that had languished in recent years.
Some 5,100 American soldiers and 3,800 Philippine military members will train in the Southeast Asian nation from March 28 to April 8, the U.S. Embassy in Manila said in a statement. They will conduct drills on maritime security, counterterrorism and disaster relief in the largest ever iteration of Balikatan, the most prominent military exercise between the nations dating back to 1991.
The annual drills come as Chinese officials warn the U.S. is trying to build what it called an Indo-Pacific version of NATO, echoing Vladimir Putin’ s justification for invading Ukraine. The Philippines has also repeatedly protested China’ s increasing presence in the South China Sea and nearby waters.
The U.S.-Philippine mutual defense treaty dates back to 1951, shortly after the former American colony became fully independent. President Rodrigo Duterte had threatened to scrap the alliance as he improved ties with China, moving to terminate the 1998 Visiting Forces Agreement that set the terms for joint exercises and engagement of U.S. troops in the Philippines. He restored the deal last year.
“ Our alliance remains a key source of strength and stability in the Indo-Pacific region, ” Major General Jay Bargeron, commanding general of the U.S.’ s 3rd Marine Division, said in the statement.
This year’ s military exercises also mark a return to full-scale drills that were disrupted by the Covid-19 pandemic. Fewer than 1,000 soldiers from the U.S. and Philippines joined the training last year. | general |
Measuring Progress After a Reckoning: Equality Summit Update | The information you requested is not available at this time, please check back again soon.
Keisha Lance Bottoms, mayor of Atlanta, speaks during a 'Get Out The Vote ' campaign event with U.S. Democratic Senate candidates Raphael Warnock and Jon Ossoff in Garden City, Georgia, U.S., on Sunday, Jan. 3, 2021. Georgia has two runoff elections on Tuesday that will decide control of the U.S. Senate and have a decisive influence on the ability of President-elect Joe Biden to advance his legislative agenda., Bloomberg
( Bloomberg) -- Two years since the dual-shocks of the Covid-19 pandemic and global Black Lives Matter protests led to greater calls for economic and racial equality, leaders across business and government are convening at Bloomberg’ s Equality Summit to take stock of what’ s changed.
On the first day of the two-day event, former Atlanta Mayor Keisha Lance Bottoms will weigh in on voting rights, Alfred F. Kelly the chief executive officer of Visa Inc. will talk about creating a more diverse workforce, and Jeff Gennette, the chief executive officer of Macy’ s, Inc., will speak about diversifying the retailer’ s supplier pipeline.
* See a full lineup here. Click here to read daily coverage from Bloomberg Equality. | general |
These are the things that coders want out of work. How many can you offer? | Employers who want to build strong tech teams and stay competitive need to pay attention to what developers are saying.
Owen is a senior editor at ZDNet. Based in London, UK, Owen covers software development, IT workforce trends and the evolution of tech and work.
Employers need to prioritize company culture and embrace flexibility beyond remote working if they hope to keep software teams engaged, say developers.
A survey of more than 2,000 software engineers by Hired found that developers increasingly prioritize employment that promotes healthy work-life balance and a flexible routine that's not centred around the office.
ZDNet takes an in-depth look at key trends in software development and how developers are changing the tech industry.
Developers are also being attracted to employers who offer clear opportunities for professional development and career growth, which have become a `` must-have in the tech world '' and is something employers need to begin paying attention to as they battle it out with rivals over a thinning pool of tech talent.
SEE: Tech workers are quitting. Pool tables and perks won't be enough to stop them
The survey formed part of Hired's 2022 State of Software Engineers report, which also included insights into hiring and technology trends based on interview requests and salary data from Hired's platform from January 2020 through December 2021.
Almost all software engineers surveyed said key elements for an ideal work environment were great managers, co-workers they get along with and can learn from, and flexibility around work hours.
`` It's no longer enough to simply provide the option to work remotely and avoid a commute. Employers need to embrace flexibility more broadly, providing employees with the freedom to manage their own time and work schedule without the confines of the strict 9-5, '' said the report.
`` Prioritize autonomy before wellness stipends and other perks that are more of a 'nice-to-have ' for most. ''
Endless Zoom calls are also something that developers could do without; having no or very few meetings also featured high in the list of software pros ' workplace desirables.
Hired suggested that employers reassess their meeting policy and `` take a critical look at which ones are really necessary and what can be done asynchronously instead. ''
The report added: `` Find the right balance of tools to use internally. Software engineers want to be able to easily and efficiently communicate and collaborate with their colleagues in real time – but too many tools are overwhelming and harming their productivity. ''
The pivot to remote working has intensified demand for developers further as companies expand their talent search beyond major tech hubs.
Hired found that startups are putting pressure on larger companies by offering `` compelling pay and benefits to attract and hire top talent '', helped by record levels of funding and growth since 2020 and the fact that many are readily set up for remote work.
While developers overwhelmingly want flexibility in their workplace, employers also need to demonstrate that their tech workers can learn new skills within their roles.
Of the developers surveyed, 72.2% of respondents cited new challenges and continuous learning as their biggest career motivator. Likewise, 63% of developers said they enjoy learning new skills, while 57% are concerned that their skills are becoming less relevant as the tech ecosystem evolves rapidly.
SEE: Software development is changing again. These are the skills companies are looking for
As such, more than half of those surveyed by Hired said it's important to them that employers provide professional development opportunities. Companies should `` offer compelling career development opportunities to attract and retain software engineers and ensure they feel adequately challenged in their role, '' the report said.
Coders also want to see their skills put to use bettering the world, particularly following the events of 2020 and 2021.
Asked about the problems they were most passionate about solving, the most popular response was public health – cited by 12.82% of respondents – followed by education and access to upskilling ( 12.53%), human collaboration and the future of work ( 12.52%), global warming and climate issues ( 11.86%), and lack of economic opportunity and unemployment ( 11.50%).
`` As the COVID-19 pandemic carries on, software engineers continue to feel passionate about solving public health issues with their coding skills, '' said Hired. `` It's a competitive, global job market and skills are the new currency. Upskilling and acquiring the most relevant skills are key to advancing in a career – or entering a new industry – as workers are `` reshuffling '' and changing jobs at record highs.
`` Software engineers want to help level the playing field to provide better access to ( non-traditional) education and create new ways of learning. ''
Microsoft asked 31,000 people what's changed about work. One result was startling
A Microsoft employee quit. Then the company completely broke the rules
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Omicron Subvariant Takes Hold in U.S. as New York Cases Tick Up | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- More than a third of last week’ s U.S. Covid-19 cases were caused by the omicron BA.2 subvariant, a notable increase from just a week earlier when predictions were at just under one-quarter, according to the U.S. Centers for Disease Control and Prevention.
More than half of infections in the Northeast are now caused by BA.2, according to agency estimates.
While Covid cases have continued to drop nationally, New York City saw infections rise to about 33% to 924 for the week ending March 19, according to a separate tally of cases from the agency. BA.2 isn't believed to be more dangerous than other strains, though there are indications that it is more infectious.
The shift follows a trend seen in the U.K., where a rise in cases began in late February, around the same time BA.2 grew to represent more than half of the country’ s overall infections.
Tuesday’ s CDC update confirms earlier reports that the subvariant has been increasing in prevalence throughout the U.S., based on Covid-19 tests sequenced within the last two weeks. Regional predictions show some variation, as has been seen in prior waves.
A study from Denmark, which experienced an early surge of BA.2 cases, found that the subvariant is more transmissible than the first omicron strain. Reports from the U.K. show that though the variant does not appear to carry a higher risk of hospitalization than omicron, it is able to reinfect some people. Studies are ongoing to better understand its reinfection capability. | general |
High death rate in Hong Kong shows importance of vaccinating the elderly | The first time the omicron variant breached Hong Kong’ s coronavirus defenses, in late 2021, the city stamped it out, cementing its status as one of the world’ s most formidable redoubts of “ COVID zero. ”
But a few weeks later, omicron came to the metropolis again, this time causing an outbreak among cleaners at a public-housing estate that spiraled out of control. The conflagration of resulting cases is now killing people at a rate exceeding that of almost any country since the coronavirus emerged.
Over the entire pandemic, Hong Kong’ s death toll per capita, once far lower than those of Western nations, is no longer exceptional. A month ago, Americans had died from COVID-19 at 90 times the rate of people in Hong Kong. By Monday, the cumulative American toll was 3½ times as high.
As the United States braces for its own, less punishing rise in cases, and mainland China battles its biggest outbreak in two years, scientists have looked to Hong Kong for clues about the threat omicron poses in an entirely different setting: a dense city where people were not only largely untouched by previous infections, but whose oldest and most vulnerable residents were also largely unvaccinated.
A temporary isolation facility to house COVID-19 patients in Lok Ma Chau, Hong Kong | BILLY H.C. KWOK / THE NEW YORK TIMES
In the era of omicron and its even more infectious subvariant, BA.2, vaccinating a broad swath of the population remained important, scientists said. But inoculating as many older people as possible had become far and away the top priority.
That message, they said, was most pressing for China, where vaccinations in older age groups also appear to be lagging and there is little immunity from earlier infections.
But it was relevant again in the United States, too, where subpar vaccination and booster rates among older people have left scientists concerned about a potential surge in BA.2 cases. Partly because so many more Americans have been infected and killed by the coronavirus during earlier waves, scientists do not expect the United States to face as serious a situation in the coming months as Hong Kong.
Hong Kong’ s dreadful outbreak also signals the perils of trying to eliminate the virus without a plan for what would come next, health experts said. Omicron’ s high transmissibility, they said, made outbreaks almost inevitable.
Hong Kong, which along with mainland China had been among the last holdouts of a strategy of tight restrictions and border controls to eradicate the virus, was left vulnerable by how few of its residents had any immunity from prior infections: Before the omicron surge, scientists estimated that only 1% of Hong Kong’ s population had contracted the virus.
Those low levels of immunity can leave places vulnerable to waves of cases, as more contagious variants sneak in or restrictions are lifted. But governments can still prepare for those waves, said Dr. Gabriel Leung, dean of medicine at the University of Hong Kong.
Less than one-quarter of people age 80 and over in Hong Kong had been given two doses of a vaccine before omicron surged, compared with more than 90% of people in Singapore and New Zealand.
Because of the number of unvaccinated older people in China, scientists said, it might also have some difficulty lifting COVID zero restrictions. More than 87% of China’ s population has been vaccinated. But just over half of people 80 and older have had two shots, and less than 20% of people in that age group have received a booster, Zeng Yixin, a vice minister of the National Health Commission, said Friday.
“ I don’ t think it’ s quite ready for the transition, ” Leung said.
A number of Asian and Pacific countries had largely kept the virus at bay for two years, only to face omicron outbreaks because the virus was so contagious and their populations had avoided earlier infections. But high vaccination rates, including among older people, have helped many of those countries avoid more devastating surges.
In South Korea, for example, where 87% of people are vaccinated and 63% have booster shots, the cumulative death toll per capita is one-tenth of America’ s, even though South Korea has recorded more than three-quarters as many cases as the United States over the entire pandemic.
Health experts said that Hong Kong’ s difficulties vaccinating older people resulted from a combination of complacency, given the city’ s earlier success in containing the virus, and unfounded fears that older people and those in poor health faced particular risks from vaccines.
The city has now vaccinated 39% of residents age 80 and above, despite having inoculated almost two-thirds of 12- to 19-year-olds.
Many people in Hong Kong have been given the Chinese vaccine Sinovac, which appears to offer relatively little protection from omicron infections but a better defense against severe disease. Scientists noted that almost 90% of people who died during the latest wave were not fully vaccinated, suggesting that getting shots to the most vulnerable is more important than the particular brand.
“ The problem in Hong Kong is, we haven’ t succeeded in vaccinating our most vulnerable population — the elderly, especially those staying in elderly care homes, ” said Dr. Siddharth Sridhar, a clinical virologist at the University of Hong Kong. “ And as a result, we are in a very bad situation. ”
The United States has vaccinated many more of its older residents than Hong Kong but fewer than Western Europe and has seen a high death rate. And as immunity from early vaccinations wanes and booster shots become critical for shoring up protection against omicron among older people, the United States finds itself exposed on that count, too. About 41% of people 65 and over have not received a booster shot.
Residents wait at a COVID-19 testing station in Tsing Yi, Hong Kong, on March 2. | BILLY H.C. KWOK / THE NEW YORK TIMES
Unlike other parts of Asia that had gradually lifted restrictions in recent months, Hong Kong was not ready for its defenses to fail, scientists said.
“ From the government’ s point of view, there was such a strong fixation on zero COVID that as long as that worked, vaccination was not necessarily the priority, ” said Ben Cowling, a professor of epidemiology at the University of Hong Kong.
Many older residents and their families adopted the same view, public health experts said. If Hong Kong’ s rigid social-distancing measures and careful border controls were going to keep the virus out anyway, the conventional thinking went, was getting a vaccine worth the trouble?
“ If you’ re telling people that the disease is never going to get in, then there’ s less of an incentive to go and get vaccinated, ” said Dr. David Owens, a family doctor in Hong Kong. “ To an extent, the messaging around elimination confounded the need to vaccinate. ”
Cowling, of the University of Hong Kong, said that his city could have responded in one of two ways to signs that cases would surge: either double down on COVID zero through measures such as building better quarantine facilities for overseas arrivals, or acknowledge that outbreaks are unavoidable and raise vaccination rates.
“ Zero COVID is a really good strategy if you can stay at zero, ” Cowling said. “ But as we found in Hong Kong, it doesn’ t last forever. ”
Hong Kong eventually took steps to persuade older people to become vaccinated, once earlier inducements such as vaccine passes proved ineffective. In January, the government announced that it would ban unvaccinated people from restaurants that serve dim sum, which are popular among older residents. But it was too late.
With cases and deaths now declining, Hong Kong announced Monday that it would lift certain restrictions.
Singapore began abandoning COVID zero policies in the summer. Dr. Ooi Eng Eong, an infectious disease expert at Duke-National University of Singapore Medical School, said that it took a wave of the delta variant to raise vaccination rates and disabuse people of the notion that they did not need protection.
Now, cases in Singapore have surged, but deaths are relatively low.
“ It’ s so much more transmissible that I think wearing a face mask and all — that helps but not to the extent that it has impacted the epidemiology, ” Ooi said of omicron. “ The trends are really driven by vaccination. ”
Still, even after five or six waves of the pandemic, the reasons that some countries have succeeded while others have suffered remain unclear.
Japan, for example, has tamped down on cases throughout the pandemic without resorting to full-fledged lockdowns, scientists said.
The country benefited from its government sharing sound public health advice early in the pandemic. As much as residents tired of precautions, they largely took the advice seriously, said Taro Yamamoto, a professor at the Institute of Tropical Medicine at Nagasaki University.
Roughly 80% of people in Japan have had their initial vaccine series. But even though the country is lagging in administering booster doses and had a surge of omicron infections, death rates during omicron have remained considerably lower than in nearby South Korea.
“ Partly it’ s a mystery, ” Yamamoto said. “ We can not explain it all. ” | tech |
China Locks Down Northern City; N.Z. Eases Curbs: Virus Update | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- China imposed its fifth lockdown over about the past two weeks to stamp out a rise in Covid-19 cases. The nation is seeking to build more than 60 makeshift hospitals across its provinces.
A full temporary lockdown was put in place on Tangshan City, a steel hub in China’ s northern Hebei province, according to local authorities. The restrictions started on March 22 with residents not allowed to leave their buildings until further notice. Shanghai’ s government dismissed online rumors that it will impose a city-wide lockdown on the financial capital for one week.
New Zealand will begin to phase out its remaining restrictions as an omicron outbreak shows signs of having peaked. From midnight Friday, outdoor gathering limits will be lifted and indoor limits raised to 200 from 100, and people won’ t need to scan QR codes when they enter premises. Vaccine passes will no longer be required to enter hospitality and other venues from April 4.
H.K. Mulls Full Resumption of Elementary Schools ( 7:53 a.m. HK)
Hong Kong government is looking into allowing elementary schools to resume full-day face-to-face classes, should vaccination rate hits certain threshold, Sing Tao Daily reports, citing an unidentified person.
Elementary schools have been limited to half-day face-to-face instructions for nearly 2 years. The Education Bureau plans to raise the vaccination threshold for resuming secondary school full-day face-to-face classes to 90% from 70% for both teachers and students.
China Builds More Than 60 Makeshift Hospitals ( 7:38 a.m. HK)
Each of China’ s provinces should set up at least two to three makeshift hospitals to treat infections amid omicron’ s explosive spread in the country, according to the country’ s National Health Commission.
The nation updated its Covid treatment guidelines last week to reserve designated hospitals for those with severe conditions, while patients with mild symptoms should be sent to isolation facilities to avoid overwhelming the medical system.
A total of 33 makeshift hospitals have been built, or are currently under construction, to provide 35,000 beds, Jiao Yahui, an official with National Health Commission, said at a briefing. Some 31 local governments are required to come up with plans to ensure the hospitals can be put into use within two days when needed.
Hong Kong to Ramp Up Tracing as Cases Ease ( 7:33 a.m. HK)
Hong Kong is set to resume sending compulsory testing notices through a contact-tracing app, as a declining number of infections allows authorities to ramp up a key tool for tracking down and quarantining close contacts.
Health officials indicated in recent days that compulsory testing orders will be revived soon, since the city now has the testing capacity. Hong Kong suspended sending alerts via the LeaveHomeSafe app -- mandatory for entrance to many restaurants and other public venues -- since late February, as a surge in cases overwhelmed testing capacity.
Shanghai Dismisses City-Wide Lockdown Rumors ( 7:17 a.m. HK)
Shanghai government denied online rumors that it will lock down the financial capital for one week, Chinese media cited local authorities as saying Tuesday night. The local authority urged residents not to hoard food and daily necessities.
The mega city of 25 million people has seen sharp increases in Covid cases over the past few days. It reported 896 Covid-19 cases Monday, a record for a second straight day. Authorities have 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. Li Qiang, the Communist Party secretary of Shanghai, urged increased testing in a visit to some neighborhoods under lockdown Tuesday.
The authority announced Tuesday evening it will halt some subway services at a few stations on a couple of lines starting today. Meanwhile, the State Council, China’ s cabinet, has dispatched task forces to 10 provinces and municipalities including Shanghai to help oversee Covid control.
Thailand Faces Current Account Blowout on Oil, Tourism ( 7:17 a.m. HK)
Thailand is heading for a rare back-to-back current-account deficit as the outlook for tourist arrivals becomes less rosy with a flare-up in Covid cases globally and energy import bills ballooning amid soaring oil prices.
The net-oil importer may post a shortfall of $ 4.6 billion this year, according to Bank of Ayudhya Pcl, which previously estimated a surplus of $ 5.8 billion in the current account -- the broadest measure of trade and investment.
Hillary Clinton Says She Tested Positive for Covid ( 7:12 a.m. HK)
Hillary Clinton tested positive for Covid-19 and has some mild cold symptoms but is feeling fine, she says in a tweet late Tuesday.
Hong Kong’ s Quarantine Shift Fails to Satisfy Businesses ( 7:00 a.m. HK)
Hong Kong’ s new policies to ease quarantine rules and roll back social-distancing measures fail to address major concerns of the local and international business communities and threaten its standing as a financial hub, according to commerce groups.
Chief Executive Carrie Lam on Monday said Hong Kong would end a ban on travel from nine countries, including the U.S., U.K. and Australia, on April 1 and halve required hotel quarantine to seven days. She also announced a path to lifting social-distancing measures, with the moves coming after financial institutions and the city’ s residents expressed frustration at its isolation.
This U.S. legislation is a game changer: Curaleaf executive chairman
U.S. democratic senators to unveil draft cannabis reform bill on Wednesday: Report | general |
Developers to Miss Deadlines; Shimao Drops: Evergrande Update | The information you requested is not available at this time, please check back again soon.
Signage at the Intercontinental Shanghai Wonderland Hotel, developed by Shimao Group Holdings Ltd., in Shanghai, China, on Wednesday, Feb. 9, 2022. Shimao, a developer once regarded as among China's strongest, is now prompting investors to doubt that such legacies will be enough to help builders weather a worsening industry crisis. Photographer: Qilai Shen/Bloomberg, Bloomberg
( Bloomberg) -- China Evergrande Group became the latest Chinese developer to warn that it would probably miss deadlines for reporting audited 2021 results due this month.
Sunac China Holdings Ltd. and Shimao Group Holdings Ltd. also announced delays as both blamed the latest Covid-19 wave in China. Sunac’ s dollar bonds fell, with the two firms among leading decliners on a Bloomberg Intelligence gauge of developer shares. Hong Kong-listed property firms face a March 31 deadline to file annual results.
Evergrande’ s shares remain suspended. The debt-saddled developer and its financial advisers will hold an investor call Tuesday. The builder told creditors in January it aimed to issue a preliminary restructuring plan in the subsequent six months.
China Evergrande Said to Hold Investor Call Amid Trading Halt ( 10:26 a.m. HK)
China Evergrande Group and its financial advisers will hold an investor call Tuesday after it announced a likely delay in audited 2021 results and had trading halted in its shares and onshore bonds.
The call is to start at 9 p.m. Hong Kong time, according to two investors who received the invitation and asked not to be named in discussing the private information. The firm didn’ t immediately have a comment when reached by Bloomberg.
Sunac Bonds, Shares Slide as Audited Results to Be Delayed ( 10:03 a.m. HK)
Sunac dollar and onshore bonds fell sharply Tuesday morning after it said it likely won’ t release audited 2021 results this month, while a yuan note halted trading.
The firm’ s 6.8% yuan bond due 2023 halted trading after it fell 21.9%.
Evergrande Joins China Developers Set to Miss Earnings Deadline ( 9:18 a.m. HK)
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 and Shimao issued similar statements Monday night.
Evergrande 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.
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 Services to Probe 13.4b Yuan Pledge Guarantees ( 8:45 a.m. HK)
Evergrande Property Services Group has found that deposits of about 13.4 billion yuan ( $ 2.1 billion) as security for third-party pledge guarantees had been enforced by the relevant banks, it said in a filing to the Hong Kong stock exchange.
The company will establish an independent investigation committee and arrange for experts to be appointed to investigate the pledge guarantees, it said.
Logan Gets Bondholders’ Approval to Boost Upfront Payment ( 8:14 a.m. HK)
Shenzhen Logan won approval from bond holders to boost upfront payment of local debt to 10%, according to a statement to the Shenzhen Stock Exchange.
Sunac China Says Year Profit to Decrease by About 85% ( 7:00 a.m. HK)
Sunac and its subsidiaries said they see a decrease in profit attributable to owners of the company of approximately 85% year-on-year and a core net profit decline of about 50% compared with a year earlier. It cited “ challenging conditions in the real estate industry during the second half of last year ” as among the reasons for the drop.
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 |
Got a New Business Idea? 5 Rules to Help You Bring It to Market | In January 2020, just as COVID-19 was starting to show up in the news, I had the idea for what would soon become my sixth startup, PlexiCam. I wasn't alone. In 2020, the U.S. Internal Revenue Service received 4.4 million applications for new businesses.
What many of those new business owners will soon learn is that ideas are easy but execution is infinitely harder. It's why two-thirds of the 4.4. million new companies will fail within two years.
Why do so many startups tank so quickly? According to San Francisco-based startup studio Wilbur Labs, if you ask that question of founders whose startups failed their top two answers will be that they ran out of money or couldn't get funding.
While you clearly need financial runway and solid financial controls to make any business work, great startups rarely fail because they lack funding. The reason so many founders disagree is because few want to admit that they just couldn't execute.
I 've built and worked with companies funded on a shoestring and others with a blank check. The challenges of turning a new idea into a business are daunting in both cases. If anything, deep pockets can just as often prolong the inevitable demise of a really bad idea.
Even with a great idea, startups are never easy. They're not supposed to be. If what you're doing has novelty, if it addresses an unsolved problem, or if it paves the way for a new product, it will also come with unexpected challenges.
The things that are most important for a startup to have in place to handle those challenges are also the ones most easily ignored in the euphoria of a new idea. So, assuming your idea is sound, here are five of the most important cornerstones that I 've found present in the most successful startups.
Consider that your partner is someone with whom you'll be joined at the hip 24/7/365 for the next five to 10 years.
Startups are draining. They will take every ounce energy you have to give and then some. And they always take longer than you had expected. Without a partner to share the load, you will soon find yourself drained and overwhelmed. There's no formula for a great business partnership, but I like to use the metaphor of a kite and a string. Great partnerships balance lofty ambitions with practical grounding.
Trademarks and patents are validation for you, the market, and investors. Yet, I consistently encounter founders who barely have a clue as to how both work. Get very familiar with trademark and patent law. Yes, at some point, you will need lawyers, but there's much you can do on your own.
In my experience, IP protection has been absolutely critical to realizing long-term value. Keep in mind that patents will not prevent infringement. Instead, they give you the right to enforce the novelty of your idea. If your idea is successful, it will be copied. Be ready for that.
I 've yet to see any startup, be it a digital, physical, or service business that is not reshaped radically by the market, often to the point where it barely resembles its original form. Your market and your customers are the only ones who can ultimately decide if what you have is worthwhile. The result is that whatever you bring to market will be reshaped. If it isn't, then you 'd better take the blinders off real fast.
Pivots are hard for founders, but they are essential. Seventy-five percent of all startup founders attribute their success to a pivot. By the way, a pivot can just as easily be with your business model as with your product.
One of the greatest and least-understood assets that your startup has is digital marketing. Unfortunately, most startups think that this is synonymous with search engine optimization or SEO. Digital marketing involves a long-term sustained effort of training search and social algorithms to recognize your social posts, investing in social media advertising, and constantly analyzing results.
Start small, but keep at it. As with patents and trademarks, if you do not spend time educating yourself here, you simply are being lazy.
The single greatest point of differentiation that you have as a startup is not your product, it's customer service. Treat all customer communication and support as though it was your only product. Take every little bit of customer and prospect feedback, criticism, frustration, and praise and acknowledge it with gratitude and respect.
Respond to every single customer communication directly and quickly. The minute you get defensive with a customer, you're closing the door to the most important contributor to innovation. Clearly there is much more involved in the long term success of any startup, but with these cornerstones in place you 've put in place a foundation that gives you the best chance of overcoming the many unforeseen challenges that your startup is bound to face. | business |
He Chased Silicon Valley Dreams Amid the Cannabis Boom. But Did His Ambition Lead to His Murder? | Illustration by Katherine Lam
THE NEIGHBORHOOD OF Pleasure Point stands on cliffs overlooking one of the more famous surf breaks in California, a menacing swell that locals call Sewers. Some four miles from the Santa Cruz boardwalk, the break takes its name from an old underwater pipe that once disgorged the town's sewage into Monterey Bay. Today, the Sewers can draw a rugged crowd, and woe betide the newcomer who does not pay the proper deference to those locals, for the surfers of Santa Cruz have earned a reputation for being as hostile as they are skilled.
A stretch of opulent oceanfront villas also looks out over the surf at Pleasure Point. Ever since San Francisco first got rich -- more than 170 years ago, from the California gold rush -- the city's elite has treated Santa Cruz as its favored beach resort. But in the past two decades, there has been a wealth invasion unlike any before. Just on the other side of the Santa Cruz Mountains, an easy commuter's drive away, sprawls Silicon Valley. From there, the tech titans have come. When Reed Hastings and ( rumor has it) Mark Zuckerburg bought glamorous pads in the Santa Cruz area, their hirelings at Netflix and Facebook began snapping up nearby properties in aspirational emulation. The pattern repeated with other tech barons, and other hirelings, until today the median price for a single-family home in Santa Cruz is $ 1.3 million.
The villa at 3034 Pleasure Point Drive has a multilevel deck that's built out over the cliffs. The view from there is a panorama of changeable seas and histrionic sunsets, with the Monterey Peninsula hovering on the horizon like a blue-green mystery. On the night of September 30, 2019, the owner of the home slept alone in his master suite. There and throughout the house, the ocean's waves were soporifically audible, rumbling against the rocks and sliding back again in their lunar rhythms.
Two months earlier, the villa's owner, Tushar Atre, had turned 50, though he looked decades younger. He had a beaming, youthful smile and an infectious vitality that charmed almost everyone he met. A keen surfer, mountain biker, and wild-edibles forager, he was in top physical condition. He was also rich. He 'd grown up in affluent Westchester County, New York, the son of Indian immigrants, had studied at NYU, and had come west in 1996 in pursuit of the dot-com dream.
This, by all appearances, he had unconditionally achieved. The founder of AtreNet, an early corporate web-design firm, Atre, who had never married or had children, was now at the charismatic center of a circle of prosperous friends, many of them Silicon Valley entrepreneurs and executives. The group had become practitioners of a kind of heady lifestyle discipline, a philosophy of hyperfocus, first popularized by the late Hungarian American psychologist Mihaly Csikszentmihalyi, called `` the flow. '' For Atre and his circle, this often meant intense sessions of early-morning surfing, when they would strive to work their minds and bodies into a kind of adrenal rapture. `` There was this voracious appetite for work and danger, '' says a family friend. After surfing, perhaps after meditation, the flow state would be achieved. Then they would retire to their desks and go to work, focused, relentless -- hour after hour, without pause -- applying their energies to their various business ideas.
For his part, Atre had recently shifted his primary focus from AtreNet and turned his ambition toward a fresh field, one he believed held immense potential. One he felt was ripe for disruption. One whose growth opportunities in recent years had lured myriad entrepreneurs to stake their claim -- with more than 38,000 U.S. licenses issued, per cannabis data firm Whitney Economics. By the fall of 2019, he 'd spent more than a million of his own dollars on the new business and had raised millions more from investors. Atre was building a cannabis startup.
At 2:48 on the morning of October 1, 2019, according to the time stamp on surveillance footage captured by a camera on a neighboring home, three men entered the house at Pleasure Point Drive. They appeared to be wearing gloves, baseball caps, and N95-style facemasks. One carried an assault rifle. There were no signs of forced entry; Atre had either let them inside or they knew the passcode. But there was a struggle. At one point, the entrepreneur escaped. The same footage shows a figure running down Pleasure Point Drive, a normally quiet lane ensconced in the force field of its own affluence, his wrists apparently cuffed behind his back. In the video, a man gives chase and brings the figure violently to the ground. An SUV then pulls up beside them, and two men quickly bundle their victim into the passenger seat. Then the vehicle speeds off, disappearing into the night.
THE CITY OF SANTA CRUZ lies not just on the Pacific, but also in the shadow of the Santa Cruz Mountains, a secluded hinterland of redwood forest and fern canyons, unpaved switchbacks, and remote homesteads. The mountains harbor a swath of rural isolation right at the edge of the Bay Area megalopolis, and it was here that California's counterculture found one of its first bucolic, dharma-bum milieus. Ken Kesey kept a writing cabin in the Santa Cruz Mountains in the '60s, where he threw his wild hallucinogenic parties and incubated the Merry Pranksters. With Kesey's crowd providing the initial demand, some of the earliest commercial ( and, at the time, illegal) cannabis crops in the U.S. were planted nearby. Major, now globally famous strains of marijuana -- Haze, Blue Dream -- were, at least according to legend, first bred by experimental growers on the south-facing slopes of the Santa Cruz Mountains above 800 feet, where the marine-layer fogs halt their ascent and ideal growing conditions exist. An outlaw pot-ag culture took hold, hillbilly hippies with dreadlock beards burying safes in the woods containing hundreds of thousands of dollars in cash. It was here too, in the 1980s, that the cannabis legalization movement began. Some of the earliest efforts in the nation to create an exemption for the use of marijuana to ease the pain of the chronically and terminally ill were spearheaded by Santa Cruz grower Valerie Leveroni Corral. Her work helped lead to the 1996 passage of Proposition 215, which made California the first state in the country to legalize medical marijuana. This, in turn, led to Proposition 64 and the legalization of recreational cannabis in California, which went into effect on January 1, 2018, and seemed to mark the beginning of a new cannabis boom.
For Tushar Atre, Santa Cruz and its environs represented the ideal base from which to make a play for that coming boom. But the boom was not without complication -- or danger. In this way, the story of Atre is the story of the vexed conclusion of perhaps the most destructive prohibition in U.S. history. It is a story about the clash of cultures between Silicon Valley and the pre-legalization `` traditional '' cannabis economy. It is the story of a battle being waged not just between the legal industry and an incumbent black market, but also between the coming corporate behemoths and the independent underground business people who have defined the industry since the beginning.
Most of all, it is the story of an entrepreneur -- and the ambitions that led him into the hills from which he would never return.
FOUR OTHER PEOPLE were inside the house at Pleasure Point Drive in the early morning of October 1. Each was Atre's houseguest as well as in his employ. They were engineers and technicians from out of town, contractors Atre had hired to help him build his state-of-the-art cannabis-oil-extraction facility -- the gem at the center of Atre's plan to disrupt the cannabis industry. Housed in a refurbished warehouse at 211 Fern Street, on the north side of Santa Cruz, the lab was crammed with expensive equipment, the purpose of which was to transform raw cannabis biomass -- harvested marijuana flowers and leaves -- into the THC-laden oils, resins, waxes, and cakes that are the main ingredients in today's innumerable marijuana products, including vapes and edibles and beverages and even skin creams. The four contractors were staying in guest suites, semi-separate from the main home, that Atre had built out on the 3034 property. Neil and Diana Ide, a husband-and-wife team of engineers, occupied one of the suites. At the lab, the Ides were in the final stages of assembling a massive, custom-designed machine that would use ethanol to extract oil from cannabis plants. With its stainless steel valves and piping and chimneys, it was like something out of a factory owned by Willie Wonka. Other equipment used hydrocarbons -- highly volatile butane, for example -- to produce a purer, more potent substance. That equipment was handled by Atre's other two houseguests on the night of his abduction: a woman named Murphy Murri and her assistant, Christopher Berry.
In the official paperwork, Atre's startup was called Interstitial Systems. But the d.b.a. was Cruz Science, and Atre seems to have had visions of creating at 211 Fern Street a kind of R & D unit, a pot skunk works. One of the things that had attracted him to the marijuana business in the first place, he told friends, was the science of cannabis manufacturing. It appealed to his Silicon Valley mind. The extraction and distillation processes, borrowed from the food sciences, had in recent years been advanced by a cadre of THC boffins interested in exploring the unique and seemingly depthless nuances of the cannabis plant. Atre had assembled a team of such experts -- including a PhD in organic chemistry -- who he hoped would spur groundbreaking cannabis innovations.
Some of Atre's team had an air of the mad scientist about them. Neil Ide, for example, had acquired his engineering know-how as a seaman in the U.S. Navy, working in reactor rooms aboard submarines and studying at the prestigious Naval Nuclear Power School. He had dreams of launching a startup of his own, based on a design he 'd developed for a new kind of miniature, subsea nuclear reactor.
Murphy Murri, meanwhile, had platinum-blond hair and a nose ring and sometimes liked to wear white lab coats at work, rolling up the sleeves to reveal a network of arm tattoos. She was a marijuana chemist who 'd made herself into a leading innovator in the preparation of high-quality cannabis concentrates. At about 1:30 a.m. on October 1, she and Berry had returned to 3034 Pleasure Point in a state of exhaustion. They had spent the previous 18 hours at Fern Street, extracting a batch of wax and scrubbing down the lab to a spotless gleam in preparation for a visit from a prospective customer, scheduled for the next day. They crashed in their separate bedrooms. The Ides had returned from the lab a bit earlier and were already asleep. Berry, closer to the main house than the others, had showered and then lain down. Moments later, according to police, he became aware of voices, raised and angry voices. He sat up. He heard someone shout, `` Open the safe! '' He heard someone shout, `` Get on your stomach! '' and `` Where is it? '' and `` Where are they? '' He heard a male voice like Atre's say, `` How can we make things right? '' He heard the same voice shrieking in terror or pain or both. Then the voices seemed to move out of the main house and into the street. Too frightened to move, Berry waited until there were no more voices to hear. Then he ran to Murri's room and woke her. She 'd been fast asleep the whole time; the Pacific's white noise had soundproofed her bedroom. The Ides, however, had been awakened. A few minutes later, Berry and Murri were at the Ides ' door saying that Atre had been abducted. They used one of their cellphones to dial 9-1-1.
When deputies from the Santa Cruz County Sheriff's Office arrived 10 minutes later, one of the things they noticed was a pool of what looked to be blood in the middle of Pleasure Point Drive. They also noticed, lying incongruously on the home's driveway, a digital scale. Later that morning, as cops milled up and down the street, a crowd of worried neighbors came and went from the Point Market, a small food store and café across the road from Atre's house, speculating about what had happened to him.
At some point after interviewing the houseguests, sheriff's deputies had made their way to 211 Fern Street, searched the lab, and failed to find Atre or anyone else. Meanwhile, word was trickling out among Atre's other employees: Their boss had been kidnapped. They traded theories, they wondered: Who would want to harm him? Did he owe anyone money? Did he have beefs with anyone? `` Shit, man, '' someone said, `` that's like a line around the block. ''
Everyone in California in cannabis knew that a flourishing marijuana black market still existed despite legalization. Everyone knew that taxes and other costs were so high for legal operators in California that they often felt forced to dip into the black market to make ends meet. Had Atre done business with anyone dangerous? Years before, he had told more than one of his employees, he 'd worked in what he called a `` trap lab, '' an illegal extraction facility, which, he claimed, occupied a shipping container in some remote California place. Off-the-grid cannabis extraction rooms are known to be more prone to explosions even than meth labs, and the idea of a tech millionaire claiming to have toiled in one, like a character from Breaking Bad, had struck his employees as absurd.
Several Fern Street staffers had recently visited a piece of property that Atre owned high up in the Santa Cruz Mountains, in an area called the Summit. It was a beautiful parcel, with views stretching in every direction across alpine valleys dense with conifers. At the Summit, Atre and a group of laborers had planted a crop of cannabis. But Atre had not sought a cultivation license from the state's regulatory bodies. Was this black-market weed? And, if so, why? Why would he put his legit startup at risk by growing illegally? As the day wore on, the houseguests became increasingly agitated, their fears maturing as the hours passed into something closer to panic.
Then came the terrible news. It was now midafternoon, 12 hours after the abduction. Sheriff's deputies had found a body in the mountains, at the Summit. There was no official word of the identity of the deceased or how the person had perished. But the houseguests knew. The men who had invaded his posh home in the middle of the night had taken Atre to his secret spot in the forest and murdered him amid his marijuana.
THE HISTORY OF CANNABIS legalization in California has always been characterized by a tension between two strains of American entrepreneur: the idealistic heirs to the 1960s and the bald profiteers. Sometimes those strains exist within the very same person. In November 1996, when the state's residents passed Prop 215, making medical marijuana legal, they had ushered in what came to be known as the 215 era in California cannabis, organized around the concept of the medical collective. To purchase marijuana legally under 215, people with qualifying disorders had to receive a prescription from a doctor and then join one of the proliferating marijuana collectives. Each collective was either a retail outlet -- known as a dispensary or a club -- or a farm. According to the spirit of the law, the collectives were to be small and not-for-profit.
But, soon enough, this lightly regulated market grew and mutated and metastasized. Dispensaries and cultivators came to have hundreds and then thousands of members. Receiving a scrip became pro forma. Collectives morphed into quasi-legal cannabis enterprises. Drug dealers used 215 to go ( sort of) legit.
`` I woke up every morning staring at a 10-year mandatory minimum, '' says Johnny Wilson ( not his real name), who, before 215, was an Oakland street dealer and high school dropout with tattoos up to the base of his skull. After 215, he saw an opportunity. He moved to Humboldt County, purchased tracts of land with his drug-dealer cash, and oversaw a set of clandestine but industrial-size growhouses, camouflaged by redwoods as well as Prop 215. Selling his product directly to a battery of Bay Area medicinal retail clubs, he was 23 years old and clearing $ 20,000 a week. `` It was grossly, grossly profitable, '' he says. `` It was a two-decade gray area when people made tons of money. No one was paying fucking taxes! We were just making money. '' Men from Brooklyn would fly in on private jets, do deals in motel rooms, and fly out the next morning with hundreds or even thousands of pounds of bags in the hold, worth $ 1 million, $ 2 million, $ 4 million on the streets of New York City. The Emerald Triangle -- Humboldt, Mendocino, and Trinity counties -- and the Santa Cruz Mountains, Big Sur, and Calaveras County were together producing a superabundance of pot. All told, California's farms were yielding far more flower than the state's medicinal users could ever hope to consume. And so California became, according to some estimates, the largest exporter of cannabis on earth.
This was the situation when, in 2016, California voted yes to Proposition 64, making the state the fifth in the union to legalize recreational marijuana. Sacramento lawmakers and civil servants then set about formulating the regulatory regime that would oversee California's new cannabis industry. They fixed January 1, 2018, as the date for the ribbon-cutting, the first day of legal recreational pot sales in the state.
This intermediary period sparked what some have called a green rush. In 2017, many 215-era growers, deciphering the writing on the wall, decided to get out. Sowing their last massive crops, they 'd determined that this was their ultimate chance to produce a nest egg. Those harvests would be their retirement plan. The result was an oversupply of such magnitude that by 2018 it had crashed cannabis prices not just in California but throughout the U.S. Other 215-era growers and manufacturers decided to apply for licenses and go legit, joining the new aboveboard cannabis economy. Then there were the newcomers, wealthy entrepreneurs like Atre who 'd come from other industries but sensed great opportunity. ( Prop 64 itself was, in some ways, a child of Silicon Valley -- its language written with funding from entrepreneur Sean Parker, he of Napster and Facebook fame.) The legacy operators even coined a term for these intruders. Because quite a few came from privileged backgrounds and seemed to be named Chad, they were called Chads.
And finally, some of the old underground growers and drug dealers decided just to remain drug dealers. No need to go through the costly rigmarole of obtaining licenses and paying taxes. Having been at it for decades, they understood that they possessed a first-mover advantage.
SAM LOFORTI IS the cannabis licensing manager for the county of Santa Cruz. He's also a surfer and longtime pot user who, before taking a job in government, worked as a consultant for cannabis entrepreneurs seeking to obtain local permits, including Atre. LoForti has a science background. He 'd come to Santa Cruz to study geology at the university and started his career in the mining industry, eventually consulting for a copper extractor in Arizona, but the lure of the ocean and the opportunities presented by the coming legal herb industry were impossible to resist.
LoForti has thick, dark hair, the build of a long-distance bicyclist, which he is, and an intense, frenetic manner. He immersed himself in the legal and regulatory nuts and bolts of cannabis in California and elsewhere. Appointed licensing manager in December 2018, his education deepened. California's cannabis regulations `` are a total calamity, '' he said recently in his office in Santa Cruz. With disgust in his voice, he explained that the state's policymakers had set taxes too high, and had allowed local jurisdictions total freedom to set their own tax levels. This had given rise, he said, to an absurd, almost satirical state of affairs in which cannabis businesses were taxed on their taxes, and forced to pay fees levied on the very act of paying still other fees.
`` The way regulations are now, the legal market will never be able to compete with the black market, '' he said. `` The dude on the corner is still on the corner. '' Unlicensed growers and dealers, easily able to underprice their legal rivals, now dominate the state's business. LoForti noted that illegal weed costs half as much as the branded buds in a licensed dispensary, on average. A recent study reported that the state's black market sold an estimated $ 8.7 billion in weed in 2019, likely a gross underestimate but still triple the sales of the legal industry. According to one cannabis entrepreneur from Northern California, the black market was more likely twice that size, with most illegal sales going out of state. A kilogram of cannabis oil on the white market in California goes today for about $ 2,000, he said. On the black market, `` I can sell that same kilo in Massachusetts for $ 30,000, '' he added. `` That's a pretty good delta. ''
`` California is the biggest cannabis economy in the world, and the legal market needs to win, '' LoForti said. `` If we do it right, it's going to take a decade to win. If we do it the way we're doing it now, it will take 20 years or longer. We have to lower the regulatory burden. ''
The problems, however, go beyond Sacramento. Since cannabis remains federally illegal, a Schedule I narcotic along with heroin and Ecstasy, national banking institutions largely won't do business with cannabis companies. The cannabis industry, therefore, lacks a coherent way to obtain bank loans or credit lines or even do business using credit cards. Despite a few clever workarounds and a handful of community banks that have stepped into the void, the cannabis business, just like in the old days, is largely conducted in cash -- stacks of bills stashed in safes, armored trucks ferrying funds. This carries its own risk and costs, especially in the realms of security and compliance. In sum, it's hard to make money in cannabis -- in legal cannabis, that is. Yet optimistic investors and entrepreneurs continue to flood the industry, especially in Northern California, which also happens to be home to the world's largest pool of venture capital. As one Santa Cruz attorney who specializes in cannabis said, `` I 've seen a lot of people throw a lot of money away trying to make a fortune in this industry. ''
In his office, LoForti described an increasingly common chain of events. A cannabis startup will take VC funding. The founders soon realize that, with all the taxes, fees, hidden costs, and other frictions, the business is more challenging than they 'd realized. The startup finds itself in danger of missing financial targets put in place by its new VC investors. Faced with this undesirable outcome or worse -- insolvency -- the new cannabis entrepreneur realizes there is a way to remain solvent. They can dip into the black market. A cultivator can grow a little off-the-books poundage and sell it into the black market for instant untaxed profit. A manufacturer of oils can buy cheap off-the-books biomass, widening their profit margins. `` I can tell you all the loopholes and weaknesses in the regulations, '' LoForti said.
The situation has given rise to brutal ironies. `` I don't even use my license, '' one longtime California cultivator and activist said, explaining that he now sells every ounce he grows into the black market. `` Even though I fought for legalization, I 'm forced to be illegal. '' According to the founder of a cannabis manufacturing startup very similar to Cruz Science, who got into the business partly because he believed strongly in ending the war on drugs, `` almost every single legal operator has to have some sort of illicit demand network for their product, or there's simply no way to make a living. '' He laughed bitterly, then stopped. `` It's a fundamentally failed market. ''
Still, though the black-market money might come easy, it also presents dangers. It means dealing with perhaps unsavory elements, including, possibly, organized crime. `` Everyone thinks, hey, man, it's the cannabis industry, so it's all rainbows and hippies and hugs, '' former street dealer Johnny Wilson says. `` It's like: No. There's a shady side, too. There are bad people -- bad people -- because there's lots of money in this. '' There are stories of Mexican cartels running farms in the Emerald Triangle. There are stories about the Russian mob, the Armenian mob, Hells Angels, the Japanese yakuza. `` I know people in cannabis who 've had run-ins with criminal gangs, '' LoForti said. In Los Angeles, for example, the state's largest retail market for cannabis, more illegal weed is sold than legal. According to an analysis by the Los Angeles Times, an estimated 220 unlicensed dispensaries -- outlets that, to the casual eye, were indistinguishable from their legal counterparts -- did business in the county in 2019. Law enforcement agents allege that many such fraudulent dispensaries have ties to organized crime. Legalization, it turns out, has not resulted in legality. It has given rise, instead, to twin sectors, underground and aboveground, in conflict but also in symbiosis.
ONE GRAY MORNING in November 2019, a soft rain falling, more than 60 surfers paddled out to a tranquil spot off Capitola Beach, not far from Pleasure Point. The party included many of Atre's Silicon Valley and surfer friends. Forming a large circle that rose and fell with the incoming swells, they recited poems and told stories `` in fond memory of Tushar, businessman, surfer, and outdoorsman, '' as his obituary later reported. Earlier that same day, a much smaller group had made its way to a spot in the foothills of the Santa Cruz Mountains called the Land of Medicine Buddha, a peaceful place with a golden statue of the sage sitting inside a varicolored shrine. At the center of this group of mourners were Atre's family.
Also in the group at the Medicine Buddha that morning, standing apart and silently observing the ceremony, was a striking young woman. She was known to most of the others, but among Atre's closest friends and relations, she would come to be distrusted, even despised. If Tushar had never met her, some wondered, would he still be alive today?
Her name was Rachael Emerlye. And when contacted for this article, this is the story she told: By the time she met Atre, in early 2017, she had been living in California for about five years. She 'd gone to college in her home state, at the University of Vermont, where she 'd found her place in the local cannabis scene, volunteering as a legalization activist. After college, she 'd set out in 2012 for the hippie weed plantations of the Emerald Triangle as a trimmigrant, one of the seasonal migrant workers who harvest the cannabis crop and prepare it for sale, trimming the flowers from the plants. She decided to stay. In the quasi-outlaw era of 215, she wound up leasing several small plots deep in the woods of Trinity County, running her own weed farms and nurturing her entrepreneurial dreams.
In January 2017, Emerlye, on an extended vacation, rented an Airbnb near the beach in Santa Cruz, one of the many investment properties the Atre family owned. That's where she met Atre; he proposed they go surfing together. Soon enough, at his urging, she was confessing to him her cannabis aspirations. Prop 64 had just passed; true legalization was coming to California. `` Nerd boy meets cannabis girl, '' as one friend described it. They fell in love and together began searching for property to purchase in the Santa Cruz Mountains. Among their ideas, Emerlye said, was to create a small marijuana garden for experimental cannabis genetics and, eventually, a kind of clinic for the administration of a future proprietary marijuana therapy. According to Emerlye, they also thought they might one day build a magical home on this land, where they would live in forever-after bliss. Finally, they found what appeared to be the perfect parcel, 60 undeveloped acres at the Summit. Eventually, Emerlye moved in with Atre at Pleasure Point Drive. As the startup took shape, she contributed `` funding, contacts, intellectual property, and cannabis business experience '' to the startup, `` including investment of over $ 300,000, '' according to a lawsuit she filed against the Atre estate after the murder. ( The Atre estate, in court filings, has denied her contentions.) But she signed no documents; her name was on nothing. According to Emerlye, she complained repeatedly to Atre about this, and he would promise to follow through, to make her a partner on paper, to include her name on the cap table. But he never did.
As time went on, Emerlye's frustration expanded. There were arguments. Then, in early 2019, she went back east, to Massachusetts, which had just legalized recreational cannabis. She wanted some distance but also to pursue the founding of a cannabis startup on her own. According to Emerlye, this was part of her and Atre's grand plan -- to prepare for federal legalization by creating a bicoastal cannabis operation. All through that summer and early fall, she said, Atre came to visit her and she went to visit him. But on the night of September 30, Atre slept alone.
THE SANTA CRUZ COUNTY Sheriff's Office occupies a four-story building right off the Pacific Coast Highway, down the street from the Ding Pro surfboard repair shop, and around the corner from a supplier of equipment for the cultivation of hydroponic marijuana. With its beach enclaves and blissed-out natural settings, the county of Santa Cruz might seem to present to its police a somewhat undemanding constabulary experience. But onto the desks of the detectives posted to the SCSO come case after case of violent incident and mysterious death -- and now, despite legalization, a stream of black-market cannabis cases. Like the clandestine extraction lab near Felton that blew up and nearly set off a forest fire. Or the clandestine extraction lab in Loma Prieta that blew up and did. Or the clandestine extraction lab brazenly operating out of an industrial park just outside Santa Cruz city limits. Or the armed home invasion in June 2019 in the Santa Cruz Mountains hamlet of Ben Lomond -- where deputies arrived to find two victims bound with zip ties lying on the floor. One was bleeding from the head; he 'd been pistol-whipped. It was a black-market weed deal gone wrong. The assailants were drug dealers from Texas who 'd come to California to acquire supply.
On October 1, 2019, the SCSO caught the Tushar Atre homicide case. Eventually, it would evolve into the most comprehensive murder investigation, as measured by manhours, in Santa Cruz County in 20 years. Dozens of officers would put in time on the case. Almost 200 people would be interviewed, and more than 60 search warrants served. The case was a massive whodunit.
Atre had left behind not just a cluster of passionately loyal friends, but also a community of the disgruntled. Again and again, according to later court testimony, detectives heard the same thing. Atre `` went out of his way to start fights with people. '' He was a `` hot head '' who `` left a trail of people who are pissed off with him. '' Atre, in other words, had made enemies. Not only that, but the nature of the California cannabis market, with its flourishing illicit side, along with Atre's own stories about running a trap lab, had given rise to speculation. If Atre had been engaging in black-market deals, could he have angered some person in the cannabis underworld enough for that person to have him killed? Investigators, in short, had a lot to investigate. As one former Fern Street employee said, `` If you're doing... illegal weed shit in California, there's a whole host of people it probably would not be a good idea to treat the way Tushar was prone to treating people. ''
OVER TIME, INVESTIGATORS began to put together a clearer picture of how Atre had built his cannabis startup, how he 'd applied the ways of Silicon Valley to an industry emerging from a shadowy past. In late 2016 or early 2017, Atre met a young cannabis extractor. The two hit it off and began working toward the creation of a legal cannabis startup that would take advantage of the end of prohibition. To the extractor, Atre seemed the perfect guy to team up with: a seasoned entrepreneur with decades of experience in Silicon Valley, the major leagues. According to multiple people familiar with the business at the time, Atre and his partner eventually constructed and operated a lab inside a shipping container inside a warehouse Atre had bought near the town of Castroville, in Monterey County. The idea, said a former employee, was to use this lab as R & D, to experiment with new techniques and hone their skills in preparation for the build-out of a fully licensed facility.
But this was a risky business. At the time, law enforcement viewed cannabis extraction setups as the equivalent of meth labs. If found guilty of this, the charge, a felony, could have carried up to a seven-year prison sentence. In this, Atre and his partner were far from alone. All over California, others were doing the exact same thing. And so here was another surreal byproduct of the transition from prohibition to legalization: entrepreneurs feeling forced to skirt the law in preparation for operating in accordance with the law.
Meanwhile, Atre bought the structure at 211 Fern Street, which he and his partner planned to turn into the company's flagship licensed lab. They began the long process of applying for and obtaining the licenses and permits required for going legit in the new California weed economy, while Atre and Emerlye searched for a secluded property in the mountains where she could cultivate.
By all accounts, Atre was a hard-driving boss. In the seemingly laid-back culture of cannabis, his managerial style jarred. It was, everyone realized, classic Silicon Valley, a place where the entrepreneur, the job-creating maverick, is held in exaltation, and where Atre's behavior was standard operating procedure. From his workers, Atre insisted on total commitment, total excellence -- feel the passion for our world-changing venture, and do as I say, or get lost. Many did get lost; the startup suffered from constant turnover.
By January 2018, Atre had what amounted to an employee revolt on his hands. A kind of intervention was staged. The whole staff sat in chairs in a circle with their boss, airing grievances. In the end, Atre and his partner, the young extractor, agreed to part ways. All of the workers chose to go with the young extractor, not Atre. `` We hope you don't make these same mistakes with the next people you work with, '' someone said, according to a person who was there.
Atre, of course, didn't give up. He was able to quickly tap into his network and assemble a second team. He was, after all, lauded in entrepreneurial circles -- a `` bright operator, '' a `` borderline savant, '' a `` genius, '' according to other business people who knew him. By early 2019, Atre, a master pitchman, had persuaded an Ohio VC fund called OWC Ventures to invest a sum eventually amounting to $ 4.25 million in Interstitial Systems, valuing the startup at $ 10 million. Founded by Jack Heekin and Jeff Walker, both graduates of Miami University in Ohio, OWC stood for OpenRoads Wealth Capital and was focused on cannabis investments.
At the same time, Atre appeared to be up to something at the Summit property. Ever since sheriff's deputies ' earliest interviews in the homicide investigation, they had known Atre was growing some form of cannabis at his mountain retreat. But there was confusion about this garden. Atre didn't have a cultivation license from the state. Nor was the property eligible for a local cultivation business permit from Santa Cruz County. Instead, Atre told people, he had obtained a hemp `` research permit '' to run an experimental hemp `` breeding program. '' On August 16, 2019, in fact, he registered the Summit property as an agricultural research center with the agricultural commissioner of Santa Cruz County. Simply by submitting this form, anyone in the county could grow as much hemp as they wanted `` for purposes for research, '' in the words of the registration form. But there was no real application process or oversight of the program by authorities. The term hemp refers to a cannabis cultivar so low in THC that its psychoactive impact is imperceptible. By contrast, according to several business associates who saw the plants and spoke to Atre about them, high-THC marijuana had been growing at the Summit. `` It was all kush up there. It was all weed, '' said one person familiar with the purchase of more than 900 seedlings in August 2019, most of which came from a nursery in Humboldt County. In a lawsuit filed by OWC after the murder -- the fund is seeking control of the startup and its assets -- OWC alleges that Atre engaged in `` black-market activities '' when he `` grew and cultivated marijuana and cannabis, under the guise of a research license, that he and others attempted to sell on the open market. '' ( The defendants in the lawsuit, which include Atre's estate, have denied OWC's allegations.) Whatever the case, Atre expressed to multiple people in the weeks leading up to his murder that he 'd undertaken to plant and harvest a cannabis crop at the Summit as a way to win back Emerlye's heart.
ONE MONTH, TWO MONTHS, four months, eight. In early 2020, as the coronavirus spread and the world shut down, the investigation ground on. In increasing desperation, Atre's friends staked larger and larger sums in reward money for information leading to a conviction -- $ 25,000, $ 150,000, and then $ 200,000. Then, at last, the revelation came.
On the morning of May 20, 2020, the SCSO announced that detectives had arrested four suspects in connection with Atre's murder. One had been found in Burbank, another in a town just outside Detroit, and the third and fourth in Lancaster, California. They were all young: 19, 22, 22, and 23 years old. Two were brothers: Kaleb and Kurtis Charters. A third was their brother-in-law: Stephen Nicolas Lindsay. The fourth man was a friend of the others: Joshua Camps. All of the accused shared a part of their upbringing in Lancaster, a dusty working-class exurb of Los Angeles about an hour's drive northeast of downtown, basically in the Mojave.
To many in the Santa Cruz community, the news was baffling. Who even were these guys? Most of Atre's colleagues and acquaintances did not recognize the names, had never seen their faces. Many people suspected Atre had gotten himself ensnared with dark enemies inside the cannabis black market. Instead, according to the sheriff's office, it had been some kind of inside job: Two of the accused had worked for Atre at the cannabis startup: Kaleb Charters, the 19-year-old, and Lindsay, 22, the brother-in-law. In total, they 'd worked for Atre for all of a few weeks. Their last day was near the end of August, about a month before the murder.
`` Hard-working, '' `` respectful, '' `` well-mannered '' is how their co-workers described them. In Santa Cruz, they seemed out of place. They kept to themselves. They didn't go out with others. They didn't even appear to use the product they were in the business of helping produce, according to other Cruz Science employees. They reminded one co-worker of Mormons, which, it turns out, wasn't too far off the mark. Kaleb Charters and his siblings had grown up in a village in Russia and then in a village in El Salvador with their parents, who were fundamentalist evangelical Christian missionaries.
At Atre's Summit property, Charters and Lindsay had put in long hours. According to another of Atre's underlings, who got to know them both, they would arrive before dawn and not stop working until the sun had set. They helped put more than 900 seedlings into the ground. Then one day, in a seemingly insignificant moment that would reverberate catastrophically, Charters and Lindsay misplaced a key to one of Atre's trucks, enraging their boss, who refused to pay them their salary.
After the lost-key incident, Charters and Lindsay disappeared for a few days, according to co-workers, and then returned to Fern Street to confront Atre. They wanted the wages they were owed. The two had just completed boot camp; they 'd joined up as Army Reservists. And so, according to several eyewitnesses, Atre ordered them to demonstrate their penitence by performing hundreds of pushups. They did them, and Atre did in fact pay up. And then Charters and Lindsay left. Almost no one gave them another thought until May 20, 2020, when their mug shots were broadcast across the internet.
THE TAKE FROM the crime was somewhere around $ 30,000 in cash, a camera, and Atre's acoustic guitar, according to evidence later presented in a preliminary hearing in the case. Because none of the four defendants have spoken publicly, it's impossible to know if that haul matched their expectations. But the prosecution has alleged, on the basis of the series of events presented in its case, that the plot was likely hatched in North Las Vegas -- a place almost identical to Lancaster in its beige stucco sprawl of subdivisions and strip malls laid out like circuitry on the flat desert plain. They had all just moved there, in September 2019, and were living together in the same apartment: Kaleb Charters, his brother Kurtis, their sister Kelsey, and her new husband, Nick Lindsay.
In one way or another, they 'd all been adrift. By 2018, Kaleb Charters and Lindsay -- at one time a star high school football player -- had joined the Army Reserve together, gone through boot camp together, and gotten jobs together as telemarketers at a firm in Pasadena. It was also Charters and Lindsay who had gone to work in Santa Cruz the next year for the rich entrepreneur at his new weed business. As part of his telemarketing gig, Charters had called the main Cruz Science number one day and gotten to talking with the intern who 'd answered. The intern had said: My boss is building a cannabis company. He needs all the help he can get. You should come up here for an interview. One could imagine Charters and Lindsay thinking that here finally was a great opportunity -- a way, on the ground level, into an exciting and explosively growing new industry in which, just maybe, they could rise and thrive.
They drove to Santa Cruz and met their funny, cool new boss, Tushar, inside his amazing oceanfront house. He agreed to let them live rent free at a small apartment building he owned in Felton, in the Santa Cruz Mountains. But, according to the case being presented by the Santa Cruz County District Attorney's Office, the adventure quickly spoiled. Atre changed. Charming and generous at first, he became increasingly tyrannical, bringing to bear his Silicon Valley style. And yet they seemed to want to impress him. At first, Atre put them to work in the lab at Fern Street. They did custodial jobs, but they also were learning, helping the extractors, receiving an entry-level education in this wild new marijuana chemistry. For a short time, they were what's known as `` sock monkeys, '' helping technicians feed biomass into the nylon sleeves, or socks, that went into the extraction machines. But then Atre sent them to the place he owned up in the woods to plant cannabis seedlings. First, though, they needed to get them. Three times they drove the more than 300 miles back and forth to Humboldt County in a box truck, ferrying almost 900 seedlings from the Emerald Triangle to the Summit property. For two and a half weeks, 12 hours a day, they planted. But when told by Atre to do the pushups for their paycheck, this was the final straw. After working for Atre for less than a month, they decided to quit. Now they were adrift again.
They moved to Las Vegas. Nevada had recently legalized recreational marijuana. As Charters and Lindsay had asked one former co-worker, why not maybe start a legal weed delivery business in Sin City? But things apparently did not go as planned. At one point, they lived in a cut-rate motel. They were living off their Army Reserve pay.
One day, according to the prosecution's case, the idea sprang into one of their minds: Go back to Santa Cruz. Go to the rich man's house late at night -- they knew the simple four-digit passcode, had overheard Atre saying it one time to another employee -- and take some of the wads of cash he seemed to have always around, had to have always around. And maybe also, one of the men thought, they should go to the Summit and take some of those 900 plants they 'd plugged into the earth. For their posse, they felt they needed a fourth man, so Kurtis Charters roped in an old friend, Josh Camps, who was living in his mother's house back in Lancaster. A big, strong guy, 210 pounds, he would be the muscle. Even better, he owned guns.
THE SEARCH TO find meaning in terrible events is a natural impulse, and today in Santa Cruz many of the people who knew Atre refuse to believe that Lindsay, Camps, and the Charters brothers could have acted alone. Some suspect it was a hate crime -- White boys who came to resent the ultra-successful Brown man to the point of bloodlust. Others believe the mystery hasn't fully been solved. How could anyone grow angry enough at a boss -- no matter how allegedly tyrannical -- in the space of just a few weeks to carry out such a sinister act? It is as though something more profound is required to explain the violent extinguishing of such an extraordinary life.
As the case has ground through California state court, the district attorney's office has contended that the crime was a planned execution, a premeditated revenge slaying. The defense, meanwhile, has argued that this was a botched robbery -- the four defendants intending only to steal from Atre, but then things going madly, murderously sideways. What doesn't appear at issue is whether the SCSO arrested the wrong people. None of their attorneys have brought this forth as a defense. During initial interrogations by detectives after their arrests on May 19, 2020, the Charters brothers and Camps made admissions of guilt. Lindsay said nothing and immediately invoked his right to an attorney. There will possibly come a time when one or more of the four pleads guilty and testifies against the others, but as of presstime, all four have pleaded not guilty. If the case does go to trial, these two competing versions of the story -- the planned execution versus the botched robbery -- will do battle for the jury's favor.
Meanwhile, Atre's family has declined to comment for this story. Even beyond their tremendous grief, one can see why. Atre's complex business affairs at the time of his death have drawn them into a morass of legal actions. Creditors and others have come out of the woodwork to make claims on the estate. Rachael Emerlye is suing the estate for what she claims is her fair share of the business. ( The estate denies that she was a partner and `` denies that she is entitled to any recovery under the complaint. '') The VC fund OWC sued for control of Interstitial Systems; earlier this year, the parties reached a settlement. If there's one thing connecting all the main characters in this drama, it's that each of them -- founder, partner, investor, worker, lover -- was chasing, in their own way, the same dream.
The birth of a legal industry; a thrilling product of historic import, now at last a commodity to be bought and sold on the lighted marketplace -- these are the conditions that foment ambition. The legacy players hungry for their chance. The mega-corporations plotting and waiting to pounce. The state and local governments, greedy for their cut, which had engineered a racket of a regulatory regime. The Silicon Valley disrupters, dropping in without deference, with little sense of the dangers that might lie in wait.
THEY GATHERED in Lancaster on September 30, a Sunday, according to evidence presented at the preliminary hearing, and drove together in Camps's blue Toyota Camry all the way to Santa Cruz. The four men brought with them one of Camps's weapons, a long, black, AR-15 assault rifle. Kaleb Charters, at the wheel of the Camry, dropped the other three off at one end of Pleasure Point Drive at about 2:45 a.m., and then headed to the Summit property, a 20-minute drive away, where he would await his partners. According to a police summary of Kaleb Charters's later statement to detectives, the plan was for the others to find keys to one of Atre's several vehicles and drive that vehicle to the Summit for the rendezvous. Then they would all escape into the night in Camps's Camry with their haul, no one else the wiser.
It was a mad scheme, infantile, full of holes. But their brains were likely on fire with the plot they 'd concocted. It would be, they believed, according to the defense, an almost victimless heist; they did not believe, for whatever reason, that Atre would be at home. But then they found that the house was not empty, that he was in fact at home, asleep in his bed in the master suite. And so they turned to Plan B.
This was, after all, why they 'd brought the rifle. Just in case. This was why they 'd brought the zip ties. If he was home, the plan had been to tie him up, as Kaleb Charters later said in his statement. They would give him, perhaps, the fright of his life. Now they zip-tied his wrists behind his back. They yelled at him to tell them where the cash was, where the safe was. One of them shoved a sock in his mouth. But Atre practiced mixed martial arts. Normally strong, he was now likely even stronger, engorged with rage. Somehow he was able to spit out the sock and get out of the house and onto the street, sprinting now, in all likelihood screaming, a banshee, to wake up neighbors, but apparently no one in the other houses could hear him above the surf's roar, and one of the men -- according to the police and prosecutors, Lindsay the football star -- blazed down the street and tackled Atre headlong and allegedly stabbed him in the side -- repeatedly. Fast jabbing motions like punches. There was another scuffle, and perhaps more stabbing, this time allegedly by Camps. And then Atre's white BMW SUV was beside them and they were shoving Atre into the passenger seat, Lindsay now at the wheel, Camps and Kurtis Charters scrambling into the rear. And then they were driving, blood soaking and running out of Atre's shirt as they climbed slowly up the winding road through the dark forest along the route that Lindsay knew to the Summit. No one spoke as Charters tried to stanch the blood.
By the time they arrived, Atre was barely conscious. The night was pitch, the dark total. According to evidence presented at court, Camps walked the wounded man down an incline and into a grove of towering cathedral pine. Then there was the crack of gunfire, and Tushar Atre, his mountaintop garden just on the other side of these mighty evergreens that groan and sigh with the wind from the sea, fell to the ground of his final ambition. | business |
New Brunswick tables $ 11B budget promising tax cuts to offset rising gas prices | The information you requested is not available at this time, please check back again soon.
New Brunswick Finance Minister Ernie Steeves looks ready for construction as he poses in front of an apartment building under construction in Fredericton, Monday, March 21, 2022., THE CANADIAN PRESS/Kevin Bissett
The New Brunswick government tabled an $ 11.3-billion budget Tuesday that provides a small surplus and promises income tax cuts to help offset rising gas prices.
`` This is truly a budget for all New Brunswickers, '' Finance Minister Ernie Steeves said as he presented the budget in the provincial legislature.
Steeves said the government has paid down the net debt by nearly a billion dollars over the last four years and with a population on the verge of surpassing 800,000, the government is now building on success.
`` To maintain this momentum, we must prepare now, '' he said. `` Consider the demand for services in health care, education and early childhood development. A growing population also means increased demand for housing and more traffic using our transportation networks. ''
While the government is projecting a surplus of $ 35 million for 2022-23, that's small in comparison to the $ 488-million surplus for the current fiscal year that ends March 31.
Net debt will increase over the next year by $ 15.4 million to $ 12.99 billion dollars, which represents $ 16,332 for every New Brunswicker. However the province's debt-to-GDP ratio, which is seen as an indicator of a government's ability to pay off its debt, is expected to be 30.1 per cent and continue to drop over the next two years.
In keeping with federally mandated carbon-pricing requirements, effective April 1, 2022, the province's carbon tax will increase from the equivalent of $ 40 per tonne to $ 50 per tonne. That represents an increase of 2.21 cents per litre on gasoline and 2.68 cents per litre on diesel.
In response, Steeves is promising some income tax cuts. He says the province's basic personal amount will be increased from $ 10,817 to $ 11,720 and the low-income tax reduction threshold from $ 18,268 to $ 19,177 effective for the 2022 taxation year.
`` This will provide an estimated $ 40 million in personal income tax relief to over 400,000 taxpayers for 2022 and ensure single tax filers with incomes up to $ 19,177 pay no provincial income tax for 2022, '' Steeves said.
Provincial property tax rate cuts that were promised two years ago but postponed because of the financial impact of the COVID-19 pandemic will now be phased in over the next three years, including a 50 per cent reduction for residential properties that aren't occupied by the owner, such as apartment buildings and other rental properties.
Steeves said in order to protect tenants, the government is imposing a one-year cap of 3.8 per cent on allowable rent increases, retroactive to Jan. 1, 2022. Government spending on affordable housing will increase by $ 6.3 million.
The province's health-care budget has been set at $ 3.2 billion — an increase of 6.4 per cent.
More than 20 per cent of New Brunswickers are aged 65 or older, which is second only to Newfoundland and Labrador, and the province faces significant challenges in providing services.
In response, $ 38.6 million will be spent during 2022-23 to increase wages for human services workers including home support, group homes and employment and support services agencies. Finance Department officials say that will roughly translate to an increase of $ 2 per hour. | general |
How the pandemic has adjusted our sense of normal | As soon as I arrived on the exhibit hall floor at this year's NADA Show, I looked up and down the rows of vendors ' booths and saw people filling the aisles, shaking hands and standing alongside vendors to watch product demos.
It was the same calendar day that the coronavirus had been declared a pandemic two years earlier, and it struck me that the last time we all gathered for NADA, in February 2020, no one had any idea that we were just weeks away from a massive disruption.
That thought was followed immediately by another: This feels normal.
Over the last two years, I 've learned that `` normal '' is not a constant. The pandemic has profoundly altered our lives, and we're still learning how to live with it. That theme resonated with me throughout my exploration of the show floor. The technology capabilities that vendors displayed this year build on the industrywide digital acceleration that began when dealerships needed to sell vehicles online after stay-at-home orders in the spring of 2020 required them to close their showroom doors. And the tools draw on the insights we 've learned about consumer behavior in the two years since, including shoppers ' desire to transact more online while also remaining open to visiting brick-and-mortar stores.
I don't expect that the industry will ever revert to the pre-COVID normal of wanting to get customers in the door to complete a purchase. The new normal, at least for now, is a blend of the two approaches.
Dealers, what technology got your attention at the show? What's now the normal practice at your stores? Email me at [ email protected ] As always, I 'm interested in hearing your stories. | general |
Dealers can't keep customers in an information vacuum during inventory crunch | Will that new car be arriving in a month? Eighteen weeks? Or maybe never?
In the era of inventory shortages caused by COVID-19 and microchips, many newcar buyers are playing the waiting game, a game they don’ t like.
That stress can lead to friction, but simple communication to manage expectations can keep customers in the loop — and content — and can also shore up retention and loyalty, according to dealers and consultants.
Carlton Honda in the central Saskatchewan town of Prince Albert is well acquainted with these issues, which are affecting retailers from coast to coast. As of late February, the small dealership, which typically sells about 240 new vehicles a year, had 22 buyers on a waiting list, and the only new Hondas in stock were two HR-V crossovers.
According to General Manager Steve Jeffers, sales staff contact customers awaiting vehicles whenever there is an update.
“ We just phone them and let them know if the car is moving ahead or not, ” said Jeffers. “ If it was expected for March 1 and it’ s not coming until April, we let them know. ”
And it works.
“ Ninety-nine per cent ” of customers are understanding, he said, and there are no hard feelings if a buyer finds a vehicle elsewhere.
Maintaining customer contact throughout the ownership cycle has become critical as dealerships shift the emphasis from customer acquisition to retention, said Jeffrey Williams, president of Absolute Results, a consulting firm based in Surrey, British Columbia. In a Jan. 14 Automotive News Canada podcast, Williams said retention has fallen to about 30 per cent in the past decade.
CUSTOMERS NEED TO KNOW
“ Communication is the most important thing, ” said Jim McManes, dealer principal of Calgary-based McManes Automotive Group, which owns eight dealerships representing eight brands in Alberta, British Columbia and Manitoba. More calls or messages to customers keep them up to date on the status of vehicle orders, he said.
While Steve Chipman, CEO of Winnipeg-based Birchwood Automotive Group, said customer follow-up remains “ ingrained in the sales process, ” what has changed in the past two years is the frequency of communication.
Since the pandemic struck two years ago, Chipman said, staff at the group’ s 22 dealerships in Manitoba and Saskatchewan have given new-car buyers weekly updates via text, email or phone as the vehicle moves through the build cycle. As many as 1,500 orders are outstanding across the dealership group, he said.
“ Where the challenge [ in maintaining a positive customer relationship ] is, is if a factory order gets cancelled, ” said Chipman. “ It’ s almost like it’ s not an order; it’ s a Christmas wish. You don’ t have the car until it’ s under the tree. ''
Increased communication with customers also means increased internal communication. Every Friday morning via video, Chipman updates his 1,100 employees on inventory and other issues. He also makes periodic appearances — about once a month — on a Winnipeg talk radio station, keeping the public updated on industry trends. As with many dealerships, Birchwood’ s call centre also regularly contacts customers to remind them of service intervals.
The pandemic “ changed everything for the majority of dealers, ” said Dominic Sigouin, owner of Noahvik Consultants near Montreal. Over the past 20 years, dealers have developed sophisticated online strategies, shifting the emphasis from customer retention to finding new customers through such social channels as Google, LinkedIn, YouTube and TikTok.
But with cars and parts in short supply, “ that bubble just popped, ” he said.
‘ GOODWILL CALLS’
That is why dealerships need to reemphasize retention, he said, returning to pre-Internet days when dealerships sponsored events such as Santa Claus parades to build links to the community. Sales staff also need to make “ goodwill calls ” to keep relationships with existing customers alive.
“ Right now, [ many sales staff ] don’ t have a real relationship with buyers, ” Sigouin said.
“ They just send an automated message once a year — Happy Birthday, blah, blah, blah. ”
Instead, sales staff need to develop an authentic relationship with customers that keeps them up to date on how that customer’ s needs have changed.
“ If you have a real relationship, you’ ll know the customer is no longer happy with their vehicle — maybe they need more space for their kids — and you will respond proactively. ”
Customer contact could be as frequent as monthly through events such as hosting a guest chef and inviting VIP customers to attend.
The frequency of one-on-one contact also could be increased by reshaping the sales staff’ s duties into those of a customer service concierge, Sigouin said. One person becomes the sole point of contact with the customer, making the reminder calls and acting as a service adviser.
“ I will be your service adviser; I will be your salesman, ” Sigouin said. “ Then you are really maintaining a relationship. ” | general |
Hong Kong Covid Shift Won’ t Move China, Xi’ s Virus Czar Says | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- China should stick to its strict Covid Zero strategy, according to the country’ s top virus expert, whose comments contrast with signals that the approach is being tweaked to ease economic pain even as infections climb.
“ There should not be an iota of relaxation ” said Liang Wannian, a seasoned epidemiologist who has overseen China’ s Covid response since the beginning of the pandemic and was recently sent to Hong Kong to guide efforts to contain its worst ever outbreak. His remarks, made in an interview with state news agency Xinhua, came hours after Hong Kong set out a plan for easing its most stringent curbs to salvage its status as a global financial hub.
Mainland China and Hong Kong are among the last places on Earth pursuing Covid Zero, with the strategy facing unprecedented challenges after the highly transmissible omicron strain breached the defenses that had kept the virus at bay for much of the pandemic. Hong Kong has already moved away from key pillars that had underpinned its zero-tolerance approach, easing isolation and case reporting criteria. At the suggestion of Liang, the city put plans for mass testing on hold in order to prioritize vaccinations and preventing deaths.
In the mainland, officials are seeking to navigate a path that limits disruptions to the world’ s second-biggest economy -- a target outlined by President Xi Jinping last week -- while getting its biggest outbreak in two years under control. While the country has returned to typical measures like lockdowns in some areas, including sealing off the province of Jilin, the spread of the virus to some of its most economically significant hubs like Shanghai and Shenzhen has added an extra degree of difficulty in achieving Xi’ s dual goals.
“ Strengthening defense comes first in epidemic control, ” Liang said. “ We need to dash the fantasy of the virus slowing down even without intervention, ” he said. “ If the virus was found too late or not met with timely intervention, it will spread exponentially. ”
In a sign of a potential blueprint, the tech hub of Shenzhen on Monday lifted a weeklong lockdown, though kept some restrictions in place, after the municipal government said the spread of the virus is coming under control. Shanghai has resisted a full-blown lockdown so far.
The country must continue to weed out every infection, as allowing it to roam through the community would lead to massive case numbers and hurt vulnerable groups like the elderly and people with weak immune systems, Liang said.
“ It’ s still too early to call omicron the ‘ bigger flu’, ” Liang said. “ For individuals, it’ s becoming less likely to cause severe disease, but omicron’ s fast spread means substantial infections and high incidence of severe disease and death in the whole population, which is still a huge hazard. ” | general |
Socceroos coach Graham Arnold fined for breaching COVID-19 isolation | Sydney – Football Australia said Monday they have fined coach Graham Arnold 25,000 Australian dollars ( $ 18,500) for breaking self-isolation rules after testing positive for COVID-19.
But the head coach can still join the Socceroos when they play Japan this Thursday if he provides a negative PCR test before the game, the governing body said.
Sydney radio station 2GB reported that Arnold had been seen walking his dog at the ocean swimming pool in the Sydney suburb of North Narrabeen without a mask on Sunday, three days after testing positive for the virus.
COVID-19 regulations in the eastern state New South Wales require that people who test positive for the virus self isolate for seven days, only leaving isolation to get medicine or in case of emergency.
Arnold conceded that he had gone out with his dog to Narrabeen Beach, Football Australia said in a statement.
“ I sincerely apologize for my error of judgement on Sunday, ” Arnold was quoted as saying.
“ I accept that I should not have left my home as per the New South Wales self-isolation protocols and will remain at my property until my self-isolation window concludes. I also accept the sanctions that come because of this error. ”
Football Australia chief executive James Johnson said the body was “ disappointed ” to learn of the 58-year-old’ s breach of isolation and would fine him AU $ 25,000, which would be donated to the Red Cross Flood Relief Fund following recent floods that engulfed towns across Australia’ s east coast.
“ Graham has been diligent throughout COVID, however on this occasion he has made an error of judgement, which is clearly disappointing, ” Johnson said.
“ We have sought to act as swiftly as possible on this matter today and have imposed a significant fine, which underscores how importantly we value our representatives abiding by government protocols. ”
Football Australia said Arnold had tested negative in his latest PCR tests and would need to test negative again after his self-isolation period to be able to rejoin the Socceroos camp for Thursday’ s game against four-time Asian champion Japan, ahead of a showdown with Saudi Arabia in Jeddah five days later.
Australia needs to win both matches to ensure automatic qualification for the World Cup in Qatar later this year. Japan will book their spot if they beat the Socceroos.
Australia is three points adrift of Japan, with first-placed Saudi Arabia a further point ahead in Asian Group B.
Regardless of the results, Australia is guaranteed to finish at least third and move to a playoff against the third-place team in Asian Group A. | tech |
Self-monitoring blood oxygen at home can help COVID patients spot early warning signs, study finds -- ScienceDaily | Pulse oximeters are widely available, low-cost devices that shine light through a person's finger to assess their blood oxygen saturation. Evidence has shown that a fall in blood oxygen levels is a critical indicator that a COVID-19 patient's health is deteriorating and they may need closer monitoring and urgent treatment.
Led by Imperial's Institute of Global Health Innovation, the study carried out the first extensive evidence review of pulse oximetry and its potential in home monitoring for people with COVID-19.
The research, published in Lancet Digital Health, examined 13 studies involving almost 3,000 participants across five countries *, most of which were carried out during the first pandemic wave.
The scientists found that with medical guidance, home pulse oximetry can act as a safety net, reducing unnecessary emergency and hospital admissions for patients who can safely stay at home, while spotting early signs of deterioration and escalating care in those who need it. This would help to save stretched resources, and reduce further potential spread of the virus from contact in health settings.
However, the researchers note a lack of research on darker skinned patients, for whom oximetry may be less accurate than in white people.
Based on their findings, the researchers put forward a set of key recommendations that can help standardise the use of oximetry in home COVID-19 monitoring.
Importantly, the study recommends the use of a defined cutoff point in blood oxygen levels ( 92%), which will enable healthcare professionals to determine when a patient needs to go to hospital for treatment, or whether they can rule out the need for further care at the time.
Dr Ahmed Alboksmaty, Research Associate from the Institute of Global Health Innovation, said: `` Throughout the pandemic, concern among the public has shifted from 'Have I got COVID? ' to 'If I got COVID, do I need to go to hospital? '. Our study shows that people with COVID-19 can safely keep an eye on their blood oxygen levels at home using pulse oximetry. If their oxygen levels drop below a certain point, then this indicates that they need to seek professional medical care.
`` Pulse oximetry is easy to self-use, affordable in cost, widely available, and as we have shown, a useful way to identify health deterioration in COVID-19 patients. ''
Some smartphones and mobile apps also have the capability to measure blood oxygen levels, which the researchers identify as a potentially widely accessible monitoring tool. However, while some studies have reported similar accuracy to traditional pulse oximeters, the researchers concluded that there isn't enough evidence yet to recommend their use for clinical monitoring.
The study also identified further gaps in the current evidence, notably insufficient data to determine whether pulse oximetry can improve the health outlook for patients.
Dr Ana Luisa Neves, Advanced Research Fellow from the Institute of Global Health Innovation, said: `` Our research has demonstrated how the use of pulse oximetry in remote patient monitoring could help ease the strains on health systems during the COVID-19 pandemic. However, it's vital to ensure that the current lack of research in racially and ethnically diverse populations is addressed. It's therefore critical to provide support to ensure this technology reduces, rather than entrenches, existing health inequalities. ''
The research was funded by the National Institute for Health Research as part of the COVID Oximetry at Home programme. | science |
Japan's parliament enacts record ¥107.60 trillion budget for fiscal 2022 | Japan’ s parliament enacted a record ¥107.60 trillion budget Tuesday for fiscal 2022, to finance measures against the coronavirus as well as rising costs for social security and national defense.
The House of Councilors passed the budget for the year starting on April 1, following its approval by the House of Representatives in late February.
Prime Minister Fumio Kishida speaks at the Upper House Budget Committee meeting on Tuesday. | KYODO
After securing the support of one of the minor opposition parties — a rare occurrence — it became the third-earliest enactment of an initial budget under Japan’ s postwar Constitution.
The general-account budget for the upcoming fiscal year will be at a record level for the 10th straight year.
In the largest-ever spend on social security, ¥36.27 trillion will serve Japan’ s rapidly aging population. The figure is up from ¥35.83 trillion in the previous year, and accounts for over a third of total expenditure.
Spending on defense totaled ¥5.40 trillion — also a record — as Japan aims to develop new technologies in response to China’ s military expansion and to counter North Korea’ s nuclear and missile threat.
To deal with the pandemic, the government set aside ¥5 trillion as reserve funds for future responses — the same amount as was dedicated for that purpose in fiscal 2021. The funds can be spent without Diet approval.
In addition to Prime Minister Fumio Kishida’ s Liberal Democratic Party and its junior coalition partner Komeito, which control both houses of parliament, the draft budget was also backed by the opposition Democratic Party for the People.
DPP leader Yuichiro Tamaki said the small opposition party supports the budget, as it did in the Lower House, because Kishida promised to consider activating a “ trigger clause ” that would temporarily cut gasoline taxes when crude oil prices soar.
Amid ballooning fuel costs, the government and the ruling coalition plan to compile a relief package after the fiscal 2022 budget comes into force.
Kishida has said the government is committed to achieving a primary balance surplus by 2025, but it may take longer to achieve the goal due to the nation’ s high dependence on borrowing to finance expenditure. Japan’ s fiscal health is already the worst among major developed countries.
For the fiscal 2022 budget, new bond issuance will be ¥36.93 trillion — down from ¥43.60 trillion from the previous year’ s initial budget. For debt-servicing costs, ¥24.34 trillion is allocated, rising from ¥23.76 trillion a year earlier. | tech |
Successful, Happy Audits: Dealing with Difficult Auditees | Over the course of your career as an internal auditor, you will eventually encounter a difficult auditee. In these instances, emotional intelligence can help diffuse any swollen egos. But if these difficulties occur with any frequency, you may want to audit your own body language and behavior.
We’ ve all encountered difficult auditees at one point in our career. Whether they were stubborn, angry, apathetic or withdrawn, many of us have seen it all. Oftentimes, emotions overrule logic. This is especially true when it comes to our jobs. As auditors, we’ re looking for compliance and nonconformities. When we find the latter, we may trigger our auditee’ s ego.
Humans want to believe we are smart, eloquent, flawless creatures. When a mistake is made, a shortcut is taken, or a glaring error is discovered, egos make it hard to accept the truth. Often, excuses and explanations bubble to the surface to protect the ego ( and sometimes the integrity of the company). This behavior is rooted in childhood. When we’ re younger, we’ re taught we should avoid making mistakes as much as possible. But as we grow older, we learn the value of teachable moments brought on by mistakes.
But our auditees sometimes don’ t see things that way. There are a few things you can do to mitigate difficult interactions during an audit.
A surefire way to develop your skills as an auditor is to focus on awareness. When you interact with others, what do you see, hear and feel? Notice body language, tone of voice, and the meaning in between words. How does the auditee make you feel? Can you determine what he or she may be feeling? These soft skills matter because you will build a profile of awareness based on your findings. Auditees are constantly giving you hints, cues, and even ammunition to diffuse the triggered ego and develop a fruitful professional interaction.
You may notice they seem stressed about a family member or even distracted. While you’ re not there to serve as their therapist, you should try to build rapport as best as possible. Listen to what they say and try to respond in a thoughtful way. Good personal relationships can foster better professional relationships.
This awareness goes both ways. When you’ re faced with a situation during an audit that causes your stress levels to rise, pause for a moment and check in with your own feelings. For example, perhaps a client says you can not do your job because he or she is upset with your findings. Ask yourself, “ What am I feeling? ” and “ Why does this upset me? ” By processing these feelings, you’ ll give yourself a buffer of time to respond instead of reacting emotionally.
Why did you get into this profession? It may be to evaluate and analyze systems, processes and products. Perhaps the social interaction of the job was not the main draw for you to enter this field. And that is okay! Another way to channel the human side of auditing is to strengthen your emotional intelligence, specifically, your empathy. Empathy can pacify negative emotions instantly. Can you imagine the other party’ s side of things? Can you remind yourself that the auditee is a partner, son/daughter, brother/sister, friend? What does the business mean to the client? Perhaps he or she wants to pass it down to a loved one in the future. Instead of pointing out the flaws, use the areas of improvement and nonconformance as steps to enhance the business for a better future. When you focus on the positive, your clients will be inspired to do the same.
If they are not, be sure not to lose your temper as this won’ t get the desired result. It will in fact ignite their ego and cause further conflict. As the old saying goes, treat them as you would like to be treated. Let your client know your intentions behind what you are doing. Sometimes they might be resistant because they think you are being difficult with them! Giving the full background of why you are doing something, why something is needed by a certain date or why something is happening, might help them empathize with your situation. Showing your vulnerability is a great way to get people on board.
One of the things you are in complete control of is yourself! In addition to the dialogue that occurs in your mind during auditing interactions, what do you feel in your body? You probably ignore subtle signs of discomfort, triggered ego, anger or impatience, and focus on responding to the conversation. When presented with information, do your shoulders tense? Is your brow furrowed? Are you absentmindedly clenching your fists? The entire body is engaged in a communication exchange so take care to watch these aspects. If you tend to scowl ( whether meaning to do so or not), you may appear unapproachable to your clients. You could think you are portraying intrigue and concentration, but your body language is perceived as hostile.
We’ re also often unaware of the tone of voice we have during conversations. After all, the way we think we sound in our heads and the way our voice actually sounds to others is quite different. For example, you could think you are delivering news or feedback in an even and neutral tone, but you actually sound annoyed or angry. Likewise, you may believe you sound confident and assertive, but your voice sounds soft and uncertain. If you always have this vocal intonation, you may be difficult to work with because others don’ t trust your judgement or trust you to speak up when necessary.
The ego is so focused on the self, it tends to make you forget the bigger picture. When we’ re focused on the bigger picture, our ego-driven feelings become irrelevant and trivial. In fact, our minds suddenly forget our egos exist for a moment. Think about team sports. All the members of the team want to do well, but it doesn’ t matter who scores or who blocks. What matters is that the team works together to win the game. But sometimes the ego is too bruised and too focused on the self. This may lead an auditee to become difficult to work with.
You can do everything in you power to ensure you are in control of your ability to respond instead of reacting. Be aware of your body language, your emotions, and your vocal tone. But there will always be instances where the reaction and perceptions of others are completely out of your control. We all draw upon our past experiences, our personality types, and our current mood and state of mind when interacting with others. Sometimes all we can do is work on ourselves and hope modeling that self-awareness will inspire our clients to do the same.
Salman Raza is a biomedical engineer, has an MBA in innovation management & entrepreneurship and a MS in strategic management. He is also a certified international auditor and consultant. He has lived on four continents and worked in thirty countries. The diversity and experiences have given him an insight into working with different cultures, values, and personality types. Through his consulting company Razalution Bureau; he leads training and workshops on soft skills and leadership development.
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APAC firms see need to train staff in digital skills, but few actually do so | Some 97% of organisations across seven Asia-Pacific markets, including Singapore and Australia, recognise the need to train their employees in digital skillsets, with cloud and cybersecurity the top-most in demand, but just 29% have implemented plans to do so.
Eileen Yu began covering the IT industry when Asynchronous Transfer Mode was still hip and e-commerce was the new buzzword. Currently an independent business technology journalist and content specialist based in Singapore, she has over 20 years of industry experience with various publications including ZDNet, IDG, and Singapore Press Holdings.
Most organisations in Asia-Pacific realise their employees need training in digital skills, but few have put in place plans to do so. With cloud and cybersecurity amongst the top digital skills in demand, employers run the risk of missing out on key business benefits if the skills gaps remain unplugged.
Specifically, the ability to use cloud-based tools such as accounting and CRM ( customer relationship management) software-as-a-service ( SaaS) applications emerged as the top-most needed digital skill by 2025, according to a study commissioned by Amazon Web Services ( AWS). This was followed by cybersecurity skills, including the ability to develop or deploy protocols as well as techniques to maintain the security of their organisation's digital systems and data.
Conducted last August by consultancy AlphaBeta, the online survey polled 2,166 employers and 7,193 workers across seven Asia-Pacific markets: Singapore, Australia, India, Indonesia, Japan, New Zealand, and South Korea. Employers comprised business and IT managers from organisations in private and public sectors, while workers included tech and non-tech full-time employees who used digital skills in their jobs.
Caught by the sudden onslaught of COVID-19, most businesses lacked or had inadequate security systems in place to support remote work and now have to deal with a new reality that includes a much wider attack surface and less secured user devices.
The study further revealed that technical support, digital marketing skills, and the ability to manage migration from on-premises to the cloud were amongst the top five most in-demand digital skills. Others that were in demand by 2025 included artificial intelligence and machine learning, cloud architecture design, Internet of Things ( IoT) skills, and software development.
The desire for digital skills also was felt by employees, especially as the global pandemic fuelled digital transformation across many enterprises.
Some 88% of workers said they now needed more digital skills to keep up with changes in their job, with 86% noting that COVID-19 had accelerated the pace of digital adoption in their organisation.
In particular, 64% of employees said they needed training in cloud-related skills by 2025, Emmanuel Pillai, AWS ' Asean head of education and training, said in a video interview with ZDNet.
Some 54% of workers said they needed to learn how to maintain safe and secure digital systems, while 33% needed to learn how to migrate on-premises facilities to the cloud. Another 27% believed they needed skillsets in cloud architecture design to progress in their careers.
However, while 97% of companies recognised the need to train their workers on digital skills, just 29% actually had implemented a plan to do so, Pillai noted.
In fact, two-thirds of workers revealed they were not confident they were gaining digital skillsets fast enough to meet their future career requirements. The lack of confidence was most apparent, at 83%, amongst employees aged 55 and above, while 75% of those aged between 40 and 55 felt likewise as did 60% of workers aged 40 and below.
Across the board, 93% of organisations and employees faced barriers in accessing digital skills they needed to remain competitive, with time and awareness cited as the top challenges.
Some 72% pointed to limited awareness of available training courses as a barrier, while 66% noted limited awareness of the digital skills needed. Another 65% pointed to high training costs as a challenge.
Amongst employees, 71% cited the lack of time to pursue training as a barrier, while 64% noted the lack of quality training.
Organisations in this region, though, should look at the long-term benefits of digital skills training, rather than perceiving this to be an added cost, noted Genevieve Lim, Asia-Pacific director at AlphaBeta, which is part of Access Partnership.
She told ZDNet that amongst organisations that did invest in digital skills training, 88% saw higher staff productivity. Another 83% reported higher employee retention, while 82% clocked increased revenue.
With 80% of employees noting that the ability to learn new digital skills led to greater job satisfaction, Lim said such findings could offer insights on how companies could retain talent amidst the global mass resignation phenomenon.
If left unaddressed, the gaps in cloud skills also meant organisations would miss out on benefits such technologies brought to the table, she said.
For instance, they would take a longer time to innovate if they lacked the talent to help them develop and go-to-market with new products. In addition, they would not gain the cost efficiencies and productivity improvements that digital and cloud technologies were touted to deliver, Lim said.
The study estimated that 86 million more employees across the seven Asia-Pacific markets would have to undergo digital skills training over the next year to keep up with technological change. This figure accounted for 14% of the total workforce in those regional markets.
With Asia-Pacific enterprises in different stages of their cloud adoption journey, from migration to operating in a cloud-native environment, Pillai said AWS looked to support them across all phases with more than 250 managed cloud services.
He added that the cloud vendor not only offered security-specific training and certifications, but also ensured security was `` baked '' into all its training programs. Pointing to the shared responsibility to safeguard cloud systems and data, he underscored the need for enterprises to understand how to secure and build secured applications.
Doing so would further reduce the need to plug gaps later, he noted. He said an AWS customer was able to reduce its time-to-market by 15% to 25% because its engineers were trained to develop applications with a security-by-design mindset.
This meant they did not have to spend as much time debugging and fixing bugs, allowing their company to push out the applications faster, Pillai said.
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Quebec spring budget includes $ 500 payment to adult residents to offset inflation | The information you requested is not available at this time, please check back again soon.
Adult Quebecers earning $ 100,000 or less will receive a one-time payment this year of $ 500 to offset the impact of inflation, which the province projects will hit 4.7 per cent in 2022.
The payments are included in the budget for the 2022-23 fiscal year tabled today by Quebec Finance Minister Eric Girard, his last before the fall provincial election.
Girard says Quebec’ s economy has posted an “ impressive ” recovery from the COVID-19 pandemic, with GDP growing by 6.3 per cent in 2021 and projected to grow by 2.7 per cent in 2022.
His budget is projecting an operating deficit of $ 6.5 billion, which includes a $ 3.5-billion payment into a fund dedicated to reducing the provincial debt.
Girard is projecting government revenues of $ 138.5 billion, a rise of 2.2 per cent, and about $ 3.7 billion in new spending this fiscal year.
The budgets for the health-care and school systems — the two largest government portfolios — will rise by 6.3 and 5.4 per cent, respectively. | general |
Tunisia Default Risk Rising If IMF Deal Delayed: Morgan Stanley | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Tunisia is unlikely to clinch a loan program with the International Monetary Fund this year, with political opposition to fiscal reforms raising the risk that the government will eventually default on its debt, Morgan Stanley said.
“ Assuming that Tunisia muddles along in 2022 and without substantial reforms, this raises the probability of default in 2023 on account of the high financing needs, ” the New York-based investment bank wrote in a research note. It said the mounting pressure would likely push the government to finalize a new agreement with the IMF in 2023, though that might be too late to avoid some debt restructuring.
The warning comes days after Fitch Ratings downgraded Tunisia’ s sovereign debt rating to CCC from B-, reflecting heightened fiscal and external liquidity risks due to delays in agreeing a new IMF deal. The government said last month it hopes to reach an agreement in April.
Beset by protests and political instability since the 2011 revolution, the North African country has suffered a decade of meager economic growth and rising unemployment. Government spending has consistently outstripped revenue, with government debt worth about 90% of gross domestic product in 2021.
Morgan Stanley projected that if an IMF program is eventually implemented in 2023, the debt-to-GDP ratio would settle around 93% the same year as the cost of external financing would fall and moderate reforms would see the government achieve a primary surplus.
Without an IMF deal, Morgan Stanley projects the debt pile will continue to balloon until it exceeds the size of the country’ s economic output in 2025.
Food and energy costs have also soared as global demand recovers from Covid-19 and markets fret that the Russian invasion of Ukraine will disrupt supply.
Tunisia has said it would gradually raise fuel prices from April and has vowed to overhaul its subsidy regime, which also covers bread, power and sugar, as part of efforts to secure an IMF loan. High inflation has often contributed to social instability in North Africa, however, in turn setting back austerity measures.
Given the political complexity, Morgan Stanley said some debt restructuring would likely be required even if the government surprises observers and reaches an IMF deal in 2022. It forecast a 20% haircut on the debt, rising to 40% in the worst case scenario.
“ While we see an eventual IMF program in 2023, the fundamentals will likely deteriorate markedly in the interim with a possible default in the offing, ” it wrote.
Canadian Pacific Railway Ltd. and the union representing 3,000 conductors, engineers and train and yard workers say they have agreed to final and binding arbitration to end a work stoppage.
Oil erased an earlier gain in choppy trading as the European Union weighs a possible ban on Russian crude imports, though some key members remain opposed to such a move for now.
Foreign holders of Russia’ s sovereign bond maturing in 2029 are watching their accounts for the latest debt coupon from the sanctioned nation after the government said a US $ 66 million payment had been made to its local depository.
Stocks climbed with U.S. equity futures as a selloff in bonds deepened Tuesday on Federal Reserve Chair Jerome Powell’ s signals the central bank will take more aggressive measures to clamp down on inflation. | general |
Hong Kong’ s Quarantine Shift Fails to Satisfy Many Businesses | The information you requested is not available at this time, please check back again soon.
HONG KONG, CHINA - MARCH 21: Hong Kong Chief Executive Carrie Lam, center, Chief Secretary, John Lee, left, and Financial Secretary, Paul Chan, right, listen to reporters ' questions during a press conference on March 21, 2022 in Hong Kong, China. Hong Kong will resume international flights from nine countries including the United States and Britain in April, Lam said on March 21, as the Covid-hit finance hub sees a record-high exodus of residents. ( Photo by Vincent Yu - Pool/Getty Images), Photographer: Pool/Getty Images AsiaPac
( Bloomberg) -- Hong Kong’ s new policies to ease quarantine rules and roll back social-distancing measures fail to address major concerns of the local and international business communities and threaten its standing as a financial hub, according to commerce groups.
Chief Executive Carrie Lam on Monday said Hong Kong would end a ban on travel from nine countries, including the U.S., U.K. and Australia, on April 1 and halve required hotel quarantine to seven days. She also announced a path to lifting social-distancing measures, with the moves coming after financial institutions and the city’ s residents expressed frustration at its isolation.
Hong Kong has been one of the remaining holdouts to pursue Covid Zero, but the harsh measures that underpin the strategy make it an outlier in a world that’ s shifting to living with the virus. While Monday’ s announcement signaled a tentative pivot toward re-opening, there are lingering concerns in the city -- following a U-turn on quarantine last year that sparked travel chaos -- that officials may reimpose restrictions if case numbers were to climb again.
“ We need a clear plan back to normal, ” Frederik Gollob, chairman of the European Chamber of Commerce in Hong Kong, said in an interview with Bloomberg TV on Tuesday.
At the heart of business groups’ concerns is the continued mandatory quarantine for all inbound travelers. Many business people will be unimpressed by the policy, especially when major regional rival Singapore has implemented quarantine-free travel, according to George Cautherley, vice chairman of the International Chamber of Commerce in Hong Kong.
“ You’ ll get some international business travel to Hong Kong, but not on the scale that would benefit the economy, ” he said, pointing to the ease of travel to and from Singapore. “ You’ ve got to remove quarantine. Your main competitor has no quarantine. ”
Hong Kong has already lost several key finance events to Singapore, including SuperReturn Asia and the AVCJ Private Equity & Venture Forum.
The city also hasn’ t done enough to remove other rules that have undermined confidence in Hong Kong as a hub and sparked an exodus of residents fed up with strict virus measures and uncertainty around potential lockdowns and mandatory testing. Lam said plans for the latter are now on hold.
“ We hope the government can rebuild the confidence in the community that has led to departures of expatriates and local talent by providing clear and consistent communication regarding its policies, ” Joseph Armas, chairman of the American Chamber of Commerce in Hong Kong, said in a statement.
More than 80% of insurers in Hong Kong saw increased staff turnover due to emigration last year, according to a survey last month by the Hong Kong Federation of Insurers. About 25% of respondents with regional or global teams currently based in the hub said they expect to relocate them to other locations. Lam’ s announcement fell short of the group’ s recommendation to let returning residents quarantine at home.
Another major hurdle for travelers is the circuit breaker system which imposes a two-week ban on flights that transport passengers who test positive for Covid. Three or more cases on the same flight, or one confirmed case and another non-compliant case on the same plane trigger a suspension. Entire airlines can also be temporarily banned if four or more passengers from the same airport of origin test positive within a week of arriving in Hong Kong.
Among those currently banned, Singapore Airlines Ltd. can’ t fly to Hong Kong from Singapore until the end of the month. Cathay Pacific Airways Ltd. flights from Jakarta and Bangkok are suspended until early April.
Cathay, which saw shares jump to the highest since 2020 on Monday on optimism about Hong Kong’ s re-opening, said it will only schedule one flight per route every 14 days even when the flight ban lifts due to concerns about the circuit breakers.
Travelers still face hurdles once they arrive in Hong Kong, given the limited available of approved quarantine hotels.
Ovolo Hotels, which has about 200 rooms for travelers in two locations on Hong Kong Island, had about 1,200 booking requests via email on Monday after the government announcement, according to Josie Bristow, assistant director of marketing. The two hotels are now fully booked for all of April.
“ Everyone wants to come back, ” she said. “ It’ s truly a rat race to get yourself a booking. ” | general |
China’ s Yuan at a Crossroads as Covid Outbreak Threatens Growth | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- The yuan is setting course to depreciate this year as risks to economic growth put an end to two straight years of gains.
The resurgence of Covid lockdowns and surging commodity prices are spurring doubts over China’ s 5.5% growth target this year. The prospect of further monetary easing at a time when global central banks hike rates is set to accelerate outflows and further undermine the yuan. The People’ s Bank of China’ s tolerance for yuan strength also is wearing thin. It made the biggest push to weaken the currency through fixings last week.
While a weaker yuan could help boost exports, a sharp decline could trigger panic about financial stability and take the shine off Chinese assets, although some strategists see that as a boon for the nation’ s bonds. A global exodus from Chinese markets last week prompted a swathe of promises of support from policy makers.
“ The renminbi has passed an inflection point, ” said Hao Hong, head of research and chief strategist at BOCOM International Holdings Co. It will continue to weaken, but the pace will be controlled by the PBOC, he said, adding that a weaker yuan will spread the recovery costs onto China’ s trading partners and neighbors.
The yuan has fallen 0.9% in March, set for its biggest decline since May 2021. It still remains Asia’ s best-performing currency this year with the smallest loss against the greenback that’ s getting bolstered by bets that the Federal Reserve could hike rates by half a percentage point at its next meeting, if needed.
In contrast, a median of forecasts from economists surveyed by Bloomberg shows the PBOC may cut banks’ reserve requirement ratio by another 50 basis points to 10.5% by the first quarter of next year, after a similar-sized reduction in December. UBS Group AG cut its growth forecast for China this year to 5% from 5.4%. Morgan Stanley now forecasts a 5.1% gain, down from 5.3% as Covid curbs weigh on the economy.
“ This round of Covid-19 resurgence is likely to not only hurt services, but also industrial production and trade growth, ” said Jingyang Chen, Asian FX strategist at Hong Kong & Shanghai Banking Corp. The yuan is likely to be on the back foot over the near term and may fall to 6.45 per dollar by year-end, she said.
The dollar-onshore yuan option implied volatility indicates a 70% probability it will fall to 6.5 per dollar by the end of the year. It dropped 0.1% to 6.37 per dollar on Tuesday.
The yuan jumped the most since December on March 16 on the back of a historic surge in Chinese shares as the top financial policy committee led by Vice Premier Liu He pledged to stabilize battered financial markets and stimulate the economy. A report that Saudi Arabia is seeking to price some of its oil exports in yuan also helped the advance.
However, the currency pared those gains as the average of the gap between the People’ s Bank of China’ s daily yuan reference rate and market estimates widened to 68 basis points last week, the highest on record since Bloomberg started the survey with analysts and traders in 2018.
The PBOC’ s weaker fixings could also be aimed at correcting the divergence in the onshore and offshore yuan, which widened last week to the most since June, a former State Administration of Foreign Exchange official said. The onshore unit is being supported by dollar selling by exporters, whereas the offshore rate is weighed by stock outflows, Guan Tao who is now a member of China FX Committee, said in an interview.
“ China’ s export growth is likely to slow more notably in the second half, and a step-by-step partial border reopening – likely to begin later this year – could lead to an increase in the service trade deficit, ” said Ju Wang head of Greater China FX and rates strategy at BNP Paribas SA. Wang sees yuan falling to 6.60 per dollar by year-end.
Portfolio investment from banks’ clients turned to a deficit of $ 32 billion in February, surpassing the previous record set in March 2020 at the onset of the pandemic, monthly cross-border flow data released Friday show. That was partly driven by a record retreat by bond investors from Chinese debt.
While HSBC’ s Chen sees the yuan’ s “ overvaluation and reduced yield advantage ” weighing on hedging behavior of corporates and portfolio investors, Australia & New Zealand Banking Group expects the real yield differential between the U.S. and China to support the yuan.
“ Although the strong trade surpluses will ease later in the year, we see portfolio inflows remaining robust, ” Khoon Goh, head of Asia research wrote in a note. The foreign bond outflows in February and the selloff in the onshore equity markets are temporary, he said.
CP Rail shares jumped after it agreed to work with an arbitrator on a contract for 3,000 workers, ending a two-day work stoppage.
Bank of Montreal has confirmed its plan to sell shares to help finance its US $ 16.3-billion takeover of Bank of the West.
Prime Minister Justin Trudeau’ s power-sharing deal with an opposition party promises to tackle the soaring cost of housing in Canada and may target real estate investment trusts that own homes. | general |
Japan land prices rebound a year after pandemic broke six-year uptrend | The average price of land in Japan has rebounded on solid housing demand, after falling the previous year for the first time in six years due to the impact of the coronavirus pandemic, the government said Tuesday.
The price of land in all categories nationwide, including that designated for residential and commercial use, rose 0.6% from a year earlier as of Jan. 1, according to the Ministry of Land, Infrastructure, Transport and Tourism.
The ministry said it had observed a recovery trend, driven by housing demand in urban areas and vicinities, as the influence of the pandemic is waning. The survey examined 26,000 locations across the country before the so-called “ sixth wave ” of COVID-19 infections hit Japan.
The price of residential land rose 0.5% on average and that of commercial land increased by 0.4%.
In Tokyo, prices for residential and commercial land rebounded with increases of 1.0% and 0.6%, respectively, as housing demand expanded with people reviewing their residential environment amid the spread of telework.
Prices for residential and commercial land also rose in three prefectures adjacent to Tokyo — Saitama, Chiba and Kanagawa.
Despite the positive results, land experts pointed out that prices from now would be affected by impacts on the world economy and financial markets of Russia’ s military aggression against Ukraine, in addition to the COVID-19 situation.
“ For example, if prices of crude oil and wheat remain high for a long period and trigger a significant price hike in daily necessities, it will dampen people’ s appetite to purchase homes and spend money in commercial districts, ” said Takeshi Ide, a senior researcher at real estate research firm Tokyo Kantei Co., referring to concerns over the Ukraine crisis.
Of Japan’ s 47 prefectures, 26 saw a decline in all-category land prices against a backdrop of a shrinking population and a drop in tourists, although the margin of decline narrowed, according to the ministry.
The prices of residential land in areas including Tokyo, Osaka and Nagoya, the three largest metropolitan areas, rose 0.5% due to solid demand fueled by improved economic sentiment and low interest rates.
The share of locations with increased prices climbed to 43%, up 24 percentage points from a year earlier, amid the spread of telework during the pandemic.
But in 27 prefectures the prices of residential land fell, while the rate of decline shrank by 0.5 point from a year earlier to 0.1% in areas outside the three largest metropolitan areas but excluding Sapporo, Sendai, Hiroshima and Fukuoka.
For commercial land, prices went up 0.7% in the three metropolitan areas and 0.2% outside those areas, according to the data.
A plunge in inbound tourism and decreased dining out due to the pandemic have led to falling land prices at nightlife districts such as Tokyo’ s Ginza, Kanazawa’ s Katamachi and Hiroshima’ s Nagarekawa, as well as popular tourist spots like Takayama in Gifu Prefecture. The steepest fall, of 15.5%, was logged in Osaka’ s Dotombori district.
By location, Kitahiroshima in Hokkaido ranked first in price rises for both residential and commercial land, recording a 26.0% increase in residential land prices.
Among the top 100 locations ranked according to the rate of price increases for residential land, 96 were located in Hokkaido.
Prices for industrial land rose 2.0% across the country on average, on the back of solid demand for logistic sites amid an expansion of online shopping, the data showed.
The main store of Yamano Music Co. in Tokyo’ s Ginza shopping district recorded the highest land price among surveyed locations across Japan for the 16th consecutive year, at ¥53 million per square meter. | tech |
Denmark Says 70% of Population Got Covid in Five-Month Period | The information you requested is not available at this time, please check back again soon.
Visitors queue at a Covid-19 testing center in Valby, outside Copenhagen, on Jan. 17. Photographer: Carsten Snejbjerg/Bloomberg, Bloomberg
( Bloomberg) -- Denmark, one of the countries where the Covid-19 omicron variant first spread, estimates that about 70% of its adult population has contracted the virus since the beginning of November.
The estimate is based on antibody data from blood donors of ages 17 to 72, according to a report published on Tuesday by the country’ s institute for infectious disease. The rate is higher than suggested by official tests: the country of 5.8 million has recorded about 3 million positive results overall. When excluding re-infections, roughly 50% of the population have tested positive.
It explains why the number of new daily cases has now dropped as Denmark has achieved a high level of immunity, also helped by vaccination programs, said Henrik Ullum, head of the institute. The Nordic country ended all virus restrictions on Feb. 1 as omicron proved less dangerous than previous variants, allowing hospitals to cope with infections.
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Volvo Cars Cuts 2022 Production Goal on Chip Constraints | The information you requested is not available at this time, please check back again soon.
A vehicle carrier transports new Volvo AB XC90 sport utility vehicles ( SUV) on an access road near the Port of Zeebrugge in Zeebrugge, Belgium, on Tuesday, March 31, 2020. The European auto industry is grinding to a halt as the coronavirus pandemic worsens, with French carmaker Renault SA stopping factories in Russia and a rising number of suppliers also curbing operations. Photographer: Olivier Matthys/Bloomberg, Bloomberg
( Bloomberg) -- Volvo Car AB warned it will struggle to meet its production forecast for this year as the shortage of semiconductors once again forces factories to a standstill.
The disruption is expected to last through the second quarter because of issues procuring a specific type of chip, the Swedish-Chinese carmaker said Tuesday. Volvo now expects only “ marginal ” growth in deliveries this year, after previously saying sales volumes would rise.
While Russia’ s war in Ukraine has exacerbated supply-chain disruptions in the automotive industry, Volvo said its issues were not related to the invasion. Volvo had previously said that the supply of semiconductors, as well as production, was gradually improving. Carmakers globally have repeatedly idled factories over the lack of chip supplies, leaving them unable to make enough vehicles as demand recovered as economies started to recover from the pandemic.
Earlier Tuesday, local daily Goteborgs-Posten reported that the company has decided to cancel five shifts in its Torslanda factory, which makes the XC60 and XC90 sport utility vehicles. | general |
Goldman Sachs CEO David Solomon to DJ at Lollapalooza | The 60-year-old, who moonlights as an electronic dance DJ when he's not running one of the largest investment banks in the world, has brought in record-breaking profits at Goldman while spinning records.
A spokesperson for Goldman Sachs ( GS) confirmed that Solomon, who regularly DJs at clubs in Miami and New York under the alias `` D-sol '' will hit the stage at Lollapalooza, which hosted about 400,000 attendees in 2019.
`` [ I ] kind of stumbled into it as a hobby, and now I just do it for fun, '' Solomon said on a Goldman Sachs podcast in 2017.
Solomon typically DJs four to six events each year, and all profits go to charity, said the Goldman spokesperson. Some executives play golf for fun, added the spokesperson, Solomon DJs.
Solomon's hobby has led him to headline a number of high-profile events, such as an Amazon event in 2019 and a Sports Illustrated Super Bowl party this year.
It has also stirred up controversy. He opened for The Chainsmokers at a crowded Hamptons charity event in the midst of the Covid-19 pandemic in July 2020. The show prompted an investigation by the New York State Department of Health for what then-governor Andrew Cuomo called `` egregious social distancing violations. ''
`` The vast majority of the audience appeared to follow the rules, but [ Solomon is ] troubled that some violated them and put themselves and others at risk, '' a Goldman Sachs spokesperson said in a statement at the time.
Last June Solomon transitioned from using DJ alias D-sol to his CEO name, David Solomon, and released a single entitled `` Learn to Love Me, '' which he promoted on his Instagram account.
Lollapalooza will be held July 28 to 31 in Chicago's Grant Park, with more than 170 performances slated for eight stages. Four-day tickets for the event range from $ 350 to $ 4,200. | business |
Bangladesh ratifies ILO’ s Minimum Age Convention to strengthen its fight against child labour | On 22 March 2022, the Government of Bangladesh ratified the International Labour Organisation’ s Minimum Age Convention ( No. 138), a critical step in advancing its commitment to end child labour within the country.
Convention No.138 requires States to take measures that ensure ‘ progressive elimination of child labour’ and set a ‘ minimum age under which no one can be admitted to employment or work in any occupation’ ( except for light work and artistic performances).
Under this Convention, Bangladesh has specified that no child under the age of 14 can now be employed. This will be implemented through increased, targetted national measures, including a National Plan of Action on Child Labour to eliminate all forms of the practice by 2025.
Combating child labour is an important area of action for Bangladesh, where children make up around 40 percent of the population. It is estimated that 1.7 million Bangladeshi children are involved in some form of the practice.
Child labour violates children’ s rights and jeopardises thier physical and mental health, sometimes permanently. It is both a form and enabler of violence against children, placing them at heightened risk of abuse and exploitation. This is especially true for “ hazardous ” labour, which includes work in dangerous, unhealthy conditions that could potentially result in a child being killed, injured or ill due to poor safety and health standards. Child labour also means a compromise in ( or even a complete stop of) education for children, which further puts them at risks of violence and hinders development.
Bangladesh’ s efforts to combat the practice come at a critical time for children. Amidst of the prolonged impacts of COVID-19 pandemic, the reported number of children involved in child labour has risen to 160 million – the first increase in two decades. Poverty, displacement and lack of access to education, which were all heightened during the pandemic are among the major drivers that force children into child labour. | general |
Thailand Faces Current Account Blowout on Oil, Tourism Risks | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Thailand is heading for a rare back-to-back current-account deficit as the outlook for tourist arrivals becomes less rosy with a flare-up in Covid cases globally and energy import bills ballooning amid soaring oil prices.
The net-oil importer may post a shortfall of $ 4.6 billion this year, according to Bank of Ayudhya Pcl, which previously estimated a surplus of $ 5.8 billion in the current account -- the broadest measure of trade and investment. Nomura Holdings Inc., DBS Bank Ltd. and Maybank Investment Banking Group too expect Southeast Asia’ s second-largest economy to post a second straight year of deficit, the first time since 1997.
“ The odds are now shifting toward a current-account deficit for Thailand this year, ” said Krystal Tan, an economist at Australia & New Zealand Banking Group. “ The Russia-Ukraine conflict has significant negative implications for Thailand’ s current account given its high reliance on imported energy. There are also potential second-round effects to watch, such as a fall in Russian tourist arrivals and a potential increase in global freight costs. ”
ANZ will revise its Thai current account surplus of $ 2.4 billion later this week, Tan said, adding the deficit will be smaller than the shortfall in 2021. The country posted a deficit of $ 10.9 billion last year, the first gap since 2013, as foreign tourism receipts nearly vanished amid the pandemic, official data show.
The pandemic has robbed Thailand of tens of billions of dollars it used to generate annually from the millions of foreign tourists. A gradual rebound in tourism with the lifting of most border controls is now at risk from flight disruptions and payment difficulties for Russians, once again leaving the nation’ s currency vulnerable to a sell-off.
The baht has lost more than 3% since Russia invaded Ukraine, and the currency’ s outlook remains weak with the widening current-account gap and interest rate differential between the U.S. and Thailand, according to Pipat Luengnaruemitchai, chief economist at Bangkok-based Kiatnakin Phatra Securities Pcl.
Thailand’ s status as a net oil importer is fueling a trade deficit and inflation, muddling the outlook for an economic recovery, said Somprawin Manprasert, chief economist at Bank of Ayudhya. The lender, a unit of Mitsubishi Financial Group Inc., has cut Thai growth forecast this year to 2.8% as it sees a hit from low tourist arrivals and supply disruptions from the war, he said.
“ It will be a double-whammy for Thailand as it faces rising inflation and a slowdown in the economy, ” Somprawin said. “ Tourism will be affected as it’ s not only Russians who will not travel, as the sour sentiment and falling income will discourage others too. Thai economic outlook is worrisome. ”
Thailand’ s tourism will not return to the pre-pandemic levels -- 40 million visitors and more than $ 60 billion in revenue -- without the Chinese, who made up almost 30% of the travelers. While the country has lifted most of the curbs on visitors, Covid tests on arrival and the paperwork to secure a pre-arrival visa are seen discouraging holidaymakers even as more tourism-reliant countries open up.
The exit of foreign investors from Thailand’ s bonds is also set to weigh on the current account even as trade deficit balloons on the back of roaring energy prices and normalization of exports. Foreign funds have withdrawn a net $ 1.9 billion from the nation’ s bonds after pumping in $ 4.6 billion in the first two months, according to data compiled by Bloomberg.
“ We see more downside bias for baht volatility, ” Pipat of Kiatnakin Phatra said. “ The currency’ s outlook is rooted in tourist arrivals. And whenever signs of a firm tourism recovery emerges, the sentiment toward baht too will turn right away. ”
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IMF to Cut World Growth Forecast, Sees Recession Risks Spreading | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- The International Monetary Fund is poised to cut its global growth forecast for 2022 as a result of the war in Ukraine, and sees recession risks in a growing number of countries, Managing Director Kristalina Georgieva said.
The world economy is still set to expand in 2022, though by less than the 4.4% previously anticipated, Georgieva said in an interview with Foreign Policy magazine broadcast Tuesday. The IMF is set to update its projections in April when the fund holds its annual spring meetings.
“ Some economies that have been fast to recover from Covid are in a stronger position ” to cope with the reverberations from Russia’ s invasion of Ukraine, Georgieva said. The U.S. in particular has “ fairly strong fundamentals, ” she said. “ But those that were not yet coming out of the Covid crisis, that were falling further behind, they’ re going to be hit even harder, ” with the “ possible risk of recessions. ”
Tighter financial conditions, as the Federal Reserve and other developed-world central banks raise interest rates, will be a “ big shock ” for many countries, according to Georgieva. About 60% of low-income countries are in “ debt distress’ or close to it, double the number that the IMF was worried about back in 2015, she said.
Georgieva’ s top deputy, Gita Gopinath, said in the same event that the IMF sees “ increasing fragmentation ” in global payments systems as one consequence of the war.
The U.S. dollar isn’ t about to suffer an “ imminent demise ” as the dominant currency in the global financial system, but “ we could see pockets where we might see shifts happening, ” Gopinath said. “ We are likely to see some countries reconsidering how much they hold of certain currencies in their reserves, ” while it’ s clear that the way energy is traded has changed “ forever. ”
Depending on how long the war lasts, there could be larger effects, Gopinath said, though she described the potential impact of a Russian debt default as limited and “ not a systemic risk to the global economy. ”
The fund is also monitoring how the war affects use of cryptocurrencies, and expects an acceleration in the development of central-bank digital currencies, Gopinath said. Both she and Georgieva said more work is needed to strengthen regulations in this area.
Georgieva said the IMF has “ three-quarters of our $ 1 trillion of lending capacity available ” to help countries cope with the risks. She also said that the fund will do its “ part ” for Ukraine when the war ends and reconstruction begins. The country’ s economy may shrink by a third compared with before the war, she said.
The IMF chief said she has family members in Kharkiv, a city in eastern Ukraine that’ s been a target of Russian forces. Georgieva said that she had been in touch with her family and that they are safe for now, though their building has lost water supply and they are hearing bombing every day.
( Updates with further comments starting in second paragraph.) | general |
Crypto Diversification Provides Few Benefits, Fed Study Suggests | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Attempting to pick winners and losers among the thousands of digital tokens in the almost $ 2 trillion cryptocurrency market may not be worth your while.
Prices across cryptocurrencies tend to move in a similar direction and remain sensitive to shocks as a whole, given that the market is highly interconnected,, according to the finding of a study by Federal Reserve Bank of Chicago.
“ The connectedness index values I compute using different specifications, sample sizes, and time windows range between 86% and 97%, ” wrote Filippo Ferroni, a senior economist at the Chicago Fed. “ From a risk-management perspective, this also suggests that it would be very difficult to create a diversified portfolio of cryptocurrencies. ”
Crypto prices have mostly dropped this year with the Fed raising rates and the Ukrainian war weighing on investor sentiment. Bitcoin and Ether have dropped around 20% and 10% respectively. Few tokens bucked the downward trends when the coronavirus pandemic in 2020 and Beijing’ s crypto ban in 2021 wreaked havoc on the crypto market.
However, the study pointed out that a small fraction of price movements can be ascribed to individual characteristics of single digital currencies despite the high interconnectedness.
The second largest cryptocurrency, Ether, saw a larger uptick in the past two weeks compared to Bitcoin, which has been range-bound for the last few months. Ether’ s price topped $ 3000 on Tuesday for the first time in about three weeks. The move is in part due to Ethereum’ s technical upgrades that aim to reduce energy consumption to secure the network and improve its speed and scalability. | general |
The MoneyTalk guide to Trusts | Tech ETFs give investors exposure to a still fast-growing area of the market.
If there’ s any silver lining to come out of the COVID-19 pandemic, it’ s that an increasing number of investors are thinking more carefully about the impact their holdings are having on the world.
It doesn’ t matter if you look at the last three years or the last 30, U.S. technology has consistently been one of the best performing sectors in the world.
Many of us will look back on 2020 as a year of great hardship and we may all be eager to turn the calendar and hope for brighter news for the world in 2021. If your finances took a hit or you want a new start for your money, here are 10 things to consider.
Your tax filing may be different this time around because of the COVID-19 pandemic. One piece of advice: Start estimating now whether you may or may not owe money to the government.
It’ s never too early for business owners to start thinking about their end game — after all, you eventually want to enjoy the fruits of your hard work. There’ s a lot to consider. Here’ s a checklist to get you started.
COVID-19 has left many young workers and students unemployed and returning to the safety of their childhood homes. If you are the parent of a teen or young adult whose launch has been interrupted, here are some ways you may help.
If your teenager has a part-time job, you may wonder if they need to file a tax return. Even if it’ s only pocket change, there are some compelling reasons to begin your lifelong relationship with the Canada Revenue Agency.
For many women, balancing career and family priorities is a constant challenge. But a global pandemic has pushed us all to become more creative about how we approach work-life balance.
Here’ s a common enough situation: A widow with adult children remarries. It’ s a match made in heaven, except for one little vice that their new spouse has: They like to spend. Overspend. Really max out those credit cards.
As a result, our widow comes to realize they need to think carefully about estate planning should they die and be survived by their new spouse. They really would prefer their assets, such as their home and investments, to be eventually received by their children. However, they also want to make sure their new partner is taken care of in the meantime, and doesn’ t fritter away the assets.
In a case like this a Trust can be an important part of an estate planning toolkit. “ Executed correctly, a Trust can be a solution for a person who may want some control over how their assets are distributed upon their passing, ” says Susan Mabley, Associate Vice President, TD Wealth Private Trust.
“ This is especially true where there may be uncertainty about a child or a spouse’ s ability to manage money, whether their children are minors or if someone in a second marriage wants to ensure their assets ultimately are received by their children. ” As Mabley says, Trusts can be a beneficial tool in a number of situations. If you have ever wondered if you need a Trust, or have questions about how Trusts work, this guide may help you.
A Trust is a formal, documented transfer of assets — such as cash, investments or property — that is managed by a trustee for specific beneficiaries. A trustee can be one or more individuals, or even a Trust company. The Trust documentation would include specific instructions on how the assets are to be held, managed and distributed for the benefit of one or more beneficiaries.
There are two basic types of Trusts: An Inter Vivos or “ Living ” Trust, that is established during a person’ s lifetime, and a Testamentary Trust, which is established through a Will and comes into effect upon an individual’ s passing. When assets are transferred to a Trust, legal title to an asset is transferred to the care of the trustee, who is then responsible to follow the terms of the Trust, as per the agreement or Will, and to manage and distribute the assets for the benefit of the beneficiaries.
A Testamentary Trust is often used to manage money and costs for minor children after a parent dies. It may also protect an inheritance in case of a recipient’ s divorce. An example of how one might use an Inter Vivos Trust is to hold and manage a family cottage. A person can set up a Trust to hold the family cottage as well as investments meant to generate income to support the ongoing maintenance of the cottage. That same person can remain the trustee while they are alive, but appoint successor trustees to take over upon their passing. The Trust provides the opportunity for the original owner and future generations to enjoy the cottage for many years to come.
Inter Vivos and Testamentary Trusts can be used for many purposes and are often referred to by terms to describe their use. Some examples may include: Family Trusts, Insurance Trusts, Cottage Trusts, Alter Ego Trusts, for individuals 65 and older, Henson Trusts for individuals entitled to government disability benefits, and many more. At their core, Trusts offer a means to manage financial affairs in the present or in the future. One purpose is the ability to ensure that assets are managed for people who may not be ready or able to manage the assets themselves, such as minor children. A Trust could also be used to ensure that assets are transferred to future generations and grandchildren yet to be born. They can even support charities on an ongoing basis.
Besides controlling the use and distribution of assets, a Trust can help protect assets from creditors. Take the case of a second marriage, as in the scenario at the beginning of this guide: If our protagonist were to pass away and leave all the assets in a Trust, creditors would not be able to access the assets in the Trust should their spouse encounter financial trouble down the road. Another potential benefit? Unlike a Will, Trust documents are not public, and so offer some privacy.
There is no specific amount of money required to set up a Trust. However, there are costs associated with a Trust that need to be considered: There are legal fees for the creation of Trust documentation, ongoing compensation to trustees for the accounting and management of the Trust, and the cost of an annual tax filing since a Trust is considered a legal taxpayer by the Canada Revenue Agency. In the case of an Inter Vivos Trust, there may be a “ deemed disposition ” when an asset is transferred to a Trust, meaning that taxes on any appreciation or gains may need to be paid at the time. In the case of a home or cottage, where values have skyrocketed in recent years, that could be a substantial amount.
A Will is a legal document expressing a person’ s wishes after death. It may address the guardianship of minor children, and bequeathing objects and assets to loved ones and charities. It is only applicable after death. A Trust can also address the transfer or use of an asset, but it can be implemented at any time during life or after death. “ You can have both, ” says Mabley, “ and they are both valuable ways of managing your assets and estate. ”
The settlor of a Revocable Trust, or an Inter Vivos Trust may change its terms at any time. They can change beneficiaries and modify how assets within the Trust are managed. It can be a flexible arrangement while the owner is still alive. An Irrevocable Trust is set in stone once the Trust document is signed. The main reason to create an Irrevocable Trust is taxes: An Irrevocable Trust may mean that the asset does not pass through the Will and is not a taxable estate asset upon death.
Trusts require the help of a qualified attorney or Trust and estate professional who can help you determine the best type of Trust for your situation. They can also help you to draft the Will or Trust documents, with clear language around beneficiaries, trustees, and use of the asset.
“ It’ s important to use professionals to ensure a Trust is the right solution for you and that the Trust terms capture the intended wishes of the person setting up the Trust, ” says Mabley. “ Equally important is the selection of one or more trustees, as the responsibilities for the management of a Trust can be onerous, and the use of a professional trustee may provide a good option. ”
DISCLAIMER: The information contained herein has been provided by TD Wealth and is for information purposes only. The information has been drawn from sources believed to be reliable. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance. TD Wealth represents the products and services offered by TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking ( offered by The Toronto-Dominion Bank) and TD Wealth Private Trust ( offered by The Canada Trust Company). All trademarks are the property of their respective owners. ® The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.
“ Then suddenly, your measuring stick changes, ” he said. “ The longer your time horizon is, the much better the return is meant to be and much more positive it’ s [ likely ] going to be. ” | general |
Kaisa Warns it Will Miss Earnings Deadline: Evergrande Update | The information you requested is not available at this time, please check back again soon.
The Kaisa Group Holdings Ltd. logo at the Shanghai Kaisa Financial Center in Shanghai, China, on Tuesday, Dec. 7, 2021. A group of Kaisa Group bondholders have sent the company a formal forbearance proposal, which may buy some time and help it avoid a default on $ 400 million dollar bonds due today. Photographer: Qilai Shen/Bloomberg, Bloomberg
( Bloomberg) -- Kaisa Group Holdings Ltd. became the latest Chinese property developer to warn it will likely miss the deadline for reporting audited 2021 results due this month.
The developer said it had entered into “ constructive dialogue ” with creditors as it sought to find a solution to its financial difficulties, and blamed the delay of its audit process on China’ s latest Covid-19 outbreak. It joins developers including China Evergrande Group, Sunac China Holdings Ltd. and Shimao Group Holdings Ltd. in delaying the publication of results.
Evergrande meanwhile assured investors it was on track to provide creditors with a preliminary restructuring proposal by the end of July and urged patience. The developer asked investors in a call Tuesday evening not to take aggressive action so it can proceed with its holistic plan for all creditors, according to people on the call.
China Developers’ 40% Sales Crash Could Continue Through June ( 9:05 a.m. HK)
A high base for contracted sales in March-June 2021 suggests China’ s top 100 property developers may extend their 40% home-sales drop through mid-2022, Bloomberg Intelligence analyst Kristy Hung wrote. Sharp rises of sales seen in 2017-2021 look unlikely to resume due to weaker occupier and investor demand.
Evergrande Restructuring Plan on Track for End-July ( 8:00 a.m. HK)
China Evergrande Group assured investors it was on track to provide creditors with a preliminary restructuring proposal by the end of July. A company executive emphasized Evergrande would seek to strengthen communication with them, people on the call said, asking not to be identified as the details are private.
Evergrande and its team have so far been in contact with 89 offshore institutions and individual investors to exchange views with them, the company executive said, according to the people on the call.
Kaisa Work With Legal, Financial Advisor Still Ongoing ( 10:10 p.m. HK)
Kaisa Group Holdings Ltd. says it estimates that results for the year ended Dec. 31 will not be published on or before March 31. The company is in constructive dialogue with its creditors to stabilize the situation, it said in a press release. It expects share trading to be suspended April 1.
A new report from Capital Economics is warning the expected magnitude of interest rate increases from the Bank of Canada could “ topple ” the domestic housing market.
The Financial Services Regulatory Authority of Ontario says anyone using the financial planner or advisor title will soon be overseen by a credentialing body and subject to a complaints and discipline process.
The Trudeau Liberals and federal NDP's shared ambition for a national pharmacare program could shave at least two per cent off annual earnings for owners of some top pharmacy chains, according to an analyst.
An energy company backed by Indonesian tycoon Sukanto Tanoto plans to spend US $ 500 million this year on a long-planned liquefied natural gas project in Canada, the clearest signal yet that it may move ahead with an LNG export facility on the country’ s west coast. | general |
PAI Weighs Sale of $ 2 Billion U.K Infrastructure Services Firm M Group | The information you requested is not available at this time, please check back again soon.
High voltage power lines near the Lippendorf lignite-fired power station, operated by Lausitz Energie Bergbau AG ( LEAG), in Lippendorf, Germany, on Wednesday, March 2, 2022. European energy prices soared after Russian forces invaded Ukraine, prompting Western governments to vow further sanctions to punish Moscow. Photographer: Krisztian Bocsi/Bloomberg, Bloomberg
( Bloomberg) -- PAI Partners is exploring a potential sale of M Group Services, a U.K.-based infrastructure services firm that could be valued at about $ 2 billion, according to people familiar with the matter.
The private equity group is working with Citigroup Inc. to evaluate options including an exit of M Group, the people said, asking not to be identified discussing confidential information.
Investors continue to pour money into infrastructure, drawn by the stable, recurring returns these assets can generate. A sale of M Group could attract both financial and strategic suitors, according to the people.
Deliberations are in the early stages and PAI could still decide to keep the business, they said. Representatives for Citigroup, M Group and PAI declined to comment.
M Group provides a range of services, including installation and condition assessments, to the water, energy, transport and telecommunications sectors in the U.K. and Ireland. The business, which has grown through acquisitions, saw revenue rise 24% from a year earlier to 736 million pounds ( $ 975 million) in the six months through September 2021.
Infrastructure dealmaking remained strong throughout the Covid-19 pandemic and more large transactions are in the works. A consortium led by Macquarie Group Ltd. and KKR & Co. is in advanced talks to buy the U.K. electricity distribution business controlled by Hong Kong tycoon Victor Li, in a potentially 15 billion-pound deal, Bloomberg News reported this month.
PAI acquired M Group from private equity firm First Reserve in 2018. A sale of the asset would quickly follow PAI’ s disposal last month of a majority stake in bottling company Refresco to rival KKR & Co. in a deal valued at about $ 8 billion. | general |
China to Build More Than 60 Makeshift Hospitals to Tackle Covid | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Each of China’ s provinces should set up at least two to three makeshift hospitals to treat Covid infections amid omicron’ s explosive spread in the country, according to the country’ s National Health Commission.
The move came after China updated its Covid treatment guidelines last week to reserve designated hospitals for those with severe conditions, while patients with mild symptoms should be sent to isolation facilities to avoid overwhelming the medical system.
A total of 33 makeshift hospitals have been built, or are currently under construction, to provide 35,000 beds, Jiao Yahui, an official with National Health Commission, said at a Tuesday briefing. Some 31 local governments are required to come up with plans to ensure the hospitals can be put into use within two days when needed.
China’ s Covid Zero policy requires all those infected to be admitted to hospitals. With more than 95% of the cases in the current omicron-fueled resurgence having mild symptoms or asymptomatic, requiring hospitalization for all of them could add pressure on the hospital system and deprive timely treatment for the severely ill.
China requires mandated testing in targeted regions to be completed within 24 hours to curb the spread of omicron variant, Jiao said. The country’ s makeshift hospitals were built in 10 days in Wuhan when the outbreak first spread. | general |
Abrams Sues to Use Special PAC as Georgia Governor Race Heats Up | The information you requested is not available at this time, please check back again soon.
Brian Kemp, governor of Georgia, speaks during a news conference at a mass covid-19 vaccination site at the Delta Flight Museum in Hapeville, Georgia, U.S., on Wednesday, Feb. 25, 2021. Delta Air Lines Inc. partnered with Georgia to host the state's largest COVID-19 vaccination site., Bloomberg
( Bloomberg) -- Georgia’ s closely watched race for governor heated up again this week as Democrat Stacey Abrams sued for the right to use a fundraising vehicle that has so far only been available to incumbent Republican Brian Kemp.
Abrams’ s filing in federal court Monday is the second lawsuit in as many months against Georgia’ s “ leadership PACs, ” special political action committees created by legislation Kemp signed last year. The PACs allow a handful of incumbent state leaders, including Kemp, to raise unlimited amounts of money from donors. The leadership PACs can also coordinate with campaigns on spending, unlike outside groups.
Challengers can form the new committees, too, but only after they are their party’ s official nominee, which gives incumbents a healthy head start. The two parties don’ t officially choose their nominees until late May, or June in the event of a runoff.
Kemp’ s leadership PAC, Georgians First, has collected $ 2.3 million in donations as large as $ 100,000. State law limits traditional campaign donations to $ 7,000 in a primary, $ 7,600 in the general election and $ 4,500 in a runoff election, according to Abrams’ s lawsuit.
Georgia is a national battleground, with former President Donald Trump betting heavily on a slate of primary challengers to incumbent Republicans he blames for failing to overturn his 2020 loss in the state. His attempt to unseat a sitting Republican governor -– he has endorsed former U.S. Senator David Perdue -- could test his continued sway over the party.
Abrams’ s future as a national political leader is also at stake. Abrams, who narrowly lost to Kemp in 2018, has become a leading voice on voter rights. Her organizing strategy in Georgia is widely credited with Biden’ s victory there, as well as the election of two Democratic U.S. senators.
Fights over fundraising rules – and Kemp’ s leadership PAC advantage in particular -- have been breaking out since the beginning of the year, when Perdue sued to stop him from using its funds against him in the primary. A federal judge enjoined Kemp from doing that in February, prompting state lawmakers to propose making it illegal for challengers to raise money during the legislative session: Campaign fundraising is already banned for incumbents during that window. That proposal so far appears stalled.
Abrams’ s lawsuit asks for the right to create and use her own leadership PAC, One Georgia, immediately. Abrams registered the committee with the state after qualifying for the governor’ s race two weeks ago. The lawsuit said she should be able to use it now, instead of waiting until the primary, because she is the only Democrat in the race. It includes an affidavit from state party leader Nikema Williams saying that the party considers her its nominee.
So far, though, Abrams’ s campaign has received no definitive answer from the state on whether it is legal to use One Georgia. The campaign filed the lawsuit because of fear that it would be prosecuted if it began raising money through it.
“ Abrams –- the sole qualified and declared Democratic candidate for Governor of Georgia –- and her campaign committee will be unable to operate, control, chair or otherwise use One Georgia, a leadership committee properly constituted and registered to support her campaign, ” according to the campaign lawsuit.
Kemp is leading the fundraising in the governor’ s race so far, according to filings with the Georgia Government Transparency and Campaign Finance Commission.
In addition to his leadership PAC, Kemp has raised $ 11.4 million in the 13 months starting in January 2021 and has $ 12.7 million on hand, including funds raised in 2019.
Abrams’ s one report shows $ 9.3 million in donations. Perdue, who entered the race in December, has raised $ 1.1 million.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint
Joe Natale left Rogers with a $ 14.1M golden parachute | general |
Most Central Banks Seen as Behind the Curve in Global Survey | The information you requested is not available at this time, please check back again soon.
The Bank of England ( BOE) in the City of London, U.K., on Thursday, March 17, 2022. The Bank of England, the first among major central banks to tighten monetary policy after the pandemic, looks all but certain to reach another milestone on Thursday by taking interest rates back to their pre-Covid level., Bloomberg
( Bloomberg) -- It’ s official: investors reckon that central banks are behind the curve on battling inflation -- and that value stocks provide the best hedge against rising prices.
Of 886 investors who took part in MLIV’ s inaugural weekly survey, 73% voted that either “ all ” or “ most ” monetary authorities in developed markets haven’ t done enough to quell inflation. While headline U.S. inflation has run way above 2% for a year now, the Federal Reserve was purchasing bonds until recently and raised rates for the first time this cycle only last week.
An additional 21% of respondents said only “ some ” central banks are behind the curve, which may be an acknowledgment that those in New Zealand and Norway have long been raising rates without any fuss.
In the U.K., the Bank of England’ s benchmark is now what it was before the pandemic started. However, inflation is running around 8% and may well exceed 10%, a throwback to the era of Margaret Thatcher. And yet, the BOE keeps reiterating that it foresees only modest tightening -- causing inflation expectations to rise further and compelling investors to search for effective hedges on the chance it may fail to prevent spiraling prices.
Talking of hedges, value stocks were the top pick to insulate a portfolio against the corrosive effects of price rises -- garnering 35% of the vote -- with gold and inflation-linked bonds as distant runners-up.
That preference for value stocks over linkers may stem from the putative ability of companies -- especially those with strong brands -- to pass on cost increases to customers. While inflation-linked bonds also provide an effective hedge, value stocks don’ t compel investors to pick a tenor.
However, inflation hedging preferences vary by region. European investors are less likely to prefer value stocks than their U.S. counterparts. About 24% of European respondents named them as the best hedge, compared to 39% of U.S. and Canadian respondents.
Europeans were more apt to choose gold and oil compared to U.S. peers. One reason why value stocks may be more preferred in North America is the higher percentage of retail investors there who participated in the survey.
Just 4% of respondents said Bitcoin offers the best inflation hedge, ranking last in a field that included value stocks, gold, inflation-linked bonds, oil and unspecified other assets. Those who picked the largest cryptocurrency were about evenly split between market professionals and individual investors.
The results undermine the idea that Bitcoin is perceived as a popular haven from inflation eroding the real value of fiat currencies.
Not surprisingly, the conflict in Ukraine was at the top of investor concerns. Together, “ war ” and “ Ukraine ” were mentioned almost 200 times in answers to the question “ What do you consider to be the biggest unpriced risk for asset prices?, ” while China, inflation and recession were the other big worries. In a prior survey in December, inflation and Covid were the top concerns. The latter is glaring by its absence this time.
The Markets Live team’ s weekly survey ran from March 15 to March 18, promoted via the Markets Live blog, Bloomberg News stories and the Five Things newsletter. To participate in this week’ s survey, focused on stagflation, click here.
For more markets analysis, see the MLIV blog. | general |
Study shows effectiveness of pill form of remdesivir to treat COVID-19 in mice: Researchers test compound that could make remdesivir accessible for early treatment -- ScienceDaily | In Science Translational Medicine, researchers describe laboratory tests that show a modification of remdesivir was as effective as molnupiravir, another oral antiviral, at reducing disease in mice. Further, the new drug compound can be adapted into a pill designed to halt coronaviruses before they multiply and cause severe disease.
The current form of remdesivir must be given intravenously. But an oral version could extend its reach and benefits to patients outside of the hospital, said senior study author Timothy Sheahan, a virologist at UNC Gillings School of Global Public Health.
`` Oral antiviral medications have the potential to shorten the duration of disease, potentially diminish transmission and prevent hospitalization if taken early enough, '' Sheahan said.
Remdesivir works by blocking the machinery the virus needs to make copies of itself and spread throughout the body.
The compound tested at UNC-Chapel Hill is a prodrug named GS-621763 which can quickly turn into remdesivir inside the body. It was most protective against SARS-CoV-2, the virus that causes COVID-19, but was also very effective against MERS-CoV, a related virus that causes Middle East Respiratory Syndrome.
`` We saw protective effects, like reduced lung damage, viral load in the lungs, and improved lung function in infected mice, when we administered the drug at 12 hours or even at 24 hours after infection in mice, '' said lead study author Alexandra Schäfer, assistant professor of epidemiology at the UNC Gillings School of Global Public Health.
In early 2020, UNC-Chapel Hill virologist Ralph Baric and Gilead Sciences Inc. identified remdesivir as a potential COVID-19 treatment. For nearly two years, remdesivir has been used in hospitals to treat very sick patients with COVID-19.
While the drug has shown mixed results in clinical studies, it's been surprisingly effective in treating patients early in the disease.
The results of using remdesivir early in the course of disease in outpatients were dramatic. A three-day course resulted in an 87% lower risk of hospitalization and death.
Additional study is needed of the compound's safety and effectiveness, but the new study opens the door for remdesivir to take a place among the growing number of oral COVID-19 treatment options.
`` Oral drugs that can be formulated as pills have potential to make a big impact on reducing the disease burden caused the COVID pandemic, '' said David R. Martinez, a viral immunologist and postdoctoral researcher at UNC Gillings School of Global Public Health. `` People can safely take a round of pills at home while in isolation, and reduce community spread. ''
The National Institutes of Health National Institute of Allergy and Infectious Disease and the North Carolina Policy Collaboratory helped fund the study conducted with scientists at Gilead Sciences Inc. | science |
Hong Kong Airport to Lift Ban on Transit Passengers From April 1 | The information you requested is not available at this time, please check back again soon.
A staff member walks through 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., Bloomberg
( Bloomberg) -- Hong Kong airport will allow transit passengers for the first time in three months, building on the wider relaxation of strict Covid-19 border controls in the Asian financial hub.
Airlines were informed that transit passengers from so-called group A “ high-risk ” countries will be allowed to transfer through Hong Kong airport from next month, according to a letter dated Mar. 22 seen by Bloomberg News.
Airport Authority Hong Kong, which runs the city’ s airport, didn’ t immediately respond to a request for comment.
Hong Kong laid out broader changes to travel rules on Monday as part of the city’ s wider shift in its approach to Covid. Those include halving hotel quarantine time for travelers to seven days from 14, and ending the flight ban on nine countries including the U.S., U.K., and Australia. Risk profiles for countries, currently from ranked A to C, will also be abolished.
The ban had meant people from all countries except China and Taiwan weren’ t allowed to transfer through Hong Kong, one of Asia’ s premier airport transit hubs in pre-pandemic times.
Strict border controls, including up to three weeks’ quarantine, has left Cathay Pacific Airways Ltd. dependent on transit travelers to prop up its Covid-ravaged passenger flight operations. | general |
Pandemic Leads to Lasting Change in Teaching Methods Across European Countries Rackspace Technology Research Reveals | Research from Rackspace Technology, a leading end-to-end multicloud solutions company, shows that almost all educational and research institutions across Europe have significantly modified teaching methods and content since the outbreak of the COVID-19 pandemic. The number of digital applications being used in the classroom has grown dramatically within the last two years since the pandemic began.
The research, How COVID-19 is reshaping campus technology, found that although a remarkably high percentage of respondents believe that these changes are permanent, only 20% of respondents feel “ very well ” equipped to personally deal with the changes, and 42% said they have struggled to adapt.
The measures taken since the outbreak of COVID-19 have accelerated digital transformation at educational institutions. For example, nearly a third ( 31%) of respondents said that their use of social media for study support groups has increased. According to 15% of those interviewed, they are more frequently leveraging solutions for online collaboration during lectures, and 12% saw an increase in the use of pre-recorded learning materials for self-study.
All respondents from within the education department believe that the changes resulting from the pandemic are permanent, with 45% saying that the new focus on new tools in the classroom has changed the way they feel about technology. Over a third ( 34%) agreed that the new technologies have improved their productivity and they have learned new tech-based skills ( 44%).
44% of the respondents do not see the increase in the extensive use of social media for study support groups going away long term, whilst 19.5% believe that there will be an increase in the use of collaboration technologies in the classroom long term.
Interestingly, a higher percentage of respondents from the education department than from the IT department think that greater use of social media for study support groups will become a permanent teaching method ( 74% vs. 33%) citing convenience and ease of access to resources as the key reasons. The maturity of the technology and the ability to integrate with other collaboration platforms are amongst the reasons for this, as well as the vastly reduced cost of delivery, leveraging organisational license agreements and the quality of Bring Your Own Devices in the hands of students.
Looking ahead to the next five years, nearly all ( 99.77%) of the respondents believe that education will continue to evolve in response to the pandemic. For example, 41% expect AI and data analytics will be used to measure student progress and attainment and 38% believing there will be a greater maturity of video content delivery.
Respondents were mostly positive about the adjustments that had to be made because of the pandemic. However, there were some challenges; 31% of respondents say they struggled to adapt. There seems to be room for improvement, and this is especially true when it comes to feeling prepared for digital transformation. Only 13% of respondents feel “ very well ” equipped to personally deal with the changes.
“ All respondents expect new technologies to be implemented in the next five years. However, not all feel well equipped to manage this change, ” says Donald Dunsmore, Director, Education & Research for EMEA at Rackspace Technology.
He added, “ The data shows that the pandemic has accelerated digital transformation in the classroom. At the same time, more than a third of respondents said they needed help from third parties to manage the change. With deep expertise, vast experience and a strong commitment to preparing every generation for business and society, we are ready to accompany educational and research institutions in their digital transformation. ”
Rackspace Technology is the AWS contract partner in 39 countries in the OCRE framework – the Open Cloud for Research Environments, an EU-compliant procurement framework established by GEANT – a pan-European research internet interconnection network – and supported by the National Regional Education Network ( NREN) in each country. | tech |
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AG Racine Sues Grubhub for Charging Hidden Fees & Using Misleading Marketing Tactics During the COVID-19 Pandemic to Increase Profits at the Expense of Consumers & Restaurants | The food-delivery service, which grew in prominence over the pandemic as in-person dining shifted to takeout and delivery orders, said in response Monday that the company supports DC restaurants and has sought to work with Racine's office over the past year to address its concerns.
`` We are disappointed they have moved forward with this lawsuit because our practices have always complied with DC law, '' a Grubhub spokesperson told CNN. `` Many of the practices at issue have been discontinued. We will aggressively defend our business in court and look forward to continuing to serve DC restaurants and diners. ''
In his Monday complaint filed in DC Superior Court, Attorney General Karl Racine alleged that Grubhub has violated the District's consumer protection laws and is not transparent about the fees it charges users, saying the company does not display additional service fees in the way it prominently displays delivery fees.
`` Until recently, Grubhub further obscured these additional fees by grouping them with taxes at checkout, '' Racine's office alleged in a statement. `` This practice constitutes a 'dark pattern ' — a design feature that deceives, coerces, or manipulates consumers into making choices that are either not what they intended, or not in their best interests. ''
Racine's suit claims Grubhub's advertising is misleading by presenting free online orders and delivery as a universal feature, when only a subset of customers are actually eligible, according to the complaint.
The DC government also claims that Grubhub harmed restaurant owners with a pandemic-related promotion created for the purported benefit of local restaurants, but which instead allegedly `` passed most of the costs of the discounts along to the already-struggling restaurants '' while still requiring the restaurants to pay their normal, full commission on orders under the promotion.
And Grubhub allegedly took a number of misleading steps at various times to drive traffic to its platform, the complaint alleges, including by listing restaurants on its site without consent, creating non-official phone numbers for restaurants in a bid to generate more Grubhub orders and creating non-official websites for restaurants that routed visitors to Grubhub.
Racine's complaint seeks a jury trial and restitution and civil penalties against the company. | business |
Could the new BA.2 variant cause another surge? A medical expert explains | The proportion of Covid-19 cases due to BA.2 is rising in the United States, too. The US Centers for Disease Control and Prevention now estimates that 35% of new coronavirus cases are due to this subvariant. At the same time, restrictions are being lifted, and not a single US state requires mask mandates anymore ( though masks are still required in some settings, including airports, public transportation, hospitals, nursing homes, and some schools and workplaces).
How worried should people be about the BA.2 variant? Will vaccines protect against it? What if someone contracted a previous variant -- could they become reinfected? Is BA.2 milder than previous versions, and if so, should people try to get it? Could BA.2 cause another surge in the US, and is it time for restrictions to be put back into place?
To help us with these questions, I spoke with CNN Medical Analyst Dr. Leana Wen, an emergency physician and professor of health policy and management at the George Washington University Milken Institute School of Public Health. She is also author of `` Lifelines: A Doctor's Journey in the Fight for Public Health. ''
CNN: What do we know about BA.2, and how worried should we be about it?
Dr. Leana Wen: With any new variant or subvariant, we need to ask three questions: Is it more contagious? Does it cause more severe disease? And does it evade the protection of our vaccines?
BA.2 is related to BA.1, which is the original Omicron subvariant that led to the huge surge in cases over the winter here in the United States and across Europe. BA.1 swept through communities because of how contagious it is. BA.2 appears to be even more contagious than BA.1. The UK Health Security Agency estimates that BA.2 is growing 80% faster than BA.1. Here in the US as well, BA.2 appears to be on its way to overtaking BA.1 to become the dominant variant.
The good news is that BA.2 does not seem to cause more severe illness than BA.1. Researchers from the UK and Denmark have found BA.2 causes a level of hospitalization that's comparable to that of BA.1, which is less likely to result in severe illness than the previously dominant Delta variant.
In addition, the vaccines we have are still effective. While vaccination may not protect as well against infection with BA.1 and BA.2, the effectiveness in that regard is partially restored with a booster dose, and the vaccines continue to provide very good protection against severe illness due to both Omicron subvariants.
What all of this says to me is that public health experts should follow the rise of BA.2 in the US closely, but that most people should not be worried. It's likely that the US will see an increase in Covid-19 cases in the coming weeks, as this is the pattern we 've seen before -- that we lag behind the UK and Europe by a few weeks, so the increase they are seeing could be mirrored here. However, most people who are vaccinated, and in particular if they are boosted, are unlikely to become severely ill due to BA.2. Our government officials should prepare for what could be coming and increase the availability of tests and treatments, and continue to urge people to get vaccines and boosters. But I don't think this is something that the general public should be overly concerned about at this time.
CNN: Does that mean people can proceed with spring break and other travel plans, or do they need to postpone them?
Wen: I don't think travel plans need to be put on hold. To be sure, there is uncertainty, as some places might have low rates of Covid-19 now but may have increased rates when you travel. However, that may be the case for the foreseeable future. Very few activities that we do have no risk. Traveling certainly entails risk, but you can reduce that risk by making sure you are vaccinated and boosted. Wearing a mask in crowded indoor settings further reduces risk. In the United States, follow the CDC guidance and make sure to wear a mask in areas that have high Covid-19 community levels. If you are planning international travel, know the rules, including whether you have to have proof of vaccination or a recent negative test.
CNN: Are there certain people who should be concerned about BA.2?
Wen: Individuals who are very vulnerable to severe illness from Covid-19 despite vaccination should be concerned about the coronavirus in general, as they are about other infectious pathogens. For most people, Covid-19 infection will result in mild illness, but in some people -- those who are moderately or severely immunocompromised or with multiple underlying medical conditions -- the infection still could result in hospitalization. BA.2 may not cause more severe disease than BA.1, but because of how contagious it is, people who are particularly vulnerable will want to keep taking additional precautions. That includes wearing a high-quality mask ( N95, KN95 or KF94) in all indoor public settings, avoiding large crowds and traveling for essential reasons only. Before getting together with other people, they may wish to request that the others are tested for Covid-19.
CNN: If someone previously had Omicron, are they protected against BA.2?
Wen: The World Health Organization has said that infection with BA.1 continues to provide protection against BA.2. Reinfection with BA.2 after having BA.1 is rare.
Most people don't find out what variant they had, though this could be estimated based on when they got infected. If someone found out that they had Covid-19 during the initial Omicron surge, it's likely they had BA.1. In that case, especially if they are vaccinated too, they are very unlikely to contract BA.2.
However, if someone was previously infected during another wave, for example, while Delta was predominant, they could still contract BA.1 or BA.2. This is another reason why vaccination is so crucial, because the combination of vaccination and prior infection provides more consistent and more durable protection than prior infection alone.
CNN: Omicron is a milder variant than previous variants. In that case, should people try to contract BA.2 just to get it over with?
Wen: In general, it is not a good strategy to try to contract an illness. Omicron is less likely to result in severe disease compared with Delta, but it still causes severe illness in some people. In addition, even mild illness may be very unpleasant and result in feeling unwell, missing work and being unable to care for family members for days. You could also infect other people, and there is the possibility of long-haul symptoms as well. A better strategy is to make sure to get the vaccine and booster so that if you were to encounter BA.2 ( or another variant of Covid-19), you are as well protected as possible.
CNN: Could BA.2 cause another surge in the US, and if so, should restrictions come back now?
Wen: BA.2 could certainly lead to another uptick in Covid-19 infections in the US. There are already some signs that the sharp decline in new cases is leveling out, and if the US follows Europe, as it has before, a rise in cases could be weeks away.
That said, I don't think it means we need to reinstate restrictions. The goal of vaccination is to decouple infections from hospitalizations and severe illness. If there is a surge in infections but hospitalizations don't rise to the point that our health care system becomes overwhelmed, then I think government-imposed mandates are not warranted. Here, the new CDC guidelines are very helpful, as they take into account severe illness -- severe enough to cause hospitalizations -- as the metric for masking, not just any infection.
Of course, just because the government isn't requiring masks doesn't mean that individuals shouldn't mask or take other precautions. At this point in the pandemic, people should make decisions based on their own medical circumstances and tolerance of risk. | business |
2022 Campus Safety Report Shows Mental Health Tops List of Concerns at K-12 Schools and Higher Education Institutions | Rave Mobile Safety’ s survey highlights the most pressing crisis communication challenges and safety concerns heading into the 2022-2023 school year
FRAMINGHAM, Mass. -- ( BUSINESS WIRE) -- Rave Mobile Safety ( Rave), provider of the critical communication and collaboration platform customers count on when it matters most, today released its 2022 Crisis Communication and Safety in Education Survey report, which indicated that leaders are beginning to move on from COVID-related safety measures, and are instead focusing on managing mental health and violence on campus.
The past two years of COVID-19 restrictions have been a challenging time for students, staff, faculty and parents/guardians. Campus leaders are concerned about how the lingering effects of the pandemic will impact school communities going forward, especially if the right resources and safety measures are not put in place. To better understand these concerns, Rave Mobile Safety fielded its second annual national survey of over 400 K-12 employees and over 380 higher education staffers in February 2022.
Key findings include:
K-12 Schools
The pandemic brought on periods of isolation and stress to students everywhere, bringing mental health concerns to the forefront of challenges for K-12 schools. According to the survey, two of the top three safety concerns for respondents are student ( 61%) and faculty/staff ( 52%) mental health. Anxiety around potential situations involving an active assailant saw a major rise ( +14%), as did cyberbullying ( +12%).
One area of concern that grew dramatically this year was the potential for future violent situations on campuses. More than half of respondents ( 55%) are more concerned about active assailants and violence on campus than they were before the pandemic. Social media is also complicating matters, as many respondents are following how recent waves of threats on TikTok and similar platforms are affecting schools. Nearly 80% of respondents acknowledged that these occurrences have contributed to their concern for campus safety.
Unsurprisingly, investing more in mental health resources ( 43%) emerged as the top intervention for next year – an 8% increase as compared to last year’ s report. Currently, only half ( 50%) of schools believe they have adequate mental health resources to support students.
While these threats remain top of mind, many K-12 respondents acknowledged that they struggled to communicate effectively with all key parties. These challenges include issues reaching and notifying students and/or parents/guardians ( 26%) and issues reaching and notifying staff ( 23%).
Higher Education
More so than K-12 schools, institutions of higher education still list COVID-19-related safety measures as the top concern for next year ( 71%), followed by student mental health ( 59%) and faculty/staff mental health ( 44%). Additionally, concerns over crime increased by 20% year-over-year, and concerns over active assailants increased by 15%, both of which are likely related to the anticipated uptick in mental health needs next year.
Nearly half of survey takers ( 46%) are more concerned about active assailants and violent acts than they were prior to the beginning of the pandemic. As with K-12 schools, social media again increased anxiety about this kind of violence on campus amongst respondents. Threats on social media platforms have contributed meaningfully to how survey respondents ( 69%) think about campus safety.
To address leading safety concerns, higher education institutions are investing further in COVID-19-related safety resources ( 45%) and mental health resources ( 39%). They are also providing greater access to health and wellness services ( 38%) while ramping down certain activities, such as daily health checks for students.
Respondents in higher education experienced fewer crisis communication challenges than their K-12 counterparts. However, 16% still have a hard time reaching staff, and 15% struggle to reach students, parents and/or guardians amid crises.
“ It’ s already become obvious that the pandemic will have a lasting impact on the health and well-being of students and staff at every level, and we need to prepare for the further implications and unrealized effects two years of isolation may have on these communities, ” said Terri Mock, Chief Strategy and Marketing Officer, Rave Mobile Safety. “ By having clear communication and open channels for reporting concerns, both K-12 schools and higher education institutions can make sure that their campuses are adequately protected and informed as we navigate into a post-pandemic world. ”
Download the full report
For more details on these findings, download the complete 2022 Crisis Communication and Safety in Education Survey report.
Survey Methodology | general |
Password management market to reach $ 2.9 billion by 2027 | The global password management market size is expected to reach $ 2.9 billion by 2027, rising at a market growth of 20.7% CAGR during the forecast period, according to ResearchAndMarkets.
A password is a string of characters that allows you to access a service or device while also protecting you from unauthorized access. Password management is a software solution that helps IT administrators manage and organize passwords on servers, network appliances, and computer systems.
It is generally used by end-users to audit, safeguard, manage, and monitor actions linked with privileged accounts as a tool for information security and governance. These software programs aren’ t just for businesses; they’ re also employed as a security tool by individuals. They preserve critical data, files, financial records, and legal information from cyber-attacks.
The outbreak of the COVID-19 pandemic is considered as one of the most lethal infection over centuries. COVID-19 not only caused a disaster to humanity by depriving millions of people of their lives, but it also caused a steep downfall to the economies all over the world. In addition, The COVID-19 pandemic presented a significant challenge to all businesses around the world in terms of continuing to operate amid widespread office closures.
Changes in work culture had a significant impact on IT security. Cyber-attacks, data breaches, and network intrusions disrupted companies’ operations and became a big concern for enterprises across industries.
Password management is a robust approach to ensure enterprise security by making it easier to store and secure complex account credentials. Every person in a business is responsible for different accounts, each of which requires a separate and safe password. Because of the rising amount of cyber-attacks around the world, there is a significant demand for secure working methods to protect databases and other necessary and confidential digital documents.
The rise of cloud computing, the Internet of Things ( IoT), and other digital frameworks around the world is propelling the market forward. Global organizations are increasingly using password management solutions to simply reset and manage their passcodes.
The systems are commonly used for automated password resets, frequent passcode randomization, and session records due to their cost-effective and time-saving advantages. Furthermore, as the quantity of online transactions grows, password management has become increasingly important for protecting online information and preventing online fraud.
Password managers are tools that comprise the ability to read and learn all the passwords that are stored in a device along with each account’ s email address or other unique user identification.
Storing multiple passwords in a single memory becomes a very critical subject matter when unauthorized access invades that memory. Also, in the case of password management, while these tools store all the passwords in one memory, they also come with a drawback that if any toxic substance, for instance, malware, successfully makes access into the memory, it is enabled to read all the passwords that are stored in that memory.
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How the increase in ransomware has impacted the cyber insurance market | Panaseer shares data on actions enterprises are willing to take to solve the escalating cyber insurance crisis.
In recent years the cyber landscape has been dominated by a sharp increase in ransomware attacks. According to SonicWall, ransomware attacks increased 105% in 2021 and Sophos’ report, the “ State of Ransomware 2021, ” revealed the average ransom paid is now $ 170,404 but remediation costs $ 1.85 million, ten times the size of the ransom payment, on average.
The increase in frequency and cost of ransomware attacks has made ransomware a board-level risk and put the cyber insurance industry under extreme pressure. This is evidenced by a recent survey Panaseer conducted with over 1,200 global enterprise security leaders – 84% of respondents said their Board now wants to understand their ransomware protection levels. As such, 91% of security leaders are reporting their ransomware protection levels to the Board. For 86% of security leaders, ransomware protection is a budgeted 2022 priority.
The proliferation of ransomware has led to an increase in the frequency and value of cyber insurance claims. As such, many insurance providers have increased their premium prices and turned away prospects without sufficient cybersecurity precautions. According to Marsh, the price of cover in the US grew by 130% in the fourth quarter of 2021 alone, while in the UK it grew by 92%.
These changes in cyber insurance practices are putting businesses in a difficult position, as cyber insurance is fast becoming a condition for doing business in certain sectors. According to Forrester, cyber insurance has even become the price of admission for the partner ecosystem. To resolve the issue, many insurers will want some form of verification that businesses are taking the correct cyber hygiene measures, so they can more effectively price and allocate cover, akin to the shift that took place in the automobile market with black box car insurance.
The research shows that businesses are willing to make this shift, but they aren’ t ready yet. According to the research, all the security leaders would be willing to demonstrate the strength of their cyber programme to cyber insurers, with data-driven metrics, if it meant they could reduce their cyber insurance premium. However, none of them are ready to do this immediately.
29% of security leaders believe they will be ready in the next 12 months, 57% hope to be ready in the next 13-24 months, with 14% not sure when they will be able to share the data. The most prepared industry is financial services ( 46.5% of respondents would be ready in the next 12 months), followed by healthcare ( 46%), utilities ( 27%), life sciences ( 21%), energy ( 20%) and lastly retail ( 13%).
Nik Whitfield, Chairman, Panaseer: “ In recent years, ransomware has been the most high-profile risk in cybersecurity, which is why many Boards are concerned about its potential for disruption and damage. Thanks in part to the proliferation of ransomware claims during the Coronavirus pandemic, cyber insurers have also been forced to pay out on underpriced policies, pushing their portfolios towards being loss-making. The result is that the market has hardened, insurers have withdrawn and it’ s much tougher for customers to get insurance at all, let alone good value on a policy.
“ The current, distressing situation in the Ukraine may well increase the cyber risk to companies, making it harder for underwriters to effectively price policies and even harder for companies to buy any cyber insurance cover.
“ However, a positive by-product of insurers pushing back, is that it will become another driver for businesses to enhance their cybersecurity measurement. As insurers look to find a way to make cyber protection workable for both parties, organizations will need to improve the way they communicate their security posture. We’ re moving towards the era of evidence over opinion, hard data rather than subjective questionnaires. ”
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Cyara remporte deux Silver Stevie® Awards en 2022 dans la catégorie Vente et Services à la Clientèle | La société a été reconnue pour sa capacité à fournir aux organisations des solutions qui génèrent des expériences client exceptionnelles
REDWOOD CITY, Californie -- ( BUSINESS WIRE) -- Cyara, fournisseur de la solution primée Automated Customer Experience ( CX) Assurance Platform, a annoncé aujourd’ hui avoir remporté deux Silver Stevie® Awards. Cyara s’ est vu octroyer le titre de Partenaire technologique de l’ année en termes de solutions de vente ou de service à la clientèle ( « Sales or Customer Service Solutions Technology Partner of the Year »), tandis que LiveVQ de Cyara a été primée dans la catégorie « Contact Center Solution – New » ( Solution de centre de contact – Nouveauté) lors de la 16e édition annuelle des Stevie Awards for Sales & Customer Service.
Cyara propose une plateforme d’ assurance CX ( expérience client) qui permet aux organisations d’ assurer des expériences client sans faille, grâce à des procédures de tests et de surveillance, automatisées, basées sur la simulation d’ interactions client réelles, sur les canaux numériques et vocaux. Cyara prend en charge l’ intégralité du cycle de vie du développement des logiciels de CX, de la conception aux tests fonctionnels, de régression, et de charge, en passant par la surveillance de la production, le tout afin de garantir que les entreprises sont en mesure de créer des parcours client sans faille sur les canaux numériques et vocaux, tout en réduisant les risques de défauts rencontrés par les clients. La solution primée, Automated CX Assurance Platform, de Cyara permet aux entreprises d’ offrir une meilleure CX avec moins d’ efforts, de coûts et de risques.
En octobre 2021, Cyara a lancé LiveVQ, une nouvelle solution qui permet aux marques de fournir une CX sans faille, tout en assurant la surveillance, les diagnostics et la résolution en temps réel, des problèmes de qualité vocale ayant un impact sur la qualité des expériences client. LiveVQ permet aux agents de rester productifs, offre aux équipes opérationnelles des centres de contact une visibilité sur les performances, et réduit le temps et les efforts que les services informatiques doivent consacrer aux tâches de dépannage et d’ analyse des causes profondes. Cela se traduit directement par des appels de meilleure qualité, une réduction des désaffections, une augmentation de la satisfaction de la clientèle, et un accroissement des ventes.
« Avec la pandémie en cours, les entreprises ont déplacé les centres de contact vers le cloud afin d’ accroître leur agilité et gérer une main-d’ œuvre distribuée. L’ adoption de l’ Automated CX Assurance Platform de Cyara, et notamment de notre tout dernier complément, LiveVQ, n’ a cessé d’ augmenter, en raison du besoin vital d’ assurer des expériences client de qualité, d’ habiliter les télétravailleurs, et d’ accélérer l’ innovation », a déclaré Alok Kulkarni, PDG et cofondateur de Cyara. « Nous sommes fiers de soutenir des marques mondiales de premier plan par le biais d’ une offre de CX, elle-même de premier ordre, et c’ est un honneur pour nous que de recevoir de tels prix en reconnaissance des efforts accomplis. »
Les Stevie Awards for Sales & Customer Service représentent la plus haute distinction mondiale pour les professionnels des services client, des centres de contact, du développement commercial et de la vente. Les Stevie Awards organisent huit des principaux programmes de récompenses d’ affaires au monde, y compris les prestigieux American Business Awards® et les International Business Awards®. Les gagnants recevront leur récompense lors d’ une cérémonie de remise des prix, virtuelle, fixée au 11 mai prochain.
Plus de 2 300 candidatures issues d’ organisations de toutes tailles, dans pratiquement tous les secteurs, ont été examinées dans le cadre du concours de cette année. Les candidatures ont été reçues dans plus de 90 catégories liées aux performances des services client et des centres de contact, avec notamment des prix pour le Centre de contact, de l’ année, l’ Innovation dans le service client, de l’ année, et le Service client, de l’ année; plus de 60 catégories liées aux performances dans le domaine des ventes et du développement des affaires, dont celle du Cadre supérieur des ventes, de l’ année, le Responsable de la Formation à la vente ou du développement commercial, de l’ année, et le Département des ventes, de l’ année; et diverses catégories pour récompenser les nouveaux produits et services, les fournisseurs de solutions, et la réponse des organisations et des individus à la pandémie de COVID-19. Cette année, de nouvelles catégories ont également récompensé l’ excellence en matière de leadership éclairé dans le service à la clientèle et les ventes.
« Les nominations que nous avons reçues pour le concours 2022 illustrent combien les professionnels du développement commercial, du service client et de la vente, dans toutes sortes d’ organisations du monde entier n’ ont cessé d’ innover, de prospérer et de répondre aux attentes des clients pendant la pandémie de COVID-19 », a commenté Maggie Gallagher Miller, présidente des Stevie Awards. « Les juges ont reconnu et récompensé leurs réalisations, et nous nous joignons à eux pour applaudir les lauréats de cette année, pour leur succès continu. Nous sommes impatients de procéder à la remise des prix, le 11 mai. »
Pour de plus amples informations sur les Stevie Awards for Sales & Customer Service, et la liste des lauréats des Stevies dans toutes les catégories, veuillez consulter www.StevieAwards.com/Sales.
À propos de Cyara
En tant que principal fournisseur mondial de l’ Automated CX Assurance Platform, Cyara accélère la livraison des parcours clients sans faille, sur les canaux numériques et vocaux, tout en réduisant le risque de défaillances lors du contact direct avec la clientèle. Tous les jours, les marques les plus connues au monde font confiance à la plateforme de Cyara pour donner le sourire aux clients, à grande échelle. Pour en savoir plus, rendez-vous sur cyara.com. | general |
Premarket stocks: The Fed is targeting a soft landing. Getting it wrong means recession | A version of this story first appeared in CNN Business ' Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.
The chairman of the Federal Reserve said Monday that the central bank is prepared to repeatedly hike interest rates — and by 0.5 percentage points if necessary— in order to get inflation under control.
The remarks on prices are the most aggressive yet from Powell, who has the very difficult job of hiking interest rates without pushing the US economy into recession — something economists call engineering a `` soft landing. ''
`` 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, '' Powell said during a speech to economists. `` 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. ''
The strident tone from the Fed boss set off alarm bells on Wall Street, and stocks dropped during the speech. The central bank hiked rates last week for the first time since 2018, but only by a quarter percentage point.
The message from Fed officials is that they're prepared to do `` whatever it takes to bring inflation back to target, '' said analysts at UBS. Market pricing suggests there's a two-thirds chance of a half-point rate hike in May.
History suggests the Fed's path ahead is fraught.
There have been 16 monetary policy tightening cycles in the United States, United Kingdom and Europe since the late 1970s. Thirteen of those have ended in recession, according to Neil Shearing at Capital Economics.
There are three reasons why higher rates have been followed by recessions:
The economy is hit by a shock that has nothing to do with interest rates. The coronavirus pandemic, which put a stop to a 36-month Fed tightening cycle, is a good example. Central banks have been too timid, allowing economies to overheat and bubbles to form. When they pop, you get a recession.Central banks start hiking rates too late and then have to tighten aggressively to catch up with inflation, triggering a recession.
It's the third risk that appears most relevant now. Recession is far from inevitable, said Shearing, but Powell is `` now trying to achieve something that the historical record suggests is more likely to fail than succeed.
`` History shows that the path to a soft landing is narrow -- and the inflation shock from the war in Ukraine has narrowed it further, '' said Shearing.
Powell has also been consulting the history books — and coming to a different conclusion. Looking only at the United States, he said on Monday that soft landings were successfully engineered in 1965, 1984 and 1994.
`` I believe that the historical record provides some grounds for optimism, '' he said, while noting that `` monetary policy is often said to be a blunt instrument. ''
`` I hasten to add that no one expects that bringing about a soft landing will be straightforward in the current context—very little is straightforward in the current context, '' concluded Powell.
Chinese stocks are on a roller coaster
Shares of major Chinese firms have swung wildly in 2022. That may continue, my CNN Business colleague Paul R. La Monica reports.
There's plenty weighing on sentiment: worries about leading Chinese companies possibly getting delisted in the United States, Beijing's crackdowns on big Chinese tech firms, criticism over China's `` no limits '' relationship with Russia and a resurgence of Covid cases in China.
The iShares MSCI China ETF, which has big investments in top Chinese companies such as Tencent, Alibaba, China Construction Bank, Baidu and Nio, is down 16% so far this year.
But the ETF surged 12% last week thanks to strong rallies Wednesday and Friday. So why are investors suddenly a little more optimistic about China? It appears the Chinese government realizes the damage created by tumbling stock prices is not ideal.
A committee chaired by Chinese Vice Premier Liu He said last week that the government should `` actively roll out policies that benefit the markets. ''
`` China's promise to ease the regulatory crackdown and support property and technology stocks could be a game, and a trend, changer, '' Ipek Ozkardeskaya, senior analyst with Swissquote, said in a report, adding that `` it appears that the latest selloff was so strong that it brought the Chinese government to pull out the white flag. ''
More uncertainty: The uptick in Covid cases in China may also push Beijing regulators to shift policy, as they try to minimize some of the supply chain woes that have hurt the Chinese economy.
A change in tone from Beijing would be welcome news for some Western investors. But experts warn that Chinese stocks will remain extremely volatile, noting that some US investors appear to be actively betting against some Chinese companies.
`` With China's State Council trying to talk up Chinese stocks we have seen the shorting community returning and very active, '' Dan Pipitone, CEO and co-founder of brokerage firm TradeZero, said in a report last week.
Optimism fades
Just a few months ago, optimism among American CEOs hit record highs. But stubbornly high inflation, Russia's invasion of Ukraine and a Covid wave in Europe have dimmed that sunny outlook.
The Business Roundtable said Monday that its CEO Economic Outlook Survey dipped during the first quarter. CEOs also indicated decreased plans for hiring and investment and lower expectations for sales.
The group, whose members are the chief executives of top US companies, emphasized that, despite the dip, the survey still reflects historically strong hiring plans and growth expectations.
But wait: It's important to note that the timing of the survey, which was conducted between February 22 and March 11, means some business leaders shared their sentiments before the full scale of Russia's invasion of Ukraine was known.
Since the war began on February 24, the economic costs have been widespread. The West has imposed heavy sanctions on Russia, threatening to disrupt the supply of energy, food and other key materials.
And it isn't just Ukraine. The Business Roundtable acknowledged that the continued risk from Covid-19 and rising inflation are also creating a period of uncertainty, especially in the second half of this year.
Up next
Carnival reports before the opening bell. Earnings from Adobe will be released after the close.
Coming tomorrow: Earnings from General Mills and KB Home. Data on US crude oil inventories. | business |
Magellan Aerospace Announces Quarterly Dividend | TORONTO -- ( BUSINESS WIRE) -- Magellan Aerospace Corporation ( `` Magellan Aerospace '') ( TSX: MAL) announced today that its Board of Directors declared a quarterly cash dividend of $ 0.105 ( ten and one-half cents) per share on the Corporation’ s common shares. The dividend is payable on March 31, 2022, to stockholders of record at the close of business on March 29, 2022. Although the impacts of the COVID-19 pandemic continued to impact the Corporation in the fourth quarter of 2021, the Corporation’ s liquidity and strong balance sheet has allowed the Corporation to continue its quarterly dividend payment for the current quarter. The follow on impacts of COVID-19 and the ongoing invasion of Ukraine are expected to impact world economic markets and particular areas of the aerospace industry. These and other relevant factors will be considered by the Board of Directors of the Corporation, on a quarterly basis when future dividends are reviewed to ensure that any dividends declared balance the return of capital to shareholders while maintaining adequate financial flexibility as the Corporation recovers from these impacts and invests in growth initiatives. | general |
Cyara Wins Two Silver Stevie® Awards in 2022 Sales & Customer Service | Company recognized for its ability to provide organizations with solutions that drive exceptional customer experiences
REDWOOD CITY, Calif. -- ( BUSINESS WIRE) -- Cyara, provider of the award-winning Automated Customer Experience ( CX) Assurance Platform, today announced that it has won two Silver Stevie® Awards. Cyara was awarded for “ Sales or Customer Service Solutions Technology Partner of the Year ” and Cyara’ s LiveVQ won in the “ Contact Center Solution – New ” category in the 16th annual Stevie Awards for Sales & Customer Service.
Cyara provides a CX assurance platform that enables organizations to achieve seamless customer experiences through automated testing and monitoring by simulating real world customer interactions across digital and voice channels. Cyara supports the entire CX software development lifecycle, from design to functional and regression testing, load testing, and production monitoring, ensuring enterprises can build flawless customer journeys across voice and digital channels while reducing the risk of customer-facing defects. The award-winning Cyara Automated CX Assurance Platform enables companies to deliver better CX with less effort, cost, and risk.
In October of 2021, Cyara launched LiveVQ, a new solution that empowers brands to deliver flawless CX by enabling real-time monitoring, diagnoses, and resolution of voice quality issues that impact the quality of customers’ experiences. LiveVQ keeps agents productive, provides contact center operations teams with performance visibility, and reduces time and effort IT must dedicate to troubleshooting and root-cause analysis. This translates directly to better quality calls, reduced churn, and increased customer satisfaction and sales.
“ With the ongoing pandemic, companies have shifted contact centers to the cloud to increase agility and support a distributed workforce. The adoption of Cyara’ s Automated CX Assurance Platform, including our newest addition, LiveVQ, has continued to rise due to the critical need to ensure quality customer experiences, enable remote workers and accelerate innovation, ” said Alok Kulkarni, CEO and co-founder of Cyara. “ We are proud to support leading global brands in delivering best-in-class CX, and it’ s an honor to receive these awards for our efforts. ”
The Stevie Awards for Sales & Customer Service are the world’ s top honors for customer service, contact center, business development and sales professionals. The Stevie Awards organizes eight of the world’ s leading business awards programs, also including the prestigious American Business Awards® and International Business Awards®. Winners will be recognized during a virtual awards ceremony on May 11.
More than 2,300 nominations from organizations of all sizes and in virtually every industry were considered in this year’ s competition. Entries were considered in more than 90 categories for customer service and contact center achievements, including Contact Center of the Year, Award for Innovation in Customer Service, and Customer Service Department of the Year; more than 60 categories for sales and business development achievements, ranging from Senior Sales Executive of the Year to Sales Training or Business Development Executive of the Year to Sales Department of the Year; and categories to recognize new products and services, solution providers, and organizations’ and individuals’ response to the COVID-19 pandemic. New categories this year honor excellence in thought leadership in customer service and sales.
“ The nominations we received for the 2022 competition illustrate that business development, customer service, and sales professionals worldwide, in all sorts of organizations, have continued to innovate, thrive, and meet customer expectations during the COVID-19 pandemic, ” said Stevie Awards president Maggie Gallagher Miller. “ The judges have recognized and rewarded their achievements, and we join them in applauding this year's winners for their continued success. We look forward to recognizing them on May 11. ”
Details about the Stevie Awards for Sales & Customer Service and the list of Stevie winners in all categories are available at www.StevieAwards.com/Sales.
About Cyara | general |
Global Ambulatory Surgery Centers Market to 2025 - by Segment and Region - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Global Ambulatory Surgery Centers ( ASCs) Market: By Segment ( multi-specialty, musculoskeletal, gastroenterology, ophthalmology), By Region ( North America, Europe, Asia Pacific, South East Asia) Size & Trends with Impact of Covid-19 and Forecast up to 2025 '' report has been added to ResearchAndMarkets.com's offering.
The report provides an in-depth analysis of the ambulatory surgery centers market including detailed description of market sizing and growth. The report provides analysis of the ambulatory surgery centers market by value, by segments and by region. The report further provides detailed segment analysis and regional analysis of the global ambulatory surgery centers market by value.
Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall ambulatory surgery centers market has also been forecasted till the period 2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Companies Mentioned
Ambulatory surgery centers, or ASCs are one of the ambulatory services where surgeries are operated, these center do not require hospital admission. The ambulatory surgery centers can be divided on the basis of ownership such as, physician ownership and other ownership. The ASCs can further be divided on the basis of speciality named as, gastroenterology, ophthalmology, orthopedics, multispecialty and others.
The global ambulatory surgery centers market has observed eminent growth in the past few years and estimations are made that in the forecasted period the market would upsurge with a steady growth rate. The global ambulatory surgery centers market would be supported by the growth drivers such as increasing healthcare expenditure, ageing population, increasing prevalence of chronic diseases, increasing cataract surgeries etc.
However, the growth of global ambulatory surgery centers market is being hindered by various challenges. Some of the eminent challenges faced by the market are stringent regulations, lack of trained ambulatory service providers etc.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Increasing Healthcare Expenditure
5.1.2 Ageing Population
5.1.3 Increasing Prevalence to Chronic Diseases
5.1.4 Increasing Cataract Surgeries
5.1.5 Growth in Outpatient Surgery
5.2 Challenges
5.2.1 Stringent Regulations
5.2.2 Lack of Trained Ambulatory Service Providers
5.3 Market Trends
5.3.1 Emerging Technological Advancements
5.3.2 HOPDs Conversion to ASCs
6. Competitive Landscape
6.1 Global Ambulatory Surgery Centers Market Players: A Financial Comparison | general |
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