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Gigafactory Berlin: Tesla CEO Elon Musk opens electric vehicle plant | In this article
Elon Musk will officially open Tesla's first manufacturing facility in Europe on Tuesday as the company looks to take pressure off its other factories in the U.S. and China.
The Tesla CEO will cut a red ribbon at the new Giga Berlin ( or Gigafactory Berlin-Brandenburg) plant in Grünheide, a coal town in Brandenburg, Germany, within commuting distance of the capital.
Tesla sees the Berlin factory producing up to 500,000 vehicles annually.
Tesla has been struggling to keep up with demand and there are reportedly lengthy delays for Model Ys and certain Model 3s in different parts of the world.
Last week, Tesla had to temporarily shut production at its Shanghai plant due to Covid-19 cases resurgent in China. That limited production of made-in-China Model 3 and Model Y vehicles there for at least two days.
In recent quarters, Tesla has been exporting cars from China to customers in Europe.
Demand for EVs remains very high in Europe, and now Tesla can rely on some production on the continent, not solely to be shipped from China.
Giga Berlin has been several years in the making. It is extremely important to Tesla's plans to expand globally following the opening of its Gigafactory 3 plant in Shanghai in late 2019. The company has also opened another plant in Austin, Texas, recently.
In November 2019, when Musk announced plans to build a car plant in Germany, he lauded German engineering.
He said: `` Everyone knows that German engineering is outstanding, for sure. That's part of the reason why we are locating our Gigafactory Europe in Germany. We are also going to create an engineering and design center in Berlin, because Berlin has some of the best art in the world. ''
German authorities gave Tesla conditional approval to start production on March 4.
The conditional license for the vehicle and battery plants in Brandenburg was expected following months of delays. Tesla had intended to start production of vehicles by early summer of 2021, but the Covid pandemic, supply chain complications and clashes with environmentalists slowed its progress.
While the plant is up and running, water usage at the facility remains an issue.
`` The impact on the local water supply continues to be a concern for the future of the plant, '' Deutsche Banke autos sector analysts said in a research note Monday. They added that Tesla will need to provide evidence of appropriate water usage and air pollution control in order to truly ramp up volume.
`` Sources indicated that the company may completely exhaust the water reserve in the region with the first stage of the plant build out, and will need additional extraction permits in order to expand its capacity any further in the future, '' the note said.
`` As such, Tesla will reportedly have enough supply to support the initial 500,000 volume target, but may face additional hurdles as it plans to expand each of its Gigafactories to ~1 million units of annual production. ''
—Additional reporting by CNBC's Lora Kolodny. | business |
Is your business at risk from the great resignation? | Amid all the talk about South Africa’ s unprecedentedly high unemployment rate ( officially 34.9%, according to Stats SA), there’ s a quieter trend emerging, dubbed ‘ the great resignation’. It’ s become one of the hottest topics of early 2022. But what is it and what does it mean?
In simple terms, the phenomenon is characterised by a large number of people re-evaluating their lives and resigning from their jobs. Sue Richards, IT Consulting and Resourcing Manager at JMR Software, says: “ It’ s a global phenomenon that’ s also impacting South Africa, which is unexpected as you’ d think that the country’ s high unemployment rate would deter South Africans from leaving their jobs, but this hasn’ t been the case. ”
The reason behind this trend is fairly complex.
During the pandemic some companies downscaled, resulting in their remaining staff having to take on more work and, eventually, becoming overworked. Work from home had a similar effect, with work and home life becoming blurred and employees feeling they need to be ‘ always on’ to justify the fact that they weren’ t in the office.
Another contributing factor is those companies that simply didn’ t manage the pandemic properly, leaving staff feeling unsupported and uncertain about their future prospects. “ Longer hours, heavier workloads, fatigue and pandemic stress have all contributed to employee burnout, ” explains Richards.
Mandatory vaccination policies by employers could also have resulted in people leaving their jobs for other, less restrictive roles. This, followed by an abrupt call back to the office, may have resulted in some employees resenting the loss of their new-found sense of freedom at being able to manage their own workday without a stressful commute.
“ Of course, ” she says, “ it is possible that the reason for employees fleeing their positions is a more positive one, in that people are feeling that there's more to life after COVID and that they want to enjoy it more. ”
The pandemic allowed people to experience the freedom of managing their own work schedule. It also encouraged an entrepreneurial spirit, as some businesses were unable to operate in the earlier stages of lockdown, and people had to find alternative and innovative ways to make ends meet. Are people simply seeking a more favourable work-life balance in a future that they have more control over?
Whatever the cause, South Africans have come to realise they can apply for jobs anywhere in the world; they no longer have to sit in an office from 9 to 5, with an hour’ s worth of traffic on either side of that. By contracting to overseas companies, they can earn more money in addition to gaining greater flexibility in terms of where and when they work. “ As great as this is, the resulting skills drain away from South African businesses could prove concerning down the line, ” Richards points out.
To avoid becoming a victim of the great resignation, she says employers have to step up and implement measures to retain their staff. “ These can include offering flexible working conditions, implementing effective remote collaboration tools, investing in their training and helping to ensure their overall wellness - financial, physical and mental. ”
Is the future of work forever changed? Or has it just adapted to a post-pandemic world? Perhaps the pandemic just accelerated change that would have happened anyway. | general |
What's Happening in Sustainable Finance: ESG Market Continues Rapid Growth, Climate Risks Top WEF List, and More | Investor Solutions
Corporate Solutions
Posted on March 22, 2022
Listen on your favorite player:
In this episode, hosts Nick and Aditi discuss notable trends and deals in sustainable finance – from rapid market growth, to increasing diversification of products, new taxonomies, sovereign green bonds and sustainability-linked bonds, impact accounting and reporting, and much more. Nick also tackles audience questions, offering some valuable insight on group frameworks and Sustainalytics’ approach to supporting transition finance.
2021 saw incredible growth in sustainable finance and ESG assets under management ( AUM) are projected to reach US $ 50 trillion by 2025 and make up one-third of global AUM. Sustainable bonds already made up 10% of global debt issued in 2021, with US $ 1 trillion issued for the first time and a 40% increase over 2020. And 2022 is showing no signs of slowing down, with a hot start to the year and good momentum looking forward.
Of the WEF’ s top ten global risks by severity, five are environmental issues and the top three directly relate to climate change. View the report here. It’ s no surprise that this theme is carried forward from the previous risk report, but it highlights the continued importance of funding for projects that address climate risk.
As more and more companies are thinking about incorporating ESG considerations into their strategies, Sustainalytics Corporate Solutions wants to ensure they start off on the right foot. Download our practical guide to starting a corporate ESG strategy and discover key issues that could affect your company, the benefits of action, and the risks of inaction.
Key Moments
01:48
Market news
02:17
Hot start to the year: looking for $ 1tn ESG investment in 2022
03:31
Big year for taxonomies? ASEAN, Korea, Indonesia, plus EU changes
04:05
WEF Risk Report: top risks climate-related
05:10
ESG risk ratings scrutiny on usefulness and robustness
05:45
Fashion industry decarbonization and scope 3 emissions
06:20
Impact accounting
07:15
Nuclear, gas, and the EU Taxonomy
07:52
John Holland Sustainability-Linked Bank Guarantee ( Australia)
08:32
COVID recovery and Build Back Better
09:02
Climate Bonds Initiative report: Thailand infrastructure
09:25
World Bank report: sovereign SLB KPIs
09:51
IEA report: digitization as enabler for transition
10:20
Environmental Finance report: Green Bond Impact Reporting
11:25
Green bonds overview
16:15
Green loans overview
18:10
SLBs overview
24:20
Audience questions
29:15
SLLs overview
32:30
Labeled products overview
33:28
Transition finance overview
| general |
Lollapalooza's 2022 lineup includes Dua Lipa, Machine Gun Kelly, and Goldman Sachs CEO David Solomon... seriously | With COVID restrictions getting lax and spring beginning to bloom, it’ s time to start thinking about what might look like a pre-pandemic summer and that means at least checking out the big music festivals.
So imagine the collective excitement on Tuesday when iconic Chicago rock fest
Lollapalooza announced its 2022 lineup
on Twitter:
Looks like fun! Dua Lipa! Doja Cat! Metallica! Charli XCX not even on the top three lines!
Who else? Eurovision Song Contest winners Måneskin, emo legends Dashboard Confessional, and David Solomon.
Yes,
that
David Solomon, the chief executive officer of Goldman Sachs
GS,
+1.18%
…seriously.
Solomon’ s electronic dance music alter ego, DJ D-Sol
, became public knowledge shortly
before he took the reins at Goldman in 2018. DJ D-Sol released a few tracks online and played regular gigs at a Brooklyn club, and summer gigs in the Hamptons,
His
2020 performance at a Hamptons fundraise
r created something of a sensation after it was revealed that the event flouted some COVID regulations at the height of the pandemic, and happened just days after Goldman
reached a $ 3.9 billion settlement
with the U.S. Department of Justice in relation to charges of fraud stemming from the firms dealings in the Malaysian 1MDB scandal.
Solomon has been distancing himself from the DJ D-Sol name as of late however, and h
is Spotify page shows that he has re-branded as simply “ David Solomon ”
in both his work and music careers.
But while Solomon’ s Goldman
gig paid out at $ 35 million in 2021
, his DJing is less remunerative. He has publicly pledged many times that he gives all proceeds from his download and ticket sales to charity.
Goldman declined to comment on its CEO’ s upcoming Lollapalooza set.
So what should hip concertgoers expect to hear from the 60-year-old dance music impresario when they congregate in Chicago’ s Grant Park this July?
If Solomon/D-Sol’ s past is a prologue to this big gig, we can see a set list that includes his debut 2018 hit “ Don’ t Stop, ” which any Goldman employees in attendance might want to hear as “ Don’ t Stop…
going back to the office
“, followed by his track “ Someone Like You, ” perhaps a nod to Vladimir Putin forcing Solomon’ s hand on
shutting down Goldman’ s operations in Russia
, leading into a hardcore remix of “ Only a Fool ” and “ Rescue Me ”, useful ditties after Solomon
walked back his comments
that it wasn’ t Wall Street’ s job to “ ostracize Russia ” in the early days of the invasion of Ukraine.
And he’ ll likely end with “ Heatwave, ” as a nod to both those Midwest summer temperatures and what could be a blooming bromance with fellow Lollapalooza headliner, Machine Gun Kelly. | business |
Treasury yields rise further a day after Powell's hawkish interest rate remarks | Treasury yields rose further Tuesday, a day after Federal Reserve Chairman Jerome Powell said policy makers could deliver benchmark interest rate hikes bigger than a quarter percentage point if needed to rein in inflation.
What are yields doing?
The yield on the 10-year Treasury note
TMUBMUSD10Y,
2.381%
was at 2.347%, compared with 2.315% at 3 p.m. Eastern on Monday. The yield on the 10-year jumped nearly 17 basis points Monday, its largest daily rise since March 18, 2020.
The 2-year Treasury yield note
TMUBMUSD02Y,
2.166%
stood at 2.175% versus 2.132% on Monday afternoon.
The yield on the 30-year Treasury bond
TMUBMUSD30Y,
2.595%
rose to 2.567%, compared with 2.535% late Monday.
Based on 3 p.m. levels, the yields on the 2- and 10-year notes Monday were the highest since May 24, 2019, while the 30-year yield was the highest since July 30, 2019.
What’ s driving the market?
Treasury yields on Tuesday were extending a rise that came after Powell, speaking around midday Monday to the National Association for Business Economics, said Fed policy makers were prepared to lift rates
in increments larger than 25 basis points
, or a quarter of a percentage point, in future meetings if needed to rein in inflation. Powell also said the Fed would lift the fed-funds rate above the so-called neutral rate — the level at which it neither speeds nor slows economic growth — if needed.
Only last week
the Fed raised its benchmark rate
by 25 basis points for the first time since 2018 to combat U.S. inflation running at the highest level in 40 years in the wake of the coronavirus pandemic.
Fed-funds futures this week showed traders had priced in a 61.6% probability of a 50 basis point rate increase at the next policy meeting in May,
according to the CME FedWatch tool
. That’ s up from 50.5% a week ago.
Investors will hear from more Fed officials Tuesday, including New York Fed President John Williams, San Francisco Fed President Mary Daly, and Cleveland Fed President Loretta Mester.
Meanwhile, Russia intensified air and sea attacks across Ukraine. President Joe Biden on Monday encouraged U.S. companies to
harden their cyber defenses
against Russia.
Read:
Biden administration says ‘ several hundred companies’ given classified briefings about potential for Russian cyberattacks
What are analysts saying?
Powell “ went on to say that the central bank would act based on how much progress was being made in bringing inflation back to target, and not assume it will come lower all by itself as supply chain concerns decrease, ” said Michael Hewson, chief market analysts at CMC Markets UK, in a note. “ Powell’ s tone in this regard appears to draw a line under the transitory narrative of six months ago, and suggests the Fed is likely to err on the side of tightening too quickly, rather than by not enough. ” | business |
CDC: BA.2 subvariant makes up one-third of COVID-19 cases in the U.S. | The BA.2 subvariant now makes up an estimated 34.9% of COVID-19 cases in the U.S.,
according to the most recent data
from the Centers for Disease Control and Prevention. That's up from
the estimated 23.1% of new cases
reported a week ago. BA.2 is a subvariant of omicron and is more transmissible than omicron. The number of new cases in the U.S. continues to decline; the seven-day moving average was 27,786, as of Sunday, according to the CDC. However, cases are rising in many parts of the world, including China and several European countries. | business |
NFL will let teams seek blockchain sponsorships | The National Football League, in a memo issued Tuesday, granted teams limited permission to seek blockchain sponsorships, a partial reversal from late last summer, as the technology grows in popularity among the organization's fans and athletes.
The league said it made the decision to allow `` promotional relationships without undertaking excessive regulator or brand risk '' after it completed an evaluation of the technology. The updated team guidelines, which are subject to the NFL's approval, exclude stadium signage. For now, restrictions remain in place for specific cryptocurrencies and fan tokens, which can be exchanged for merchandise and experiences.
`` Clubs will continue to be prohibited from directly promoting cryptocurrency, '' the memo reads.
The NFL's decision also comes after its recent lobbying push related to blockchain. CNBC reported in February that the league lobbied the Securities and Exchange Commission on `` issues related to blockchain technology '' from July through December 2021. The NFL also lobbied the White House and the departments of Justice and Commerce.
`` In this evolving regulatory environment, it remains essential that we proceed carefully when evaluating potential commercial opportunities involving blockchain technologies, and conduct appropriate diligence on all potential partners and their business models, '' the memo reads.
The memo comes days ahead of the NFL's annual meetings, which start Saturday in Florida. The league will update team owners on business initiatives, including the revised blockchain guidelines. It's the first time the NFL will hold the meetings in person since 2019 due to the Covid pandemic.
CNBC obtained a copy of the memo issued by NFL Chief Revenue Officer Renie Anderson and Chief Media and Business Officer Brian Rolapp. The update comes after the NFL and the players union struck a deal with blockchain company Dapper Labs to produce video collectibles. Panini has the league's NFT trading card rights. In addition, the NFL approved media partners to allow blockchain advertisements during its games for the first time during the 2021 season.
Joe Ruggiero, the NFL's head of consumer products, told CNBC the team deals with blockchain companies will not exceed three years, `` so that it gives us flexibility for the long term. '' Ruggiero added the NFL could put its official blockchain rights on the marketplace, too.
It's unclear how much the NFL would seek. CNBC previously reported that the National Basketball Association struck a deal with Coinbase worth $ 192 million over four years. Likewise, cryptocurrency platform FTX's $ 10 million pact with the NBA's Golden State Warriors could be a blueprint for potential deals between blockchain-linked companies and NFL teams under the newly issued guidance.
`` We're extremely bullish on blockchain technology, '' Ruggiero said. `` We think that it has a lot of potential to really shape innovation, shape fan engagement over the course of the coming decade. ''
Blockchain tech serves as digital ledgers similar and is used for cryptocurrencies like bitcoin. It also effectively gives virtual collectibles like nonfungible tokens, or NFTs, unique and nonhackable certificates of authenticity. Tuesday's memo also granted teams limited permissions on NFTs.
`` Subject to League approval, Clubs may now accept advertising ( without use of club marks and logos, unless in connection with a League NFT deal) for NFTs and NFT companies, '' the memo reads. Yet the league will continue to prohibit teams from `` engaging in product licensing arrangements or sponsorships for NFTs or NFT companies ( other than as permitted in connection with League-level NFT partnerships), '' it adds.
NFL stars such as Tom Brady and Rob Gronkowski have capitalized on the blockchain marketplace with NFT deals. Brady's NFT platform, Autograph, raised $ 170 million in January, according to Bloomberg.
E-commerce giant Fanatics – which the NFL co-owns –invested in NFT company Candy Digital. That firm launched in 2021 and locked up Major League Baseball NFT rights. In October, CNBC reported Candy Digital is valued at $ 1.5 billion after a raise from investors, including NFL legend Peyton Manning.
Ruggiero said the NFL would continue to evaluate its remaining restrictions on blockchain-related technologies.
`` Everything is changing so quickly – we all have to be looking at the next areas of innovation, '' he said. `` So, we're spending a lot of time looking at where the future might go. '' | business |
How to break the half-century trend where Black women are last to regain jobs | Welcome to
Is This Working?
, a column about the future of work through the lens of gender. That’ s a question many workers, particularly women, are asking two years into a pandemic that has strained many systems to their breaking point, laid bare longstanding inequities, and prompted people to reevaluate what they want and need from work.
After the Great Recession in 2009, Black women’ s employment didn’ t recover for a decade. This has been the trend
over the past 50 years
: Unemployment among Black workers has recovered more slowly from recessions than that of their white counterparts.
The same is true this time. As the U.S. economy rebuilds in wonky pandemic conditions, Black women are again enduring a slow employment recovery and difficult labor-market outcomes. C. Nicole Mason, the president and CEO of the nonprofit Institute for Women’ s Policy Research, worries that without significant action, “ it’ ll be déjà vu ” — a replay of the Great Recession with some groups, particularly Black women, getting left behind.
Mason said she hopes the U.S. can change the trend this time around. “ We have an opportunity to really dig a little bit deeper and address some of the structural and institutional barriers to workforce participation for people of color, and Black women in particular, ” Mason said.
‘ A red flag’ in the pandemic recovery
You’ ve seen the sanguine headlines about job growth and a falling unemployment rate, showing the economy continues to rebound even with the Fed
hiking interest rates
to curb inflation. But topline economic
snapshots hide the fact that many women of color, particularly Black women, aren’ t recovering at the same pace.
Take
February’ s jobs report
: While the overall U.S. unemployment rate fell from 4% in January to 3.8% in February, and the economy added 678,000 jobs, unemployment for Black women ticked up from 5.8% to 6.1%, the highest rate for women of any race or ethnicity. Some 31,000 Black women exited the labor force.
Black women, who have typically had the highest labor-force participation rates among women — owing,
as economist Nina Banks puts it,
to societal expectations of Black women as workers and discrimination against Black men in the labor market — saw their labor-force participation rate fall from 61.9% in January to 61.7% in February. In contrast, their pre-pandemic participation rate in February 2020 was 63.9%, the
National Women’ s Law Center
notes.
Unemployment rates don’ t include people who’ ve left the labor force and are no longer job hunting — but if you were to count the 199,000 Black women who have left the labor force during the pandemic as unemployed, the unemployment rate for Black women would be 7.8% rather than 6.1%, according to the NWLC’ s analysis.
“ Black women aren’ t sharing in this strong job growth, and that’ s a red flag, ” said Kathryn Zickuhr, a labor market policy analyst at the Washington Center for Equitable Growth. “ There’ s a degree of volatility and unpredictability here that can be harmful for these workers and their families. ”
The duration of unemployment for some groups is also a concern, Zickuhr says, pointing out that the
average length of unemployment
is 26.9 weeks for Black women and 30.7 weeks for Asian American women, compared to 24.1 weeks for white women. “ That’ s just among workers still in the labor force, and doesn’ t capture those who have left, ” she added.
‘ Other parents are struggling just like I am’
Lafleur Duncan, a mother of two in Bushwick, Brooklyn, who had been a nanny for more than 30 years, lost her job in March of 2020 when the family she worked for moved away from the city. With the loss of her income — which made up the majority of her
family’ s earnings — and her husband working reduced hours at his job as a chef at a corporate building, the couple has struggled to afford food and the $ 2,400 monthly rent for their apartment in an affordable-housing building. The small business she started from their home has yet to get off the ground.
Lafleur Duncan with her 14-year-old son.
Courtesy of Lafleur Duncan
Duncan, 53, said she appreciates this opportunity to spend more time with her 14-year-old son and help with his virtual schooling. But the other side of the coin, she added, is “ the strain of not being able to pay the rent, because there’ s only one income at this time coming in. ”
While Duncan was able to put monthly payments from the enhanced child tax credit last year toward asthma medication, college savings, and shoes and clothes for her rapidly growing teen — “ It stopped a big hole in my family, ” she said — those payments
came to an end in December
. ( Duncan, a member of the grassroots organization MomsRising,
has been an advocate
for this relief.) She was also able to access emergency rental assistance through the city and has applied for cash benefits through the city as well. But her landlord plans to take her family to court over remaining back rent they owe.
“ The struggle is real with us out here, ” Duncan told MarketWatch. “ I’ m not the only individual; I’ m not the only mother. … Other parents are struggling just like I am in the African-American community. ”
‘ Interlocking and amplifying’ forces fuel an unequal recovery
Structural weaknesses that drove lower wages and worse economic outcomes for Black women before the pandemic set the stage for the losses we see now, Zickuhr said. As a group, Black women workers experience “ several interlocking and amplifying factors ” that mean they’ ve been more exposed to many of the pandemic’ s harms, but are also less likely to have access to many of the supports that contribute to economic security and resiliency in the labor market.
For example, Black women
experience discrimination in the workforce
and in pay; often end up in low-wage work through occupational segregation; experience disparities in household wealth; and often have greater care responsibilities, Zickuhr said. While that’ s not an exhaustive list, she added, these factors “ connect and contribute to the challenges they face both during an economic crisis and during the broader economic recovery. ”
Black women, along with Latinas, are overrepresented in sectors like leisure and hospitality, healthcare and retail, which were hit hardest by the pandemic, Mason noted.
“
‘ When they’ re thinking about reentering the workforce, parents have to know and believe that they have reliable child care so they can sustain employment.’
”
— C. Nicole Mason, president and CEO of the nonprofit Institute for Women’ s Policy Research
Although schools and daycares have reopened, Mason added, child care for many parents, especially those who must physically show up to a workplace to get paid, “ remains unpredictable and unreliable. ” Almost 16,000 child-care centers and home-based care programs shuttered between December 2019 and March 2021, translating respectively to a 9% and 10% loss, according to an analysis of available data by
Child Care Aware of America
, which advocates for access to affordable child care. Black, Latino and Asian families
have been disproportionately impacted
by child-care center closures.
As Child Care Aware points out, the U.S. already had an insufficient supply of high-quality child care pre-pandemic, particularly for Black and Latino families who —
alongside structural obstacles
that impact education, employment and access to services — are more likely than their white counterparts to work nontraditional hours. The pandemic
has only worsened
child-care supply problems, and labor-force exits associated with living with children have been more common among Black and Latina women, according to the
Minneapolis Fed
.
“ When they’ re thinking about reentering the workforce, parents have to know and believe that they have reliable child care so they can sustain employment, ” Mason said.
Women, particularly women of color, are also more likely to work in care sectors that were harder hit by the pandemic
and have not recovered
. These jobs are often undervalued and provide low pay, due to what MarketWatch’ s Jillian Berman
describes as
the industry’ s “ quirky economics, ” as well as historical racial and gender discrimination. In fact, many of these workers
can’ t afford child care
for their own kids.
Some entrepreneurship ‘ borne out of necessity’
Another
Great Recession-era trend
: a surge in the number of businesses owned by women, particularly Black women and Latinas, between 2007 and 2012, according to
a 2015 report
by the National Women’ s Business Council. Pre-pandemic, Black women were
the fastest-growing group
of business owners from 2014 to 2019.
Black business ownership
fell most steeply
compared to other groups in the pandemic’ s early months ( by 41%), and business owners of color
struggled
to access Paycheck Protection Program loans. Black women-owned businesses have also faced many
challenges
during COVID-19 with respect to capital, funding and consumer demands, but
some data points
suggest
women of color
, including
Black women
, have led the way in starting businesses during the pandemic. One
NBER-distributed working paper
found communities with greater shares of Black residents have seen higher relative increases in startup formation between 2019 and 2020.
Many of the same forces keeping Black women from an equitable pandemic recovery — labor-market discrimination, overrepresentation in sectors hit hardest by COVID-19, pay gaps and child-care challenges that leave them caring for kids at home — may also be driving some to launch businesses, said Mason and Saran Nurse, a postdoctoral fellow at Kean University who studies racial disparities in entrepreneurial outcomes.
“ Some of this entrepreneurship is borne out of necessity, ” Mason said.
Nurse, who until recently owned her own pet-care services business for 20 years, agreed. “ It’ s not necessarily a good thing that they are [ being pushed toward entrepreneurship ], ” she said. “ It’ s not as if they’ re pursuing it because of opportunity, because a lot of it is necessity-based. ”
“
Creating a more resilient economy and a true recovery for Black women — and for all workers — means making long-overdue investments in workers, families and communities.
”
— Kathryn Zickuhr, labor market policy analyst at the Washington Center for Equitable Growth
Black women-owned businesses often also struggle to keep their businesses afloat, Nurse added. This is due to
a variety of factors
, including lack of access to financial capital.
Duncan, for her part, said she had not experienced labor-market discrimination — but nonetheless feels like the pandemic’ s circumstances pushed her into entrepreneurship. Business is slow so far, but she hopes the venture can lead to greater freedom with both her time and finances. She and her husband want to eventually buy their own house.
The pandemic, she said, “ pushed me into seeing the fact that you don’ t have to rely on others’ income. ” “ You can build for yourself, ” Duncan said. “ You can go out there and make things better for you and your family. ”
Pre-pandemic baseline is ‘ not necessarily the goal’
Relative to pre-pandemic levels, Black women’ s employment continues to be the weakest compared with that of Latina and white women, and women’ s employment overall hasn’ t recovered as much as men’ s, Zickuhr said. But the way things were right before COVID-19 wasn’ t ideal either, she added, given the many workers experiencing wage gaps, occupational segregation and poor job quality.
“ Where we were right before the pandemic is not necessarily the goal of where we want things to be, because that baseline has a lot of inequities built into it, ” she said. “ That would be, in one sense, recovery — but definitely not the finish line. We can still do much better. ”
Creating a more resilient economy and a true recovery for Black women — and for all workers — means making long-overdue investments in workers, families and communities, Zickuhr said.
The list is long: There’ s evidence that providing income supports, investing in child care, raising the minimum wage, strengthening anti-discrimination laws and enforcement, bolstering labor protections, and investing in paid family and sick leave would help, she said.
Democrats are working with the White House to rebrand parts of President Biden’ s doomed “ Build Back Better ” social-spending and climate agenda as a strategy to
lower rising costs
and win over West Virginia Sen. Joe Manchin, the key
Democrat holdout
on the bill. Earlier versions of Build Back Better had included paid family leave, universal pre-K, large investments in child care, and an extension of the expanded child tax credit.
Read more:
Paid leave is out, universal pre-K is in. What women — especially women of color — have at stake in the pandemic recovery
Advocacy groups like A Better Balance also say the bipartisan
Pregnant Workers Fairness Act
, which the House passed last May, would
help keep pregnant workers in their jobs
by requiring employers to provide reasonable workplace accommodations.
Some scholars, like Margaret Teresa Brower of Harvard University and Jamila Michener of Cornell University, have called for policies that are responsive to Black and Latina women’ s specific economic experiences, rather than a one-size-fits-all approach.
Their research
analyzing state-level policies during the tail end of the Great Recession and white, Black and Latina women’ s economic well-being found that “ policies have unequal consequences across subgroups of women, ” and the relationship between public policies and economic status varies by race and ethnicity.
In a February 2021
Washington Post piece
, Brower and Michener wrote that Biden’ s actions to
pause student-loan payments
and
evictions
and expand access to
insurance coverage
were of particular importance to women of color. “ If the Biden administration wishes to support economic stability and mobility for Black and Latina women, it could consider tailored federal legislation that pays attention to how policies affect women of color, ” they added, noting that job-creating policies are “ especially imperative. ”
Related:
‘ I can’ t imagine the day when I’ m not paying.’ Black women are being crushed by the student debt crisis — and demanding action
To be sure, no one policy can magically solve these issues, Zickuhr said.
“ We’ re talking about deep, systemic problems that have enabled and sometimes furthered discrimination and inequities in labor market outcomes for Black women and for their families, ” she said. “ We have a lot of evidence around these policies, and they often reinforce each other, which is one of the reasons why there’ s no single lever to pull. ”
A chance to renegotiate the terms of work
Women thinking about reentering the workforce are weighing flexibility, paid time off, healthcare and other benefits that contribute to economic security, Mason said. Before COVID-19, many women of color working in what were not considered “ good jobs ” were “ just making do, trying to figure it out, ” she said. “ But post-pandemic, we understand — and it’ s not just women of color — that it makes a difference: My wages make a difference; whether I have paid sick or family leave; healthcare. It’ s all these things together. ”
That’ s why the so-called war for talent right now is good not just for white-collar workers, but for all workers, because it gives people an opportunity to renegotiate the terms of work, Mason said. Many workers
have capitalized
on the current tight labor market to secure better wages and benefits, though
some early evidence suggests
that it hasn’ t necessarily helped service workers secure lasting gains with respect to wages and predictable hours, as inflation persists and employers continue to rely on part-time scheduling.
Mason says companies now have an opportunity to ensure they’ re providing workers with good benefits, competitive pay, and dignity and respect that makes them feel like their skills and talents are being used.
“ Right now, there are a lot of businesses that fall short in one of those three areas, ” she said. “ And some companies, in the absence of federal action, are raising wages. They’ re examining their workforce policies and practices. They are leading and serving as models for how we can shift in this moment. ” | business |
China crude importers concerned with pandemic resurgence, Russian flows | Center-South Brazil's crop officially started on April 1, and although more than 70% of the expected...
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Middle East suppliers ' market share jumps to 55.8%
China's crude imports for May and June loadings may remain subdued as refiners struggle with declining demand following the pandemic resurgence at home, while the ongoing Russia-Ukraine war prompts importers to move cautiously in sealing deals on Russian cargoes.
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China's crude imports from Russia will be capped in March despite a slight recovery, and inflows will remain under pressure in Q2 as independent refiners adopt a cautious stance amid shrinking refining margins, analysts said. This will extend the trend seen in February when inflows dropped to a nine-month low of 1.42 million b/d.
Adding an extra layer of uncertainty for crude imports, not just from Russia but from all origins, will be COVID-19 lockdowns in China that could have importers worrying about slowing oil products demand.
`` The outbreak of the omicron variant and elevated restrictions on movement in China will hit oil demand in March and April, '' said Kang Wu, head of global demand and Asia analytics at S & P Global Commodity Insights.
`` Rising oil prices is another factor that will potentially constrain China's oil demand growth, although the country has a price mechanism in place to limit the increase of pump prices when they reach certain levels at times like these. As such, the dampening effect of high oil prices is not as severe as that of COVID-19 restrictions. ''
China could potentially see oil demand destruction of up to 650,000 b/d and 400,000 b/d, respectively, in March and April, S & P Global said.
`` Chinese buyers need to consider the COVID-19 situation in the coming months when buying crudes in overseas. '' a Beijing-based analyst said. `` The current wave of COVID lockdowns have dampened oil products demand. ''
General Administration of Customs data shows February inflows from Russia were 26.1% lower year on year and down more than 25% month on month. Russian volumes were last lower at 1.29 million b/d in May 2021.
`` It's a kind of gambling to take Russian cargo now as it is possible to lose the whole cargo anytime as the there is no conclusion about the sanctions on Russia yet, while refining margin are not good, '' a Shandong-based refiner said.
Independent refineries in February slashed Russian crude imports by 37.3% from January, or 43% year on year, to 1.58 million mt, S & P Global data showed.
Independent refineries in Shandong province had reduced their throughput to a 23-month low of 2.1 million b/d, down 5.3% month on month and 20.7% lower year on year, on narrowing margins and the government's requirement to cap refining utilization rates during the Beijing Olympics.
This contributed to China's crude imports from Russia falling 9.1% year on year to 12.67 million mt, or 1.6 million b/d, over January-February. The decline in Russian crude inflows was much higher than the 4.9% year-on-year reduction in China's total crude imports during the same period.
However, a few analysts say Russian crude imports could recover in March as refineries prepare to boost crude runs after the Lunar New Year and Winter Olympics.
Seaborne Russian crude imports might rise 13.5% month on month to 859,000 b/d in March, Kpler shipping data showed. China imports Russian crude both via the seaborne route and pipeline.
The pipeline supplies to PetroChina are fixed by contracts and are expected to remain stable; however, the seaborne volume is expected to fall in April and May as the start of the war in late February raised doubts on shipments and payment mechanisms.
Saudi Arabia delivered 14.61 million mt, or 1.76 million b/d, of crude to China during the first two months of the year, taking the top spot ahead of Russia. The top OPEC supplier is expected to maintain that position in the foreseeable future amid efforts to strengthen energy ties with Asia's top oil consumer.
Saudi Aramco has resumed discussions with China's Norinco for a 300,000 b/d refining venture in Liaoning province, and has also started a study with Sinopec to add a new ethylene plant at their joint venture project Fujian Refining & Petrochemical in Fujian province, S & P Global reported.
China's Iranian crude inflows in January were at 259,937 mt, or 61,463 b/d, according to the country's official data.
Iranian crude cargoes were likely stored in strategic petroleum reserves by Sinopec in Zhanjiang city, southern Guangdong province, according to Kpler shipping data.
S & P Global data showed around 4.12 million mt of Iranian crudes were imported, marked as crude from other origins, into China's Shandong province in the first two months of the year. Most of those cargoes imported by independent refineries were shown as cargoes originating from Oman or the UAE, in addition to Malaysian blended grades.
As a result, supplies from the Middle East rose 8.5% on the year to 5.9 million b/d over January-February, and the region's market share jumped to 55.8% from 48.9%.
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Indian shares fall as oil prices climb; banks, consumer cos weigh | By 0410 GMT, the blue-chip NSE Nifty 50 index was down 0.34% at 17,061.15, while the benchmark S & P BSE Sensex slipped 0.38% to 57,076.89.
Both the indexes gained about 4% last week, helped by falling oil prices, signs of progress in Russia-Ukraine peace talks, and further easing of local COVID-19 restrictions amid an expanded vaccination drive.
But a lack of material progress in the peace talks amid continued fighting, and a possible energy embargo against Russia by the European Union have sent oil prices soaring again. [ O/R ]
`` For India, crude jumping to $ 118 from the recent $ 100 levels is again posing a major worry. This kind of short-term volatility in crude is highly unnerving, '' said V K Vijayakumar, chief investment strategist at Geojit Financial Services.
State-controlled fuel retailers in India, which is the world's third-biggest consumer and importer of oil, will raise petrol and diesel pump prices for the first time since November, two dealers told Reuters late on Monday.
Bharat Petroleum Corp, Hindustan Petroleum Corp and Indian Oil Corp gained 1.6% -3%.
The governor of India's central bank said on Monday inflation was expected to moderate going forward despite `` unimaginably uncertain '' global crude oil prices, adding that there are no risks of stagflation in the country.
The Nifty FMCG Index fell 1.68%. Consumer giant Hindustan Unilever lost 3.4% and was the top percentage loser on the Nifty 50.
The Nifty Bank Index fell 1.2% and was on track for its second straight session of losses.
Shares of Future Group companies dropped between 10.5% and 13.9%. Indian lenders are set to initiate debt recovery proceedings against Future Retail this week.
( Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Subhranshu Sahu and Uttaresh.V) | business |
Pfizer to supply 4 million Covid antiviral treatments to poorer nations through UNICEF | In this article
Pfizer will supply up to 4 million courses of its oral Covid-19 treatment to dozens of poorer nations under an agreement with the United Nations Children's Fund, the company announced Tuesday.
Pfizer expects to start supplying the antiviral pills, Paxlovid, to UNICEF beginning next month and will continue to do so through the end of the year, according to the company. Low-income nations will receive the pills at a not-for-profit price, while upper-middle-income nations will pay more under a tiered pricing system, according to Pfizer.
The company would not disclose the financial terms of the agreement when asked by CNBC.
Pfizer has licensed Paxlovid through the Medicines Patent Pool, a U.N.-backed public health organization, which will allow other companies to produce a generic, low-cost version of the Covid treatment to boost supply in lower-income nations throughout the world. So far 35 companies in 12 nations across Latin America, the Middle East as well as South and East Asia have signed agreements to either produce the raw ingredients or the finished drug.
The agreement with UNICEF will supply Paxlovid to the same 95 low- and middle-income nations targeted by the licensing agreement. The goal is to provide short-term access to the oral antiviral treatment as companies get the generic manufacturing up and running, according to Pfizer.
Read CNBC's latest global coverage of the Covid pandemic:
The U.S. Food and Drug Administration authorized Paxlovid on an emergency basis in December for people 12 years of age and older. Paxlovid was 89% effective at preventing hospitalization in those at high risk of severe Covid in clinical trials.
Pfizer expects $ 22 billion in sales for Paxlovid in 2022 based on deals already signed or close to finalization. The drugmaker has agreed to supply 20 million courses of Paxlovid to the U.S. government through September of this year.
Paxlovid is administered as soon as possible after a Covid-19 diagnosis in a three tablet course twice daily for five days. Patients take two nirmatrelvir pills, developed by Pfizer, with one tablet of ritonavir, a widely used HIV drug. Nirmatrelvir inhibits an enzyme the virus needs to replicate, while ritonavir slows the patients ' metabolism to allow the drug to remain active in the body for longer.
While Pfizer is widely licensing Paxlovid for generic manufacturing, the drugmaker has not done the same for its Covid vaccine. Oxfam America has called on shareholders at the company's annual meeting to support a feasibility study on transferring the technology underlying the vaccine to developing nations.
Pfizer's board has called on shareholders to vote against the proposal, contending that the technology underlying the vaccine is complex and requires a high-level proficiency to maintain the quality of the shots. Pfizer aims to supply 2 billion vaccine doses to poorer nations by the end of 2022. | business |
2022 Oscars: What time, what channel and where to stream the top movies | After the COVID-19 pandemic forced an odd and downsized ceremony
last year
, the Oscars should feel a bit more familiar this year, and will be held in front of a full house at Hollywood’ s Dolby Theatre.
After going without a host since 2018, the awards ceremony will feature a trio of hosts this year: comedians Amy Schumer and Wanda Sykes, and actress Regina Hall.
Netflix
NFLX,
-2.20%
leads all studios with 27 Oscar nominations, including best-picture front-runner “ The Power of the Dog. ” Disney
DIS,
-1.76%
picked up 23 nominations, including for “ West Side Story, ” “ Nightmare Alley ” and the animated “ Encanto. ” AT & T’ s
T,
Warner Bros. has 16 nominations, including “ Dune ” and “ King Richard, ” while Apple
AAPL,
+0.82%
has six, including its first best-picture nominee in “ CODA. ” MGM —
newly acquired
by Amazon
AMZN,
-0.90%
— received eight nominations, including three each for director Paul Thomas Anderson’ s “ Licorice Pizza ” and the latest James Bond installment “ No Time to Die, ” while Amazon’ s film arm took four nominations of its own. Comcast’ s
CMCSA,
-1.48%
Focus Features got seven nominations for Kenneth Branagh’ s “ Belfast. ”
Here’ s everything you need to know if you want to tune in to Hollywood’ s biggest night:
When are the Oscars?
The 94th Academy Awards will start at 8 p.m. Eastern on Sunday, March 27. And you can spend much of the day pre-gaming: ABC’ s “ Countdown to the Oscars ” starts at 1 p.m. Eastern, followed by “ On the Red Carpet Live ” at 4:30 p.m. Eastern. Over on cable’ s E! network, “ Brunch at the Oscars ” starts at 2 p.m. Eastern, and “ E! Live from the Red Carpet ” starts at 5 p.m. Eastern. All of those will also be shown live on the West Coast.
Where can I watch?
The Oscars will be broadcast live on ABC, and accessible on ABC via live-streaming services such as Hulu+Live TV, YouTube TV and Fubo TV.
It will also stream at
abc.com/watch-live
and the ABC app, but viewers must have a cable account to log in.
If you don’ t mind waiting a day, it’ ll also stream Monday, March 28, on Hulu.
Where can I watch the best-picture nominees?
Here’ s where you can stream all 10 contenders:
“ Belfast ”
: On demand * from $ 5.99
“ CODA ”
: Apple TV+
“ Don’ t Look Up ”
: Netflix
“ Drive My Car ”
: HBO Max
“ Dune ”
: HBO Max, and on demand * from $ 9.99
“ King Richard ”
: HBO Max, and on demand * from $ 5.99
“ Licorice Pizza ”
: On demand * from $ 5.99
“ Nightmare Alley ”
: HBO Max and Hulu, and on demand * from $ 3.99
“ The Power of the Dog ”
: Netflix
“ West Side Story ”
: Disney+ and HBO Max, and on demand * from $ 3.99
* Available on-demand from one or more of Amazon Prime Video, Apple TV, YouTube, Vudu and Google Play. | business |
China stocks subdued as investors weigh Fed stance; Alibaba lifts Hang Seng | - China stocks struggled for direction on Tuesday, with investors mulling over the U.S. Federal Reserve's hawkish statement and awaiting policy easing after it was flagged by authorities last week.
E-commerce giant Alibaba's record share repurchase plan, though, lifted Hong Kong's main benchmark.
The CSI300 index fell 0.1% to 4,255.29 by the end of the morning session, while the Shanghai Composite Index gained 0.1% to 3,258.10.
The Hang Seng index climbed 1.1% to 21,461.33. The Hong Kong China Enterprises Index gained 1.5% to 7,353.96.
* * China will give nearly 1 trillion yuan ( $ 157 billion) in tax rebates to domestic small firms to shore up economic stability, state media CCTV quoted a cabinet meeting as saying on Monday.
* * The meeting, chaired by Premier Li Keqiang, also said China would take targeted measures to boost market confidence and keep capital market development stable and healthy.
* * Weighing on investor sentiment, Fed Chairman Jerome Powell on Monday flagged a more aggressive tightening of monetary policy than previously anticipated, while peace negotiations between Russia and Ukraine were slow in progress.
* * Onshore-listed shares of China Eastern Airlines slumped 6.5% while those trading in Hong Kong tumbled 5.8%, after a Boeing 737-800 of the company with 132 people on board crashed in mountains in southern China on Monday.
* * The accident also sent tourism stocks down by 1.3%. The sector has already been hit by surging domestic COVID-19 cases.
* * Mainland China reported 2,338 confirmed coronavirus cases for March 21, compared with 2,027 a day earlier.
* * Semiconductors, machinery stocks and new energy firms retreated between 1.2% and 1.4%.
* * However, real estate developers jumped 4%, and financials shares went up 1.2%.
* * Alibaba Group rose 4.8% and was the biggest index point contributor to the Hang Seng benchmark.
* * The company raised its share buyback programme to $ 25 billion, the largest ever repurchase plan, to prop up its battered shares as it fights off regulatory scrutiny and concerns about slowing growth.
* * The Hang Seng Tech Index was up 1.4%.
( Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu) | business |
Bitcoin reaches more than two-week high despite hawkish Powell remarks | Bitcoin on Tuesday reached its highest level since March 3, despite an increasingly hawkish Federal Reserve.
The cryptocurrency
BTCUSD,
+3.37%
traded as high as $ 43,300 on Tuesday, according to CoinDesk data. Bitcoin was trading around $ 42,754, up 3.7% over the past 24 hours early Tuesday New York time. Ether gained 2.5% over the past 24 hours to about $ 2992.
Katie Stockton, founder and managing director at Fairlead Strategies wrote in Monday notes that she expected bitcoin’ s recent highs near $ 45,000 “ to soon be cleared as a positive catalyst. ”
“ A confirmed break above $ 42.5k opens the door to another resistance zone between $ 45.5k and $ 46k, ” added Nicholas Cawley, strategist at forex platform DailyFX, in a Monday note to MarketWatch.
Investors are waiting for more commentary coming from Federal Reserve officials on Tuesday, including New York Fed President John Williams.
On Monday, Jerome Powell repeated that the central bank could
deliver interest rate increases of larger than 25 basis points each at future meetings
if policy makers deem it necessary in their fight to control U.S. inflation which is running at a 40 year high in the wake of the coronavirus pandemic.
Meanwhile, Goldman Sachs Group
GS,
+1.31%
said on Monday that it executed its first over-the-counter crypto options trade, as the bank pushes further into the digital asset market.
U.S. stocks opened higher on Monday. The Dow Jones Industrial Average
DJIA,
+0.70%
rose 0.8% and the S & P
SPX,
+1.07%
was up 0.6%. The Nasdaq Composite
COMP,
+1.90%
gained 0.7%.
Read:
U.S. stocks open higher on Tuesday as investors shake off hawkish Powell remarks
Read more:
Ray Dalio said he held some bitcoin. Now Bridgewater is reportedly preparing to back a crypto fund for the first time | business |
Stocks making the biggest moves midday: Nike, Pfizer, Alibaba, Carnival, GameStop and more | In this article
Check out the companies making headlines in midday trading.
Nike — Shares of Nike jumped 2.2% after the company reported a beat on the top and bottom lines in the third quarter. The retailer reported earnings of 87 cents per share on revenues of $ 10.87 billion, topping analysts ' estimates of 71 cents per share on revenues of $ 10.59 billion. Nike delayed giving its outlook for the year.
GameStop – Shares of the video-game retailer jumped 30.7%. There was no clear reason behind the move. The firm reported quarterly results last week, posting a per-share loss of $ 1.86 compared to expected earnings of 85 cents per share, according to FactSet's StreetAccount. Shares of AMC Entertainment, a fellow meme-stock favorite, also leapt 11%.
Datadog — Shares of the software company jumped 6% after investment firm BTIG initiated coverage of the stock with a buy rating. BTIG said in a note to clients that Datadog is set up for near- and long-term success.
Alibaba — Shares of the China-based e-commerce giant jumped 11% after the company increased its share buyback program to $ 25 billion from $ 15 billion, effective for a two-year period through March 2024. Alibaba also appointed Weijian Shan, executive chairman of Hong Kong-headquartered investment group PAG, to its board as an independent director.
Goldman now sees the Fed hiking by a half point at the next two meetingsRetail investors just posted the longest streak of buying bank stocks since 2008, BofA saysBuffett's buying spree may continue — Here's what Wall Street analysts say about the Alleghany deal
Tencent Music Entertainment — The entertainment services company saw its shares jump 9.6% after it reported better-than-expected earnings for the most recent quarter. Tencent Music also said it would pursue a secondary listing on the Hong Kong Stock Exchange.
Pfizer — The biopharmaceutical giant's stock price slipped 2.1% after the company said it will distribute up to four million treatment courses of its oral Covid pill to dozens of poorer nations in a partnership with the United Nations Children's Fund.
Okta — Shares of the authentication and identity management firm fell 1.7% on news of a potential breach from a hacking group. Okta said it had `` detected an attempt to compromise the account of a third party customer support engineer working for one of our subprocessors '' but found no new evidence of an attack.
Alphabet — The tech giant's stock price spiked 2.7% after Google's parent company spun off Sandbox AQ, a quantum computing start-up that includes former Google CEO Eric Schmidt as investor and chairman of the board.
Sherwin-Williams — The paint company's shares gained 1.7% after Bank of America upgraded the stock to a buy from neutral. Analyst Steve Byrne said the issues facing the chemicals sector are already accounted for in the stock price and that the shares could be a way to bet on the U.S. economy over Europe.
Carnival — The cruise company slipped less than 1% after it provided a business update for the first quarter that includes a net loss of $ 1.9 billion, compared with estimates of $ 1.36 billion, according to FactSet's StreetAccount. Carnival also reported revenues of $ 1.62 billion, compared to estimates of $ 2.26 billion.
Energy stocks — Several energy stocks were lower on Tuesday and were the top decliners in the S & P 500 after jumping in the previous session, as investors paused to take profits. Hess and Occidental declined more than 2%. EOG, Diamondback and Marathon declined more than 1%. Energy is the only sector in the green so far in 2022.
— CNBC's Samantha Subin, Sarah Min and Jesse Pound contributed reporting | business |
Making a strategic ( alignment) difference by 2030 | As countries plan their recovery from the COVID-19 pandemic, many with the aim to build back better and greener, they also aspire to achieve the UN Sustainable Development Goals ( SDGs) by 2030. Adopted by world leaders at a U.N. summit in 2015, the SDGs comprise 17 goals and 169 targets that detail the critical challenges facing humanity—and how to respond. Among these is Goal 9.c, which aims to ‘ significantly increase access to ICT and strive to provide universal and affordable access to the Internet in least developed countries by 2020’.
The next decade will show how the central promise of the SDGs, to leave no one behind, will be done in an increasingly digital society. The pandemic has recently demonstrated the importance of digital technologies, especially for rural and remote communities which are most underserved. Yet, as reported at the World Summit of the Information Society earlier this year “ a staggering divide remains between digital ‘ haves’ and ‘ have-nots.’ ”
Will the world achieve the SDGs by 2030? This is still unknown because funds are lacking, potentially hindering delivery. According to data from the Organization for Economic Co-operation and Development, developing countries face a shortfall of $ 4.2 trillion in the financing they would need in 2021 to keep progress on the SDGs on track for 2030. Clearly, more approaches and stakeholders are needed.
Developed responsibly and implemented correctly, digital technologies are powerful tools that could boost progress of the SDGs. Employed by global nonprofits, such as the Members of NetHope, they could have a transformative effect. NetHope Members already conduct program activities whose outcomes and impacts are strategically aligned with the SDGs. The hope is to do more with more digital capabilities. There is optimism that collective action between large nonprofits and the tech sector could provide a welcome boost to delivering the SDGs by 2030, particularly if philanthropic institutions provide support.
Therefore NetHope has started an important initiative to analyze the strategic alignment of its large nonprofit Members, the governments that host their programmes, and the roadmaps of technology vendors. To date, we have collected the strategies of 94% of our 60 global nonprofit Members and the digital plans of 48 countries where at least 20 of them are present. Collectively, this represents more than 50,000 pages of text, and only 58% of nonprofit strategies are available to the public. The first findings were revealed at the NetHope 20th Anniversary Summit last November along with the public announcement of our strategic alignment initiative.
A quarter of NetHope Members’ strategies have already aligned their timeframe to 2030, detailing program activities that will contribute to accomplishing the SDGs. Another 11% have set interim strategic targets for 2025. The refreshes of strategies that ended in 2020 have been delayed due to the disruption caused by the pandemic and 18% of our members are still finalizing these documents.
We found that every NetHope Member organization includes multiple digital components in their strategy. This is a marked change from 2017 when a survey of Members had revealed that 70 percent lacked a digital strategy. Likewise, every one of the 48 countries analyzed, mostly low-to-middle-income economies, have a digital strategy. This was not the case in 2015 when the World Economic Forum was giving reasons for why developing countries should go digital, quoting Günther Oettinger, EU Commissioner for the Digital Economy & Society who had just declared that “ The digital economy is simply becoming THE economy ”.
Indeed, the 4th industrial revolution is shaping the delivery of humanitarian, relief, and conservation programs through low-to-middle-income economies in profound ways. We are discovering the essential digital categories that nonprofits have in common that will make a strategic difference by 2030. We are also analyzing existing gaps with the roadmaps of the tech sector.
Stay tuned to learn more unique findings from NetHope’ s 2030 SDG strategic alignment. | general |
US–China partnerships bring strength in numbers to big science projects | In the face of political tensions, long-held professional ties between researchers hold strong.
In the face of political tensions, long-held professional ties between researchers hold strong.
Quantum satellite Micius links with a station in Xinglong, Hebei province. The technology put China at the forefront of quantum communications.
Despite difficult relations between the United States and China, collaborative research between the two countries has remained resilient. But with young scientists entering the workforce amid heightened political tensions, concerns are growing that opportunities for large-scale, international projects could be curtailed.
Such joint efforts are not only important for accelerating scientific advances, but for strengthening ties between nations. A collaboration between cancer researchers in New York and Guangzhou aims to do both, by simultaneously conducting shared clinical trials in hospitals in the United States and China.
Modern cancer-drug development is focused on targeting the molecular mutation underlying the cancer growth, rather than the cancer’ s location in the body. Precision medicine uses specific information about a patient’ s tumour to better inform diagnosis and treatment.
“ If you really want a medicine to work, it has to be precise, ” says Bob Li, a medical oncologist and physician ambassador to China and Asia-Pacific at the Memorial Sloan Kettering Cancer Center ( MSKCC) in New York.
The challenge is finding the right patients to participate in experimental drug trials. “ New York is a big place, but if you slice a particular disease into 50 or 100 different categories, each subtype is very rare, ” says Li, whose work includes building international collaborations between MSKCC and other institutions.
Without a large pool of patients to draw from, recruitment can be a significant handbrake for cancer drug development, even though regulators such as the US Food and Drug Administration ( FDA) and Chinese National Medical Products Administration are increasingly fast-tracking approvals.
To broaden the patient pool, Li approached Yi-Long Wu, president of the Chinese Thoracic Oncology Group ( CTONG) in Guangzhou, with a view to collaborating on future trials. Because of the number of cancer patients in China’ s large population, people with a targeted cancer subtype can be more rapidly recruited.
“ Clinical trials that typically take 10 to 15 years can be sped up to 2 to 3 years, with China’ s participation, ” says Li. “ Wu’ s work has already led to multiple FDA approvals of new lung cancer medicines. ” The experimental lung cancer drug osimertinib, for example, took less than three years to gain FDA approval.
By drawing patients from both China and the United States, while sharing data between teams in real time, even greater gains could be made, says Li. MSKCC and CTONG are now activating two world-first clinical trials in both countries, which aim to test new cancer drugs.
“ Since Bob Li and I set up the MSKCC and CTONG partnership, we have had 43 hospitals join the collaboration, ” says Wu. “ We may be the model that international collaboration could follow. ”
If cancer is ever to be beaten, says Li, the United States and China need each other. “ If the United States and China work together, the rest of the world will come. And then you can really accelerate the pace of innovation, ” he says. “ I think it is realistic to say that we could perhaps see a cure for cancer in this lifetime. ”
Collaborative research between China and the United States remains strong. In the Nature Index, which tracks output in 82 selected natural-sciences journals, the two nations are each other’ s most important collaborative partners. Between 2015 and 2020, the number of papers co-authored by China and the United States leapt from 3,412 to 5,213 — more than any other country pairing in the Index. However, year-on-year growth in US–China collaborative articles has slowed since 2018.
“ Joint publication data between the United States and China is still rising, although levelling off over the last two years, ” says Zheng Wang, an economist at De Montfort University, UK, who studies cross-border knowledge production.
Collaboration often stems from young Chinese researchers spending time in the US system, forming professional relationships that they maintain upon returning to China.
After almost 40 years of working together, Xingwu Zheng, an astronomer at Nanjing University in Nanjing, China, and Mark Reid, a radio astronomer from the Harvard-Smithsonian Center for Astrophysics in Cambridge, Massachusetts, published their latest joint output: a highly detailed visualization of the Milky Way. “ It’ s what you would see if you could fly out of the Galaxy and look back and take a picture, ” says Reid.
The partnership dates back to an exchange programme between Harvard and Nanjing University, established in the 1930s. Zheng met Reid in the United States in 1982 as a visiting scholar, and the pair have been collaborating ever since.
“ There is a Chinese proverb that constant dropping wears away a stone, ” says Zheng. “ Our successes are attributed to our persistence. From knowing each other to becoming good friends, we love astronomy and understand each other. ”
Revealing the structure of the Milky Way required long-term, multi-centre collaboration, which Reid and Zheng co-lead with Karl Menten, director for millimetre and submillimetre astronomy at the Max Planck Institute for Radio Astronomy in Bonn, Germany. The project’ s origins date back to a one-month visit to Harvard in 2004, during which Reid and Zheng collaborated with postdoctoral student, Ye Xu, in testing a new technique to map massive young stars in distant arms of the Milky Way.
By painstakingly pinpointing a single star, then using Earth’ s orbit to get a second reading from observations taken six months later, the team showed that they could triangulate to precisely establish the star’ s location in space.
It was a process they would have to repeat 150 times in a 15-year effort involving 22 scientists from 8 countries, to reveal that the Galaxy consists of 4 tightly wound spiral arms, not 2 loose ones, as previously thought. “ Having the existing relationship was critical, ” says Reid. Fluctuating political tensions over the years have had no effect on the working relationship, he adds.
Collaborative research is increasingly important in astronomy, as huge new telescopes, such as the James Webb Space Telescope, begin to generate vast new data streams. Competition, too, is key to driving innovation, particularly in emerging areas of research. Quantum science, for example, has benefited from huge investments from China and the United States, as each nation vies for dominance.
In 2016, with the launch of the world’ s first quantum-enabled satellite, Micius, China catapulted itself to the forefront of quantum-secure communication after a relatively slow start. Coordinating with several ground stations in China, the satellite uses quantum-entangled particles to deliver potentially unhackable communications.
In 2020, the team that operates the satellite, led by physicist Jian-Wei Pan at the University of Science and Technology of China in Hefei, described how Micius enabled a secure method of quantum messaging to be sent between ground stations in Delingha, Qinghai province and Nanshan, Xinjiang province, some 1,200 km apart ( J. Yin et al. Nature 582, 501–505; 2020).
The United States, which is racing to develop similar technologies through initiatives such as NASA’ s National Space Quantum Laboratory programme, has long held the lead in quantum computing, thanks to major investments from technology firms such as IBM, Google and Microsoft. In 2020, Pan’ s team claimed that its quantum computer, Jiuzhang, could rival Google’ s system, Sycamore, accelerating competition between the two countries.
For almost a decade, Sokrates Pantelides, a theoretical materials scientist at Vanderbilt University in Tennessee, has been investigating two-dimensional materials with Wu Zhou, an electron microscopist at the University of the Chinese Academy of Sciences in Beijing. Building relationships between the two institutions has helped the pair gain access to the best equipment, which China has been amassing in recent years.
In the past five years, for instance, the country has tripled its number of aberration-corrected electron microscopes — the kind Zhou and Pantelides use for their research — to more than 100, Zhou says. These machines can cost several million US dollars each, he estimates.
“ The Chinese have excellent instruments, ” says Pantelides, who in 2019 was among three recipients of a Chinese Academy of Sciences award for international scientific cooperation.
Some of the biggest pieces of US research infrastructure, however, such as neutron-scattering and synchrotron facilities, remain world-leading, says Zhou. “ My collaborators in China will send samples [ to the United States ]. Sharing research infrastructure can help both parties. ”
Jiang Lin from the University of California, Berkeley, who conducts collaborative energy and climate-related research in the United States and China, describes what he sees as a changing financial landscape. Three decades ago, the United States was the bigger research funder, he says. “ These days, Chinese research is very well resourced. Each side carries its own weight. ”
Energy research in particular has been affected by simmering political tensions, with scientists in the United States becoming more cautious about collaborating with Chinese counterparts, Lin says. According to Zhou, there is caution among researchers in China, too. “ During [ US President ] Trump’ s time, we were a bit hesitant to collaborate with my former colleagues at US national labs, not for our concern, but for how this might affect their jobs, ” he says.
Trust is a crucial element of successful collaboration, regardless of the scale of the undertaking, says Zhou. “ If we trust that we are going to establish a long-term collaboration, and we trust that we will credit each other’ s work properly, then the exchange of ideas and data can be without reservation, ” he says.
Banked trust may be a key commodity in the current political climate. Long-term research collaborations that predate current tensions between the United States and China are likely to be resilient, says sociologist Joy Zhang, who is studying China’ s international collaborations at the University of Kent in Canterbury, UK. But there could be a decline in new cross-border collaborations, she says.
“ We may have a generation of scientists, who right from the start were pressured to be suspicious of their biggest collaborators, ” Zhang says. Such mentality can be hard to change, should it become normalized, she says. “ I think the impact of these tensions will be seen perhaps five years down the line. ”
To track recent flows of young Chinese scientists to the United States — the potential seed events for future collaboration — Wang has analysed air traffic into US university town airports, before and after tensions between the two countries escalated in 2018, as a result of a trade war.
Even before the impact of COVID-19 on travel, passenger numbers from China had fallen, he says. “ For airports near university towns, we see a significant drop of inflows from China, compared to pre-2018. ”
Wang expects that shared challenges, such as mitigating the effects of climate change, will come to the fore again, however. “ If green technology becomes the most important area after COVID, there will be increased demand for collaboration at a very high strategic level between the two countries, ” he says.
There are signs that political obstacles may be easing, at least with regards to climate-related research, since the joint US–China declaration at the 2021 United Nations climate meeting in Glasgow, UK, for enhanced action in this decade, Lin says. “ This could pave the way for more opportunities for collaboration, sanctioned by both sides, de-risked. ”
But in the current political climate, he adds, nothing can be taken for granted. | tech |
NLRB claims two trucking companies misclassified drivers at Ports of Los Angeles, Long Beach | The long-simmering problem of how to correctly classify trucking industry workers—either as contractors or employees—has arisen once again.
In a precedent-setting move, the National Labor Relations Board’ s ( NLRB) general counsel is alleging two trucking companies are misclassifying drivers as independent contractors in violation of federal labor law.
In what the Teamsters union is calling a significant victory for the rights of truck drivers who work at the Ports of Los Angeles and Long Beach, Region 21 of the NLRB issued a complaint on March 17, alleging that Container Connection and numerous Universal Logistics Holdings ( ULH) -affiliated companies, acted as a single employer. That would violate federal labor law, including misclassifying its drivers as independent contractors.
As part of the complaint, the NLRB is also seeking to force ULH/Container Connection to not only reclassify its drivers as employees, but also to compensate them for income lost as a result of their misclassification, a precedent-setting move.
The NLRB also alleged that ULH/Container Connection refused to let drivers return from COVID disability leave, effectively firing them because of their support for a union, along with other illegal retaliation in response to the drivers’ protected union activities.
Michigan-based Universal Logistics Holdings Inc. is a full-service provider of customized transportation and logistics solutions. Founded in 1932, UHL has evolved from a provider of regional transportation services to what it calls “ a holistic provider ” of logistics solutions throughout North America and in some South American countries.
ULH did not respond to a request for comment. But on its web site, ULH said its revenue rose 26% last year to $ 1.75 billion, from $ 1.39 billion in 2020. In its latest financial statement, ULH said its “ business model continues to produce impressive results, ” noting its improved revenue and earnings.
But its trucking segment’ s results last year showed razor-thin profit margins of 1%. Its trucking unit posted $ 1.1 million operating income on $ 105 million revenue last year.
“ Wage theft, unsafe working conditions and the fear that comes from not having a safety net—this is the reality for thousands of port truckers like us, ” David Averruz, a port truck driver for Container Connection, said in a statement issued by the Teamsters.
“ I’ m glad the NLRB has finally taken up this issue and recognized that ULH and Container Connection broke the law, ” Averruz added. “ But I also know that there’ s so much more to be done to win justice for me and my coworkers. We need our basic rights respected, and we’ ll keep fighting until we win. ”
“ With this powerful complaint, the NLRB has put real teeth into our country’ s foundational labor laws and put ULH on notice that no company, no matter how big or powerful, is above the law, ” Eric Tate, Secretary-Treasurer of Teamsters Local 848 said in a statement. `` If ULH doesn’ t change its ways, it will be ordered to reclassify its workforce of purported independent contractors and pay millions of dollars to its hundreds of misclassified workers, ” Tate added.
Because of California’ s new law to hold bad actors in the industry accountable, retailers who use ULH’ s services could become jointly liable for the company’ s unlawful conduct and millions of dollars in liability as well, according to the Teamsters.
The Teamsters say the NLRB’ s actions follow a long history of misclassification of workers as independent contractors by Universal. By doing so, those so-called contractors are void of protections such as paid sick leave, workers’ compensation and minimum wage rules, according to the union. | general |
Gold prices end lower in the wake of Powell's hawkish rate remarks | Gold futures ended with a loss on Tuesday, pressured by a rise in U.S. Treasury yields to levels last seen in 2019.
The move for the precious metal comes a day after Federal Reserve Chairman Jerome Powell said policy makers could deliver half percentage point interest rate hikes at future policy meetings in a bid to rein in U.S. inflation which is at levels not seen in 40 years in the wake of the coronavirus pandemic.
“ Renewed Fed rate hike expectations, an appreciating dollar, and rising Treasury yields are nothing but trouble for zero-yielding gold, ” said Lukman Otunuga, manager, market analysis at FXTM.
“ However, the uncertainty emanating from the heightened geopolitical tensions continues to foster a sense of unease stimulating appetite for safe-haven assets like gold, ” he said in a market update.
Gold for April delivery
GC00,
-0.13%
GCJ22,
-0.13%
fell $ 8, or 0.4%, to settle at $ 1,921.50 an ounce on Comex after eking out a less than 0.1% rise on Monday. May silver
SIK22,
-0.18%
fell 41 cents, or 1.6%, to $ 24.904 an ounce.
“ In the commodity sphere, gold has been remarkably resilient, ” said Marios Hadjikyriacos, senior investment analyst at XM, in a note. Gold futures trade around 1.1% higher for the month so far.
Powell,
in a Monday address
at an economic conference, said that while no decision had been made, the Fed was prepared, if necessary, to raise rates in increments of more than 25 basis points, or a quarter percentage point. Some policy makers have already called for such a move.
Indeed, St. Louis Fed President James Bullard dissented in favor of a half-point rise at
last week’ s policy meeting
, when the Fed delivered a 25 basis point increase. On Tuesday in a Bloomberg Television interview,
Bullard said the Fed needs to move aggressively
and get U.S. interest rates high enough to where they are “ mildly ” restricting economic activity to keep inflation under control.
Treasury yields soared
, with the yield on the 10-year note
TMUBMUSD10Y,
2.409%
rising well above 2.30% to its highest level since May 2019. Rising yields can be a negative for gold because they raise the opportunity cost of holding assets that don’ t offer a yield. The dollar has also strengthened so far this week, in reaction to Powell’ s remarks. A stronger dollar can also be a headwind because it makes commodities priced in the unit more expensive to users of other currencies.
“ Even though soaring yields and a stronger U.S. dollar should be grave news for the yellow metal, bullion has escaped with only minor injuries so far, ” Hadjikyriacos said.
Gold seems to be finding overall support as a result of the Russia-Ukraine war and other worries.
“ Safe-haven demand seems to be negating the impact of tighter monetary policy.
Investors are looking for a hedge that will protect their portfolio against geopolitical turmoil, and since holding bonds can be very painful in an environment of rising rates and raging inflation, many are warming up to gold instead, ” the analyst said.
In other metals trading, May copper
HGK22,
-0.05%
shed 0.2% to $ 4.70 a pound. April platinum
PLJ22,
-0.09%
fell 1.9% to $ 1,025.10 an ounce and June palladium
PAM22,
+2.34%
declined 2.4% to $ 2,476.50 an ounce. | business |
Carnival's Earnings Missed Estimates as Omicron Hit | The Carnival Dream.
Sanjar Jamilov/Dreamstime.com
Carnival
’ s
results for its latest quarter fell short of expectations as the Omicron variant of Covid-19 hindered the postpandemic recovery in travel. Now, the cruise operator is taking a hit from Russia’ s invasion of Ukraine and its effect on fuel prices.
The company ( ticker: CCL) said it expects another net loss in the second quarter before returning to profit in the third. It expects a loss for the full year.
The cruise operator
posted a net loss
of $ 1.9 billion, or $ 1.66 a share, with revenue of $ 1.62 billion for its fiscal first quarter, which runs through the end of February. Both figures were considerably weaker than expected.
Analysts surveyed by FactSet expected a loss of $ 1.28 a share from revenue of $ 2.26 billion. A year earlier, Carnival reported a loss of $ 1.79 a share, with revenue of $ 26 million.
The company said the Omicron variant both hurt bookings and caused higher cancellations of existing reservations. Cruise costs in 2022 will be significantly higher than in 2019, partly due to expenses incurred by restarting fleet operations as well as inflation, it said, noting that many of those costs won’ t continue in 2023. The higher costs, as well as the uncertainty around Russia’ s invasion of Ukraine, including its effect on fuel prices, were having a “ material impact ” on its businesses, it said.
“ We expect monthly adjusted Ebitda to turn positive by the beginning of the summer season as we build occupancy and return more ships to service, ” CEO Arnold Donald said.
When Carnival disclosed its results for its fourth fiscal quarter, in December, it said it expected its full fleet to be back in operation this spring. It also noted that advanced bookings for the second half of 2022 and first half of 2023 were at the higher end of historical ranges and at higher prices.
Carnival said Tuesday it now expects each brand’ s full fleet back in operations for its summer season, and that advanced bookings for the second half of 2022 had now dropped to the lower end of the historical range, due to the impact of the Omicron variant. Bookings for the first half of 2023 remain at the higher end.
Shares of Carnival were 1.8% lower in early trading. As of the close of trading on Monday, the stock was down 5.8% year to date, while the
S & P 500
had fallen 6.4% over that period.
Write to Callum Keown at
callum.keown @ dowjones.com | business |
Central banks face tough decisions after Russia's invasion | LONDON – Just as many central banks had set their sights on normalizing monetary policy as economies emerged from the coronavirus pandemic, Russia's invasion of Ukraine threw them another curveball.
The U.S. Federal Reserve last week approved its first interest rate hike in more than three years and penciled in further increases at each of its six remaining policy meetings this year, as it looks to rein in soaring inflation.
The Bank of England imposed its third consecutive rate hike but struck a relatively dovish tone, with the Russia-Ukraine conflict and its upward pressure on energy prices expected to keep inflation higher for longer.
European Central Bank President Christine Lagarde said last week that policymakers have `` extra space '' between the planned end of the ECB's quantitative easing program this summer and a first hike to the cost of borrowing in more than a decade. The ECB earlier this month surprised markets by announcing it would end its asset purchase program in the third quarter of 2022.
So, while the Bank of England offered a slightly dovish surprise after its more hawkish start out of the blocks, the Fed and the ECB both surprised on the hawkish side, evidencing the balancing act facing policymakers.
Central banks the world over have been caught cold by a surge in inflation in the aftermath of the pandemic, which has sent annual consumer price increases to multi-decade – and in some cases, record – highs.
The risk, economists have suggested, is that by tightening policy aggressively even as growth is threatened by the conflict and financial conditions and the labor market tighten, central banks could inadvertently trigger `` stagflation '' — a period of high inflation, low growth and high unemployment.
However, most seem to have prioritized reining in inflation over concerns about economic growth and have remained undeterred so far by the potential impacts of the war.
Hugh Gimber, global market strategist at JPMorgan Asset Management, said Thursday that the latest round of central bank meetings showed policymakers are feeling `` uncomfortably behind the curve '' and are eager to normalize policy.
`` Yet while policymakers have been talking tough, in reality monetary policy still remains very supportive of growth despite the latest rate increases. They may be talking the talk on tightening, but they're yet to really walk the walk, '' Gimber said.
This time last year, Gimber noted, patience was a central theme in policymakers ' messaging, meaning any policy error was likely to be the result of their moving too slowly rather than too quickly.
`` Yet a year on, inflation is now running at multi-decade highs and labor markets have staged a remarkable recovery. 'Patience ' has been abandoned – 'optionality ' is the new buzzword, '' he said.
`` Further policy tightening lies ahead, and the central banks want the option to move more quickly if inflationary pressures don't show signs of easing. ''
Mario Centeno, Portuguese central bank governor and member of the ECB Governing Council, told CNBC last week that the conditions for a rate lift-off had not yet been met, with the normalization process remaining `` neutral '' and `` data-dependent. ''
Centeno said the euro area outlook depends on the duration of the conflict and the effects of Western sanctions against Russia.
`` Unemployment is probably the best indicator for the European economy these days. We have a very strong labor market coming out of the recession — it was usually supported by fiscal policy measures, that's why I think that's why coordination is a very important issue in Europe, '' Centeno said, suggesting that governments and central banks need to remain in lockstep.
`` Even if it's not probably the most likely scenario today, a scenario with low growth and high inflation is not out of the possibilities in the near future, and we must be very careful, '' he added.
In the tug of war between supporting growth and containing inflation, policymakers appear to be favoring the latter. Brunello Rosa, CEO & head of research at Rosa & Roubini, agreed with this approach and the `` division of labor '' required between monetary and fiscal policy, telling CNBC that inflation is a more immediate threat.
`` If you shave off some tenths of a percentage point or even a full percentage point of growth, due to the sanctions and potential effects of the war, you will still have a growth rate that is optically acceptable, I would say, '' he told CNBC last week.
`` Instead what is not optically acceptable is inflation reaching 8% in the U.S., 6% in Europe, 7% in the U.K., and what's the danger of that? That higher inflation gets entrenched and then you enter into that wage price spiral that nobody wants to. Are we closer to that? Yes, we are. ''
Neil Shearing, chief economist at Capital Economics, echoed this view in a research note on Monday, but said the more aggressive hikes in interest rates now being projected by Fed officials have raised concerns that the economy could be tipped into recession.
`` This in turn raises the more general question as to whether, given the headwinds posed by the war in Ukraine and the spread of the Omicron variant in China, recoveries in major advanced economies are strong enough to withstand monetary tightening, '' Shearing said.
He added that the lessons from history – notably the eight tightening cycles since the late 1970s in the U.S., five in the U.K. and three in the euro area – are `` troubling. ''
`` This makes 16 tightening cycles in total – 13 of which have ended in recession. Soft landings are hard to achieve, '' he added. | business |
Moderna Announces New 3-in-1 Vaccine Program | Moderna has a combination flu and Covid-19 vaccine in preclinical development.
Eugene Hoshiko/POOL/AFP via Getty Images
Moderna
on Tuesday
announced
a program to develop a combination vaccine to protect against Covid-19, the flu, and respiratory syncytial virus. The company has extensively discussed the program in the past as a step in its long-term plan to develop a single annual booster vaccine that protects against a range of respiratory viruses.
Moderna
( ticker: MRNA) is already testing a stand-alone flu vaccine, a stand-alone RSV vaccine, and various versions of its Covid-19 vaccine, and has a combination flu and Covid-19 vaccine in preclinical development.
The new program, to be known as mRNA-1230, represents a piece of Moderna’ s game plan for the postpandemic era. In various
presentations
in recent months, Moderna executives have laid out a plan to develop what the company has called a “ pan-respiratory annual booster ” vaccine.
The plan begins with a Covid-19 booster in the fall of 2022 that includes protection against the Omicron strain. The company would then steadily expand the shot to protect against Covid-19 and flu, and then Covid-19 and flu and RSV.
Progress on the Moderna flu vaccine, a key part of the strategy, has been uneven. Early data disappointed investors, and in January Moderna CEO Stéphane Bancel seemed to reset expectations at an investor conference, saying that the company didn’ t intend for the vaccine to be better than the best flu vaccine currently on the market.
“ Our goal had never been to have the best flu vaccine out of the gate, ” Bancel
said at the time
. “ The notion to have a vaccine as good as the best vaccine on the market for flu, and Covid in a single dose, is something that governments are very interested by. ”
Respiratory syncytial virus causes mild-cold-like symptoms in healthy adults, but can lead to life-threatening disease in infants and older adults. Moderna is one of a
number of companies
developing an RSV vaccine; there is none currently approved in the U.S.
In addition to the RSV/Covid-19/flu vaccine program, Moderna also announced another program on Tuesday to develop a vaccine to protect against the four so-called endemic human coronaviruses—common viruses that cause a large portion of the world’ s respiratory tract infections.
“ Our goal is to develop vaccines to address respiratory infections, and eventually combine many into a single annual booster vaccine with the aim of reducing the significant morbidity and mortality caused by these viruses, ” said Moderna’ s president, Dr. Stephen Hoge, in a Tuesday statement.
Modrena shares were up 2%, at $ 178.80, in recent trading, while the
S & P 500
was up 1.2%. The stock is down 30% this year.
Moderna is holding an investor event it calls a Vaccines Day on Thursday to discuss its vaccine programs.
Write to Josh Nathan-Kazis at
josh.nathan-kazis @ barrons.com | business |
New Zealand to remove pandemic restrictions as omicron wanes | WELLINGTON, New Zealand — New Zealand will remove many of its COVID-19 pandemic mandates over the next two weeks as an outbreak of the omicron variant begins to wane.
Prime Minister Jacinda Ardern said Wednesday that people will no longer need to be vaccinated to visit places like retail stores, restaurants and bars from April 4. Gone, too, will be a requirement to scan QR barcodes at those venues.
A vaccine mandate will be scrapped for some workers — including teachers, police officers and waiters — though it will continue for health care and aged-care workers, border workers and corrections officers.
Also gone from Friday is a limit on outdoor crowds of 100. That will allow some concerts and big sporting events like marathons to resume. An indoor limit of 100 people will be raised to 200 people, and could later be removed altogether.
Remaining in place is a requirement that people wear masks in many enclosed spaces, including in stores, on public transport and, for children aged 8 and over, in school classrooms.
Ardern said the government’ s actions over the past two years to limit the spread of the coronavirus had saved thousands of lives and helped the economy.
“ But while we’ ve been successful, it’ s also been bloody hard, ” Ardern said.
“ Everyone has had to give up something to make this work, and some more than others, ” she said.
The changes mean that many restrictions will be removed before tourists start arriving back in New Zealand.
Earlier this month, the government announced that Australian tourists would be welcomed back from April 12 and tourists from many other countries, including the U.S., Canada, and Britain, from May 1.
International tourism used to account for about 20% of New Zealand’ s foreign income and more than 5% of GDP but evaporated after the South Pacific nation imposed some of the world’ s strictest border controls after the pandemic began.
New Zealand continues to see some of its highest rates of coronavirus infections and hospitalizations since the pandemic began, with an average 17,000 new infections being reported each day.
But Ardern said modeling shows that the biggest city of Auckland is already significantly past the peak of its omicron outbreak and the rest of the country will soon follow.
Health experts warned that some countries which had dropped restrictions as omicron faded were now experiencing another surge of cases. | business |
Hillary Clinton tests positive for COVID-19, has 'mild ' symptoms | NEW YORK — Former Secretary of State Hillary Clinton said Tuesday she has tested positive for COVID-19 with “ mild ” symptoms.
On social media, the former Democratic presidential candidate said she was “ feeling fine ” and that former President Bill Clinton had tested negative and was quarantining until their household was fully cleared.
A spokesman for the former president posted on Twitter that he would continue to get tested in the days to come.
Hillary Clinton, 74, said she was “ more grateful than ever for the protection vaccines can provide against serious illness ” and urged people to get vaccine and booster shots.
Former President Barack Obama
announced earlier this month
that he had tested positive for the coronavirus. | business |
European countries lifted COVID restrictions 'too brutally, ' says WHO regional head, allowing BA.2 variant to spread | European countries, including the U.K., Germany and France, lifted their COVID-19 restrictions “ too brutally ” and are now struggling with rising cases again as the highly transmissible BA.2 variant spreads, according to the European head of the World Health Organization.
Hans Kluge told reporters at a briefing in Moldova that he is “ optimistic but vigilant ” about the pandemic in Europe, where cases are rising in 18 out of the 53 countries that constitute the WHO’ s region, which includes certain former Soviet republics that are more often deemed to be part of Asia.
“ Those countries are lifting the restrictions brutally from too much to too few, ” he said, naming a group that also includes Ireland, Greece, Cyprus and Italy.
Just like the U.S., Europe saw a sharp surge in cases in December and early January as the omicron strain began to spread, before a steep decline at the end of January. Then the BA.2 subvariant of omicron emerged and cases started to rise again in early March.
The agency has counted more than 5.1 million new cases in the Europe region in the last seven days and 12,496 people have died.
The U.S. should pay attention to Europe’ s numbers as throughout the pandemic a climb in cases there was followed by a spike in U.S. cases a few weeks later. Experts, including President Joe Biden’ s chief medical adviser, Dr. Anthony Fauci, have said that BA.2 will likely cause an uptick in cases in the coming weeks, even as states have moved to drop restrictions and public safety measures such as face masks.
See now
:
Fauci says uptick in COVID cases likely following rise in Europe, warns ‘ this virus has fooled us before’
The White House, meanwhile, is clamoring for Congress to provide the $ 22.5 billion that Biden has said is needed to continue the battle against COVID,
as the Associated Press reported.
That’ s after a round of COVID-19 funding was pulled out of a $ 1.5 trillion governmentwide measure after rank-and-file Democrats rejected cuts that party leaders had negotiated with Republicans to pay for it. Though Biden signed the overall bill into law, the deletion of the COVID-19 funds was a major setback for Biden and Democrats.
“ Our concern right now is that we are going to run out of money to provide the types of vaccines, boosters, treatments to the immunocompromised, and others free of charge that will help to continue to battle [ the pandemic ], ” White House press secretary Jen Psaki said Monday.
For now, the U.S. numbers are still falling nationally. The U.S. is averaging 29,612 new cases a day,
according to a New York Times tracker,
down 29% from two weeks ago.
See now:
Two years of COVID-19: How the pandemic changed the way we shop, work, invest and get medical care
The average daily number of hospitalizations stands at 21,679, down 41% from two weeks ago. Deaths are averaging 1,056 a day, down 28% from two weeks ago, but still an undesirably high number.
And cases have started to climb again in certain states, such as Arkansas, where they are up 18% from two weeks ago; Colorado, where they are up 10%; and New York, where they are up 21%, the tracker shows. The CDC said BA.2 is
accounting for 34.9% of new cases in the U.S.,
up from 23% a week ago.
What is an endemic and how will we know when Covid-19 becomes one? WSJ’ s Daniela Hernandez breaks down how public-health experts assess when a virus like Covid-19 enters an endemic stage. Photo: Michael Nagle/Zuma Press
Other COVID-19 news you should know about:
• Top scientists in Hong Kong are calling for an end to the island’ s zero-COVID strategy, arguing that it is keeping it as a “ closed port, ”
AFP reported.
Hong Kong used strict travel curbs to keep the virus at bay for two years, but that has left it increasingly isolated, and a deadly omicron outbreak since January has led to an exodus of residents and businesses fleeing its mounting list of restrictions. Scientists estimate that around 4.4 million people in densely populated Hong Kong — or 60% of the population — have been infected so far during the omicron wave.
• Pfizer
PFE,
-1.60%
has agreed to supply Unicef with up to 4 million doses of its COVID-19 antiviral for 95 low- and middle-income countries. The deal will cover about 53% of the world’ s population beginning in April, Pfizer said in a statement. The treatment, marketed under the name Paxlovid, is a capsule that can be taken at home. Financial terms were not disclosed. Supply will continue through 2022 and low- and lower-middle-income countries will be offered the treatment at a not-for-profit price, while wealthier ones will be charged based on Pfizer’ s tiered pricing approach.
Hong Kong, which has faced a record surge in Covid-19 cases and the world’ s highest death rate, has been under strict restrictions. WSJ’ s Diana Chan reports on how everyday life has changed in the city, from panic buying to an exodus of residents. Photo: Emmanuel Serna/Zuma Press
• The 85-year-old King Harald V of Norway tested positive for the coronavirus on Tuesday and has mild symptoms, royal officials said,
the AP reported.
Harald will take a break from his duties for a few days, and his son and heir to the throne, Crown Prince Haakon, would take them over for now, the royal household said in a brief statement. Harald has received three vaccine shots but has been ill from other causes in recent years.
• The number of children who were absent from state schools in England last week had more than tripled from two weeks before,
the Guardian reported.
The number bolsters the case for head teachers who have warned of growing disruption in classroom as students prepare for summer exams.
Figures
published by the Department for Education on Tuesday showed 202,000 pupils were off school on March 17 because of the virus, up from 58,000 two weeks earlier, when attendance was described as returning to “ something approaching normal. ”
Here’ s what the numbers say
The global tally of confirmed cases of COVID-19 topped 472.3 million on Tuesday, while the death toll rose above 6.09 million,
according to data aggregated by Johns Hopkins University
.
The U.S. leads the world with 79.8 million cases and 972,681 fatalities.
The
Centers for Disease Control and Prevention’ s tracker
shows that 217.1 million people living in the U.S. are fully vaccinated, equal to 65.4% of the population. But just 96.7 million are boosted, equal to 44.5% of the vaccinated population. | business |
Geraint Thomas: ‘ The main goal of the season is always the Tour de France’ | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Geraint Thomas returned to racing Tuesday at Coppi e Bartali. Photo: Dario Belingheri/Getty Images
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Geraint Thomas returns to competition this week at the Coppi e Bartali with his mindset on being ready for the Tour de France in July.
The 2018 winner is racing for the first time since Volta ao Algarve in February and a big training block.
For the Ineos Grenadiers star, the weeklong Italian race is about rediscovering the racing rhythm after a hard winter that included a bout of COVID-19 and shoulder surgery.
“ The main goal of the season is always the Tour de France, ” Thomas said at the start line Tuesday. “ There are a lot of important races that I want to do well in as well. At the moment, I am just thinking about this race. To work hard, get stuck in, do my bit for the team, and just enjoy racing again.
“ Hopefully a lot better than I was feeling at Algarve, ” he told CyclingProNet. “ It was a slow winter, with the shoulder operation and COVID. I’ m feeling a lot better now, and I am looking forward to a good week of racing here and my bit for the team. ”
Thomas, 35, lines up at the Coppi e Bartali race committed to kickstarting his season with the Tour as the ultimate goal later this summer.
With GC leader Egan Bernal still recovering from a horrific training crash in January, Ineos Grenadiers so far has indicated it will not shake up its grand tour program too much.
Richard Carapaz and Richie Porte will both lead at the Giro d’ Italia, with Thomas, Adam Yates and Dani Martínez slated for the Tour.
Recent comments from team manager Rod Ellingworth, however, suggested that Thomas will not have a guarantee of GC leadership role at the Tour, but Thomas didn’ t seem too phased about any of that speculation right now.
“ Every year you want to perform at your best no matter what’ s happening around you, but obviously losing our leader isn’ t the best situation, ” Thomas said of Bernal. “ At least he is all good now and he’ s improving, and that’ s the main thing. And for me, it’ s all about improving and trying to get better.
“ Super-hard racing. The course looks tough, with a lot of hard climbs. It’ s ideal for me to get that race rhythm back and kick on for the rest of the year. ”
Get the latest race news, results, commentary, and tech, delivered to your inbox. | general |
Study Finds Traditional Freight Shipping Inefficient & Costly According to Shippers across US | Through shared truckload shipping, Flock Freight sets a higher standard of service in an industry that’ s plagued by inefficiency. Our proprietary technology combines shipments that are moving in the same direction onto…
Flock Freight®, a technology company that is reinventing freight shipping with its patented shared truckload service, partnered with Drive Research to release its 2022 research study, `` Inefficiency - not just the labor shortage - is breaking supply chains, '' which reveals that shippers in the U.S. are struggling to ship over-the-road freight efficiently due to rising costs, shrinking size restrictions, underutilized trailer space, and delivery delays.
The COVID-19 pandemic set in motion an unprecedented logistics and transportation crisis, crippling supply chains around the world, and stretching shippers to the limit as consumer demand increased.
In the continued wake of this crisis, driver shortages and port delays are often cited as the cause for ongoing supply chain disruptions, but a crucial piece of the puzzle is being overlooked: The trucks clogging roadways and dockyards are moving at less-than-maximized capacity.
`` The supply chain issues we saw during the height of the pandemic continue today and act as proof that shippers and carriers are an essential piece in keeping the economy and our lives running, '' said Oren Zaslansky, founder and CEO of Flock Freight.
`` These survey results - from shippers experiencing these disruptions first-hand - are very telling that traditional shipping methods are not enough to keep trucks running. Flock Freight's shared truckload technology enables shippers to move their freight faster, cheaper, and with less damage than the traditional shipping methods that have so-far shaped our supply chain. ''
Flock Freight's survey of 200 transportation and logistics professionals found that the industry's traditional shipping methods - partial truckload ( PTL), truckload ( TL), and less-than-truckload ( LTL) - resulted in increased fees, shipment delays, and late deliveries. For all shipping methods, 100% of respondents reported that their freight arrived late in 2021 and was delayed between one and four days.
Shippers Nationwide Find Traditional Freight Modes Inefficient and Costly This report reveals new data and actionable insights to help today’ s shippers overcome their most pressing challenges. Download Now!
Time: Thursday, March 24, 2022, at 1 p.m. EST/10 a.m. PST
News reports cover major supply-chain disruptions, including delays at ports and driver shortages. But what reports haven’ t covered is that over 50% of trucks move unfilled and that 36% of shippers experienced shrinking linear-foot cutoffs in 2021, according to a Flock Freight® research study conducted in partnership with market research firm Drive Research.
The inefficiencies of traditional shipping modes - including less than truckload ( LTL) and truckload ( TL) - drive up costs and increase delays.
Join Flock Freight’ s Senior Vice President of Business Development AJ Todd and Vice President of Operations and Analytics Peter Frys, along with Drive Research’ s Project Manager Emily Taylor, as they present more notable findings from the study, discuss the current challenges of LTL and TL shipping, and explore a shipping solution that overcomes the pitfalls of traditional modes.
Flock Freight is the first company to figure out how to pool shipments at scale, creating opportunities for shippers and carriers the industry has never seen. Its guaranteed STL solution - FlockDirect™ - solves the pain points of traditional shipping modes by fundamentally changing the way freight moves. STL places shipments ( from multiple shippers) that are traveling on a similar route onto the same truck, optimizing the best possible route so freight never loads or unloads between pickup and delivery, minimizing potential delays and damage. FlockDirect™ fills trucks to capacity, and reduces the cost of shipping midsize freight, which maximizes carriers ' earnings, eliminates unnecessary mileage, and contributes to a more sustainable supply chain. | general |
The “ Multi-Multi ” Supply Chain Problem That No One Is Talking About - Supply Chain 24/7 Paper | After the COVID shock of 2020, supply chain executives across multiple surveys indicated plans to invest in digital transformation.
CEOs acknowledged broken supply chains and poorly managed IT networks and McKinsey & Company found that, over the course of a decade, the average organization was losing close to half of a year’ s profits from supply chain disruptions.
A couple of things are clear: The time to act is now and the end game is to achieve agility, flexibility, and resilience.
Mitigating risk and impact, monitoring and controlling cost, and maintaining operational excellence under changing conditions have become a multi-tier endeavor.
Unless we address the greater `` multi-multi '' problem, technology strategies won't adequately achieve agility, flexibility, and resilience.
Download this white paper and find out why the average organization is losing significant profits from supply chain disruptions and why we need to understand the deeper problem to change the outcome. | general |
Echoes of History: Lessons From 1973 | Mark Twain reputedly said that history does not repeat itself but often rhymes. And indeed the Ukraine war seems to echo the 1973 Yom Kippur war in its dire energy consequences. The 1973-74 oil embargo and skyrocketing prices caused most OECD governments to decide on drastic measures and implement them quickly without significant backlash. Many of those policies set half a century ago have also mostly survived regardless of how oil prices have evolved. Today, while short-term options are readily available to substitute Russian energy imports, the crisis could similarly trigger decisive longer-term policies and trends that expedite the world's low-carbon transition.
It took Western Europe about 15 years to halve its oil consumption per dollar of GDP ( in constant money), which is now 70% -75% lower than in 1973. This is the kind of effort the world would need to make again in the next 10-20 years in terms of carbon emissions if it wants to achieve the Paris Agreement's 1.5°C target.
The oil embargo and high prices caused OECD countries to deploy savings plans unheard of in times of peace. Some measures were short-lived, such as gasoline rationing in many countries, the introduction in the Netherlands, Belgium and Switzerland of car-free Sundays, or the requirement in France for offices to switch off lights after 10 p.m. and TV stations to stop broadcasting after 11 p.m. The UK, which was also facing a coal miners ' strike, introduced a three-day week, under which commercial use of electricity was limited to three consecutive days each week to reduce power consumption.
Similarly, in the case of a potential Russian energy embargo in today's context, quick policy measures would minimize costs for Europe because gas demand is seasonal, a group of German economists argue in a new report on the economic impact of stopping Germany's Russian energy imports. An early move would allow `` Norwegian and other sources '' to take over more easily during the summer months while keeping European industrial production going. It would also `` immediately trigger the substitution and reallocation dynamics that are central to reducing economic costs. '' Those would amount to around 2.5% of GDP or €1,000 ( $ 1,100) per German citizen over one year, which is significant but bearable, and substantially lower than Germany's 4.5% GDP decline in 2020 during the peak of the Covid-19 pandemic.
Substituting Russian imports of oil and coal would `` likely not pose a major problem, '' the report's authors note. Likewise, gas that is currently used for power generation could easily be saved by switching to coal — and possibly nuclear — and reallocated to other users. Those would have to save or substitute energy — or, for industrial companies, to reduce production but this would be limited, the report finds.
Beyond immediate emergency measures, many policies launched during the 1973 crisis have either already had a marked long-term impact or they provide useful models for decision-makers to follow and repeat. Road speed limits were introduced in many places in response to the crisis five decades ago, which are still in place or have been intensified. In the Netherlands, for example, the daytime motorway speed limit was recently lowered from 130 kilometers per hour to 100 km/h to reduce CO2 emissions.
Similarly, energy conservation was promoted throughout OECD countries, for example with the US ' Corporate Average Fuel Economy standards for new cars, which were enacted in 1975 and are still in place. In fact, the US government was already considering energy efficiency policies before the 1973 crisis as it was concerned about rising oil imports from the Mideast. While demand was growing by around 4.5% per year and showing no sign of slowing down, US oil production had peaked in 1970 and was starting to decrease.
In France, people were encouraged to reduce heating temperatures to 20°C. This was turned into law in 1974 for public housing, schools, offices and commercial buildings, and later tightened even further to 19°C. Today, a strict EU-wide enforcement of that temperature — down from the current 22°C average — could save the EU 20% of its Russian gas consumption at almost no cost, according to International Energy Agency ( IEA) data.
The 1973 oil crisis also led to greater interest in alternative energy sources, including gas, coal and nuclear. Gas consumption, which started to grow in the UK and Germany during the late 1960s, accelerated further during the 1970s. In the US, where gas production had plateaued, the oil crisis ' main winner was coal, a domestic commodity. US coal demand grew by an average 2.3% per year over the 20 years following the crisis, versus only 0.9% per year for total energy and no growth for oil and gas.
But the most remarkable change, which is often cited as a model for global renewable deployment to follow, is the French nuclear program. France had launched an ambitious plan in the late 1960s to address its lack of fossil fuel resources, which was targeting 13 gigawatts of new capacity to be commissioned over 1972-77. The oil crisis caused a dramatic inflation of ambitions, with an additional 50 GW to be developed over 1974-80 and a long-term target of around 150 GW by 2000.
This was revised in the mid-1980s as low economic growth and better energy efficiency made it clear power demand was not growing as fast as expected. But France managed to commission 63 GW of nuclear capacity over 1978-99, or an impressive 3 GW per year over 21 years. The share of nuclear in French electricity production reached 75% in 1990, up from just 8% in 1973.
The IEA's net-zero scenario similarly assumes that wind and solar energy should reach 70% of global power generation by 2050, up from just under 10% now. To achieve that goal, new capacity would need to grow twice as fast over the next three decades as in the past few years. As unrealistic as it may look, French nuclear construction during the 1970s, 1980s and 1990s shows that such a spectacular and lasting effort is possible. Enel Green Power's boss Salvatore Bernabei concurs. History shows that `` we constantly underestimate whatever happens in terms of renewable capacity growth and cost decline, '' he said recently. Current solar energy forecasts to 2030 are over 30 times higher than in 2010, and cost projections three times lower, he emphasized.
Philippe Roos is a senior reporter at Energy Intelligence based in Strasbourg, France. A version of this article appeared initially in EI New Energy. | general |
High LNG Prices Threaten Plans to Open New Markets | High and volatile prices could threaten the opening of new Asian markets planning to start LNG imports this year to displace coal and offset declining indigenous production. With concerns growing about energy security, governments may instead decide to bolster domestic output, keep coal plants open, and accelerate the shift toward renewables and nuclear.
Asian buyers without long-term deals will have to compete with Europe for expensive short and medium-term supply. But two of the new markets, Vietnam and the Philippines, have still to pick long-term suppliers — although Hong Kong, the third, chose Shell in 2019. And even then, oil slopes in term contracts have risen as Brent is above $ 100 per barrel.
State Petrovietnam Gas ( PV Gas) said this month it will start commissioning its first LNG terminal at Thi Vai in the fourth quarter, with commercial operations beginning in 2023. In November, it had said the 1 million ton per year terminal would be ready in the third quarter. The company says it has signed eight master sales and purchase agreements with suppliers from the US, Europe, Australia, the Middle East and Asia, and negotiations continue. It acknowledged that high prices are unfavorable to buyers.
Observers still expect the terminal to open, using spot cargoes for commissioning purposes, “ but significant LNG imports are unlikely if such high prices persist, ” FGE analyst Edmund Siau says. PV Power recently awarded engineering, procurement and construction contracts for the Nhon Trach No. 3 and 4 power plants that will source gas from Thi Vai. With combined capacity of 1.2 gigawatts, they are slated to be completed in 2024-25.
Price volatility is complicating talks on power purchase agreements ( PPA) with state utility EVN for LNG-to-power projects still under development, says Giles Cooper, a Hanoi-based partner with law firm Allens. “ The template PPA the government wants to use is very clunky and ineffective when it comes to fuel pass-through, which is of course central to sponsors ' and lenders ' interests. ”
PPA talks on Vietnam's first LNG-to-power project have been dogged by uncertainty over the regulatory regime and securing government guarantees to ensure project bankability. `` The volatility is not making the discussions any easier, ” Cooper says. He expects some delays `` simply because projects of this nature typically take longer than anticipated in Vietnam. ''
Although the government has made no official comment on high prices, Cooper notes signs of an LNG rethink. The Ministry of Industry and Trade this month submitted a report to the Prime Minister’ s office outlining two options for the eighth power development plan. Under the base-case scenario, LNG power capacity would total 23.2 GW by 2030 and 44.9 GW by 2045. Under the second “ energy transition-focused ” option, the 2045 target would be just 24.7 GW for LNG, while offshore wind would be 74G W and solar ( excluding rooftop) 92.2 GW.
The country is in dire need of gas. Production at Malampaya, the sole gas field, is declining and some supply agreements expire this year. Singapore-based infrastructure developer AG & P looks set to open the first regasification terminal — a floating unit with onshore regasification — that will operate on a tolling basis with power utility San Miguel Corp. ( SMC) as anchor tenant. AG & P says the 3 million ton/yr terminal will be ready in the third quarter. The LNG will feed SMC’ s 1.2 GW llijan plant, whose supply deal with Malampaya expires in June. SMC will be responsible for LNG procurement, but has yet to name a supplier.
AG & P says the project is proceeding as planned. The intention was always to import LNG on a long-term basis, `` which even at today’ s oil prices is competitive to alternative fuels such as diesel and LPG, ” AG & P LNG Terminals and Logistics President Karthik Sathyamoorthy says. But in the absence of a confirmed long-term deal, FGE expects imports to be delayed until 2023, at least, as liquid fuels will be cheaper than spot LNG.
Hong Kong LNG Terminal had been expected to start operations in mid-2022 to cut reliance on coal and ensure more competitive gas supply. Hong Kong now imports piped gas from China National Offshore Oil Corp.'s Wenchang field.
The terminal company is owned by two power utilities, CLP Power Hong Kong and HongKong Electric Co. A CLP spokesperson says the floating storage and regasification unit, chartered from MOL, will enter service this year. “ Considerable progress was made with the jacket and topside structures... the subsea pipelaying works have been completed, and the corresponding jetting and rock dumping works are in progress. ” But with Covid-19 cases surging, `` we are closely monitoring project progress and working with the contractor to ensure the impact, if any, is kept to a minimum. ”
The aspiring importer's 10-year contract with Shell is understood to be at an oil slope in the mid 11% s — very competitive in today’ s market. | general |
Stock market investors are in the danger zone. This all-weather investing strategy offers protection | We’ re in a period of high inflation, with a war disrupting energy markets and the Federal Reserve raising interest rates.
The murky outlook calls for a multiyear cycle of central-bank policy moves that will be unfriendly to the stock and bond markets.
An investment approach that can take advantage of price movements across all assets — not only stocks and bonds — might serve you well, especially if volatility keeps you up at night, tempts you to sell into a declining market or causes you to chase performance.
One such example is the Standpoint Multi-Asset Fund
BLNDX,
+1.48%
REMIX,
+1.48%
,
which has about half of its assets invested broadly in stocks and bonds ( mostly stocks) across developed markets through low-cost exchange traded funds. The rest of the money is used in futures markets that encompass currencies, energy commodities, gold and silver, industrial metals such as aluminum, copper, zinc and nickel, and grains and soft commodities such as sugar and coffee.
During an interview, Eric Crittenden, who co-manages the fund, explained its strategy and described how it places long and short trades in non-equity assets to give investors “ a smoother ride ” over the long term.
Promising start
There are dozens of mutual funds that use futures-trading strategies. Most are designed to mitigate risk in down markets by taking advantage of price movements, up or down, across asset classes. They can be used by investors to hedge against downturns in the stock market or bond market, as a complement to a portfolio of stocks or bonds, or funds that hold stocks or bonds.
The objective of the Standpoint Multi-Asset Fund is to perform both functions within the same portfolio, using a systematic approach to futures trading to limit risk while still pursuing long-term growth. That way an investor won’ t have to make their own risk-management allocation decision among funds, and hopefully will be able to limit their own emotional reactions to market turmoil.
“
There is always a bull market somewhere, in some asset class or some region of the globe.
”
— Eric Crittenden, co-manager of the Standpoint Multi Asset Fund.
The Standpoint Multi-Asset Fund was established at the end of 2019 and now has about $ 250 million in assets under management. The fund is too new to have a Morningstar rating. However, it has
high performance rankings
within Morningstar’ s Macro Trading fund category.
Here’ s a look at the performance of its institutional shares from inception through March 21, 2022, compared to the performance of the SPDR S & P 500 ETF Trust
SPY,
+1.06%
,
which tracks the U.S. benchmark, and two funds that mainly use futures-trading strategies, without the large-equity component maintained in the Standpoint portfolio:
FactSet
There’ s a lot going on in this chart, which shows total returns with dividends reinvested.
The Standpoint Multi-Asset Fund has been the best performer for the entire period from the end of 2019 through Mach 21, 2022, as the S & P 500, represented here by SPY, has pulled back from its high in early January.
The two purer-play funds on the chart making use of futures-trading strategies are the American Beacon Hill AHL Managed Futures Strategy Fund
AHLIX,
+1.25%
and the Pimco Trends Managed Futures Strategy Fund
PQTAX,
+1.15%
.
Looking to the left of the chart, from an early-year closing high on Feb. 19, 2020, SPY fell 34% through its coronavirus pandemic low on March 23, 2020. During that period, the Standpoint fund fell only 8%, despite being about half invested in stocks. Crittenden attributed this outperformance to short positions in the energy futures market. Meanwhile, the two purer-play funds performed very well during that short equity crash, with AHLIX returning 6% and PQTAX 12%.
All four funds did their job from the early-pandemic equity crash through the bull market that followed. The Standpoint fund has been the best performer since the end of 2019. Even though it trailed the S & P 500 during the bull run through January 4, 2022, it has outperformed during the stock-market downturn since then. The two purer-play futures-trading funds have performed best during this year’ s stock-market decline, as should be expected, but once again, the Standpoint fund has held its own:
FactSet
Going back to the first chart, the blue line showing the Standpoint fund’ s performance illustrate the smoothing-out of long-term returns Crittenden and his co-manager Shawn Serikov are aiming for.
Futures trades for a smoother ride
Crittenden, who previously managed a hedge fund and was formerly chief investment officer for Longboard Asset management, which he co-founded, stressed that rather than relying on the fund managers’ intuition, he and Serikov use a disciplined, systematic process to take advantage of price movements, up or down, across all developed markets. For the fund’ s long stock positions, only ETFs listed in the U.S. are used. They are listed below.
For futures trading, “ we only trade exchange-traded plain-vanilla liquid futures contracts on regulated futures exchanges, ” Crittenden said.
When discussing the systematic futures-trading approach, he said that “ three variables matter to us and explain more than 90% of any asset manager’ s success ”:
The investment return of the market
— with no crystal ball, decisions are based on recent price movements.
The term structure of the market
— this encompasses the timing of stock and bond dividends. For example, all things being equal, if a company pays a dividend of a dollar a share on a given day, the share price declines by a dollar that day. Structural considerations also encompass the timing of bond interest payments, call dates and maturity dates, and for commodities, the structures of futures contracts.
The liquidity of the market
— supply-and-demand imbalances lead to opportunities to trade as prices move up or down.
With no crystal ball, Crittenden acknowledged that futures trades, such as the short positions in energy commodities the fund employed during the early stage of the pandemic, won’ t capture the best prices up or down. But the fund’ s approach is to place them early enough during large price swings to mitigate the risk of the equity portion of the portfolio.
“ There is always a bull market somewhere, in some asset class or some region of the globe, ” Crittenden said.
When describing the fund’ s broad approach, he said: “ What we give up is all the excitement, ” as the highest highs and the lowest lows are avoided.
Warning signs — stagflation
This decline in the stock market so far this year seems mild, given decades-high inflation, tightening monetary policy and war breaking out in Europe. With so many moving pieces, investors may be in for plenty of volatility.
Crittenden sees stagflation as a possibility over the coming years. Stagflation is a combination of high inflation and slowing or negative economic growth. It can have a devastating effect on corporate earnings, as companies are less able to pass rising costs on to their customers.
The unprecedented economic stimulus from the Federal Reserve, through very low interest rates and bond purchases that vastly increased the U.S. money supply, combined with the federal government’ s direct payments of stimulus cash to families, helped the economy recovery quickly from the pandemic, but has now led to high inflation.
“ The bill is coming due. The question is who is going to pay it? I think it will be stagflation, ” Crittenden said, emphasizing that as a portfolio manager, he is prepared for it.
ETFs held by the fund
Crittenden said the Standpoint Multi-Asset Fund holds the same group of eight ETFs and that it will occasionally make changes to keep positions from getting too large or small. He doesn’ t favor regular rebalancing.
“ I have found people rebalance too much and too quickly, ” he said. “ They generate transaction fees and tax implications that reduce returns. ”
The fund, which is available through major distribution platforms, including Charles Schwab and Fidelity, steers clear of emerging markets, which make up only about 8% of the total international stock market in dollars, according to Crittenden’ s estimate.
Here are the eight equity ETFs held by the Standpoint Multi-Asset Fund, according to the most recent information available from FactSet:
Exchange-traded fund
Ticker
% of portfolio
SPDR Portfolio S & P 1500 Composite Stock Market ETF
SPTM,
+1.08%
7.4%
Vanguard Total Stock Market ETF
VTI,
+1.14%
7.3%
iShares Core S & P Total U.S. Stock Market ETF
ITOT,
+1.21%
7.3%
Schwab U.S. Broad Market ETF
SCHB,
+1.12%
7.3%
Vanguard FTSE Developed Markets ETF
VEA,
+0.87%
3.9%
SPDR Portfolio Developed World ex-US ETF
SPDW,
+0.91%
3.9%
Schwab International Equity ETF
SCHF,
+0.85%
3.9%
iShares Core MSCI EAFE ETF
IEFA,
+0.92%
3.8%
Source: FactSet
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The best-performing sector of the S & P 500 is still the cheapest, while technology stocks look overvalued | business |
Fixing the Broken Supply Chain Requires a Paradigm Shift | COVID-19 has taught manufacturers a bitter lesson. The global supply chain doesn’ t adjust well to unexpected or unusual incidents — so-called black swan events. Extended lockdowns, changes in consumer behavior, spikes in fuel costs and tensions among global trading partners have caused an unprecedented breakdown of the supply network.
Today’ s organizations need to take action to fortify the supply chain. But how to do it is still up for debate. Planning for future disruptive events, whatever they may be, isn’ t easy. Following are seven suggestions for manufacturers to consider.
Prioritize business continuity and cashflow. Before the pandemic, few would have anticipated that supply chain disruption could be so devastating to the global economy, or that a shipping container shortage could cause a cascading domino effect spanning the globe. Now we know. CEOs and their executive leadership teams are obligated to reexamine and make business continuity strategies a priority. Reliable financial analytics across the enterprise — including branches, plant assets, fleets, and inventory — are required. Disparate or siloed systems will make consolidating capital harder.
Understand risks. Continuity plans should cover potential issues from employee safety and workforce accessibility to inventory of raw materials and the ability to deliver goods and services to customers. Communications and connectivity are two cornerstone elements to protect. Such plans require one fully integrated enterprise resource planning ( ERP) application for full visibility. In addition, advanced analytics with built-in artificial intelligence and machine learning provide predictive abilities. Such advanced tools, along with a digital twin, will help leaders explore “ what-if ” scenarios and determine risk and potential impact, all necessary steps for planning courses of action in the face of an emergency.
Know your suppliers’ suppliers. It’ s no longer enough to be familiar with tier-one suppliers and the potential risk they might carry. Purchasing agents should have a complete picture of where and how resources originate, and routes associated with each step in the progression. Less than half of the companies in a recent McKinsey survey say they understand the location of their tier-one suppliers and the key risks those suppliers face. But only 2% have visibility into the third tier and beyond. That matters because many of today’ s most pressing supply shortages, such as semiconductors, happen in deeper supply tiers. Modern supply chain tools can track product through those tiers. A command tower which helps geo-track shipments and routes enables visualization of goods movements in real time.
Ensure traceability and accountability. Manufacturers should insist on relationships with shared information and accountability. According to a recent Bain survey, fewer than 15% of executives feel their current capabilities allow them to deliver traceability consistently. A majority of companies have started to build some traceability capabilities, but struggle to integrate them or consistently create value. Resiliency is impossible unless buyers, suppliers and other parties along a supply chain are willing to share data and collaborate. The Reuters report Where’ s My Stuff? suggests that businesses share sensitive data with partners by creating “ safe rooms ” where joint teams can analyze data, without the fear that competitive information can be accessed.
Balance sourcing. “ Don’ t put all of your eggs in one basket ” is the maxim that applies to the supply chain. Manufacturers need to build relationships with multiple suppliers in various geographies. Disruptions in the supply chain have rekindled interest in bringing suppliers, plants and warehouses closer to the end consumer. For many verticals, this is a challenge that will play out over years, with manufacturers needing to balance costs and reliability. When the supply chain planning tool is tightly integrated to the ERP and backend financials, companies can better grasp the financial impact of moving operations closer to the customer.
Throw out just-in-time delivery as the default strategy. This common lean concept has worked for decades, but the current disruption has proved that a just-in-time strategy for stocking the warehouse can leave manufacturers vulnerable. Safety stock that’ s set very low doesn’ t consider the mass interruptions that can occur. Automakers such as Toyota, Volkswagen and Tesla are stockpiling batteries, chips and other key parts. This also ties up capital, though, and consumes warehouse space, creating other challenges. The ideal solution is yet to be determined. Manufacturers will need to evaluate each part and component for its availability, risk, and alternatives. This isn’ t just a supply chain issue; it’ s also one of C-level strategy. Like most top-level strategies, it requires reliable analytics, easy-to-use reporting tools, and data-driven predictive insights.
Back to the drawing board. In some extreme cases, manufacturers might need to look to engineering to alter designs, specifying parts which are more readily available and from multiple sources. Again, integrated software tools make this type of strategic planning easier and more productive. Collaborative tools for communication between teams and advanced product lifecycle management ( PLM) applications help manage this type of product development, tracking milestones and testing, while documenting decisions.
The supply chain will continue to be in the spotlight as consumers, manufacturers and suppliers are forced to make compromises and adjust. The ideal answers might be slow to gel, but it’ s clear that manufacturers must take action or risk being caught with stockouts and cancelled shipments. While short-term solutions can help with some immediate needs, knee-jerk responses like stockpiling can be more detrimental than helpful. Companies must think through a holistic strategy that analyzes customer retention risks as well financial impact. C-level officers need to become engaged, helping to evaluate options, devise creative solutions and plan long-term strategies. The supply chain can’ t be repaired overnight, but getting started is essential. More black swan events can strike at any time.
Andrew Kinder is senior vice president of industry and solution strategy with Infor. | general |
Shoppers will stick with P & G products even if they're pricier, analysts say | Procter & Gamble Co. made a commitment to focus on “ product superiority ” four years ago and now the consumer products giant is reaping the reward of customer loyalty as a result, according to Truist Securities, which upgraded P & G to buy from hold in a Tuesday note.
Truist raised its price target to $ 175 from $ 165.
Analysts say that nearly every consumer staples company saw gains during the COVID pandemic, making it difficult to determine which were sustainable and which were temporary.
But as we head into a “ new normal, ” analysts say investors will be able to see P & G’ s
PG,
+0.78%
momentum and the stock will turn upwards.
P & G shares have slumped 7.2% for the year to date, and shares are up 16.7% over the past year.
The Dow Jones Industrial Average
DJIA,
+0.74%
is up 6.4% for last 12 months.
Read:
We calculated how much more gas is costing for every type of vehicle — see how yours stacks up
“ Roughly four years ago, the company set a goal to have 75% of its portfolio deemed technically superior to the competitive set. The thought being consumers would readily trade up to superior, higher-priced products if they could easily see the enhanced benefits of the product, ” Truist wrote.
“ We believe this strategy was a key reason why the company started to outperform pre-pandemic in terms of market share and top line growth. We also believe it created a stickier base of consumers, who are less willing to give up superior products to save a few cents. ”
P & G brands include Tide laundry detergent, Dawn dishwashing soap, Pampers, Bounty paper towel and Always feminine hygiene products.
Analysts note that growth of branded and premium products outpaced private label during the pandemic, which is also a positive for P & G.
“ We believe the combination of a technically enhanced portfolio, a more brand-centric consumer base and a strong economy in PG’ s major markets will enable the company to pass off the pricing needed to offset higher costs with less demand elasticity than in prior cycles, ” the note said. | business |
Patrick O’ Shaughnessy on Custom Indexing | What do Morgan Stanley BlackRock, Schwab, Vanguard, and Franklin Templeton have in common? They’ re all rushing into direct indexing, which is projected to grow at an annualized rate of more than 12% for several years. That’ s faster than ETFs, mutual funds, and separately managed accounts, according to Cerulli Associates.
In this podcast, Patrick O’ Shaughnessy, the founder of custom indexing platform Canvas and host of the well-regarded “ Invest Like the Best ” podcast, explains what’ s driving the trend and what it means for advisors and their clients.
Greg Bartalos: Patrick, welcome.
Patrick O’ Shaughnessy: Greg, thank you so much for having me.
Greg: My pleasure. Now there’ s a lot to cover and I’ m hoping, and assuming, that most of our listeners know what direct indexing is, but let’ s be safe and cover that. Can you provide a clear explanation of what direct indexing is and what custom indexing is?
Patrick: I was going to say, not to throw a wrench in the conversation right from the jump, but I do think that the difference between direct and custom indexing is important. So I’ ll address both. Direct indexing has been around for a very long time. Probably the earliest example of it is a firm called Parametric, which has been doing this since the ‘ 90s. And the concept is really, really simple. If you believe that the S & P 500, for example, is a good investment, a direct index version of the S & P 500 would be instead of buying the ETF or the mutual fund, you in a separate account for each client or each investor buy the underlying holdings of the S & P 500 so you’ re getting roughly the same exposure and you do tax-loss harvesting on top of that investment.
So you try to generate after-tax returns that are 1%, let’ s say, better than the S & P 500 itself. So, all you’ re doing is taking advantage of the fact that some stocks go down, others go up. The ones that go down, you sell some to generate a usable tax loss for the benefit of the investor, reinvest it in similar securities, have a similar diversification profile and so on. So really direct indexing in my mind is synonymous with this idea of tax-loss harvesting. For some reason it’ s a different name, but it’ s basically that core concept. Custom indexing, the thing that we’ re excited to have brought to the world with the Canvas platform, takes that quite a bit further. And custom is the operative word here, which is really to have tax-loss harvesting as a key part of what you do.
So always be trying to generate the best after-tax returns, but instead build an index that is completely customized to the individual investor based on their circumstances and their preferences. So what does that mean? Well, everyone’ s got a different tax situation. Everyone’ s got a different risk situation. Everyone has different preferences for the kinds of securities they might want to own more of, or less of. ESG might be one way of thinking about these emerging preferences. Everyone’ s a little bit different. And that’ s probably the number one thing that we’ ve learned launching Canvas is that most people that use the platform, 80% or so, do some tweak to their custom strategy that we haven’ t seen before. Meaning the DNA of their strategy is completely distinct and unique, sort of like a unique fingerprint or something. And we don’ t force them to do that.
So customization is being adopted very organically to adjust for all sorts of things from tax profile to ESG preferences to asset allocation, and strategy, and factor preferences. Our vision of the future is one where everyone has their own strategy that’ s tailored to them, which makes it easier to stick with, easier to adjust, and ride through changing times. And that’ s what we’ re excited about. But tax loss harvesting in direct indexing is a critical component of that. I would just say it’ s sort of the last generation of this same concept.
Greg: What’ s behind the rise of custom indexing? It’ s really fascinating how many firms are really just flooding in full bore. Not that long ago there was, I don’ t know if you want to say a lot of skepticism, but it wasn’ t crystal clear that this might happen at least to many. Not you certainly, but tell me what’ s behind the rise.
Patrick: If you study the history of investing writ large, it actually is a history of technology changes. If you, like me, were to view something like the limited liability corporation, as almost like a legal technology that unlocked all sorts of incredible things in the world of business and shared risk, you could argue that ( Jack) Bogle and the index fund were one such innovation that the mutual fund itself and commingled vehicles were another such innovation. And that really the march of investing technology or innovation has been towards better solutions for actual end investors. So, lower costs, better sharing of risk, more diversification. All the benefits that we’ ve seen come originally with the mutual fund, then with the index fund, then with direct indexing. This is just the natural next stage in that same evolution that it’ s enabled completely by software and technology.
So, the reason this is coming out of nowhere is that even three or four years ago, this would’ ve been basically impossible to do at scale. But with all the modern technology and software tools, we can have a situation where we’ ve got thousands of accounts and they all have their own unique, strategic settings that we have to maintain and rebalance and trade against, et cetera. And it’ s entirely because of what’ s enabled by software. So, I think this is just the natural progression in an era of progress that’ s dated all the way back to the first mutual fund. It’ s just providing a better solution to the end investor. So, what are the dimensions of better? It’ s return, obviously. It’ s risk. It’ s cost. I think Bogle’ s great innovation or realization was that cost matters and costs compound. So you want these things to be very low cost and tax-loss harvesting, or tax alpha, whatever you want to call it, is like a way of getting more dollars after tax back into the investor’ s pocket. So I don’ t think this is anything that interesting in the sense that it’ s just a continuation of trends that have been in place for a long time that are trying to deliver a better overall solution to the end investor.
Greg: Let’ s talk about custom indexing vis-a-vis ETFs. I believe you once asserted that custom indexing will unbundle the ETF. Can you speak to that? And to what extent? And what might be the timeline or trajectory?
Patrick: Sure. I just think it’ s very simple. If you buy that there are benefits of customization, meaning that people want to make tweaks to their strategy. They want to own more of a value factor or more of a momentum factor, or they want less of Europe in their portfolio for some reason or whatever the thing is that they want to tweak for whatever reason. If you buy that customization is good, then really the question is let’ s compare ETFs or fund structures to separate account structures. The benefits of an ETF are that there’ s big scale, right? So you can share the scale economy that’ s generated from a BlackRock or something and have much lower prices to access, say the S & P 500. So there’ s a scale advantage, and there’ s a tax advantage in a higher turnover strategy.
So if you put a pure momentum strategy behind an ETF wrapper, it’ s a much better tax consequence for the end retail, taxable investor, or taxable investor of any kind than if you did it in a separate account. The other end of the spectrum is that it’ s one size fits all. By definition, it’ s a commingled vehicle. So you can’ t make adjustments to an ETF strategy to map onto an individual investor’ s needs or not even an individual—a pension fund’ s needs. It could be any investor. There’ s no changing them. It’ s one size fits all. And there’ s potentially tax disadvantages, which I’ ll get to in a second at the very low turnover end of the spectrum, which is what tax loss harvesting was created to capture and deliver to investors again, but dating back to the 1990s.
So my concept of unbundling the ETF is if it’ s an ETF that has relatively speaking low turnover, which most of them do, and there are benefits of customization and technology allows separate accounts to not be that expensive, and they’ re not, like our marginal cost per separate account is extremely low, I would hope that we can get below a hundred dollars on an annual basis. So that the scale economy advantage from the operation side is if not totally gone, on its way out to a large extent. And the after-tax benefit of low turnover strategies with tax-harvesting is a real advantage versus a commingled vehicle. So I don’ t forecast that ETFs are going away. They’ re definitely not. They’ re great vehicles for tons of people. They’ ll be long-term holdings for tons of people, but we’ ve already seen in many cases our clients coming to us and saying, we have an allocation to the blank dividend ETF. Can you replicate the strategy?
Which of course we can. We’ re quants. And all the index methodologies are public. Usually we can improve the strategy from a factor standpoint and then unlock all these benefits of loss harvesting and customization on top of it. So I’ m not just guessing at this unbundling, like we’ ve literally had it be a major request and done it many times where we’ ve gone after the principle goal of, let’ s say it’ s dividends, we can design a better dividend strategy. And then you get these other benefits on top of it. So that’ s what I mean when I say unbundling is for low turnover strategies where customization can be powerful. Why wouldn’ t you go with a separate account and have your cake and eat it?
Patrick: Look, I’ m a firm believer that investors should do what they can stick with and what they understand. So the extent to which this creates some real or perceived complexity that the investor just doesn’ t get…sometimes there’ s tracking errors in these strategies, so your performance won’ t be the exact same as the S & P 500 every year, every quarter, every month. So if that’ s a problem, just buy the SPY and keep it very simple. I also think that the current limitations are real in the sense that we couldn’ t do this with a $ 10,000 account. We’ re getting there on being able to do it with a $ 100,000 account. Right now, our minimum is $ 250,000. So these are big accounts on average that we’ re doing it with today. That will change with technology though. That March is happening. There’ s no turning back on that. Fractionalized share trading, the low cost of trading at most brokerages, all of these things are nice complements to custom indexing. I would envision a world in which five years from now, to pick a random number, this is accessible to somebody in a lot of the same ways that has a $ 10,000 account. And we’ re working our way towards that.
Greg: Right. I know Fidelity with its FidFolios is coming out with a very low minimum. So it seems the trend will be lower over time.
Greg: Also, in terms of the growth, according to a report by Morgan Stanley and Oliver Wyman, direct indexing is expected to control $ 1.5 trillion in assets by 2025. That’ s roughly triple levels from 2020. So, the trajectory is pretty clear directionally.
Patrick: I think that’ s drastically understated. And the reason I say that is, first of all, these kinds of industry-wide surveys are almost never accurate. It’ s not the fault of the forecaster. It’ s just an unbelievably hard thing to forecast. There’ s so much going on that that leads into the actual outcome. But from our own experience, we’ re seeing firms that adopt this, first adopt it for like the most complicated client, let’ s say, someone with the most special needs, some unique problem to solve, some concentrated stock position that we need to help them manage out of, which is something that custom indexing can do uniquely well. And then as soon as they adopt it, it starts to then spread across the whole equity book of the RIA that we are working with.
And the adoption is not linear, right? This is not a linear trend. This is a major practice decision that many RIAs are making. In some cases we’ re seeing basically every new dollar of equity investments that comes through an RIA goes onto Canvas. And when you have a platform like that, that becomes just like a policy decision. I think that the assets can ramp much faster than you would draw out in sort of like a linear extrapolation, which I think is how a lot of these surveys are built. So I would expect the number to be extremely high across the industry.
Greg: Can you briefly talk about the creation of Canvas and the sale of O’ Shaughnessy Asset Management ( OSAM), which had $ 6.4 billion in assets under management, to Franklin Templeton?
Patrick: So much of my trust in business could be summed up by studying the Amazon Web Services story, which I’ m sure a lot of listeners will be at least somewhat familiar with, or they’ ll have heard of it. And the story is really simple, which is that Amazon has always been an incredible operations-focused business with an unbelievable underlying complexity to get us all the two-day shipping and the million other things that they do for us. And part of that was managing the digital side of the business. And they had built up incredible expertise in managing that for themselves. They even actually had a foray into potentially managing websites for companies like Target in their very early days that was ultimately abandoned. But what they realized with Amazon Web Services was, okay, we’ ve got a massive cost center that we can turn into a revenue opportunity because if we need all this servicing, for what we now call the cloud, to run our operations, why don’ t we offer that same thing as a product to other companies?
We studied that in depth because we had built up, like Amazon, a crazy amount of what I would call cost center technology at OSAM to run our quantitative equity, investment, and research process. So we’ d been around a long time managing many billions of dollars in active quantitative strategies, factor based. And I think the insight was wow. My joke was always, we’ d built the Death Star to shoot a mouse. Like we had built this incredible technology platform for research and trading and rebalancing and back testing and custom performance reporting and all this other stuff. And we had built all this tech and we were using it for one very narrow purpose. So the question became, what if we turned this over to our outside partners?
What if we gave them the keys to the Death Star so to speak and see what they did with it? And that’ s the conceptual way that Canvas was born. It was to say, we’ re using this for one reason. Let’ s see what other people might use our same toolkit for. And, what we found, as I said, is that they loved it. They started using it in all sorts of ways that we couldn’ t have imagined at the beginning. And it’ s proven to be very powerful as a result. So we built an initial web-based software platform that feels very much like building a Tesla online or something. So if you want to know what Canvas feels like to use, just go build a BMW or Tesla online. It sort of walks you through some very beautiful screens of software that are kind of easy to intuit and leads you through a whole bunch of different choices that you can customize as you build your unique strategy.
That’ s how it was born. At the end of 2019 is when we really started opening client accounts. It started to scale very quickly from no assets to over $ 2 billion in pretty short order. And we started partnering with firms that we had never even been able to get in the door with before, to be totally honest with you, because we were providing a platform holistic solution, not just a point solution as part of their portfolio. I think Franklin, to give them enormous credit, saw the potential in our platform. Obviously they bring ridiculous scale and resources that we just didn’ t have. We were, and are, a relatively small team of 40 to 50 people. They’ re a trillion and a half of assets and have a relationship with every investor in the world and crazy data and technology resources and a senior team that wants to win in this category. They bring a bazooka to a knife fight, so to speak, and they approached us with this idea for a partnership that we explored and consummated last year. And here we are today. It moved pretty fast, but Canvas was built on a decade’ s worth of software and technology that we had built for our own purposes, sort of in the spirit of that Amazon Web Services story.
Patrick: That sounds about right.
Greg: Let’ s pivot a little to investing. What are you seeing? What are investors looking for right now?
Patrick: This is going to be an unoriginal answer because I’ m sure everyone would say the same. With what’ s going on in the world, I think everyone is just incredibly mindful of risk right now. And that comes after a long period of time, even with the terrible, vicious, instant bear market we had at the start of Covid where we bounced back very quickly from it, even taking that into account markets have effectively been up and to the right. The right decision has been to put more risk on for a very long time. And the right decision in the face of any instability in markets has been to double down on risk yet again. And I think what we’ re seeing now is with inflation handicapping the Federal Reserve and what they can do to inject liquidity into the system with the inflation that’ s resulted maybe from the fiscal response from Covid, everyone is just wondering, are the things that made that true still gon na be true in the future?
And there seems to be a lot of instability in the world—geopolitical, markets, valuations are still arguably pretty high. So, the number one thing I hear on investors’ minds is how can we adjust for, or create, a lower risk strategy? For example, one of the most popular new things on Canvas has been to allocate to something that we call defense and stability. And the concept here is better downside protection, lower volatility strategies as a factor that you can bake into your Canvas strategy, if you’ re an investor. It’ s been popular, I think, because of the core idea, but also because it’ s done really through a period like this when there’ s been vicious drawdowns in expensive growth stocks and fairly muted small drawdowns in say like value, large cap equities, that are in the single digits still. This has not even really been a correction in those kinds of more defensive type stocks. So that’ s probably been the single most popular trend or theme. Again, I realize I’ m not saying anything unique or interesting there but that is what shows up in our data.
Greg: Right. Year to date the Nasdaq is down close to 18%, the S & P 500 about 12% ( as of March 14 when this was recorded). The Vanguard large-cap value ETF is down about four, 5%. So there’ s a real split there on the risk curve.
Patrick: And if you go one click deeper into the non-earning or no profit growth technology stuff, I mean it’ s down 40%, 50%, 60% in many cases.
Greg: I think the indexes actually are really concealing the amount of damage and pain that’ s out there. There is so much more hurt than people realize—well those who are feeling the pain well know—but if you look at how many let’ s say growthy names which have rich valuations on a conventional measure, so many are down 50% to 80%. I mean, dozens and dozens of stocks. It’ s pretty amazing. And a lot of them are very solid companies, too.
Patrick: I can’ t remember who said it, but I love the idea that there’ s no company so good that a bad valuation can’ t ruin its investment prospects. And I think we’ re seeing that play out. You price something at a hundred times earnings or a hundred times sales in many cases. It’ s hard to earn a good return from that starting point. And that’ s what we’ ve seen so far.
Greg: So one thing I was curious about. A lot of tech companies often score well on ESG. And what’ s really interesting with what’ s been going on in the market is that, as we mentioned, many tech stocks have gotten battered. And a lot of companies like oil stocks are doing exceptionally well. They’ re the only sector I think in the S & P 500 that’ s up this year. And even though coal companies are a tiny part of the economy I think spot coal prices are at a record high. So the interesting situation is that a lot of these ESG-friendly companies are suffering mightily. And a lot of the companies that aren’ t helpful for the environment are doing well. In terms of that tension, are people sticking to their guns with ESG? Are there people who are maybe abandoning their stated principles and saying, I’ m gon na go with oil stocks. Do you have any insight into that?
Patrick: The nice thing about having this platform is I don’ t have to guess at it. I just know the exact percentage of people that choose a given setting or don’ t. It’ s just objective. It’ s only about 15 or 20% of people that we’ ve seen. And we think we have a very good cross-section of styles of investors’ geography. We have a good sample size here, including lots of investors or advisors that we work with that are really focused on ESG. So it’ s only about 15% or 20% of our accounts that make active adjustments for something in ESG. It doesn’ t have to be oil in gas often. It is because of its relationship to climate, which is sort of the biggest ESG issue we see. But it could be around gender or social causes or whatever.
And the answer is no. We don’ t see or expect a ton of turnover of those settings as a result of what’ s going on in the world today. Because typically for those investors who are obviously a very vocal minority, meaning they care often very deeply about those settings. And in many cases, it’ s the single thing they care the most about in their portfolio. And I don’ t think those decisions change lightly.
Patrick: So I guess that would be my answer. It’ s a low percentage, but it’ s a very staunch low percentage. My guess would be they stick to their guns. I think it’ s an interesting question, much more interesting question and very much beyond my expertise or pay grade. Like, wait a minute. Does this mean that the best thing for ESG would actually be to pump more oil right now? I think that’ s a really interesting case to listen to and think about for the long term, the health of the country and of the world and of the climate and everything else. Like I said, it’ s way too complicated for me to wrap my head around, but an interesting question for sure,
Patrick: I would say there’ s one major one. It’ s the major insight that I think we’ ve had since we started this experiment which is that basically 100% of people that are taxable have some tax setting set up in their account in their strategy. And, the big revealed insight I would say is that that extends far beyond just loss harvesting. So we started the conversation by saying direct indexing equals tax loss harvesting. That sort of is the value proposition. What we’ ve realized is that there’ s tons of demand and value in other ways of managing taxes that aren’ t about generating losses. A very popular one is limiting gains. We have lots of people that say we want factor exposure, but factors generate gains, right? Like factors equal turnover and turnover equals taxes in the long run.
But we might see someone say, I want an X percent exposure to factor X, Y, Z, but I want you to limit my incurred capital gains to $ 100,000 or whatever it is, some raw dollar amount or percentage of the portfolio. And that is an extremely popular feature. It’ s not loss harvesting. It’ s a tax setting and limitation. Another one is, help me transition from portfolio A to the Canvas portfolio in the most tax friendly way possible. Again, usually you’ re incurring gains, not losses, as you do that, but there’ s an incredibly interesting way you can use technology to do that in a really effective way. Sometimes it’ s transitioned me away from a single stock that I own way too much of. And I don’ t want to go into an exchange traded fund. I don’ t want to do options or hedging strategies. I want to solve the problem permanently. So pair losses elsewhere in the portfolio with strategic gains taken in my Accenture stock or my Facebook stock or whatever, and make it a tax neutral transition. Those are just three examples that we have seen pulled out of us over and over again since we launched Canvas. So I would say that the trend is tax research and tax strategies that aren’ t necessarily just about losses and alpha, but are about other considerations, too.
Greg: I wanted to raise a couple of the concerns or criticisms. One is a behavioral aspect. A benefit of traditional indexing is that you’ re not going to be tempted to meddle or play with your portfolio too much. It’ s more set it and forget it, which often is often the right thing though maybe not perfect, but generally good. Tell me about the potential risk for that or that temptation to maybe get involved and make too many decisions where maybe it’ s no longer a productive thing. There might be a point of diminishing returns.
Patrick: I would appeal to some actual evidence that we’ ve seen so far. If you compare our churn or turnover—us getting fired—in our old active, high active share quantitative strategies to the same experience in the same period with Canvas, you see a drastic difference. So the Canvas accounts look much more like what I think you would see at like a Vanguard account or something, or a BlackRock account or a State Street account, which is fairly low turnover that these are kind of buy and hold-like investors and you see buy and hold behavior in lack of account liquidations or turnover or changing ETFs or whatever, which I think is kind of what you’ re asking about these behavioral changes or arguably mistakes. We just haven’ t seen that with Canvas like we do in a traditional active management business.
And I think that will remain true. I think there’ s even a case to be made that there is better behavior with a custom index than you would see with a S & P 500 ETF or something like this, because you can go in and make small tweaks, which we definitely have seen people do. And it seems to be that that is the stress response, not to liquidate the account and go to cash, but rather like, oh, I have too much Europe right now. Could we dial Europe down with a click of a button from 30% to 5% or 10%, whatever it might be. We’ ve seen that a good amount. And that seems to be their stress response behavior, which I would argue is good. It’ s good to stay invested for the most part in equities long term and not try to time things in and out.
And there’ s this sort of Ikea effect that I always call it, which is when people have a hand in building something, which they do in this case, they’ re choosing something that’ s tailored to them, they tend to value it more. It’ s like a version of the endowment effect. And so what we have seen so far in Canvas is unbelievably good behavior. And frankly, in our old business, we didn’ t always see that. Flows would follow performance. And when we had a bad run of performance, we would lose a lot of money. And when we had a good run of performance after the good performance, we would get a lot of money in flows from customers. I don’ t think there’ s any way around that in traditional active management. And we’ ve seen the opposite of that with Canvas. So hopefully that addresses that concern.
Greg: That point actually resonates. If you buy a fund actively managed or an index, it’ s very much transactional. It’ s really devoid of any emotional dimension or affiliation. It’ s simply trying to make money. And to your point with this, you’ re presumably investing in things that are near and dear to your heart. And therefore let’ s say you do underperform a little bit. It might not be that upsetting to the investor because they’ re not in it a hundred percent for the returns though of course they want to make as much as they can at the same time.
Greg: So I did want to ask you since we’ re getting a little bit near the end of the program to share an actionable idea, if you can, to help advisors better understand custom indexing and how it might be able to help their clients.
Patrick: So, hard not to give a self-serving one. But I do think this is one that you could do in a lot of different ways that we think we’ d be good at doing, but certainly wouldn’ t have to, which is to reorient yourself with what the factor profile of your investing accounts are. Because factors sort of went out of favor, specifically the value factor, my sense being in the industry was that people kind of stopped caring. They stopped thinking that factor profile, the valuation of your overall portfolio or the quality of your overall portfolio or whatever, whatever the underlying factors that you’ re interested in, didn’ t matter as much. And that what you were supposed to do is sort of ignore those things and that returns were driven by these outliers that could trade at whatever multiple for however long.
And I think we’ re going to see a return to caring about the underlying factor profile of a portfolio. And very often the very first step we take is to ingest everything that somebody owns, other funds, ETFs, single stocks, SMAs, whatever, combine them all and do an overall assessment of the factors in the portfolio. And very often what you see is a look of surprise on the other side, like I wouldn’ t have guessed that the overall thing looked a certain way and yet it does. Maybe that’ s not what I want or maybe it is what I want. I’ m doing a great job, but I do think it’ s an actionable thing that you can do, to say what do I really own here? Like, I own Amazon and I own Facebook and I own some railroad and whatever else, but what is the DNA of the portfolio and is that DNA aligned with what I believe about markets or the world? And I think that for advisors an especially great way to have a good productive conversation with a client or prospect is to frame it in terms of portfolio factors. And so that’ s the actionable mindset that I would suggest to go do that for your own portfolio or with a client and see what you really own,
Greg: Right. Almost like doing a physical from top to bottom.
Patrick: That’ s a very good analogy. Yes. I’ ll start using that. | business |
U.S. bonds: Treasury yields rise following Powell's remarks | The 10-year U.S. Treasury yield hit a multi-year high Tuesday as investors digested comments from Federal Reserve Chair Jerome Powell on rate hikes.
The yield on the benchmark 10-year Treasury note rose 6.2 basis points to 2.379% at 4:05 p.m. ET. The yield on the 30-year Treasury bond gained 6.7 basis points to 2.603%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The benchmark 10-year yield earlier in the session hit a fresh high of 2.392%, the highest level since May 2019.
Powell on Monday said, `` inflation is much too high, '' in a speech for the National Association for Business Economics
The central bank chief emphasized the Fed would continue to raise interest rates until inflation is under control, and that hikes could get even more aggressive than forecast.
`` 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, '' said Powell.
Some market participants raised their expectations for rate hikes following Powell's comments. Goldman Sachs on Monday upped its forecast to 50 basis point hikes at the May and June Fed meetings.
`` The tone and the message he's delivering is, 'we are going to tighten policy, ' '' Kathy Jones, chief fixed-income strategist at Charles Schwab, said. `` The more aggressive they are and the faster the folks of the Fed move, the more you get a flatter yield curve. ''
Here's how Carl Icahn is positioning for a possible recession in America
Buffett is paying a relatively cheap price for his biggest takeover in six years, analyst says
Europe's moving away from Russian energy — That could boost these electric vehicle charging stocks
On the geopolitical front, talks between Russia and Ukraine have so far failed to make progress. Ukraine on Monday rejected an ultimatum to surrender its besieged port city of Mariupol to Russian forces.
President Volodymyr Zelenskyy told Eurovision News that ultimatums won't work as trapped Ukrainians will `` fight till the end. ''
Investors are also keeping an eye on the spread of an omicron subvariant across Europe, along with China's worst Covid-19 outbreak since the beginning of the pandemic.
There are no major economic data releases slated for Tuesday.
An auction is scheduled to be held on Tuesday for $ 34 billion of 52-week bills.
— CNBC.com staff contributed to this market report. | business |
Will Russia-Ukraine conflict dent aviation recovery? Investment Monitor | The aviation sector was still recovering from the Covid-19 pandemic when it was hit by numerous challenges related to the Ukraine-Russia conflict.
By Sofia Karadima
The Russian invasion of Ukraine and the subsequent sanctions imposed upon the country have brought with them myriad challenges for the aviation industry, just as it was recovering from the crippling effects of the Covid-19 lockdowns.
The pandemic had negatively impacted the global revenue from full-service and low-cost airlines, according to GlobalData. The data shows that the industry enjoyed steady growth in the pre-pandemic years, but global revenues from full-service and low-cost airlines recorded a sharp decline in 2020, before showing signs of recovery in 2021 ( which still fell short of pre-pandemic levels).
This struggle to bounce back has been compounded by the sanctions and the air restrictions imposed both by and against Russia.
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Since the invasion of Ukraine commenced, Canada, the EU, the UK, the US and various other countries have banned Russian aircraft from their airspace. Russia has retaliated by banning 36 countries from flying through its skies.
The mutual sanctions and air restrictions have shaken up the aviation sector, leading to the cancellation or rerouting of flights, increased air ticket prices, higher fuel costs and issues with titanium sourcing, among other issues.
The combination of the sanctions and the air bans has forced several airline companies to either suspend or reroute their flights. Russia’ s flagship airline, Aeroflot, has announced it is halting all its international flights, except those to Belarus, and the country’ s second-biggest airline, S7, has also suspended its international flights.
Many non-Russian airlines are having to make diversions to avoid flying through Russian airspace, with some European companies cancelling their flights to Asia altogether. Finnish airline Finnair had initially cancelled its flights to Japan, China and South Korea but has since resumed journeys to Seoul, Tokyo and Shanghai, taking a route that avoids Russian airspace. Its flights to Osaka and Hong Kong are cancelled until late April.
The longer routes as well as the flight diversions have a significant impact on costs, including fuel prices the air tickets.
The Russian invasion of Ukraine has also affected oil prices. This will have a severe impact on the aviation sector, with fuel prices being hugely important for airline companies when it comes to operating costs.
Research from GlobalData states that “ rising fuel costs will impact the profitability of airlines, which are still recovering after the fall in demand resulting from the pandemic. Simply put, closed airspace means longer flight times, more fuel, more pilot hours, higher costs, and consequently higher fares. Higher fares could further impact the demand recovery. ”
The cancellation of flights, the longer routes, the higher fuel costs and rising inflation are only some of the reasons behind the increase in air ticket prices.
In fact, data from Google Flights shows that the prices of flights out of Russia are soaring following the sanctions.
As a result, Russians looking to travel to Europe are faced with often unaffordable prices for their tickets. This will also harm several touristic destinations that are favoured by Russian tourists. | general |
New York, London, Málaga? Shift to periphery is just getting started | Brexit has triggered a wave of relocations of bankers from London to other European cities, but Citi’ s recent decision to open a junior banker hub in southern Spain shows that a broader structural shift is underway.
Citi is initially aiming to staff its EMEA Junior Banking Analytics Group in Málaga with 30 staff who will be overseen by a couple of seniors drafted in from other offices. The move has less to do with Brexit than with challenging labour market conditions. It is part of a broader push by Citi to make itself a more attractive place to work.
The fact that Citi has chosen to do this raises two questions. Firstly, why are top tier investment banks suddenly struggling to hire and hold on to staff? And secondly, why is opening an office in a provincial capital on the European periphery part of the solution?
The obvious catalyst, other than Brexit, is the pandemic, which has prompted finance professionals to reconsider assumptions about their quality of life while also bringing to light the possibilities of remote work.
But Covid-19 was really only a trigger. The underlying forces pulling talented graduates away from banking and pushing bankers away from established centres of activity like Wall Street and the Square Mile will continue to have an impact long after the pandemic is over.
One of them is the high pay and perks on offer from tech giants like Google and Facebook. Another is the constant improvement in technology, which allows much more work to be done away from the office.
Of course, some activities will always need to be carried out by bankers working in close proximity with each other, but increasingly that is being done beyond the confines of a handful of historic financial districts.
Citi’ s initiative in Málaga shows that the firm believes it is realistic to build the critical mass necessary to carry out top class investment banking activity, albeit at a junior level, quickly and from scratch.
It depends on the type of business they are carrying out, of course. But there are other examples of bulge bracket banks zagging where others have zigged and planting roots in less conventional locations.
For instance, while most major firms have picked Paris as the centre of operations for their EU debt capital markets operations, JP Morgan is said to have sent securitization bankers to Madrid and Milan instead with the proximity of local clients in Iberia and Italy more than compensating for the distance from sales and trading desks in the French capital.
For Citi’ s junior bankers in Málaga, meanwhile, the cost of living will be a major advantage. In the coastal Spanish city, €2,500 per month will rent a 1,800 square foot three bedroom apartment in the historic centre. In Canary Wharf, the same amount would get you a 440 square foot studio. And that’ s before taking any personal tax advantages into account, or the weather.
Until now, banks have responded to junior bankers’ complaints with salary increases and other perks, but these will only go so far to offset the housing and cost of living crises that are bubbling up in London and New York. It makes sense for banks to be looking for more sustainable solutions, having had to throw money at analysts repeatedly to quell dissent over the past year and a half.
Citi’ s arrival is certainly a coup for Málaga, which has been looking to cultivate an image for itself as the ‘ Spanish Silicon Valley’ and will also soon host a Centre of Excellence of Cybersecurity built by Google.
Is it reminiscent, though on a smaller scale, of Miami, whose mayor Francis Suarez has been working hard, and with considerable success, to lure the blockchain scene away from San Francisco? Examples such as these will surely inspire the leaders of other second tier cities and convince them that they too can compete with their more storied, larger rivals.
The example of distributed ledger technology, by the way, is highly pertinent. This new innovation has at its heart a decentralising impulse that is driving a lot more than crypto asset bubbles. It would be unrealistic to assume that this widespread centrifugal force would bypass capital markets entirely.
The recalibration of global capital markets may not completely topple London and New York, but this wave of upheaval still has a long way to run. Bankers and other market participants should prepare for movement. | business |
Oil futures: Crude gives up earlier gains on EU sanctions uncertainty | Crude oil futures Tuesday were trading slightly higher on the day, having given up earlier gains amid volatile price swings and uncertainty about Europe applying further pressure against Russia by tightening sanctions.
Front-month May ICE Brent futures were trading at $ 116.21/b ( 1125 GMT), compared to Monday's settle of $ 115.62/b and Tuesday's earlier high of $ 119.48/b.
At the same time, May NYMEX WTI was trading $ 110.15/b, versus Monday's settle of $ 109.97/b.
`` In view of the actions of the Russian armed forces in Ukraine, which are increasingly targeting the civilian population, there is growing pressure on Europe to follow the US lead, '' said Carsten Fritsch of Commerzbank, referencing the US embargo on Russian energy.
However, only smaller European states, including Ireland and Lithuania, have so far backed oil sanctions against Russia. Major importers, such as Germany and Italy, are unlikely to support a full oil embargo given the reliance on Russia for energy needs.
According to Commerzbank figures, the EU is dependent on Russian oil for almost 30% of its crude imports, while Russian diesel can account for as much as 80% of net imports.
Russia warned that oil could surge to $ 300/b if the West bans Russian energy exports and said it could respond by closing a key gas pipeline to Germany.
Any EU-wide embargo would need the full support of its member, which analysts see as unlikely, but further'self sanctioning ' and tighter restrictions on finance and shipping could hamper Russian exports.
`` Energy markets have responded to political events in the near term through volatility. In the longer-term, trade flows will adjust, but prices are likely to remain elevated for some time, '' Russell Hardy, Vitol's CEO, said.
Covid concerns also remain in the background as China locked down Shenyang, an industrial city of 9 million people, while the country reported more than 4,000 new cases Tuesday. | general |
Singapore Minister Wong: We Won’ t Hesitate to Turn on Budget Tap | Singapore’ s Minister of Finance Lawrence Wong, who is in the running to become the city-state’ s next prime minister, offered assurances on the economy Tuesday.
« We will certainly not hesitate to do more, whether through fiscal or monetary policies, to make sure that we keep this economy steady, or stabilize prices and do everything we can to help households, businesses and workers, » Wong said at the Singapore APEX Business Summit in Singapore.
The summit was a hybrid live-online event, as Singapore cautiously moves into the endemic phase of its Covid response.
Budget Guns
Since Covid descended in late 2019, Singapore has rolled out the big budget guns.
Total special transfers in the Singapore budget, comprising one-off transfers to businesses and households were S $ 7.9 billion in fiscal 2021, down from S $ 50.8 billion in fiscal 2020, as allocations to the job support program fell significantly, according to a report from Fitch Ratings in February.
The budget for 2022 included S $ 500 million for the Jobs and Business Support Package with payments to workers and businesses, and targeted aid for sectors hard-hit by Covid, such as aviation, and around S $ 560 million in household support packages to help Singaporeans with daily expenses. Singapore’ s population is currently just under 6 million.
Prudent Finances
Singapore has historically taken a prudent approach to its budget, and has carefully managed its accumulated reserves, of which it tapped around S $ 40 billion for its Covid-related spending.
Indeed, Wong noted that « sound and stable finances » were a key to Singapore’ s success.
« If Singapore gets into a recession, if there are any future shocks, we will always have the fiscal firepower at our disposal to respond quickly and swiftly. So we should always uphold this same mindset of fiscal responsibility and stewardship, » Wong said.
More Volatile World
Wong’ s assurance the government would continue to bolster the economy came after he acknowledged the world had become « more dangerous, troubled and volatile. »
« In the short span of two years, we 've had Covid. And now we have another event, which was the invasion of Ukraine by Russia, which is now the largest war on European soil for almost eighty years, » Wong said. « The established international order of the post-cold war era that began with the fall of the Berlin Wall has been shaken. So we are likely entering a new world order, which could very well be less hospitable for small countries like Singapore. »
Semiconductor Disruption?
In addition to citing higher food and energy prices and further supply chain disruptions due to Russia’ s invasion of Ukraine – which he noted could spur stagflation, or high inflation combined with a stagnant or contracting economy – Wong also pointed to Ukraine’ s production of 50 percent of neon gas globally, a key input in the production of semiconductor chips. Chips have already faced supply chain upheaval due to Covid, which has hampered production of a wide variety of products, from cars to gaming consoles to toys to computers.
Singapore’ s semiconductor industry accounted for 20 percent of global semiconductor equipment output, including computer chips, according to a U.S. Department of Commerce article from mid-2020. | general |
Azerbaijan confirms 34 more COVID-19 cases, 145 recoveries | Azerbaijan has detected 34 new COVID-19 cases, 145 patients have recovered, and sevem patients have died, Trend reports citing the Operational Headquarters under Azerbaijani Cabinet of Ministers.
Up until now, 791,545 people have been infected with coronavirus in the country, 781,202 of them have recovered, and 9,666 people have died. Currently, 677 people are under treatment in special hospitals.
To reveal the COVID-19 cases, 2,741 tests have been carried out in Azerbaijan over the past day, and a total of 6,671,287 tests have been conducted so far.
Some 92 people were vaccinated against COVID-19 in Azerbaijan on March 22, Trend reports referring to the Operational Headquarters under the Azerbaijani Cabinet of Ministers.
The first dose of the vaccine was injected into 4 citizens, the second one to 20 citizens, the third dose and the next doses to 67 citizens. Some 1 citizen was vaccinated with a booster dose after a positive test result for COVID-19.
Totally, up until now, 13,368,581 vaccine doses were administered, 5,319,393 citizens received the first dose of the vaccine, 4,814,504 people - the second dose, 3,010,364 people - the third dose and the next doses.
Some 224,320 citizens were vaccinated with a booster dose after a positive test result for COVID-19. | general |
Official: India sequencing 20pct of international flyers’ positive samples | India is sequencing 20 percent of all Covid-positive samples collected from international passengers, an official from the department of biotechnology told TOI, Trend reports. He said currently, there are no specific countries India has listed for priority genome sequencing, which is done to track circulating and emergent variants of SARS-CoV-2.
Confirming this, Samiran Panda, additional DG of ICMR said, “ Currently, there are no country-specific instructions for prioritising genome sequencing of international travellers arriving from particular countries. But a fixed number of positive samples, from all international travellers, is being sent to the INSACOG lab network. ”
Some countries in Europe and Asia are seeing surges involving the BA.2 sub-variant of Omicron. A scientist from the ICMR-NIV said, “ Among the samples being sequenced, we get to mainly see the BA.2 subvariant of Omicron. The BA.1 is also in co-circulation in some states in India. ”
He added, “ Among the samples being analysed for emerging variants, 20 percent are drawn from international arrivals who have tested positive for Covid. ”
Analysis of data from sickened international arrivals is key as there has been an overall drop in samples being collected for sequencing, due to the fall in Covid cases.
For samples drawn from the community ( of individuals without travel history), only those with a cycle threshold ( CT) value of less than 25 are prioritised. There is no such requirement for samples drawn from international travellers or their close contacts. But samples that fit this CT value rule have become scarce due to decline in cases.
Experts, meanwhile, have said a new surge involving Omicron’ s BA.2 is unlikely to happen in India as it has already reported the subvariant in January-February.
“ The only concern now is there should not be a new variant. So sequencing of samples should not stop, ” said microbiologist Dr Rajesh Karyakarte, one of the microbiologists involved in INSACOG lab network. | general |
Reforms in I-T Dept resulted in record collection: CBDT chief | Reforms undertaken by the government within the Income Tax department and the “ strengthening ” of the Indian economy are among the major factors that led to the highest-ever direct tax collections in the country, which stand at over Rs 13.63 lakh crore, CBDT Chairman JB Mohapatra has said, Trend reports citing The Tribune.
He said apprehensions about the state of the economy, battered by the Covid spread, were belied as it “ did so well and the corporates came out so well ( in paying taxes) ” during the current financial year 2021-22.
Mohapatra exuded confidence that the direct tax mop up, which primarily includes personal income tax and corporation tax revenue receipts, will continue its present streak and the department will be able to successfully chase the target of collecting Rs 14.20 lakh crore in taxes in the next fiscal.
The Central Board of Direct Taxes ( CBDT) is the administrative body for the I-T department and according to its March 17 announcement, direct tax collections ( as on March 16) in India broke all previous records.
The CBDT chief listed the reasons that he believes led to the record collections. “ First is the strengthening of the Indian economy. The better the economy, the better is the tax mop up, which is happening right now. Second reason will be the reforms undertaken across departments having an effect on the tax department’ s own collection numbers, ” he said.
There are policy measures that have been taken over a period of time, in the budget or outside the budget, and are now giving the “ rebound effect ” or dividends, Mohapatra said. “ The third reason, I would say, will be the reforms within the department... which have been continuous in the last four years, ” he said. | general |
Oil futures: Crude turns negative, gives up earlier gains on EU sanctions uncertainty | Brent futures Tuesday were trading slightly higher on the day, having given up the earlier sharp gains amid volatile price swings and uncertainty about Europe applying further pressure against Russia by tightening sanctions.
Front-month May ICE Brent futures were trading at $ 115.73/b ( 1830 GMT), compared to Monday's settle of $ 115.62/b and Tuesday's earlier high of $ 119.48/b.
At the same time, May NYMEX WTI was trading $ 109.55/b, versus Monday's settle of $ 109.97/b.
`` In view of the actions of the Russian armed forces in Ukraine, which are increasingly targeting the civilian population, there is growing pressure on Europe to follow the US lead, '' said Carsten Fritsch of Commerzbank, referencing the US embargo on Russian energy.
However, only smaller European states, including Ireland and Lithuania, have so far backed oil sanctions against Russia. Major importers, such as Germany and Italy, are unlikely to support a full oil embargo given the reliance on Russia for energy needs.
According to Commerzbank figures, the EU is dependent on Russian oil for almost 30% of its crude imports, while Russian diesel can account for as much as 80% of net imports.
Russia warned that oil could surge to $ 300/b if the West bans Russian energy exports and said it could respond by closing a key gas pipeline to Germany.
Any EU-wide embargo would need the full support of its member, which analysts see as unlikely, but further'self sanctioning ' and tighter restrictions on finance and shipping could hamper Russian exports.
`` Energy markets have responded to political events in the near term through volatility. In the longer-term, trade flows will adjust, but prices are likely to remain elevated for some time, '' Russell Hardy, Vitol's CEO, said.
Meanwhile, Saudi Arabia's cabinet highlighted Tuesday `` the essential role '' of the OPEC+ agreement in bringing balance and stability to oil markets, which was seen as an endorsement of current policy.
Covid concerns also remain in the background as China locked down Shenyang, an industrial city of 9 million people, while the country reported more than 4,000 new cases Tuesday.
Also on the backburner, Chevron was reported to have stepped up its lobbying for the Biden Administration to allow waivers on sanctioned Venezuelan oil. | general |
Blockchain drives transparency in the supply chain | Adopters face marketing, data and governance challenges before they can reap the technology's full benefits.
Editor's note: This article is the latest in a series that looks into the ways supply chains, warehouses and manufacturing facilities are investing in technology. Here's the previous story.
While blockchain is often talked about in relation to cryptocurrency ( and grabs headlines for it), it’ s already being used in supply chains to create greater visibility and transparency.
`` If you think of supply chain today, and the volume of paper and faxes and email and data exchanges and phone calls that actually support the process, it seems pretty obvious that if you could get enough people to streamline those things using a common system and a common application, you could get a whole lot of value out of that process, '' said Scott Buchholz, emerging technology research managing director at Deloitte.
In `` Innovation Driven Resilience, '' the 2021 MHI Annual Industry Report, MHI and Deloitte surveyed more than 1,000 supply chain professionals worldwide about innovation investments in the supply chain. They found that 10% of companies surveyed plan to invest in blockchain and distributed ledger technologies in the next three years. They also found that 12% have blockchain in use today, and 41% predict it will be in use within the next five years.
While the usefulness is already being seen in areas like grocery and luxury goods, blockchain — and that level of true transparency — is not an easy sell. As the technology grows, though, it may change the definition of visibility in supply chains altogether.
Blockchain gained footing in grocery, where knowing the source of a product can be a matter of life or death. The technology is allowing retailers to quickly pinpoint the source of outbreaks of pathogens like E. coli.
Walmart, which uses IBM’ s blockchain platform, says it can trace the source of mangos in one of their stores in 2.2 seconds. Before, they would need six days. Not only does blockchain help a retailer know quickly where the outbreak started, but it also means that they know which food items need to be destroyed, and what can stay on the shelves.
While that’ s important for consumer safety, if grocers allow consumers to access blockchain via a QR code, it can also give grocery stores a marketing leg up.
`` You see coffee beans on the self and via a QR code you can see these coffee beans came from this location during this kind of activity. It gives you a story line, '' said David Furlonger, vice president and Gartner Fellow in Gartner's CEO and Digital Business Leaders research group.
Blockchain has also found footing in luxury items, especially those where customers seek authenticity.
Hong Kong-based jeweler Chow Tai Fook sells diamonds certified by the Gemological Institute of America and that meet the requirements of the United Nations’ Kimberly Process, which means they’ re ethically sourced. They use blockchain to digitize their diamonds’ certifications. `` That’ s how we protect our customers, '' Jade Tin Hei Lee, general manager of business analytics and technology applications at Chow Tai Fook Jewellery Group, told Deloitte for their `` Tech Trends 2022 '' report. `` With blockchain, they have full transparency into the journey and the quality of their diamond. ''
For blockchain to work across the supply chain, everyone involved must add information about products to it, and make that information accessible to everyone else. `` Not all organizations feel comfortable sharing data with others, '' said Arthur Carvalho, assistant professor of information systems and analytics at the Miami University Farmer School of Business.
Blockchain also faces the challenge of governance, he added, and must work through various basic questions. Who is going to own the blockchain system? Who will pay for it? And when the blockchain owner wants to make an upgrade, how does that work and how can that be coordinated across every single vendor in the supply chain?
A company like Walmart can implement blockchain — like it did for 2019 for suppliers of fresh leafy greens — because of their dominance in the market. A vendor could say no, but then they could lose Walmart as a customer. `` Walmart has so much power and leverage and influence that they can go down to farmers and packers and say please adopt my system, '' said Carvalho, and also provide software and subsidies to adopt it.
Successful use cases can build confidence in the technology, and lead to its adoption in other areas, said Buchholz.
`` There will be waves of adoption that start with things like high value jewelry or high spoilage items like food, and work their way down as costs come down and standards get adopted, he said. `` If you look at the history of adoption, it starts somewhere and grows from there. ''
This story was first published in our Operations Weekly newsletter. Sign up here.
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Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
The retailer's acquisition of a middle- and final-mile carrier as the COVID-19 pandemic took hold has allowed it to take more control over its delivery process.
Heightened demand put Amazon's distribution buildout into overdrive. To speed up delivery and limit costs, it will have to invest more.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Low capacity and vessel delays are here to stay, industry insiders said at the TPM22 conference in Long Beach, California.
Both retailers leaned on their scale to get goods on shelves and keep prices low, at least relative to the industry.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more. | general |
Covid Cases Are Spiking Again. Here Are the Trouble Spots. | A Covid-19 testing site in El Paso, Texas.
Paul Ratje/AFP via Getty Images
Expectations of a post-Omicron pandemic lull are fading this week as a new surge in parts of Europe is increasing worries that yet another bump in cases could hit the U.S. this spring.
It’ s a reversal from just weeks ago, when public-health officials generally projected a period of relatively low cases after the Omicron wave, and officials suggested that the acute phase of the pandemic could be ending.
The number of new daily cases is still falling nationally, down from over 800,000 a day on average in mid-January in the U.S. to less than 30,000 a day in mid-March. The number of people hospitalized is down as well, and the count of coronavirus cases in intensive-care units in the U.S. is at its lowest point since tracking began.
In some parts of the U.S., however, the improvements of the past few weeks seem to be beginning to reverse. While the increases in new cases aren’ t dramatic and come from relatively low levels, they offer disconcerting hints that the coming weeks could see a broader upsurge.
New cases are up 29% over the past two weeks in Nevada, according to a New York Times
tracker
, while the statewide increase in New York is 21%. In Arkansas, cases are up 18%.
In New York City, hit earlier and harder than the rest of the country when the Omicron wave landed in late December, cases are up 47% over the past two weeks. The rolling seven-day average number of new daily cases in the city as of Monday was just over 1,000, according to the
Times tracker
. That is just a fraction of the 40,000 new daily cases recorded at the early January peak of the Omicron wave, but it is up from the roughly 650 the city was recording in early March.
One driver of the case increase in the U.S. is thought to be the spread of a subvariant of Omicron known as
BA.2
. In the U.S., the CDC estimates that 23.1% of Covid-19 cases were caused by BA.2 in the week ended March 12, up from 14.2% the previous week. In the U.K., where new cases are up 72% over the past two weeks to their highest level since the start of the pandemic aside from the Omicron wave, 76.1% of sequenced infections were caused by BA.2, according to a March 18
report
.
also read
Moderna Plans to Develop a 3-in-1 Vaccine
New York state’ s commissioner of health, Dr. Mary Bassett, said at a press conference on Monday that she doesn’ t expect a BA.2-driven surge in New York. “ We have seen some small relative upticks across the state, ”
Bassett said.
“ At this point, even with the rise in cases…we don’ t expect to see a steep surge in cases in New York state. ”
Bassett said that BA.2 hasn’ t grown in New York as quickly as it did in the U.K. She encouraged New Yorkers who have not received a booster dose of a Covid-19 to get one, and for eligible children to be vaccinated.
In Clark County, Nevada, which includes the city of Las Vegas, cases are up 62% over the past two weeks. In Wayne County, Michigan, which includes Detroit, cases are up 75% over the past two weeks.
Monitoring of wastewater in the U.S. for signs of Covid-19 infections, a tool that has drawn increased attention in recent weeks, is showing upticks in a number of large sewage systems. According to a Centers for Disease Control and Prevention
dashboard
, the number of monitoring sites showing the steepest increases in virus levels is up 33% over the past week.
Levels are up in the large wastewater systems serving San Diego, Calif., parts of Minnesota, and parts of New York. They’ re also up in some of those serving Miami-Dade County in Florida.
Speaking on ABC’ s
The Week
on Sunday, President Joe Biden’ s chief medical adviser, Dr. Anthony Fauci, said an increase in cases is likely in the U.S., but that another surge isn’ t a foregone conclusion.
“ The bottom line is we likely will see an uptick in cases as we’ ve seen in the European countries, particularly the U.K., where they’ ve had the same situation as we’ ve had now, ” Fauci
said
. “ Hopefully, we won’ t see a surge. I don’ t think we will. The easiest way to prevent that is to continue to get people vaccinated. And for those who have been vaccinated, to continue to get them boosted. ”
Write to Josh Nathan-Kazis at
josh.nathan-kazis @ barrons.com | business |
Biden, Allies to Unveil More Sanctions on Russia at NATO Summit | President Joe Biden and NATO allies will announce additional sanctions on Russia when they meet in Brussels later this week, national security adviser Jake Sullivan told reporters on Tuesday.
Biden travels to Europe on Wednesday to attend an emergency summit of the North Atlantic Treaty Organization and talk to the G-7 and European Union Council in Brussels. He is scheduled to meet with Poland’ s President Andrzej Duda and American troops in Warsaw on Friday.
Sullivan didn’ t provide details on the sanctions except to say they would be
announced jointly
and would be a combination of new actions and a crackdown on sanctions evasion.
The summit and other meetings will focus on joint actions on European security and the continued international humanitarian response to the Ukrainian refugees. Officials have raised concerns about the possibility of Russia using chemical weapons. Summit attendees are also expected to talk about ways to
keep the pressure on China
not to aid Russia
Biden
said
Tuesday that Russian President Vladimir Putin “ was counting on being able to split NATO. … I can assure you: NATO has never been stronger or more united. “
On Monday, the White House warned about the potential for Russia to conduct cyberattacks against the U.S. based on evolving intelligence. Federal agencies met with more than 100 companies last week to share resources and tools to help them tighten their security.
In response to reporters’ questions on Tuesday, Sullivan said there are currently no plans to deploy additional U.S. troops to Europe and that no U.S. troops are currently training Ukrainian forces or in Ukraine.
“ This war will not end easily or rapidly, ” he told reporters at White House briefing.
Biden is traveling to Poland because it has taken on the biggest humanitarian role with millions of Ukrainian refugees crossing over its border. It now has to contend not only with the war in Ukraine but with Russian troops in next-door Belarus.
White House press secretary Jen Psaki will not be traveling to Europe with Biden after
testing
positive for Covid-19 on Tuesday. Psaki had “ two socially distanced meetings ” with Biden on Monday, who tested negative for Covid-19 on Tuesday. Psaki previously tested positive in late October 2021.
Ukrainian President Volodymyr Zelensky on Tuesday tweeted that he spoke with Pope Francis and with Canadian Prime Minister Justin Trudeau.
“ Told His Holiness about the difficult humanitarian situation and the blocking of rescue corridors by Russian troops. The mediating role of the Holy See in ending human suffering would be appreciated, ” Zelensky
said
. He told Trudeau about Russia’ s recent shelling of civilian infrastructure,
“ the humanitarian catastrophe ”
in Mariupol, and the importance of “ effective security guarantees ” for Ukraine.
Write to Janet H. Cho at
janet.cho @ dowjones.com | business |
White House press secretary Psaki tests positive for COVID, says no close contact with Biden | White House press secretary Jen Psaki said in a statement Tuesday that she tested positive for COVID-19, so she won't be joining President Joe Biden on his trip to Europe this week. Psaki said she had `` two socially-distanced meetings '' with Biden on Monday, and the president is `` not considered a close contact as defined by CDC guidance '' and has tested negative on Tuesday. Psaki, who said she has only mild symptoms, previously
had COVID in October
. | business |
China property developers, Evergrande, can't release earnings on time | A slew of Chinese real estate developers said this week that they are either not able to release their financial results on time or have yet to set board meetings for them.
Among them is troubled property developer Evergrande which shook investment markets last year as a result of its debt crisis.
The developers gave a variety of reasons for not being able to do so.
In a filing to the Hong Kong exchange on Tuesday, Evergrande said that due to the `` drastic changes '' in its operational environment since the second half of last year, its auditor added `` a large number of additional audit procedures '' this year.
Coupled with `` the effect caused by the Covid-19 outbreak, '' Evergrande will not be able to publish results by the end of March for its year ended Dec. 31, 2021, it said in the filing.
It said that it will publish the audited results `` as soon as practicable '' after the audit is completed.
Late Tuesday, another major developer Kaisa also said in a filing that it would not be able to publish earnings by Mar. 31, as the audit hasn't been completed due to a recent Covid lockdown in Shenzhen. Due to this delay, its shares will halt trading from April 1, it said.
Other developers said the resignation of auditors meant they could not issue their financial year ( FY) 2021 earnings on time, according to Japanese bank Nomura.
Developer Ronshine said Monday that PricewaterhouseCoopers ( PwC) has quit, citing insufficient time for the audit as well as the Covid resurgence in China as two main reasons for the resignation.
In the past two months, developers such as Aoyuan, Shanghai Shimao and Hopson also announced change of auditors.
`` When developers change auditors ahead of their full-year results season, it typically raises red flags regarding potential auditing issues and should lead to serious market concerns about the trustworthiness of their financial numbers, '' Nomura said in a Monday note.
As of Monday, nine property developers have yet to announce the dates of their FY2021 board meetings, Nomura noted.
The likelihood of more developers being unable to release their results on time is rising, Nomura said, considering that listed firms need to announce their board meeting dates at least seven working days prior to their actual results dates – which are set to be 31 March by the latest.
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`` Even if developers manage to issue their FY21 results on time, we expect qualified opinions and weak results in general ( squeezed margins, declined profit and reduced dividend payout for FY21-22F) for the sector in the coming two weeks, which should further weigh down the sector's share prices, in our view, '' Nomura said.
Property sales of leading developers continued to plunge this year, according to Nomura data. Evergrande's sales have fallen more than 90% year-on-year in this first two months of this year, Shimao tumbled by 60% in the same period, and Sunac fell by 26%.
Investor confidence was boosted in mid-March when China signaled support for Chinese stocks, and indicated that authorities would work toward stability in its struggling real estate sector. That sent markets in Hong Kong soaring last week, including property stocks.
However, real estate shares have struggled for direction since, wavering between gains and losses.
Shares of major real estate developers such as Shimao, Sunac, Evergrande and Country Garden are still generally hovering below the lows that they plunged to after the Chinese real estate market was hit by a debt crisis last year after the government moved to tame debt.
Evergrande's problems came to a head after the authorities rolled out the so-called `` three red lines '' policy last year, which started to rein in developers after years of growth fueled by excessive debt. The policy places a limit on debt in relation to a firm's cash flows, assets and capital levels.
As the debt crisis unraveled, other Chinese real estate developers also started showing signs of strain – some missed interest payments, while others defaulted on their debt altogether.
However, China signaled it could start easing late last year, as it seeks to boost slowing economic growth in the face of pandemic challenges.
When Beijing set a GDP target of around 5.5% for this year, leaders also spoke of plans for more economic support for businesses. | business |
World's cleanest air in U.S. Virgin Islands, New Caledonia: IQAir | More than 4 million people die each year due to outdoor air pollution, according to the World Health Organization, a leading global network of public health experts.
Air particulates with a diameter of 2.5 microns or smaller can penetrate the lungs and enter the bloodstream, causing damage to the cardiovascular and respiratory system. They can even `` provoke '' stroke, lung cancer, and chronic obstructive pulmonary disease ( COPD), the WHO says.
To avoid these pollutants, the best places to live are islands like New Caledonia, the Virgin Islands and Puerto Rico. The worst? Inland cities in Central and Southern Asia.
That's according to a Tuesday report from IQAir, a Swiss company that makes air purifiers and clean air monitors. It's also collaborated with the United Nations on a global map showing air quality, among other projects.
For the report, IQAir analyzed fine particles measuring 2.5 microns or smaller in diameter, at its air monitoring stations in 6,475 cities. The measurements came exclusively from air monitors on the ground, not via satellite, as is sometimes done. Only only 13 out of 54 countries in Africa have sufficient public air quality monitoring data to be qualitatively ranked, and some countries in the Latin America and Caribbean regions didn't have sufficient ground level air quality data to be measured, either.
Of the cities measured, the ones with cleanest air are Noumea, New Caledonia; Charlotte Amalie, U.S. Virgin Islands; San Juan, Puerto Rico; Canberra, Australia; and Saint George's, Grenada.
The top five countries or territories, ranked by annual average of fine particulate concentration weighted by population, are the U.S. Virgin Islands, New Caledonia, Puerto Rico, Cape Verde and Saba.
The worst cities measured were New Delhi, India ( for the second consecutive year); followed by Dhaka, Bangladesh; N'Djamena, Chad; Dushanbe, Tajikistan; and Muscat, Oman. These are ranked by the average annual concentration of the fine particulates with a diameter of 2.5 microns.
The worst countries are Bangladesh, Chad, Pakistan, Tajikistan and India.
In the United States, the most polluted major city is Los Angeles, even as the level of PM2.5 pollution in Los Angeles decreased 6% in 2021 compared to the year prior, the report said.
While Los Angeles and Miami improved their air quality measurements last year, Atlanta and Minneapolis saw significant increases in pollution, the report found.
Air pollution in the U.S. comes from widespread wildfires and from the economy opening up a bit after the Covid-19 pandemic.
`` This report is a wakeup call, revealing how people worldwide are denied access to clean air, '' Avinash Chanchal, the campaign manager for Greenpeace in India, said in a written statement released alongside the report.
Air pollution is generated by burning fuels including coal, oil and fossil gas and agricultural activities, Chanchal said. Renewable, clean power and quality public transportation will both help cleaning up the air.
`` Solutions to air pollution are also solutions to the climate crisis, '' Chanchal said. `` Breathing clean air should be a basic human right, not a privilege. ''
In 2021, the WHO cut its guidance for the recommended levels of fine particular matter in the air. Before 2021, the WHO used to say the acceptable levels of air pollution was 10 micrograms of gaseous pollutant per cubic meter of ambient air, or 10 µg/m3. Now, it recommends 5 µg/m3. | business |
Traders bet the Fed will raise rates by 50 basis points in May, June | In this article
Traders are betting Federal Reserve Chair Jerome Powell's tough inflation talk means the central bank will step on the gas to drive up interest rates even faster than expected just last week.
In the fed funds future markets, odds are rising that the Federal Reserve will become more aggressive and raise interest rates by 50 basis points — or a half-percent — at each of its next two meetings. According to the CME FedWatch Tool, the probability is better than 70% that the Fed reaches 2.25% by the end of the year.
Powell surprised the market when he spoke at the National Association for Business Economics on Monday. He said that `` inflation is much too high, '' adding that the central bank `` will take the necessary steps to ensure a return to price stability. '' Fed funds futures for May and June have moved higher, as they did across the rest of the year and into 2023.
Ralph Axel, a rates strategist at Bank of America, said there are now 1.184 basis points or 4.7 additional quarter-point rate hikes priced into fed funds futures by July. `` There's a 73% chance of a 50 in May, and a 63% chance of a 50 in June, '' he said. The July futures are priced for a quarter-point move.
The market is pricing in more rate hikes than the Fed presented in its own forecast last week. The central bank raised rates by a quarter-point last Wednesday and released its forecast for six more 25-basis-point rate hikes by the end of the year. A basis point is equal to 0.01%.
Powell said Monday that the Fed would be tough on inflation. He said that, if necessary, he supported an even faster pace of interest rate increases, with the possibility for rate hikes that are larger than 25 basis points. ''
The Fed chief acknowledged that central bank officials and many economists `` widely underestimated '' how long inflationary pressures from Covid would last. He said those pressures were made worse by the war in Ukraine, which has driven the price of oil and other commodities sharply higher.
`` Powell basically came out and hammered that point home. We're under a single mandate now, at least until further notice, '' said Blake Gwinn, head of U.S. rates strategy at RBC. `` It's all about inflation right now. They basically expressed a large willingness to overlook any kind of growth data, employment data while they're battling inflation. ''
Goldman Sachs economists late Monday boosted their forecast to include half-point hikes in both May and June and four more quarter-point hikes for the rest of the year.
The market now expects the Fed to reach a high end rate, or terminal rate, before it stops the tightening cycle. According to the futures market, the fed funds rate is expected to reach 2.75% to 3% by September 2023.
`` The terminal rate has been skyrocketing, '' in the futures market, said Wells Fargo's Michael Schumacher.
Schumacher said that after peaking, the futures begin to show expectations for the fed funds rate to drop. It reaches the level of a first quarter-point rate cut by June 2024. The futures show the rate flattening out to 2% into 2025.
`` You can ask yourself will they walk this back like they did in March, or are they going to roll with it? '' said Axel. He said the market has priced a tightening cycle that follows the pattern of the one in 2017 through 2018, which was then followed by three cuts in 2019.
`` It's been a fast-forward of a full cycle, '' said Axel. `` You look at all the hikes priced in then all the cuts. ''
The Treasury market has also moved sharply to reflect higher interest rates and an inflation-fighting Fed. The two-year note, which most reflects Fed policy, was yielding 2.16% Tuesday, and the 10-year note was at 2.37%.
`` The change in tone and the inflation reality have both gotten more challenging in the last few weeks. The market moves are just incredible. There's truly been no place to hide, '' said Schumacher. | business |
Fixing the Broken Supply Chain Requires a Paradigm Shift | COVID-19 has taught manufacturers a bitter lesson. The global supply chain doesn’ t adjust well to unexpected or unusual incidents — so-called black swan events. Extended lockdowns, changes in consumer behavior, spikes in fuel costs and tensions among global trading partners have caused an unprecedented breakdown of the supply network.
Today’ s organizations need to take action to fortify the supply chain. But how to do it is still up for debate. Planning for future disruptive events, whatever they may be, isn’ t easy. Following are seven suggestions for manufacturers to consider.
Prioritize business continuity and cashflow. Before the pandemic, few would have anticipated that supply chain disruption could be so devastating to the global economy, or that a shipping container shortage could cause a cascading domino effect spanning the globe. Now we know. CEOs and their executive leadership teams are obligated to reexamine and make business continuity strategies a priority. Reliable financial analytics across the enterprise — including branches, plant assets, fleets, and inventory — are required. Disparate or siloed systems will make consolidating capital harder.
Understand risks. Continuity plans should cover potential issues from employee safety and workforce accessibility to inventory of raw materials and the ability to deliver goods and services to customers. Communications and connectivity are two cornerstone elements to protect. Such plans require one fully integrated enterprise resource planning ( ERP) application for full visibility. In addition, advanced analytics with built-in artificial intelligence and machine learning provide predictive abilities. Such advanced tools, along with a digital twin, will help leaders explore “ what-if ” scenarios and determine risk and potential impact, all necessary steps for planning courses of action in the face of an emergency.
Know your suppliers’ suppliers. It’ s no longer enough to be familiar with tier-one suppliers and the potential risk they might carry. Purchasing agents should have a complete picture of where and how resources originate, and routes associated with each step in the progression. Less than half of the companies in a recent McKinsey survey say they understand the location of their tier-one suppliers and the key risks those suppliers face. But only 2% have visibility into the third tier and beyond. That matters because many of today’ s most pressing supply shortages, such as semiconductors, happen in deeper supply tiers. Modern supply chain tools can track product through those tiers. A command tower which helps geo-track shipments and routes enables visualization of goods movements in real time.
Ensure traceability and accountability. Manufacturers should insist on relationships with shared information and accountability. According to a recent Bain survey, fewer than 15% of executives feel their current capabilities allow them to deliver traceability consistently. A majority of companies have started to build some traceability capabilities, but struggle to integrate them or consistently create value. Resiliency is impossible unless buyers, suppliers and other parties along a supply chain are willing to share data and collaborate. The Reuters report Where’ s My Stuff? suggests that businesses share sensitive data with partners by creating “ safe rooms ” where joint teams can analyze data, without the fear that competitive information can be accessed.
Balance sourcing. “ Don’ t put all of your eggs in one basket ” is the maxim that applies to the supply chain. Manufacturers need to build relationships with multiple suppliers in various geographies. Disruptions in the supply chain have rekindled interest in bringing suppliers, plants and warehouses closer to the end consumer. For many verticals, this is a challenge that will play out over years, with manufacturers needing to balance costs and reliability. When the supply chain planning tool is tightly integrated to the ERP and backend financials, companies can better grasp the financial impact of moving operations closer to the customer.
Throw out just-in-time delivery as the default strategy. This common lean concept has worked for decades, but the current disruption has proved that a just-in-time strategy for stocking the warehouse can leave manufacturers vulnerable. Safety stock that’ s set very low doesn’ t consider the mass interruptions that can occur. Automakers such as Toyota, Volkswagen and Tesla are stockpiling batteries, chips and other key parts. This also ties up capital, though, and consumes warehouse space, creating other challenges. The ideal solution is yet to be determined. Manufacturers will need to evaluate each part and component for its availability, risk, and alternatives. This isn’ t just a supply chain issue; it’ s also one of C-level strategy. Like most top-level strategies, it requires reliable analytics, easy-to-use reporting tools, and data-driven predictive insights.
Back to the drawing board. In some extreme cases, manufacturers might need to look to engineering to alter designs, specifying parts which are more readily available and from multiple sources. Again, integrated software tools make this type of strategic planning easier and more productive. Collaborative tools for communication between teams and advanced product lifecycle management ( PLM) applications help manage this type of product development, tracking milestones and testing, while documenting decisions.
The supply chain will continue to be in the spotlight as consumers, manufacturers and suppliers are forced to make compromises and adjust. The ideal answers might be slow to gel, but it’ s clear that manufacturers must take action or risk being caught with stockouts and cancelled shipments. While short-term solutions can help with some immediate needs, knee-jerk responses like stockpiling can be more detrimental than helpful. Companies must think through a holistic strategy that analyzes customer retention risks as well financial impact. C-level officers need to become engaged, helping to evaluate options, devise creative solutions and plan long-term strategies. The supply chain can’ t be repaired overnight, but getting started is essential. More black swan events can strike at any time.
Andrew Kinder is senior vice president of industry and solution strategy with Infor.
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All content copyright ©2022 Keller International Publishing Corp All rights reserved. No reproduction, transmission or display is permitted without the written permissions of Keller International Publishing Corp | general |
KENYA: Everett Aviation seeks to extend air medevac contract with British Army | The lucrative contract to provide air support to the British Army Training Unit in Kenya, BATUK, has finally been awarded after being delayed for two years due to the Covid-19 pandemic. [... ]
The British Army Training Unit in Kenya ( BATUK) is preparing to expand its operations via a major tender call for air transport and medical evacuation services. In this way, Britain plans to strengthen its military presence in the strategic East Africa region. [... ]
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CNL HEALTHCARE PROPERTIES, INC.: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits ( form 8-K) | Item 1.01 Entry into a Material Definitive Agreement
The information appearing in Item 2.03 of this Current Report is incorporated by reference herein and made a part of this Item 1.01.
Item 2.03 Creation of Direct Financial Obligation or an Obligation Under an
Off-Balance Sheet Arrangement of a Registrant
KeyBank Term Loan Agreement
As previously reported in its Current Report on Form 8-K filed on May 15, 2019, the Company's operating partnership, CHP Partners, LP ( the `` Operating Partnership ''), as borrower, KeyBank National Association ( `` KeyBank '') and certain participating lenders entered into a credit agreement ( the `` Credit Agreement ''), which Credit Agreement provided for both ( i) a $ 250 million senior unsecured revolving credit facility and ( ii) a $ 265 million senior unsecured term loan facility. Additionally, as previously reported in its Current Report on Form 8-K filed on September 28, 2021, the Operating Partnership, KeyBank and certain participating lenders entered into a new term loan agreement ( the `` Term Loan Agreement '') which provided for an additional $ 150 million senior unsecured term loan facility to complement and become a part of the Company's credit facilities.
On March 21, 2022, the Operating Partnership, KeyBank and certain participating lenders entered into a First Amendment to Term Loan Agreement modifying a financial covenant allowing for an increase to the established advance rate ( the '' Term Loan Amendment ''). Simultaneously therewith, the Operating Partnership, KeyBank and certain participating lenders entered into a First Amendment to Credit Agreement modifying the same financial covenant, increasing the single tenant concentration limit for the quarters ending December 31, 2021, March 31, 2022 and June 30, 2022 and adding secured overnight financing rate metrics to the Credit Agreement in lieu of LIBOR ( the `` Credit Agreement Amendment ''). Other than as set forth in the Term Loan Amendment and the Credit Agreement Amendment, no additional modifications to the Company's credit facilities were made at this time.
The Term Loan Amendment and the Credit Agreement Amendment are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference solely for the purposes of this 2.03 disclosure. For additional information on the Company's credit and term loan facilities, review the Company's Current Reports on Form 8-K filed on May 15, 2019 and September 28, 2021.
Item 7.01 Regulation FD Disclosure.
On or around March 22, 2022, CNL Healthcare Properties, Inc. ( the `` Company '') sent a letter to its stockholders notifying them of the Company's estimated net asset value ( `` NAV '') per share as of December 31, 2021, quarterly distribution rate for first quarter 2022, and related matters, and sent an e-mail correspondence to financial professionals notifying them of the same matters. A copy of the letter is filed as Exhibit 99.1 and a copy of the e-mail correspondence is filed as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference solely for the purposes of this Item 7.01 disclosure.
Pursuant to the rules and regulations of the Securities and Exchange Commission ( the `` SEC ''), the information contained in this Item 7.01 disclosure, including Exhibits 99.1 and 99.2, is deemed to have been furnished and shall not be deemed to be `` filed '' under the Securities Exchange Act of 1934, as amended ( the '' Exchange Act ''), or otherwise subject to the liabilities of such section, nor shall any of such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
By furnishing the information contained in this Item 7.01 disclosure, including Exhibits 99.1 and 99.2, the Company makes no admission as to the materiality of such information.
On March 21, 2022, the Board approved $ 0.0256 per share as the first quarter 2022 distribution to be paid to all stockholders of the Company as of a record date of March 22, 2022 ( the `` First Quarter Distribution ''). The First Quarter Distribution represents a fifty percent ( 50%) discount from the previous quarter's declared cash distribution. The First Quarter Distribution rate is the result of various factors including, without limitation, the continued COVID-19 impact on industry performance, inflation rates and volatility in the credit markets. The Company and its Board will continue to monitor the Company's cash flow and operating proceeds as well as its strategic alternatives process as it relates to future distributions by the Company and makes no assurances regarding future quarterly cash distributions.
Determination of Net Asset Value per Share as of December 31, 2021
Background and Conclusion
On March 21, 2022, the Board unanimously approved $ 7.37 per share as the Company's estimated NAV as of December 31, 2021 ( the `` 2021 NAV ''). The Company prepares and announces an estimated net asset value per share of its common stock and provides such information to its stockholders and to members of the Financial Industry Regulatory Authority ( `` FINRA '') and their associated persons who participated in the Company's public offerings to assist them in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. The Company previously announced NAVs of $ 7.38 per share, $ 7.81 per share, $ 10.01 per share ( adjusted to $ 7.99 per share after declaration of a $ 2.00 per share special distribution and $ 0.02 adjustments relating to closing costs from sales of certain of the Company's assets), $ 10.32 per share, $ 10.04 per share, $ 9.75 per share, $ 9.52 per share and $ 9.13 per share as of December 31, 2020, December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016, December 31, 2015, September 30, 2014 and September 30, 2013, respectively. Commencing with the December 31, 2018 NAV, the Company began deducting estimated property-level transaction costs.
To assist the Board and the Company's valuation committee, which is comprised solely of the Company's independent directors ( the `` Valuation Committee ''), in establishing a new estimated NAV per share of the Company's common stock as of December 31, 2021 ( the `` Valuation Date ''), the Company engaged Robert A. Stanger & Co., Inc., an independent third-party valuation firm ( `` Stanger ''), to provide a net asset valuation analysis of the Company. Stanger developed a net asset valuation analysis of the Company and provided the analysis to the Valuation Committee in a report dated March 21, 2022 that contained, among other information, a range of per share net asset values for the Company's common stock as of the Valuation Date ( the `` Valuation Report '').
The Valuation Committee and the Board reviewed the Valuation Report and considered the material assumptions and valuation methodologies applied and described therein. Upon due consideration, on March 21, 2022, the Valuation Committee determined that the range of per share values for the Company's common stock was reasonable as of the Valuation Date and recommended the Board approve $ 7.37 per share as the estimated NAV as of the Valuation Date. Thereafter, also on March 21, 2022, the Board accepted the recommendation of the Valuation Committee and unanimously approved $ 7.37 per share as the Company's estimated NAV as of the Valuation Date. The 2021 NAV is the midpoint of the range of per share net asset values, adjusted for estimated transaction costs, for the Company's common stock that Stanger provided in the Valuation Report.
Other than the adjustment for estimated transaction costs, the Board's determination of the 2021 NAV was undertaken in accordance with the Company's valuation policy and the recommendations and methodologies of the Institute for Portfolio Alternatives, a trade association for non-listed direct investment vehicles ( `` IPA ''), as set forth in the Investment Program Association Practice Guideline 2013-01 `` Valuations of Publicly Registered Non-Listed REITs '' dated April 29, 2013 ( `` IPA Practice Guideline '').
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The 2021 NAV represents a snapshot in time as of December 31, 2021, will likely change, and does not represent the amount a stockholder would receive now or in the future for his or her shares of the Company's common stock. The 2021 NAV is based on a number of assumptions, estimates and data that are inherently imprecise and susceptible to uncertainty and changes in circumstances. Please see `` Valuation Methodologies and Major Assumptions, '' `` Valuation Summary, '' and '' Additional Information Regarding the Valuation, Limitations of the 2021 NAV and Stanger '' in this Current Report, below.
The Company will hold a webinar on March 30, 2022, at 1:00 p.m., Eastern Time, to review the 2021 NAV.
Valuation Methodologies and Major Assumptions
As of the Valuation Date, the Company's real estate portfolio consisted of interests in 73 properties, including 71 seniors housing communities, one acute care facility and one vacant land parcel. For purposes of the valuation analysis, the Company's assets were classified into two categories: the appraised properties which consist of 71 seniors housing properties and one undeveloped land parcel ( the `` Appraised Properties ''), and the pending sale property which consists of one acute care facility owned by the Company and under an agreement for purchase and sale ( the `` Sale Agreement '') as of February 28, 2022 to be sold to an unrelated third party subject to the terms of the Sale Agreement ( the `` Sale Property ''). The Appraised Properties were valued using valuation and appraisal methodologies consistent with real estate industry standards and practices, as described further below.
Appraised Properties: As of the Valuation Date, the aggregate estimated value of the Appraised Properties was approximately $ 1.88 billion. To estimate the value of the Appraised Properties, Stanger conducted an appraisal of each asset. In determining the value of each Appraised Property, Stanger utilized all information that it deemed relevant, including information from the Company's advisor CNL Healthcare Corp. ( the `` Advisor '') and its own data sources, which data sources included trends in capitalization rates, leasing rates and other economic factors. In conducting its appraisals of the Appraised Properties, and pursuant to its engagement, Stanger utilized the income approach to valuation, which included a discounted cash flow ( `` DCF '') analysis and/or direct capitalization analysis to determine value ( other than the vacant land parcel). Given the impact of the COVID-19 pandemic ( `` COVID-19 '') on the senior housing industry and markets, in determining the appraised value of the 56 RIDEA seniors housing properties Stanger relied solely on DCF analyses in the 2021 NAV.
For those properties for which a DCF analysis was utilized, pro forma statements of operations for such properties including revenues, expenses and capital expenditures, were analyzed and projected over a multi-year period ( typically ten years). Projected operating expenses in the DCF analysis included estimated COVID-19 related expenses. A reversion value is estimated after the holding period and then capitalized at an appropriate terminal capitalization rate reflecting the age, anticipated functional and economic obsolescence and competitive position of such properties to determine their reversion value. Net proceeds to owners are determined by deducting appropriate costs of sale in the reversion year. The discount rate selected for the DCF analysis is based upon estimated target rates of return for buyers of similar properties with consideration given to unique property-related factors, lease-up projections, location and age.
The direct capitalization analysis was performed by applying a market capitalization rate for each applicable triple net leased Appraised Property to the forward-year annual net operating income at each such property. In selecting each capitalization rate, Stanger took into account, among other factors, prevailing capitalization rates in the applicable property sector, the property's location, age and condition, the property's operating trends, the anticipated year of stabilization and the lease coverage ratios and other unique property factors.
As applicable, Stanger adjusted the capitalized value of each Appraised Property for any excess land, deferred maintenance or capital needs and lease-up costs to estimate the `` as-is '' value of each Appraised Property as of the Valuation Date. Stanger then adjusted the `` as-is '' property values, as appropriate, for the Company's allocable ownership interest in the Appraised Properties to account for the interests of any third-party investment partners, including any priority distributions.
In providing a valuation for the land parcels owned by the Company ( which includes the one vacant land parcel and excess or surplus land parcels deemed contributory in value within five seniors communities that are part of the Appraised Properties, actual and/or proposed land sale transactions were identified in each property's market or region and adjusted to reflect, as appropriate: ( i) the property rights conveyed in such transaction; ( ii) any
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extraordinary, special or non-market financing or credits provided by the seller or others which may have influenced the sale price; ( iii) adjustments for non-arms-length sale transactions; ( iv) improvements or deterioration of market conditions from the reported land sale date through the Valuation Date; ( v) listing status versus a consummated sale; ( vi) location factors such as area demographics, traffic exposure and access; ( vii) land deemed surplus; ( viii) zoning factors; and ( ix) land size. An index of value ( price per square foot) for each land parcel from the land sale comparables was derived and the appropriate index was applied to the Company's land and excess or surplus land parcels.
Sale Property: The value assigned to the Sale Property was based on the purchase price set forth in the Sale Agreement. As of the Valuation Date, the aggregate estimated value of the Sale Property was approximately $ 8.5 million.
Debt: The Company determined the fair market value of its debt liabilities by applying a discounted cash flow analysis over the projected remaining term of each debt liability and reflecting the debt's contractual agreement and corresponding interest and principal payments. The expected debt payments were then discounted to present value at an interest rate the Company deemed appropriate and reflective of market interest rates as of the Valuation Date for debt instruments with similar collateral, anticipated duration and prepayment terms. While Stanger did not determine the value of the Company's debt liabilities, Stanger did review the market interest rates used by the Company in determining the debt fair market value and, based upon a summary of the loan terms as provided by the Company, determined that in the aggregate, the market interest rates utilized by the Company were reasonable.
Cash, Other Tangible Assets and Other Liabilities: The fair value of the Company's cash, other tangible assets and liabilities was estimated by the Company to approximate net realizable value as of the Valuation Date based upon the values of these assets and liabilities on the Company's balance sheet, and Stanger reviewed and relied upon and utilized such amounts in its Valuation Report.
Stanger prepared an appraisal report ( the `` Appraisal Report '') summarizing key information and assumptions and provided an appraised value on the Appraised Properties in which the Company owned an interest as of the Valuation Date. In accordance with the valuation policy and the IPA Practice Guideline, the appraised value excludes any portfolio premium. The Valuation Report incorporates the appraised value conclusions of the Appraisal Report adjusted for any interests held by third parties in the Appraised Properties, and the value of the Sale Property. Furthermore, the Valuation Report includes ( i) the Company's fair market value of its debt liabilities, ( ii) cash and other tangible assets and liabilities based upon their current net realizable value ( iii) the Advisor's deductions for estimated property-level transaction costs in...
Item 9.01 Financial Statements and Exhibits
( d) Exhibits.
Caution Concerning Forward-Looking Statements
Statements in this Current Report on Form 8-K that are not statements of historical fact, including statements about the purported value of the Company's common stock, constitute `` forward-looking statements '' within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that do not relate strictly to historical or current facts, but reflect management's current understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions regarding the future of the Company's business and its performance, statements of future economic performance, and other future conditions and forecasts of future events and circumstances. Forward-looking statements are typically identified by words such as `` believes, '' `` expects, '' `` anticipates, '' `` intends, '' `` estimates, '' `` plans, '' '' continues, '' `` pro forma, '' `` may, '' `` will, '' `` seeks, '' `` should '' and `` could, '' and words and terms of similar substance in connection with discussions of future operating or financial performance, business strategy and portfolios, projected growth prospects, cash flows, costs and financing needs, legal proceedings, amount and timing of anticipated future distributions, estimated per share value of the Company's common stock, and other matters. The Company's forward-looking statements are not guarantees of future performance. While the Company's management believes its forward-looking statements are reasonable, such statements are inherently susceptible to uncertainty and changes in circumstances. As with any projection or forecast, forward-looking statements are necessarily dependent on assumptions, data and/or methods that may be incorrect or imprecise and may not be realized. The Company's forward-looking statements are based on management's current expectations and a variety of risks, uncertainties and other factors, many of which are beyond the Company's inability to control or accurately predict. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company's actual results could differ materially from those set forth in the forward-looking statements due to a variety of risks, uncertainties and other factors.
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For further information regarding risks and uncertainties associated with the Company's business, and important factors that could cause the Company's actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the factors listed and described under `` Management's Discussion and Analysis of Financial Condition and Results of Operations '' and the `` Risk Factors '' sections of the Company's documents filed from time to time with the Securities and Exchange Commission, including, but not limited to, the Company's quarterly reports on Form 10-Q, and the Company's annual report on Form 10-K, copies of which may be obtained from the Company's website at http: //www.cnlhealthcareproperties.com.
All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by these cautionary statements. Forward-looking statements speak only as of the date on which they are made; the Company undertakes no obligation to, and expressly disclaims any obligation to, update or revise its forward-looking statements to reflect new information, changed assumptions, the occurrence of subsequent events, or changes to future operating results over time unless otherwise required by law.
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Tom Dumoulin searching for Giro d'Italia legs at Volta a Catalunya | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Tom Dumoulin is searching for his Giro d’ Italia legs in Spain.
After a stuttering start to the season, the Jumbo-Visma star rolls out for stage 2 of the Volta a Catalunya on Tuesday with his ambitions parked further down the line at the Giro d’ Italia in Italy.
“ GC? It would be nice if it happens, but my shape isn’ t where it needs to be doing GC, ” Dumoulin told reporters in Spain. “ I hope to at least get a good week of racing in the legs. ”
Dumoulin had a bumpy ride through the past six months.
A training accident and fractured wrist last autumn set the tone for what was to come. The Dutch star was chasing the wheels when the road turned uphill during an off-key week at February’ s UAE Tour, and a bout with COVID at the turn of this month threw a wrench into his Strade Bianche plans.
This week’ s Volta is all about finding his groove again.
“ I had COVID just before Strade Banche, so I was adapting my training the last two weeks, but now I feel healthy again, ” he told CyclingProNet. “ I’ m ready for a good week of racing. ”
Dumoulin is planning to use seven days of rugged Catalonian roads to get the motor running ahead of his highly anticipated grand tour comeback at the Giro d’ Italia.
Despite not racing a grand tour for 18 months due to his mid-career pause in early 2021, Dumoulin was a shoo-in for Giro leadership at Jumbo-Visma.
The 2017 maglia rosa will have top talent Tobias Foss riding shotgun alongside and a typically deep yellow-and-black armada guarding his flanks.
Dumoulin said there’ s no pressure being the leading Dutchman of a Dutch team that has risen to the top of the pro peloton.
“ Our team is one of the best, if not the best in the world, and it shows in a lot of aspects in the team. And I benefit from that, so I’ m happy to be here, ” he said.
A six-month sabbatical last year saw Dumoulin search his soul, shed struggles with burnout, and rediscover his love for riding. Just like Jumbo-Visma dialed down the pressure last year, Dumoulin’ s not feeling the squeeze this season either.
“ Pressure? No, I don’ t see it that way, ” he replied in response to questions about being part of a dominant team. “ Of course, I want to perform well, but I need some more time and I hope I’ ll be in very top shape for the Giro. ”
Dumoulin finished safely in the peloton behind Michael Matthews’ winning sprint Monday and sits poised for the harder stages to come.
Every Catalonian climb takes him closer to Italy’ s Alps.
Get the latest race news, results, commentary, and tech, delivered to your inbox. | general |
WHO says Ireland lifted Covid restrictions 'brutally ' | Recent research had indicated that voluntary compliance on mask-wearing was two-thirds of the population. Picture: Leah Farrell RollingNews.ie
The World Health Organization's Regional Director for Europe says he is `` optimistic but vigilant '' in relation to the likely future spread of Covid.
The World Health Organization ( WHO) has said Ireland is among a number of countries that lifted Covid restrictions `` brutally ''.
Combined with the transmissibility of the BA.2 Omicron variant, the easing of restrictions contributed to the rise in case numbers, according to WHO.
The organisation's Regional Director Hans Kluge says 18 out of 53 countries in Europe have seen increasing case numbers in the past week.
`` So the countries where we see, in particular, an increase are the United Kingdom, Ireland, Greece, Cyprus, France, Italy and Germany, '' said Mr Kluge.
`` And the fact that those countries are lifting their restrictions brutally, from too much to too few. ''
On a more positive note, Mr Kluge said some countries have already started to see case numbers fall after a second Omicron wave.
`` The prognosis is very difficult to tell because this virus has surprised us many times already. For the time being, I am optimistic but vigilant. ''
Today, the Department of Health has reported an additional 23,702 cases of Covid-19.
Of these, 7,729 cases were PCR-confirmed and 15,973 people registered positive antigen tests through the HSE portal.
As of 8am, there are 1,338 Covid patients in hospitals around the country, an increase of 30 since yesterday.
Of those Covid patients in hospital, 61 are in intensive care — up 12 in 24 hours.
Tens of thousands of cases were reported in Ireland over the bank holiday weekend, while the number of people in hospital with the virus is climbing steadily. | general |
BMW Service: worry-free driving pleasure | Please switch to a different browser e.g. Chrome, Firefox or Safari.
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
Price shown here is exclusive of certificate of entitlement ( COE).
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It’ s not always easy to take it all in one’ s stride. For more peace of mind, there’ s BMW Service Inclusive. With only one payment, you’ re covered for the duration of your choice for all included service and maintenance tasks. With no hidden costs. So you know what to expect in the future: perfect service for your BMW, no matter how old it is. Because our offer is also attractive for BMW models with many kilometres on the clock. Choose the package that is exactly tailored to your needs.
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It’ s not always easy to take it all in one’ s stride. For more peace of mind, there’ s BMW Service Inclusive. With only one payment, you’ re covered for the duration of your choice for all included service and maintenance tasks. With no hidden costs. So you know what to expect in the future: perfect service for your BMW, no matter how old it is. Because our offer is also attractive for BMW models with many kilometres on the clock. Choose the package that is exactly tailored to your needs.
This package is ideal for vehicles that have not yet had their first service. The term or mileage of the selected package applies from the date of initial registration. The contents of the service package:
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* Terms & Conditions apply. Above prices are valid for BMW cars that are above 4 years of age from first registration date. Prices may vary dependent on model and engine variant. Prices includes parts, labour costs and 7% GST. Promotion is not valid for use in conjunction with other promotions and discounts. Prices are subject to change without any prior notice.
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Our BMW dealers and service workshops are open for you. Due to the COVID-19 situation, a series of protective measures have been implemented to minimise the risk of infection. Our protective measures include, for example, the distance regulation of at least 1 metre as well as the obligation to wear masks and increased hygiene regulations when cleaning the vehicles. Please call your BMW Service Centre to find out the current opening hours and protective measures.
With BMW Service Inclusive you don’ t need to think about costs for servicing and wear. You choose the service package for your BMW, pay a one-off fee and then you are covered for the range of servicing and wear described for your specific package.
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BMW did away with rigid service intervals back in 1982 and introduced needs-based service in their place. Depending on the model, BMW Condition Based Service ( CBS) therefore determines the state of wearing parts and operating fluids via sensors and algorithms or via parameters such as mileage ( up to a max. 30,000 km driven or after max. 2 years) and your individual driving habits. You always receive notification in good time before your next service is due.
The price of an oil service depends on the condition of your BMW.
You can enjoy additional savings when you book 3 oil service packages at any Authorised BMW Service Centres. Arrange an appointment now and request for an individual quotation.
You will find the right engine oil for your vehicle in the operating manual for your vehicle under “ Mobility – Engine Oil ”. You can also obtain the operating manual for your vehicle in the ‘ BMW Driver’ s Guide’ app for iOS and Android.
A VIN is the Vehicle Identification Number for your vehicle – also called chassis number. You will find the Vehicle Identification Number for your vehicle in the registration certificate under Item E. The registration certificate Part 1 has been in existence since 2005. Before 2005, the VIN can be found under Item 4 of the registration certificate.
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Covid outbreaks in nursing homes 'concerning ' says advocacy group | Sage said that it is `` very conscious '' of the risk posed by the virus to nursing home residents. File picture
An advocacy group for older people has said they are concerned about Covid outbreaks in nursing homes as it called providers to make sure residents and families are clear on visitation rules where there is an outbreak.
Sage said that it is `` very conscious '' of the risk posed by the virus to nursing home residents.
Recent HSE figures show that there are around 300 active outbreaks in nursing homes, which Sage said: `` is concerning ''.
An estimated 2,100 lives were lost in the country's nursing homes during the height of the pandemic.
Almost 64,000 new cases of the virus were confirmed over the St Patrick's Day weekend while the number of people in hospital with the virus yesterday was at its highest level in more than a year.
Hospitalisation
HSE boss Paul Reid said on Monday that a high percentage of patients in hospital with the virus were aged over 75 which led to further problems as there were fewer places in nursing homes because of Covid outbreaks. | general |
Ireland's most expensive properties sold in 2021 | The most valuable home sold in Cork last year was the Rocket House — a former coastguard station in the West Cork village of Castletownshend — which fetched over €2.5m.
The residential property market bounced back last year following the easing of Covid-19 restrictions, with the value of houses and apartments sold up 21%.
An analysis of the Residential Property Price Register shows the total value of all homes sold during 2021 was more than €19.6bn — an annual increase of €3.4bn.
The figures were boosted by the sale of entire new housing estates and apartments blocks by developers to real estate investment firms.
The number of sales of houses and apartments was up 15.5% to almost 57,000, although about 200 sales incorporated numerous housing units.
The number of sales recorded on the register was up more than 7,600 on the previous year.
A total of 56,992 sales were registered last year, which was down just 3.3% on pre-Covid levels of almost 59,000 in 2019.
The figures show homes in Dublin accounted for almost three of every 10 sales, while almost 80% of all residential sales over €1m related to properties in Dublin.
Prices in excess of €1m were secured for the sale of over 1,300 properties, of which 88 fetched over €5m.
However, the majority of the most expensive transactions involved sales of new housing developments to investors.
Largest deals
The single biggest deal registered last year was €170.1m paid for the development of 435 apartments being constructed by Seán Mulryan’ s Ballymore Group at Royal Canal Park in Pelletstown, Dublin 15.
The 8th Lock residential quarter, which consists of five apartment blocks ranging from four to 13 storeys in height, is not due to be completed before March 2025.
The purchaser, Union Investment — the investment division of Germany’ s second-largest banking group, DZ Bank, is behind one of the first major property deals in Ireland where forward funding is provided by the end investor.
The second-largest figure was €57.9m spent on 151 apartments at the Beech Park complex being developed by the O’ Flynn Group in Cabinteely, Co Dublin.
The most expensive residential property deal outside Dublin last year was €23.9m for 71 apartments at Dargan Hall in Bray, Co Wicklow.
The highest price for a single home was the €13.25m paid for Lissadell — a detached Edwardian home in the Ballsbridge “ embassy belt ” of Shrewsbury Road — which is believed to have been bought by property developer, Pat Crean, the chief executive of the Marlet Group.
The luxury mansion, which was extended by its previous owner, the Northern-Ireland born investment banker Martin Shields and his wife, Francesca McWilliams, contains a swimming pool, wine cellar and staff accommodation.
The second-highest price for a property was the €11.5m spent by one of Ireland’ s richest people, John Collison, on acquiring an 18th-century stately mansion on the Abbey Leix Estate in Abbeyleix, Co Laois.
The Limerick-born co-founder of Stripe is believed to have paid about €20m for the entire estate, which includes 10 estate houses and cottages and a stud farm.
The house, which is the ancestral home of the de Vesci family, was previously owned by businessman Sir David Davies.
Mr Collison and his brother, Patrick, who co-founded the online payments platform, had their personal wealth estimated at €9.65bn each by the Bloomberg Billionaire Index last year.
The third most valuable residential sale was the €10.65m paid for Sorento House — the end-of-terrace villa on what is regarded as Ireland’ s most expensive address, Sorento Terrace overlooking Killiney Bay.
The house with panoramic views of Dalkey Island, Killiney Hill, Bray Head and the Sugarloaf was sold by the British IT recruitment entrepreneur Bill Bottriell to an unnamed UK-based Irish businessman.
Other high-value transactions included a figure of just over €3m paid for Lough Rusheen House in Knocknacarra, Co Galway — a luxury country home on the shores of Galway Bay.
A country mansion in Co Limerick that has been described as one of the finest homes in Ireland — Fedamore House in Fedamore — was sold for €2.6m.
The large estate, which was previously owned by Gerry McManus — the younger brother of well-known businessman and horse-owner, J P McManus — is listed in the National Inventory of Architectural Heritage and includes a full-size indoor heated swimming pool, sauna, cinema, gym and floodlit astro-turf pitch.
The most valuable home sold in Cork last year was the Rocket House — a former coastguard station in the West Cork village of Castletownshend — which fetched over €2.5m, well above its original asking price of just under €2m.
The Residential Property Price Register lists the sale of the award-winning country house and restaurant, Dunbrody House in Duncannon, Co Wexford, run by well-known chef Kevin Dundon and his wife, Catherine for over €2.15m in May last year.
However, the deal is believed to relate to a transaction among companies owned by the Dundons, which is similar to another intra-company sale of the property in 2015 for a similar price.
Most valuable properties by county
County
Address
Price ( €)
Carlow
Milford House, Milford, Carlow
€1,125,000
Cavan
Lough Sillan House, Carrickacreeny, Shercock
€1,000,000
Clare
The Old Rectory, Mountshannon
€1,500,000
Cork
The Rocket House, Castletownshend
€2,549,990
Donegal
Apple Tree House, Gortflugh, Rathmullen
€1,070,000
Dublin
Lissadell, 9 Shrewsbury Road, Ballsbridge
€13,250,000
Galway
Lough Rusheen House, Barna Road, Knocknacarra
€3,020,000
Kerry
Cosha North And Treanmana, Madam 'S Island ( 2), County Kerry
€1,270,000
Kildare
20 Churchfields, The K Club, Straffan
€2,000,000
Kilkenny
Kilcreene Lodge, Kilkenny, Kilkenny
€4,250,000
Laois
Abbeyleix Est, Abbeyleix, Laois
€11,500,000
Leitrim
Hillview, Hartley, Carrick On Shannon
€405,000
Limerick
Fedamore House, Fedamore, Limerick
€2,600,000
Longford
Viewmount House, Viewmount, Dublin Rd
€955,000
Louth
Roxbury House, Cartown, Termonfeckin
€1,350,000
Mayo
Helensville, Rosberg, Westport
€1,250,000
Meath
Headfort Court, Kells, Meath
€1,150,000
Monaghan
Greaghdrumneisk, Carrickmacross, Monaghan
€580,000
Offaly
5 Johns Mall, Birr, Offaly
€670,000
Roscommon
Barrymore, Athlone, Co Roscommon
€820,000
Sligo
20 Dorrins Strand, Strandhill, Sligo
€705,000
Tipperary
Garry Kennedy House, Portroe, Tipperary
€1,400,000 | general |
Kenny confident Euro 2028 won't be a drain on precious FAI resources | Staying focused: Ireland manager Stephen Kenny.
Ireland manager Stephen Kenny says the FAI’ s participation in the Euro 2028 bid won't necessarily detract from the core drive of improving fundamental aspects of the game here.
Dublin’ s Aviva Stadium and Croke Park are in line to stage games at the showpiece should, as anticipated, UEF award the hosting to England, Scotland, Wales and Ireland. There are no rival bids expected by Wednesday’ s deadline.
The issue of Ireland bidding for major events has been contentious given the €65m debt the FAI are carrying at a time when various strands of football are in dire need of investment.
Specifics on Ireland’ s funding commitment to the joint bid have not been divulged but the majority is expected to come from the exchequer. This is based on a projected return to the economy from the 150,000 fans forecasted to attend Ireland’ s leg of the month-long extravaganza.
Kenny’ s immediate focus is on qualifying Ireland for the next Euros in 2024 but he doesn’ t feel the bidding is counterproductive to the FAI’ s stated target of upgrading infrastructure at League of Ireland venues and creating an industry for players and coaches to be employed in during the post-Brexit era.
While Ireland staged the 2011 Europa League final, they have never hosted a major tournament after Covid-19 restrictions on attendances forced UEFA to strip Dublin of its four games for last year’ s Euros.
“ I think it’ s positive to have the European Championships in Ireland, ” said Kenny, who is preparing his team for Saturday’ s friendly against Belgium at what seems certain to be a full Aviva Stadium.
“ I’ m sure the Irish supporters will look forward to having games in the country. I see Euro 28 as an opportunity to have a big event in Ireland. It would be special for the country.
“ People have a point of view, which I respect, so I don’ t see them as sceptics. I’ m not a spokesman for this or involved in it in any shape or form, but I don’ t see it as being a conflict. | general |
Munster Schools Junior Cup: Pres v Christians renew ' a rivalry going back 100 years ' | Presentation Brothers College's Sean MacFarlane and Alex Dineen celebrate after their Pinergy Munster Schools Junior Cup Semi-Final win over Crescent at Musgrave Park. They face old rivals Christians in Wednesday's final. Picture: Inpho/Tom Maher
The final of the Munster Schools Junior Cup returns for the first time since 2019 and its two competitors are desperate to make up for lost time.
On Wednesday afternoon, Musgrave Park will host an all Cork clash as Christian Brothers College face Presentation Brothers College ( 2pm).
“ It’ s been a long time coming, ” admitted CBC manager Russell Foley, whose side shared the cup with St Munchin’ s back in 2020 as the final couldn’ t be played because of the coronavirus pandemic.
“ It feels like we have a bit of unfinished business. It’ s been 22 years since we have had a Christians Pres final - I believe I was coaching them back then - and we lost it so we have been waiting a long time for revenge maybe.
“ These players weren’ t even born back then but this is as big as it gets in schools rugby in the country.
“ The boys would know each other socially, they live in the same areas, etc, so it is a very big rivalry going back for a hundred years.
“ A bit like senior games between the two schools, there is never more than a score in it really. They are always just so difficult to win.
“ The best thing to do is win the cup and the only way you can improve on that is by beating your rivals in the final. | general |
Union calls for reintroduction of mandatory mask-wearing in indoor settings | People wearing masks on public transport. The INMO has called for the reintroduction of mandatory mask-wearing in indoor settings. File picture: iStock
The union that represents nurses has called for the reintroduction of mandatory mask-wearing in indoor settings.
Phil Ní Sheaghdha, the general secretary of the Irish Nurses & Midwives Organisation ( INMO), was speaking after it was revealed that almost 64,000 Covid cases were recorded over St Patrick's weekend.
“ The numbers speak for themselves, ” said Ms Ní Sheaghdha.
Hospitals were always under pressure after a bank holiday weekend, she said and when combined with the high levels of Covid-19 in the community this was a “ very unsafe situation ”. | general |
Australian insurtech firm descends on SA | Australian insurtech firm BizCover has landed in SA, targeting small, medium and micro-enterprises ( SMMEs) with its Bi-me marketplace, which it says makes it easier for local start-ups to be insured.
Bi-me is a digital broker that provides business insurance to SMMEs, and is set to change the face of business insurance in the country, claims BizCover.
The Bi-me platform − which is underwritten by short-term insurance brands Hollard Insure, iTOO and Discovery − provides SMMEs with the information needed to grasp exact insurance requirements, including pricing and onboarding.
The platform is a registered financial service and had all the necessary regulatory approvals before launch in December.
The launch of Bi-me locally comes as SA sees the growth of insurtech firms that are developing new business models that aim to disrupt the traditional insurance sector.
These insurtech firms are making use of technologies such as automation, robotics, internet of things, machine learning and artificial intelligence to shake up the insurance industry.
Insurtech firm Naked, Naspers-backed digital insurance platform Ctrl, Discovery and Assupol are some of the companies making their mark locally with new products.
For Bi-me, BizCover is confident its platform removes most hindrances that start-ups faced when buying insurance.
In an interview with ITWeb, Bi-me CEO Francois Potgieter says: “ Fewer than half, and possibly only a third, of SA’ s 750 000 formal small businesses are insured. Yet in a sector where cash flow is king, it takes just one unforeseen calamity to upset an SMME’ s balance sheet and spell disaster.
“ Just as BizCover’ s founders were bothered that time-starved small business owners had to jump through hoops to get their dream ventures insured, putting up with big players who don’ t really cater to them, time-consuming paperwork and processes, lack of transparency and poor service, we believe SA’ s entrepreneurs deserve a better deal.
“ Our digital journey makes insurance purchasing simple by creating an efficient digital-first solution for buying insurance, thus removing inefficiencies, paperwork and potential errors from the journey. Our process reduces the cost, brings price transparency and increases efficiency in finding the right solution. ”
Potgieter says customers can get instant online quotes from multiple underwriters 24/7 and “ be covered within 15 minutes, a first for the South African business insurance market ”.
“ We are able to provide enhanced customer service through a self-service quoting journey, whilst also providing the option of omni-channel engagement, whether through chat, phone or e-mail should the customer prefer. ”
Potgieter says the local market presents a huge opportunity for insurtech companies like his.
“ Looking at the historical changes that took place in the insurance markets of SA and internationally, it is amazing to see that personal lines insurance moved from a traditional broker-distributed product dominant market share, to digital and call centre business over the last 25 years.
“ We see no reason why small business insurance, which is often less complex, will not do the same. During the last 12 years, we have seen our corporate shareholder achieve an attractive new business market share in Australia on a similar model.
“ We are therefore very optimistic that these channels will start converting new business in the near future. ”
Potgieter notes his team is optimistic about the potential adoption in the local SME market.
“ We have seen the success of digital insurers in the personal lines space. The adoption of digital solutions in the insurance industry is potentially attributable to the numerous constraints that consumers face in SA, leading to them having to be more tech-savvy.
“ In addition to the financial or other constraints leading to an increase in tech-savvy users, COVID-19 demonstrated the importance and ability of consumers to adopt digital. This is even more prevalent for SMEs. ”
Nonetheless, Potgieter acknowledges the challenges the company may encounter in the local market.
“ We are mindful thereof that financial education may be required to overcome barriers in terms of technology and the ambiguity the insurance industry may hold. ” | general |
Denis Lehane: My week under the Covid blanket | Tiger Roll ( right) and Delta Work with owner Michael O'Leary at Cheltenham. 'There's no doubt ( in my mind at least) if I had been there the extra roar I 'd have given would have made all the difference. ' Picture: Healy Racing
I went down with Covid recently. I failed the test and was locked away.
Just like the Queen of England, the President of Ireland, and the Taoiseach Micheál Martin when he went to Washington DC. I tested positive. The stopper was pulled.
Anyhow, I half expected at any moment to be hauled away in the back of some cattle truck, after a deal had been struck between myself and a man from the Department.
That's what happens when a bullock fails the TB test.
But luckily for me and the Taoiseach, the same rules don't apply with Covid.
In my case, I was ordered to bed, a place I long to be anyway.
I was told not to leave it under any circumstances.
Ideal again in my book.
All meals were delivered to the door, excellent again.
Any extra tasty treats I desired were pieced together with great urgency and delivered in double-quick time.
I 'm pleased to relay that Covid had no effect at all on my appetite. I was as hungry as a horse. I was especially fond of warm apple crumble and custard during my ordeal.
Mars bars too were never refused.
To be honest with you my week under the blankets was like being in the Ritz only without the worry of a hefty bill at the end of it.
The cuisine was mighty fine.
Of course, there was genuine concern throughout the house for the old man thrown up in bed all alone.
I am the boss after all. The head honcho. The King of the castle.
As you might expect, with his Lordship thrown in bed, noise was kept at a minimum. Disturbance of any description was not tolerated. I needed my beauty sleep.
I coughed a little, blew my nose frequently and cheered on Tiger Roll from under the blankets.
The only regret I had was that old Covid prevented me from going to Cheltenham this year to cheer on the famous Tiger Roll.
I had dreamed many times of going. And there's no doubt ( in my mind at least) if I had been there the extra roar I 'd have given would have made all the difference.
As it was, my roaring was confined to my bed in Kilmichael, and alas, it had little real impact on the racing at Cheltenham Tiger came second and this set my Covid recovery back a little, but I soldiered on.
In truth, for the most part, my time in bed was bliss. | general |
Ireland planning for arrival of up to 200,000 Ukrainian refugees | 79-year-old Adam Petrovsky is greeted by his niece Helena as he arrived at the Kingsley Hotel in Cork with wife Halyna, from Ukraine. Picture: Michael Mac Sweeney/Provision
Ireland can expect to take in at least 68,000 people from Ukraine but that the number could hit 200,000, Government ministers have said.
During the weekly Cabinet meeting, at which the humanitarian response to the Ukraine crisis dominated, ministers were told that a nationwide search for suitable properties is underway.
This encompasses hotels, BnBs, guest houses, vacant homes, offers for spare rooms from families, community centres, vacant state properties, old convents and monasteries.
About 500 buildings could be used to house some of the tens of thousands of Ukrainian refugees expected to come here, Children’ s Minister Roderic O’ Gorman said.
As revealed by the Irish Examiner on Tuesday morning, ministers were informed that there will be a meeting with builders on accommodation for refugees fleeing the Russian invasion.
Major venues such as Citywest, Millstreet Arena, the National Show Centre which previously operated at Covid testing and treatments centres will now be repurposed as emergency accommodation centres.
Ministers were also told that land at Defence Forces land at Gormanstown, North Dublin is also being examined.
Taoiseach Micheál Martin attended the meeting virtually on his last day of forced isolation in Washington DC following his positive Covid-19 test result.
Speaking to reporters, Mr O’ Gorman, whose department is driving the State’ s response to the influx of displaced people, said authorities have identified about 500 properties that are suitable for use.
The department of housing had asked the 31 local authorities across the country for buildings that could be repurposed and refurbished.
Asked if these would be single dwellings or larger centres, he said he had not seen the list but “ larger buildings [ were ] the focus of the ask ”.
He said based on the number of people who have already fled Ukraine – about 3.4 million - about 68,000 would make their way to Ireland.
Minister for Social Protection Heather Humphreys confirmed that people hosting refugees would not have their social welfare payments affected.
As of last night, 10,147 Ukrainians have arrived into Ireland and of those roughly 4,100 of those have sought accommodation from the State.
A growing number of unaccompanied minors are arriving into Ireland from Ukraine and Tusla are currently providing assistance and accommodation to 22 minors who came by themselves.
More than 20,000 pledges of accommodation have been made via the Irish Red Cross portal with about 4,000 of those are related to vacant properties. | general |
Government preparing for up to 200,000 Ukrainian refugees | Ukrainian refugees arrive at the Kingsley Hotel, Cork, under the project ‘ Safe Harbour for Ukraine’. A group of friends in Ireland sent a bus filled with essential supplies to the Polish/Ukraine border and are returning with 40 women and children displaced by war. The goal is to provide accommodation and integration support for Ukrainian guests for as long as is necessary. They will be treated with dignity and respect. This is a community-based project with support from Cronin’ s Coaches and Dennehy Commercials. Picture: Michael Mac Sweeney
Up to 200,000 displaced people from Ukraine could arrive in Ireland in the coming weeks, as frantic efforts are being made to house them all, the Cabinet will be told today.
A “ significant Ukraine memorandum ” for ministers will say that hotels, vacant homes, B & Bs, community centres, religious orders as well as spare rooms in homes around the country are being sourced for those fleeing the Russian invasion.
“ It is all hands on deck ”, was how one senior government source described the scramble to ensure those who arrive here are safely accommodated.
The Irish Examiner understands that a nationwide sweep of vacant properties is being undertaken with estate agents being drafted in to identify units to house the expected surge in migrants fleeing the conflict.
Major Covid treatment sites such as the Citywest hotel and the National Show Centre in Dublin have already been repurposed to 'triage ' the numbers of people arriving and to get them processed.
The memorandum being tabled by Taoiseach Micheál Martin, who will chair the meeting from the US, will primarily deal with the accommodation pressures, but will also hear about efforts to ensure children arriving here will have sufficient supports as they are placed in schools.
Sources said the State is still in the `` crisis-management mode '' of its response but that medium-term solutions are being worked on.
To meet the demand, Housing Minister Darragh O'Brien has asked local authorities to come up with lists of sites and buildings which could be used or converted for use. The planning for these buildings would then be waived.
With the exodus from Ukraine over 10m, senior government sources have said Ireland will be expected to take in 2% or 200,000 of those in the coming weeks, which will require “ very significant resources ” likely to be in the `` many hundreds of millions ''. | general |
BA2 sub variant symptoms: BA2 sub variant causes soaring in cases in the US. Here are the symptoms | It's the most common strain spreading across the world.
On Sunday, White House chief medical advisor Dr. Anthony Fauci warned of a rising highly contagious COVID omicron variant called BA.2, according to ABC's This Week.
“ It does have increased transmission capability, ” Fauci said. But all is not lost. The variant still responds to vaccines.
“ 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, '' Fauci added.
The World Health Organization ( WHO) released a statement last month about the new variant.
`` Based on available data of transmission, severity, reinfection, diagnostics, therapeutics, and impacts of vaccines, the group reinforced that the BA.2 sublineage should continue to be considered a variant of concern and that it should remain classified as Omicron. The group emphasized that BA.2 should continue to be monitored as a distinct sublineage of Omicron by public health authorities, '' read the note.
The organization added that BA.2 is currently the dominant variant circulating globally and is considered as a `` sublineage '' of the highly transmissible omicron variant. BA.2 carries a different genetic sequence than its predecessor BA.1 and was first referred to as the `` stealth variant '' because it wasn't as easy to detect.
BA.2 is considered about 50% to 60% more transmissible than omicron and the U.S. Centers for Disease Control and Prevention reported more than 31,200 new Covid-19 cases Saturday, including 958 deaths. Numbers however still remain lower than they were last year. New data released by the CDC this week reveals the variant is spreading more quickly in the Northeast and West of the U.S. The CDC further noted that the BA.2 variant is on its way to becoming the dominant strain, having roughly doubled each week for the past month.
What still remains unknown is if BA.2 causes as severe symptoms as did omicron BA.1.
`` We often don't know until it's too late, '' Stephanie Silvera, an infectious disease specialist at Montclair State University in Montclair, New Jersey, told USA Today. `` That's been the problem with managing these surges. Deaths are one of the last impacts we see. ''
In times like this, it is normal to panic but U.S. health experts saught to reassure people. U.S. Surgeon General Vivek Murthy said on Sunday during Fox News Sunday that the variant could result in a new rise in cases but that the U.S. was better equipped to tackle these incidents now than two years ago when the virus “ defined our lives. ”
“ We should be prepared, COVID hasn’ t gone away, ” Murthy said. ” “ Our focus should be on preparation, not on panic. ”
Meanwhile, health officials around the world continue to stress that preventative measures such as coronavirus vaccines and boosters remain the best ways to prevent serious illness from the virus.
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By subscribing, you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time. | tech |
Absence makes the heart grow fonder: How handball returned to centre stage | Cork’ s Catriona Casey defeated her great rival Martin McMahon ( Limerick) 21-18, 21-15 in the ladies Senior Singles final at the 2022 O'Neill's All-Ireland Handball Finals, Kingscourt, Cavan
At the lowest point, it was hard to see a way back. For Diarmaid Nash, the nadir came early in 2021, by which time the sport he has devoted his entire adult life to had been suspended for almost a year.
Nash had gone back training that autumn in 2020, keen to be in the best shape he could if, as was hoped, the All-Ireland Championships returned the following February. But handball, deemed high risk during the pandemic, didn’ t come back; another lockdown intervened, this one the longest of all.
“ I went back training hard at the end of 2020 because we were hoping there would be a championship and then we went into that big lockdown in January 2021 and I was just like ‘ Oh my God, am I ever going to get to play in another championship? ” Nash, who finally got over the line in the All-Ireland Senior Singles final last Saturday, recalls.
“ I was in a very dark space. I went into, not a depression but I’ d say I was in a bad mood for three or four weeks. It was not knowing if we would be back. Sleepless nights… I was thinking to myself that I had given this eight or 10 years and I might never get the chance to play it again. ”
Things would get worse for handball before they got better. By July, the governing body felt compelled to issue a strongly-worded statement, voicing their “ frustration and anger ” following a meeting with Minister for Sport Jack Chambers and department officials.
By that stage, handball – along with other indoor sports – had been at a standstill for 15 months.
In an interview at the time, GAA Handball’ s President, Dessie Keegan, described the impact of Covid on handball as “ devastating ” and there was no hyperbole at play.
The pause button had been pressed in March 2020, days before the annual festival weekend which sees all of the All-Ireland finals in the 40x20 code, in all grades from juvenile to Over 70s, played at one venue over three days.
It’ s the highlight of the season and the 2020 renewal was particularly attractive, pitting Robbie McCarthy against Martin Mulkerrins, Martina McMahon against Catriona Casey, and in a mouthwatering minor final, Monaghan’ s Eoghan McGinnity and Kilkenny’ s Billy Drennan.
“ I can’ t remember the exact date but I lost the All-Ireland semi-final to Martin on the Saturday and the following Wednesday or Thursday, we were sent home from work. At that stage, I was in the depths of despair about losing and the lockdown made it worse, ” says Nash.
“ For three and a half weeks, I didn’ t meet anyone. I was in Dublin, on my own, working from home – it was pretty dark. I had to get out of Dodge. ”
Late one night, Nash slipped out of the capital and made his way home to Clare. As the lockdown dragged on, he returned to hurling – winning an Intermediate Championship with Scariff – but not being allowed to play handball gnawed at him constantly.
“ Part of my identity is tied up in handball, ” he says simply, “ and suddenly, we weren’ t able to play or compete and had no way of knowing when we would be. There was talk of this going on for four or five years. ” Not since World War 2, when a shortage of rubber made sourcing balls almost impossible, had alleys lain silent for so long.
Months passed before the Covid threat eased and some sporting order could be restored. In the GAA family, the outdoor games returned first – rounders, football, and hurling came back, albeit with certain restrictions – but as a primarily indoor sport, handball remained beyond the Pale.
That it lingered on so long increased the worries about the sport’ s future tenfold. Nobody – not the sport’ s leaders or its players – had any idea when it might be deemed safe to return. It became an existential crisis.
For a game that tends to live on the margins in GAA terms, to forgo two years’ worth of beginners and lose all momentum was unthinkable; if a significant number of players or coaches and administrators drifted away or turned to other sports, it had the potential to be catastrophic.
On the ground, frustration grew.
“ Being an indoor sport really, really hurt us, ” says Keegan.
“ At times it was difficult to swallow government advice because it seemed confusing and this hurt our members even more. They couldn’ t understand why they couldn’ t go back and even train, for example. That was a real challenge. ” A focus on outdoor play – something the sport had moved almost completely away from in recent decades – helped provide hope, Keegan says.
“ There were some outdoor tournaments played which I think kept some people involved in the game, it gave us something to point to, just to keep the game played in some shape or form and keep a level of visibility in what was a near two-year black-out barring one 60x30 championship. ” | general |
Further 23,702 cases of Covid-19 reported as ICU numbers spike in 24 hours | As of Monday morning, there were 1,308 Covid-19 patients in hospital, with 49 in intensive care. File picture: Denis Minihane.
There are no plans to reintroduce Covid-19 restrictions despite a rapid rise in cases, the Tánaiste has said.
Today, the Department of Health has reported an additional 23,702 cases of Covid-19.
Of these, 7,729 cases were PCR-confirmed and 15,973 people registered positive antigen tests through the HSE portal.
As of 8am, there are 1,338 Covid patients in hospitals around the country, an increase of 30 since yesterday.
Of those Covid patients in hospital, 61 are in intensive care — up 12 in 24 hours.
Tens of thousands of cases were reported in Ireland over the bank holiday weekend, while the number of people in hospital with the virus is climbing steadily.
But Tánaiste Leo Varadkar said these figures had been anticipated and no consideration is being given to a return to restrictions.
Speaking before a meeting of the Cabinet, he said: “ It is absolutely the case that we’ re seeing an increase in the number of people in hospital with Covid. | general |
Q & A: What to do if you get Covid symptoms or are a close contact | There are some instances when healthcare workers will need to take an antigen test.
The St Patrick's Day weekend saw almost 64,000 new cases of Covid-19 while the number of people being hospitalised with the virus has risen to the highest level since February 2021.
With the number of cases rising, we take a look at what the rules are around testing and self-isolation for those with symptoms and those who are close contacts.
I have symptoms of Covid-19. Should I get a PCR test?
In most cases, no. Only a certain group of people are currently eligible for PCR testing.
You can get a PCR test if you have Covid symptoms and you:
If you fit into one of those categories and you have symptoms, you should self-isolate and book a PCR test. You should then follow the advice that is given as per the test result.
However, if you have a positive antigen test and need a Covid-19 Recovery Cert, you can book a PCR test.
I 'm not eligible for a PCR test, but I have symptoms. What now?
If you have symptoms of Covid-19, even if they are mild, the HSE has advised that people should self-isolate until 48 hours after their symptoms are mostly or fully gone.
Self-isolation means staying in your room. You are also asked to wear a face mask if you have to be around other people.
Even if you have been fully vaccinated or have had the virus in the past, you should still self isolate.
The HSE has said you do not need a test if you are:
However, you should still self-isolate if you have any symptoms.
I am a close contact. What do I do?
First off, you don't have to self-isolate or restrict your movements.
You also do not need to do a Covid test unless you are a healthcare worker.
However, all close contacts should watch out for any Covid symptoms as it can take up to 14 days after you are infected for symptoms to show.
If symptoms do develop, you should self-isolate.
I am a healthcare worker and a close contact. What do I do?
If you don't have any symptoms, you should take an antigen test. If that test is positive you should self-isolate and register the result with the HSE.
You won't need a confirmatory PCR test.
If you have symptoms and a negative antigen test, you should self isolate and arrange for a PCR test.
If the PCR test is negative healthcare workers can return to work 48 hours after symptoms have resolved. | general |
KENYA: The British army renews its air support service contractors | The lucrative contract to provide air support to the British Army Training Unit in Kenya, BATUK, has finally been awarded after being delayed for two years due to the Covid-19 pandemic. [... ]
Ruag Defence France, a subsidiary of Swiss holding company Ruag, has won a contract to install combat simulator systems for the Ivorian defence ministry. [... ]
The Kenyan president has been exploiting the closure of the Dadaab and Kakuma refugee camps to political ends to put pressure on the Somalian leader Farmajo. In an attempt to defuse the heightened tensions between Nairobi and Mogadishu, Western powers have indicated that they may reduce aid to Kenya unless Kenyatta reverses course. [... ]
Starting in April, South Africa's C And G Air will [... ]
As part of the Go Blue project to improve Kenya's maritime security capacity, Expertise France is to send in advisers to help speed up deployment of the country's coast guard service. [... ]
Everett Aviation Charter has submitted a bid to extend for five years from April 2021 its contract to provide air medical evacuation services to the British Army Training Unit in Kenya ( BATUK). [... ]
French aerial mapping firm Action Air Environnement, which is already present in Togo, is in talks with Gabon and Senegal about making its observation planes available. The aim is to combat maritime pollution and strengthen coastal surveillance in a region rich in fisheries and oil resources. [... ]
The American construction firm Caddell is on the verge of completing the extension of the US embassy in Nairobi, designed to enhance the security of its personnel, but the price tag has been rising... [... ]
For a long time in the balance, it has finally been confirmed that Grob Aircraft will supply a second consignment of six G 120TP turboprops to the Ethiopian Air Force ( EAF). [... ]
The British Army Training Unit in Kenya ( BATUK) recently vacated [... ]
The closure of parliament due to the Covid-19 pandemic has [... ]
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A pioneer on the web since 1996, Africa Intelligence is the leading news site on Africa for professionals. | general |
ALGERIA: Tassili Airlines turns to US for fleet upkeep | The lucrative contract to provide air support to the British Army Training Unit in Kenya, BATUK, has finally been awarded after being delayed for two years due to the Covid-19 pandemic. [... ]
Algiers has an opportunity to play a considerable role in developments at Aigle Azur, the airline which was put into [... ]
After its subsidiary Tassili Travail Aerien ( TTA, MC 1291), Tassili [... ]
Tassili Travail Aerien ( TTA), which has been involved in a series of incidents in recent months, including the deaths of [... ]
Relatives of the new Angolan president occupy juicy roles in the government and business world. [... ]
Fluctuating oil prices have been playing havoc with Tassili Airlines aircraft acquisition programme. With the oil price now at $ 50 [... ]
Tassili Airlines has gone to Germany’ s FAI Aviation Group, headed [... ]
Algerian transport minister Amar Ghoul is quietly preparing to open Algeria’ s door to foreign airlines, shipping companies and land travel [... ]
In a drive to become a fully-fledged airline ( it will shortly inaugurate five international lines), Tassili Airlines isn’ t neglecting its [... ]
Tassili Airlines, the Algerian affiliate of the Sonatrach oil company, [... ]
Tassili Airlines ( TAL), the airline affiliate of the Sonatrach oil [... ]
Britain's SecInt Air Support is poised to launch an intelligence aircraft that has been designed for emerging countries and conflict zones. [... ]
Africa Intelligence uses cookies to provide reliable and secure features, measure and analyse website traffic and provide support to the website users.Apart from those essential for the proper operation of the website, you can choose which cookies you accept to have stored on your device.Either “ Accept and close ” to agree to all cookies or go to “ Manage cookies ” to review your options. You can change these settings at any time by going to our Cookie management page.
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A pioneer on the web since 1996, Africa Intelligence is the leading news site on Africa for professionals. | general |
Biden White House spokeswoman Jen Psaki has Covid, will miss Europe trip | White House press secretary Jen Psaki tested positive for Covid-19 on Tuesday, and won't travel with President Joe Biden on his upcoming trip to Europe, she said.
Biden tested negative for Covid after taking a PCR test on Tuesday, according to Psaki, who said she and the president had two `` socially distanced meetings '' Monday.
Psaki, who had taken a PCR test in preparation for Biden's trip, said she currently has only mild symptoms, which she credited to having been fully vaccinated against the virus.
She also said she will be working from home in compliance with White House Covid-19 protocols.
The 43-year-old mother of two previously tested positive for the coronavirus in late October. Psaki as a result did not travel with Biden on a week-long trip to Italy and Scotland, as she had originally planned at the time.
Read more of CNBC's politics coverage:
Biden is departing for Brussels, Belgium on Wednesday evening to join NATO leaders at a summit to discuss the organization's response to Russia's invasion of Ukraine. Biden will also attend a meeting of the G7 where world leaders are expected to discuss additional sanctions against the Kremlin.
He also is scheduled later in the week to visit Poland, which has become a major destination for Ukrainian war refugees.
Deputy press secretary Chris Meagher told reporters at the White House's daily briefing on Tuesday, `` No members of the press who attended the briefing yesterday are considered to be close contacts '' of Psaki.
`` We are currently conducting contact tracing, and any member of the press who's considered to be a close contact will be contacted, '' Meagher said.
`` But, if a close contact is determined, it would not be through yesterday's briefing. ''
Psaki's full statement on her Covid-19 diagnosis:
Today, in preparation for travel to Europe, I took a PCR test this morning. That test came back positive, which means I will be adhering to CDC guidance and no longer be traveling on the President's trip to Europe.I had two socially-distanced meetings with the President yesterday, and the President is not considered a close contact as defined by CDC guidance. I am sharing the news of my positive test today out of an abundance of transparency.The President tested negative today via PCR test.Thanks to the vaccine, I have only experienced mild symptoms. In alignment with White House COVID-19 protocols, I will work from home and plan to return to work in person at the conclusion of a five-day isolation period and a negative test. | business |
European stocks as Ukraine war, Powell comments weigh on sentiment | LONDON — European stocks closed higher on Tuesday as investors continued to monitor the war in Ukraine and economic developments in the U.S.
The pan-European Stoxx 600 closed up 0.9%, with banks adding 2.5% to lead the gains as most sectors and major bourses finished in positive territory.
In terms of individual share price movement, German construction software company Nemetschek jumped 10% to lead the European blue chip index after posting strong full-year earnings and promising forward guidance.
At the bottom of the Stoxx 600, U.K. home improvement retailer Kingfisher slumped over 6% despite reporting record annual profits. Biotech firm Oxford Nanopore Technologies fell 4% after posting a deepening full-year net loss.
Investors continued to watch the situation in Ukraine as ongoing peace talks between Moscow and Kyiv fail to make progress. On Monday, Ukraine refused to surrender the port city of Mariupol to Russian forces following an ultimatum from Moscow.
President Volodymyr Zelenskyy told Eurovision News that ultimatums won't work as trapped Ukrainians will `` fight till the end. ''
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On Wall Street, U.S. stocks rose after Federal Reserve Chair Jerome Powell said the central bank is open to higher rate hikes to combat rising inflation.
The prospect of more aggressive interest rate rises lifted shares of European banks on Tuesday, with Deutsche Bank, Bankinter and Banco de Sabadell leading the way.
Market watchers are also monitoring the omicron subvariant as it spreads across Europe along with one of the worst Covid-19 outbreaks in China since 2020.
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— CNBC's Ryan Browne, Samantha Subin and Eustance Huang contributed to this market report. | business |
Government lends Aer Lingus extra €200m as airline boosts liquidity | The new loan brings to €350m the total Aer Lingus has borrowed from the State since Covid restrictions started impacting the airline industry. | general |
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Some teams are tightening health controls in the wake of recent infections. Photo: Bas Czerwinski/Getty Images
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The finish-line health emergency involving Sonny Colbrelli this week continues to rattle across the peloton.
Some wonder if there might be a link between coronavirus and what happened to the Italian star, who continues his recovery in a Spanish hospital. Colbrelli came back from a COVID-19 infection and in March left Paris-Nice early with fever before starting the Volta a Catalunya on Monday.
Although doctors have yet to confirm a direct cause to Colbrelli’ s health emergency, teams are not taking chances.
Patrick Lefevere, team manager at Quick Step-Alpha Vinyl, said his team is among several who are insisting on increased health checks as the coronavirus pandemic continues to rage on unabated.
Lefevere isn’ t discounting a possible link between what happened to Colbrelli and coronavirus.
“ Of course, we do not know whether this cardiac arrest is the result of a corona infection, but it is of course possible, ” Lefevere told Het Nieuwsblad. “ Corona is a dirty animal, and we don’ t know what the longterm consequences may be. That is why we are very careful. ”
Images of the Italian rider collapsing and being evacuated to a hospital in stage 1 at the Volta a Catalunya have raised questions about riders’ health in the wake of the coronavirus pandemic.
Through doctors are still trying to figure out what caused Colbrelli’ s cardiac arrhythmia in Monday’ s stage, teams across the peloton are taking notice.
The Colbrelli scare comes following a wave of illnesses at both Paris-Nice and Tirreno-Adriatico, where scores of riders abandoned both WorldTour races. There were a few diagnosed COVID cases, but most cited bronchial infections and other flu-like symptoms. Colbrelli was among dozens of riders who exited Paris-Nice citing health problems.
Lefevere also pointed out the case involving Tim Declercq, the powerful front-line classics rider at Quick Step-Alpha Vinyl. The Belgian was infected with coronavirus and later was diagnosed with what team doctors confirmed was pericarditis, an inflammation of the lining of the heart.
Declercq is under a team-ordered rest period and so far has missed the early Belgian classics.
“ With us it was Tim Declercq, who got an inflammation of the pericardium out of nowhere, ” Lefevere told the Belgian daily. “ When Tim became ill in the Tour of the Algarve, doctor Toon Cruyt immediately sent him to the emergency room. We weren’ t sure. ”
Lefevere said he doesn’ t want to take risks with his riders, and is ordering longer rest periods and further health exams before they’ re cleared to race.
“ That is why if a rider of ours has COVID, he is immediately put on non-active. Even if he isn’ t sick, ” Lefevere said. “ And before he can race again, he has to undergo a heart examination. But there is not only COVID itself. For example, we have seen with Yves Lampaert who takes longer than usual to heal. ”
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Sonendo Inc. Reports Fourth Quarter 2021 Financial Results and Issues Full Year 2022 Revenue Guidance | LAGUNA HILLS, Calif. -- ( BUSINESS WIRE) -- Sonendo, Inc. ( “ Sonendo ”), a leading dental technology company and developer of the GentleWave® System, today reported financial results for the quarter and year ended December 31, 2021.
Recent Highlights
“ We are very pleased with our quarterly results; delivering revenue at the top end of our provided range as well as executing on expanding our commercial organization as promised last quarter, ” said Bjarne Bergheim, Chief Executive Officer of Sonendo. “ Additionally, we are excited about the progress of our CleanFlow limited market release. We are encouraged by the feedback and data we have received from over 5,000 procedures performed to date and are confident that this latest technology will further establish the GentleWave Procedure as the standard of care for root canal therapy as we continue to commercialize over the course of 2022. This innovation continues to be supported by our strong underlying business that recently achieved a milestone of 800,000 GentleWave procedures performed demonstrating continued adoption and growth. ”
Fourth Quarter 2021 Financial Results
Total revenue was $ 9.9 million in the fourth quarter 2021, an increase from $ 8.7 million in the fourth quarter 2020. Growth in the quarter was driven primarily by increased utilization among our current install base and increased GentleWave console sales. GentleWave console revenue was $ 3.1 million in the fourth quarter 2021, an increase from $ 2.8 million in the fourth quarter 2020. Procedure instrument revenue was $ 3.8 million, an increase from $ 3.3 million in the fourth quarter 2020. Software revenue was $ 2.2 million, an increase from $ 2.0 million in the fourth quarter 2020. As of December 31, 2021, GentleWave ending install base was approximately 820 units.
Gross margin for fourth quarter 2021 was 25%, compared to 20% in the fourth quarter 2020. The increase in gross margin was driven primarily by a reduction in charges relating to excess inventory and improved overhead absorption.
Total operating expenses in the fourth quarter 2021 were $ 16.0 million, compared to $ 13.2 million in the fourth quarter 2020. The increase was primarily driven by sales team hiring and higher general and administrative costs, primarily legal and accounting. This was partially offset by lower research and development expenses.
Loss from operations was $ 13.6 million in the fourth quarter 2021, compared to $ 11.4 million in the fourth quarter 2020. Non-GAAP loss from operations was $ 11.9 million in the fourth quarter 2021 compared to $ 10.3 million in the fourth quarter 2020. Non-GAAP loss from operations excludes revaluation of contingent consideration, stock-based compensation expense, and depreciation and amortization expense.
Net loss was $ 13.7 million for the fourth quarter 2021, compared to $ 12.5 million in the fourth quarter 2020.
Cash and cash equivalents as of December 31, 2021 totaled $ 84.6 million, while long-term borrowings totaled $ 30.0 million. The company raised $ 84 million of net proceeds from its initial public offering, which closed on November 2, 2021.
Full Year 2021 Financial Results
Revenue was $ 33.2 million for 2021, an increase from $ 23.4 million for 2020. The growth was primarily driven by increased utilization among our current install base and increased GentleWave console sales. GentleWave console revenue was $ 8.4 million for 2021, an increase from $ 4.8 million for 2020. Procedure instrument revenue was $ 14.4 million, an increase from $ 10.4 million for 2020. Software revenue was $ 7.4 million, an increase from $ 6.0 million for 2020. Growth was primarily driven by an increase in the number of new accounts and increased services.
Gross margin for 2021 was 25% compared to 17% for 2020. The increase in gross margin was driven primarily by a reduction in charges relating to excess inventory and improved overhead absorption.
Total operating expenses for 2021 were $ 52.7 million, compared to $ 46.7 million for 2020. The increase was primarily driven by sales team hiring and higher general and administrative costs, primarily legal and accounting. This was partially offset by lower research and development expenses due to lower spending on supplies and services purchased for various projects.
Loss from operations was $ 44.4 million for 2021, compared to $ 42.8 million for 2020. Non-GAAP loss from operations was $ 39.8 million for 2021, compared to $ 39.0 million for 2020. Non-GAAP loss from operations excludes revaluation of contingent consideration, stock-based compensation expense, and depreciation and amortization expense.
Net loss was $ 48.5 million for 2021 compared to $ 46.7 million for 2020.
2022 Financial Guidance
The Company expects full year 2022 total revenue to be in the range of $ 40 million to $ 43 million.
Webcast and Conference Call Information
Sonendo will host a conference call to discuss the fourth quarter and full year 2021 financial results after the market close on Wednesday, March 23, 2022 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by dialing ( 844) 200-6205 for domestic callers or ( 929) 526-1599 for international callers, using access code: 450135. Live audio of the webcast will be available on the “ Investors ” section of the company’ s website at: https: //investor.sonendo.com. The webcast will be archived and available for replay for at least 90 days after the event.
About Sonendo
Sonendo is a commercial-stage medical technology company focused on saving teeth from tooth decay, the most prevalent chronic disease globally. Sonendo develops and manufactures the GentleWave® System, an innovative technology platform designed to treat tooth decay by cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure. The system utilizes a proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy and advanced fluid dynamics, to debride and disinfect deep regions of the complex root canal system in a less invasive procedure that preserves tooth structure. The clinical benefits of the GentleWave System when compared to conventional methods of root canal therapy include improved clinical outcomes, such as superior cleaning that is independent of root canal complexity and tooth anatomy, high and rapid rates of healing and minimal to no post-operative pain. In addition, the GentleWave System can improve the workflow and economics of dental practices. Sonendo is also the parent company of TDO® Software, the developer of widely used endodontic practice management software solutions, designed to simplify practice workflow. TDO Software integrates practice management, imaging, referral reporting and CBCT imaging, and offers built-in communication with the GentleWave System.
For more information about Sonendo and the GentleWave System, please visit www.sonendo.com. To find a GentleWave doctor in your area, please visit www.gentlewave.com.
Forward Looking Statements
In addition to background and historical information, this press release contains “ forward-looking statements ” based on Sonendo’ s current expectations, forecasts and beliefs including statements related to Sonendo's 2022 financial guidance. These forward-looking statements are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Actual outcomes and results could differ materially due to a number of factors, including the ongoing uncertainty of the impact of the COVID-19 pandemic, as well as COVID recovery impact, on its business. These and other risks and uncertainties include those described more fully in the section titled “ Risk Factors ” and “ Management’ s Discussion and Analysis of Financial Condition and Results of Operation ” and elsewhere in its public filings with the U.S. Securities and Exchange Commission ( SEC), including our prospectus filed with the SEC pursuant to Rule 424 ( b) ( 4) on November 1, 2021, the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 filed with the SEC on December 9, 2021, the Annual Report on Form 10-K for the year ended December 31, 2021 to be filed with the SEC, as well as any reports that we may file with the SEC in the future. Forward-looking statements contained in this announcement are based on information available to Sonendo as of the date hereof. Sonendo undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing Sonendo’ s views as of any date subsequent to the date of this press release and should not be relied upon as prediction of future events. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Sonendo.
Use of Non-GAAP Financial Measures
Sonendo’ financial results are prepared in accordance with accounting principles generally accepted in the United States of America ( “ GAAP ”). This press release and the reconciliation tables included in the financial schedules below include non-GAAP loss from operations. Non-GAAP loss from operations exclude, as applicable, ( i) revaluation of contingent consideration, ( iii) stock-based compensation expense, and ( iii) depreciation and amortization. Management believes that non-GAAP loss from operations are useful in helping identify the company’ s core operating performance and enables management to consistently analyze the period-to-period financial performance of the core business operations. Management also believes that non-GAAP loss from operations, will enable investors to assess the company in the same way that management has historically assessed the company’ s operating results against comparable companies with conventional accounting methodologies. The company’ s definitions of non-GAAP loss from operations have limitations as analytical tools and may differ from other companies reporting similarly named measures. Non-GAAP measures should not be considered measures of financial performance under GAAP, and the items excluded from such non-GAAP measures should not be considered in isolation or as alternatives to financial statement data presented in the financial statements as an indicator of financial performance or liquidity. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.
For a reconciliation of our non-GAAP loss from operations presented herein to GAAP loss from operations, the most directly comparable GAAP financial measures, please see “ Reconciliation of GAAP to Non-GAAP Loss from Operations ” in the financial schedules below.
SONENDO, INC.
CONSOLIDATED BALANCE SHEETS
( in thousands, except share data)
December 31,
December 31,
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
84,641
$
51,722
Accounts receivable, net
2,516
1,934
Inventory
8,150
4,338
Prepaid expenses and other current assets
3,552
901
Total current assets
98,859
58,895
Property and equipment, net
2,366
3,153
Operating lease right-of-use assets
2,746
3,308
Intangible assets, net
2,956
2,208
Goodwill
8,454
8,454
Other assets
118
123
Total assets
$
115,499
$
76,141
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY ( DEFICIT)
Current liabilities:
Accounts payable
$
3,061
$
1,930
Accrued expenses
4,758
3,247
Accrued compensation
3,376
3,714
Operating lease liabilities
975
802
Term loan
—
28,352
Other current liabilities
2,482
2,756
Total current liabilities
14,652
40,801
Warrant liabilities
—
1,914
Operating lease liabilities, net of current
1,730
2,449
Term loan, net of current
26,496
—
Forward obligation
—
2,750
Other liabilities
558
776
Total liabilities
43,436
48,690
Commitments and contingencies ( Note 8)
Convertible preferred stock, $ 0.0001 par value; authorized — none as of December 31, 2021 and 17,528,207 shares as of December 31, 2020; issued and outstanding — none as of December 31,2021 and 17,031,887 shares as of December 31, 2020; aggregate liquidation preference — none as of December 31, 2021 and $ 282,198 as of December 31, 2020
—
281,342
Stockholders’ equity ( deficit):
Preferred stock, $ 0.001 par value; authorized —10,000,000 shares as of December 31, 2021 and none as of December 31, 2020; issued and outstanding - none as of December 31, 2021 and 2020
—
—
Common stock, $ 0.001 par value; authorized — 500,000,000 shares as of December 31, 2021 and 21,643,836 shares as of December 31, 2020; issued — 26,336,536 shares as of December 31, 2021 and 1,247,024 shares as of December 31, 2020; outstanding — 26,289,847 shares as of December 31, 2021 and 1,200,335 shares as of December 31, 2020
26
2
Additional paid-in-capital
384,132
9,703
Accumulated deficit
( 312,044
)
( 263,545
)
72,114
( 253,840
)
Less: Treasury stock
( 51
)
( 51
)
Total stockholders’ equity ( deficit)
72,063
( 253,891
)
Total liabilities, convertible preferred stock and stockholders’ equity ( deficit)
$
115,499
$
76,141
SONENDO, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
( In thousands, except share and per share data)
Three Months Ended
Years Ended
December 31
December 31
2021
2020
2021
2020
( Unaudited)
Product revenue
$
7,645
$
6,648
$
25,811
$
17,338
Software revenue
2,246
2,023
7,386
6,013
Total revenue
9,891
8,671
33,197
23,351
Cost of sales
7,439
6,916
24,861
19,466
Gross profit
2,452
1,755
8,336
3,885
Operating expenses:
Selling, general and administrative
11,513
7,272
33,913
26,695
Research and development
4,258
5,910
18,568
20,461
Change in fair value of contingent earnout
249
5
261
( 473
)
Total operating expenses
16,020
13,187
52,742
46,683
Loss from operations
( 13,568
)
( 11,432
)
( 44,406
)
( 42,798
)
Other income ( expense), net:
Interest and financing cost, net
( 990
)
( 1,084
)
( 4,214
)
( 3,961
)
Change in fair value of warrant liabilities
247
241
71
346
Change in fair value of forward obligation
602
( 250
)
52
( 250
)
Loss before income tax expense
( 13,709
)
( 12,525
)
( 48,497
)
( 46,663
)
Income tax expense
( 2
)
( 2
)
( 2
)
( 2
)
Net loss and comprehensive loss
$
( 13,711
)
$
( 12,527
)
$
( 48,499
)
$
( 46,665
)
Net loss per share attributable to common stock – basic and diluted
$
( 0.72
)
$
( 10.44
)
$
( 8.52
)
$
( 39.02
)
Weighted-average shares outstanding – basic and diluted
18,976,197
1,200,059
5,694,594
1,195,944
SONENDO, INC.
RECONCILIATION OF GAAP TO NON-GAAP
LOSS FROM OPERATIONS
( In thousands)
Three Months Ended
Years Ended
December 31,
December 31
2021
2020
2021
2020
GAAP loss from operations
$
13,568
$
11,432
$
44,406
$
42,798
Adjustments:
Revaluation of contingent consideration
( 249
)
( 5
)
( 261
)
473
Stock based compensation:
Included in cost of sales
( 73
)
( 47
)
( 230
)
( 164
)
Included in selling, general and administrative
( 665
)
( 294
)
( 1,574
)
( 1,038
)
Included in research and development
( 186
)
( 128
)
( 568
)
( 442
)
Depreciation and amortization
Included in cost of sales
( 166
)
( 160
)
( 630
)
( 734
)
Included in selling, general and administrative
( 270
)
( 353
)
( 1,080
)
( 1,486
)
Included in research and development
( 69
)
( 101
)
( 302
)
( 390
)
Non-GAAP loss from operations
$
11,890
$
10,344
$
39,761
| general |
All action hero: Megan Jastrab combines classics, track and school | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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ATHERSTONE, ENGLAND - OCTOBER 06: Megan Jastrab of United States and Team DSM sprints during the 7th The Women's Tour 2021 - Stage 3 a 16,6km Individual time trial from Atherstone to Atherstone / @ thewomenstour / # UCIWWT / on October 06, 2021 in Atherstone, England. ( Photo by Justin Setterfield/Getty Images) Photo: Getty Images
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Megan Jastrab will start her fourth road race of the 2022 season Thursday at the Exterioo Classic Brugge-De Panne, and while it’ s still early in her season, the young American has already packed a huge amount into her campaign.
The 20-year-old is combining her WorldTour dreams with continued ambitions on the track and her third year as a double majoring student in exercise science and business.
While mixing studies and racing is relatively common — especially on the women’ s side — it still takes a huge amount of patience and planning. And for a rider of Jastrab’ s obvious talents, there are a number of hurdles to overcome.
“ I’ m taking a lot of courses right now, but my winter was really nice and so was my off-season, ” Jastrab told VeloNews.
“ I got to go back to school, take some time off the bike and then I started training again while I was at school in Tennessee, ” she said. “ During Christmas I got to spend time with my parents. From there I went to the first team camp in Spain, and then I came directly back to school to start my studies again for the new semester. I was there for maybe two weeks before it was time to go back to Europe for team camp number two. I stayed there a bit longer, and now I’ m back in the Netherlands. ”
If that whirlwind of a schedule wasn’ t enough, it’ s worth remembering that Jastrab also crammed a huge amount into her Team DSM debut season back in 2021.
Along with winning a bronze medal on the track in team pursuit at the Tokyo Olympic Games, the American all-rounder also made her WorldTour debut and started the first edition of Paris-Roubaix.
She failed to finish that race, contracted COVID, and had to leave the Women’ s Tour after crash but she bounced back over the winter and is already looking towards an action-packed few weeks of racing through Belgium and France.
“ It was a much smoother off-season. I didn’ t get COVID again, and I was able to train, and it’ s been nice, ” she said.
“ A lot of my classes don’ t open until Monday, so if I’ m racing mid-week and traveling Monday there’ s a lot going on. There are meetings, there’ s nutrition, massages and so much going on before a race so there’ s not that much time to study. You don’ t want to be tired before a race, so I end up playing catch-up at times. As long as I manage my time well and it doesn’ t stress me out then it’ s okay. It’ s also nice to take my mind off things when I’ m disappointed with how a race has gone.
“ It’ s definitely a balancing act but after this semester I’ ll have just one more year and then I’ ll have both of my degrees. Then I don’ t know what I’ m going to do with myself. I think I’ m going to be lost for a little bit. ”
If last year was full of ups and downs, it was testament to Jastrab’ s resolve that she still managed to draw out so many positives.
Combining track and road ambitions during a global pandemic would have stretched riders with way more experience to breaking point, but with support from those around her and her squad, she dovetailed her ambitions despite the setbacks.
“ Last year was quite a shock with the structure of the track training and focusing on the Games and then coming to Europe without any road training, ” he said. “ That was a shock to the system. I’ ll do de Panne and I have six more races in the spring. I’ m also doing Roubaix this year and hopefully this time I don’ t crash out and I can make it to the first cobbled section.
“ It’ s nice to have experienced riders at the team but there’ s so many young riders on the team who already have lots of experience that you can rely on them too. I can trust them a lot and that’ s really beneficial because I still feel like this is my first real year. Everyone is super open and you can ask as many questions as you want. They’ re really helping me learn. ”
It’ s finally time!! First race of the season tomorrow! # keepchallenging # samyn pic.twitter.com/31FxK3kVdC
Along with De Panne and Paris-Roubaix there are several other major events on Jastrab’ s calendar with Gent-Wevelgem, a blend of track events, and RideLondon also featuring on her current plans. Once again she will mix road and track throughout the campaign as she builds towards the Olympic Games in Paris in 2024.
“ There are some nice races for me and in some I’ ll have chances and in others I’ ll be riding as a support rider. It’ s a really strong team this year and we’ re all excited, ” she said.
“ If it comes down to sprints then we have a lot of cards to play but after Roubaix I’ m planning on doing the Track Nations Cup in Glasgow. Then it’ s back to school that Monday and I have exams that week. I’ ll do collegiate nationals and then fly to Milton for the next Nations Cup. So far it’ s gone smoothly. There’ s going to be a hiccup along the way, I know, and everything will be thrown off but that’ s the plan right now. I’ ll do RideLondon and then Women’ s Tour later. ”
At some point Jastrab’ s attention will have to turn to her contract situation.
Her current deal at DSM expires at the end of this current campaign and the former junior world champion is likely to have a flood of offers coming her way. For now the focus is on racing, while Jastrab is confident that everything else will follow in due course. For now there’ s enough plates to spin.
“ I know it’ s March now and contracts are negotiated later. I know that I don’ t have any results to my name as I didn’ t really race on the road and then had bad luck but so far things are lining up to where I’ m not concerned at the moment. It’ s not stressful right now because I just want to ride my bike and race as well as I can. My contract doesn’ t decide how I race and train. ”
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Japanese panel OKs dropping lower age limit for COVID booster shots to 12 | An expert panel of the Japanese health ministry on Wednesday approved a plan to lower the minimum age for getting third COVID-19 vaccine doses to 12 from 18.
Booster shots for children aged 12 to 17 are expected to start as early as April following discussions at another panel of experts. Pfizer Inc.’ s vaccine will be used for those shots for the time being.
In Japan, the minimum age for first and second shots has been lowered to five, while third shots have been limited to those aged 18 or above for reasons including a lack of adequate clinical data.
Children age from 12 to 17 are already getting Pfizer booster shots in the United States and European nations, as well as Israel.
Based on data from the United States and Israel, the expert panel found no problem with the Pfizer vaccine’ s safety and efficacy.
The health ministry will also consider allowing the use of Moderna Inc.’ s vaccine for booster shots for those age between 12 and 17 after collecting related data.
On March 11, the ministry notified local governments across Japan of the possibility of starting booster shots for the children in April at the earliest, and instructed them to make preparations, such as sending out vaccination vouchers. | tech |
Moderna vaccine for kids: Moderna announces its coronavirus vaccine is safe for young children, toddlers and babies | Its coronavirus vaccine works with 40 percent efficiency.
There's good news in the battle against COVID-19.
Vaccine maker Moderna released a statement on Wednesday announcing its two-dose pediatric coronavirus vaccine was safe in children six months to six years old.
The breakthrough may finally offer protection for a usually ignored group but its efficacy has been put in question due to the highly transmissible omicron variant.
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`` We believe these latest results from the KidCOVE study are good news for parents of children under 6 years of age. We now have clinical data on the performance of our vaccine from infants six months of age through older adults, '' said Stéphane Bancel, Chief Executive Officer of Moderna.
`` Given the need for a vaccine against COVID-19 in infants and young children we are working with the U.S. FDA and regulators globally to submit these data as soon as possible. Additionally, after consultation with the U.S. FDA we have initiated a submission for emergency use authorization of our COVID-19 vaccine in children ages 6 to 11 years old and are updating our submission to the FDA for emergency use authorization of mRNA-1273 in adolescents ages 12 to 17 years with additional follow-up data. We remain committed to helping to end the COVID-19 pandemic with a vaccine for children of all ages. ''
In a trial of the vaccine, the shot was found to be successful at generating immune defenses equivalent to those that protected young adults before the emergence of the omicron virus. However, the shot did not perform as well in the face of omicron translating to a vaccine efficacy of about 40 percent with a slightly lower protection level in children younger than 2 years old.
Moderna has plans to submit its new data to the Food and Drug Administration in the next few weeks and file for emergency authorization in mid-April. Children younger than five are the last group not eligible for a vaccine. Pfizer previously released a vaccine for kids aged 5 to 11.
This is a breaking story and will be updated as information becomes available.
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COVID-19 tracker: Tokyo reports 6,430 new cases, falling by 3,791 from last week | The Tokyo Metropolitan Government confirmed 6,430 new COVID-19 cases on Wednesday, dropping by 3,791 from a week earlier, while 14 deaths were reported among those infected.
The seven-day average was 6,292.9, down from 8,390.3 a week before.
The number of COVID-19 patients with severe symptoms measured under the metropolitan government’ s criteria fell by one from Monday to 44.
Elsewhere, Aichi Prefecture confirmed 3,158 cases and three deaths, Hyogo Prefecture saw 2,104 cases and 10 deaths, and Hokkaido logged 1,224 cases and one death.
The health ministry said Wednesday that the number of severely ill COVID-19 patients nationwide fell by 21 from the previous day to 916.
On Tuesday, Japan reported 20,231 new COVID-19 cases. There were 71 new deaths among COVID-19 patients, the third straight day below 100. New cases were at 885 in Hokkaido and at 998 in the western prefecture of Osaka, both falling below 1,000 for the first time in about two months.
The government fully lifted its COVID-19 quasi-emergency measures on Tuesday. No prefecture is under a quasi-emergency for the first time since Okinawa and two other prefectures were placed in the stage on Jan. 9 in response to the spread of the highly contagious omicron variant of the coronavirus. | tech |
How Air Cargo's Recovery Hinges on Passenger Travel | A rollercoaster winter for global logistics has clouded any glimmer of “ normalcy ” for the airline and air cargo industry, leaving companies to question if and when operations will recover from the COVID-19 pandemic.
From March 2020 onward, airlines experienced a sharp decrease in passenger numbers and a fleet of grounded craft that brought no revenue, but continued to burn money in maintenance, insurance, and hangar costs. Several airlines addressed this by removing seats, in-flight entertainment, and passenger services to create semi-freighter aircraft.
Initially, the main use for freight aircraft was to carry personal protective equipment, food provisions, and medication to communities without essential supplies. As the pandemic progressed, air freight was used to relieve the pressure on global shipping.
Once vaccines were approved, passenger aircraft were used to transport them quickly and directly. Vaccines need to be kept cold, however, and are limited as to how much can be carried on each plane. To address this, airlines converted passenger planes by removing some of the passenger provisions to reduce the cabin weight and create more space for cargo.
From the middle of 2021 onward, governments began to ease border restrictions and allow air travel. Airlines were permitted to fly their fully or partially grounded aircraft. The transition was simple for airlines that simply grounded their craft.
The airlines who maximized cargo revenue by converting planes to freighters had to reinstall passenger provisions. Some took the opportunity to upgrade their passenger seating, in-flight entertainment, and so on, while others ensured that they’ re prepared for an uncertain future with hybrid planes that can stow cargo boxes in unsold seats.
The air cargo market continues to grow as capacity is down nearly 12%, according to a 2021 report, which reflects a lack of passenger bellyhold capacity. Airlines are placing orders for freighters, but cargo conversions are expected to continue, and increase, in 2022.
Historically, cargo capacity increased faster than its demand, due to high passenger air traffic. Airliners got out of the freight aircraft market or retired older cargo aircraft. Passenger flights make up a significant portion of the air freight capacity globally.
Passenger air traffic decreased significantly during the pandemic, leading to a reduction in cargo capacity. Currently, capacity dropped more than cargo demand.
This demand is stressing supply chain issues and reduced passenger traffic put cargo capacity under pressure into 2022. Global international air cargo capacity was down 7% between December 2021 and January 2022, compared to two years ago.
The demand for both consumer and industrial goods is booming in the aftermath of the pandemic, creating supply chain upheaval that revealed weaknesses in relying on ocean shipping.
Cargo carriers and logistics companies are relying on air freights to transport high volumes of freight that won’ t be tied up in ports or subject to shortages of rail cars, ocean containers, or long-haul truckers.
More and more aircraft companies are looking to add cargo planes to capitalize on the increased demand for air cargo. Virtually every airworthy cargo aircraft was into service to meet the air freight demands, and leasing companies are buying used passenger planes to convert them into freighter service. These conversions may ramp up, since existing slots to retrofit for cargo conversions are booked through 2025.
Passenger flights are increasing, adding to bellyhold cargo space for air freight. A small portion of the space is used for passenger luggage, while the rest is used to carry cargo. This has benefits for shippers, since the cargo arrives to its destination more quickly and more directly than freighter craft, which typically make multiple stops.
The airline industry is poised for a projected 47% growth in passenger capacity in 2022. If this proves correct, capacity could return to 2015 levels by the end of the year. Still, the long-term forecast suggests that the global industry will have a setback of three or four years of growth.
More passengers for air travel means more global traffic and more bellyhold cargo capacity, along with the cargo capacity from dedicated freight aircraft or older cargo conversions.
According to the International Air Transport Association ( IATA), global demand for cargo capacity slowed in November after a period of strong performance in 2019. International passenger demand in 2021 was 75.5% below 2019 levels. Capacity declined 65.3% and load factor dropped 24% to 58%. Total traffic for December 2021 was 45.1% below the same month in 2019.
Omicron travel restrictions had an impact on recovery. International air travel demand has been recovering slowly, however, and overall demand strengthened in 2021. Though travel isn’ t the “ old normal ” in many parts of the world, the overall industry trend is showing confidence in travel from passengers, especially with safety measures, despite the threat of Covid.
The drivers of demand, including consumption and new export orders, have strong performance. The air cargo industry is still impacted by ongoing supply chain issues, including congestion at major airports and a lack of capacity in key areas.
In the fall of 2021, the supply chain was congested at key airports due to labor shortages, insufficient storage space, and backed up shipments. It’ s important to note that this is typically a busy period for air cargo, however, due to the end-of-year holidays.
Another challenge during this time was the lack of cargo capacity on key trade lanes, including Asia, that caused bottlenecks in the overall chain. This demonstrates that capacity may be available in many areas, but a loss of capacity in the wrong place can disrupt the entire supply chain.
Businesses also need to refill stock to continue to fulfill orders. The supply chain disruptions occur in reverse, as well, leading to obstacles in businesses restocking products or raw materials.
In addition, a surge in COVID-19 or variant cases could return the circumstances to the pandemic with a need for vaccines, supplies, or personal protective equipment transported by air, taking priority in air freighters.
One concern with an increase in passenger air traffic is the increase in CO2 emissions. Airlines and the industry on a whole have been focused on how to reduce their carbon footprint when travel does return to pre-pandemic levels.
Depending on how that unfolds, new emissions rules could ground older freighters, which may include grounding retrofitted passenger aircraft cargo conversions.
The changing COVID-19 situation has a tremendous impact on passenger air travel and air cargo capacity. Even in the post-COVID-19 economic recovery, the airline industry, global supply chain, and logistics industry face challenges and disruptions that are projected to continue.
David Buss is chief executive officer of DB Schenker USA.
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Afghan girls ordered home just hours after schools reopen in Taliban reversal | Kabul – The Taliban ordered girls’ secondary schools in Afghanistan to shut Wednesday just hours after they reopened, an official confirmed, sparking confusion and heartbreak over the policy reversal by the hard-line Islamist group.
“ Yes, it’ s true, ” Taliban spokesman Inamullah Samangani said when asked to confirm reports that girls had been ordered home.
He would not immediately explain the reasoning, while education ministry spokesman Aziz Ahmad Rayan said: “ We are not allowed to comment on this. ”
An AFP team was filming at Zarghona High School in the capital, Kabul, when a teacher entered and said class was over. Crestfallen students, back at school for the first time since the Taliban seized power in August last year, tearfully packed up their belongings and filed out.
“ I see my students crying and reluctant to leave classes, ” said Palwasha, a teacher at Omra Khan girls’ school in Kabul. “ It is very painful to see your students crying. ”
Reports of the closure were “ disturbing, ” said United Nations envoy Deborah Lyons. “ If true, what could possibly be the reason? ” she tweeted.
When the Taliban took over last August schools were closed because of the COVID-19 pandemic, but only boys and younger girls were allowed to resume classes two months later.
There were fears the Taliban would shut down all formal education for girls, as they did during their first stint in power from 1996 to 2001.
The international community has made the right to education for all a sticking point in negotiations over aid and recognition of the new Taliban regime, with several nations and organizations offering to pay teachers.
On Wednesday, the order for girls’ secondary schools to resume appeared to only be patchily observed, with reports emerging from some parts of the country — including the Taliban’ s spiritual heartland of Kandahar — that classes would restart next month instead.
But several did reopen in the capital and elsewhere, including Herat and Panjshir — temporarily at least.
“ All the students that we are seeing today are very happy, and they are here with open eyes, ” said Latifa Hamdard, principal of Gawharshad Begum High School in Herat.
The education ministry said reopening the schools was always a government objective and the Taliban were not bowing to international pressure.
“ We are doing it as part of our responsibility to provide education and other facilities to our students, ” ministry spokesman Rayan said Tuesday.
Girls attend a class after their school reopened in Kabul on Wednesday. Just hours later, the Taliban ordered girls’ secondary schools in Afghanistan to close. | AFP-JIJI
The Taliban had insisted they wanted to ensure schools for girls age 12 to 19 were segregated and would operate according to Islamic principles.
The Taliban have imposed a slew of restrictions on women, effectively banning them from many government jobs, policing what they wear and preventing them from traveling outside of their cities alone.
Even if schools do reopen fully, barriers to girls returning to education remain, with many families suspicious of the Taliban and reluctant to allow their daughters outside.
Others see little point in girls learning at all. “ Those girls who have finished their education have ended up sitting at home and their future is uncertain, ” said Heela Haya, 20, from Kandahar, who has decided to quit school. “ What will be our future? ”
It is common for Afghan pupils to miss chunks of the school year as a result of poverty or conflict, and some continue lessons well into their late teens or early twenties.
Human Rights Watch has also raised the issue of the few avenues girls are given to apply their education.
“ Why would you and your family make huge sacrifices for you to study if you can never have the career you dreamed of? ” said Sahar Fetrat, an assistant researcher with the group.
The education ministry acknowledged authorities faced a shortage of teachers — with many among the tens of thousands of people who fled the country as the Taliban swept to power.
“ We need thousands of teachers and to solve this problem we are trying to hire new teachers on a temporary basis, ” the spokesman said. | tech |
Watch: All That Data Is Useless Without True Collaboration | There’ s a strong connection between the desire of online retailers to enhance the customer experience and the need for greater visibility of product in transit, Komoni says. Amazon.com and others have raised service expectations on the business-to-consumer side; now there’ s a push to provide the same level of reliability for business-to-business orders.
Key to achieving visibility is the use of trackers that can relay the progress of shipments every step of the way. Up to now, says Komoni, more than half of Tive’ s customers had not used such technology, but there’ s a “ huge ” demand for it now.
The catalyst is, in part, the COVID-19 pandemic and the pressures that it has placed on B2C and B2B supply chains. But growing customer demands for faster delivery were evident well before the virus appeared on the scene. Today, shoppers want total visibility of their orders on a real-time basis, and that requires innovative technology, particularly that which employs artificial intelligence and machine learning.
There’ s plenty of data generated within the supply chain, Komoni says, but it isn’ t “ clean. ” Companies need to filter the flood of data generated by the internet of things in order to understand what customers really want — “ to give them more actionable information instead of just alerts. ”
Automation will eventually solve the problem, Komoni adds, but until it does, people will be needed to help fulfill ever-increasing customer demands for service, including a rise in the use of the subscription model for boosting sales and order predictability. To reach that goal, collaboration among retailers, shippers and carriers will be necessary.
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How a Major Restaurant Equipment Supplier Weathered the Pandemic | Few businesses took a bigger hit from the COVID-19 pandemic than restaurants — and, by association, the companies that supply them.
Parts Town LLC is a major distributor of equipment and replacement parts to original equipment manufacturers in the foodservice sector. With a product list of around 1.8 million SKUs and a ship rate of 7,000 orders per day, it supports hundreds of thousands of restaurants and commercial kitchens across the country.
Parts Town had one advantage during the pandemic over other businesses that experienced severe supply chain disruption: It keeps a lot of inventory on hand. The goal is to “ satisfy our customers as a one-stop shop, ” says chief operating officer Rony Kordahl. Customers can order up until 9 p.m. Eastern and have their items shipped on the same day.
The company wasn’ t immune from the staffing problems caused by COVID-19. But it was helped by a flexible approach to labor deployment. “ Everyone is hands-on and into the details, ” says Kordahl. “ They’ re willing at any point to jump in. In times of stress, you would find our senior leadership team working shoulder to shoulder with everyone in the DC to get things done, if we couldn’ t find the staff levels that we needed. ”
Throughout the 2000s, Parts Town found itself grappling with the challenge of maintaining high levels of customer service in the face of vibrant growth. The pandemic temporarily interrupted an annual growth rate of around 20%, according to senior director Kenny William. “ When you grow that fast, you get the doubling effect, ” he says. “ Everything gets more complicated exponentially. ”
As it swapped out legacy warehouse-management software, and upped staffing levels in line with growing demand, Parts Town began searching for creative solutions to speeding up order processing in the DC. William approached Bastian Solutions, a provider of storage and order-fulfillment systems, about the possibility of acquiring a robotic pallet stretch wrapper. Upon further discussion with Bastian, however, he was drawn instead to the integrator’ s goods-to-person system, beginning with a pack conveyor that was ideal for operating safely in small spaces with dozens of people on the warehouse floor.
Following acquisition of that system, the product that next caught William’ s eye was AutoStore, Bastian’ s good-to-person system from Bastian that was a relatively recent offering at the time. Joe Campbell, Bastian’ s regional manager, says it was clear that Parts Town couldn’ t support expanding operations with existing resources.
It wasn’ t a difficult pitch. “ A lot of times customers that don’ t have a lot of automation are afraid to change, ” says Campbell. “ But I could tell in my conversations with Kenny that Parts Town’ s appetite for automation has always been very strong.
Kordahl says Parts Town’ s affinity for technology extends throughout its distribution, marketing and e-commerce functions. He believes it’ s especially important to be able to marry the company’ s physical distribution system with its marketing and inventory strategies. “ Without all of those working in harmony, ” he says, “ it’ s just a bunch of robots in the warehouse. ”
Parts Town was drawn to AutoStore in part because the system integrated well with its new warehouse management software from HighJump ( now Körber). But the results of implementation were even more impressive: a fourfold increase in picking speed, automatic slotting capability, greater storage density, and a flexible configuration of robots and bins.
The system’ s overall flexibility, coupled with an intense focus on worker safety, helped Parts Town to weather the inevitable downturn in business caused by the pandemic, as restaurants shut down virtually overnight. Within just a few months, however, orders began to rebound, and operations returned to previous levels without a hitch. “ We were ready to serve, ” says Kordahl. “ We never laid off anyone, we had the inventory, and we kept our relationships with manufacturers and suppliers intact. ”
AutoStore equipped Parts Town with a system that integrates with robots driving around a grid among stacks of bins, picking those needed for a given order, then delivering to an operator at the perimeter. William says the setup shrinks the footprint of inventory within the facility, allowing for the stacking of bins up to 18 feet high. Compared with traditional grocery-style shelving, that amounts to a 70% savings in space. And the pick rate goes from between 30 to 40 lines per hour to more than 200.
Even so, Parts Town ended up moving to a distribution facility with twice the space, one that was more conducive to the AutoStore technology. The switch occurred “ without a single hour of downtime, ” recalls William. “ We were running a night operation, doing moves while Joe was building AutoStore in the middle of this giant building. ” In keeping with the requirements of the much larger space, and to minimize the need for human travel within the facility, it added around 5,000 linear feet of conveyor.
Parts Town used the brief downturn caused by the pandemic to make further modifications to the facility, including the addition of mezzanines, high-bay racking and wire-guided picking.
Parts Town is open to further automation in its warehouse, including additional capability from Bastian. The goal, says Kenny, is to ensure resilience in the face of multiple disruptive events. In all possible cases, he asks: “ Is your system robust enough to absorb those issues and keep people moving? ''
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Disruption to rail routes due to war in Ukraine poses latest hitch for supply chains | More than a million containers that were set to ride nearly 10,000 km 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 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 that pass 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 traveled via 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 firms 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. ”
From 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. Shipments had seen 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.
Rail links between China and Europe have been forged over the past decade as part of Chinese 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 long as 500 meters 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. 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 Koepke at FourKites. `` This is just one more thing that’ s being added to an already fragile network. ” | tech |
How a Major Restaurant Equipment Supplier Weathered the Pandemic | Few businesses took a bigger hit from the COVID-19 pandemic than restaurants — and, by association, the companies that supply them.
Parts Town LLC is a major distributor of equipment and replacement parts to original equipment manufacturers in the foodservice sector. With a product list of around 1.8 million SKUs and a ship rate of 7,000 orders per day, it supports hundreds of thousands of restaurants and commercial kitchens across the country.
Parts Town had one advantage during the pandemic over other businesses that experienced severe supply chain disruption: It keeps a lot of inventory on hand. The goal is to “ satisfy our customers as a one-stop shop, ” says chief operating officer Rony Kordahl. Customers can order up until 9 p.m. Eastern and have their items shipped on the same day.
The company wasn’ t immune from the staffing problems caused by COVID-19. But it was helped by a flexible approach to labor deployment. “ Everyone is hands-on and into the details, ” says Kordahl. “ They’ re willing at any point to jump in. In times of stress, you would find our senior leadership team working shoulder to shoulder with everyone in the DC to get things done, if we couldn’ t find the staff levels that we needed. ”
Throughout the 2000s, Parts Town found itself grappling with the challenge of maintaining high levels of customer service in the face of vibrant growth. The pandemic temporarily interrupted an annual growth rate of around 20%, according to senior director Kenny William. “ When you grow that fast, you get the doubling effect, ” he says. “ Everything gets more complicated exponentially. ”
As it swapped out legacy warehouse-management software, and upped staffing levels in line with growing demand, Parts Town began searching for creative solutions to speeding up order processing in the DC. William approached Bastian Solutions, a provider of storage and order-fulfillment systems, about the possibility of acquiring a robotic pallet stretch wrapper. Upon further discussion with Bastian, however, he was drawn instead to the integrator’ s goods-to-person system, beginning with a pack conveyor that was ideal for operating safely in small spaces with dozens of people on the warehouse floor.
Following acquisition of that system, the product that next caught William’ s eye was AutoStore, Bastian’ s good-to-person system from Bastian that was a relatively recent offering at the time. Joe Campbell, Bastian’ s regional manager, says it was clear that Parts Town couldn’ t support expanding operations with existing resources.
It wasn’ t a difficult pitch. “ A lot of times customers that don’ t have a lot of automation are afraid to change, ” says Campbell. “ But I could tell in my conversations with Kenny that Parts Town’ s appetite for automation has always been very strong.
Kordahl says Parts Town’ s affinity for technology extends throughout its distribution, marketing and e-commerce functions. He believes it’ s especially important to be able to marry the company’ s physical distribution system with its marketing and inventory strategies. “ Without all of those working in harmony, ” he says, “ it’ s just a bunch of robots in the warehouse. ”
Parts Town was drawn to AutoStore in part because the system integrated well with its new warehouse management software from HighJump ( now Körber). But the results of implementation were even more impressive: a fourfold increase in picking speed, automatic slotting capability, greater storage density, and a flexible configuration of robots and bins.
The system’ s overall flexibility, coupled with an intense focus on worker safety, helped Parts Town to weather the inevitable downturn in business caused by the pandemic, as restaurants shut down virtually overnight. Within just a few months, however, orders began to rebound, and operations returned to previous levels without a hitch. “ We were ready to serve, ” says Kordahl. “ We never laid off anyone, we had the inventory, and we kept our relationships with manufacturers and suppliers intact. ”
AutoStore equipped Parts Town with a system that integrates with robots driving around a grid among stacks of bins, picking those needed for a given order, then delivering to an operator at the perimeter. William says the setup shrinks the footprint of inventory within the facility, allowing for the stacking of bins up to 18 feet high. Compared with traditional grocery-style shelving, that amounts to a 70% savings in space. And the pick rate goes from between 30 to 40 lines per hour to more than 200.
Even so, Parts Town ended up moving to a distribution facility with twice the space, one that was more conducive to the AutoStore technology. The switch occurred “ without a single hour of downtime, ” recalls William. “ We were running a night operation, doing moves while Joe was building AutoStore in the middle of this giant building. ” In keeping with the requirements of the much larger space, and to minimize the need for human travel within the facility, it added around 5,000 linear feet of conveyor.
Parts Town used the brief downturn caused by the pandemic to make further modifications to the facility, including the addition of mezzanines, high-bay racking and wire-guided picking.
Parts Town is open to further automation in its warehouse, including additional capability from Bastian. The goal, says Kenny, is to ensure resilience in the face of multiple disruptive events. In all possible cases, he asks: “ Is your system robust enough to absorb those issues and keep people moving? '' | general |
Russian Oil Seeps Into Global Market, Easing Supply Fears for Now | 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 remains 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. European Union and NATO leaders are poised to gather in Brussels on Thursday to beef up their response to the crisis.
For now, though, traders appear to be taking the view that the flow of Russian oil indicates that the market won’ t be as tight as first thought.
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-19 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 purchased by Thailand’ s PTT Pcl at about $ 7.50 a barrel more than the Dubai benchmark this week. That compares with a premium of over $ 10 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 a 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 secure 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 to the Russian grade, the traders added. | general |
Watch: All That Data Is Useless Without True Collaboration | There’ s a strong connection between the desire of online retailers to enhance the customer experience and the need for greater visibility of product in transit, Komoni says. Amazon.com and others have raised service expectations on the business-to-consumer side; now there’ s a push to provide the same level of reliability for business-to-business orders.
Key to achieving visibility is the use of trackers that can relay the progress of shipments every step of the way. Up to now, says Komoni, more than half of Tive’ s customers had not used such technology, but there’ s a “ huge ” demand for it now.
The catalyst is, in part, the COVID-19 pandemic and the pressures that it has placed on B2C and B2B supply chains. But growing customer demands for faster delivery were evident well before the virus appeared on the scene. Today, shoppers want total visibility of their orders on a real-time basis, and that requires innovative technology, particularly that which employs artificial intelligence and machine learning.
There’ s plenty of data generated within the supply chain, Komoni says, but it isn’ t “ clean. ” Companies need to filter the flood of data generated by the internet of things in order to understand what customers really want — “ to give them more actionable information instead of just alerts. ”
Automation will eventually solve the problem, Komoni adds, but until it does, people will be needed to help fulfill ever-increasing customer demands for service, including a rise in the use of the subscription model for boosting sales and order predictability. To reach that goal, collaboration among retailers, shippers and carriers will be necessary. | general |
It's cherry blossom season in Japan, but not everyone is ready to celebrate | ‘ Tis the season for hanami once again, with people across Japan looking to admire cherry trees’ pale pink petals and celebrate the spring season with family and friends.
This year, Sunday marked the start of the cherry blossom-viewing season in Tokyo, coming just before the final day of COVID-19 quasi-state of emergencies in the capital and 17 other prefectures on Monday.
But even though the quasi-emergency measures have been lifted, between 20,000 and 40,000 daily new coronavirus cases have been reported nationwide in recent days, prompting many people to wonder whether they are allowed to go out and enjoy the cherry blossoms, and if so, to what extent.
Shigeru Omi, chairman of the government’ s COVID-19 subcommittee, has urged people to keep up preventative measures, including mask-wearing, when they go to see cherry blossoms and to avoid high-risk parties involving drinking and eating with a large number of people.
Municipalities that operate large parks well known for cherry blossom-viewing are welcoming visitors but in a restricted way.
“ Every year, rookie employees are asked to reserve spaces at Ueno Park for hanami, ” Tokyo Gov. Yuriko Koike said Friday. “ But we want people to avoid holding such parties where people sit down and have food and drink, and simply stroll through ” the park to look at the blossoms.
“ People may think it should be all right because it’ s outdoors. But we have experienced clusters from barbecue parties in the past, ” said Koike. “ We need to be vigilant about a possible rebound ( in cases). ”
A woman takes pictures of cherry blossoms at Ueno Park in Tokyo on Monday. | AFP-JIJI
Before the pandemic, residents and visitors to the capital would often flock to spots with the best cherry trees or picturesque boating lakes and rivers such as Ueno Park and Shinjuku Gyoen National Garden, or they would head to see the lighting up of the trees at night ー yozakura ー along the banks of the Meguro River. Organizers would often set up food stalls.
But as was the case last year, those events have been canceled or curtailed.
For instance, Shinjuku Gyoen is limiting the number of entrants between March 19 and April 10. Those looking to visit the park are required to submit an application in advance — online or by postcard or fax. The festival along the Meguro River, including the evening illumination, has been canceled, just like last year.
In Tokyo, cherry blossoms are expected to reach full bloom on Monday.
Osaka Gov. Hirofumi Yoshimura has struck a slightly different tone to his Tokyo counterpart, saying people can go out for hanami but not with a large number of people and only with a bit of drinking.
“ I won’ t ask people not to go for cherry blossom-viewing and not drink alcohol even for a bit, ” Yoshimura said Friday. “ But I want people to avoid partying hard with a large number of people. ”
The cherry blossom-viewing season usually starts in around late March and continues through May, depending on the location.
On Sunday, the Meteorological Agency said Tokyo’ s cherry blossoms began blooming earlier that day, four days earlier than the average year, after the agency confirmed that a Somei-Yoshino cherry tree at Yasukuni Shrine in the capital, which is monitored by the agency, had begun blooming.
According to Weather News, cherry blossoms started blooming in Osaka on Wednesday and are expected to do so in neighboring Kyoto on Thursday. | tech |
Amazon faces union votes amid growing push in United States for labor rights | Christian Smalls no longer works at Amazon’ s JFK8 warehouse in New York, but he still sees former colleagues every day at the bus stop as they head into work.
The e-commerce behemoth, one of the biggest employers in the United States, has so far kept itself union-free in its home market.
But Amazon faces imminent votes at three U.S. facilities that could establish a union toehold, something labor experts think could spur on campaigns at other venues.
At JFK8, in the city’ s Staten Island borough, 5,000 workers will be able to cast their ballots on the union bid from March 25 to 30, and the counting is scheduled to commence March 31. A vote at a second Staten Island venue, a sorting center employing 1,500 people, is scheduled to begin April 25.
In the southern state of Alabama, more than 6,000 workers at a warehouse in Bessemer have another opportunity to form a union. They have until March 25 to vote by mail, and the counting there will start March 28 and could take up to two weeks.
Union backers hold signs supporting unionization in front of an Amazon facility in Bessemer, Alabama, on Feb. 4. | REUTERS
A large majority of workers at the Bessemer facility last year voted against unionizing, but U.S. labor officials overseeing the process threw out the result, citing “ interference ” by Amazon.
Smalls, 33, was fired in March 2020 just after organizing a protest for personal protective equipment amid the surge of the first major COVID-19 outbreak in New York.
Rather than go away quietly, Smalls spoke out about his experience and continued to clamor for more support for essential workers.
Shortly after the first vote in Bessemer, Smalls — together with current and former Amazon workers — created the Amazon Labor Union.
“ I know I am on the right side of this fight, ” Smalls said earlier this month during a phone-banking event, at which about 20 volunteers gathered to call employees one-by-one in order to tout the potential of a union to boost wages, working conditions, benefits and job security.
Isaiah Thomas, 20, who is working at Bessemer to finance his studies, is using essentially the same arguments to convince his fellow Amazon workers.
After last year’ s setback, the Retail, Wholesale and Department Store Union, which backs the Alabama campaign, has redoubled its efforts to speak with workers, going door-to-door and during breaks.
“ The moment that I stepped through the doors on my first day on the job, I realized that we needed to have change at Amazon, ” said Thomas, who pointed to safety hazards, unreasonable workloads over a long day and limited break times.
Thomas joined the effort following outreach from union supporters. Before then, “ I didn’ t really know how a union operated, ” he said.
Amazon has adopted a similar approach in both New York and Alabama, discouraging workers from supporting unions at mandatory meetings, and through signs and other literature at work sites.
The company argues that forming a union will mar the company’ s direct relationship with workers and represent a jump into the unknown, with no guarantee workers will wind up with better wages or job security.
“ Our employees have the choice of whether or not to join a union, ” said Amazon spokesperson Kelly Nantel. “ As a company, we don’ t think unions are the best answer for our employees.
“ Our focus remains on working directly with our team to continue making Amazon a great place to work. ”
Nantel touted company benefits that include health care and financing college tuition after three months of work. The company also pays competitively, including at Bessemer, where the $ 15.80 per hour floor is more than twice the federal minimum wage.
Ruth Milkman, a sociologist of labor movements at City University of New York, said U.S. labor law stacks the odds in favor of the company, so a union win would be significant.
“ If either of these campaigns at Amazon were to be successful, it would be huge and that would be very inspiring to other people working at Amazon, ” Milkman said.
However, “ I’ m not optimistic, ” she said, noting that the New York campaign is not affiliated with an established union that could commit financial resources to supporting efforts to organize.
In Bessemer, meanwhile, workers have few alternatives in terms of jobs that pay as well as Amazon.
“ You can be intimidated by employer propaganda, ” Milkman said, adding that workers will “ think twice ” about rocking the boat. | tech |
'Embrace the Journey ': Black Entrepreneurs Share Covid-Era Lessons Learned | The pandemic hit Black communities harder. As they faced unprecedented challenges, Black business owners often found themselves responding in new and unexpected ways.
To reflect on the resilience and opportunities that Covid brought about, Inc. contributing editor Teneshia Carr, who curates Inc.'s new destination for Black women entrepreneurs, All the Hats, recently led a panel of Black founders, streamed live. Panelists included Zawadi Bryant, president of Acute Care Pediatrics, a clinic in Sugar Land, Texas, at Mednax Services, a physician services provider based in Sunrise, Florida; Kevin Lloyd, co-founder and CEO of MYLE, an entertainment software and data-analytics company in Columbus, Ohio; and Jennifer Martin, co-founder of Pipsnacks, a food company in Brooklyn, New York.
Here are a few of the most salient takeaways from the session.
Lloyd, whose company centers on helping people quickly find things to do, places to go, and food to eat -- all on their mobile device -- is a believer in the power of community. `` Build a strong supporting cast, '' he says. Whether it's family, a mentor, or your work team, you need a group you can turn to, and people to share your startup experience with.
`` Embrace the journey. Commit and be prepared for highs and lows, '' says Lloyd.
Bryant encourages entrepreneurs to take advantage of the established routes for business owners such as Small Business Development Centers, startup incubators, and anywhere else you can find support. Bryant made the Inc. Female Founders 100 list in 2021.
While these types of programs are often lacking in diversity, Bryant wants Black entrepreneurs to get involved. `` Just go for it, '' she says. `` To be successful, failure is going to happen. '' Don't be shy, she says. Ask for the introductions, and bring others with you. Most important, she says, '' Believe in yourself. ''
Martin says she rarely took a vacation in her first decade of running a company. It wasn't until the pandemic that she realized how unsustainable her work habits were.
`` Everyone thought it would end soon, '' says Martin, who was named to the 2020 Female Founders 100. When it didn't, she knew she had to begin prioritizing herself.
The blur between work and life is often more pronounced for entrepreneurs, she says, and the pandemic only exacerbated that. `` I had no boundaries, '' says Martin. In the past two years, however, she learned that she is a better leader and better able to serve her community when she takes care of herself. `` It's not failing, '' she says, `` It's learning. '' | business |
Authentication services provider falls foul of data breach | Hi, what are you looking for?
Users of the services and platforms must be alerted to the fact that there are possible supply-chain attacks.
By
Published
A digital breach by authentication services provider Okta has occurred, sending an electronic shockwave through the cyber-systems of many firms. Behind this is the cyber extortion gang Lapsus $.
LAPSUS $, which first emerged in July 2021, has been on a hacking spree during the start of 2022.
The issue came to light after the cybercriminals uploaded screenshots and source codes of what it said were the companies’ internal projects and systems on its Telegram channel.
The hackers have recently targeted both Microsoft and Okta, causing concern for companies across many industries. It is perhaps unsurprising that many businesses remain concerned about the future ramifications of the Okta breach.
Working his way through the electron discharge for Digital Journal is Mike DeNapoli, lead security architect of Cymulate.
DeNapoli outlines the associated risks: “ Any successful attack against a service provider or software developer can have further impact beyond the scope of that initial attack. ”
To be vigilant, DeNapoli says: “ Users of the services and platforms must be alerted to the fact that there are possible supply-chain attacks that will need to be defended against. ”
Types of supply chain attacks include:
And with the specific incident, DeNapoli establishes: “ While the Okta attack appears to have been against a contractor – limiting but not removing the possibility of follow-on attacks – recent attacks by the same group against Nvidia and Microsoft ( among others) have shown that threat actors are most definitely directly targeting software devs and service providers. ”
The motivation behind these attacks is “ both to embarrass and extort payment from the companies attacked ”, says DeNapoli, as well as “ to provide those threat actors – and others willing to pay them – with access to source code to alter and create other monumentally dangerous forms of threat activity to the original company and all of their customers. ”
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.
Under a shattered crescent hanger at Ukraine's Gostomel Airport the world's largest plane lies buckled and broken.
A federal appeals court upheld Biden’ s vaccine mandate for federal workers, while COVID-19 cases rise.
The fake logic is simple to the point of idiocy, but it’ ll work in information-starved Russia.
At least 52 people are killed, including five children, in a rocket attack on a train station in the eastern Ukrainian city of Kramatorsk.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Ketanji Brown Jackson hearings continue as Biden heads to Ukraine talks in Europe – live | Joanna Walters in New York
Wed 23 Mar 2022 13.59 GMT First published on Wed 23 Mar 2022 12.39 GMT
From 1.20pm GMT
13:20
Illinois senator Dick Durbin, chair of the Senate Judiciary Committee, has gaveled in the hearing for a second day of questions.
Laying out the process, he said the committee will kick off with two senators, Jon Ossoff of Georgia and Thom Tillis of North Carolina, who have their 30-minute round of questions. Then they will move to their second round of questions. Each senator on the committee will have 20 minutes.
Durbin began by giving an opening statement rebutting many of the accusations made by Republicans against Jackson, specifically that she is “ soft on crime ”.
“ For many of the senators, yesterday was an opportunity to showcase talking points for the November election, ” he said. “ For example, all Democrats are soft in crime, therefore, this nominee must be soft on crime. ”
He pointed to her support from a police union and the law enforcement officers in her family. He also sought to forcefully rebut the accusation that she is out of the mainstream in the way she sentences child sex crime offenders, an issue raised by Missouri senator Josh Hawley, a Republican widely believed to be interested in running for president.
“ Our nomination turned out to be a testing ground for conspiracy theories and culture war theories, ” Durbin said. “ The more bizarre the charges against you and your family, the more I understand the social media scoreboard lit up yesterday. I’ m sorry that we have to go through this. These are not theories that are in the mainstream of America. But they have been presented here as such. ”
When he finished speaking, senator John Cornyn, a Republican of Texas, jumped in to accuse Durbin of “ editorializing ” each time a member of the opposing party asked a question. On Tuesday, Durbin, in his capacity as chairman, would follow up on several Republicans’ lines of questioning with context or fact-checks, which irked Cornyn and other members on the committee.
“ It’ s called chairman’ s time, ” Durbin said.
Updated at 1.30pm GMT
1.59pm GMT 13:59
Next up is senator Thom Tillis, a Republican from North Carolina. Referencing the late-night proceedings, he said he hoped Jackson had gotten some sleep.
“ Very little senator, but that’ s alright, ” she said, laughing.
He then raised Republican grievances over the handling of the supreme court confirmation hearings for Brett Kavanaugh and Amy Coney Barrett. He argued that Jackson’ s hearing was an appropriate forum to raise those concerns and commended the committee for its conduct during the process.
He’ s now asking her about court-packing, an issue she has refused to comment on citing the political nature of the debate, a response that is in line with past judicial nominees.
1.52pm GMT 13:52
After a long day in which Republicans sought to portray Jackson as “ soft on crime, ” Ossoff opened his exchange with the judge by asking her about her brother, Ketajh Brown, who served with the Baltimore Police Department from October 2001 through May 2008, according to the Baltimore Sun.
“ I grew up with family members who put their lives on the line, ” she said.
Ossoff also asked her to talk about the ways in which the constitution constrains the executive branch, referencing one of her most famous rulings, when she wrote in a case related to Donald Trump’ s White House: “ Presidents are not kings. They do not have subjects, bound by loyalty or blood, whose destiny they are entitled to control. ”
He is also asking her about how the court will approach cases involving surveillance, privacy, civil liberties and new technology.
Updated at 1.52pm GMT
1.37pm GMT 13:37
Iowa senator Chuck Grassley, the ranking Republican on the committee, delivered his opening remarks, lamenting that Democrats have failed to produce the requested documents related to Jackson’ s record. It’ s something of a perennial lament from the minority party during supreme court hearings. The party out of power always wants more documents about the nominee before them, and its a pattern Republicans are repeating today.
Grassley said that the evidence used by Democrats to refuse or discredit some of the lines of questioning raised by Republicans was not available to them before the hearing.
He said it was “ not fair to the American public ” that the White House is withholding some documents related to Jackson’ s record.
He then yielded to senator Ossoff, who began his first round of questions.
Updated at 1.39pm GMT
1.20pm GMT 13:20
Illinois senator Dick Durbin, chair of the Senate Judiciary Committee, has gaveled in the hearing for a second day of questions.
Laying out the process, he said the committee will kick off with two senators, Jon Ossoff of Georgia and Thom Tillis of North Carolina, who have their 30-minute round of questions. Then they will move to their second round of questions. Each senator on the committee will have 20 minutes.
Durbin began by giving an opening statement rebutting many of the accusations made by Republicans against Jackson, specifically that she is “ soft on crime ”.
“ For many of the senators, yesterday was an opportunity to showcase talking points for the November election, ” he said. “ For example, all Democrats are soft in crime, therefore, this nominee must be soft on crime. ”
He pointed to her support from a police union and the law enforcement officers in her family. He also sought to forcefully rebut the accusation that she is out of the mainstream in the way she sentences child sex crime offenders, an issue raised by Missouri senator Josh Hawley, a Republican widely believed to be interested in running for president.
“ Our nomination turned out to be a testing ground for conspiracy theories and culture war theories, ” Durbin said. “ The more bizarre the charges against you and your family, the more I understand the social media scoreboard lit up yesterday. I’ m sorry that we have to go through this. These are not theories that are in the mainstream of America. But they have been presented here as such. ”
When he finished speaking, senator John Cornyn, a Republican of Texas, jumped in to accuse Durbin of “ editorializing ” each time a member of the opposing party asked a question. On Tuesday, Durbin, in his capacity as chairman, would follow up on several Republicans’ lines of questioning with context or fact-checks, which irked Cornyn and other members on the committee.
“ It’ s called chairman’ s time, ” Durbin said.
Updated at 1.30pm GMT
1.01pm GMT 13:01
Boarding Marine One just moments ago, Biden answered a few questions from reporters.
Asked about the threat of chemical warfare, he said: “ I think it’ s a real threat. ”
He was also asked to share his message to world leaders, which he said he would prefer to deliver in person when he arrives in Brussels. “ All I have to say, I’ m going to say it when I get there. ”
“ I’ ll be happy to talk to you guys when I get back, ” he told the reporters gathered on the lawn for his departure.
12.56pm GMT 12:56
Joe Biden has spoken to other European leaders several times by phone in the month since Russia invaded Ukraine but this will be his first trip to meet his counterparts in person, with several top level meetings tomorrow in Brussels with Nato, G7 and European heads.
The US president has no plans to cross onto Ukrainian soil when he goes to Poland on Friday. National security adviser Jake Sullivan is also on the trip and has warned that this war is not going to end quickly or easily and the unity shown by the west needs to hold.
On this trip we will make clear that the West is united in our defense of democracy. Putin thought he would divide us, but we are stronger than at any time in recent history. We stand with Ukraine and we will continue to ensure Putin pays a heavy economic price for his actions.
Biden departs Washington shortly and principal deputy press secretary Karine Jean-Pierre will “ gaggle ” with reporters aboard Air Force One. Press secretary Jen Psaki tested positive for Covid yesterday and has to stay behind.
On Capitol Hill, Biden nomination for the supreme court, Ketanji Brown Jackson, will sit for her third day of hearings, with follow-up questions from members of the Senate judiciary committee responsible for voting her onto the bench. This follows a marathon session yesterday.
Judge Jackson’ s unimpeachable character and unwavering dedication to the rule of law will make her an exceptional Justice. pic.twitter.com/Buxa1cfXwp
12.39pm GMT 12:39
Good morning, US politics live blog readers – there’ s another busy day of news in store, and we’ ll be following developments and bringing them to you as they happen.
Here’ s what’ s on the docket today: | general |
Dynamic ticket pricing taking root in Japan amid pandemic | Amusement parks, baseball clubs and other entertainment businesses in Japan are increasingly adopting dynamic ticket pricing in a bid to avoid creating crowds amid the COVID-19 pandemic while stabilizing revenue.
Those businesses hope that dynamic pricing will help bring in more customers as tickets are cheap on days with low demand.
The ticket sales market in Japan in the year ended in February 2021 shrank to a quarter of that of before the pandemic, according to Pia Research Institute, an arm of ticketing agency Pia Corp.
Meanwhile, the total value of dynamically priced tickets sold in the country is expected to grow by 1.5-fold to around ¥6.2 billion in the year ending this month from the previous year, according to Dynamic Plus Co., a Mitsui & Co. unit that uses artificial intelligence to offer dynamic pricing services.
Under a dynamic pricing plan, prices are changed depending on demand until the day of the event.
“ Thanks to an increase in options for prices, we can expect increases in new customers and a deterrent effect against ticket scalping, ” Hideto Hirata, president of Dynamic Plus, said.
In the 2022 season, six professional baseball teams in Japan introduced dynamic pricing for some of their games. Sixteen clubs of the J. League professional soccer league adopted dynamic pricing, including on a trial basis.
Ticket revenue increased by 10% to 30% at sports events that used a dynamic pricing plan.
The pricing strategy is starting to take root at amusement parks, which tend to see demand concentrated to weekends.
The Fuji-Q Highland amusement park in Fujiyoshida, Yamanashi Prefecture, will begin selling dynamically priced passes at its on-day ticket counters from April and online starting June.
Sanrio Puroland in the city of Tama in Tokyo will introduce a new pricing plan in April in which ticket prices differ by day. However, unlike the dynamic pricing system, prices of tickets will not change after going on sale.
The Tokyo Disneyland and Tokyo DisneySea parks in Urayasu, Chiba Prefecture, have been setting ticket prices in four stages since last year. “ It has the effect of stabilizing revenue, ” a public relations official said.
Dynamic pricing is anticipated to be adopted in a variety of services, with tests underway to apply the plan to tickets for trains and buses as well as goods retail. | tech |
One month into war, a Ukrainian family reunites in Japan | March 24th marks one month since Russia began its invasion of Ukraine, starting a war that has forced millions of Ukrainians to flee their country.
Kanako Takahara explains Japan’ s efforts to help these refugees, and why the government here isn’ t calling them by that name. Later in the episode, we hear the story of Maria, a 71-year-old Ukrainian woman who was reunited with her daughter Nataliia last Friday, after a six-day ordeal escaping from Ukraine to Japan.
Tears, relief and the ‘ smell of Ukraine’: A daughter’ s reunion with her mother in Japan Japan looks to offer enhanced support to help Ukrainian refugees settle Are Ukrainians who flee ‘ refugees’ or ‘ evacuees’? For Japan, it’ s complicated.
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Hello and welcome to Deep Dive. From The Japan Times, I’ m Oscar Boyd.
March 24th marks one month since Russia began its invasion of Ukraine, starting a war that has forced millions of Ukrainians to flee their country. This week, my colleague Kanako Takahara tells us about Japan’ s efforts to help these refugees, and why the government here isn’ t calling them by that name. Later in the episode, we hear the story of Maria, a 71 year old Ukrainian woman who was reunited with her daughter Nataliia last Friday, after a six day ordeal escaping from Ukraine to Japan.
Kanako, welcome back to Deep Dive. Thanks so much for joining me again.
It’ s now been a month since Russia started its invasion of Ukraine. How many people are thought to have fled Ukraine as a result of this war?
Well, according to UNHCR estimates, about 3.5 million at the time of recording, and the number is increasing daily, the amount is massive.
Right, and it’ s really only half the story as well, because there’ s many millions more who’ ve been displaced internally. For those who have left Ukraine, though, where are they mainly going?
About half of them are going to Poland, their neighboring country. Poland has kept the borders open and there are a lot of volunteers there that are helping out these refugees. And, if they have relatives or friends elsewhere, they would go from there to another country, maybe. But a lot of them are still staying there, and it’ s kind of becoming a concern for Poland as well.
Well more than 2 million people so far are estimated to be in Poland, I think about half a million in Romania, and about 350,000 in Moldova, all of these are neighboring countries to Ukraine. And if we move to Japan, how many people fleeing the war in Ukraine has Japan accepted so far?
As of Wednesday last week, the government said that Japan has accepted 73 people who have fled Ukraine. And that’ s a handful of people compared to other countries. But they are not considered refugees, they’ re just people that Japan accepted from Ukraine, they are not “ refugees, ” according to government standards.
Okay. And you wrote an article on this issue, so could you help explain it to me. The government is referring to the Ukrainians it’ s accepting as “ evacuees ” rather than “ refugees. ” Why is that?
So in the eyes of the Japanese government, they are not refugees until they have been granted refugee status. And in order to be granted refugee status, you have to go through a bunch of applications and a screening process. And then after a couple of months, or maybe even years, then you’ ll be granted refugee status. According to Japan, there’ s this criteria that you need to clear to be designated a refugee. And according to the Japanese government, Ukrainians who are fleeing from their countries probably don’ t pass that criteria, and they won’ t be granted refugee status.
Well I would say that it’ s a war torn country, but that’ s not among the criteria. So that’ s, I guess, the biggest reason. And this has happened before, for instance, if Japan wants to accept people from Afghanistan after last year, they probably won’ t be able to be granted refugee status, because they won’ t meet those criteria. And that’ s been happening for a number of internal disputes, for instance Syria, in the past.
Basically, Japan has this incredibly strict criteria for refugees. And so they’ ve had to effectively make this separate category for Ukrainians who are fleeing their country?
So critics criticize this as being a narrow definition of refugees. And that’ s certainly why the number of people that the Japanese government has accepted as refugees is so low, because of that narrow definition. On the other hand, the government is aware that they need to have humanitarian consideration for these people, so they have another set of criteria, or another category, which is granting them residential status that will allow them to work in Japan and have access to all the public benefits like the national health care program, and other grants, for instance.
As a matter of fact, yes. Maybe other countries see Japan as a country that doesn’ t really accept refugees, but in the past, they have. Just after the Vietnam War, there were floods of people fleeing from Vietnam, Cambodia and Laos. And between 1978 and 2005, Japan accepted about 11,000 refugees from those three countries, and they had this entire system where they would accept them, help them settle in the country, find them jobs, offer them accommodation. So there is a framework or system in Japan that will allow that, and lawmakers have said that maybe Japan can accept Ukrainians fleeing the country using that framework.
Right. It’ s separate from the refugee status thing. And currently, Japan only accepts, under that framework, people from Asian countries. So if they want to expand that to Ukranians, they would probably need some kind of a Diet deliberation or government internal discussions to make it official for Ukrainians to use that framework.
Well, until last week, it was only the people who have families and friends here. But then on Friday, the government said that they are going to expand that to all people from Ukraine. So even if you don’ t have family and friends in Japan, you’ re going to be granted the short-term visa to come to Japan.
Okay, so they’ re expanding it from people who had established support networks here, to a more general group of people who, whether they have a support network here or not, are still able to come to Japan.
Well, currently, because of the pandemic, there is an entry cap for arrivals. And currently, that’ s 7000. But the government has said that these people coming to Japan are outside of that cap. So there’ s not a target or a cap for them to come to Japan. But I would say because of the language barrier, and because of the distance from Ukraine to Japan, there won’ t be a flood of people coming to Japan from Ukraine.
So they first need to go to a Japanese Embassy and they would probably go to Warsaw, Poland. There is a Japanese Embassy there so they would go there and do the necessary paperwork. And then they will get a visa in a couple of days. They would get their flight tickets on their own, and then fly out from there to come to Japan. That would be the typical case.
And do you know how burdensome that paperwork process is? Because I think everyone knows that Japan loves its paperwork. Anyone who’ s ever dealt with Japanese bureaucracy knows that you end up with a stack of paper about half a meter high.
Right, so they’ re trying to simplify it. But right now, they would need that application form. Plus, for those who have friends and family here, they need another form, to show that they have friends and family here. The families would typically send some kind of a PDF form by email, and then they would be sorted, screened and then get a short-term visa for 90 days.
Simply just coming to Japan, for now. And then, if they want, they could apply for a longer-term visa that will allow them to work in Japan. And currently, the government has started accepting people switching from the short-term visa to a longer-term visa in Japan. So once they settle in, they can apply to switch for a longer-term visa.
So in effect, that 90-day visa — the short term visa that they’ re given at the Japanese Embassy they’ re applying at — that’ s just to get them to come to Japan.
So if you only have a short term visa, you won’ t be able to have access to the national health care program. And then you won’ t be able to get benefits, a lot of benefits, including help from municipalities, for instance. But if you have a longer visa, the biggest and most important thing would be that you’ ll be able to work in Japan, and then have access to all kinds of benefits.
So it really is a two-step process. Once they’ ve applied and got their initial entry visa — the 90-day visa to come to Japan — the expectation then is for people who want to stay here for longer to switch onto a longer-term visa that will give them medical benefits, and the subsidies you’ re talking about.
Right. It will probably take more time to grant a longer-term visa in the first place. So I think for the time being, for the Japanese Embassy to issue a visa, it’ s very simple if it’ s a short-term visa for them to to come to Japan.
And in principle, the Immigration Services Agency is willing to transition people onto these longer-term visas.
Well, just getting out of the country is a struggle. And a lot of people I’ ve talked to are driving for several days or traveling even a week to just get out of the country and go to a major city, like Warsaw. So that’ s a struggle, for one. But aside from getting the application for the visa, they probably won’ t have a lot of money. And then they would need to purchase a flight ticket, which could be very expensive. A lot of the opposition lawmakers and ruling party lawmakers are saying that maybe the Japanese government should provide that kind of support as well. Support them to fly to Japan.
Okay, so subsidize, or pay for entirely, the plane tickets to come here.
Because I imagine the other issue is that this war in Ukraine is not happening in isolation. It comes on the back of two years of disrupted and reduced flights to Japan because of COVID-19, which already sent prices up. And then on top of that, because of the Ukraine crisis, a lot of the flight corridors that go from Europe to Japan would typically fly over Russia, and that airspace is now entirely closed to many flight operators.
Right. So I wouldn’ t think there are a lot of direct flights coming in to Japan from Warsaw. So they would probably transit to another European country or another place and that would add more time to travel to Japan and that would be frustrating for them as well.
At the beginning of March, Kanako reached out to me and asked if I’ d be interested in teaming up with her to report on the refugees arriving here from Ukraine. I said I’ d be happy to, but after that initial conversation, a week flew past with no progress. Unsurprisingly, we were having trouble finding anyone who wanted to share their experience, compounded by the fact that so few Ukranians had actually been able to come to Japan. Then, last Thursday, Kanako sent me a message telling me that she was in touch with a woman called Nataliia Lysneko, whose mother would be arriving from Ukraine the next day. This is how I found myself on an eastbound train on a Friday afternoon, watching the city turn to farmland on that long, often-complained about journey from Tokyo to Narita Airport.
When I meet Nataliia in the International Arrivals lobby at Narita, she is accompanied by her husband and her two children, Adelina and Marc, and is dressed in an overcoat that is the same bright shade of yellow that has become synonymous with the Ukrainian resistance. Kanako and I are not the only reporters at the airport to meet her, but Nataliia beckons us over, introduces us to her children, and begins to tell us about her mother, Maria.
So she’ s 71, and in May, she will turn 72. She didn’ t want to leave her house and apartment because she’ s a very kind person and she helped our neighbors who are disabled, and she was taking care of them. So that was also a point which was keeping her there.
Nataliia tells us she had been trying to persuade Maria to come to Japan for weeks, but her mother was reluctant to leave her home in Zaporizhzhya in southeastern Ukraine, near the nuclear power plant that was shelled and then seized by Russian soldiers earlier in March. She wanted to stay and look after her neighbors and also with her two sons — Nataliia’ s brothers — who are still in Ukraine.
You said your mother didn’ t want to leave her home. What was it that made her levee in the end?
Yeah because it was a panic. And my mother started crying, “ No, I don’ t want to leave. ” And my daughter was very …
And yes, yes, she’ s a very religious person. And she said, “ Oh, no, I will be lonely. I have no … ”
“ I need church. ” But I said, “ It doesn’ t matter where you are praying. It’ s only important that you believe in god. ”
As we wait for Maria outside the arrivals gate, the mood grows increasingly tense. Her plane landed two hours ago, but there’ s still no sign of her. Nataliia paces back and forth, trying to get through to her mother’ s phone and messaging her brothers in Ukraine to update them on the lack of progress. Another hour passes and we begin to wonder if something might have gone wrong: after all Maria is traveling to Japan alone, she doesn’ t speak Japanese or English, and has to get through Japan’ s stringent COVID-19 screening process, all at the end of an exhausting six-day escape through her war torn homeland.
She’ s so innocent, like a child. She was worried that she would get lost somewhere, and that nobody could help her. She left Ukraine with two other mothers and they went by train to Lviv, the west part of Ukraine. And after that, they took a bus and went to the border with Poland. And after that, they took a bus and went to Warsaw. All this time, I was trying to find somebody who could help her and assist them and accompany them because, you know, she’ s a 70-year old lady in a foreign country, and she was just paralyzed and couldn’ t do anything.
With the help of Polish volunteers, Maria applied for a visa at the Japanese embassy in Warsaw, using the documents given to her by one of her sons before she had left home. When her visa was approved and her preflight COVID test came back negative, she was able to board a plane to Zurich and then onto Narita, where her family is waiting. Each time the large double-doors open at arrivals, Nataliia looks up expectantly, hoping that it will be her mother on the other side. Time and time again, she is disappointed. There is a group of passengers coming back from a skiing holiday, there are flight attendants and pilots with neatly pressed uniforms, and occasionally there’ s a border control officer wearing hazmat gear. Remarkably, Nataliia manages to remain buoyant throughout, and begins to imagine what she will do with her mother when they are reunited. With the pandemic limiting travel to and from Japan, it will be the first time they have seen each other in four years.
She loves sushi, so maybe we’ ll eat sushi. And yeah, I just want to hug her and feel her, smell her warmth. Yeah, maybe it will be like … first yeah, I want to, just to talk to her and make sure she’ s fine.
When it finally happens, it all happens very quickly. There is a gasp, a yell, a rush of fabric as the family surge forward as one. Maria comes through the doors, visibly exhausted and pushing a trolley loaded with her possessions. The family envelop her in a hug, pressing as close to her as they can — feeling her warmth, breathing in her smell. And then there are tears, as grief and relief flood the room. Despite her exhaustion, Maria graciously agrees to speak with us for a moment. She tells us that she feels blessed to have made it to Japan, to be with her daughter and with her grandchildren. Nataliia props up her mother as she speaks, and echoes her feelings while struggling to hold back tears.
Oh, I still can’ t realize that it’ s reality. Maybe after spending a little time together, I will realize yes, it’ s reality. I can hug my mom and I can talk to her and not by phone but in real life. So I’ m happy now. Really happy.
Flanked by her family, Maria leaves the airport for her new home, setting out on that same two-hour trip from Narita to Tokyo that so many of us complain about, the final leg of her six-day journey from Ukraine.
Kanako, we just heard the story of Maria’ s arrival in Japan last Friday. When people fleeing Ukraine do actually make it to Japan, what challenges are they facing here?
So first, they’ ll probably be exhausted. Right now we’ re seeing just the people who have families and friends here. So they have support systems. Their families and friends can meet them at the airport, and then they could be living with them or they have a hotel where they can be taken care of. But from here on, if we see more people who don’ t have that support system, it’ s going to be a struggle to just … they’ ll think that they arrived in Japan, and that’ s a huge relief. But I would say that their struggle will continue if they don’ t have that kind of support system in Japan, just to know the ABCs or the 101s of living in Japan. There are a lot of NGOs and NPOs trying to help out. But we’ ll see how it goes.
Right now, there’ s not much organizational support. But there is a Ukrainian community organization group that’ s really active on Facebook and other social media. If they can contact them, then they would probably be willing to help. And there’ s also a Japanese refugee group that is also willing to help out on the paperwork and everything. So that would probably be the ones that you would want to reach out to.
I’ ll put a link to those groups in the show notes for this episode. How about the government? Is the government offering much in the way of support either at a national or prefectural level?
So a lot of municipalities have offered to provide accommodation, housing, Japanese language lessons, and daily supplies. But I would think you need to be connected to that. So if you have that kind of network in Japan, like friends and family who can help you connect to those municipalities, I think that’ s a big help. But if you don’ t have anyone here, and you don’ t know how to seek that help, that could be a little challenging. But a lot of prefectures — Yokohama, Osaka, Tokyo — they’ ve created hotlines as well, and not just in Japanese but in English, Ukrainian and Russian. So if they could reach out to them, then they would be able to help out.
And if people are arriving here and, for the first 90-days on the short term visa they have, they’ re not able to work. If they’ re arriving with little in the way of financial resources or money, how are people supposed to actually be living and supporting themselves?
I have no idea. Really, I think they will be totally at a loss for what to do. If they are younger, and have the means of internet connection, they could reach out to those Ukrainian groups in Japan. But if you’ re older, and you don’ t know that kind of network, you could just be at a loss at the airport, not knowing what to do.
Has there been any discussion of mental health support or anything like that for people coming to the country, because these are all people who’ ve left a war torn country and left their homes very suddenly and probably in a state of panic as well.
Right. I haven’ t seen that kind of support yet. That could be a very important issue down the road. Because these people, some may want to go back, they’ re not sure if they want to settle in Japan for the longer term, because of the language barrier. They don’ t speak Japanese. And we don’ t know if they speak English either. That means they are going to be very isolated, or feeling lonely. And that could be a problem, adjusting to the environment in Japan. That could be very, very challenging.
So it sounds like from everything that you said so far that basically the policy is to get people into the country as quickly as possible, if they’ re interested in coming, using this short term visa scheme. And then to deal with the longer-term effects as they come. So with that in mind, is the conversation around supporting Ukrainians evolving? Do you think we’ ll see extra support down the line to help people who do want to settle here integrate into Japan as smoothly as possible?
Right, I think the current phase is to just accept these people and to offer them the necessary visa, the necessary accommodation. But in the long-term, in the future, in the months to come, there’ ll probably be discussions about how to smooth them into the Japanese environment, offer them language services, language lessons, and offer jobs that would help them settle in Japan for a longer term.
That was Kanako Takahara, my thanks to her, and also to Maria, Nataliia, Adelina and Mark, for letting me interview them at Narita Airport last week. A link to Kanako’ s article about the family’ s reunification is in the show notes.
Also in The Japan Times this week: After a Magnitude 7.4 earthquake shut down several power plants in northern Japan last week, Tuesday’ s cold weather threatened Tokyo and large swaths of Japan with blackouts as electricity supply struggled to keep up with demand, leading the government to ask people in affected regions to conserve energy.
Meanwhile on Sunday, The Japan Meteorological Agency announced that Tokyo’ s cherry blossoms have officially started blooming, four days earlier than average. The agency made its announcement after confirming that a Somei-Yoshino cherry tree at Yasukuni Shrine in Tokyo had begun to bloom. Although COVID restrictions were officially lifted on Monday nationwide, six parks in Tokyo including Ueno, Inokashira and Yoyogi have banned hanami picnics on their premises.
That’ s it for this episode. Thanks as always for listening. Until next time, as always, podtsukaresama. | tech |
Jasper Stuyven still 'in the right place ' after missing Milan-San Remo with stomach flu | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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DE PANNE, Belgium ( VN) — Jasper Stuyven believes that missing Milan-San Remo was the “ right choice ” to ensure he didn’ t mess up the rest of his classics campaign.
Stuyven was one of the many riders in the peloton to fall ill in the past few weeks and had to pull the plug on his Milan-San Remo defense, leaving Mads Pedersen to take lead for Trek-Segafredo as he watched from home.
It was a tough call for the Belgian to make, but not riding the longest one-day race in pro road racing gave him a chance to take a step back and avoid running himself down further.
“ I would say that I’ m in the right place. You never know with the decisions that you make, but hopefully, it will have the right outcome, ” Stuyven told VeloNews. “ To be honest, I really feel like I made the right choice. I was feeling good in training this weekend and I could just do my own tempo and I didn’ t have to go crazy like for a race like San Remo. ”
Large swaths of the peloton have been struck down by some ailment or other in recent weeks, mostly either bronchitis or stomach flu. Stuyven picked up the latter, most likely at Paris-Nice where just 59 riders completed the race.
This one hurts! But I need to look ahead, starting with watching @ Mads Pedersen & the team rip it on Saturday! https: //t.co/64npUowdxl
Though he may still have been able to line up at Milan-San Remo, Stuyven didn’ t want to go in at anything less than full strength and end up being shelled from the bunch before the race really got going.
“ I had some stomach problems, stomach flu let’ s say, ” Stuyven said. “ I don’ t think that I got the full hit, but it was good enough not to be 100 percent for San Remo and I didn’ t want to be in the position of Pidcock and getting dropped on the Capo Berta. I didn’ t feel like that was going to do me any good for the rest of the classics.
“ I’ m happy to be healthy again and it’ s good to be at this race to get some speed in the legs. ”
Following the unexpected short break from racing, Stuyven got right back into it with the one-day Brugge-De Panne. With so many top sprinters lining up in Bruges, getting into the podium places was always going to be a struggle but he showed he does have some speed in the legs with ninth place.
Despite the illness, he has been able to maintain a good training schedule over the last week.
“ In the end, I only had to miss one day. Of course, after Paris-Nice I had to take it easy and then I lost one long training and then I did a training session like a test when we decided that we were not going to race San Remo, ” he said. “ I’ m happy that I didn’ t lose too much, and I was on the bike this weekend and I didn’ t feel like I lost any form. It was good to have the reset for the body, and hopefully, it will pay off. ”
Illness is still taking its toll on the pack and Pidcock has had go back to the drawing board with his spring calendar as he tries to recover from stomach flu. Meanwhile, Caleb Ewan was ruled out of Brugge-De Panne due to being sick and several riders have had to drop out of the Volta a Catalunya this week due to illness.
Stuyven believes that the measures to protect people against COVID-19 over the last two years have meant that riders’ bodies, which are already on the limit, are less resilient when it comes to other illnesses.
“ I’ m not a doctor, it’ s not up to me to say why and how but I think that it’ s not a secret that we have been going around with masks for two years and we didn’ t build any immunity, and everyone is picking it up, ” Stuyven said. “ It goes quite fast I think, and you put your body under pressure and stress during a race, so your immune system is already a little bit lower so it’ s easy to pick something up.
“ I’ m still going to be a little bit careful and watch out because I don’ t want to get it a second time. ”
Get the latest race news, results, commentary, and tech, delivered to your inbox. | general |
Japan lawmakers outline bill to improve support for women facing difficulties | A suprapartisan group of lawmakers has drawn up the outline of a bill to strengthen support for women facing difficulties such as poverty and domestic violence.
The outline calls for the bill to clarify local governments ' responsibility to provide support to women, requiring prefectural governments to compile plans including various support measures. The bill is expected to be submitted to the ongoing parliamentary session.
The move comes as some women face increasingly complex difficulties, due partly to the coronavirus pandemic.
Currently, the legal basis to support women in need is the Prostitution Prevention Law. That has made it difficult for the government to take measures for women from new perspectives, such as to address loneliness and isolation.
The coming bill will spell out basic principles such as the advancement of women's well-being and the realization of gender equality. It will require prefectural governments to compile plans to strengthen support for women, based on a policy presented by the central government.
The bill will also request that local governments set up councils for related organizations from the public and private sectors to discuss what support should be given.
It will stipulate rules on financial support provided by the central and local governments to private-sector bodies to promote activities such as offering women consultations and places to stay. | tech |
I think I 've got more to give ': Mark Christian on his rollercoaster journey from Aqua Blue to racing for Alberto Contador's cycling team | `` I 'm sure I have a good few years under my belt yet, '' Mark Christian asserts. The EOLO-Kometa rider is speaking from his home on the Isle of Man, where he still lives despite riding for an Italian team.
`` I think I 've got more to give, '' he argues. `` I had a couple of mixed years with the way things did turn out. So from going back to continental level, I think I 've shown in the last year with this team that I can perform really well at this level, and then hopefully still progress as well. ''
The 31 year old's cycling story has certainly had its fair share of `` mixed years ''. From winning on the track, to ascending to Pro Conti level with Aqua Blue Sport, then dropping back down to Conti after the demise of that team, now back to near the top with EOLO, it has been a rollercoaster for the Manxman.
Living on the Isle of Man still means that Christian has to contend with the, err, interesting weather of British Isles.
`` It just makes it a little bit harder I think. Battling the weather, the rain, wind and like, it's just the mental side, '' he tells Cycling Weekly. `` But luckily, we haven't had any snow or ice this winter. So I 've always actually been able to get out and do what needed to be done. Hopefully it picks up soon anyway. ''
His selection for EOLO-Kometa, the Italian ProTeam run by Ivan Basso and Alberto Contador, might seem an odd one, especially as he is the only British rider alongside 11 Italians and six Spaniards.
However, his transfer to the relatively new team came through Sean Yates, who works as a sports director at the team.
`` He [ Yates ] had moved from another Pro Conti team to this one. Then I was put in touch with him basically, after a couple of phone calls and sent some information over to him, and he passed it onto the team. It all happened quite quickly, actually, over a course of a couple of weeks.
`` There was just a spot on the team for me. I always like to thank Sean and the team for having faith in me, after having hardly raced in the year before. I 'm really grateful for that. ''
It was a tough pandemic up to that point for the Manxman. He was part of Team Wiggins Le Col in its final year in 2019, and then joined Canyon dhb p/b Soreen for 2020, just as Covid reared its head.
`` It was a strange time, '' Christian explains. `` I was on Canyon at the time, in the UK, so the programme that we ended up with was really limited. We basically had no racing the way things turned out. It was a difficult year, an unknown period. The team had a bit of faith in me, and my numbers in training were still going in the right direction so I was able to put a case forward for myself. ''
He raced just one UCI race in 2020, the Mont Ventoux Dénivelé Challenge, which he finished outside the time limit on, 36 minutes behind the winner, Aleksandr Vlasov.
Christian tried not to give up, despite the adversity of a lack of racing coupled with concerns about his future in professional sport.
`` I can't really think what my thoughts were at the time, '' he says. `` Maybe it was more just about trying to keep progressing within myself and sort of knowing that It was a difficult time for everyone, it wasn't a normal world. I think that I got back to basics, enjoying riding. The training had a different focus with not knowing when the next race was going to be.
`` I had that good feeling of just enjoying riding the bike. Knowing that eventually, there would hopefully be some racing around the corner or something. Even if you didn't know, it was coming in one week, one month, or whenever. I just tried to knuckle down and keep my head screwed on and make the best of the bad situation. ''
From there to the team run by Basso and Contador seems like a big jump. He rode the Giro d'Italia last year for the team, in its debut grand tour, his second.
`` I 've really enjoyed it so far, '' he tells Cycling Weekly. `` Last year was a good first year. I 'd had a bit of a gap of racing before that, so maybe the first couple of months just took a little bit to get back into racing and back into it, especially at that level.
`` Then about halfway through the year I continued to sort of progress, and got back into things really, really nicely. I think overall, the team has been great. All the staff and all the other riders, they 've got a good sort of setup, everyone is well drilled. ''
To be in the Basso/Contador team must have its perks, with the former being the more visible of the pair in the life of the team. Christian actually raced against Contador in his last race, the 2017 Vuelta a España, when the Manxman rode for Aqua Blue. He did finish over four and a half hours behind the man who is now his boss, however.
`` Ivan Basso comes to a lot of the races, '' he says. `` Alberto as well he was on the training camp for a few days, he turned up to some of the races as well. It's great to have them as part of the management. They're obviously quite recent in the sport as well, so they know how it works. They know the level we need to be at to be competitive and the way the team needs to be run. So it's great to have big names really behind it and, and part of the management. ''
Being the only Anglophone on the team has been quite the experience, with Christian admitting that his Italian has needed some work over the past year.
`` It's a little bit different, '' he says. `` Actually, language is probably the big thing. I had a little bit of Italian behind me before I went into the team, which is quite lucky. And then I 've worked on it quite a lot over the last year. It's definitely improved and most of the younger sort of guys speak a decent bit of English.
`` Some of the staff and some of the riders speak hardly any English at all. That's the only difference really. In the past I 've been on teams where I 'm not the only British rider there, but this year I 'm the only full British rider. Culturally, just trying to fit in, it's completely different, comparing an Italian team to a Belgian or an English team. ''
He is clearly valued by the team, being chosen for its first Giro last year. The squad have received an invite for this year's event as well, and Christian hopes to be lining up in Budapest come May.
`` The Giro is the main goal for the team in general, I think for all the riders on the team, that's the first one that everyone wants to do, '' he says. `` Obviously, being on an Italian team, a lot of Italian riders and that, it is definitely a big one. Everyone's got an eye on it.
`` That 'd be a nice focus as well. I did it last year, and I 'd love to have another shot. Which all being well, hopefully, I should be able to. ''
His second grand tour experience after the 2017 Vuelta was `` okay '', he says, explaining that when you're in the bubble of a grand tour it does not seem as long as it might to someone on the outside. His first Giro was eye-opening, however, for the man from Douglas.
`` The weather was a lot worse in Italy that time of year, which was quite surprising, actually, because you generally think it's at least gon na be alright, '' Christian explains. `` But I think it does get its fair share of bad weather. I had a few issues early on in the race with illness, which held me back a little bit in the first and second week. It was only a few days in when I first picked up whatever illness it was. It was only probably about stage 12 or 13 when I started to shake it off and feel myself again.
`` In a way it helped for the last week, that I 'd been almost holding myself back without choice and I went into the third week with good legs and maybe a little bit fresher than some other guys, so I was able to have a good positive finish to the race. I 'll be raring to go there again this year hopefully. ''
Everything seemed to be heading in the right direction in 2018, with Christian and his Aqua Blue going to some big races. He even won the mountains classification at the Tour de Suisse, the first person from the British Isles to do so.
Then, just a week before the Tour of Britain, one of the team's big goals, it was announced that it would be no more in 2019.
`` I think the way it abruptly ended was not a nice situation for everyone, '' he says. `` But the time I did have there, I have to say I enjoyed it. It was a nice setup, we all got on really well. We were provided with a lot of opportunities to race some pretty good races - I got the Vuelta in my legs and that was my first grand tour.
`` Some of the other monuments that we were in, we had a really good calendar of racing. I do look back with fond memories overall, just a shame the way it finished in the end. ''
That left Christian, and the 15 others in the team, suddenly in the lurch and without a team for 2019. While some like Eddie Dunbar and Caspar Pedersen were given routes to the WorldTour, others were forced to step down a tier or even retire.
`` Deep down I was quite confident that I would eventually find something, '' he says. `` But with it being quite late in the year, it was tough. Even with the pandemic and stuff, the team one was more all of a sudden where it was literally finding out one morning. I think it was only a week or so before the Tour of Britain.
`` There was just like a switch where it was an absolutely life changing moment where you just one moment you 've got a team, you're going to the Tour of Britain, there are a few other races on the cards, you're even looking ahead to the following year. Next thing, it's just swept away from underneath you. So it was just about keeping the faith. ''
Christian is good at keeping the faith, and it has paid off for him, now back on an upward trajectory.
He explains: `` Mentally, because you 've been sort of that close to being in that sort of unknown zone of not being able to race and not being able to have a team, you sort of think well actually, now I have got this opportunity and it gives you a different outlook on it. That you want to really make the most of it.
`` In the past, it's probably easy to take it for granted and go with it. Then it becomes a bit of a job. But when that's taken away, and you haven't got the choice, all of a sudden you think oh actually I do really like it. ''
At 31, Christian knows that he has to keep working on himself and training hard in order to stay at the right level.
`` You can never stay still, everything is always moving forward and progressing. The races are getting faster, training is improving all the time. ''
So far this season he has already impressed, finishing sixth on the opening stage of the Ruta del Sol after surviving in the break, and helping his teammate Lorenzo Fortunato to ninth place overall.
Asked why he thinks racing is seemingly getting faster post-pandemic, the Manxman explains that there's a web of intertwined factors.
`` Training is advancing and the science behind it is advancing, '' he says. `` Even technology, with bikes and things like that. I think naturally, it's getting quicker, but things are also getting raced a little bit differently as well. I think the rule book got ripped up a lot over the last couple years.
`` Races are getting more aggressive from earlier on in the race. The almost unwritten rules went out the window. Especially with some of these younger riders coming through, they aren't scared, there is no fear. And it just sort of changed a little bit. ''
That is a big shift from when he started his career with An Post - Sean Kelly back in 2012, alongside Sam Bennett.
`` Data and science has taken a massive leap over the last five or 10 years, everything is so much more quantifiable, '' Christian says. `` I think that's probably why we're finding guys who are able to train into races a bit more than they used to. In the past everyone talked about racing, as if you needed a month of racing to get back, and form builds through it. Now the first races, the level is already super high.
`` I think that's probably the data and nutrition in training, that you can then replicate in a race. With the winter break, that's changed a little bit as well. Everyone used to have a month off and wind down, and now you have to be on it by the time you get to your December training camp. The more you lose in that time, the more you 've got to gain again. ''
Getting back in the groove this week at Coppi e Bartali, Christian will be hoping to continue his good fortune, and move onwards, away from his rollercoaster years. | general |
Kishida eyes fresh spending package to cushion blow of rising costs | Japan’ s ruling coalition agreed Wednesday to compile a fresh stimulus package to cushion the economic blow of surging fuel and grain prices caused by the war in Ukraine.
Prime Minister Fumio Kishida, who heads the ruling Liberal Democratic Party ( LDP), said the government will consider an additional package as prices continue to rise and the Ukraine crisis heightens uncertainty over the outlook, according to Natsuo Yamaguchi, leader of the LDP’ s ruling coalition Komeito.
Kishida “ was clear that there needs to be an economic package, ” Yamaguchi told reporters after meeting the prime minister.
The war in Ukraine has triggered a rise in fuel and raw material costs which, coupled with a weak yen, have pushed up the cost of imported goods in a blow to Japan’ s fragile economy.
Even before Tuesday’ s parliamentary approval of a record state budget for the 2022 fiscal year, Kishida has been under pressure from politicians to ramp up spending ahead of an Upper House election scheduled for this summer.
Additional spending will boost Japan’ s already huge public debt and keep the country reliant on government support, even as many advanced nations wean their economies off stimulus measures deployed during the COVID-19 crisis.
Kishida will instruct his Cabinet this month to compile the package and will likely tap ¥5.5 trillion ( $ 45.41 billion) in reserves set aside under the fiscal 2022 budget, instead of compiling an extra budget, the Nikkei paper said Wednesday.
But Yamaguchi said Komeito wants the government to use not just the reserves but additional funds through an extra budget.
“ The stimulus package could come in two stages, ” with the first funded by reserves and the second by an extra budget that will pass parliament after the election, said Toru Suehiro, senior economist at Daiwa Securities.
“ Combined, the total size of the package could near ¥20 trillion, ” he added. | tech |
Unifor accuses former president of taking money from COVID test supplier; Jerry Dias says he has entered rehab for addiction | The Unifor national board has charged former president Jerry Dias with allegedly violating the union’ s constitution and will hold a hearing before its board to weigh evidence, as the long-time union leader said Wednesday he has entered a residential rehabilitation facility.
Dias retired after 8 ½ years as Unifor president March 11, citing ongoing medical problems. He was already on leave from the union’ s top job, having stepped away to deal with health issues Feb. 6.
On March 14, Unifor disclosed an ongoing “ independent external investigation ” into the former president for an alleged breach of its constitution. At the time, it shared no details about the nature of the allegation, but said the investigation started Jan. 26, with Dias being notified of it Jan. 29. | general |
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