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Expert floats way for Biden to cancel student debt without Congress | Senate Majority Leader Chuck Schumer of New York and Sen. Elizabeth Warren, D-Mass., are among those calling on President Joe Biden to bypass Congress and forgive student debt through executive order.
`` You just need the flick of a pen, '' Schumer has often been quoted saying on the matter.
Yet there might be another way the White House can cancel student debt without passing legislation, according to a recent analysis by higher-education expert Mark Kantrowitz.
The details are wonky, but basically Kantrowitz argues that federal student loans could be forgiven through regulatory changes established by the executive branch. Specifically, he argues that one popular government program, known as the Income-Contingent Repayment Plan, can be amended to distribute broad cancellation.
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Usually, an ICR Plan erases a borrower's debt after 25 years of payments, but Kantrowitz says a tweak could shorten that timeline. Borrowers may need to file an application for the relief, but he doubts that would be much of a roadblock `` given the strong financial incentive of loan forgiveness. ''
In theory, Congress could block the changes put forth by the White House, but Kantrowitz doubts there would be enough support for that.
`` They would need two-thirds of the House and two-thirds of the Senate to challenge it, which is extremely unlikely to happen, '' he said. On the other hand, Kantrowitz suspects loan forgiveness through executive order would probably face legal challenges.
If the regulations by the Biden administration, which would be issued by the U.S. Department of Education, were published by Nov. 1, they could go into effect as soon July 2023, and maybe even earlier.
The White House did not respond to a request for comment on whether it had seen Kantrowitz's analysis.
Advocates, lawyers and Democrats have been looking for ways for the president to forgive student debt on his own. Most experts agree legislation in Congress is unlikely to pass given the unpopularity of loan cancellation among Republicans.
During the 2020 Democratic presidential primary, Warren vowed to forgive student loans in the first days of her administration. She included in her announcement an analysis written by three legal experts, based at the Project on Predatory Student Lending at Harvard Law School, who described such a move as `` lawful and permissible. ''
Luke Herrine, Ph.D. in Law candidate at Yale Law School, first made the argument in 2017 that the Education Department could cancel student debt.
`` Basically it's like the power that a prosecutor has to determine whether to bring charges against somebody, '' Herrine said. `` The prosecutor might think that a person has committed a crime but decide not to bring a case against them for whatever reason. '' Similarly, the government could decide not to enforce people's debt obligations.
A recent poll found that nearly 66% of likely voters are in support of Biden canceling some or all of student debt. More than 70% of Latino and Black voters are in favor.
Since March 2020, when the coronavirus pandemic first hit the U.S. and crippled the economy, most federal student loan holders have been given the option to not pay their monthly bill. In addition, interest hasn't been allowed to accrue on their debt.
The reprieve has impacted more than 25 million Americans and has been extended five times throughout the public health crisis. It's currently slated to end May 2.
However, White House chief of staff Ron Klain said earlier this month that the Biden administration wanted to make its decision around debt cancellation before it turned the payments back on.
`` The president is going to look at what we should do on student debt before the pause expires, or he 'll extend the pause, '' Klain said on the podcast `` Pod Save America. ''
Most recently, the Education Department ordered the companies that service federal student loans to hold off on sending borrowers notices about their payments restarting. | business |
Walmart sues BJ's Wholesale claiming theft of Sam's Club self-checkout tech | In this article
Walmart and its big-box warehouse subsidiary Sam's Club accused rival retailer BJ's Wholesale Club in a lawsuit filed Tuesday of stealing technology that powers a popular self-checkout option in the Sam's Club mobile app.
The suit, filed in federal court, claims Walmart worked for years to develop Scan & Go, a feature that lets Sam's Club customers ring up purchases on their smartphones while walking through the store, allowing them to avoid a checkout line.
It also notes that Walmart holds multiple patents protecting the intellectual property for the self-checkout feature, which debuted in 2016. Scan & Go has become more popular since the Covid-19 pandemic began in the U.S. in early 2020 as shoppers adopted social distancing and contactless checkout.
Walmart alleges its `` innovations were simply taken without permission '' by BJ's, which launched its contactless offering, ExpressPay, in late 2021.
`` Express Pay is an apparent copy of Sam's Club's Scan & Go, merely changing the in-app colors and changing the name from Scan & Go to Express Pay, '' the lawsuit says.
As a result, the suit claims, BJ's has infringed on Walmart's patent rights, causing `` significant damages and irreparable harm. ''
The lawsuit was filed in a U.S. District Court in Orlando, Florida. Walmart and BJ's both declined to comment on the suit, which was first reported by Bloomberg Law.
The legal action comes as warehouse clubs such as Sam's Club, BJ's and Costco have seen sales surge during the Covid pandemic, with Americans stockpiling large quantities of toilet paper and food, cooking more at home, and moving to homes in the suburbs with larger pantries.
Sam's Club, which has served as a tech incubator for Walmart, has looked to technology as a competitive advantage against other retailers. It touted Scan & Go last month in its first-ever Super Bowl ad, which featured comedian and actor Kevin Hart.
Scan & Go is now available at Walmart locations, as a perk for shoppers who sign up for Walmart+, a subscription-based service that Walmart launched to deepen customer loyalty and better compete with Amazon Prime.
Sam's Club does not disclose customer data, but Walmart said the retailer's membership hit a record high in the fourth quarter.
Same-store sales at Sam's Club grew 10.4% in the fourth quarter of 2021, compared with the year-ago period, excluding fuel.
That rate was nearly double the sales growth of Walmart's U.S. same-store sales during the same period. | business |
African Development Bank Commits $ 2.8 Billion to South Africa Over Next Five Years | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- The African Development Bank will commit 42.5 billion rand ( $ 2.8 billion) in new financing to South Africa over the next five years, including a 6 billion-rand package to help state power utility Eskom Holdings SOC Ltd. transition toward using cleaner sources of energy.
“ The African Development Bank believes in South Africa, ” Akinwumi Adesina, the lender’ s president, said at an investment conference in Johannesburg on Thursday. “ We know South Africa is bankable. ”
The funding for Eskom adds to an $ 8.5 billion commitment made by the U.S., U.K., Germany, France and the European Union at the COP26 climate summit in Glasgow in November to help the utility reduce its greenhouse-gas emissions, the 13th-largest in the world. Eskom’ s ability to transition away from coal, which it uses to supply more than 80% of South Africa’ s power, is key to meeting the country’ s ambitions to tackle climate change.
Details of the Eskom funding plan are still being finalized and it won’ t add to South Africa’ s debt, Adesina said.
The AfDB pledge is a major boost for President Cyril Ramaphosa, who initiated a drive four years ago to secure 1.2 trillion rand ( $ 68 billion) of new investment by 2024 to boost economic growth and stimulate employment.
Prior to Thursday’ s gathering, the government said it had secured 152 investment commitments totaling 774 billion rand, with 45 projects at or near completion and 57 under construction. Other new spending commitments will be announced later in the day.
The government is making headway in implementing structural reforms to make it easier to do business, including opening up the freight-rail system to private investors, addressing power shortages, cutting red tape and selling off broadband spectrum to reduce telecommunications costs, Ramaphosa said in his opening address to the conference.
“ We meet at a moment when our country, like many others, is facing huge challenges as a result of the Covid-19 pandemic, yet it is also a moment of great opportunity and promise, ” he said. “ We know that our challenges are many, that they are complex and that they are protracted but we are neither defined by these challenges, nor are we daunted by them. Rather, we are dedicated to surely, steadily and decisively overcoming them. ” | general |
Navigating the Novel Medical Device Journey | Navigating the Novel Medical Device Journey | designnews.com
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SOTECH Health's point-of-care diagnostic test was developed to detect COVID-19 exposure quickly and accurately in airports, businesses, cruise lines, schools, and stadiums.
A look at one company’ s path from medical device design to market delivery yields some interesting lessons, suggesting 10 critical factors for success.
The opportunity to bring a breakthrough medical device to market is both exhilarating and exhausting. Meticulous coordination of each product design and development step must be undertaken with an overarching focus on usability as well as a clear view of what is required by regulatory organizations. As a result, many aspects of the regulatory process go hand-in-hand with human-centered design, which places usability front-and-center in all product development decisions.
While putting the user first makes intuitive sense, it’ s critical to apply this mindset and methodology from beginning to end—starting with the initial idea and extending throughout each product prototype, feasibility study, clinical trial, regulatory process, manufacturing ramp, and commercial delivery. For SOTECH Health, a Dallas-based game changer in screening mass populations for COVID-19, the path to product realization is being paved with seamless collaborations across the entire product development lifecycle.
Anchored by a mission to return the world to levels of pre-pandemic normalcy, SOTECH Health developed a point-of-care diagnostic test intended to detect COVID-19 exposure quickly and accurately in densely populated settings, such as airports, businesses, cruise lines, schools, and stadiums. Unlike existing polymerase chain reaction ( PCR) testing and rapid antigen testing, which take time to produce results, SOTECH wanted to screen for COVID-19 in less than 30 seconds.
To accomplish this, the test had to be simple, straightforward, and capable of being self-administered. Starting with this end state in mind, the company focused on a breath-sensor system that functions similarly to breathalyzers used to measure blood alcohol content. In this case, however, SOTECH’ s novel device can detect certain compounds, called volatile organic compounds, which are emitted when the body is in distress. A highly sensitive, electrochemical sensor looks for traces of certain chemicals in the sample, which indicate exposure to SARS-CoV-2, the virus strain that causes COVID-19.
The ability to leverage unique sensing technology, developed by the University of Texas at Dallas, offered SOTECH a go-to-market advantage. Additionally, ongoing collaboration with UT-Dallas streamlined the identification of location, temperature, humidity, and communications sensors for collecting and sharing data using artificial intelligence ( AI) models created by SOTECH to assess results and better understand emerging viral hotspots.
While the idea behind SOTECH’ s innovation is as easy as taking a breath, myriad product design and usability factors added complexity to the development of both the reusable breath-sensor device and the accompanying disposable mouthpiece. As is the case with many novel devices, there aren’ t a lot of existing predicates, if any, to inform product development. Instead, the application of human-centered design principles is key to determining product form, fit, and function by asking the following:
Medtech device designers and developers need to parallel track everything from human-machine interfaces ( HMI) and product functionality to regulatory, manufacturing, and commercialization. For instance, if there is an indication that a product will be launched in multiple regions, then factoring in geo-specific requirements and regulatory environments is crucial. Different design inputs, compliance standards, power requirements, and documentation are just a few of the areas that must be taken into consideration from the beginning.
Bringing in cross-functional teams with experience across a variety of disciplines is vital to validating an existing knowledge base while uncovering any areas of exposure as early in the development process as possible. Increasingly, this effort requires tapping the skills and expertise of experts across ever-widening areas, including industrial design, mechanical and electrical engineering, software, artificial intelligence, supply chain management, testing, and quality, the list goes on and on.
Successful medtech market entries typically are predicated on solid regulatory strategies that inform both product design requirements and development decisions. For that reason, due diligence is needed to ensure the business case has ample visibility into what is needed for regulatory backed by verified evidence and results.
As the intent for SOTECH Health’ s device is for mass screenings, the team examined product use, starting with how someone would pick up and interact with the handheld device and disposable mouthpiece. In particular, the team wanted to assess if someone could insert the mouthpiece unassisted and then blow into the device for six seconds to produce an accurate result.
Continued testing and analysis play equally important roles in helping product developers gather and correlate a body of substantive evidence, including design history files and quality testing, all of which are required for regulatory review. For most developers of novel devices, the type and duration of feasibility, usability, and studies will vary greatly, depending on the device and its intent. Regardless, these initial steps are instrumental as specific product design choices can alleviate or aggravate certain regulatory challenges. Feedback from testing plays a major role in continuous product improvements as well as finalizing regulatory submissions and preparing for volume manufacturing.
As soon as regulatory approval is granted, medtech companies must be prepared to mount an expedited and economical path to market. SOTECH Health is no exception, which is why the company adopted tenets of design for manufacturability from the beginning. Optimizing product designs for production is the best way to avoid unforeseen changes that can slow a product’ s market trajectory or increase costs. Failures or delays in integrating design for manufacturability across the product development lifecycle often leads to decisions in materials or product features that adversely impact cost, quality, and time-to-market.
Another problem that can delay commercialization while adding unnecessary costs is insufficient understanding of how best to scale manufacturing to accommodate increased volumes. It’ s imperative to apply all learnings from low-volume production during clinical trials and early market ramp up to transition production into semi-automated and then fully automated lines as demand dictates. The ability to make these transitions smoothly without the need for major modifications to tooling and fixtures is essential. The opportunity to reuse these essential manufacturing aids, including specific equipment on the production line, will pay off in significant time savings and reduced costs.
SOTECH Health anticipates a rapid production ramp upon receiving regulatory approval. To that end, Phillips-Medisize is readying access across its expanded global footprint, which includes world-class manufacturing facilities, innovation centers, and cleanrooms in North America, Europe, Asia, India and Mexico. Additionally, the team is prepared to leverage a combination of manual and fully automated production lines to manufacture large quantities of handheld devices and mouthpieces daily.
Moreover, both companies already are looking on the horizon for ways to adapt SOTECH’ s unique platform to screen for other respiratory diseases and conditions in the future. Following each step involves looking ahead without ever losing sight of the product’ s vision or SOTECH Health’ s transformative mission to change the world through the power of innovation.
For a list of top 10 critical product journey success factors, please see the infographic below.
1. The SOTECH product has not been cleared by the U.S. FDA or comparable regulatory bodies in other jurisdictions. The product is subject to emergency use authorizations given the COVID-19 pandemic. This article is not intended to make any affirmative statements about the safety, adequacy or effectiveness of the SOTECH product.
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U.S. stocks extend gains as Treasury yields rise | The information you requested is not available at this time, please check back again soon.
U.S. stocks rebounded as investors weighed economic resilience against the threats of rising rates and the impact of the war in Ukraine.
The S & P 500 advanced, with all but two of the 11 main industry groups rising. The tech-heavy Nasdaq 100 rose more the 1 per cent. Treasuries resumed their slide, with the 10-year benchmark yield rising as much as 10 basis points to 2.39 per cent. Oil fell in a choppy session.
While bonds have suffered unprecedented losses globally, shares have rallied to levels seen before the start of the war in Ukraine. Data Thursday showed applications for U.S. state unemployment insurance fell last week to the lowest since 1969, while a measure for business activity advanced to an eight-month high in early March as fewer COVID-19 restrictions and less severe supply chain disruptions supported demand and production.
Investors are selling bonds as Federal Reserve officials warn steeper rate hikes may be necessary to subdue the hottest inflation in four decades. Fed Chair Jerome Powell explicitly put a half-point hike on the table in May if needed, saying the economy is strong enough to weather higher borrowing costs.
“ We always knew rates are going to head higher, and the main question or concern is what happens to growth, ” Chris Gaffney, president of world markets at TIAA Bank, said by phone. “ Powell has continued to say that he believes the U.S. economy is strong enough to withstand higher rates and now we’ ll get a chance to see. The war in Ukraine certainly has pushed commodity prices higher -- how much that will impact consumer spending ” remains a big question. “ So far it doesn’ t seem like it’ s slowed them down too much. ”
According to Pimco, the tightening cycle may end with the Fed hoisting its key rate to 2.75 per cent by the end of 2023 -- despite distress signals from the bond market. Chicago Fed President Charles Evans said Thursday he’ s “ comfortable ” with raising rates in quarter-point increments, while being “ open ” to a 50 basis-point move if needed. The U.S. central bank raised the benchmark rate a quarter point to 0.5 per cent last week, the first increase since 2018.
Oil slipped, with futures in New York trading to near US $ 113 a barrel in a choppy session, as traders weighed the impact of rising trading costs on the major exchanges. Commodity prices have staged erratic rallies amid supply pressures and sanctions as Russia’ s attacks on Ukraine show no sign of abating.
On the geopolitical front, the U.S. announced a new package of sanctions on Russian elites, lawmakers and defense companies designed to ramp up pressure on Moscow. NATO agreed to boost its deployments in the eastern portion of the defense alliance, as the U.S. said it is working with NATO to prepare for possible biological or nuclear incidents by Russia
Russian equities rose more than 4 per cent after Moscow Exchange resumed shortened four-hour trading in 33 out of 50 equities listed on the benchmark. Russian government intervention to prop up the stock market helped lift shares on the first day of trading since Feb. 28.
A new report from CIBC’ s fixed-income team says that if the Bank of Canada decides to deliver a double-dose of monetary tightening with a 50 basis point rate hike, it would be best served by waiting for the central bank’ s June meeting.
Russian government intervention to prop up the stock market helped prevent a renewed selloff in shares on the first day of trading following a record month-long shutdown of the equity market.
NATO agreed to boost its deployments in the eastern portion of the defense alliance, doubling the number of battle groups to eight, as the U.S. said it is working with NATO to prepare for possible chemical or even nuclear incidents by Russia.
Russia’ s invasion of Ukraine has the potential to accelerate the global shift to green energy and the use of digital currencies, according to BlackRock Inc. Chief Executive Officer Larry Fink. | general |
Outlook for oil amid Ukraine conflict | Tech ETFs give investors exposure to a still fast-growing area of the market.
If there’ s any silver lining to come out of the COVID-19 pandemic, it’ s that an increasing number of investors are thinking more carefully about the impact their holdings are having on the world.
It doesn’ t matter if you look at the last three years or the last 30, U.S. technology has consistently been one of the best performing sectors in the world.
Many of us will look back on 2020 as a year of great hardship and we may all be eager to turn the calendar and hope for brighter news for the world in 2021. If your finances took a hit or you want a new start for your money, here are 10 things to consider.
Your tax filing may be different this time around because of the COVID-19 pandemic. One piece of advice: Start estimating now whether you may or may not owe money to the government.
It’ s never too early for business owners to start thinking about their end game — after all, you eventually want to enjoy the fruits of your hard work. There’ s a lot to consider. Here’ s a checklist to get you started.
COVID-19 has left many young workers and students unemployed and returning to the safety of their childhood homes. If you are the parent of a teen or young adult whose launch has been interrupted, here are some ways you may help.
If your teenager has a part-time job, you may wonder if they need to file a tax return. Even if it’ s only pocket change, there are some compelling reasons to begin your lifelong relationship with the Canada Revenue Agency.
For many women, balancing career and family priorities is a constant challenge. But a global pandemic has pushed us all to become more creative about how we approach work-life balance. | general |
ECB to Begin Phase-Out of Collateral Easing Measures From July | The information you requested is not available at this time, please check back again soon.
The European Central Bank ( ECB) headquarters in Frankfurt, Germany, on Monday, Oct 25, 2021. The European Central Bank insists the current price spike will ease, though officials ' most up-to-date view will be revealed at the rate decision, along with their assessment of an economy whose snapback from the pandemic is going awry. Photographer: Alex Kraus/Bloomberg, Bloomberg
( Bloomberg) -- The European Central Bank will begin phasing out collateral-easing measures linked to the pandemic from July this year, while continuing to accept Greek bonds until the reinvestment period of its coronavirus bond-buying program ends.
Measures introduced in April 2020 to facilitate collateral availability -- especially amid risks related to credit downgrades caused by the Covid-19 crisis -- will be gradually removed in a three-step process between July 2022 and March 2024, the ECB said Thursday in a statement.
Greek debt, which lost investment-grade status back in 2010, will continue to be accepted as collateral for loans to banks through at least the end of 2024. The move follows a December decision by the ECB to keep purchasing Greek debt via reinvestments under its emergency asset-purchase program, known as PEPP.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Could Unified E-Commerce Transform Medical Device Supply Chains? | Could Unified E-Commerce Transform Medical Device Supply Chains? | designnews.com
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Medical device manufacturers that embrace unified e-commerce can prepare for future scenarios and maximize opportunities for growth.
Medical device manufacturers seeking to capitalize the most on post-pandemic growth should undergo the same digital transformations that have swept through other industries in recent years.
as the number of elective procedures dropped during the pandemic. Fortunately, however, they are regaining their momentum. The total market in medical devices is expected to more than double to $ 700 billion by the end of the decade,
But medical device manufacturers can’ t assume they can return to pre-pandemic business as usual. As the effects of the pandemic ripple through healthcare and the broader economy, more turbulence seems inevitable—the implications of GE and Johnson & Johnson
off their healthcare businesses come to mind, for example.
With the likelihood of expansion as well as disruption in mind, some questions are worth asking. First, is your company presently optimized for growth or agility? If the answer is growth, which certainly would have appeared like a wise approach at the beginning of 2020, how can you improve your change management to deal with more uncertainty in the future? If the answer is agility, which medical device manufacturers now know is extremely helpful when encountering disruption, have you optimized to maintain growth?
In truth, medical device manufacturers don’ t necessarily need to make a choice between the two. Instead, they can use new, cloud-based unified e-commerce platforms that seamlessly integrate certification and compliance, testing and payment systems with supply management, document management, warehouse staffing, delivery, maintenance, and end-of-life services.
Unified e-commerce tools and expertise have demonstrated the ability not only to quickly assess the current market and handle end-to-end services but also to plan and shift according to the latent uncertainties in many predictable scenarios.
Traditional commerce and order management planning and forecasting assume that your business and its environment will continue to trend similar to the past. Things will change, but within certain bounded expectations. Uncertainty planning, in contrast, is preparing for a variety of unforeseen economic shifts that may impact supply and demand—expecting Black Swans, in other words.
That can come off as wizardry. But really, it’ s just better scenario planning and risk management. What scenarios are possible? What scenarios are you ignoring despite their potential because they might seem cataclysmic? What if the
cascading through healthcare grow worse? What if a more lethal COVID-19 variant emerges? Planned and well-exercised agility are necessary to answer these questions.
Good strategic modelling allows for agile profitability and cost management and identifies your most and least profitable products. Solutions that offer data visualization help with this process. Narrative reporting helps, too, and often explains whether budget forecasts were accurate or not. Automation, meanwhile, makes sure the whole process occurs right alongside ongoing business operations.
Scenario planning, profitability modelling, revenue analysis, cost management, and cash flow analysis and reporting are all possible with unified e-commerce. A final critical element, however, is being able to carry out these tasks at scale and in real time. As the pandemic illustrated, medical device companies can’ t wait weeks into the next period to find out what happened in the last one. The world can change too rapidly.
Using data in real-time, and with the help of automation, unified e-commerce platforms in the medical device manufacturing space can integrate sophisticated scenario planning with strategic forecasting. Using unified e-commerce tools, finance and accounting executives are no longer backward-looking chroniclers of what happened in the past. Instead, budgets are vehicles to prompt departments to commit to different paths.
Their work doesn’ t stop when they hand over a profit-and-loss statement. That’ s when their job now starts. That means cloud-based solutions must be configured to support them as they take on these more-significant challenges.
These higher-level skills are essential for manufacturers that want to lead in the digital restart that is emerging in the medical device space. With unified e-commerce, companies will not only be keeping pace in a stable economic climate, but they will also gain the capacity to proactively plan and adapt when turbulence occurs.
There is enough of the pre-2020 mindset to go around. Companies that aren’ t looking forward will struggle with a lack of integrated reporting; long, manual data consolidation processes; and the inability to conduct “ if/then ” scenarios in a world of unknowns.
Organizations that can think faster and translate that into adroit steering will increasingly define the leadership of their respective industries. Medical device manufacturers are no different. The companies that make changes to better support customers and outpace their competitors, without waiting for a return to supposed normality, will gain the most from future growth.
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Nursing care staff see monthly wages rise ¥7,780 at facilities on government program | The average monthly wage of people working at nursing care facilities in Japan that were within the government’ s wage-hike program as of September 2021 rose by ¥7,780 from a year before, the labor ministry said Thursday.
According to a survey on the salaries of employees at nursing homes, the average monthly wages of full-time workers at facilities receiving financial support under the ministry’ s program to encourage pay raises for experienced nursing care staff rose to ¥323,190.
The figure, however, falls below the average pay for employees among all industries, which was ¥352,000 in 2020.
The number of nursing care facilities covered by the program has increased as many such establishments have made efforts to improve their work environments to be eligible to apply for the support, a ministry official said.
While the administration of Prime Minister Fumio Kishida has introduced measures to boost the wages of care staff by around ¥9,000 per month, the impact of such actions was not included in the latest survey as those measures were implemented from February this year.
The survey covered 13,724 facilities and offices across the nation, including special elderly nursing homes. Valid responses were received from 64.2%.
Of all facilities covered in the survey, 68.3% said that they were within the ministry’ s wage-hike program.
The survey also showed that 53.6% of responding facilities said they had been affected by the spread of the novel coronavirus.
Many said that residents and staff members were infected with the virus or came into close contact with COVID-19 patients, while other facilities said the pandemic had forced them to close down temporarily. | tech |
Backtesting news and analysis articles | The transition from LIBOR to RFR has brought challenges for structured products. There are still legacy IBOR products to consider and at the same time the pricing and risk systems need to be upgraâ¦
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In this study, different value-at-risk models, which are used to measure market risk, are analyzed under different estimation approaches and backtested with an alternative strategy.
In this study different value-at-risk ( VaR) models are analyzed under different estimation approaches ( filtered historical simulation, extreme value theory and Monte Carlo simulation) and backtested with different techniques.
This paper presents a backtesting framework for a probability of default model, assuming that the latter is calibrated to both point-in-time and through-the-cycle levels.
The highest losses-to-VAR ratio was 145.75%, in the first backtesting exception reported by the bank since 2018
Traditionally quants have learnt to pick data apart. Soon they might spend more time making it up
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Lula’ s Lead Over Bolsonaro Narrows in Brazil’ s Presidential Race | The information you requested is not available at this time, please check back again soon.
Luiz Inacio Lula da Silva, Brazil's former president, speaks during a ceremony at the Metalworkers Union ( SMABC) headquarters in Sao Bernardo do Campo, Sao Paulo state, Brazil, on Saturday, Jan. 29, 2022. Lula has stated that, if re-elected this year, he would have `` no problem in talking '' with centrist lawmakers who now support the Jair Bolsonaro administration., Photographer: Bloomberg/Bloomberg
( Bloomberg) -- President Jair Bolsonaro narrowed the gap with former president Luiz Inacio Lula da Silva in Brazil’ s presidential race as the economic outlook brightens and the government boosts cash handouts to the poor.
Lula would win 43% in the first-round of the October vote, down from 48% in the previous tally taken in December, according to a DataFolha poll published Thursday. Bolsonaro would get 26%, up from 22% previously.
Lula, the 76-year-old leftist leader, has been the heavy favorite in opinion polls since Brazil’ s top court tossed out graft convictions last year that prevented him from running in the 2018 election. But the popularity of Bolsonaro, 67, a former army captain, has inched up in recent weeks as voters become less worried about the government’ s Covid-19 response, which he is widely believed to have botched, and turn their focus to the economy.
Bolsonaro’ s program of cash handouts to vulnerable Brazilians came as a relief to consumers hit by spiking cost-of-living increases. But the decision by national oil company Petroleo Brasileiro S.A. to hike fuel costs as much as 25% earlier this month may take a toll on Bolsonaro’ s approval ratings over the coming months.
DataFolha, one of the Latin American nation’ s most closely watched pollsters, asked respondents who they would vote for from a list of presidential hopefuls. In a virtual tie, former Judge Sergio Moro got 8% of voting intentions in the first round, while ex-governor Ciro Gomes had 6%.
When respondents were asked to spontaneously name who’ d they choose in October, Lula captured 30%, and Bolsonaro got 23%. A candidate needs over 50% of votes to to win in a single round.
Bolsonaro improved his standing a potential runoff, but would still lose with 21% of the vote to Lula’ s 55%, the poll found.
DataFolha surveyed 2,556 people in face-to-face interviews in 181 cities across the country between March 22 and 23, with a margin of error of plus or minus 2 percentage points.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Mexico Seen Keeping Pace of Interest Rate Hikes: Decision Guide | The information you requested is not available at this time, please check back again soon.
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Mexico’ s central bank is expected to deliver its third straight half-point increase to interest rates since December in an effort to tame inflation running at the fastest pace in nearly two decades.
Banxico, as the central bank is known, is seen raising borrowing costs by 50 basis points to 6.5% on Thursday, according to the forecasts of all but one of 24 economists surveyed by Bloomberg.
The remaining economist expects the bank to boost the rate by 75 basis points, which would be Mexico’ s biggest increase since at least 2008, when the current inflation-targeting system was adopted.
Central banks across Latin America have been raising rates more aggressively in response to above-target inflation. In Mexico, consumer prices rose 7.28% last month from a year earlier -- more than double the 3% target. Core inflation, which excludes volatile items like fuel, jumped to its highest in more than 20 years.
“ The deteriorating inflation outlook suggests policy makers could consider a bigger adjustment. Most may still prefer only 50 basis points -- enough to increase the real rate and more than offset higher U.S. interest rates, while keeping room for further changes and limiting headwinds on activity. ”
Banxico will publish its decision at 3 p.m. ET, along with a statement from its board.
Mexico is facing the lowest rate of new coronavirus infections since the start of the pandemic in 2020, a promising sign, the Health Ministry said March 22. But it continues to be plagued by supply-chain problems and a weak services sector, leading to lower output.
Growth forecasts for 2022 -- which now stand at 2%, according to a Citi survey -- may force the central bank to choose whether to prioritize inflation, as its mandate dictates, or to take a more restrained approach on concerns aggressive policy could further slow the economy.
Since Victoria Rodriguez Ceja took up her post as the new central bank governor in January, Banxico’ s decisions have been even more closely watched. Rodriguez, who worked for years in the federal government as a budget official, voted with the majority of the bank’ s board members in February and has vowed to preserve the bank’ s autonomy.
Yet, her last-minute selection by President Andres Manuel Lopez Obrador still raises concern she might stray from the bank’ s traditionally hawkish message.
“ The problem of inflation is a global phenomenon ” said Jessica Roldan, chief economist at Casa de Bolsa Finamex. “ But Banxico can not ignore what inflation looks like at the local level. It’ s very sticky. Once it reaches high levels, it takes a long time to come down. ”
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
The Check Up: helping people live healthier lives | My years spent caring for patients at the bedside and in the clinic inspired me to find ways to improve health for them and their communities at scale. That passion eventually brought me to Google where I could help solve the world’ s most significant health challenges.
I joined the company just weeks before the COVID-19 pandemic unfolded. At the time, most people hadn’ t heard of “ flattening the curve ” or “ mRNA vaccines. ” But what they did know was that they could turn to Google with their questions. The COVID-19 pandemic strengthened our resolve that Google could and should help everyone, everywhere live a healthier life. It also accelerated our company-wide health efforts.
We embed health into our products to meet people where they are. Our teams apply their expertise and technological strengths and harness the power of partnerships to support our 3Cs – consumers, caregivers and communities around the world.
Today, we’ re hosting our second annual Google Health event, The Check Up. Teams from across the company — including Search, YouTube, Fitbit, Care Studio, Health AI, Cloud and Advanced Technologies and Projects team — will share updates about their latest efforts.
Among the areas of progress, I’ m delighted at the ways our teams are working to support consumers with helpful information and tools throughout their health journeys.
When people have questions about their health, they often start with the internet to find answers. No matter what people are searching for on Google Search, it's our mission to give high-quality information, exactly when it’ s needed.
The Search team recently released features to help people navigate the complex healthcare system and make more informed decisions, like finding healthcare providers who take their insurance.
At today's event, Hema Budaraju, who leads our Health and Social Impact work for Search, introduced a feature we’ re rolling out that shows the appointment availability for healthcare providers so you can easily book an appointment. Whether you put off your annual check-up, recently moved and need a new doctor, or are looking for a same-day visit to a MinuteClinic at CVS, you might see available appointment dates and times for doctors in your area.
While we’ re still in the early stages of rolling this feature out, we’ re working with partners, including MinuteClinic at CVS and other scheduling solution providers. We hope to expand features, functionality and our network of partners so we can make it easier for people to get the care they need.
Of all the information channels people turn to for health information, video can be a helpful and powerful way to help people make informed healthcare decisions. People can watch and listen to experts translate complex medical terms and information into simple language and concepts they easily understand, and they can connect with communities experiencing similar conditions and health challenges.
Dr. Garth Graham talked about YouTube Health’ s mission of providing equitable access to authoritative health information that is evidence-based, culturally relevant and engaging. In the past year, YouTube has focused on building partnerships with leading health organizations and public health leaders to increase the volume and visibility of authoritative health content through new features.
Starting this week in Japan, Brazil and India, YouTube is adding health source information panels on videos to provide context that helps viewers identify videos from authoritative sources, and health content shelves that more effectively highlight videos from these sources when people search for specific health topics. These context cues help people easily navigate and evaluate credible health information.
In addition to information needs, people use our consumer technologies and tools to support their health and wellness. Fitbit makes it easy and motivating for people to manage their holistic health, from activity and nutrition to sleep and mindfulness. Fitbit co-founder James Park shared how Fitbit believes wearables can have an even greater impact on supporting people with chronic conditions, including heart conditions like atrial fibrillation ( AFib).
In 2020, the team launched the Fitbit Heart Study, with nearly half a million people who use Fitbit. The goal was to test our PPG ( Photoplethysmography) AFib algorithm, which passively looks at heart rate data, to alert people to signs of an irregular heart rhythm.
We presented the study results at the most recent American Heart Association meeting, showing that the algorithm accurately identified undiagnosed AFib 98% of the time. We’ ve submitted our algorithm to the FDA for review. This is one of many ways we’ re continuing to make health even more accessible.
These updates are only a slice of what we covered at the event. Check out our Health AI blog post and tune into our event to hear more about ways we are advancing better, more equitable health for everyone.
Google Health is partnering with MEDITECH to bring our search and summarization to their EHR.
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Sign up to receive news and other stories from Google. Your information will be used in accordance with Google's privacy policy. You may opt out at any time. | tech |
Japan saw record 5,400 cannabis offenders in 2021 | A record 5,482 people were involved in cannabis cases in Japan last year, up 448 from the previous year and rising for the eighth consecutive year, with abuse of the drug seen mostly among young people, police said Thursday.
Offenders in their 20s or younger accounted for 70% of the total, with 2,823 of the individuals in their 20s and 994 age under 20, according to the National Police Agency data.
Among the cannabis offenders in their teens, 186 were high school students and eight were junior high school students, with the youngest individuals age 14.
In a survey of 829 drug offenders of all ages, the agency found that more than 70% believed the drug did not pose any harm or was not that harmful. The agency said those in their 20s or below obtained information about where to get cannabis via the internet.
Overall, 5.6 individuals per 100,000 people were involved in cannabis offenses last year, nearly doubling from 3.0 in 2017.
By age group, 14.9 per 100,000 people age under 20 were involved in cannabis cases, up from 4.1 in 2017, while 23.6 per 100,000 people in their 20s were involved, up from 9.4, data showed.
Among all cannabis offenders investigated in the country, there were 4,537 cases of possession, 273 of supply and 230 of cultivation.
The agency believes the rise in offenders is due to an increase in drug deals for profit and the number of users.
Meanwhile, the number of all drug offenders in 2021 dropped 217 from the previous year to 13,862. The majority of cases, 7,824, involved the stimulants methamphetamine or amphetamines, a decline of 647 from the previous year and continuing a downtrend in recent years.
The police said 56 stimulant drug smuggling cases were investigated, with trafficking via airplane decreasing significantly due to coronavirus pandemic restrictions on international travel.
The volume of confiscated stimulants was 688.8 kilograms, while 329.7 kg of marijuana was seized. | tech |
Will China’ s 'common prosperity ' survive Putin’ s war? | OXFORD, England – Earlier this month, as Russian forces shelled Ukrainian cities and COVID-19 infections soared, Communist Party of China ( CPC) leaders gathered for their most important annual political meetings: the National People’ s Congress and Chinese People’ s Political Consultative Conference.
While the weighty documents and lengthy speeches that defined both meetings hardly mentioned the pandemic, and did not mention Russia’ s war at all, China — and its already troubled economy — is undoubtedly being rocked by both.
For much of the last year, the CPC’ s “ common prosperity ” campaign has dominated Chinese government rhetoric. President Xi Jinping has frequently described common prosperity as “ an essential requirement of socialism. ” But important questions about the campaign’ s contours remain, and many observers expected them to be answered, at least partly, at this month’ s twin sessions.
That did not happen. Instead, China’ s leaders made only brief and patchy references to “ prosperity ” and “ prosperity for all. ” In the face of internal and external instability, China’ s leaders seem to be recalibrating their priorities.
To be sure, economic headwinds are nothing new. While the annual Central Economic Work Conference last December presented an upbeat forecast for China’ s economy in 2022, it also highlighted risks stemming from contracting demand, supply shocks and weakening market expectations. The main goal for the year, policymakers concluded, should be “ stability. ” Specifically, stability would require policymakers to limit contagion from the weakening property sector and resist the temptation to over-stimulate the economy.
In the past three months, however, the challenge has become far more formidable. Rising COVID-19 infections have led to a spate of lockdowns, threatening to exact a heavy toll on already-sluggish consumption and service industries. Meanwhile, Russia’ s war on Ukraine has driven up energy, commodity and food prices, which will cause inflation to accelerate and hit Chinese exports as global demand weakens.
In this context, meeting the Chinese government’ s 5.5% target for gross domestic product growth this year will probably be impossible, though the country’ s leaders may massage the numbers to claim success. Even 2.5% to 3% growth will be difficult to achieve. To boost growth and avert a significant rise in unemployment, China’ s leaders already plan to reduce taxes and fees levied on small firms and to increase transfers to local governments. But more action to stimulate the economy should be expected.
So, the common prosperity campaign has been sidelined for now. Nonetheless, it is likely to remain a totem for Xi, as he pursues his goal of making China a “ great modern socialist country ” with an advanced economy by the time the People’ s Republic celebrates its centennial in 2049. Success, in the CPC’ s view, requires addressing the adverse consequences of 40 years of single-minded emphasis on economic growth, which have left large economic and sectoral imbalances, as well as yawning income inequality and deep regional disparities.
If ignored, the CPC fears, these problems could endanger social and political stability. But rather than addressing them as a Western democracy might — with social-welfare policies — China’ s government is mounting a political campaign to mobilize people behind policies intended to expand the economic pie and produce a fairer distribution of income.
A remarkable feature of the common prosperity campaign has been the tightening of state control over private firms and the stipulation of a more orderly “ expansion of capital. ” Since 2020, when the CPC Central Committee issued its “ Opinion on Strengthening the United Front Work of the Private Economy in the New Era, ” private firms and entrepreneurs have faced greater political interference and increasingly intrusive regulations.
For example, at firms with three or more Party members, Party committees in or near operational management are being encouraged to become more involved in recruitment, staffing, supervision and compliance. More broadly, private firms have faced a blizzard of new regulations and investigations, involving, for example, antitrust, data privacy and security.
Technology, data and finance platforms have been the primary targets. But the education, health care and housing sectors, as well as any company operating in the gig economy, are also in the government’ s crosshairs. In housing, state enterprises are now re-entering the market for the first time in 40 years, in order to purchase the assets of overextended property developers.
In an effort to align the private sector’ s interests with those of the CPC, and under the threat of regulatory interference, leading firms like Alibaba and Tencent are making donations to Party programs, in what can be described only as coerced corporate philanthropy. Billions of dollars in donations and pledges have already been offered.
China’ s recalibration of industrial policy and corporate governance, designed to bring private firms and entrepreneurs to heel, may well rein in some private-sector excesses. But by asserting the political control it craves, the CPC risks destroying the incentives for the innovation and productivity that China needs.
Despite the advantages enjoyed by state-owned enterprises in China, private firms have been the more powerful engine of economic growth and development. As Vice Premier Liu He noted last year, the private sector accounts for more than 50% of taxes, 60% gross domestic product, 70% of innovation, 80% of urban employment and 90% of new jobs and companies.
Common prosperity denies the market-oriented policies that have enabled China’ s rise and marks the formal end of the era of reform and opening up launched by Deng Xiaoping. But at a time when COVID-19 border controls and perceived complicity in Russia’ s aggression are already threatening to exacerbate China’ s isolation, the common prosperity campaign is at risk of being undermined at home and overtaken by events abroad.
George Magnus, a research associate at the University of Oxford’ s China Center and SOAS University of London, is the author of “ Red Flags: Why Xi’ s China Is in Jeopardy ” ( Yale University Press, 2018). © Project Syndicate, 2022 | tech |
Children with Disabilities in Zambia: Households with Children with Disabilities in Zambia Face Hardships on Food Access and Dietary Diversity | This summary report by Catholic Medical Mission Board ( CMMB) Zambia and St Catherine's University reports the impact of COVID-19 on the ability of families of children with disabilities to access adequate food. These households named educational and nutritional services as their most pressing support needs.
Copyright ©2021 Better Care Network. All rights reserved. | general |
Sydney stunner: Late Kaoru Mitoma brace sends Japan to World Cup | The Samurai Blue’ s journey may not have been pretty, but the destination is all that mattered.
A pair of late goals by Kaoru Mitoma drove Japan to a 2-0 win over Australia on Thursday night in Sydney, clinching a seventh straight appearance in this year's FIFA World Cup by virtue of a guaranteed top-two finish in Group B of Asia's final qualifying round.
`` It was difficult to approach this game because of the travel to Australia and other factors, but the players prepared well and I 'm glad the efforts of our staff to help them were rewarded with a World Cup berth, '' Japan head coach Hajime Moriyasu said.
Despite outshooting the Socceroos 19 to nine on a waterlogged Stadium Australia pitch, Japan's players failed to make the most of their chances and the game seemed all but destined to end in a scoreless draw that would have delayed the team's World Cup hopes until Tuesday's encounter with Vietnam.
It took Mitoma, who has played for Belgium's Royal Union this season on loan from Premier League side Brighton Hove & Albion, to change the face of the game soon after coming on to relieve attacking midfielder Takumi Minamino, who nearly wrapped himself in glory on multiple occasions but instead watched both goals from the bench.
`` I haven't played much in this qualifying campaign, but we 've reached this point because of what my seniors and all the other players have done, '' Mitoma said.
Japan's 89th-minute opener was the effort of a trio of current and former Kawasaki Frontale players, with Santa Clara's Hidemasa Morita setting up current Frontale defender Miki Yamane near the goal line before the final cross to Mitoma at the top of the six-yard box.
`` When I saw Miki had the ball, I knew from our time at Frontale where he would send it and he made a great pass, '' Mitoma said. `` I barely remember what I felt after the goal; I just ran to the bench. ''
Mitoma's second goal, a solo effort that saw him cut inside past an Australian defender before sending his shot off the hands of Australia goalkeeper Mat Ryan, was a welcome reminder of the dynamism that earned him a J. League Best XI spot in his rookie 2020 season as well as a runner-up finish in that year's MVP voting.
`` I knew we just had to run out the clock, but I saw that if I could get past the defender there was space for me to move in and decided to go for it, '' Mitoma said.
Japan’ s players celebrate after clinching qualification for the 2022 World Cup in Qatar. | AFP-JIJI
Neither team came into Thursday's encounter under ideal circumstances, with both squads losing several players from their initial lists to a combination of injuries, fitness concerns and COVID-19 infections. Even Australia coach Graham Arnold missed several days of preparations after testing positive for the virus last week, earning a stiff fine from Football Australia after he was caught breaching isolation rules.
While Japan was boosted by the return of captain and center back Maya Yoshida, his usual partner in crime — Arsenal defender Takehiro Tomiyasu — was unavailable for a call-up, while veteran right back Hiroki Sakai and usual starting striker Yuya Osako had also withdrawn with injuries suffered in last weekend's J. League fixtures.
But with the majority of its midfield in place, Japan had no problem containing the tattered Socceroos, who were without midfielders Aaron Mooy, Tom Rogic and a host of other regulars.
`` Ao Tanaka, Morita and Wataru Endo worked well to shut down the opposition in midfield, '' Yoshida said. `` Late in the game Australia had to go forward to try to get a goal and Mitoma did well to score when he did. ''
Thursday's joyous scenes stood in stark contrast to the opening of this final group stage, which saw Japan lose two out of its first three games in a stunning run of poor form that left many questioning whether the side would be able to directly qualify for the 32-team World Cup.
It was a shock to the system for a team that had breezed through the first group stage, which featured double-digit wins over Mongolia and Myanmar played behind closed doors at the height of the pandemic.
The Samurai Blue's rebound began on Oct. 12 with a dramatic 2-1 victory over the Socceroos at Saitama Stadium — the start of a six-game winning streak that also featured revenge wins over Oman and Saudi Arabia.
Japan supporters celebrate the team’ s win over Australia in Sydney on Thursday. | AFP-JIJI
Although Thursday marked the third straight time Japan had clinched a World Cup berth with a win over Australia, it was the team's first time beating their Socceroo rivals on Australian soil.
But in a rarity for the nation that co-hosted the 2002 World Cup, the game was not aired on Japanese television — with streaming service DAZN declining to sublicense the broadcast despite concerted efforts by the Japan Football Association to negotiate an arrangement.
Speaking to a commentary team that included former head coach Takeshi Okada and retired national team legends Atsuto Uchida and Kengo Nakamura, Yoshida said he was `` relieved '' to have been a part of the team's historical result.
`` I told them that Uchida, Nakamura, and Okada have never won in Australia, and that I wanted us to win here and clinch a World Cup spot, '' the Sampdoria defender joked when asked about his pre-game speech to his teammates.
Moriyasu, who for much of this qualifying campaign has come under criticism for his rigid tactics and conservative player selections, used his postgame DAZN appearance to once again thank those who enabled the team to continue playing during the COVID-19 pandemic.
`` All of these games were difficult, but I 'm grateful to everyone in the government, essential workers, and everyone else who has made it possible for us to play soccer, '' a hoarse Moriyasu told DAZN. `` All of us here united for today's win but there are so many players and staffers who helped get us to this point.
The former midfielder, who helped Japan to its first of four Asian Cup titles in 1992 only to fall short of qualifying for the 1994 World Cup in the United States, also paid respects to the Samurai Blue's fervent supporters — dozens of whom flew from Japan to attend the game in person following the recent loosening of Australia's strict pandemic border controls.
`` This is something that we 've all achieved with the entire Japanese soccer family and I hope we can celebrate it together, '' Moriyasu said.
The Samurai Blue will host Vietnam at Saitama Stadium on Tuesday in what is now a victory lap, while Australia — set to face Group A's third-place team in a single-legged playoff in June before a potential intercontinental decided against a South American team — will travel north of Jeddah to take on Saudi Arabia, who also qualified for the World Cup by virtue of Japan's win.
The draw for the Nov. 21 to Dec. 10 World Cup will take place on April 1 in Doha. | tech |
March factory activity up in Japan, but Ukraine crisis weighs on outlook | Japan’ s manufacturing activity sped up in March from the prior month as a reduction in COVID-19 cases in the country helped lift orders and production. However, surging input prices and Russia’ s war in Ukraine clouded the outlook.
Activity in the services sector, which has been battered by the pandemic, contracted for the third straight month, but the pace of decline slowed.
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index ( PMI) rose to a seasonally adjusted 53.2 in March from a final 52.7 in the previous month. A reading below 50 indicates contraction from the previous month, above 50 expansion.
The survey showed output rebounded from a contraction in the previous month, while activity in new orders posted an expansion, albeit at its slowest rate in six months.
The conflict in Ukraine and soaring oil and raw material prices hurt momentum for the world’ s third-largest economy, even as it saw new coronavirus infections caused by the omicron variant slow.
“ Firms across the Japanese private sector reported a further intensification of price pressures, ” said Usamah Bhatti, economist at IHS Markit, which compiles the survey.
“ Input prices rose at the fastest pace since August 2008 with businesses attributing the rise to surging raw material prices, notably energy, oil and semiconductors amid deteriorating supplier performance. ”
The au Jibun Bank Flash Services PMI Index rose to a seasonally adjusted 48.7 from February’ s final 44.2 to mark the third straight month of contraction.
The au Jibun Bank Flash Japan Composite PMI, which is calculated by using both manufacturing and services, also shrank for a third straight month, rising to 49.3 from last month’ s final of 45.8.
Japanese firms reported softer optimism for the 12 months ahead in March, Bhatti said.
“ Positive sentiment was the weakest for 14 months amid concerns regarding the economic impact of the Russia-Ukraine conflict. ” | tech |
Some women in Japan struggle to buy menstruation products as pandemic dents finances | For some women in Japan, the pandemic-induced economic downturn means that even essential items aren’ t easy to fit into a monthly budget.
Around 8% of women surveyed have struggled to purchase feminine hygiene products due to financial constraints since February 2020, according to a recent study by the Health, Labor and Welfare Ministry.
The ministry decided to investigate the problem following reports of women who were unable to afford the cost of essential sanitary products.
The findings of the survey, released Wednesday, showed the problem has affected young girls and women particularly hard, with more than 12% of respondents in their 20s or younger saying they have struggled “ often ” or “ sometimes ” to obtain sanitary products in recent months.
The 244 respondents of all ages who said they have struggled to purchase such products during the pandemic said the problem has affected their social and private lives, including making it difficult to concentrate at work or in school, limiting their ability to do chores and making them absent from or late for work or school. Additionally, many of the women who struggled to acquire menstruation products said they suffered from anxiety or mood disorders.
Low income was the main reason given among those who struggled to acquire sanitary products. About 37.7% of women said their incomes were not sufficient, 28.7% said they didn’ t have enough money to spend on themselves, and 24.2% said they had to spend their money on other essentials. Pads used for menstruation have to be changed several times a day and most women buy them in bulk. Adding to the financial burden on women with low incomes, sanitary products are subject to the standard 10% consumption tax, despite campaigns from activists to have them exempted.
To make ends meet, 50% of the respondents who struggled to purchase menstruation products said they weren’ t changing their pads as often or were using toilet paper or medical gauze as a replacement. However, around 1 in 4 of those women who used replacements admitted to having developed rashes or other skin problems. Some also said they have had allergic reactions.
The survey showed the issue was most prevalent in women from households with an annual income below ¥3 million.
The online survey was conducted in early February covering 3,000 women age 18-49 who volunteered to participate. The questionnaire focused on the period from February 2020, around the time when COVID-19 began spreading in Japan.
Nearly 50% of those who said they had problems with purchasing sanitary products had no knowledge about whether local municipalities or organizations supporting women in their area distributed such items for free.
Even those who were aware of ways to get assistance didn’ t necessarily access such services. Some women who knew that sanitary products were distributed for free to people with low incomes admitted to not having used such assistance because they were embarrassed to ask for it or feared what other people would say. Of those who knew about the assistance, only 17.8% used it.
To address the problem, the health ministry said it would work with other relevant ministries and agencies to make such forms of assistance known to the public and more accessible.
Fusaho Izumi, the mayor of Akashi, Hyogo Prefecture, announces in March 2021 that the city will distribute sanitary products for free. | KYODO | tech |
China’ s consumers face deeper economic damage from COVID lockdowns | China is facing a temporary hit to factory production and a lingering consumer slump amid the strictest COVID-19 controls since the initial outbreak two years ago.
Company statements and high-frequency indicators suggest a drop in output and spending in March after China imposed lockdowns in key cities like technology hub Shenzhen, and Changchun, a center for automakers. Official activity data won’ t be available for several more weeks.
With President Xi Jinping pledging to reduce the economic damage of his “ COVID zero ” strategy, China has taken steps to end the shutdown in Shenzhen within a week and avoid putting Shanghai under full lockdown despite a flareup of COVID cases in the city. That suggests an attempt by officials to minimize the fallout, especially for factories.
For consumers, the hit to confidence may last longer as people remain wary of traveling and shopping, and with unemployment already on the rise.
“ Consumption may still be subdued and only recover mildly after the outbreak is brought under control, ” said Liu Peiqian, China economist at NatWest Group Plc. The services sector and tourism will find it difficult to fully revive as sustained and synchronized easing of travel policies is unlikely, she added.
Goldman Sachs Group Inc. estimates that districts designated middle- and high-risk virus areas — meaning they’ re facing some form of restriction — now exceed 30% of China’ s gross domestic product. If a four-week lockdown was imposed in these areas, annual GDP would be reduced by 1 percentage point, the bank’ s economists including Hui Shan wrote in a note Wednesday.
An index measuring activity in China’ s emerging industries fell to 49.5 in March, below the 50-level that separates expansion from contraction, according to survey results published by China Logistics Information Index ( Beijing) Co. and a research institute linked to the Ministry of Science and Technology. COVID curbs caused supply chain crunches and the impact of the COVID outbreak was the worst since February 2020, according to the report.
The survey covers companies in seven high-tech industries such as green technology, bio-tech, high-end equipment manufacturing and new energy vehicles.
A separate poll of sales managers across various industries showed a third of firms were affected by the virus resurgence in March, according to data company World Economics. Still, the figures show a big portion of business activity has or soon will have recovered from past COVID outbreaks. The services sector was the hardest hit, with an index measuring staffing falling to an 18-month low.
The shutdown in Shenzhen halted Apple Inc.’ s supplier Hon Hai Precision Industry Co., known as Foxconn, though it was allowed to partially resume last week even though the city was still barring residents from leaving home. In Changchun, which remains under lockdown, automakers like Toyota Motor Corp. and Volkswagen AG have stopped production.
At least 28 companies listed on mainland exchanges — including electronic component producers, petrochemical firms and environment equipment suppliers — announced a suspension of business operations in March. While many didn’ t disclose the direct impact, a few reported that the halted production lines contributed to half of their total revenue. Three of the companies had restarted some production by Tuesday.
Goldman Sachs analysts said the most affected businesses in the five provinces of Jilin, Shanghai, Guangdong, Jiangsu and Shaanxi were those in industries like chemical raw materials and chemical products, transportation equipment including automobiles, and timber and wood products.
The logistics industry is another major concern, with the Goldman Sachs analysts expecting disruptions to the sector and ports to be “ potentially much worse ” than what was seen in early 2021 and last summer.
Delivery across nearly half of the country was restricted as of March 17, leaving online vendors reeling from plunging shop visits and orders, as well as an increase in refund requests, according to an article published Saturday by e-commerce information exchange platform Paidai.
Subway ridership in Shenzhen dropped to zero last week as public transport networks in the southern technology hub were halted and 17.5 million residents were ordered to limit their movements. The number of passengers using the subway in Shanghai also decreased rapidly.
Hotels and tourism suffered as many regions restricted residents from moving around in order to contain the spread of the virus. Hotel occupancy rates dropped in the first two weeks of March in Shanghai, Shenzhen and Jilin province, according to the latest figures from hospitality data and analytics company STR.
An electronic display showing the China GDP indexes on a street in Shanghai, China, on Oct. 16. | REUTERS
Across China, the average hotel occupancy fell to 44% in the seven days through March 12, down from 52.9% two weeks earlier and 59% for the same period last year, according to STR figures.
The catering industry is also bearing the brunt of social-distancing rules. Business volumes recorded by the restaurant management system of Delicious No Wait ( Shanghai) Information Technology Co. tumbled 44% in the week of March 18 from the last week of February, China International Capital Corporation analysts wrote in a Monday note. Delicious No Wait covers more than 100,000 eateries, according to the firm’ s website.
Moviegoers declined sharply as cinemas faced some of the most draconian COVID-controls. Box office revenue in the first three weeks of March came in at 710 million yuan ( ¥13.5 billion) nationwide, down 58% from the value in the same period last year, according to Bloomberg calculations based on figures from ticketing company Maoyan.
“ We believe the cost of the Zero-Covid strategy will rise significantly as its benefits decline, which makes it much harder for Beijing to achieve its ‘ around 5.5%’ GDP growth target for 2022, ” Nomura Holdings Inc. analysts including Lu Ting wrote in a note this week. | tech |
Experts See China Stuck in a Slowly Evolving Covid-Zero Loop | The information you requested is not available at this time, please check back again soon.
Workers handles waste outside a community that was locked down for health monitoring in Beijing on March 23. Photographer: Kevin Frayer/Getty Images AsiaPac, Getty Images via Bloomberg
( Bloomberg) -- After conquering Covid-19 for almost two years with a zero-tolerance approach, China is now in the midst of its worst wave since the initial outbreak in Wuhan. Having breached what’ s arguably the world’ s toughest containment regime, omicron — the most infectious coronavirus variant — is starting to test Beijing’ s Covid Zero resolve.
Despite President Xi Jinping’ s call mid-March to limit the economic and social fallout of virus elimination, large-scale lockdowns and mass testing drives are back. Authorities are tweaking rules, however, to make some of the measures more flexible, targeted and nimble to avoid severe manufacturing disruptions. Still, the last Covid Zero holdout isn’ t in a hurry to abandon the policy, even as the rest of the world moves to treating it as endemic.
As the latest wave puts pressure on already shaken global supply chains, we asked experts — including some we spoke to in November — how long the world’ s No. 2 economy can continue an approach that’ s leaving it increasingly isolated. Many stuck to their previous assessment that Beijing won’ t ease curbs and open up this year. Some said China’ s virus strategy could become more practical, learning from Hong Kong’ s current virus crisis triggered by the pathogen evading strict border curbs and then not being adequately contained once inside.
Conditions are not yet right for China to reopen because of low vaccination rates among the elderly and a healthcare system that’ s inadequate, said Chen Zhengming, an epidemiology professor at the University of Oxford.
Chen predicts further tweaking of the approach but no major changes, with the overall goal remaining the same “ for a long time ” — echoing his observation last year. China would face a “ colossal outbreak ” on a scale beyond anything any other country has yet seen, if it were to reopen in a similar manner to the U.S., a study by Peking University showed in November.
“ I think the government is also in some way trying to procrastinate, betting on the virus becoming milder in the next few months, which is not unreasonable, ” Chen said. “ That’ s when reopening will be less costly. ”
Huang Yanzhong, a senior fellow for global health at the New York-based Council on Foreign Relations, also reiterated his previous stance, saying no change is likely at least until after the 20th National Congress of the Communist Party later this year, where Xi is expected to secure a record third term as the nation’ s top leader.
The review of Covid Zero is no longer a public health decision, but a political one, and leaders would want to be sure reversing course is politically safe, Huang said. The new willingness to be flexible, which is long overdue, shows “ they have realized it’ s impossible to eliminate the virus and have to address complaints about excessive Covid curbs, especially from the country’ s big cities, ” he said.
Still, the adjustments being made in places like Hong Kong — which is easing some travel and social-distancing curbs despite a high caseload — shows authorities are being more practical, said Jin Dong-yan, a virologist at the University of Hong Kong. Big cities “ may still go back to Covid Zero, but how long would be the biggest challenge, ” he said.
George Magnus, a research associate at Oxford University’ s China Centre, said his views on how China’ s Covid policy will play out are little changed from when he spoke to Bloomberg News in November.
“ I still don’ t see any meaningful change in the current policy until after the Party Congress, perhaps not until 2023, ” he said. “ Closed borders are a pain and exact major costs, but I’ m not sure the government is so viscerally opposed to this idea. ” Altering course will be tough until China has effective mRNA vaccines, he added.
Rolling out booster shots to the vast majority of China’ s 1.4 billion people, especially the elderly, may help Beijing — always averse to disruption that could lead to social unrest — feel more confident about opening up. A recent Hong Kong study showed three doses of the domestically developed Sinovac Biotech Ltd. vaccine rolled out to millions in China can be equally effective in preventing death and severe disease as the mRNA shots made by firms such as BioNTech SE.
Allowing manufacturers flexibility amid Covid Zero might only go so far, as other parts of the economy, such as the services sector, will continue to suffer as a result of the curbs in place, Magnus said.
Frank Tsai, a lecturer at the Emlyon Business School’ s Shanghai campus and founder of consulting firm China Crossroads, said that the government is “ still extremely reluctant to let case counts rise. ”
Beijing needs to educate people of the inevitability of rising infections and dispel fears associated with it before it can truly loosen up on Covid Zero, according to Tsai. That hasn’ t happened yet. Top health officials have reiterated omicron is far worse than the flu and continue to say publicly that letting the virus roam free will cause substantial illnesses and deaths.
The leeway granted to factories amid lockdowns and Xi’ s new mantra don’ t mean China is dismantling Covid Zero, according to Bruce Pang, head of strategy and macro research at China Renaissance Securities Ltd.
“ China will stick to its zero-tolerance approach, ” Pang said. Phrases in its statements “ that China shouldn’ t waver in fighting the virus imply any adjustment will come with the pre-condition of eliminating infections. ”
But this may mark the beginning of a gradual change in rhetoric from Beijing, allowing time for people to understand that “ the new form of Covid is not that dangerous, ” said Vitaly Umansky, a Hong Kong-based analyst at Sanford C. Bernstein. “ This will be a multi-month process where the dialog around what Covid is, how dangerous it is, and what it really means needs to change before you can start having a radical change of policy. ”
China’ s past battle against Covid has had relatively little impact on the global supply chain, but omicron’ s widespread penetration of manufacturing hubs means bigger risks from a rigid adherence to Covid Zero, Umansky said, adding it explains why Shenzhen eased quarantine rules quickly, even though it still has cases. “ When you go into lockdown, it just becomes a huge problem, ” he said.
Beijing can’ t drop Covid Zero, at least not before the Communist Party summit later this year, according to Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis SA. “ A large Covid wave which increased the number of cases massively in China would be too costly politically, ” she said.
Still, Xi’ s recent adjustment could be the result of “ a real power struggle ” between Beijing and local governments, which have had to spend more on instituting curbs at a time when they are getting less from the central government and land sales amid a property downturn, she said.
A recent politburo meeting called for stricter implementation of Covid control measures while minimizing the impact on the economy, suggesting the dynamic Covid Zero approach will last longer, said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Bank. Ding told Bloomberg News in November that the policy could stay in place at least until March this year. How much longer it will last depends on the vaccination rate of the elderly, availability of effective medicines and preparedness of the medical system for a spike in cases, Ding said.
Tweaks to Covid Zero, similar to those announced in Hong Kong on reducing quarantine for inbound travelers, could also be introduced as part of an effort to help the economy, Ding said.
When China eventually reopens, it will do so cautiously, as the country can’ t afford social unrest caused by the inevitable surge in hospitalizations and deaths, said Eric Zhu, an economist covering China and Hong Kong at Bloomberg Economics.
Hong Kong’ s experience will be informative, he said.
The dynamic Covid Zero policy will need to adapt because the economic costs are increasing, said Gary Bowerman, director of travel and tourism research firm Check-in Asia. The current Covid situation in mainland China doesn’ t suggest a reopening is imminent, he said.
“ I think China will open up in a gradual and phased manner, ” Bowerman said. “ Hong Kong and Macau are the priorities in the near future. Setting a hard date is pretty tricky. ” | general |
Warren Blasts Ocean Freight Alliances for Adding to Inflation | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Senator Elizabeth Warren blamed rising U.S. inflation in part on the largest ocean shipping companies, calling “ the anti-competitive nature ” of the industry the root cause of soaring prices to transport goods around the global economy.
“ These price surges cause companies to pass higher costs on to customers and push out smaller businesses, which can not compete with larger companies for dwindling ship space, ” the Massachusetts Democrat wrote in letters addressed to each of the nine largest container carriers. “ This has affected all corners of the economy, inflating prices for the cost of food, durable goods, and other essential needs. ”
Warren cited a Bloomberg News report from January that explored how the consolidation of liner shipping companies in recent years, combined with supply-and-demand imbalances caused by the pandemic, contributed to a sustained surge in container rates that was starting to fuel inflation more broadly.
Warren’ s letters are the latest salvo from Washington to a container shipping industry that’ s been the backbone of globalization for much of the postwar era, garnering little public attention until recently.
The U.S.-China trade war, Covid-19 lockdowns and now Russia’ s invasion of Ukraine have exposed the frailties of far-flung supply chains, and shipping companies have become political scapegoats because they move some 80% of global goods trade.
In his State of the Union address President Joe Biden said he was initiating a crackdown on shipping companies for “ overcharging American businesses and consumers. ” Biden specifically called on Congress to address the current antitrust immunity for ocean shipping alliances, which had not been included in broader legislation working its way through Congress.
The World Shipping Council, which represents the major container lines, has argued that surging household demand is causing disruptions on land and that some attempts in Congress to fix supply-chain strains would only make matters worse.
“ Americans continue to import goods at record levels, ” the council said in a statement Tuesday. “ Ocean carriers have deployed every vessel and every container available, and are moving more goods than at any point in history, but the U.S. landside logjams are keeping vessels stuck outside U.S. ports. ”
In her letters, Warren said “ Congress should act to address high shipping costs if the administration lacks the full authority to do so. ” The senator asked companies to respond to questions about reported plans to further consolidate the shipping market, and their record profits and prices, by April 6.
The shipping industry’ s position -- that forces of supply and demand have pushed up container rates, not a lack of competition -- appeared to get a high-profile advocate this week.
“ No matter how many times Administration officials suggest otherwise, it is an economic falsehood to assert that big profit increases following a collision between rising demand & inelastic supply constitute evidence of profiteering or excessive market power, ” former Treasury Secretary Lawrence Summers tweeted Wednesday.
“ If the Administration were serious about competition in shipping, it would suspend the Jones Act, ” said Summers, who is a paid contributor to Bloomberg TV, referring to a century-old law that prevents foreign-flagged ships from operating between American ports.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
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U.S. stocks rise as Treasuries slide with oil | The information you requested is not available at this time, please check back again soon.
U.S. stocks gained as investors weighed economic resilience against the threats of rising rates and the impact of the war in Ukraine.
The S & P 500 advanced, clawing back Wednesday’ s losses as all the 11 main industry groups rose. The tech-heavy Nasdaq 100 gained the most among major benchmarks, climbing 2.2 per cent. Treasuries resumed their slide, with the 10-year benchmark yield rising as much as 10 basis points to 2.39 per cent. Oil fell about 3 per cent in New York, while Bitcoin climbed to a three-week high.
While bonds have suffered unprecedented losses globally, shares have rallied to levels seen before the start of the war in Ukraine. Data Thursday showed applications for U.S. state unemployment insurance fell last week to the lowest since 1969, while a measure for business activity advanced to an eight-month high in early March as fewer COVID-19 restrictions and less severe supply chain disruptions supported demand and production.
Investors are selling bonds as Federal Reserve officials warn steeper rate hikes may be necessary to subdue the hottest inflation in four decades. Fed Chair Jerome Powell explicitly put a half-point hike on the table in May if needed, saying the economy is strong enough to weather higher borrowing costs.
“ We always knew rates are going to head higher, and the main question or concern is what happens to growth, ” Chris Gaffney, president of world markets at TIAA Bank, said by phone. “ Powell has continued to say that he believes the U.S. economy is strong enough to withstand higher rates and now we’ ll get a chance to see. The war in Ukraine certainly has pushed commodity prices higher -- how much that will impact consumer spending ” remains a big question. “ So far it doesn’ t seem like it’ s slowed them down too much. ”
According to Pimco, the tightening cycle may end with the Fed hoisting its key rate to 2.75 per cent by the end of 2023 -- despite distress signals from the bond market. Chicago Fed President Charles Evans said Thursday he’ s “ comfortable ” with raising rates in quarter-point increments, while being “ open ” to a 50 basis-point move if needed. The U.S. central bank raised the benchmark rate a quarter point to 0.50 per cent last week, the first increase since 2018.
Oil slipped, with futures in New York trading to near US $ 112 a barrel in a choppy session, as traders weighed the impact of rising trading costs on the major exchanges. Commodity prices have staged erratic rallies amid supply pressures and sanctions as Russia’ s attacks on Ukraine show no sign of abating.
On the geopolitical front, the U.S. announced a new package of sanctions on Russian elites, lawmakers and defense companies designed to ramp up pressure on Moscow. NATO agreed to boost its deployments in the eastern portion of the defense alliance, as the U.S. said it is working with NATO to prepare for possible biological or nuclear incidents by Russia.
Bitcoin climbed to more than US $ 44,000 for the first time in almost a month, breaking out of its recent narrow trading range amid a renewal of risk appetite.
Russian equities rose more than 4 per cent after Moscow Exchange resumed shortened four-hour trading in 33 out of 50 equities listed on the benchmark. Russian government intervention to prop up the stock market helped lift shares on the first day of trading since Feb. 28.
Rogers Communications ' takeover of Shaw cleared one of three crucial hurdles Thursday.
A new report from CIBC’ s fixed-income team says that if the Bank of Canada decides to deliver a double-dose of monetary tightening with a 50 basis point rate hike, it would be best served by waiting for the central bank’ s June meeting.
Canada will increase oil and gas exports by the equivalent of 300,000 barrels a day to help nations that are trying to shift away from Russian supplies, the country’ s resources minister said.
A group of Bridging Finance investors plan to make a last-ditch effort in an Ontario court Friday to allow them to have a greater say in the future of the troubled private debt lender rather than have its court-appointed receiver wind down the firm. | general |
Trump Tests His Kingmaker Reputation in Georgia | The information you requested is not available at this time, please check back again soon.
Brian Kemp, governor of Georgia, speaks during a news conference at a mass covid-19 vaccination site at the Delta Flight Museum in Hapeville, Georgia, U.S., on Wednesday, Feb. 25, 2021. Delta Air Lines Inc. partnered with Georgia to host the state's largest COVID-19 vaccination site., Bloomberg
( Bloomberg) -- Former President Donald Trump is focusing most of his ire over losing the 2020 election on Georgia, where he will put his status as a GOP kingmaker on the line this weekend to turn voters against the state’ s Republican governor and other party incumbents.
Trump is scheduled to hold a rally in north Georgia on Saturday night to boost former U.S. Senator David Perdue, whom he recruited to run against Governor Brian Kemp, and Representative Jody Hice, who is squaring off against Secretary of State Brad Raffensperger, another Republican.
Trump began a public quest to oust both incumbents after they refused to overturn his loss to Joe Biden. The rally will highlight other Trump-endorsed candidates, including former football star Herschel Walker, who is running to challenge Democratic Senator Raphael Warnock.
But it’ s the Republican gubernatorial primary that has the highest stakes for the former president. Polls show Perdue faltering and Kemp holding as much as a double-digit lead for the May 24 contest and nearly 15 times as much cash on hand.
A Kemp victory in the primary would represent an embarrassing setback for Trump, who in 2020 became the first Republican presidential candidate to lose the state in 28 years. It would provide the strongest incentive yet for segments of the party eager to move on from Trump and his false claims about the last election, and likely ease trepidation among 2024 presidential aspirants.
“ Georgia will play a major role in determining Trump’ s future, ” said Brian Robinson, a GOP consultant and top aide to former Governor Nathan Deal. “ If his slate were to win, there is no one who would doubt that his word is practically messianic. But he’ s put a lot of chips on the table here, and it’ s possible that there could be some high stakes losses -- in which case it sends the signal that his grip has loosened. ”
This week, Georgia Republican Lieutenant Governor Geoff Duncan’ s advocacy group, GOP 2.0, released a television commercial urging GOP voters to look forward or risk losing to Democrat Stacey Abrams.
The Republican Party, which once had a firm grip on the state, can no longer count on winning elections. Abrams has become a nationally prominent voting rights advocate since losing to Kemp in 2018. And in the wake of Trump’ s defeat in 2020, Perdue and Senator Kelly Loeffler, also a Republican, both lost a runoff election.
Trump’ s attacks on Kemp have been relentless since the 2020 race, characterizing the conservative governor as a Republican in name only.
“ David is running against Brian Kemp, a horrendous RINO who has betrayed the people of Georgia, and betrayed Republican voters, ” Trump said at a March 16 fundraiser for Perdue.
A Fox News poll of Georgia Republicans released March 8 showed Kemp leading Perdue 50% to 39%. Perdue’ s campaign argues that he leads Kemp among Republicans who say they are “ extremely interested ” in the primary and most likely to vote -- and that 79% of Republicans had a favorable opinion of Trump.
“ President Trump is extremely popular among Georgia conservatives, and as word gets out about his endorsement of David Perdue, momentum for our campaign will only continue to grow, ” Perdue campaign spokeswoman Jenni Sweat said in a statement.
Brian Pritchard, a north Georgia conservative who runs a webcast on state politics, expects the rally to help Perdue but says the primary contest “ is definitely going to test the Donald Trump endorsement. If Kemp comes out of the primary, that’ s going to be pretty tough for Donald Trump. ”
Trump boasts that his endorsement is the most valuable in politics, and that’ s generally true in primaries.
On Tuesday, Trump endorsed John Gordon to challenge Georgia Republican Attorney General Chris Carr, who Trump said “ did absolutely nothing ” to address his false election claims. It’ s one of nine endorsements Trump has made in Georgia so far, including state Republican Chairman David Shafer.
Trump on Wednesday withdrew his endorsement of Representative Mo Brooks in Alabama’ s U.S. Senate GOP primary, blaming Brooks’ s comments that the party should move on from the 2020 election. Brooks also lagged in fundraising and polling, threatening Trump’ s endorsement record.
Former Republican House Speaker Newt Gingrich, who represented the Atlanta area for 20 years, said Trump can help make the governor’ s race close, but he’ s putting his status as kingmaker on the line.
“ Every time you go out on a limb like that, if he does win, it strengthens him, if he doesn’ t win, it weakens him, ” Gingrich said. “ He knows that, and I think that’ s why you’ ll see him work very, very hard the next few weeks to defeat Kemp. ”
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Health ministry panel agrees on preparing to administer fourth doses of COVID vaccines | Japan will start preparing to administer fourth doses of coronavirus vaccines, a health ministry subcommittee agreed Thursday, after the government said it would buy additional vaccine doses from two U.S. pharmaceutical companies.
The details, including whether to actually administer the additional booster shots and who would be eligible, will be determined later.
The agreement among subcommittee members came after the government said it had agreed to procure a total of 145 million vaccine doses from Pfizer Inc. and Moderna Inc. to prepare for the rollout of fourth shots.
The subcommittee also approved the administration of third shots of Pfizer's COVID-19 vaccine to children of ages between 12 and 17, with vaccinations expected to begin as early as next month.
Fourth doses of COVID-19 vaccines are recommended in Israel and the U.K., with recipients limited to medical staff and individuals at high risk of developing severe symptoms.
The effectiveness of third shots against the highly contagious omicron variant of the coronavirus has been found to wane over time.
In the meeting, subcommittee members agreed with the health ministry's proposal to prepare for the administration of fourth shots, aimed at preventing the development of the disease or severe symptoms, based on overseas data on their effectiveness and safety.
Under the proposal, the Pfizer and Moderna vaccines are expected to be used for fourth doses. The administration of fourth shots could start as early as in May, sources familiar with the matter said.
Some subcommittee members also said that defining who would receive the fourth shots was more significant compared to deciding eligibility for the first and second doses, with others saying it should be limited to medical staff and high-risk elderly patients.
Vaccinations for the coronavirus are currently free under the government's immunization law, but some members said fourth shots should be handled differently due to their nature, appearing to suggest that they be administered for a fee.
The interval between third shots and the additional boosters will be a minimum of six months in principle, but the ministry will re-examine the matter after taking into account the situation overseas.
Regarding the administration of the fourth shots, Chief Cabinet Secretary Hirokazu Matsuno said, `` We need to study recipients ( of the shots) and the timing for starting them based on the duration of ( the effectiveness of) third vaccinations and the effectiveness of fourth shots. ''
Matsuno added that the government will make a decision after hearing the views of experts.
According to government data released Thursday, currently over 46 million people in Japan, or 37 percent of the country's population, have received their third vaccine dose. | tech |
Moderna Sees 1-in-5 Odds of Dangerous Future Covid Variant | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Chances are roughly one in five that new Covid-19 variants will arise that are more dangerous than the current versions, Moderna Inc.’ s chief executive officer said.
The more likely scenario is that vulnerable people, such as the elderly and immunocompromised, will need annual boosters for protection against strains that are similar in virulence to omicron, Moderna CEO Stephane Bancel said Thursday in an interview with Bloomberg TV. The CEO spoke on the day of a company event detailing its research and progress with messenger RNA vaccines.
Moderna is working to reassure investors about its longer-term growth prospects as the new cases decline following the winter spread of highly transmissible omicron. However, omicron’ s BA.2 subvariant continues to circulate, leading to concerns about a resurgence and the emergence of new strains of the virus with greater power to infect and sicken.
“ I think there’ s an 80% chance that the variants that we’ re going to see in the future are manageable from a severity standpoint and vaccine production, ” Bancel said in the interview. “ But I think we should always be very cautious, because there’ s a 20% chance that something happens in some of the new variants that is very virulent. ”
The shares fell 2% as of 9:46 a.m. in New York. Following a rapid ascent that began in 2002, they’ ve lost almost a third of their value since the beginning of the year amid waning pandemic concerns.
Moderna has signed deals for $ 21 billion in 2022 vaccine sales, up from $ 19 billion announced in February, according to a statement Thursday. The company also said discussions for additional 2022 and 2023 orders are ongoing with countries around the world, including the U.S.
On Wednesday, Moderna said it would apply for clearance for its Covid vaccine in kids under 6 after the shot generated strong immune responses in a big pediatric trial. Gaining clearance for younger children could represent another opportunity for Moderna, as rival partners Pfizer Inc. and BioNTech SE have hit study setbacks.
Bancel said that authorization of Moderna’ s vaccine in very young children is more likely to come first in the U.K. or other countries abroad. Clearance in young children could take a bit more time in the U.S., he said, where Moderna’ s vaccine isn’ t yet cleared for children of any age.
During Thursday’ s virtual investor meeting, Moderna said that interim data from a mid-stage trial of its first influenza vaccine indicated it was safe and generated an immune response. The results suggest the experimental flu shot may be superior to existing vaccines for influenza A, the strain accounting for most adult case, officials said. The company also said it expects its combination influenza and Covid vaccine to begin human trials this year.
“ I believe we’ re going to get to a very high efficacy flu shot on the market, ” Bancel said on Bloomberg TV. | general |
Nearly 50% of Foreign Firms in Hong Kong Plan to Relocate Staff | The information you requested is not available at this time, please check back again soon.
A pedestrian walks along a promenade in front of the city's skyline in Hong Kong, China, on Tuesday, Dec. 7, 2021. Hong Kong will prioritize quarantine-free travel for business people when its China border reopens, Chief Executive Carrie Lam said, warning that the city’ s vaccination rate could curb a broader roll-out., Bloomberg
( Bloomberg) -- Nearly half of the European companies in Hong Kong plan to fully or partially relocate operations and staff out of the city, a new survey suggests, in the latest sign that the world’ s toughest Covid-19 travel and quarantine restrictions are eroding the appeal of Asia’ s main finance hub.
Around 25% of responding companies said they planned to fully relocate out of Hong Kong in the next year, according to a new survey from the European Chamber of Commerce in Hong Kong, while another 24% said they are planning to partially move out of the city. Roughly 34% of firms said they were uncertain about their plans, while just 17% said they had no desire to relocate over the next 12 months.
The negative results, which come amid a surprisingly chaotic coronavirus outbreak, are the latest measure of declining business confidence in a once-freewheeling city that has been increasingly isolated from the world over more than two years. Covid-prevention measures have included hotel quarantines as long as 21 days for incoming travelers, the mandatory hospitalization of those testing positive, regardless of symptoms, and the forced isolation of close contacts in spartan government-run units.
The strict approach to Covid, which followed sometimes-violent democracy protests in 2019, have unfolded alongside a national security law that has injected unprecedented levels of unpredictability into a city that was once known for stability and openness.
While a recent devastating outbreak of the omicron variant has forced the government to relax some restrictions amid an exodus of expatriates and residents, the city hasn’ t given any signs that it plans to abandon the “ dynamic zero Covid ” strategy it has borrowed from China. The strategy aims to fully eliminate local cases rather than risk opening up.
“ Looking at the comparably overwhelming participation among our membership base, the result should serve as a stark warning that recent months and years took a toll on the European business community and their confidence, ” said Frederik Gollob, the European chamber’ s chairman. “ Recent announcements have provided for some relief but it has largely been perceived as too little too late. We need a clear plan back to normal in order to create positive momentum. Reinstating Hong Kong as ‘ Asia’ s World City’ must be the aim going forward. ”
The survey was conducted between mid-January and early February as a fresh coronavirus outbreak was gaining pace and restrictions tightened further. It had 260 respondents representing companies across more than a dozen European business chambers. Roughly 70% of the individuals worked at companies with less than 100 employees, while about 30% represented bigger firms.
Spokespeople for the Hong Kong government did not respond immediately to an emailed request for comment outside of normal business hours. In recent remarks, Hong Kong Chief Executive Carrie Lam acknowledged that the city’ s strict measures were having an impact on the city’ s weary residents as well as the finance hub’ s international reputation.
“ I have a very strong sense that people’ s tolerance is fading, ” she told reporters in a briefing on March 17. “ I have a very good feeling that some of our financial institutions are losing patience about this isolated status of Hong Kong. ”
The grim results echo other surveys, including a recent one from the American Chamber of Commerce that found 44% of respondents were likely to leave the city, with roughly 60% saying that the city’ s international travel restrictions were the No. 1 challenge to businesses.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
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Amazon Fired and Disparaged Him. Then He Started a Labor Union | The information you requested is not available at this time, please check back again soon.
Smalls associate Derrick Palmer outside the National Labor Relations Board’ s Brooklyn office. Photographer: Gabby Jones/Bloomberg, Bloomberg
( Bloomberg) -- When a retail union targeted an Amazon.com Inc. warehouse in Alabama last year, organizers generally avoided provocation, holding rallies far from the facility and urging placard-carrying activists to stay off the company’ s property.
Christian Smalls, an upstart labor leader hoping to unionize Amazon facilities in Staten Island, New York, has tossed that playbook. Over the past couple of years, Smalls has tweeted photos of Amazon consultants he deemed “ union busters ” and encouraged supporters to disrupt anti-union meetings inside the gigantic JFK8 warehouse. Meanwhile, he staked out the Amazon parking lot, handing out union literature, playing loud rap music and buttonholing workers as they came and went.
Time and again, Amazon says, it warned Smalls he was trespassing. Finally, on the afternoon of Feb. 23, the company called the police, and Smalls was arrested and charged with trespassing, resisting arrest and obstructing governmental administration. ( Smalls says a judge adjourned the case for six months and will dismiss the charges so long as he isn’ t charged with a crime during that time.)
One can argue with his methods—and some do—but it’ s hard to deny Smalls’ achievement. In mid-February and early March, his fledgling Amazon Labor Union won two important victories: approval from federal labor officials to hold a union election at one warehouse and sufficient worker support to hold a vote at a second facility nearby. The first election is scheduled to commence on Friday and run through March 30, while the second vote is set for April 25 through April 29. If successful, Smalls will have created not just the first union to breach Amazon’ s U.S. warehouses, but perhaps cemented his position as the face of a new labor movement.
In Amazon, Smalls confronts a deep-pocketed foe that handily defeated the efforts to unionize the Alabama warehouse last year. The novice labor organizer has made rookie mistakes, including failing to gather enough employee signatures in his first attempt to force an election at the JFK8 warehouse. But he and his allies have come this far with little support from organized labor. “ I know I’ m a misfit, there’ s no shame in my game, ” Smalls says. “ I say what I say and that’ s what got me here. The same thing with the union: It represents what the workers want to say. ”
In an emailed statement, Amazon spokeswoman Kelly Nantel said: “ Our employees have the choice of whether or not to join a union. They always have. 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. ”
Smalls, 33, grew up in Hackensack, New Jersey, playing basketball, football and running track at Hackensack High School. He had a short stint as an independent rapper ( one of his songs can be found on Amazon, though it can’ t be played or purchased) but abandoned these aspirations after having kids, a twin boy and girl now aged nine. From 2012 to 2015, Smalls worked various jobs in New Jersey, including stints at Walmart, Home Depot, a grocery warehouse distributor and MetLife Stadium. He toiled at Amazon warehouses for a couple of years, then in 2018 went to work at the then-new JFK8 fulfillment center in Staten Island, where he supervised employees picking items.
When the pandemic struck in 2020, Smalls and thousands of his colleagues became so-called essential workers, who were expected to pick, pack and ship products to home-bound customers. It was a scary time because no one knew if Covid-19 was circulating in the warehouse, and Amazon was then providing little guidance. “ It was business as usual, ” Smalls told Bloomberg last year. “ We weren’ t socially distanced. We were sitting in the cafeteria shoulder to shoulder, you know, eating lunch. ”
After workers began calling in sick and showing up with symptoms, Smalls and colleague Derrick Palmer organized a walkout. Not long after, Amazon told Smalls to stay home because he had possibly been in contact with an infected colleague. Smalls showed up for a rally and was fired, prompting him to file a lawsuit alleging racial bias in Amazon’ s Covid safety protocols. ( A judge dismissed the case in February.)
As tensions rose in Staten Island, senior Amazon executives discussed the situation on a call. In a leaked transcript of the meeting published by Vice, General Counsel David Zapolsky suggested focusing attention on Smalls, who is Black, because he “ wasn’ t smart or articulate. ” Critics decried the comments as racist. Zapolsky later apologized and denied that his remarks were racially motivated.
The incident was a galvanizing moment for Smalls. “ Ironically they said to make me the face of the whole unionizing efforts against Amazon, ” he told Bloomberg last year. “ And from that moment forward, that’ s when I really started to really get involved in organizing. And now I’ m trying to make them kind of eat those words. ”
With Covid spreading across the U.S., Smalls started the Congress of Essential Workers, which mostly traveled around the country protesting Amazon and founder Jeff Bezos. Smalls and his associates weren’ t above pulling stunts of questionable taste, once deploying a mock guillotine outside Bezos’ Washington mansion. These antics alienated some activists, who believed Smalls was just seeking attention. “ You have to be more strategic, ” says Adrienne Williams, a former Amazon delivery driver and member of the Congress of Essential Workers. “ He wanted the publicity that came with that fake protesting. ” Smalls denies that.
Williams and other members of the group also signed a public letter criticizing Smalls for failing to set up a non-profit and for using money raised on a personal GoFundMe page for his advocacy. Williams says she felt Smalls was blurring the lines between his activism and his own needs. An attorney for Smalls sent the signees a cease-and-desist letter after the missive spread online. “ The money I raised, people donated to me personally, ” Smalls says. “ What I did with that money is what I did with it. ”
Started in April 2021, the Amazon Labor Union targeted four facilities that, according to the company, employ about 10,000 workers. Attempting to sell the benefits of union membership to that many people is a daunting task; last year, according to the National Labor Relations Board, bargaining units comprised about 60 people on average.
Smalls argues that his union has a better shot at winning the election than more established players like the Retail, Wholesale and Department Store Union, which lost in Alabama and is currently contesting a do-over vote there that ends March 28. He notes that New York is a union town, unlike Bessemer. New York State has the second highest union membership in the country, with 22.2% of workers belonging to a union, according to the U.S. Bureau of Labor Statistics. But most of them work in the public sector.
Smalls has projected a fun-loving, we’ re-just-like-you vibe to win over workers—dancing, joking around and snapping selfies while collecting signatures. He wanted to avoid what he views as mistakes made in Bessemer, where the union touted support from politicians and celebrities. “ Amazon definitely attacked that aspect of it, ” he says. “ The campaign lost touch with their workers. ” Celebrity sightings in New York have been rare: In mid-March activist-actor Susan Sarandon dropped by an ALU phone-canvassing event.
While organized labor can draw on union dues to help finance campaigns such as the one in Bessemer, Smalls says he has mostly relied on GoFundMe to fund the ALU’ s activities—raising more than $ 100,000 since April 2021. Early on in the campaign, Smalls also accepted legal assistance and help collecting signatures from the local chapter of the United Food and Commercial Workers Union. Smalls says the union is still paying the fees for an ALU attorney. He doesn’ t take a salary, and says he has relied on money raised on his GoFundMe page along with financial support from family and friends.
The Staten Island saga has made Smalls into something of a media darling and earned him qualified praise from RWDSU President Stuart Appelbaum, who said in an interview: “ I’ ll give him credit for taking advantage of the moment and the groundwork that was laid by the Bessemer campaign. I want him and everyone else organizing Amazon workers to be successful. ” John Logan, the department chair of labor and employment studies at San Francisco State University, says the ALU’ s independence prevented Amazon from defining itself as a job creator standing up to Big Labor. “ I hate the word optics, ” he says. “ But the optics are kind of ‘ Amazon the corporate bully trying to crush the little guy who’ s on the side of the workers.’ ” Calling the police on Smalls, he adds, risked backfiring.
The ALU and Amazon have been competing aggressively to win hearts and minds on the warehouse floor. As in Alabama, the company holds “ information sessions, ” during which managers and labor consultants try to persuade workers that a union wouldn’ t necessarily improve their wages and benefits. In early February, workers belonging to the ALU disrupted one of these meetings by challenging management’ s talking points, stalling the presentation. In response, according to a video reviewed by Bloomberg, a manager at the JFK8 facility told workers not scheduled to attend that they could be dinged for “ insubordination. ” The meeting was canceled.
Gauging the strength of ALU support isn’ t easy. Unions need only collect signatures from 30% of workers to force an election, meaning the rest of the workforce could be pro or anti-union. “ A lot of people are on the fence, ” says one worker, who plans to vote in favor of unionizing. “ One girl said no because she said Chris doesn’ t have the experience and she doesn’ t need anyone being her voice. Me? I can’ t speak up for myself. ” The election in Bessemer was instructive. Despite months of campaigning and support from leading politicians including President Joe Biden, the union lost by a 2 to 1 margin and may lose the second election, as well.
Smalls has refrained from setting out a detailed agenda should the ALU win but says he has surveyed workers to assess their priorities. Among them: bringing back monthly productivity bonuses the company eliminated in 2018, giving hourly workers Amazon stock and raising pay to $ 30 an hour compared with the current average starting wage of $ 18 an hour. “ If we lose, it’ s not the end of the ALU, it’ s really the beginning, ” Smalls says. “ We have a couple of chances here. We’ re hoping that we’ ll be successful the first time around. ” | general |
MEI Pharma and Kyowa Kirin Provide Regulatory Update on Zandelisib Following Meeting with the FDA | – MEI to Host Zandelisib Program Update Webcast Today at 4:30 p.m. Eastern Time –
MEI Pharma, Inc. ( NASDAQ: MEIP) and Kyowa Kirin Co., Ltd. ( Kyowa Kirin, TSE: 4151), today provided an update after a recent meeting with the U.S. Food Drug Administration ( FDA) to discuss the pursuit of a marketing authorization for zandelisib, a phosphatidylinositol-3-kinase ( “ PI3K ”) inhibitor drug candidate, via the accelerated approval pathway under 21 CFR Part 314.500, Subpart H, based on data generated by the single arm Phase 2 TIDAL study. In the meeting, the FDA informed the companies of its position that a randomized trial is now needed to adequately assess drug efficacy and safety of PI3K inhibitor drug candidates, including zandelisib. Based on this view, the agency discouraged a filing based on the Phase 2 TIDAL study data and emphasized that the companies continue efforts with the ongoing, randomized Phase 3 COASTAL study as planned. Accordingly, in line with the FDA’ s recommendation, the companies do not plan to submit an FDA marketing application based on the single arm Phase 2 TIDAL study. In addition, while the FDA stated that safety on the 60 mg intermittent schedule appears reasonable, it recommended continued dose exploration to further support the current dose and regimen.
“ The FDA’ s current position on the assessment of benefit and risk of PI3K inhibitors solely based on single arm studies appears to have evolved, as evidenced by the position the FDA communicated at the recent meeting on zandelisib, and the upcoming ODAC meeting scheduled for April 21, 2022 to discuss whether randomized data should be required for the class of PI3K inhibitors to demonstrate appropriate evidence of efficacy and safety, ” said Daniel P. Gold, Ph.D., president and chief executive officer of MEI Pharma. “ Clearly, the outcome of our recent FDA meeting is a disappointing development. Nonetheless we will continue to focus on the ongoing Phase 3 COASTAL study as we consider options that provide the most expeditious approval pathway utilizing randomized data, and which we believe will demonstrate the potential of zandelisib to help patients. Today’ s announcement in no way diminishes our conviction to the development of zandelisib and the promise of its emerging clinical profile. Based on current projections, MEI believes we have sufficient cash for operations to complete the COASTAL study enrollment in 2024. ”
Dr. Gold continued: “ In partnership with Kyowa Kirin, we remain committed to the ultimate potential of zandelisib to address important medical needs as a single agent or in combination with other therapies providing physicians, and their patients, important new treatment options. We plan on completing evaluation of the Phase 2 TIDAL study, and look forward to sharing final data later this year to further advance an understanding of zandelisib’ s clinical utility. ”
“ Our dialogue with the FDA has updated our understanding of the evolving regulatory view of the PI3K inhibitor drug class. With this knowledge, we can focus our efforts to advance the COASTAL program, ” said Yoshifumi Torii, Ph.D., Executive Officer, Vice President, Head of R & D of Kyowa Kirin. “ Our teams around the world have made steady progress to enroll patients and give us important momentum. Together with MEI Pharma, we will continue to work with the investigators, patients, and advocacy organizations to drive continued progress. ”
About 21 CFR Part 314.500, Subpart H
Under 21 CFR Part 314.500, Subpart H, a drug candidate may be eligible for accelerated approval if it is intended to treat a serious or life-threatening disease or condition, and the product would provide meaningful therapeutic benefit over existing treatments. Under accelerated approval, a product may be approved based on adequate and well-controlled clinical studies establishing that the product has an effect on a surrogate endpoint that is reasonably likely to predict a clinical benefit, or on the basis of an effect on a clinical endpoint that can be measured earlier than irreversible morbidity or mortality and that is reasonably likely to predict an effect on irreversible morbidity or mortality or other clinical benefits. As a condition of approval, the FDA may require that a sponsor receiving accelerated approval perform adequate and well-controlled post-marketing clinical studies to verify the predicted clinical benefit.
The FDA historically granted accelerated approval to PI3K inhibitors under 21 CFR Part 314.500, Subpart H for relapsed or refractory follicular and marginal zone lymphomas. Such approvals were granted with the expectation that confirmatory Phase 3 studies producing randomized data would follow the approval. Generally the FDA has expressed a preference for randomized trials, however, the recent meeting with the FDA was the first instance that the agency informed the companies that data from a single arm study, such as the Phase 2 TIDAL clinical study, would not be adequate to evaluate benefit and risk under 21 CFR Part 314.500, Subpart H and that a randomized study is required to support a potential accelerated approval.
Zandelisib, a selective PI3Kδ inhibitor, is an investigational cancer treatment being developed as an oral, once-daily, treatment for patients with B-cell malignancies. Clinical trials are investigating the efficacy and safety of zandelisib as a single agent and in combination with other modalities while administered on an Intermittent Dosing Regimen ( IDT). The IDT leverages molecular and biologic properties specific to zandelisib.
In November 2021, MEI Pharma announced data from ongoing Phase 2 TIDAL study ( NCT03768505) evaluating zandelisib as a single agent for follicular lymphoma ( FL) patients who received at least two prior systemic therapies. Zandelisib demonstrated a 70.3% objective response rate ( ORR) as determined by Independent Review Committee ( IRC) assessment in the primary efficacy population ( n=91). In addition, 35.2% of patients achieved a complete response. At the time of the data cutoff, the data were insufficiently mature to accurately estimate duration of response ( DOR). In line with previously reported data from the Phase 1B study, zandelisib was generally well tolerated. With 9.4 months ( range: 0.8-24) median duration of follow-up in the total study population ( n=121), interim data demonstrated a discontinuation rate due to any drug related adverse event of 9.9%. Patients enrolled in the study will continue to be followed for safety and DOR.
Ongoing zandelisib studies include the cohort in TIDAL evaluating patients with R/R marginal zone lymphoma ( MZL) and continuing follow up in the cohort of the study evaluating patients with R/R FL. Also ongoing is the Phase 3 COASTAL study ( NCT04745832) comparing zandelisib plus rituximab to standard of care chemotherapy plus rituximab, in patients with R/R FL or MZL who received more than one prior line of therapy, which must have included an anti-CD20 antibody in combination with chemotherapy or lenalidomide. COASTAL is intended to support marketing applications in the U.S. and globally.
Other ongoing studies include a Phase 2 pivotal study in Japan ( NCT04533581) in patients with indolent B-cell non-Hodgkin's lymphoma ( iNHL) without small lymphocytic lymphoma ( SLL), lymphoplasmacytic lymphoma ( LPL), and Waldenström's macroglobulinemia ( WM) conducted by Kyowa Kirin.
In March 2020, the FDA granted zandelisib Fast Track designation for the treatment of adult patients with R/R follicular lymphoma who have received at least two prior systemic therapies. In November 2021, the FDA granted zandelisib Orphan Drug designation for the treatment of patients with follicular lymphoma.
In April 2020, MEI and Kyowa Kirin entered a global license, development, and commercialization agreement to further develop and commercialize zandelisib. MEI and Kyowa Kirin will co-develop and co-promote zandelisib in the U.S., with MEI booking all revenue from the U.S. sales. Kyowa Kirin has exclusive commercialization rights outside of the U.S.
MEI Pharma will host a conference call and webcast on March 24, 2022 at 4:30pm Eastern Time. To access the live call, please dial 1-833-974-2378 ( United States) or 1-412-317-5771 ( International). Please ask to join the MEI Pharma call. The event is also available via a live audio webcast at this link, and on the Investors section of MEI’ s website at https: //www.meipharma.com/investors/events-calendar. A replay of the webcast will be archived on MEI’ s website for at least 30 days following the event.
MEI Pharma, Inc. ( Nasdaq: MEIP) is a late-stage pharmaceutical company focused on developing potential new therapies for cancer. MEI Pharma's portfolio of drug candidates contains multiple clinical-stage assets, including zandelisib, currently in ongoing clinical trials which may support marketing approvals with the U.S. Food and Drug Administration and other regulatory authorities globally. Each of MEI Pharma's pipeline candidates leverages a different mechanism of action with the objective of developing therapeutic options that are: ( 1) differentiated, ( 2) address unmet medical needs and ( 3) deliver improved benefit to patients either as standalone treatments or in combination with other therapeutic options. For more information, please visit www.meipharma.com. Follow us on Twitter @ MEI Pharma and on LinkedIn.
Kyowa Kirin strives to create and deliver novel medicines with life-changing value. As a Japan-based global specialty pharmaceutical company with a more than 70-year heritage, the company applies cutting-edge science, including expertise in antibody research and engineering, to address the needs of patients across multiple therapeutic areas such as nephrology, oncology, immunology/allergy and neurology. Across its four regions – Japan, Asia Pacific, North America and EMEA/International – Kyowa Kirin focuses on its purpose, to make people smile, and is united by its shared values of commitment to life, teamwork, innovation and integrity. Learn more about the Company at www.kyowakirin.com and on Twitter @ KyowaKirin US and LinkedIn.
Under U.S. law, a new drug can not be marketed until it has been investigated in clinical studies and approved by the FDA as being safe and effective for the intended use. Statements included in this press release that are not historical in nature are `` forward-looking statements '' within the meaning of the `` safe harbor '' provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the results of our clinical trials of zandelisib, the anticipated timing of our submission of an FDA marketing application for zandelisib, the anticipated timing of the disclosure of the final study data for our Phase 2 TIDAL trial, the timing and success of enrollment for our Phase 3 COASTAL trial, our projected financial position and our expected cash runway, the overall advancement of our product candidates in clinical trials and our plans to continue development of our product candidates. We may in some cases use terms such as “ predicts, ” “ believes, ” “ potential, ” “ continue, ” “ anticipates, ” “ estimates, ” “ expects, ” “ plans, ” “ intends, ” “ may, ” “ could, ” “ might, ” “ likely, ” “ will, ” “ should ” or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on management's current expectations and are subject to a number of risks and uncertainties, including, but not limited to, our failure to successfully commercialize our product candidates; the availability or appropriateness of utilizing the FDA’ s accelerated approval pathway for our product candidates; final data from our pre-clinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; costs and delays in the development and/ or FDA approval of our product candidates, or the failure to obtain such approval, of our product candidates; uncertainties or differences in interpretation in clinical trial results; the risk that our clinical trials are discontinued or delayed for any reason, including for safety, tolerability, enrollment, manufacturing or economic reasons; the impact of the COVID-19 pandemic on our industry and individual companies, including on our counterparties, the supply chain, the execution of our clinical development programs, our access to financing and the allocation of government resources; our inability to maintain or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products; competitive factors; our inability to protect our patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate our business; our inability to operate our business without infringing the patents and proprietary rights of others; general economic conditions; the failure of any products to gain market acceptance; our inability to obtain any additional required financing; technological changes; government regulation; changes in industry practice; and one-time events. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.
to these forward-looking statements.
MEI Pharma: David A. Walsey Tel: 858-369-7104 investor @ meipharma.com
Jason I. Spark Canale Communications for MEI Tel: 619-849-6005 jason.spark @ canalecomm.com
Kyowa Kirin Co., Ltd.: Hiroki Nakamura Corporate Communications Department media @ kyowakirin.com
Lauren Walrath VP, Public Affairs - Kyowa Kirin North America Tel: 646-526-4454 lauren.walrath.g4 @ kyowakirin.com
View source version on businesswire.com: https: //www.businesswire.com/news/home/20220324005902/en/
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Bed Bath & Beyond Is Said to Near Settlement With Activist Cohen | The information you requested is not available at this time, please check back again soon.
Shopping carts outside a Bed Bath & Beyond store in Louisville, Kentucky, U.S., on Saturday, Jan. 2, 2021. Bed Bath & Beyond Inc. is scheduled to release earnings figures on January 7., Bloomberg
( Bloomberg) -- Activist investor Ryan Cohen is nearing a settlement at Bed Bath & Beyond Inc. that would see three new directors appointed to the retailer’ s board, according to people familiar with the matter.
It’ s unclear who would be appointed to the board as part of a settlement. A deal could be reached as early as Friday, said the people, who asked not to be identified because the information was private.
Cohen’ s RC Ventures, which disclosed a 9.8% stake in Bed Bath & Beyond this month, had called on the retailer to implement several changes, including exploring a sale of its Buybuy Baby business or the entire company.
Some of the nominees are expected to join a strategic review committee for Buybuy Baby, the people said.
Representatives for Cohen and Bed Bath were not immediately available for comment.
Cohen argued the company needs to narrow its focus and maintain the right inventory mix to meet demand. The company responded by saying it would carefully review his letter and hoped to engage constructively with him.
Cohen, co-founder of Chewy Inc. and chairman of GameStop Corp., has had a strong following of retail traders who piled into shares of both the pet supply chain and video-game retailer at the height of the coronavirus pandemic. GameStop surged 688% last year and 210% in 2020.
Shares in GameStop rallied this week after Cohen bought 100,000 shares in the beleaguered video game retailer, boosting his stake to 11.9%.
“ I put my money where my mouth is, ” Cohen said in a tweet late Tuesday.
It’ s the second time Bed Bath has been targeted by activist investors. In 2019, the retailer was pushed to revamp its strategy by a group of investors, including Ancora Holdings, Macellum Capital Management and Legion Partners Capital Management. That fight also resulted a settlement that saw four new directors appointed to its board. | general |
Duchess Meghan Announces 'Archetypes ' Podcast Series About Women | Every product on this page was chosen by a Harper's BAZAAR editor. We may earn commission on some of the items you choose to buy.
The series is the first Spotify offering from the Duke and Duchess of Sussex's Archewell Audio production company.
While she was a working member of the royal family, the tabloid media's use of stereotypes often shaped inaccurate narratives around the Duchess of Sussex's life. Now, Meghan is launching her first podcast series investigating the labels that impact the lives of women around the world.
Spotify and the Sussexes ' production company, Archewell Audio, announced today, March 24, a new show hosted by the duchess investigating the labels and stereotypes `` that try to hold women back. ''
Launching this summer, Archetypes will feature `` uncensored conversations '' with historians, experts, and women `` who know all too well '' about how typecasts can influence and change narratives. A Spotify statement shared with BAZAAR.com says Meghan plans to uncover the origins of these stereotypes, as well as address `` the common stereotypes that have historically generalized women through the lens of popular culture and media. ''
In a teaser released on Spotify—the streaming platform the Duke and Duchess of Sussex signed an exclusive multiyear partnership with in 2020—Meghan gives a preview of what listeners can expect.
`` This is how we talk about women: the words that raise our girls and how the media reflects women back to us … but where do these stereotypes come from? And how do they keep showing up and defining our lives? '' she says. `` This is Archetypes, the podcast where we dissect, explore, and subvert the labels that try to hold women back. I 'll have conversations with women who know all too well how these typecasts shape our narratives. And I 'll talk to historians to understand how we even got here in the first place. ''
The free series will be the first offering from Archewell Audio's content deal with Spotify and brings together talent from across Prince Harry and Meghan's production divisions, including Ben Browning, head of content, and Rebecca Sananes, head of audio, who are serving as executive producers, alongside the duchess herself. Spotify's chief content officer, Dawn Ostroff; global head of podcasts and new initiatives, Courtney Holt; and head of studios and video, Julie McNamara, will also serve as executive producers. The trailer was produced in partnership with California-based podcast production house Little Everywhere.
Last week, a spokesperson for Harry and Meghan confirmed that Archewell Audio would be resuming production with Spotify after briefly pausing following widespread backlash concerning the streamer's loyalties to controversial sources—like Joe Rogan's podcast and the company's failure to prevent the spread of coronavirus misinformation. The rep added that the couple has been working directly with the company to promote a safer, well-sourced audio landscape with more reliable and accurate information.
Their collaborative efforts with Spotify include proposals for new `` policies, practices, and strategies meant to raise creator awareness, minimize the spread of misinformation, and support transparency, '' their spokeswoman told BAZAAR on March 17. `` We are encouraged by ongoing conversations we 've had with Spotify on this shared goal and have been working closely with their team—as well as their senior leadership. '' | general |
Renée Zellweger Lets Down Her Guard. ( Sort Of.) | Every product on this page was chosen by a Harper's BAZAAR editor. We may earn commission on some of the items you choose to buy.
The actor has withstood three decades in an unrelenting spotlight, emerging time and time again with an Oscar in hand. Her next act—on screen and off—is full of surprises.
Renée Zellweger’ s rescue dog Chester needed a hip replacement. And so, just before the world shut down, the actor left her home in Topanga, a rustic canyon east of Malibu, and drove to the vet. Traffic can be notoriously unpredictable, and she passed the time listening to Dateline NBC’ s The Thing About Pam—like all of us, relaxing to a murder podcast.
Zellweger, 52, spent much of lockdown on her own, tending to endless projects around the house. “ I was outside every day, building things and planting things, ” she says. “ Nature does what it does and, you know, the squirrels and I were at war. Like, ‘ Why you got ta dig that big hole there?’ I’ m out there every day with my shovel and my bucket. Then I’ m inside tinkering.’ Cause you get quiet and you get creative. Busyness is the enemy of creativity. ” She studied her mom’ s native language, Norwegian, with one of those apps for your phone. ( “ Now my mom and I can have wonderful conversations about how dogs don’ t eat spiders, ” she says with a self-deprecating laugh.) Those pioneer-woman vibes remind me of something an ex-boyfriend of Zellweger’ s, Jim Carrey, once said of her: “ She thinks having a good time is renting a U-Haul and taking furniture to Texas. She’ s real in that way. ” Still is, apparently. Zellweger tells me about her 2007 Ford Escape Hybrid and how, before the pandemic, she took herself on a date to see the Avett Brothers play in Santa Barbara. Of seeing a concert alone, she says, “ You can stay as long as you want! Dance as long as you want to, go to the bathroom—you don’ t have to find somebody. Good luck! ”
The world is reopening, but the new normal, whatever that is, can make for some odd moments. The day Zellweger and I meet is no different; there we are, two strangers in a hotel suite in Beverly Hills attempting a face-to-face conversation after two very isolating years. In pre-pandemic times, this would have been a formulaic setting for one of these profiles: lunch at the Four Seasons, salads and French fries for us, a rice-and-chicken bowl for my pup, who was also invited. ( His meal is an off-menu treat ordered by Zellweger.) But now, there’ s no script. She is dressed in black workout clothes—the preferred armor of pandemic life—and she is at once guarded and warm, with a laugh that could fill a barn. What emerges is a thoughtful, revealing conversation about managing nearly three decades in the public eye, how fate brought her a new chance at love, and a very surprising new project.
You get quiet and you get creative. Busyness is the enemy of creativity.
Chester made a full recovery, and it turns out Zellweger gained something too. The podcast she devoured on all those runs to the vet planted the seed for her latest role: starring as the murderous protagonist in the prime-time NBC miniseries The Thing About Pam, adapted from the podcast, which was itself adapted from five twisty Dateline NBC episodes.
“ I wanted to do something that was lighter, which sounds absurd, ” Zellweger says, “ because this is, ya know, based on a horrific crime. ”
Two days after Christmas in 2011, Betsy Faria was found dead at her home in Troy, Missouri. Her husband, Russ, discovered the body, and his 911 call was frantic. “ My name is Russell Faria! ” he shouted, wailing and sobbing. “ I just got home from a friend’ s house and my wife —my wife killed herself. She’ s—she’ s—she’ s on the floor! ”
The jury would later use a recording of that call to convict Russ. He’ d been so hysterical, the prosecution argued—so obviously over-the-top—that he must have been acting. Betsy had also been stabbed about 55 times. How could he think she’ d killed herself? Besides, if we’ ve learned anything from all of these murder shows, it’ s that it’ s always the husband! Case closed, right? Well, not quite. Russ’ s alibi checked out. And after two years in prison, a judge overturned his conviction. By then, a new suspect had emerged: Betsy’ s best friend, Pam Hupp, her coworker at an insurance company, who’ d been the one to finger Russ. Curiously, she’ d also been named the beneficiary of Betsy’ s life-insurance policy just days before the murder. Nearly a decade passed, but Pam was eventually charged with first-degree murder. Though she denies the accusation and is awaiting trial, she is also currently serving a life sentence for the murder of another person, a man named Louis Gumpenberger. Oh, and her own mother’ s cause of death was recently changed from “ accidental ” to “ undetermined. ”
Hupp was a modern pop-culture fascination—a woman who maybe played everyone for a fool—and the TV series unspools like Desperate Housewives remixed with Fargo. It’ s a delicious six-episode binge that Jason Blum, who executive produced the show, calls “ heightened true crime. ” It’ s certainly the only show this season in which an Oscar winner plays a character who drunkenly berates a low-budget wedding DJ.
“ What makes Pam so fascinating is how benign she appeared, ” says Zellweger. “ Everybody feels like, ‘ I know her. I know that lady.’ Someone who looks like your next-door neighbor or the lady who would babysit you turns out to make some choices that are, to put it kindly, illegal. This person was so outrageous, this sense of entitlement—I thought, okay, as an actress, that’ s fun. ”
Fun, yes. But prime-time TV? Like, with commercials? “ I was a little surprised, ” says costar Josh Duhamel, who plays Russ Faria’ s defense attorney, of Zellweger’ s involvement.
Blum echoes the point: “ Yeah, I was surprised. ” He’ d pitched Zellweger The Thing About Pam in a general meeting. “ Before we finish the sentence, she’ s like, ‘ I know the whole story, I know everything about it, I want to do it,’ ” he says. Blum was ecstatic but, again, you know, surprised. The actress had been in just a handful of roles over the previous several years ( and between 2010 and 2016, she went on a six-year self-imposed hiatus from acting), only to emerge in 2019 playing Judy Garland in Judy, for which she’ d go on to win an Oscar. Did she really want to play Pam Hupp? On Tuesday nights?
“ That makes me sound like we didn’ t want her for the show, ” Blum says. “ We all wanted her. We were all thrilled that she would do it. But no one had any idea how well she would be able to connect to this part. ”
Renée Zellweger was a fixture in our lives for so many years—as the single mother Dorothy Boyd in Jerry Maguire, as the iconic everywoman Bridget Jones in three films, as the villainous Roxie Hart in Chicago—but then she disappeared.
“ I needed to not have something to do all the time, ” she has said of that period, “ to not know what I’ m going to be doing for the next two years in advance. I wanted to allow for some accidents. ” Zellweger’ s retreat from the spotlight was meandering and fruitful. She took college classes in public policy and international law and traveled abroad ( nursing her “ wanderlust ”). She also fell in love and weathered a breakup and took in a couple of dogs—some of those “ accidents ” she’ d hoped for.
And then, like a phoenix rising—in custom Armani Privé—she was right back on top, hoisting a golden statue from the podium, paying tribute to Garland, who somehow never won a leading-lady Oscar. Everyone wanted to know, what would she do next? We’ d have to wait for the answer, as Covid-19 put a pin in the long-awaited Renée-sance. Of that Oscar night in February 2020, she says, “ We danced the night away, went home, and locked the doors. ”
I wanted to do something that was lighter, which sounds absurd, because this is, ya know, based on a horrific crime.
So much has changed since then—for all of us, including Zellweger. She lost a close friend of many years, the legendary publicist Nanci Ryder, to ALS in 2020. Then she sold her place in Topanga ( more on that soon) and found herself in a new relationship with Ant Anstead, a handsome British TV host and unlikely American tabloid staple, thanks to his brief marriage to Flip or Flop’ s Christina Haack. I wondered if the pandemic was somehow different, a forced retreat coming on the heels of such a triumph? Zellweger laughs. “ It was heaven! ” she says. “ I was so blessed that I wasn’ t directly affected by the plague. Outside of the horrific effect on society, I think I’ m really cut out for a pandemic life. ”
Making Judy, Zellweger says, “ was a really nice way to rekindle my love for the process, ” likening it to “ making a thesis film in college, where it’ s a private experience. And you just sneak off and figure your way through it with your couple of friends. ” Which is an odd way to describe a movie with a reported $ 10 million budget and a trove of scarves—so many scarves—but I see her point: She went off to London, slipped into Abbey Road to record, and against all odds resurrected the worn body of an icon in the last days of her life. So much has been made about Zellweger’ s physicality in the film—how she held her frame, how she walked down a hallway, so obviously Judy. But what has stayed with me are the vocals, many delivered live on set. Zellweger had to sound like Garland, of course, but the performance wasn’ t an imitation; when she sang songs like “ The Man That Got Away ” — “ The night is bitter / The stars have lost their glitter / The winds grow colder / And suddenly you’ re older / And all because of the man that got away ” —the lyrics felt personal, lived-in.
Perhaps we shouldn’ t be surprised to see Zellweger having a ball on NBC; what fun it must have been to shed the baggage and expectations of an icon to play a bloodthirsty busybody in prime time. And Zellweger tears into the role of Pam Hupp like it’ s a porterhouse, giving full Midwest camp in big white snow boots and an oversize puffer jacket, gnawing on a Chill Chugz straw ( the made-for-TV version of a Big Gulp) like an old-timey Hollywood villain twirling a mustache.
That’ s the thing about Zellweger: She’ s always had a firm grasp on what material moved her, even if those choices sometimes looked surprising ( or daunting). This is the woman who—hot off the success of 1996’ s Jerry Maguire and just a few years removed from small-town Katy, Texas—reportedly turned down seven-figure offers for big studio films, choosing to wait for something that really grabbed her. What followed was a stunning run: three Oscar nominations in three years, a global franchise in Bridget Jones ( $ 756 million worldwide), and a hunger to produce. At the time, she chased the rights to a not-yet-published novel called Cold Mountain, and while she lost out to a major studio, she got the last laugh: Director Anthony Minghella cast Zellweger in his 2003 adaptation, and she won her first Oscar for the role.
Holding on to that fierce spirit over the past 25 years in the spotlight could not have been easy, especially in Hollywood, a place where—she found out years later—the character she played in 1994’ s Reality Bites was referred to behind her back by some producers and crewmembers as “ Tami Bimbo. ” And while Zellweger is adamant that she was never a victim, her Hollywood story has not been without its battles. “ There have been times I have been in, you know, on set, ” she tells me, sharing a moment from early in her career, “ where a producer’ s ready for me to go ahead and take my clothes off. ‘ Here, drink this wine,’ cause then you’ ll do it.’ And, you know, I’ m not gon na take that wine, but I would like a phone.’ Cause I have a phone call I need to make right now. ”
This is a woman who’ s had her life pored over by the press, her relationships ( Kenny Chesney, Jack White, Bradley Cooper) breathlessly reported, and her looks needlessly criticized. Her casting in Bridget Jones’ s Diary somehow emboldened complete strangers to talk openly about her body, complaining she was too slight—or too Texas—to play the British heroine. Zellweger famously gained weight for the role, but when she shed the pounds, well, armchair pundits felt she’ d lost too much weight. Now, all of these years later, they’ re talking again—or tweeting, anyway—calling the padding and prosthetics she wears in The Thing About Pam “ fatphobic. ” It’ s a fair point, but maybe Zellweger isn’ t the best place to direct that anger.
During another meeting, over Zoom, I notice a Melvin Sokolsky print from the’ 60s hanging on her wall. The photograph was originally shot for Harper’ s Bazaar, but that’ s just a coincidence. It’ s an image of a model inside a plexiglass bubble that’ s been suspended over the Hudson River by crane—a paper doll for strangers to gawk at. When she first saw the photo, Zellweger tells me, “ I felt like, ‘ Oh, I understand her.’ ”
By the time Jason Blum—whose company, Blumhouse, produced Ethan Hawke’ s series The Good Lord Bird and who was himself nominated for a Best Picture Oscar for Jordan Peele’ s Get Out—pitched Zellweger on The Thing About Pam, she was already intimately familiar with the material. Like Cold Mountain before this, she’ d been obsessed with the source material and had actively pursued the rights, a testament to her instincts. Now that the project had come back around, she went all in, studying audio recordings of Pam Hupp’ s interviews with police to get this woman’ s vocal cadence and mannerisms down—the way Pam says “ blah blah blah, ” the way she changes the speed of her voice to “ detract from a point she’ s not landing successfully, ” Zellweger explains.
There have been times on set where a producer’ s ready for me to take my clothes off. ‘ Here, drink this wine, 'cause then you’ ll do it.’ and, you know, I’ m not gon na take that wine, but I would like a phone.
Blum likens Zellweger’ s transformation to what Russell Crowe did with Roger Ailes in the The Loudest Voice. When Josh Duhamel first saw her in costume, he was shocked. “ We were doing some camera tests, ” he says, “ and she comes walking in. I was like, ‘ Oh my God, you are Pam.’ ” He adds, “ I didn’ t realize how Method she was. I didn’ t know if I could talk to her as Renée, or am I supposed to treat you as Pam? Or am I supposed to just leave you be? Because the last thing I want to do is knock her out of whatever mindset she’ s in and talk to her as Renée when she’ s clearly Pam right now. ” ( Hearing this, Zellweger says with a laugh, “ Well, that’ s frightening. ”) The Thing About Pam, which Zellweger also executive produced, is the first effort from Big Picture Co., an outfit she launched in 2019 alongside Carmella Casinelli ( a producer on the Dakota Johnson film The Peanut Butter Falcon). This is no vanity play; Big Picture Co. has a first-look deal with MGM Television ( the company behind The Handmaid’ s Tale) and a slate of projects in development, including a historical drama for Peacock.
Casinelli admits that the idea of Zellweger starring in a prime-time show ( and not something for a prestige streamer) was “ definitely a conversation, ” but the pair felt confident in the new regime at NBC and “ that we could thread the needle and do something very unique for broadcast. ” But The Thing About Pam also hints at Zellweger’ s ambitions for her production company. The Thing About Pam isn’ t a limited series so much as a Trojan horse—a potential franchise disguised as an A-list one-off. “ The hope is we can find the next The Thing About Pam, ” Casinelli says, “ and do a follow-up season. Or seasons. ”
Of the miniseries, Zellweger says, “ It’ s an event. It’ s retro. Isn’ t it cool? ”
Zellweger sold her house in Topanga in October of 2021; after staring at the walls for almost two years, she says, she needed a change. She was also still processing the loss of Nanci Ryder, a titan in the industry, known for her A-list clients and her flirtatious spirit. Ryder had been diagnosed with ALS in 2014 and succumbed to the disease in June 2020, with Zellweger by her side when she passed.
But if you believe in serendipity, as Zellweger does, Ryder’ s work was not done.
“ It was around Judy, ” Zellweger explains, “ late night, and I remember I watched the Property Brothers with Brad Pitt. ” She’ s talking about an HGTV show called Celebrity IOU, in which a famous person honors someone in his or her life—a family member, a beloved employee—by having the Property Brothers renovate their home. Gwyneth Paltrow and Melissa McCarthy have both appeared on the show, but Brad Pitt’ s episode is a real tearjerker.
Zellweger wanted to celebrate the two nurses who’ d cared for Ryder in the last years of her life—twin brothers named Jerome Cowan and Jerald Cowan—and as luck would have it, a spin-off was in development. Celebrity IOU: Joyride would feature Ant Anstead—he of the salt-and-pepper hair, dimples for days, and black T-shirts tucked into cargo pants—rebuilding some truly beautiful classic cars. Zellweger leapt at the chance to participate. In the end, Jerome got a 1969 Oldsmobile Cutlass and Jerald got a killer vintage Bronco. And Zellweger took home the host.
It was an obvious match in some respects: Zellweger’ s father was an engineer, and she is maybe the only Oscar winner who can confidently fix a gearbox ( whatever that is). But in other ways, it was surprising. Anstead, 43, posts to Instagram almost daily and recently had to clarify to his 436,000 followers that his two-year-old son did not cut his own hair with a butter knife. Zellweger, on the other hand, eschews social media entirely, saying, “ I don’ t look at my phone sometimes until six o’ clock at night. ”
And yet there’ s that smile when his name comes up. Zellweger is reportedly renting a place in Laguna Beach, where Anstead lives. When I tell her that I’ m about to visit a friend in New Orleans, she suggests a Middle Eastern restaurant called Saba that they enjoyed when she was there on location filming Pam, praising the spot’ s homemade bread: “ You can have 20 loaves of that stuff and it’ d be fine! ”
Just before the interview ends—before she puts my dog’ s harness back on, giving him a sweet rub-down goodbye—I ask if she thinks Anstead has somehow been a gift from Ryder. Has the powerhouse publicist somehow brought these two together? “ Yeah, we do joke about that, ” Zellweger says. “ She’ s always doing her best. It made me smile. It made me smile to think on this, yeah, the serendipity of it all. ” | general |
New Headwinds Delay Jet Fuel Recovery | The global airline sector has high hopes for a sustained recovery heading into the spring and summer travel seasons as travel restrictions are lifted around the world. But headwinds from sky-high jet fuel prices, the war in Ukraine and new outbreaks of Covid-19 variants have clouded the operating outlook. Energy Intelligence estimates show global jet fuel demand climbing by 13% this year to 6.1 million barrels per day, still some 20% below 2019 levels of 7.9 million b/d. Our projections show demand reaching 6.7 million b/d in 2023, a 15% shortfall versus pre-Covid-19 rates. The pandemic wiped out two years of growth but also fractured connectivity and created wide variations between regions. The US has shown the fastest rebound due to its large domestic market, while Europe is on the mend and Asia is lagging far behind. | general |
Meghan Markle Announces 'Archetypes ' Podcast Series About Women | We may earn commission from links on this page, but we only recommend products we love. Promise.
The series is the first Spotify offering from Harry and Meghan's Archewell Audio production company.
While she was a working member of the British royal family, the tabloid media's use of stereotypes often shaped inaccurate narratives around Meghan Markle's life. Now, Meghan is launching her first podcast series investigating the labels that impact the lives of women around the world.
Spotify and the Sussexes ' production company, Archewell Audio, announced a new show hosted by the duchess investigating the labels and stereotypes `` that try to hold women back. ''
Launching this summer, Archetypes will feature `` uncensored conversations '' with historians, experts, and women `` who know all too well '' about how typecasts can influence and change narratives. A Spotify statement shared with BAZAAR.com says Meghan plans to uncover the origins of these stereotypes, as well as address `` the common stereotypes that have historically generalized women through the lens of popular culture and media. ''
In a teaser released on Spotify—the streaming platform that Meghan and Prince Harry signed an exclusive multiyear partnership with in 2020—Meghan gives a preview of what listeners can expect.
`` This is how we talk about women: the words that raise our girls and how the media reflects women back to us… but where do these stereotypes come from? And how do they keep showing up and defining our lives? '' she says. `` This is Archetypes, the podcast where we dissect, explore, and subvert the labels that try to hold women back. I 'll have conversations with women who know all too well how these typecasts shape our narratives. And I 'll talk to historians to understand how we even got here in the first place. ''
The free series will be the first offering from Archewell Audio's content deal with Spotify and brings together talent from across Prince Harry and Meghan's production divisions, including Ben Browning, head of content, and Rebecca Sananes, head of audio, who are serving as executive producers, alongside the duchess herself. Spotify's chief content officer, Dawn Ostroff; global head of podcasts and new initiatives, Courtney Holt; and head of studios and video, Julie McNamara, will also serve as executive producers. The trailer was produced in partnership with California-based podcast production house Little Everywhere.
Last week, a spokesperson for Harry and Meghan confirmed that Archewell Audio would be resuming production with Spotify after briefly pausing following widespread backlash concerning the streamer's loyalties to controversial sources—like Joe Rogan's podcast and the company's failure to prevent the spread of coronavirus misinformation. The rep added that the couple has been working directly with the company to promote a safer, well-sourced audio landscape with more reliable and accurate information.
Their collaborative efforts with Spotify include proposals for new `` policies, practices, and strategies meant to raise creator awareness, minimize the spread of misinformation, and support transparency, '' their spokeswoman told BAZAAR on March 17. `` We are encouraged by ongoing conversations we 've had with Spotify on this shared goal and have been working closely with their team—as well as their senior leadership. '' | general |
Marelli's IAQ product line strikes a COVID chord | Supplier Marelli's new design for a vehicle air quality system combines two ultraviolet lights to kill airborne bacteria and viruses as well as eliminate volatile organic compounds and odors in the air.
Like other purification systems, Marelli's IAQ uses UVC light to take care of viruses. But its key differentiator is the simultaneous use of UVA, which the supplier says can get rid of volatile organic compounds and odors. The technology takes a step beyond other ionizer-based systems, which require frequent cleaning, and traditional filters, which are unable to capture gases, fumes and viruses small enough to pass through them.
The dual-UV system is designed to work around those limitations, said G.D. Mathur, a senior technical specialist at Marelli who spearheaded the technology's development. | general |
Koons of Silver Spring gets 2nd life acquiring cars | As the severity of the global semiconductor shortage set in early last year, management at Koons of Silver Spring Inc., a Maryland dealership group, realized they would need as much used-vehicle inventory as possible to offset the looming deficit of new cars and trucks.
The problem was, other retailers were coming to the same conclusion, and auction prices were soaring. Owner Alex Perdikis, who operates a Ford-Lincoln and a Mazda store in the Washington suburbs, challenged his staff to find a creative alternative.
They didn't have to look very far.
Before the pandemic, the group, which sells about 4,000 new and used vehicles combined per year, had launched a subscription service called Inride. The business had been growing steadily but was scrapped when demand cratered after COVID-19 hit.
Management decided to revive the Inride brand, this time as a vehicle acquisition platform in the mold of Carvana and Vroom. It's owned by Koons of Silver Spring but has its own dedicated staff and runs local TV ads encouraging customers to visit the website and get a quote for their vehicle — all without any branding or mention of the dealership group it's affiliated with. | general |
Jamie Butters: I 've been wrong before; not a fan | We all make mistakes, some of us just do it more publicly than others.
A fairly recent one in this space was my assertion that whatever any serious analyst would predict for 2022 auto sales, I would take the over.
My belief was that chipmakers would be motivated to exceed expectations and automakers would excel at maximizing revenue via completed vehicles — hence the outcome would be better than expected.
What I failed to predict was Vladimir Putin's violent attempt to seize Ukraine, and later that it would last so long.
Forecasts are being revised downward, appropriately, and I have to admit I have almost no idea what will happen this year. Sadly, any realistic estimation of the `` worst-case scenario '' has gotten drastically worse.
ll
Another risk I didn't exactly get right was the COVID-19 situation at this month's NADA Show in Las Vegas.
At the height of the omicron surge, and in the wake of the CES in January being forced to go hybrid, the Automotive News editorial board and I argued that the dealer association should follow the same strict policies that the giant tech expo pursued: mandatory vaccines, mandatory masks, daily antigen testing.
Our intent was to ensure that the automotive retail industry's biggest annual gathering didn't become a mega-spreader event, especially with a population that includes a lot of folks who might be especially vulnerable to the virus ' attack on their respiratory system. Our hope was that if NADA set those guidelines in January, there would be time for more people to protect themselves and their families by getting vaccinated.
NADA didn't take our advice, and the show didn't seem to suffer for it. | general |
Beijing auto show expected to be postponed amid new virus outbreak | The biennual Beijing auto show, which is scheduled to begin on April 21 in the Chinese capital, is expected to be postponed due to surging coronavirus infections in multiple cities across China.
Internal discussions are ongoing to reschedule the show, with no official information ready for public disclosure, a source with one of the event’ s organizers told Automotive News China on Thursday. Some press reports indicate the show will be rescheduled for June.
Since the beginning of March, China has faced a new wave of the coronavirus, the worst since early 2020 when the pandemic took root. The latest outbreaks have forced some automakers and suppliers to idle Chinese plants in response to lockdown and quarantine measures imposed by local and regional authorities.
The Beijing and Shanghai auto shows, the country's biggest, rotate annually. The 2020 Beijing auto show, originally scheduled for April 2020, took place in September 2020.
Mercedes-Benz is expected to use the Beijing event to showcase the EQS SUV, the brand's latest EV. Audi plans to show the third Sphere concept that hints at the brand's future styling, interior packaging and infotainment.
Last week, BMW Group disclosed it would reveal the next-generation BMW flagship 7 Series, including the i7 EV, at the Beijing show, while Volkswagen brand said it would display the ID Aero15 concept, the latest model in its growing family of ID electric vehicles.
VW brand CEO Ralf Brandstaetter, in an address on March 16 at the company's annual press conference, said the ID Aero15 will have a super-aerodynamic design, a range of around 700 kilometers ( 435 miles), unprecedented space and a premium interior. The first vehicles will be delivered to customers in China in the second half of 2023, he said.
Earlier this month, Li Auto, a Chinese EV startup, disclosed plans to introduce its second product, the L9 SUV, at the event. | general |
Former Unifor president Jerry Dias to be replaced after special election | Unifor will hold a special convention to replace former President Jerry Dias as the union proceeds to a hearing into allegations the long-time leader accepted money from a supplier of COVID-19 rapid test kits that he promoted to various Unifor employers.
Secretary-Treasurer Lana Payne detailed the findings of an external independent investigation into Dias at a press conference March 23. She also confirmed the former president’ s abrupt exit five months ahead of his planned retirement date will shake up the race to replace him.
“ Our constitution requires a special convention when there is a vacancy outside of a certain window, ” she said.
As secretary-treasurer, Payne would have assumed the responsibilities of president if Dias had left less than 120 days prior to the union’ s triennial convention, which is scheduled for Aug. 8-12 in Toronto. Because Dias’ retirement after 8 ½ years as president came outside this window, Unifor’ s National Executive Board ( NEB) must organize a vote to elect a new president within 30 days.
“ Our board will be dealing with the issues around a special convention when we meet again in a week or two, ” Payne added, without specifying what dates may be under consideration.
Unifor, which represents 315,000 workers in Canada, including approximately 40,000 at auto parts suppliers and vehicle assembly plants, uses a delegate system for elections. As opposed to individual members casting ballots, delegates from locals across the country vote on behalf of members, electing top officials to three-year terms. | general |
As daily COVID infections continue rising in Shanghai, city denies lockdown rumors | - Authorities in the Chinese city of Shanghai have denied rumours of a city-wide lockdown after a sixth straight increase in daily asymptomatic coronavirus cases pushed its count to record levels despite a campaign of mass testing aimed at stifling the spread.
The latest outbreak in China's wealthy commercial hub remains tiny by global standards.
But its testing campaign, with many people locked in residential compounds for days, is part of Beijing's national `` dynamic clearance '' policy to stamp out flare-ups as quickly as possible.
Daily new local COVID-19 infections in Shanghai neared 1,000 on Tuesday, but authorities vowed to stick with a `` slicing and gridding '' approach to screen neighbourhoods one by one, rather than shut down entirely.
The lockdown rumours triggered panic buying late Tuesday night, with slots on Alibaba's `` Freshippo '' delivery app running out a minute after midnight.
`` Please do not believe and spread rumours, '' the city government said on its Weibo microblog site.
Shanghai's police authority said on Wednesday it was investigating two individuals it accused of `` fabricating '' lockdown information in order to `` attract attention ''.
City health official Wu Jinglei said several streets and residential compounds had been unsealed after testing, but some areas faced another round on Wednesday and Thursday, as the focus of its efforts was narrowed.
The city is using two stadiums as quarantine facilities for mild cases and asymptomatic carriers, Wu told a news briefing.
The municipality reported 977 domestically transmitted asymptomatic infections for Tuesday, data from the National Health Commission ( NHC) showed, up from 865 a day earlier.
It also reported four local cases with confirmed symptoms, which China counts separately, down from 31 a day earlier.
INFINITE LOOP
Throughout the city, while some compounds were unsealed, others were shut for several more days to try to eliminate transmission chains. Some residents said they would be sealed off for two weeks after a neighbour tested positive.
One resident posting on Weibo under the username `` Zhang Fan's Viewpoint '' said authorities might as well lock the city down and put an end to the uncertainty caused by 48-hour lockdowns for testing, which are often extended.
`` This infinite loop of 48 hours plus 48 hours plus 48 hours is more likely to cause ordinary people to lose control of their emotions, '' the resident said.
Mainland China reported 2,591 locally transmitted cases with confirmed symptoms on Tuesday, compared with 2,281 a day earlier, NHC data showed. The number of new local asymptomatic cases stood at 2,346 compared with 2,313 a day earlier.
The top steelmaking city of Tangshan said late on Tuesday residents who were not essential workers must stay home unless in an emergency or they needed to be tested. The city government did not say when the lockdown would be lifted. Read full story
The northeastern city of Shenyang announced that its 9 million residents would have to go through another three rounds of testing from Thursday through to March 30, after the three rounds already completed.
During the week of testing, Shenyang companies, with the exception of essential ones, must suspend operations or have employees work from home, the city government said.
BMW Group said production at all its plants in Shenyang would be suspended from Thursday. BMW and its joint venture partner Brilliance China Automotive have a production base in the city that includes two vehicle plants, a research and development center and a powertrain plant. In a statement the German automaker said it hasn't yet determined a date to resume production.
China's latest waves of infections and local governments ' virus measures have also hit the cultural and entertainment sectors, with the China Association of Performing Arts expecting the cancellation or postponement of about 9,000 performances in the first three months the year.
Incomes from performances over that time are expected to fall more than 35 percent compared with the same period last year, the association said.
By March 22, mainland China had reported 137,231 cases with confirmed symptoms, including both local ones and those arriving from outside the mainland. There were no new deaths, leaving the death toll at 4,638. | general |
VC Firm Lux Capital Launches ETF Focused On Digital Health | VC firm Lux Capital is rolling out an exchange-traded fund focused on digital health in partnership with First Trust Advisors, the firms announced yesterday.
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This isn’ t Lux’ s first foray in the world of public market investing. It’ s launched index funds in the past, including the Nasdaq Lux Health Tech Index. And as Axios noted today, the initial investments will come from Lux partners rather than Lux funds.
It is, however, an interesting spin on the trend of public market investors also investing in the private markets. Given how many stocks have been down this year, investors are able to invest at a discounted rate in the public markets.
Some of Lux’ s most recent investments include fertility startup Alife, finance automation platform Ramp, and peer-to-peer sports betting exchange Novig. Lux Capital also has invested in a number of health care-related companies, including Maven Clinic, along with digital fitness companies such as Balanced.
In terms of recent exits, Lux portfolio companies including Rigetti Computing, Matterport and Latch have all gone public within the past year.
In general, digital health has been a hot area the past few years, particularly since the onset of the COVID-19 pandemic. Several digital health startups have gone public in recent years, including One Medical, Hims & Hers, Clover Health and GoodRx.
Illustration: Dom Guzman Learn More Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily. | tech |
Debt Financing Could Heat Up As Venture Capital Slows | It’ s much too soon to proclaim the demise of venture capital raises as the market seems to be in the midst of an adjustment, but debt financing seems to be popping up in the news more.
Earlier this week, corporate card and expense automation startup Ramp announced a $ 750 million raise at $ 8.1 billion— $ 550 million of which was debt financing backed by Citi and Goldman Sachs. Earlier this month, banking service provider Mercury announced it will launch its own venture debt offering—looking to lend more than $ 200 million this year and up to $ 1 billion over the next two years—following other fintech brethren like Brex into the debt offering realm.
Those headlines are against a backdrop of what many see as a slowdown in startup funding as geopolitical issues, public market tumult and a lingering pandemic has brought uncertainty to the market. Investors have told Crunchbase valuations are off about 20 percent or more for many startups from late last year.
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That type of decrease may explain why those in debt say things are getting busy.
“ Are the conversations changing? Yes, over the last month or so, ” said Dan Allred, senior market manager at Silicon Valley Bank. “ The equity markets are choppy. ”
Venture debt can be defined differently even by those in the industry. Traditionally, venture debt has referred to debt a VC-backed company raised—usually in unison with raising equity—to both elongate its runway and cut down on dilution.
The debt—often less structured and with less financial covenants than other forms of debt—is used for traditional growth purposes and is often lent based on the startup’ s investors and/or where the company is in its growth.
Now, with the rise of fintech companies, different kinds of asset-backed debt like “ warehouse financing ” have become popular. That type of debt can be secured by assets and loans those companies generate—something a typical SaaS company may lack. The debt Ramp raised has been this type.
However, all debt has the similarity of giving companies cash they may need while not diluting the stakes of founders and shareholders. And while venture debt—if raised in conjunction with equity—may not prevent a “ down round ” in this environment, it can lessen the amount of more expensive venture capital needed and also lower dilution.
“ Obviously, the last couple of months has evolved the conversation around venture debt, ” said Benjamin Wu, CEO of Brex Asset Management, which launched the company’ s venture debt product last August. “ But more broadly, this is something that has been around for decades … it’ s a product people are better understanding. ”
Brex currently lends anywhere between a couple of millions of dollars and $ 15 million, and rates can range—depending on the company—from 4 percent to around 10 percent. Despite being in the market for less than a year, Wu said Brex’ s venture debt product is nearing the $ 800 million mark in terms of lending to a broad array of companies from SaaS to e-commerce.
With the current state of the market, he expects that lending pace to continue.
“ With the market volatility … there is strong inbound interest, ” he said.
David Spreng, chairman and CEO of Runway Growth Capital, also called deal flow strong so far this year. Runway will lend to companies with no venture backing but normally looks for late-stage clients with $ 75 million or more in revenue.
With the current slowdown in the growth-stage rounds in venture capital, Spreng said he has no doubt debt will have a strong year.
“ VCs have a lot of dry powder, but they are focusing on their ‘ big winners,’ ” he said. “ So a lot of companies may get orphaned.
“ I expect a record year, ” he added.
This isn’ t the first time the market has faced uncertainty and interest in debt has increased.
Allred said venture debt saw significant growth in 2008 as the global financial crisis took hold. Much more recently, venture debt became very popular in March 2020 as the COVID-19 pandemic started. While it wasn’ t so much companies raising debt, more startups started to use their credit facilities then as they were eager to hold on to cash and shore up their balance sheets.
“ As equity capital becomes more expensive, interest in debt goes up, ” Allred said.
With rising interest rates and markets that can look unstable at times, it is fair to wonder if, like equity, debt will also dry up.
“ It’ s true credit markets tighten when equity markets tighten, ” Allred said. “ But in general, debt capital … remains more open. ”
While the framework around venture debt can differ—from no covenants to facilities that are more structured—it can be a viable option not just for startups looking to weather a storm but also extend their runway and the money they’ ve raised.
“ It’ s always been a good tool against expensive equity, ” he said. “ It can prolong the life of that expensive equity. ”
Illustration: Li-Anne Dias.
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily. | tech |
U.K. Parliament to Begin New Session May 10 With Queen’ s Speech | The information you requested is not available at this time, please check back again soon.
LONDON, UNITED KINGDOM - OCTOBER 14: Britain's Queen Elizabeth II sits in The Sovereign's Throne in the House of Lords during the State Opening of Parliament in the Houses of Parliament on October 14, 2019 in London, England. The Queen's speech is expected to announce plans to end the free movement of EU citizens to the UK after Brexit, new laws on crime, health and the environment. ( Photo by Tolga Akmen - WPA Pool/Getty Images) Photographer: WPA Pool/Getty Images Europe, Photographer: WPA Pool/Getty Images Europe
( Bloomberg) -- The U.K.’ s state opening of parliament will take place on May 10 with a speech from Queen Elizabeth II setting out the government’ s agenda and economic plans.
The speech will focus on the government’ s plans to grow the economy, cut the cost of living and clear Covid backlogs, the government said in an emailed statement. The speech will “ provide the leadership needed in challenging times to level up opportunities and employment in all parts of the U.K. ”
The current session of parliament will be prorogued ahead of the speech, with the date for that still to be confirmed.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Ontario to increase penalties around 'unethical ' condo development practices | The information you requested is not available at this time, please check back again soon.
Investors in Chinese developers are bracing for the one of the worst earnings seasons in more than a decade -- and even then, they’ re unlikely to get the full picture right away.
China struggled to boost economic momentum in March, as slumping car and home sales, stock market turmoil and higher inflation weighed on growth and a fresh round of Covid outbreaks swept across the country.
Ontario has proposed new regulations that would double the fines for condo developers who cancel pre-construction projects and then increase the price of units.
Blackstone Inc. is exploring a large office expansion in Manhattan, seeking space for its growing workforce at a time when many companies are embracing hybrid schedules.
Canadian apartment stocks have underperformed their peers for the past seven months, and investors now face a new risk: Prime Minister Justin Trudeau’ s attempt to cool the scorching cost of housing.
Ontario plans to increase fines and other penalties for `` unethical '' condominium development practices.
Government and Consumer Services Minister Ross Romano said the proposed new regulations are set to take effect in 30 days and be retroactive to the date of Thursday's announcement.
Romano said the Progressive Conservative government is looking to make the changes after hearing about situations where people `` make a commitment to purchase at one price, and then those prices are being extraordinarily increased. ''
`` Our goal is to create a system whereby we have greater teeth so that developers will think twice before they take advantage of homebuyers, '' Romano told reporters.
The regulations would double fines for corporations and individuals who cancel pre-construction projects and then increase the price of their units.
They would also remove limits on fines for repeat offenders and introduce the potential for developers who engage in such practices to lose licences for two years, instead of for six months as is the current limit, Romano said.
Under the new rules, offences would be considered when assessing `` unethical behaviour '' and determining penalties. The Home Construction Regulatory Authority would be able to launch investigations without complaint to speed up the process.
`` We 've given notice. Developers need to take notice that we are not going to accept this behaviour, '' Romano said.
`` These are all tools that we are giving our regulatory authority to ensure that we are protecting the little guy. ''
He said changes would also ensure that deposits are returned at the Bank of Canada interest rate so consumers don't lose money if a condo project is cancelled.
A consultation process is underway for the proposed rules.
Romano said the government is also working on other plans to address affordable home ownership in the province.
The Opposition New Democrats said the stricter penalties won't be effective if they aren't enforced.
Deputy party leader Sara Singh noted that the regulatory authority already had the power to issue fines.
`` The tools are important, but actually acting and enforcing those mechanisms ( is) also really important, '' she said. | general |
Alpha Dhabi to Invest $ 100 Million in DEWA’ s Dubai Listing | The information you requested is not available at this time, please check back again soon.
Morning fog shrouds residential and commercial skyscrapers in the Jumeirah Lake Towers and Dubai Marina districts of Dubai, United Arab Emirates, on Sunday, Jan. 17, 2021. Dubai is hoping one of the world’ s fastest vaccination programs and rapid testing technology will help achieve its goal of holding the Expo 2020 event this year, after the coronavirus pandemic forced a delay., Bloomberg
( Bloomberg) -- Alpha Dhabi Holding PJSC will invest $ 100 million in Dubai Electricity & Water Authority’ s initial public offering, a person familiar with the matter said.
The 367 million dirham investment by Alpha Dhabi, one of the largest listed firms in the United Arab Emirates, is equivalent to 4.5% of the total DEWA shares on offer.
The utility is looking to raise as much as $ 2.2 billion in its initial public offering, in what would be Dubai’ s biggest listing since DP World in 2007. The firm got demand that exceeded the number of shares on offer within hours of launching the deal, according to terms seen by Bloomberg.
The listing drew in six cornerstone investors in total, who agreed to subscribe for shares worth as much as $ 1.3 billion at the offer price.
Rogers Communications ' takeover of Shaw cleared one of three crucial hurdles Thursday.
A new report from CIBC’ s fixed-income team says that if the Bank of Canada decides to deliver a double-dose of monetary tightening with a 50 basis point rate hike, it would be best served by waiting for the central bank’ s June meeting.
Canada will increase oil and gas exports by the equivalent of 300,000 barrels a day to help nations that are trying to shift away from Russian supplies, the country’ s resources minister said.
A group of Bridging Finance investors plan to make a last-ditch effort in an Ontario court Friday to allow them to have a greater say in the future of the troubled private debt lender rather than have its court-appointed receiver wind down the firm. | general |
Mexico President Pre-Empts Central Bank’ s Rate Hike Announcement | The information you requested is not available at this time, please check back again soon.
Andres Manuel Lopez Obrador, Mexico’ s president, speaks during a news conference in Mexico City, Mexico, on Monday, Feb. 8, 2021. President Lopez Obrador reappeared at his daily press conference on Monday. On January 24 he announced he had Covid-19 and began a quarantine., Bloomberg
( Bloomberg) -- Mexico’ s President Andres Manuel Lopez Obrador said the country’ s central bank decided to raise its key interest rate by 50 basis points to 6.5% before the formal announcement by the bank’ s board this afternoon.
“ Yesterday in Mexico, the central bank has increased interest rates by 0.5 percentage point, ” the president known as AMLO told reporters during his daily press conference. “ We’ ll have an interest rate of 6.5%. ”
Banxico, as the central bank is formally known, didn’ t immediately reply to a request for comment.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
Forgoing a home inspection? How buyers can protect themselves in competitive markets | The information you requested is not available at this time, please check back again soon.
Investors in Chinese developers are bracing for the one of the worst earnings seasons in more than a decade -- and even then, they’ re unlikely to get the full picture right away.
China struggled to boost economic momentum in March, as slumping car and home sales, stock market turmoil and higher inflation weighed on growth and a fresh round of Covid outbreaks swept across the country.
Ontario has proposed new regulations that would double the fines for condo developers who cancel pre-construction projects and then increase the price of units.
Blackstone Inc. is exploring a large office expansion in Manhattan, seeking space for its growing workforce at a time when many companies are embracing hybrid schedules.
Canadian apartment stocks have underperformed their peers for the past seven months, and investors now face a new risk: Prime Minister Justin Trudeau’ s attempt to cool the scorching cost of housing.
Searching for a house in the Oshawa, Ont. area this winter, prospective homebuyers Nadeem Sumar and his wife Gurleen Saggu knew it was their job to keep a close eye out for anything that seemed questionable, from a crack in the foundation to a mysterious water stain.
`` We had some strict guidelines, '' Sumar said. `` If there were any red flags at all, we just wouldn't go for that property at all. ''
In 2022, many Canadians with no experience in construction or home repair are suddenly finding themselves in the position of evaluating shingles, gutters and caulking.
That's because, like Sumar and Saggu, they're competing for a home in the country's red hot real estate market — a market where the home inspection clause, once considered a standard and essential part of any real estate contract, is no longer an option in many locations.
`` We put in about 12 or 13 offers, '' said Sumar, adding the couple was ultimately unsuccessful in finding a home and have decided to wait a few months to see if things cool off before trying again.
`` We knew that putting an inspection clause in was not even a possibility. ''
According to the most recent statistics from the Canadian Real Estate Association, home sales in this country rose 4.6 per cent in February. Sales levels for the month were roughly 35 per cent above pre-COVID norms, as buyers raced to lock in historically low interest rates that are set to rise this year.
Prices also continued to surge, with the national average Canadian home price in February nearly 30 per cent higher year-over-year. In some regions, the growth was even more extreme — Calgary's housing market has exploded, with the benchmark price up 34.6 per cent over the past three months alone.
In markets like this, buyers often find themselves competing against multiple offers. Not only does that mean that homes are selling over the asking price, it also means that many buyers are making unconditional offers.
`` In this market — especially the Toronto market but it’ s also shifted to Ottawa, Barrie, Burlington, and elsewhere — it would be very rare to see a condition on a home inspection, '' said John Lusink, president of Toronto-based Right At Home Realty.
`` Most realtors would be saying, 'If you put that condition in, you will never ever get a home in the current market. ' ”
So is it still possible for buyers to protect themselves against hidden defects and costly repairs, and still obtain a home in an in-demand neighbourhood? Experts say yes, as long as they're willing to think outside the box.
Lusink said some buyers who know they won't get a home if they make their offer conditional on a home inspection choose to hire a licensed home inspector or someone else with specialized knowledge to come to showings and open houses with them instead.
`` Doing a pre-inspection — yes, it has to be on your own dime — is still something I highly recommend, '' he said. `` Find an expert, maybe a home inspector or someone with a good construction background, to do a walk-through with you. ''
If that can't be arranged, another option for homebuyers is to request access to the property for an inspection between the time when a deal goes firm, and possession date. While getting out of a deal after the closing date isn't necessarily easy, it can potentially be done if an inspection turns up a major problem.
`` Buyers should discuss with their reps to see if they can get something like this into their agreement, '' said Joe Richer, registrar with the Real Estate Council of Ontario. `` Yes, ideally the home inspection would happen before, as a condition of the purchase, but there’ s nothing to prevent it from happening immediately after it goes firm as well. ”
In a worst-case scenario, buyers always have the option of hiring a home inspector after they take possession. At the very least, doing so gives new homeowners a better understanding of the property they purchased, and may help them with prioritizing and budgeting for future repairs and maintenance, Richer said.
Richer said it's important to remember that even in the absence of a home inspection, sellers have the legal obligation to disclose any `` latent defects '' that are significant enough to either render the home uninhabitable, or that come at a very high cost to repair. Both sellers and their realtors can face lawsuits if they knowingly fail to disclose a major issue with a property.
Ultimately, it comes down to individual buyers to decide what level of risk they're willing to accept as part of their house hunt, Richer said. Some, like Sumar and Saggu, may decide to postpone their homebuying experience altogether.
“ For those buyers who are feeling pressure, and may feel they have to waive that home inspection condition, they have to be comfortable with that, '' he said. `` At the end of the day, they just need to be comfortable with the risk they’ re taking on. ” | general |
Putin’ s War Risks More Global Hunger, Destabilizing Poor Nations | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- President Joe Biden and the leaders of top U.S. allies are exploring how to keep Russia’ s invasion of Ukraine from causing a spike in global hunger as the war increasingly disrupts supplies of wheat and other goods from a region known as one of the world’ s breadbaskets.
The prospect of international food shortages is “ going to be real, ” Biden said Thursday at a news conference in Brussels after a G7 meeting that addressed the looming crisis, which could also spark political instability in poorer nations. Biden said he’ s urging European and other nations to drop trade restrictions that could limit exports of food.
Russian President Vladimir Putin’ s invasion last month has put at risk exports of wheat, corn, sunflower oil and other foods from Russia and Ukraine that account for more than 10% of all calories traded globally. In North Africa and the Middle East, which rely heavily on wheat from Russia and Ukraine, that percentage is even higher.
White House officials have held multiple discussions over the past week with national security, agriculture, development and Treasury officials to seek ways to prevent supply shortages and price hikes, according to people familiar with the conversations.
At the summit, Biden said he raised the possibility of a “ significant major U.S. investment ” in food and other humanitarian assistance. Biden also said he and Canadian Prime Minister Justin Trudeau discussed ways to boost wheat production in their countries and speed up exports.
The disruption of crucial food supplies has already prompted protests in Iraq over food price increases that government officials blamed on the Ukraine war. Egypt, the world’ s biggest wheat importer, turned to the IMF for assistance Wednesday as food and fuel price surges put pressure on public finances.
The fallout is reminiscent of the last major spike in global food prices that became a catalyst for the 2010-2012 Arab Spring, which toppled long-ruling governments in Tunisia, Libya and Egypt. It also ignited Syria’ s brutal civil war and the resulting refugee crisis in Europe.
In Egypt, where increases in the price of government-subsidized bread have been politically perilous, the cost of offsetting higher wheat prices will run $ 2.6 billion, or 0.6% of gross domestic product, according to estimates by Joseph Glauber and David Laborde of the International Food Policy Research Institute. In Yemen, a country that depends heavily on international assistance, the added cost will be about $ 840 million, or 3.6% of GDP.
Glauber, previously the U.S. Agriculture Department’ s chief economist, said the world has enough wheat and other grain in storage to avert shortages but tapping into reserves will only drive up costs. The USDA estimates the world has enough wheat from prior harvests to cover about a third of annual consumption, with some of the stockpile held by private traders and some by governments.
The Biden administration is calling on nations with government reserves to donate to UN humanitarian efforts, a U.S. official said. And driven by higher world prices, Australia and India are expected to increase their wheat exports, which would offset half the loss from Ukraine and Russia, according to a U.S. Agriculture Department forecast.
“ This isn’ t a question of running out, ” Glauber said. “ Stocks will be drawn down to a lower level and you’ re going to see higher prices. ”
Still, cost increases stemming from the war and resulting sanctions on Russia will -- without action -- push more than 40 million additional people into extreme poverty, defined as subsisting on less than $ 1.90 a day, according to an analysis published last week by the Center for Global Development, a non-profit think tank whose funders include Bloomberg Philanthropies.
The war’ s impact comes on top of economic strain the Covid pandemic has put on the world’ s poor, particularly in Africa and Asia. A United Nations index of global food prices is up more than 40% over the past two years.
Mark Lowcock, former UN under-secretary-general for humanitarian affairs and emergency relief coordinator, said billions of dollars in additional food aid will be needed to avert “ mass starvation ” in poorer nations.
“ In the short term, for 2022, it might be in the low billions; in the longer term a lot depends on how far grain production in other countries adjusts to compensate, ” Lowcock, now a fellow with the Center for Global Development, said in an email. “ These problems could turn out to be long lasting and ugly. ”
The food shock in Ukraine looks devastating. Grain and sunflower oil in storage from last year’ s harvest can’ t be shipped because of fighting and port closures. Shelling and fuel shortages may interfere with spring planting and fertilizer farmers need to apply to the winter wheat crop as it emerges from dormancy. Infrastructure damage, labor shortages and continuing conflict could also compromise the summer harvest and transportation of whatever is produced.
Sanctions and disruption of Black Sea shipping routes also will limit Russian exports, beyond grain. Russia, a key global supplier of fertilizers, earlier this month instructed producers to halt exports. Russian ally Belarus, another leading fertilizer source, is also being hit with sanctions.
Efforts by governments to hoard food could worsen the situation. Hungary, Argentina, Turkey, Serbia and Egypt have all imposed or threatened limits on food exports. Russia has limited exports of grain to some formerly Soviet countries in what may be an attempt to control domestic food prices.
Rogers Communications ' takeover of Shaw cleared one of three crucial hurdles Thursday.
A new report from CIBC’ s fixed-income team says that if the Bank of Canada decides to deliver a double-dose of monetary tightening with a 50 basis point rate hike, it would be best served by waiting for the central bank’ s June meeting.
Canada will increase oil and gas exports by the equivalent of 300,000 barrels a day to help nations that are trying to shift away from Russian supplies, the country’ s resources minister said.
A group of Bridging Finance investors plan to make a last-ditch effort in an Ontario court Friday to allow them to have a greater say in the future of the troubled private debt lender rather than have its court-appointed receiver wind down the firm. | general |
Supply chain disruptions force Mazda to idle two Japan plants for two days | TOKYO – Mazda Motor Corp. will suspend production at its two domestic factories for two days in April due to parts supply disruptions.
The automaker said that a rise in COVID-19 cases in China were among factors expected to cause problems in the supply of components.
Mazda did not say how much vehicle output would be affected by the suspension at its factories in Hiroshima and Yamaguchi prefectures on April 4 and 5. | general |
Sunak Has U.K. Tories Fearing Voter Backlash Over Cost of Living | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Rishi Sunak’ s high-spending response to the pandemic made him a front-runner in the race to succeed U.K. Prime Minister Boris Johnson.
But his decision Wednesday to bank financial firepower rather than use it to help Britons facing a record hit to living standards has taken some of the shine off. Facing a growing public backlash, even members of the ruling Conservative Party said Sunak should have done more, and some privately worried the party’ s electoral prospects have been damaged.
U.K. Treasury to Raise $ 36 Billion More Tax Despite Sunak’ s Cuts
The war in Ukraine had largely driven into the background speculation that Johnson could be ousted over allegations that parties in his office broke coronavirus lockdown rules. Tories who had previously called for him to resign have backed away in the face of geopolitical tensions.
The immediate threat of a leadership challenge may have eased further after Sunak’ s Spring Statement drew criticism for failing to alleviate a burgeoning cost-of-living crisis for the country’ s neediest. The lack of additional support for poor households will push 1.3 million Britons into absolute poverty next year, including 500,000 children, the Resolution Foundation think tank said.
Instead of raising benefit payments and scrapping a planned levy to fund the National Health Service -- which many Tories had demanded -- Sunak announced a package of measures including a pledge to cut taxes in two years, just as the U.K. is set to hold its next general election and when he might conceivably have had a chance to take over from Johnson.
That led one Tory MP to privately complain that Sunak was using a fiscal event to burnish his own credentials as both a fiscally conservative and tax-cutting chancellor, traits typically associated with the party of Margaret Thatcher.
In effect, Sunak -- who also raised the threshold at which the new health levy kicks in and cut fuel duty by 5 pence a liter for a year -- is gambling that holding back spending now to fund giveaways ahead of the next general election due by 2024 will be a winning strategy.
That is not a given, and Tory MPs fear that as voters emerge from two years of financial support during the pandemic, they will not accept Sunak’ s call for fiscal prudence to let the public finances recover.
There’ s also growing alarm at how Sunak appears to have misjudged the public mood. The chancellor is known for his slick branding, and rose to public prominence with the “ Eat Out to Help Out ” program subsidizing pandemic diners at restaurants -- many of which used his image for advertising.
Yet his photo op late Wednesday to highlight the drop in fuel duty backfired, leaving Sunak struggling to show he understands ordinary Britons.
The chancellor, who is married to Akshata Murthy, the daughter of Indian billionaire Narayana Murthy, co-founder of Infosys Ltd., was photographed filling up a Kia Rio at Sainsbury’ s, and then filmed holding a contactless payment card to a barcode scanner to try to pay.
Amid ridicule on Twitter, a person familiar with the matter was forced to clarify that Sunak had borrowed a car from a worker at the supermarket, and paid for the fuel himself.
Meanwhile lobby groups across the political spectrum united in criticizing Sunak’ s budget, pointing out that it will do little to help people struggling to pay their bills.
Sunak’ s Tax Cuts for U.K. Leave Seven in Eight Set to Pay More
Some Tory MPs said they are concerned about losing support at local elections in May, which come a month after a surge in electricity bills, and more seriously for the party, ceding marginal seats at the next general election.
Sunak’ s new health levy is especially unpopular in some northern England seats which swung to Johnson’ s Tories from Labour in 2019, and which the opposition party hopes to retake. The Northern Echo newspaper, based in Darlington, ran its response on the front page: “ Is that it? ”
Even Conservative-leaning national newspapers carried negative headlines, leaving an audibly rattled Sunak to defend his response during the government’ s morning broadcast round on Thursday.
“ It’ s impossible for any chancellor, any government to try and solve those problems or to fully compensate ” for the impact of inflation, he told the BBC.
Sunak is paying the price for a “ failure of empathy, ” Polly Mackenzie, head of the Demos cross-party think tank and a former adviser to former deputy prime minister Nick Clegg, a Liberal Democrat, said on Twitter. “ You need to model policy from the citizen perspective not just on the scorecard. ”
The fear among Tories is that voters won’ t forgive the government if they think it could have done more to help now -- even if there are handouts in the future. One former minister said they expect the chancellor to have to intervene before his budget statement in the fall.
Still, some Tory MPs -- while still critical of his decisions -- said an economic recovery would boost Sunak’ s leadership credentials, warning against writing him off as a future prime minister.
The problem for Sunak is that Johnson suddenly looks stronger than he has in months. And the prime minister’ s own instincts, for eye-catching infrastructure projects and an ambitious plan to “ level up ” the U.K.’ s poorest districts with the wealthiest, are far from the fiscal conservatism Sunak champions.
The praise for the chancellor offered by his predecessor George Osborne -- who is forever associated in Britain with austerity measures after the financial crisis -- is likely to have done Sunak few favors.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
JD.com Announces JD Logistics’ Financing | BEIJING, March 24, 2022 ( GLOBE NEWSWIRE) -- JD.com, Inc. ( “ JD.com ”) ( Nasdaq: JD; HKEx: 9618), a leading supply chain-based technology and service provider, today announced that JD Logistics, Inc. ( “ JD Logistics ”) ( HKEx: 2618), a consolidated subsidiary of JD.com, has entered into a placing agreement, pursuant to which JD Logistics has agreed to issue 150,500,000 of its ordinary shares to a group of third-party investors for a total purchase price of approximately US $ 398 million in a placement ( the “ JDL Placement ”). Concurrently, JD.com, through its wholly-owned subsidiary ( the “ JD Entity ”), has entered into a subscription agreement with JD Logistics, pursuant to which the JD Entity has agreed to subscribe for, and JD Logistics has agreed to issue, 261,400,000 ordinary shares of JD Logistics, at the same per share price for the JDL Placement, for a total purchase price of approximately US $ 692 million in cash ( the “ JD Subscription ”).
The JDL Placement and JD Subscription are not inter-conditional, and both subject to certain customary closing conditions, including the approval of the Stock Exchange of Hong Kong Stock Limited ( the “ Hong Kong Stock Exchange ”) for the listing of the newly issued shares, and the closing conditions for the JD Subscription also include the approval of JD Logistics’ independent shareholders.
There can be no assurance that any of the proposed transactions will be completed. See “ Safe Harbor Statement ” below for the risks and uncertainties for the proposed transactions, including risks and uncertainties on the timing of the consummation of the transactions and the risk that certain closing conditions of the transactions may not be satisfied on a timely basis, or at all.
Upon completion of the JDL Placement and the JD Subscription, JD.com, through the JD Entity, will maintain its shareholding in JD Logistics at approximately 63.5%, and continue to consolidate JD Logistics’ financial results into its financial statements.
JD.com is a leading supply chain-based technology and service provider. JD.com’ s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. JD.com has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.
This announcement contains forward-looking statements. These statements are made under the “ safe harbor ” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “ will, ” “ expects, ” “ anticipates, ” “ future, ” “ intends, ” “ plans, ” “ believes, ” “ estimates, ” “ confident ” and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ( the “ SEC ”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’ s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the risk and uncertainties as to the timing of the consummation of the transactions; the risk that certain closing conditions of the transactions may not be satisfied on a timely basis, or at all; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transactions; adverse changes in general economic or market conditions; actions by third parties, including government agencies, that may adversely affect the proposed transactions; JD.com’ s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’ s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’ s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’ s investment portfolio; impact of the COVID-19 pandemic; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’ s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Investor RelationsMs. Ruiyu Li+86 ( 10) 8912-6805E-mail: IR @ JD.com
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Read our editorial policy to learn more about our process. | business |
World Economy Set to Slow on War’ s ‘ Strong Headwinds,’ UN Says | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Russia’ s invasion of Ukraine will act as a drag on the world economy, with developing countries at particular risk, the United Nations warned.
Global growth will probably ease to 2.5% in 2022 following last year’ s 5.6% surge, the UN Conference on Trade and Development said Thursday in a report.
UNCTAD sees a deep recession in Russia and “ significant ” slowdowns across Western Europe and most of Asia. While soaring food and fuel prices will increase hunger and hardship for people in poorer nations, everyone will ultimately experience reduced purchasing power, it said.
“ The economic effects of the Ukraine war will compound the ongoing economic slowdown globally and weaken the recovery from the Covid-19 pandemic, ” UNCTAD Secretary-General Rebeca Grynspan said. “ Many developing countries have struggled to gain economic traction coming out of the Covid-19 recession and are now facing strong headwinds from the war. ”
Poorer nations may soon face a perfect storm of slowing global demand, interest-rate hikes in advanced economies and high levels of pandemic-era debt that risk a “ downward spiral of insolvency, recession and arrested development, ” according to the report.
Russian government intervention to prop up the stock market helped prevent a renewed selloff in shares on the first day of trading following a record month-long shutdown of the equity market.
NATO agreed to boost its deployments in the eastern portion of the defense alliance, doubling the number of battle groups to eight, as the U.S. said it is working with NATO to prepare for possible biological or nuclear incidents by Russia.
Russia’ s invasion of Ukraine has the potential to accelerate the global shift to green energy and the use of digital currencies, according to BlackRock Inc. Chief Executive Officer Larry Fink.
The U.S. announced a new package of sanctions on Russian elites, lawmakers and defense companies, punishments designed to ramp up pressure on Moscow over its invasion of Ukraine. | general |
Moderna raises full-year COVID vaccine sales forecast to $ 21 billion | The company in February forecast sales of $ 19 billion from its signed contracts, and option for $ 3 billion in additional purchases.
Moderna on Thursday forecast additional purchases of roughly $ 500 million.
( Reporting by Manas Mishra in Bengaluru) | business |
Необходимость программы цифрового правительства стран Северной Америки by Anne-Marie Slaughter & Alberto Rodriguez Alvarez | ВАШИНГТОН, округ Колумбия – Сегодня в Украине, как и во многих других конфликтах по всему миру, цифровая сфера стала полем битвы для кибератак и информационных войн. Даже в повседневной жизни цифровые платформы могут угрожать гражданам и демократиям, посягая на личную жизнь, манипулируя вниманием потребителей, способствуя социальной изоляции и поощряя экстремизм. Но, не преуменьшая этого вреда, мы также должны напоминать себе о многих хороших вещах, которые предлагают сегодняшние новые технологии.
Одним из ключевых преимуществ цифровых технологий является потенциал для значительного улучшения предоставления государственных услуг. Эстония, где граждане могут голосовать, платить налоги, проверять свои медицинские записи, обращаться за кредитами или регистрировать новые предприятия онлайн за считанные минуты, является наглядным примером. Страны Северной Америки значительно отстают, но пандемия COVID-19 создала для них возможности наверстать упущенное.
Несмотря на то, что связанные с пандемией локдауны и закрытие офисов вызвали множество бюрократических проблем, включая длительные задержки в предоставлении некоторых льгот, они также ускорили развитие цифровых государственных услуг. В Соединенных Штатах на всех уровнях государственного управления внедрены цифровые инструменты, от проведения судебных заседаний посредством видеоконференций до запуска программ виртуального обучения по всей стране.
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Cryptocurrencies and blockchain-based technologies are here to stay. But what will their next chapter look like?
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Writing for PS since 2006 91 Commentaries
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Anne-Marie Slaughter, a former director of policy planning in the US State Department, is CEO of the think tank New America, Professor Emerita of Politics and International Affairs at Princeton University, and the author of Renewal: From Crisis to Transformation in Our Lives, Work, and Politics ( Princeton University Press, 2021).
Writing for PS since 2022 1 Commentary
Alberto Rodriguez Alvarez is a public interest technologist at New America.
US President Joe Biden’ s virtual Summit for Democracy is taking place amid persistent authoritarian and populist challenges worldwide, digitally turbocharged misinformation, and lingering concerns about the United States itself. Will the gathering prove to be more than just a talking shop, and do today’ s democracies have the strength and vision to reinvigorate themselves and their political model?
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Russia insists on calling its war in Ukraine a “ special military operation ” not just to downplay the brutality of its intervention but above all to make clear that war in the old sense of an armed conflict between nation-states does not apply. The Kremlin is merely securing “ peace ” in what it considers its geopolitical sphere of influence.
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| general |
Weekly jobless claims fall to a nearly 53-year low |
Just 187,000 people
in the United States
filed for initial weekly unemployment benefits last week, lower than economists ' expectations of 210,000, according to data released Thursday by the Department of Labor.
The last time the
weekly number
was that low was September 6, 1969, shortly after Neil Armstrong stepped foot on the moon and hippies were rocking out to Jimi Hendrix at Woodstock. Back then, 182,000 people filed for jobless benefits.
The latest jobless claims total was also down from an upwardly revised 215,000 in the previous week. The
labor market remains a bright spot
in the US economy, even as consumers are feeling
the pinch of higher oil and gas prices
and other
inflation pressures.
In another encouraging sign, the number of people filing for continued jobless claims fell 67,000 to 1.35 million during the week ending March 12. That's the lowest level for this reading since January 3, 1970.
However, the
strong jobs numbers
could lead the Federal Reserve to
step up its pace of interest rate hikes
in order to keep inflation in check.
Read More
No end to the worker shortage: America had 11.3 million jobs available in January
The
Fed raised rates earlier this month
for the first time since December 2018, by a quarter of a percentage point. Traders are now pricing in a
nearly 70% likelihood of a half-point rate hike
at the Fed's next meeting on May 3-4.
`` There isn't much more to say about the labor market. It is extremely strong and this data is exactly the sort of evidence that has given the Fed confidence that they can raise rates more quickly to battle inflation, '' said Jefferies economists Thomas Simons and Aneta Markowska in a report.
`` Demand for labor is strong and there are no reasons to believe that this will change any time soon, barring another wave of a new Covid variant, '' the Jefferies economists added.
The government will report its closely watched monthly jobs figures for March next Friday. If the latest jobless claims numbers are any indication, the unemployment rate could fall and jobs gains should be solid. Wage growth may remain robust too.
`` It's an excellent time to be looking for work, since the labor market is tight, wages are rising and workers have negotiating power in many industries, '' said Bankrate.com senior industry analyst Ted Rossman in a report after the latest claims numbers were released. | general |
Movado Group, Inc. Announces Record Fourth Quarter and Fiscal Year 2022 Results | ~ Fiscal 2022 Net Sales of $ 732.4 million ~
~ Fiscal 2022 EPS of $ 3.87 and Fiscal 2022 Adjusted EPS of $ 3.94 ~
~ Fourth Quarter Net Sales of $ 206.0 million ~
~ Fourth Quarter EPS of $ 1.33 and Fourth Quarter Adjusted EPS of $ 1.32 ~
~ Board Approves 40% Increase in Quarterly Dividend to $ 0.35 Per Share ~
PARAMUS, N.J. -- ( BUSINESS WIRE) -- Movado Group, Inc. ( NYSE: MOV) today announced fourth quarter and fiscal year 2022 results for the periods ended January 31, 2022.
Fiscal Year 2022 Highlights ( See attached table for GAAP and Non-GAAP measures)
Efraim Grinberg, Chairman and Chief Executive Officer, stated, “ We closed out the year with exceptional fourth quarter performance, resulting in record annual net sales of $ 732.4 million and operating profit margin of 16.0%. We attribute our ongoing strength to the successful execution of our strategy with powerful brands, excellent craftsmanship and desirable designs. This drove sales growth in our owned and licensed brands; in the U.S. and internationally; and across our channels of wholesale and direct-to-consumer. We continued our digital advancement, reporting significant growth on our Movado.com site, which we believe is a testament to our keen focus and further development of our digital platform and omni-channel capabilities. I could not be more proud of our teams around the world that executed against our strategic objectives and delivered results that exceeded our expectations, while adapting to rapidly changing conditions in the marketplace. ”
Mr Grinberg continued, “ As we look ahead, we recognize that we continue to operate in an uncertain environment, with rising interest rates heightened by increasing inflation, combined with the war in Ukraine, on-going COVID outbreaks and closures in China, and lapping U.S. stimulus measures in the first half of last year, yet we remain confident in our positioning and our ability to deliver long term growth in sales and profit. We have a deep pipeline of product innovation and recently added another iconic licensed brand to our portfolio with the launch of CALVIN KLEIN, which is experiencing strong consumer response. ”
Mr. Grinberg concluded, “ Inline with our strategy of continuing to return value to shareholders, we are pleased to announce that our Board approved a 40% increase in our quarterly dividend to $ 0.35 per share. We also plan to execute our share repurchase plan at an accelerated pace, subject to prevailing market conditions. This reflects confidence in our business, as well as our recent results and balance sheet that included $ 277.1 million of cash at year end with no debt. Our priorities for our cash flow will continue to focus on investing in our long-term growth and evaluating other initiatives to enhance value. ”
Fiscal Fourth Quarter Highlights ( See attached table for GAAP and Non-GAAP measures)
Non-GAAP Items ( See attached table for GAAP and Non-GAAP measures)
Fourth quarter fiscal 2022 results of operations included the following charges and benefits:
Fourth quarter fiscal 2021 results of operations included the following charges and benefits:
Fourth Quarter Fiscal 2022 Results ( See attached table for GAAP and Non-GAAP measures)
Full Year Fiscal 2022 Results ( See attached table for GAAP and Non-GAAP measures)
Fiscal 2023 Outlook
The Company expects fiscal 2023 net sales to be in a range of approximately $ 780 million to $ 800 million, gross profit of approximately 58.0% of net sales, and operating income in a range of $ 125 million to $ 130 million. Assuming no changes to the current tax regulations, the Company anticipates an effective tax rate of approximately 25% for the fiscal year. The outlook excludes approximately $ 3.0 million of amortization of acquired intangible assets and deferred compensation for fiscal 2023 related to the Olivia Burton and MVMT brands. This outlook does not contemplate significant impact of increasing inflation, geopolitical unrest or extended COVID-19 related impacts on the supply chain and shipping costs, and assumes no further significant fluctuations from prevailing foreign currency exchange rates.
Quarterly Dividend and Share Repurchase Program
The Company announced today that the Board of Directors approved a 40% increase to the regular quarterly cash dividend to $ 0.35 per share from $ 0.25 per share. A $ 0.35 dividend will be paid on April 20, 2022 for each share of the Company’ s outstanding common stock and class A common stock held by shareholders of record as of the close of business on April 6, 2022.
During the fourth quarter of fiscal 2022, the Company repurchased approximately 138,200 shares under its share repurchase program. As of January 31, 2022, the Company had $ 2.4 million remaining under the March 25, 2021 share repurchase program and all $ 50.0 million remaining available under the November 23, 2021 repurchase program. The Company plans to execute its share repurchase plan at an accelerated pace in the current fiscal year, subject to prevailing market conditions and the business environment.
Conference Call
The Company’ s management will host a conference call and audio webcast to discuss its results today, March 24th, at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing ( 877) 407-0784. Additionally, a live webcast of the call can be accessed at www.movadogroup.com. The webcast will be archived on the Company’ s website approximately one hour after the conclusion of the call. Additionally, a telephonic re-play of the call will be available from 12:00 p.m. ET on March 24, 2022 until 11:59 p.m. ET on April 7, 2022 and can be accessed by dialing 844-512-2921 and entering replay pin number 13727469.
Movado Group, Inc. designs, sources, and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE®, and SCUDERIA FERRARI® watches, and, to a lesser extent jewelry and other accessories, and operates Movado Company Stores in the United States and Canada.
In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States ( “ GAAP ”). Specifically, the Company is presenting adjusted gross profit, adjusted gross margin, adjusted operating expenses and adjusted operating income, which are gross profit, gross margin, operating expenses and operating income, respectively, under GAAP, adjusted to eliminate the amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions, corporate initiatives and the impairment of goodwill and certain intangible assets. The Company is also presenting adjusted tax provision, which is the tax provision under GAAP, adjusted to eliminate the impact of charges for the Olivia Burton and MVMT acquisitions, corporate initiatives, the impairment of goodwill and certain intangible assets, the gain on the sale of a non-operating asset and the CARES Act. The Company believes these adjusted measures are useful because they give investors information about the Company’ s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. The Company is also presenting adjusted net income, adjusted earnings per share and adjusted effective tax rate, which are net income, earnings per share and effective tax rate, respectively, under GAAP, adjusted to eliminate the after-tax impact of amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions, corporate initiatives, the impairment of goodwill and certain intangibles, the gain on the sale of a non-operating asset and the CARES Act. The Company believes that adjusted net income, adjusted earnings per share and adjusted effective tax rate are useful measures of performance because they give investors information about the Company’ s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. Additionally, the Company is presenting constant currency information to provide a framework to assess how its business performed excluding the effects of foreign currency exchange rate fluctuations in the current period. Comparisons of financial results on a constant dollar basis are calculated by translating each foreign currency at the same U.S. dollar exchange rate as in effect for the prior-year period for both periods being compared. The Company believes this information is useful to investors to facilitate comparisons of operating results. These non-GAAP financial measures are designed to complement the GAAP financial information presented in this release. The non-GAAP financial measures presented should not be considered in isolation from or as a substitute for the comparable GAAP financial measures, and the methods of their calculation may differ substantially from similarly titled measures used by other companies.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “ expects, ” “ anticipates, ” “ believes, ” “ targets, ” “ goals, ” “ projects, ” “ intends, ” “ plans, ” “ seeks, ” “ estimates, ” “ may, ” “ will, ” “ should ” and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to general economic and business conditions which may impact disposable income of consumers in the United States and the other significant markets ( including Europe) where the Company’ s products are sold, uncertainty regarding such economic and business conditions, including inflation, increased commodity prices and tightness in the labor market, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible terrorist attacks, natural disasters and pandemics, including the effect of the COVID-19 pandemic and other diseases on travel and traffic in the Company’ s retail stores and the stores of its wholesale customers, supply disruptions, delivery delays and increased shipping costs, adverse impact on the Company’ s wholesale customers and customer traffic in the Company’ s stores as a result of increased uncertainty and economic disruption caused by the COVID-19 pandemic, the impact of international hostilities, including the Russian invasion of Ukraine, on global markets, economies and consumer spending, on energy and shipping costs and on the Company’ s supply chain and suppliers, defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, changes in consumer preferences and popularity of particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to successfully implement its business strategies, competitive products and pricing, including price increases to offset increased costs, the impact of “ smart ” watches and other wearable tech products on the traditional watch market, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier’ s inability to fulfill the Company’ s orders, the loss of or curtailed sales to significant customers, the Company’ s dependence on key employees and officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities, the possible impairment of acquired intangible assets, risks associated with the Company’ s minority investments in early-stage growth companies and venture capital funds that invest in such companies; the continuation of the Company’ s major warehouse and distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation and administrative proceedings, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, complex and quickly-evolving regulations regarding privacy and data protection, the continued availability to the Company of financing and credit on favorable terms, business disruptions, and general risks associated with doing business outside the United States including, without limitation, import duties, tariffs ( including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and success of hedging strategies with respect to currency exchange rate fluctuations, and the other factors discussed in the Company’ s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward looking statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the future.
( Tables to follow)
MOVADO GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
( In thousands, except per share data)
( Unaudited)
Three Months Ended
Twelve Months Ended
January 31,
January 31,
2022
2021
2022
2021
$
205,975
$
178,330
$
732,393
$
506,397
85,139
77,533
313,328
235,898
120,836
100,797
419,065
270,499
82,637
74,912
301,574
256,707
-
-
-
155,919
82,637
74,912
301,574
412,626
38,199
25,885
117,491
( 142,127
)
87
356
530
387
-
-
-
1,317
( 106
)
( 490
)
( 688
)
( 1,959
)
38,180
25,751
117,333
( 142,382
)
6,568
( 4,823
)
24,774
( 31,188
)
31,612
30,574
92,559
( 111,194
)
237
309
960
324
$
31,375
$
30,265
$
91,599
$
( 111,518
)
$
1.33
$
1.29
$
3.87
$
( 4.80
)
23,629
23,498
23,679
23,239
MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES
( In thousands, except for percentage data)
( Unaudited)
As Reported
Three Months Ended
January 31,
% Change
2022
2021
$
205,975
$
178,330
15.5
%
$
208,926
$
178,330
17.2
%
As Reported
Twelve Months Ended
January 31,
% Change
2022
2021
$
732,393
$
506,397
44.6
%
$
723,225
$
506,397
42.8
%
MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES
( In thousands, except per share data)
( Unaudited)
Net Sales
Gross Profit
Operating
Income/ ( Loss)
Pre-tax
Income/ ( Loss)
Provision/ ( Benefit)
for Income Taxes
Net Income/ ( Loss)
Attributable to
Movado Group, Inc.
Diluted EPS
$
205,975
$
120,836
$
38,199
$
38,180
$
6,568
$
31,375
$
1.33
-
-
699
699
133
566
0.03
-
-
89
89
22
67
0.00
-
-
( 1,064
)
( 1,064
)
( 231
)
( 833
)
( 0.04
)
$
205,975
$
120,836
$
37,923
$
37,904
$
6,492
$
31,175
$
1.32
$
178,330
$
100,797
$
25,885
$
25,751
$
( 4,823
)
$
30,265
$
1.29
-
-
699
699
133
566
0.02
-
-
35
35
13
22
0.00
-
( 2,816
)
( 2,760
)
( 2,760
)
( 851
)
( 1,909
)
( 0.08
)
-
-
-
-
9,235
( 9,235
)
( 0.39
)
$
178,330
$
97,981
$
23,859
$
23,725
$
3,707
$
19,709
$
0.84
Net Sales
Gross Profit
Operating
Income/ ( Loss)
Pre-tax
Income/ ( Loss)
Provision/ ( Benefit)
for Income Taxes
Net Income/ ( Loss)
Attributable to
Movado Group, Inc.
Diluted EPS
$
732,393
$
419,065
$
117,491
$
117,333
$
24,774
$
91,599
$
3.87
-
-
2,860
2,860
544
2,316
0.10
-
-
424
424
106
318
0.01
-
-
( 1,064
)
( 1,064
)
( 231
)
( 833
)
( 0.04
)
$
732,393
$
419,065
$
119,711
$
119,553
$
25,193
$
93,400
$
3.94
$
506,397
$
270,499
$
( 142,127
)
$
( 142,382
)
$
( 31,188
)
$
( 111,518
)
$
( 4.80
)
-
-
2,732
2,732
519
2,213
0.10
-
-
1,571
1,571
597
974
0.04
-
735
12,629
12,629
3,884
8,745
0.38
-
-
155,919
155,919
24,867
131,052
5.64
-
-
-
( 1,317
)
( 474
)
( 843
)
( 0.04
)
-
-
-
-
9,235
( 9,235
)
( 0.40
)
$
506,397
$
271,234
$
30,724
$
29,152
$
7,440
$
21,388
$
0.92
( 1)
Related to the amortization of acquired intangible assets for Olivia Burton.
( 2)
Related to the amortization of acquired intangible assets and the MVMT brand's deferred compensation, where applicable.
( 3)
Related to a change in estimate related to corporate initiative charges recorded primarily in response to the COVID-19 pandemic.
( 4)
Incremental benefit resulting from the available carryback of NOL's permitted under the CARES ACT.
( 5)
Related to provision due to the impact to the business of the COVID-19 pandemic, including restructuring plan.
( 6)
Related to the impairment of goodwill and impairment of certain of MVMT's intangible assets.
( 7)
Related to a gain on sale of a non-operating asset in Switzerland.
MOVADO GROUP, INC.
CONSOLIDATED BALANCE SHEETS
( In thousands)
( Unaudited)
January 31,
January 31,
2022
2021
$
277,128
$
223,811
91,558
76,931
160,283
152,580
16,974
23,479
7,941
24,850
553,884
501,651
19,470
22,349
68,599
76,070
42,596
42,507
13,507
17,081
63,104
59,599
$
761,160
$
719,257
$
46,011
$
28,187
48,522
51,124
25,117
18,047
13,693
15,861
18,123
14,452
151,466
127,671
-
21,230
19,614
21,895
62,730
68,412
50,264
50,115
2,311
2,600
472,808
425,264
1,967
2,070
474,775
427,334
$
761,160
$
719,257
MOVADO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
( In thousands)
( Unaudited)
Twelve Months Ended
January 31,
2022
2021
$
92,559
$
( 111,194
)
-
155,919
( 926
)
3,722
12,463
14,112
9,292
( 11,444
)
13,487
15,399
3,939
1,896
130,814
68,410
( 5,656
)
( 3,018
)
( 1,967
)
-
-
1,317
( 291
)
( 164
)
( 7,914
)
( 1,865
)
( 21,140
)
( 64,465
)
-
30,879
( 22,599
)
-
( 21,973
)
-
( 1,230
)
-
324
( 497
)
298
-
( 294
)
( 300
)
( 66,614
)
( 34,383
)
( 2,993
)
5,823
53,293
37,985
224,423
186,438
$
277,716
$
224,423
-
2,320
$
277,128
$
223,811
588
612
$
277,716
| general |
War In Ukraine Rattles Auto Parts Industry | Ukraine's car parts industry, which supplies many vehicle manufacturers in western European, has taken a battering since the Russian invasion one month ago.
Factories are at a standstill, cable production has slumped and there are concerns about neon supplies.
Ukraine saw its domestic car production industry nosedive when the Soviet Union collapsed but successfully reinvented itself in the early 2000s as a major producer of automotive parts.
The country's proximity to the European Union, its skilled workers and low labour costs have attracted a string of Western manufacturers, particularly from German groups like Bosch, Kostal and Prettl.
By 2021, they were employing 60,000 workers in 38 Ukrainian plants, according to government figures.
The factories produce electronic components, car seats and, crucially, electric cables.
A maze of cables known as a wire harness runs through every vehicle and constitutes its central nervous system. A large SUV like the Porsche Panamera contains several kilometres ( miles) of these cables.
Before the Russian invasion on February 24, Ukraine was one of Europe's biggest manufacturers of electric cable.
Last year it supplied 760 million euros ( $ 835 million) worth of cables to the EU's automotive and aeronautics industries, according to the European Association of Automotive Suppliers ( CLEPA).
Some 45 percent of Ukrainian harnesses go to Germany and Poland.
Every vehicle has a `` specific wire harness '', which requires 10 to 15 hours of manual labour and is produced on a just-in-time basis, two to three days after order, Volkswagen boss Herbert Diess explained in early March.
Most of the parts factories are located in western Ukraine, which has been somewhat spared the worst of the war, and employ mostly women.
The plants are seem to be working to `` a certain extent '' but shipping parts out to Western Europe is `` equally challenging '', according to CLEPA secretary-general Sigrid de Vries.
At the Polish border, the Bosch factory in Krakovets has slowly resumed production of starter motor parts `` at the request of 180 employees who want to get back to work '', the world leader in car parts told AFP.
`` We continue to apply the strictest security measures for workers on site, '' Bosch continued, adding that it had paid workers `` several months of wages in advance ''.
Several Western manufacturers have taken the radical option of creating duplicates of entire factories in countries neighbouring Ukraine.
A few days before the war started, Ireland's Aptiv moved cable production to mirror sites in Poland, Romania and Serbia.
`` ( Cable production) isn't that complicated to relocate. They're relatively straightforward pieces of equipment, '' explained Alexandre Marian of consulting firm AlixPartners.
But de Vries cautioned that `` it's easier said than done '' as the auto parts industry is labour intensive.
`` It's very specific to a certain model. It needs time and careful reflexion on what to do, '' she said.
Car plants in eastern Europe employ many Ukrainians and a number have gone back home to fight, as have Ukrainian lorry drivers, who make up a significant proportion of the transport workers shipping parts to western Europe.
As a result, Volkswagen, BMW and Renault have all had to suspend production at certain factories.
Ukraine, a major steel producer, is also the world's top exporter of neon, which is essential for manufacturing semiconductors.
While the manufacturing process has adapted since Moscow annexed Crimea in 2014 and there are adequate stocks of neon, `` there could be a problem in the medium term '', AlixPartners ' Marian said.
However, any Ukrainian shortage would be less consequential than the scarcity of Russian raw materials, he added.
More widely, it is the rocketing prices of energy -- gas, oil, and electricity -- that worry the sector the most.
The war has worsened the prospects of a vehicle market already struggling from the impact of the Covid-19 pandemic, the semiconductor shortage, logistical costs and the rise in the price of raw materials.
Global sales are expected to fall a further two percent in 2022, particularly in Europe. Standard & Poor's ( S & P) had hitherto forecast a rise of four to six percent.
And although carmakers have succeeded in putting up prices and protecting their margins, parts manufacturers have to find `` a delicate balance '' between rising supply costs and cautious clients, S & P's Vittoria Ferraris pointed out. | business |
What’ s Next for Suits? | Even before the pandemic, recent years have not been kind for the business suit.
While the traditional concept of the suit and tie remains entrenched in courtrooms and investment firms, postmillennial style was already frowning on the slacks and jacket look before Covid-19 drove millions of former office denizens home to their T-shirts and sweatpants.
These trends hit business or formal wear designers and retailers below the belt, but the savvy players in that group see ways forward to keep tailors in business.
Lena McCroary, founder and creative director of Sanne, a London- based fashion design house, sees the virus shutdowns as only the latest blow to the traditional business suit. “ The popularity of more formal menswear declined in particular during the pandemic, ” McCroary says. “ However it’ s a trend that’ s been happening for several years. The pandemic has now accelerated a popular trend of casual, informal dressing. ”
McCroary sees “ sartorial style ” becoming less popular with each generation, with most young men and women wearing a tailored suit only if required. She steers her shop with these trends in mind.
“ As a business owner, it’ s now a question of adapting and giving the consumer what they like, which may not necessarily align with what I personally want, ” she says. “ The world is rapidly changing, which means fashion businesses now need to pivot and reinvent their offering to suit today’ s world. ”
According to New York-based tailor Michael Andrews, the unique nature of the custom clothing industry suffered more than many others during the pandemic. As Manhattan shuttered businesses like his Michael Andrews Bespoke, it became impossible to welcome customers for measurements or fittings.
“ Custom tailoring is a rare segment of retail where people still really value the in-person experience, ” Andrews says. “ That said, we have been pleasantly surprised by how well we were still able to serve clients remotely. If there has been a silver lining in all of this, it’ s that we were forced to start offering video fitting—something we should have been doing pre-pandemic and which will definitely continue to be part of our channel strategy going forward. ”
He doesn’ t see the business suit side of sales bouncing back soon.
“ If we were just in the business of making suits for guys to wear to work, we would be in trouble, ” he adds. “ But, that has never been our business. We’ re in the business of helping men and women dress to look their best every day. That’ s not limited to the office and it’ s certainly not limited to suits. ”
Michael Andrews Bespoke had expanded product offerings before and after the pandemic’ s peak, offering custom shirts, chinos, jeans, and accessories.
In the Carnaby Street neighborhood of Westminster, in London, Mark Powell Bespoke Tailoring faces similar challenges. As pandemic changes loomed, Powell turned to remote marketing and online contact methods.
“ Our first move was to focus on increasing our social media presence and pushing online sales, ” Powell says. “ Once things got going again, we offered a special price on bespoke suits to coincide with the opening of our new London store. Since then, business has been great for us. ”
Powell explains that the fading of the proper suit need not indicate a total abandonment of upscale dress, and his store is leaning into that potential shift.
“ One of the best things about the shift from suits to separates such as sport coats and trousers is that coats can be made in a much broader range of colors, patterns, and styles than a suit, ” Powell adds. “ While a multicolored plaid suit would be too much for most people to pull off, a sport coat in the same fabric—paired with a solid color pant—doesn’ t push any sartorial boundaries. You have much more room for creativity when it comes to separates. ”
McCroary also celebrates the emergence of greater creativity and fewer design rules as more conservative suits fade in overall popularity.
“ I noticed many designers playing with materials and construction of suits even before the pandemic, ” she says. “ In the last decade, the menswear market boomed in its offerings, whereas before there was much more choice for women. ”
All three fashion experts believe the suit will remain in part-time use, even if less popular at the workplace. Andrews says fashion options will increase as the suit becomes more of a style choice than a uniform.
Powell looks forward to those new choices because he sees individual style statements as the entire point of a suit. “ I think people will focus more on style now, ” he says. “ People are definitely looking to dress up more, certainly if they are stuck working from home. We noticed more people coming to us that are only just starting to consider investing in a great suit rather than just because they have to wear one for work. ”
McCroary suggests that pop culture still affects menswear styles and will continue to feed a collective desire to dress up on occasion.
“ It’ s human nature that once we have the basic needs met, we like to embellish our lives and communicate who we are through our dress, ” she says. “ Menswear and fashion will constantly be changing along those lines as long as human society evolves. ” | business |
Watch Enthusiasts Have More Access to Industry Events Than Ever | For decades, having the opportunity to attend a premier Swiss watch fair to see the latest releases from the world’ s top watchmakers required a VIP invitation, or a professional accreditation. In other words, such insider events were strictly business.
At its height, Baselworld, a massive trade event founded in 1917, the public had an opportunity to purchase an entry ticket on a single day to get a glimpse of the elaborate booths’ display windows. Otherwise, you needed a badge to get by security.
The Richemont-sponsored Salon International de la Haute Horlogerie ( SIHH) was even more restrictive about who could enter its elegant halls, where Champagne flowed throughout the day. Retailers, elite collectors, and members of the press attended by invitation only.
Even before Covid-19 forced 2020 watch events online, the watch industry’ s premier events were undergoing a transformation to make them more public facing, interactive, and immersive in an effort to cultivate an enthusiastic new fan base. Today’ s watch enthusiasts have more opportunities to engage with the industry than ever before, both virtually and in real life.
In late 2019, SIHH announced it would transform into Watches & Wonders Geneva the following spring. The new concept would continue an SIHH-like Salon for businesspeople, while an
“ In the City ” component was planned throughout Geneva welcoming the public to attend free exhibitions, walking tours, manufacturer visits, boutique presentations, and more.
But as pandemic shutdowns rocked the world in spring 2020, the event shifted to online product presentations and Zoom meetings targeted to retailers, press, and collectors. However, physical events were held in the fall in Shanghai and Sanya, China, which have continued. The following spring, Watches & Wonders Geneva dramatically scaled up its digital presence.
Last fall, organizers insisted the show would go on in spring 2022 with both physical and digital components, and the addition of powerhouse brands Rolex, Patek, Chopard, Chanel, Tudor, Grand Seiko, and TAG Heuer in Geneva for the first time, following their exodus from Baselworld in 2020. ( Baselworld returns this year as a trade-only event.)
The 2022 Watches & Wonders Geneva will present a stage for brand announcements, conferences, panels, and keynotes that will be livestreamed for the public both on the event’ s platform and social media.
In the wake of the 2020 watch fair cancellations, a group of brands led by Bulgari CEO Jean-Christophe Babin established Geneva Watch Days, which included digital presentations for those who could not attend in person. Last year’ s event hosted a public pavilion installed on the Rotonde du Mont-Blanc that showcased the brands’ latest creations and hosted themed events. The “ phygital ” event will continue with a 2022 edition scheduled for September.
After going digital in 2020, the annual WatchTime New York event returned in fall 2021 with an in-person event at Gotham Hall featuring nearly 30 participating brands.
These gatherings provide watch fans with the opportunity to meet with brand and store representatives as well as kindred horological spirits, while seeing new models. Digital panel discussions range from brand-specific presentations to topical sessions.
This year, WatchTime events are scheduled for May in Los Angeles and October in New York. WatchTime also hosts digital events during the year that might offer a deep dive on a particular brand, or sessions where editors and contributors discuss and debate hot-button issues.
Watch retailers have been re-evaluating the way they do business to play up experiential angles in their stores, building customer relationships with special exhibitions and private events.
For example, when the Tourneau Time Machine reopened as Bucherer 1888 TimeMachine in New York City last fall, the revamped American flagship replaced typical glass display cases, which position staff on one side and customers on the other, with more interactive spaces that encourage leisurely conversations and engagement. Spanning three floors, the store features lounge spaces, a library, and even bars.
According to Ira Melnitsky, CEO of Tourneau and president of Bucherer USA, the goal was to evolve the watch-shopping experience from something purely transactional to something more engaging and personal.
On the store’ s concourse level, a wall of glass showcases watchmakers at work servicing timepieces like chefs in an open kitchen. Rotating exhibition space will feature works by artists
like Julian Schnabel, Man Ray, and Joel Sternfeld with some connection to New York City.
This spring, Audemars Piguet plans to open its AP House retail concept in New York’ s Meatpacking District. In keeping with the hospitality-driven model, the new space is tailor-made
for hosting private events with a lounge, private VIP room, Heritage room connected to the Audemars Piguet Museum, a space for art installations, and a spacious alfresco terrace.
Audemars Piguet debuted the first AP House in Hong Kong in 2018. The space reimagined and elevated the notion of a traditional boutique with an emphasis on client experience beyond the purchase of a timepiece. Exclusive events invite clients to share a special experience and learn more about the brand. Audemars Piguet has opened an additional AP House in Hong Kong, plus stores in London, Tokyo, Madrid, Barcelona, Munich, Milan, Kuala Lumpur, and St. Barthélemy.
Undaunted by the pandemic, watch auctions experienced a blockbuster 2021 with several—often record-breaking—hybrid live and virtual sales. For hardcore enthusiasts, these sales are must-see events whether they wish to pick up a grail watch or simply keep an eye on where values are heading. Any watch lover can tune into the sales online as an observer or place a bid.
Auction houses also host lectures and other educational programs, such as Christie’ s five-day online course covering everything from how watch mechanisms work to trends in design and the vintage market.
Meanwhile, Phillips takes its auction watches on world tours with public presale exhibitions in London, Hong Kong, Geneva, New York, Singapore, Taipei, Shanghai, and Saudi Arabia, allowing clients to evaluate the actual watches in person. These exhibitions often host cocktail parties and panel sessions with guest speakers. The auction house also hosts collaborative cocktail events and dinners with premier automotive and fashion brands and exhibitions with prominent watchmakers intended to inform and educate new and existing clients.
Of course, watch brands have always indulged their most loyal collectors with invitations to tour their workshops and hot-ticket events—from sailing regattas to Formula 1 races to private dinners and celebrity parties. One extreme example is Zenith hosting parabolic zero-gravity flight experiences for the 20 buyers of the six-figure Defy Zero-G Sapphire and Defy 21 Double Tourbillon Sapphire watches.
While prolific collectors and high-ticket clients will always be pampered by watch brands, you don’ t need deep pockets and an extensive collecting history to gain access to once-restricted watch happenings. Today, even if you can’ t make the trip, your phone or laptop can virtually put you in the room where it happens. | business |
The Ukraine War Goes Global | The Russia-Ukraine conflict risks inflicting extensive collateral damage on many developing economies that were already struggling to recover from the COVID-19 pandemic and cope with the effects of climate change. How should governments rethink their economic and environmental priorities in order to soften the blow?
In this Big Picture, Jayati Ghosh of the University of Massachusetts Amherst says multilateral organizations should provide financing to help poorer economies cope with energy and food-price shocks, and back regulations to prevent speculation in key markets. Similarly, Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, explains why international cooperation and transparency are key to mitigating the Ukraine war’ s impact on food supply and prices.
But soaring commodity prices are far from the only damaging global consequence of the conflict. Nick Butler of King’ s College London argues that governments mindful of rising energy prices will likely assign a significantly lower priority to expensive green policies aimed at combating climate change. And the University of Oxford’ s Giulio Boccaletti explains why the modern environmental movement, which has long taken the rules-based international order for granted, must now reconsider its core principles in light of Russia’ s war of aggression.
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Грозит ли Японии понижение кредитного рейтинга? by Jinho Choi & Kimi Xu Jiang | СИНГАПУР – Если правительство Японии не осуществит надежный план бюджетной консолидации, то в ближайшее десятилетие суверенный кредитный рейтинг страны может упасть на один-три пункта. Этот риск, подчеркнутый Управлением макроэкономических исследований АСЕАН+3 в его недавнем ежегодном консультативном отчете по Японии, свидетельствует о проблемах, с которыми сталкиваются японские политики в период нарастающих глобальных экономических потрясений.
Еще до начала пандемии COVID-19 Япония изо всех сил пыталась сохранять финансовую дисциплину, чтобы сдерживать свой государственный долг, который был и остается самым высоким в мире в процентах от ВВП. Активные усилия правительства в сочетании с устойчивым восстановлением экономики после мирового финансового кризиса сократили дефицит бюджета с 8,7% ВВП в 2009 году до 3,1% ВВП в 2019 году.
В результате государственный долг Японии в 2015/19 годах стабилизировался на уровне около 230% ВВП после непрерывного десятилетнего роста. Для сравнения, государственный долг в Соединенных Штатах и еврозоне в 2019 году составлял около 107% ВВП и 84% ВВП соответственно.
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Jinho Choi is Deputy Group Head and Senior Economist at the ASEAN+3 Macroeconomic Research Office.
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Kimi Xu Jiang is an economist at the ASEAN+3 Macroeconomic Research Office.
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Vladimir Putin's war of aggression in Ukraine offers ample grounds for G7 countries to seize Russian assets within their jurisdictions to finance postwar reconstruction. These funds should be administered through a new multilateral body to ensure full transparency and sound public procurement.
After one month, Russia’ s invasion of Ukraine is already having major economic and environmental consequences far beyond Europe. What should policymakers do to mitigate the war’ s impact on the world’ s poorest and most vulnerable people?
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The Digital Government Agenda North America Needs by Anne-Marie Slaughter & Alberto Rodriguez Alvarez | Canada, Mexico, and the United States have a chance to forge a regional agenda to position North America as a global leader in digital government services. Having already established a solid foundation for cooperation, they must now build on it.
WASHINGTON, DC – In Ukraine today and in many other conflicts around the world, the digital domain has become a battleground for cyberattacks and information warfare. Even in normal daily life, digital platforms can endanger citizens and democracies by encroaching on individual privacy, manipulating consumer attention, fostering social isolation, and nurturing extremism. But, while not downplaying these harms, we should also remind ourselves of the many good things that today’ s new technologies offer.
One key digital benefit is the potential for vastly improving the delivery of government services. Estonia, where citizens can vote, pay taxes, check their medical records, apply for loans, or register new businesses online in a matter of minutes, is the poster child. North American countries are much further behind, but the COVID-19 pandemic has created opportunities for them to catch up.
Although pandemic-related lockdowns and office closures have caused a host of bureaucratic ills – including long delays in the delivery of some benefits – they also accelerated the development of digital public services. In the United States, all levels of government have introduced digital tools, from holding court proceedings via videoconference to launching virtual-education programs across the country.
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Anne-Marie Slaughter, a former director of policy planning in the US State Department, is CEO of the think tank New America, Professor Emerita of Politics and International Affairs at Princeton University, and the author of Renewal: From Crisis to Transformation in Our Lives, Work, and Politics ( Princeton University Press, 2021).
Writing for PS since 2022 1 Commentary
Alberto Rodriguez Alvarez is a public interest technologist at New America.
US President Joe Biden’ s virtual Summit for Democracy is taking place amid persistent authoritarian and populist challenges worldwide, digitally turbocharged misinformation, and lingering concerns about the United States itself. Will the gathering prove to be more than just a talking shop, and do today’ s democracies have the strength and vision to reinvigorate themselves and their political model?
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Vladimir Putin's war of aggression in Ukraine offers ample grounds for G7 countries to seize Russian assets within their jurisdictions to finance postwar reconstruction. These funds should be administered through a new multilateral body to ensure full transparency and sound public procurement.
After one month, Russia’ s invasion of Ukraine is already having major economic and environmental consequences far beyond Europe. What should policymakers do to mitigate the war’ s impact on the world’ s poorest and most vulnerable people?
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Will Sanctioning Russia Fuel Financial Contagion? by Hippolyte Fofack | The unprecedented sanctions imposed on Russia have exacerbated global economic uncertainty and potentially derailed the post-pandemic recovery. The world, still grappling with the fallout from the US-China trade war and COVID-19, now faces its third policy-induced economic crisis in quick succession.
CAIRO – The unprecedented sanctions imposed on Russia – which some have dubbed economic weapons of mass destruction – have globalized the Ukraine crisis, exacerbating market uncertainty and potentially derailing the post-pandemic recovery. Across Europe and elsewhere, growth forecasts for 2022 have been revised down sharply.
Beyond dampening output and causing already high inflation to spike further, these sanctions are heightening the risk of a financial crisis. Today’ s increasingly complex global financial system amplifies this danger, because the magnitude of derivatives markets and the codependency of supply chains and payment chains make contagion more likely.
Stagflation was already a looming global threat, and the war in Ukraine has further increased the danger. The world, still grappling with the fallout from the US-China trade war and the COVID-19 pandemic, now faces its third policy-induced economic crisis in quick succession.
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Hippolyte Fofack is Chief Economist and Director of Research at the African Export-Import Bank ( Afreximbank).
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Vladimir Putin's war of aggression in Ukraine offers ample grounds for G7 countries to seize Russian assets within their jurisdictions to finance postwar reconstruction. These funds should be administered through a new multilateral body to ensure full transparency and sound public procurement.
After one month, Russia’ s invasion of Ukraine is already having major economic and environmental consequences far beyond Europe. What should policymakers do to mitigate the war’ s impact on the world’ s poorest and most vulnerable people?
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Is Japan at Risk of a Downgrade? by Jinho Choi & Kimi Xu Jiang | The COVID-19 pandemic and now Russia’ s invasion of Ukraine have greatly increased the risks to the global economy. The task for Japanese policymakers is to navigate these challenges while pursuing fiscal consolidation in order to protect the country’ s sovereign credit rating.
SINGAPORE – Japan’ s sovereign credit rating could fall one to three notches in the coming decade if the government does not implement a credible fiscal consolidation plan. This risk, which the ASEAN+3 Macroeconomic Research Office highlighted in its recent annual consultation report on the country, underlines the challenges facing Japanese policymakers at a time of mounting global economic turmoil.
Even before the outbreak of the COVID-19 pandemic, Japan was struggling to maintain fiscal discipline in order to contain its government debt, which was and remains the highest in the world as a percentage of GDP. But the government’ s strong efforts, combined with sustained economic recovery following the global financial crisis, reduced the fiscal deficit from 8.7% of GDP in 2009 to 3.1% of GDP in 2019.
As a result, Japan’ s government debt plateaued at around 230% of GDP from 2015-19, after rising continuously for about a decade. In comparison, government debt in the United States and the eurozone in 2019 stood at about 107% of GDP and 84% of GDP, respectively.
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Jinho Choi is Deputy Group Head and Senior Economist at the ASEAN+3 Macroeconomic Research Office.
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Kimi Xu Jiang is an economist at the ASEAN+3 Macroeconomic Research Office.
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Vladimir Putin's war of aggression in Ukraine offers ample grounds for G7 countries to seize Russian assets within their jurisdictions to finance postwar reconstruction. These funds should be administered through a new multilateral body to ensure full transparency and sound public procurement.
After one month, Russia’ s invasion of Ukraine is already having major economic and environmental consequences far beyond Europe. What should policymakers do to mitigate the war’ s impact on the world’ s poorest and most vulnerable people?
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L'agenda numérique public dont l'Amérique du Nord a besoin by Anne-Marie Slaughter & Alberto Rodriguez Alvarez | WASHINGTON, DC – En Ukraine aujourd’ hui et dans le cadre de nombreux autres conflits à travers le monde, le domaine numérique est devenu le champ de bataille de cyberattaques et d’ une véritable guerre de l’ information. Dans la vie quotidienne elle-même, les plateformes numériques sont susceptibles de nuire aux citoyens et aux démocraties en empiétant sur la vie privée, en manipulant l’ attention des consommateurs, en favorisant l’ isolement social, ainsi qu’ en alimentant l’ extrémisme. Pour autant, sans minimiser ces risques, nous devons avoir conscience des nombreuses évolutions positives qui s’ opèrent aujourd’ hui grâce aux nouvelles technologies.
L’ un des principaux avantages du numérique réside dans son potentiel d’ amélioration considérable de la délivrance des services publics. L’ Estonie en constitue l’ illustration parfaite, elle qui permet à ses citoyens de voter, de payer leurs impôts, de consulter leur dossier médical, de solliciter un prêt, ou encore d’ enregistrer une nouvelle entreprise en ligne en seulement quelques minutes. Les pays d’ Amérique du Nord en sont encore loin, la pandémie de COVID-19 ayant toutefois créé des opportunités de rattrapage de ce retard.
Bien que les fermetures de bureaux et les confinements liés à la pandémie aient engendré de nombreuses difficultés administratives – notamment un important retard dans l’ exécution de certaines prestations – ils ont également accéléré le développement des services publics numériques. Aux États-Unis, tous les domaines de l’ État ont introduit des outils numériques, qu’ il s’ agisse de l’ organisation des audiences judiciaires par vidéoconférence, ou de la mise en place de programmes d’ enseignement virtuel dans l’ ensemble du pays.
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Cryptocurrencies and blockchain-based technologies are here to stay. But what will their next chapter look like?
Join us for our live virtual event, Finance 3.0, to hear the world’ s leading experts discuss how to maximize the benefits and mitigate the risks of the burgeoning new crypto industry.
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Writing for PS since 2006 90 Commentaries
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Anne-Marie Slaughter, a former director of policy planning in the US State Department, is CEO of the think tank New America, Professor Emerita of Politics and International Affairs at Princeton University, and the author of Renewal: From Crisis to Transformation in Our Lives, Work, and Politics ( Princeton University Press, 2021).
Writing for PS since 2022 1 Commentary
Alberto Rodriguez Alvarez is a public interest technologist at New America.
US President Joe Biden’ s virtual Summit for Democracy is taking place amid persistent authoritarian and populist challenges worldwide, digitally turbocharged misinformation, and lingering concerns about the United States itself. Will the gathering prove to be more than just a talking shop, and do today’ s democracies have the strength and vision to reinvigorate themselves and their political model?
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Russia insists on calling its war in Ukraine a “ special military operation ” not just to downplay the brutality of its intervention but above all to make clear that war in the old sense of an armed conflict between nation-states does not apply. The Kremlin is merely securing “ peace ” in what it considers its geopolitical sphere of influence.
After one month, Russia’ s invasion of Ukraine is already having major economic and environmental consequences far beyond Europe. What should policymakers do to mitigate the war’ s impact on the world’ s poorest and most vulnerable people?
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Two years on, what have we learned about lockdowns? – podcast | Over the past two years, countries around the world have shut down their societies in last-ditch efforts to contain the pandemic. Some, like China, have enforced strict lockdowns as part of a zero Covid strategy. Others have ordered people to stay at home to flatten the curve of infections and buy precious time. But since they first began, what have we learned about how well lockdowns work?
Ian Sample speaks to epidemiologist Prof Adam Kucharski about the effectiveness of different approaches, and the lessons we should take forward.
How to listen to podcasts: everything you need to know
Presented by Ian Sample, produced by Madeleine Finlay, sound design by Tony Onuchukwu, and executive produced by Max Sanderson
Thu 24 Mar 2022 05.00 GMT
Archive: DW News, BBC News, Global News, France 24
The Guardian is editorially independent. And we want to keep our journalism open and accessible to all. But we increasingly need our readers to fund our work. | general |
5 Biggest News Stories of the Week: March 24 | As the saying goes, the news never stops — but there’ s a lot of it out there, and all of it doesn’ t always pertain to our readers. In this weekly news roundup, we’ ll cover the top news stories that matter most to our diversity focused audience.
The three days of public questioning in the Ketanji Brown Jackson confirmation hearing for Supreme Court Justice wrapped up on Wednesday.
The day continued with questioning about her sentencing practices in child pornography cases, which some deemed as being too light. But as Douglas A. Berman, a law professor at Ohio State University, has said her sentencing record in these types of cases is “ pretty mainstream. ” It’ s also been noted that prosecutors were looking for lighter sentences in five of the nine cases that were brought up during the three days of questioning.
On Day Two, she was asked about her stance on Critical Race Theory because she’ s on the board of Georgetown Day School, which teaches CRT. Jackson said the subject doesn’ t come up in her work and that the board “ does not control the curriculum. ”
Throughout the hearing, Jackson touched on the importance of public service, which she has said is important to her because her parents were public school teachers and her brother a military service member and police officer.
When asked if she found her experience representing Guantanamo Bay detainees to be rewarding, she said she did.
“ Public service is very important to me. It is an important family value, ” she said.
On Thursday, the committee will hear from witnesses about Jackson’ s nomination. Her nomination will be considered by the committee on March 28, but a vote likely won’ t take place until April 4.
Last week, the U.S. House of Representatives passed H.R. 2116, better known as the CROWN Act, which stands for the Creating a Respectful and Open World for Natural Hair Act. It passed on a vote of 235 to 189 and 14 Republicans joined all House Democrats in support of the act.
Rep. Bonnie Watson Coleman, D-N.J., introduced the legislation, which bans discrimination “ based on the individual’ s hair texture or hairstyle if that hair texture or that hairstyle is commonly associated with a particular race or national origin. ”
The legislation mentions hairstyles “ in which hair is tightly coiled or tightly curled, locs, cornrows, twists, braids, Bantu knots, and Afros. ”
More than 12 states have already passed legislation similar to the CROWN Act.
Environmental, social and governance ( ESG) investments went mainstream last year and are expected to pick up steam in 2022. And with more and more companies getting involved, third-party ESG rating providers have popped up, which aren’ t always consistent.
Companies turn to these third-party providers because there’ s so much investment-grade ESG data and not enough in-house experts to mine through this data and make it digestible and useful. But companies need to figure out how to get through the data and handle its delivery to craft an ESG narrative.
To start the process, companies must conduct a materiality assessment that figures out which ESG issues matter to the company’ s bottom line and the goal of its investors. The delivery of this information can be successfully done through an accounting framework that has data analytics and reporting capabilities.
Head over to DiversityInc Best Practices to learn more about ESG and responsible investing, and learn about the importance of the “ E ” and “ S ” in ESG at DiversityInc.
More global companies continue to focus on diversity, equity and inclusion ( DEI) efforts, but is it working across the globe or just in America? Some have argued it is an American issue.
According to Havard Business Review, discrimination, biases and inequality exists around the world, but some companies have only focused DEI narratives, discussions and solutions in the U.S. and not in a local context to other places in the world.
Not thinking about DEI in a local context could lead to little success with “ one-size-fits-all ” initiatives. Harvard Business Review writes that “ it’ s time to diversify DEI. ”
To do this, HBR suggests focusing on the management term “ glocal, ” which is a combination of the words “ global ” and “ local. ” The term “ describes a management approach that balances the need for global strategies and practices with local adaptation ” and was coined by sociologist Roland Robertson.
The term “ glocal ” allows companies to create a vision and strategy for DEI that “ defines broad areas of focus while also allowing flexibility for local adaptation within those key areas, ” HBR writes.
As culture wars over mask mandates, education processes and more have erupted around the nation, they are expected to infiltrate school boards even more.
The mask vs. anti-mask battle is a prime example of this, which Lisa Schoenberger got a taste of at an August school board meeting in Omaha, Nebraska, when she spoke in favor of mask-wearing policies, she told Time magazine. She tried to settle the crowd by sharing a line from Frozen II, her 5-year-old’ s favorite movie, in which a character solves a problem by deciding to “ do the next right thing. ”
“ I share the frustration of all of the people who are really, really tired of this, ” she said. “ But when you have a difficult decision, all you can do is the next right thing. And I believe that that’ s what masking for one more month will do for our children. ”
She was met with boos from other parents before she even stopped speaking, Schoenberger said, and the mask mandate never came to a vote after three hours of comments from the public. One board member was absent because they had COVID-19, and of the members there, no one seconded the motion to put the proposed rule in place, with applause from attendees when it didn’ t move forward.
After this experience, Schoenberger was more worried about the culture of the school district than COVID-19 and decided to run for a seat on the local board of education to encourage respectful debates and prevent “ school board meetings from being derailed by partisan politics. ”
With topics like anti-gay bills and Critical Race Theory popping up, more confrontational conversations are likely to be had in school districts around the U.S.
For the eighth consecutive year, U.S. Bank has been named one of the World’ s Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. “ Our employees have gone above and beyond to support our communities and customers, ” said Andy Cecere, chairman, president and chief…
Originally published at basf.com. BASF ranked No. 12 on The DiversityInc Top 50 Companies for Diversity list in 2021. BASF, a leading supplier and innovator in the global personal care industry, announced its collaboration with StitchCrew, an organization serving early-stage entrepreneurs, to launch the Inclusive Beauty Accelerator. The program will…
Originally published at southerncompany.mediaroom.com. Southern Company ranked No. 20 on The DiversityInc Top 50 Companies for Diversity list in 2021. Georgia Power announced a new education equity initiative in partnership with four Georgia school districts, designed to support impactful local programs in communities of color and facilitate holistic generational change. The…
Originally published at thehersheycompany.com. The Hershey Company ranked No. 10 on The DiversityInc Top 50 Companies for Diversity list in 2021. Every year, International Women’ s Day marks a time to appreciate, elevate and celebrate women and their accomplishments. While this observance serves as an important opportunity to recognize women, at…
Originally published on LinkedIn. Humana ranked No. 13 on The DiversityInc Top 50 Companies for Diversity list in 2021. This Women’ s History Month, we honor those who have been advocates, allies and supporters of women’ s health and health equity. As we continue our progress and commitment to changing the future…
Originally published at newsroom.hilton.com. Hilton ranked No. 1 on The DiversityInc Top 50 Companies for Diversity list in 2021. Hilton and American Express, in partnership with Hilton’ s ownership community, are teaming up to donate up to 1 million hotel room nights in hotels across Europe to support Ukrainian refugees fleeing…
Originally published ey.com. EY is a Hall of Fame company. EY announced the launch of the 2022 Better Working World Data Challenge. The global competition, aimed at university students and early career data scientists, is part of the EY organization’ s commitment to innovate and use technology to address some…
Originally published at cox.com. Cox Communications ranked No. 32 on The DiversityInc Top 50 Companies for Diversity list in 2021. The month of March is dedicated to remembering the suffragists, visionaries and trailblazing women who have fought for equality, along with celebrating the contributions they’ ve made to history, culture and…
Originally published corporate.comcast.com. Comcast NBCUniversal ranked No. 6 on The DiversityInc Top 50 Companies for Diversity list in 2021. Women in the sports technology industry are vastly underrepresented. Less than 30% of employees in the field are women or people of color. Organizations like Women in Sports Tech ( WiST) tackle the diversity…
Originally published at newsroom.accenture.com. Accenture ranked No. 2 on The DiversityInc Top 50 Companies for Diversity list in 2021. New research from Accenture and HIMSS Market Insights reveals that 93% of U.S. health care executives believe that health equity initiatives are important and 89% agree that such initiatives are part…
@ EY announced the launch of the 2022 Better Working World Data Challenge. The global competition is part of the EY’ … https: //t.co/FSEKJZjBND 12 hours ago
Would an extra day off help professionals with work-life balance? https: //t.co/ibkpEndW14 March 23, 2022
According to recent research by @ HarvardBiz, the difference in wages between # BIPOC workers and their counterparts… https: //t.co/zDR59oIKoe March 21, 2022
Would an extra day off help professionals with work-life balance? https: //t.co/ibkpEndW14 March 20, 2022 | general |
Gelesis® Reports Fiscal Year 2021 Results and Fiscal Year 2022 Financial Outlook | The Company ended the year with 79,100 total members for Plenity®, demonstrating strong demand ahead of first quarter 2022 debut media campaign
Gelesis reaffirms guidance for $ 58 million in product revenue and anticipates 400% growth in 2022 following strong early launch results reported earlier this month, including record-high levels of prescriptions and online traffic
Gelesis ended the year with 79,100 total members for Plenity®, demonstrating strong demand ahead of first quarter 2022 debut media campaign. ( Photo: Business Wire)
Gelesis ended the year with 79,100 total members for Plenity®, demonstrating strong demand ahead of first quarter 2022 debut media campaign. ( Photo: Business Wire)
Plenity is designed to help people feel satisfied with smaller portions so they can eat less and lose weight, while enjoying the foods they love. ( Photo: Business Wire)
BOSTON -- ( BUSINESS WIRE) -- Gelesis ( NYSE: GLS), the maker of Plenity for weight management, today reported financial results for its fiscal year ended December 31, 2021.
Yishai Zohar, Founder and CEO of Gelesis, commented, “ Earlier this year, we kicked off our debut media campaign for Plenity and have already seen 3.5-fold growth in new Plenity prescriptions in the first few weeks since we began advertising. Demand through both our telehealth and our traditional healthcare provider channels has quickly reached record highs. We are thrilled by the feedback we are receiving from thousands of new members who have recently begun their weight loss journey with Plenity. ”
As previously reported, Gelesis raised $ 105 million in gross proceeds upon completion of a business combination with Capstar Special Purpose Acquisition Corp. on January 13, 2022, debuting the following day as a publicly traded company on the New York Stock Exchange under the ticker symbol “ GLS. ” Gelesis CFO Elliot Maltz said, “ We began investing in broad awareness media in 2022, instead of the fall of 2021, which has shifted some of our projections out by a few months, but our market opportunity remains the same. Already we have seen incredible demand for Plenity, and we are confidently on the path to achieve 400% growth in product revenue by the end of the year while significantly improving our gross margin. ”
Key Business Metrics
( Dollar amounts in thousands except where noted, Unaudited)
Year Ended December 31,
2021
2020
Members
79,100
18,800
Units Sold
170,969
40,987
Total product revenue, net
$
11,185
$
2,708
Average selling price per unit, net
$
65.42
$
66.07
Gross profit
$
1,202
$
294
Gross margin
10.7
%
10.9
%
Fiscal Year 2021 Results
A reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net loss, its most comparable financial measure under generally accepted accounting principles in the United States ( “ U.S. GAAP ”), is included in the tables accompanying this press release. See “ Non-GAAP Financial Measures ” for additional important information regarding Adjusted EBITDA.
Recent Business Highlights
Financial Outlook for Fiscal Year 2022
Gelesis provides guidance based on current market conditions and expectations for revenue, gross profit, and Adjusted EBITDA, which is a non-GAAP financial measure.
The guidance provided above constitutes forward-looking statements which are subject to uncertainty. Actual results may differ materially and we can not anticipate the effect of changes in marketing investment on our results from operations. Refer to the “ Forward-Looking Statements ” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Our product revenue, net, gross profit, and Adjusted EBITDA guidance is based on, among other factors, our current expectations regarding the amount and timing of investments in broad awareness media, which could be impacted by available liquidity and other considerations as we monitor the rate of growth in new Plenity members and units sold during upcoming quarters.
We have not reconciled forward-looking Adjusted EBITDA to its most directly comparable U.S. GAAP measure, net loss, because we can not predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including market-related assumptions that are not within our control, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net loss.
Fiscal Year 2021 Conference Call and Webcast Information
Gelesis will host a conference call today at 4:30 pm ET to discuss the fiscal year 2021 results, followed by a question-and-answer period. The conference call can be accessed by dialing +1 ( 844) 200-6205 for U.S. participants and +1 ( 929) 526-1599 for all other participants. The conference ID is 649881.
A live webcast will also be available here, or on the Company’ s investor relations website at https: //ir.gelesis.com/. A replay of the webcast will be available shortly afterwards.
About Gelesis
Gelesis Holdings Inc. ( NYSE: GLS) ( “ Gelesis ”) is a consumer-centered biotherapeutics company and the maker of Plenity®, which is inspired by nature and FDA cleared to aid in weight management. Our first-of-their-kind non-systemic superabsorbent hydrogels are made entirely from naturally derived building blocks. They are inspired by the composition and mechanical properties of raw vegetables, taken by capsule, and act locally in the digestive system, so people feel satisfied with smaller portions. Our portfolio includes Plenity® and potential therapies in development for patients with Type 2 Diabetes, Non-alcoholic Fatty Liver Disease ( NAFLD) /Non-alcoholic Steatohepatitis ( NASH), and Functional Constipation. For more information, visit gelesis.com, or connect with us on Twitter @ GelesisInc.
Plenity® is indicated to aid weight management in adults with excess weight or obesity, a Body Mass Index ( BMI) of 25–40 kg/m², when used in conjunction with diet and exercise.
Important Safety Information about Plenity
Rx Only. For the safe and proper use of Plenity or more information, talk to a healthcare professional, read the Patient Instructions for Use, or call 1-844-PLENITY.
Forward-Looking Statements
Certain statements, estimates, targets and projections in this press release may constitute “ forward-looking statements ” within the meaning of the federal securities laws. The words “ anticipate, ” “ believe, ” continue, ” “ could, ” “ estimate, ” “ expect, ” “ intend, ” “ may, ” “ might, ” “ plan, ” “ possible, ” “ potential, ” “ predict, ” “ project, ” “ should, ” “ strive, ” “ would ” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding our or our management team’ s expectations, hopes, beliefs, intentions or strategies regarding the future, including those relating to Gelesis’ business combination with Capstar Special Purpose Acquisition Corp. ( “ Capstar ”) and its expected benefits, Gelesis’ performance following the business combination, the competitive environment in which Gelesis operates, the expected future operating and financial performance and market opportunities of Gelesis and statements regarding Gelesis’ expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Gelesis assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Gelesis gives no assurance that any expectations set forth in this press release will be achieved. Various risks and uncertainties ( some of which are beyond our control) or other factors could cause actual future results, performance or events to differ materially from those described herein. Some of the factors that may impact future results and performance may include, without limitation: ( i) the size, demand and growth potential of the markets for Plenity® and Gelesis’ other product candidates and Gelesis’ ability to serve those markets; ( ii) the degree of market acceptance and adoption of Gelesis’ products; ( iii) Gelesis’ ability to develop innovative products and compete with other companies engaged in the weight loss industry; ( iv) Gelesis’ ability to finance and complete successfully the commercial launch of Plenity® and its growth plans, including new possible indications and the clinical data from ongoing and future studies about liver and other diseases; ( v) failure to realize the anticipated benefits of the business combination, including as a result of a delay or difficulty in integrating the businesses of Capstar and Gelesis; ( vi) the ability of Gelesis to issue equity or equity-linked securities or obtain debt financing in the future; ( vii) the outcome of any legal proceedings instituted against Capstar, Gelesis, or others in connection with the business combination; ( viii) the ability of Gelesis to maintain its listing on the New York Stock Exchange; ( ix) the risk that the business combination disrupts current plans and operations of Gelesis as a result of Gelesis being a publicly listed issuer; ( x) the regulatory pathway for Gelesis’ products and responses from regulators, including the FDA and similar regulators outside of the United States; ( xi) the ability of Gelesis to grow and manage growth profitably, maintain relationships with customers and suppliers and retain Gelesis’ management and key employees; ( xii) costs related to the business combination, including costs associated with the Gelesis being a publicly listed issuer; ( xiii) changes in applicable laws or regulations; ( xiv) the possibility that Gelesis may be adversely affected by other economic, business, regulatory and/or competitive factors; ( xv) Gelesis’ estimates of expenses and profitability; ( xvi) ongoing regulatory requirements, ( xvii) any competing products or technologies that may emerge, ( xviii) the volatility of the telehealth market in general, or insufficient patient demand; ( xix) the ability of Gelesis to defend its intellectual property and satisfy regulatory requirements; ( xx) the impact of the COVID 19 pandemic on Gelesis’ business; ( xxi) the limited operating history of Gelesis; ( xxii) the potential impact of inflation on our operating expenses and costs of goods; and ( xxiii) those factors discussed in Capstar’ s joint proxy/prospectus filed with the SEC on December 27, 2021, under the heading “ Risk Factors ”, and other documents of Gelesis filed, or to be filed, with the SEC, by Gelesis. These filings address other important risks and uncertainties that could cause actual results and events to differ materially from those contained in the forward-looking statements.
Key Business Metrics
We monitor the following key metrics to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. We believe the following metrics are useful in evaluating our business:
Disclaimer
Gelesis assumes no obligation and does not intend to update or revise the results provided in this press release. The results provided in this press release represent past performance and are not necessarily predictive of future results.
Members
We define members as the number of consumers in the United States who have begun their weight loss journey with Plenity. This is the cumulative historical number of recurring and non-recurring consumers who have begun their weight loss journey as of the respective reporting date. We do not differentiate from recurring and non-recurring consumers as of the date of this earnings release as ( i) we strongly believe every member’ s weight-loss journey is chronic and long-term in nature, and ( ii) owing to a limited available supply of Plenity to-date, we have not initiated our long-term strategy and mechanisms to retain and/or win-back members.
Units sold
Units sold is defined as the number of 28-day supply units of Plenity sold to consumers based on prescriptions, through our strategic partnerships with online pharmacies and telehealth providers as well as the units sold to our strategic partners outside the United States. Note that the terms “ units ” and “ monthly kits ”, as mentioned in Gelesis’ various public disclosures and filings, are synonymous when used to describe the sales volume of Plenity.
Product revenue, net
We recognize product revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, when we transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Our product revenue is derived from product sales of Plenity, net of estimates of variable consideration for which reserves are established for expected product returns, shipping charges to end-users, pharmacy dispensing and platform fees, merchant and processing fees, and promotional discounts offered to end-users.
Average selling price per unit, net
Average selling price per unit, net is the gross price per unit sold during the period net of estimates of per unit variable consideration for which reserves are established for expected product returns, shipping charges to end-users, pharmacy dispensing and platform fees, merchant and processing fees, and promotional discounts offered to end-users.
Gross profit and gross margin
Our gross profit represents product revenue, net, less our total cost of goods sold, and our gross margin is our gross profit expressed as a percentage of our product revenue, net. Our gross profit and gross margin have been and will continue to be affected by a number of factors, including the prices we charge for our product, the costs we incur from our vendors for certain components of our cost of goods sold, the mix of channel sales in a period, and our ability to sell our inventory.
Non-GAAP Financial Measures
In addition to our financial results determined in accordance with GAAP, we believe that Adjusted EBITDA, a non-GAAP measure, is useful in evaluating our operating performance. We define “ Adjusted EBITDA ” as net ( loss) income before depreciation and amortization expenses, provision for ( benefit from) income taxes, interest expense, net, stock-based compensation and ( gains) and losses related to changes in fair value of our warrant liability, our convertible promissory note liability, our tranche rights liability and the One S.r.l. call option. We use Adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes because it facilitates internal comparisons of our historical operating performance. We believe that this non-GAAP financial measure, when taken together with the corresponding GAAP financial measure, net loss, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider Adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that Adjusted EBITDA is helpful to our investors as it is a metric used by management in assessing the health of our business and our operating performance.
However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA as a tool for comparison. A reconciliation is provided below for Adjusted EBITDA to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate our business.
SELECTED CONSOLIDATED BALANCE SHEETS
( In thousands, Unaudited)
December 31,
2021
2020
ASSETS
Cash, cash equivalents and marketable securities
$
28,397
$
72,142
Accounts receivable and grants receivable
9,903
8,934
Inventories
13,406
5,122
Property and equipment, net
58,515
46,895
All other current and non-current assets
36,080
30,750
Total assets
$
146,301
$
163,843
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Accounts payable
$
10,066
$
8,322
Accrued expenses and other current liabilities
13,670
7,320
Deferred income, current portion
32,351
624
Notes and convertible notes payable, current portion
29,078
254
Deferred income, non-current portion
8,914
8,276
Notes payable, non-current portion
35,131
34,002
All other current and non-current liabilities
23,478
26,029
Total liabilities
152,688
84,827
Noncontrolling interest
11,855
12,429
Redeemable convertible preferred stock
311,594
213,525
Total stockholders’ deficit
( 329,836
)
( 146,938
)
Total liabilities, noncontrolling interest, redeemable convertible preferred stock and stockholders’ deficit
$
146,301
$
163,843
CONSOLIDATED STATEMENTS OF OPERATIONS
( In thousands, Unaudited)
Year Ended
December 31,
2021
2020
Revenue:
Product revenue, net
$
11,185
$
2,708
Licensing revenue
—
18,734
Total revenue, net
11,185
21,442
Operating expenses:
Costs of goods sold
9,983
2,414
Selling, general and administrative
71,041
28,870
Research and development,
12,867
16,115
Amortization of intangible assets
2,267
2,267
Total operating expenses
96,158
49,666
Loss from operations
( 84,973
)
( 28,224
)
Change in the fair value of convertible promissory notes
( 128
)
—
Change in the fair value of warrants
( 7,646
)
( 1,466
)
Change in fair value of tranche rights liability
—
256
Interest expense, net
( 1,364
)
( 432
)
Other income, net
781
6,000
Loss before income taxes
( 93,330
)
( 23,866
)
Provision for income taxes
17
2,039
Net loss
( 93,347
)
( 25,905
)
Accretion of senior preferred stock to redemption value
( 94,134
)
( 11,372
)
Accretion of noncontrolling interest put option to redemption value
( 376
)
( 567
)
Net loss attributable to common stockholders
$
( 187,857
)
$
( 37,844
)
Net loss per share attributable to common stockholders—basic and diluted
$
( 85.22
)
$
( 17.61
)
Weighted average common shares outstanding—basic and diluted
2,204,486
2,149,182
CONSOLIDATED STATEMENTS OF CASH FLOWS
( In thousands, Unaudited)
Year ended
December 31,
2021
2020
Cash flows from operating activities:
Net loss
$
( 93,347
)
$
( 25,905
)
Adjustments to reconcile net loss to net cash used in operating activities:
.
Amortization of intangible assets
2,267
2,267
Reduction in carrying amount of right-of-use assets
449
375
Depreciation
1,524
512
Stock-based compensation
5,532
4,808
Unrealized loss on foreign currency transactions
( 37
)
( 589
)
Noncash interest expense
173
—
Accretion on marketable securities
( 1
)
( 6
)
Amortization/accretion on long-term assets and liabilities, net
—
( 4
)
Change in the fair value of warrants
7,646
1,466
Change in the fair value of convertible promissory notes
128
—
Change in fair value of One S.r.l. call option
1,024
—
Gain on extinguishment of debt
—
( 297
)
Gain on extinguishment of preferred stock warrant
—
( 157
)
Change in fair value of trance rights liability
—
( 256
)
Deferred tax expense on intangible asset
—
1,810
Changes in operating assets and liabilities:
Account receivables
70
( 729
)
Grants receivable
( 1,723
)
( 6,779
)
Prepaid expenses and other current assets
( 8,029
)
( 3,281
)
Inventories
( 8,645
)
( 3,928
)
Other assets
107
( 3,583
)
Accounts payable
2,604
4,085
Accrued expenses and other current liabilities
8,709
151
Operating lease liabilities
( 440
)
( 358
)
Deferred income
33,140
8,242
Other long-term liabilities
( 6,442
)
165
Net cash used in operating activities
( 55,291
)
( 21,991
)
Cash flows from investing activities:
Purchases of property and equipment
( 19,917
)
( 32,212
)
Maturities ( purchases) of marketable securities
24,000
( 23,993
)
Net cash provided by ( used) in investing activities
4,083
( 56,205
)
Cash flows from financing activities:
Principal repayment of notes payable
( 302
)
( 192
)
Proceeds from the exercise of warrants
10
—
Proceeds from the issuance of convertible promissory notes
27,000
—
Proceeds from issuance of promissory notes ( net of issuance costs of $ 207 and $ 751, respectively)
5,679
28,939
Proceeds from issuance of redeemable convertible preferred stock ( net of issuance costs of $ 0 and $ 329, respectively)
—
48,815
Proceeds from exercise of share-based awards
146
12
Proceeds from issuance of noncontrolling interest
—
11,349
Net cash provided by financing activities
32,533
88,923
Effect of exchange rates on cash
( 1,072
)
1,643
Net decrease ( increase) in cash
( 19,747
)
12,370
Cash and cash equivalents at beginning of year
48,144
35,774
Cash and cash equivalents at end of year
$
28,397
$
48,144
Noncash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expense
$
1,712
$
1,818
Deferred financing costs included in accounts payable and accrued expense
$
773
$
—
Supplemental cash flow information:
Lease liabilities arising from obtaining right-of-use assets
$
305
$
—
Interest paid on notes payable
$
1,578
$
274
Net Loss to Adjusted EBITDA Reconciliation
( In thousands, Unaudited)
Year Ended December 31,
2021
2020
Adjusted EBITDA
Net loss
$
( 93,347
)
$
( 25,905
)
Provision for ( benefit from) income taxes
17
2,039
Amortization and depreciation
3,791
2,779
Stock based compensation expense
5,532
4,808
Change in fair value of warrants
7,646
1,466
Change in fair value of convertible promissory notes
128
—
Change in fair value of tranche rights liability
—
( 256
)
Change in fair value of One S.r.l. call option
1,024
—
Interest expense, net
1,364
432
Adjusted EBITDA
$
( 73,845
)
$
( 14,637 | general |
Global Electric Vehicle Battery Market Outlook to 2027 - Featuring LG Chem, Panasonic and BYD Company Among Others - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Global Electric Vehicle Battery Market Outlook, 2027 '' report has been added to ResearchAndMarkets.com's offering.
According to this report the electric vehicle battery market is growing rapidly. This market directs to an important factor called 'Green Energy '. Electric battery vehicle is one of the most efficient and promising technology for reducing the carbon emissions by global transportation.
Technical advancements happening in electric vehicle battery industry implies more demand towards electric vehicles. Government is also planning proactive initiatives in order to support the growth of the battery market. Global electric vehicle battery market is expected to grow with the CAGR of more than 25% by 2027. Asia Pacific is the major revenue generating region. Automation and innovation in the vehicle market is the major driving force for this industry. Europe is planning heavy investments for production and development in EV batteries. Indonesia is also preferring to make own electric vehicle batteries by 2030.
Electric vehicle is quieter than other conventional vehicles so that they reduce noise pollution. Another important aspect is zero carbon emissions from the vehicle. This important factor is providing reduction in environmental pollution. Using electricity as the fuel of the vehicle can save us from raised prices of petrol/diesel. Electric vehicles are safer and more stable with lower center of gravity. Bulk production of batteries results into lower price for overall electric vehicle. This can be appropriate factor for consumer. Technology for the batteries is also improving which makes it affordable for larger population. Industries are emphasizing on producing new variations and technologies related to electrical. At present there are three types for electric vehicle based on their propulsion system which are BEV ( battery electric vehicle), PHEV ( Plug-in hybrid electric vehicle) and HEV ( hybrid electric vehicle). In those segments, BEV has the largest market share globally followed by PHEV and HEV. BEV has almost 60% of market share covered and rest 40% is covered by PHEV and HEV with fluctuating figures.
According to the report, global electric vehicle battery market is segmented into different categories based on the applications and data. On the basis of region, EV battery market has five major regions which are North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In which Asia Pacific region leads with high market share value. On the basis of vehicle type, EV battery market is segmented in to two different segments which are Passenger vehicle and commercial vehicle. In which Passenger vehicles leads the global electric vehicle battery market and commercial segment is improving with a slower pace. By country, China, USA, UK, Germany are some major players. China is ruling the electric vehicle battery market with almost 28% of total market share. By company, Contemporary Amperex Technology Co Limited, LG Chem Limited, LG energy solutions, Panasonic are some top manufacturers of electric batteries. These companies are responsible for more than 50% of market share in electric battery market.
Most of our modern world is powered by Lithium batteries or batteries having similar factors but due to COVID-19 pandemic, the global Automobile industry faced a slowdown because lockdown situations in several regions which in turn restricted the production of electric vehicles. But with more people adopting social distancing norms, idea of adopting clean energy options is also spreading. That will result into greater demands and progressive growth of global electric vehicle market. Lockdown situations gave enough time regions for industries to bring more improvement and innovations into battery technology.
Key Topics Covered:
1 Executive Summary
2 Report Methodology
3 Market Structure
3.1 Market Considerate
3.2 Market Definition
4 Economic/Demographic Snapshot
5 Global Electric Vehicle Battery Market Outlook
5.1 Market Size By Value
5.2 Market Share
5.2.1 By Region
5.2.2 By Propulsion Type
5.2.3 By Battery Type
5.2.4 By Vehicle Type
5.2.5 By Company
5.2.6 By Country
6 North America Electric Vehicle Battery Market Outlook
7 Europe Electric Vehicle Battery Market Outlook
8 Asia-Pacific Electric Vehicle Battery Market Outlook
9 Latin America Electric Vehicle Battery Market Outlook
10 Middle East & Africa Electric Vehicle Battery Market Outlook
11 Market Dynamics
12 Market Trends and Developments
13 Company Profiles | general |
Czech Republic Construction Market Trends and Opportunities Report 2021-2025: Focus on Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Sectors - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Construction in Czech Republic - Key Trends and Opportunities to 2025 ( H1 2021) '' report has been added to ResearchAndMarkets.com's offering.
The Coronavirus ( COVID-19) pandemic significantly disrupted the Czech Republic's economy, with containment measures bringing many key sectors to a standstill, and causing a decline in construction output last year.
The country's construction industry fell by 3.5% in real terms in 2020, following an annual growth of 1.4% in 2019. The industry's output value decreased from US $ 37.2 billion in 2019 to US $ 35.9 billion in 2020.
According to the Czech Statistical Office ( CZSO), the country's construction production index fell by 4.9% year on year ( YoY) in 2020, and 5.8% in the first four months of 2021. Although building construction activities declined in 2020, civil engineering works maintained strong growth. The average construction production index for civil engineering works grew by 4.3% YoY in 2020, and declined marginally by 1.6% YoY in January-April 2021, while building works declined by 8.3% and 7.5%, respectively, during the same period.
The publisher expects the Czech construction industry to recover this year; the vaccine rollout, coupled with the expected improvement in economic conditions, will support growth in the industry. Although the industry will be affected by the reimposition of lockdown measures to tackle the third wave of infections in the first half of the year.
The industry's growth will be supported by the increasing business confidence, with the average business confidence index in the construction industry increasing to 115.2 in May 2021, compared to 110.9 in April 2021 and 103.6 in May 2020, according to the CZSO. The publisher forecasts the construction industry to expand by 2.3% in 2021. Over the remainder of the forecast period, output is expected to register an average annual growth rate of 2.8% between 2022-2025.
In October 2020, the government approved the 2021 budget worth CZK1.8 trillion ( US $ 72.3 billion). The government also agreed to a draft budget of CZK128.7 billion ( US $ 5.1 billion) for the State Fund for Transport Infrastructure for 2021, with a medium-term outlook for 2022 and 2023. Of the total, CZK83 billion ( US $ 3.3 billion) is planned for capital expenditure.
Through this, the government plans to support municipalities and regions by contributing to the repair of roads and increasing the amount of funds made available for investments by the State Transport Infrastructure Fund.
This report provides detailed market analysis, information and insights into the Czech construction industry, including:
Scope
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors | general |
Worldwide Chlorosulfonated Ethylene Industry to 2027 - Focus on High Viscosity Grade, Medium Viscosity Grade and Low Chlorine Grade - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Global Chlorosulfonated Ethylene Market Outlook to 2027 '' report has been added to ResearchAndMarkets.com's offering.
This report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Chlorosulfonated Ethylene market by segmenting based on the Type ( High Viscosity Grade, Medium Viscosity Grade, Low Chlorine Grade, Others), Application ( construction, automotive, wire, and cable, industrial products, others), and Geography ( Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).
Companies Mentioned
The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.
Chlorosulfonated Ethylene is used as an industrial product such as shock absorbers, sleeves, lining for chemical processing equipment, hose, rolls, diaphragms, seals, gaskets, grommets, and as sealing, expansion joints, electrical insulation, fire insulation in the construction industry, rubber coating shoe soles, flexible tubes, coatings and adhesives in wire and cable industry, also used in the manufacturing of tires and rigid inflatable boats used by the coast guards.
The Automotive industry is the prime consumer of Chlorosulfonated Ethylene and is projected to drive the global Chlorosulfonated Ethylene market. The segment is driven due to the use of chlorosulfonated Ethylene for modern tires in automobiles due to its characteristics such as slow weathering, dielectric qualities, flame resistance, low moisture absorption, and abrasion resistance. Thus, the increasing demand for tires is all set to propel the global chlorosulfonated ethylene market.
Further, the use of chlorosulfonated Ethylene in the manufacturing of high-temperature timing belts, power steering, hoses, and tubing for vehicles is bound to raise the global chlorosulfonated ethylene market. Furthermore, owing to its properties, such as high resistance to ultraviolet rays, chemicals, and waterproof ability, chlorosulfonated Ethylene is widely used in the manufacturing of inflatable boats and kayaks. Therefore, all these factors have contributed to increasing the need for an efficient elastomer, driving the Global Chlorosulfonated Ethylene Market.
The Asia Pacific region is poised to be the leader in the production and the subsequent consumption of Chlorosulfonated Ethylene, with most of the consumption in countries like China and India. With the rising population, industrialization, economic growth, increased disposable income, the demand for heavy commercial vehicles in the automotive industry is rising. The highest demand for high-performance tires due to labelling regulations is generated from the countries like China, India, Japan, Korea, and Indonesia.
Thus, the need for chlorosulfonated Ethylene is rapidly rising in the region. Further, with the increase in urbanization and government spending on the infrastructure in the region like India, China, Japan, and Brazil, the construction and renovation activities are increasing rapidly, leading to significant growth in the market is expected to drive the global Chlorosulfonated Ethylene market. Furthermore, with the change in lifestyle and standard of living, the demand for footwear and household appliances is increasing. Factors like these have made Asia-Pacific a lucrative region for growth in the Chlorosulfonated Ethylene market. Factors like these have made Asia-Pacific an essential region for growth in the Chlorosulfonated Ethylene market.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
3.1 Introduction
3.2 Market Dynamics
3.2.1 Drivers
3.2.2 Restraints
3.3 Market Trends & Developments
3.4 Market Opportunities
3.5 Feedstock Analysis
3.6 Regulatory Policies
3.7 Analysis of Covid-19 Impact
4. Industry Analysis
4.1 Supply Chain Analysis
4.2 Porter's Five Forces Analysis
4.2.1 Competition in the Industry
4.2.2 Potential of New Entrants into the Industry
4.2.3 Bargaining Power of Suppliers
4.2.4 Bargaining Power of Consumers
4.2.5 Threat of substitute products
5. Market Segmentation & Forecast
5.1 By Type
5.1.1 High Viscosity Grade
5.1.2 Medium Viscosity Grade
5.1.3 Low Chlorine Grade
5.1.4 Others
5.2 By Application
5.2.1 Building and Construction
5.2.2 Hoses, Tubing, and belts
5.2.3 Coating and Adhesives
5.2.4 Others
5.3 By End-Use Industry
5.3.1 Construction Industry
5.3.2 Automotive Industry
5.3.3 Wire and Cable Industry
5.3.4 Others
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
8.1 List of Notable Players in the Market
8.2 M & A, JV, and Agreements | general |
VTS Announces Accelerate 2022, the Leading Innovation Conference for Commercial Real Estate Executives | May 3-4 in New York City, the industry’ s most innovative thought leaders will gather in-person at the highly anticipated fifth annual event to discuss ideas, trends, and technologies that define modern commercial real estate
NEW YORK -- ( BUSINESS WIRE) -- VTS, the commercial real estate ( CRE) industry's leading technology platform, today announced that following a hiatus in 2020 and 2021 due to the COVID-19 pandemic, its annual conference, Accelerate, will return in 2022 for its fourth year, to be held in-person May 3-4 at Convene at Brookfield Place, located in Lower Manhattan. The premier conference will bring together more than 400 innovative executives and influential thought leaders to discuss the technologies, trends, and ideas that define modern commercial real estate in what will be a “ new normal. ”
Accelerate 2022 will feature two days of content, including keynote presentations from distinguished guest speakers and VTS executives, breakout sessions with influential commercial real estate leaders and tech visionaries, VTS user-education content, and networking events. The conference content has been specifically designed to educate members of the C-Suite and senior leasing and asset management executives about the modernization of commercial real estate and how leading companies are adapting their strategies to stay competitive and win. Attendees will leave Accelerate 2022 armed with actionable tactics to help their organizations become data-driven and technology-enabled, and will make meaningful connections with the remarkable individuals shaping the industry’ s future.
Throughout the two-day event, topics will include: adapting and winning in CRE, the future of flex leasing, products enabling the digital transformation of real estate, evolving operations strategies to stay competitive, and the rapidly changing landscape of the industry. Outside of VTS, speakers will include Barry Sternlicht — Chairman and CEO of Starwood Capital Group, Jonathan Neman — Co-Founder and CEO of sweetgreen, Ben Brown — Managing Director of Brookfield Property Group, Sandeep Mathrani — CEO of WeWork, Scott Rechler — CEO of RXR Realty, and more.
“ With content specifically curated for the future of the market — the level of networking, ideation, and engagement at Accelerate is unparalleled, and after a two-year disruption due to the COVID-19 pandemic, we look forward to hosting the conference once again this year, ” said Nick Romito, CEO of VTS. “ Now in its fourth year, Accelerate remains the can’ t-miss event for industry professionals and those looking to tap the pulse of what’ s happening in CRE. As we settle into a new normal, now more than ever, gathering the most influential heads of the industry together is critical in navigating the COVID-19 recovery and beyond. ”
With a higher level of interactive engagement than ever before, attendees at this year’ s conference will be able to experience the VTS platform firsthand to understand how it can help meet tenants’ new expectations — from marketing space online, to driving tenant engagement and retention, and more. On-site, attendees can also interface with product pop-ups, live demos, a technical genius bar, and the VTS Rise mobile app. | general |
Global Packaged Food Market Report 2021: Breakdown by Non-alcoholic Beverages, Dairy products, Confectionery, Ready Meals, Snacks, Breakfast Cereals - Forecast to 2026 - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Global Packaged Food Market, By Product Type ( Non-alcoholic Beverages, Dairy products, Confectionery, Ready Meals, Snacks, Breakfast Cereals, and Others), By Distribution Channel, By Region, Competition Forecast & Opportunities, 2026 '' report has been added to ResearchAndMarkets.com's offering.
The Global Packaged Food Market was valued USD 2976.41 Billion in 2020 and is forecast to grow at CAGR of 6.27% in value terms, to reach over USD 4261.36 billion by 2026.
The Global Packaged Food Market is witnessing consistent growth, owing to the improving standards of living of people, increasing consumption of healthy food, and changing consumer tastes and preferences.
The popularity of packaged food items has increased with the increasing health consciousness among people who are increasingly choosing food and beverage options that provide health benefits. Moreover, factors such as changing eating habits and busy lifestyles have further contributed to the increased demand for the packaged food products.
Furthermore, rising consumer awareness of the health benefits associated with the nutritious and organic components used in packaged food items is propelling the growth of packaged food market. With the presence of different worldwide brands and a small market share of indigenous enterprises in both developed and developing countries, the Global Packaged Food Market is competitive.
Due to the continually changing nature, taste, and preferences of consumers, the launch of a new product has become the most crucial strategy above all others. Additionally, firms have also welcomed development through cross-border mergers and acquisitions, which have proven to be effective in expanding their presence. For instance, PepsiCo acquired Rockstar Energy in 2020, extending its foothold in the fast-growing energy drink business.
Consumers are becoming more aware of the importance of consuming gluten-free, low-carbohydrate, high-fiber baked goods, and they are requesting novel options. This has encouraged packaged food companies to fortify their goods in order to accommodate the increased demand of health-conscious consumers, such as Tyson Foods recently launched a new line of plant-based products under the brand First Pride, which offers high-quality protein products. These products include bites, nuggets, and strips made with plants. The ingredients used in the products are bamboo fiber, soy protein and wheat protein, etc.
Hypermarkets/Supermarkets held the majority of the market share in the Global Packaged Food Market due to their growing and diverse range of products. Whereas online retail channel is expected to grow at a higher pace in the forecast period as people turned increasingly towards online delivery platforms during the COVID-19 pandemic, which was the only safe and available choice for customers.
Online sectors are predicted to develop at a faster rate in the forecast term. Furthermore, these hassle-free, technology-driven services provide them with increased convenience, resulting in a growing preference for online services. This is due to their stressful, fast-paced lifestyles, which drive them to the internet.
Online channels are expected to capture a large amount of market share during the projection period as a result of the e-commerce boom. Furthermore, these channels reduce the long chain and complexity associated with a long distribution network.
Key companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
Some of the leading players in the Global Packaged Food Market are
Report Scope: | general |
Global Potash Market Outlook to 2027 - Featuring Nutrien, BMP Billiton and Intrepid Potash Among Others - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Global Potash Market Outlook to 2027 '' report has been added to ResearchAndMarkets.com's offering.
This report provides deep insight into the market's current and future state across various regions. The study comprehensively analyses the Potash market by segmenting based on the Product Type ( Muriate of Potash, Sulphate of Potash, Sulphate of Magnesia, Potassium Nitrate), Application ( Fertilizers, De-dicers, Animal Feed, Pharmaceutical Others), and Geography ( Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).
Companies Mentioned
The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.
Potash is a white powder that includes various mined and manufactured salts that contain potassium in the water-soluble form, generally obtained from the ashes of burnt wood. According to the publisher, the Global Potash market is expected to witness a significant growth rate during the forecasted period. Potassium is one of the three prime nutrients needed by the plants, and Potash contains soluble Potassium making it a suitable additive to agricultural fertilizers as it contains nutritions sufficient to sustain maturation by improving overall health, root strength, disease resistance, and yield rates, and final product produced possess with better properties such as enriched color, texture, and taste is estimated to drive the Global Potash market.
In addition to this, Potash is a key ingredient in de-icer products that clear snow and ice from surfaces like roads and building entrances because it lowers the freezing point of water, allowing it to melt ice and snow and prevent re-freezing, and employing a potassium-based alternative is also less harsh on soils and far less corrosive than traditional de-icing salts are expected to drive the Global Potash market.
Further, the animal feed industry relies on Potash for its ability to boost the number of nutrients promoting healthy growth in animals and milk production thus, the demand for Potash as a supplement is projected to drive the Global Potash market. However, bloated global capacity and excess supply and stringent government regulations on the production of certain hazardous products such as crackers and fireworks are estimated to hinder the growth of the Global Potash market.
Potash is used to treat hard water in an environmentally responsible manner as it regenerates ion exchange resins more effectively than sodium chloride, resulting in a reduction in the overall amount of chlorides discharged in sewage or septic systems and Potash is a popular element for Pharmaceutical products as it aids correcting and maintaining electrolytes ' balance in the human body and purifying insulin.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
3.1 introduction
3.2 Market Dynamics
3.2.1 Drivers
3.2.2 Restraints
3.3 Market Trends & Developments
3.4 Market Opportunities
3.5 Feedstock Analysis
3.6 Trade Analysis
3.7 Price Trend Analysis
3.8 Supply Analysis
3.9 Regulatory Policies
3.10 Analysis of Covid-19 Impact
4. Industry Analysis
4.1 Supply Chain Analysis
4.2 Porter's Five Forces Analysis
4.2.1 Competition in the Industry
4.2.2 Potential of New Entrants into the Industry
4.2.3 Bargaining Power of Suppliers
4.2.4 Bargaining Power of Consumers
4.2.5 Threat of substitute products
5. Market Segmentation & Forecast
5.1 by Product Type
5.1.1 Muriate of Potash
5.1.2 Sulphate of potash
5.1.3 Sulphate of magnesia
5.1.4 Potassium Nitrate
5.2 By Application
5.2.1 Fertilizers
5.2.2 De-icers
5.2.3 Animal Feed
5.2.4 Pharmaceutical
5.2.5 Others
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
8.1 List of Notable Players in the Market
8.2 M & A, JV, and Agreements | general |
Gambling.com Group Reports 2021 Financial Results | Full year North American revenue growth of 89% to $ 7.5 million, total revenue growth of 51% to $ 42.3 million
Very strong start to Q1, strategic US-facing assets expected to drive record financial performance in 2022
CHARLOTTE, N.C. -- ( BUSINESS WIRE) -- Gambling.com Group Limited ( Nasdaq: GAMB) ( “ Gambling.com Group ” or the “ Company ”), a leading provider of digital marketing services for the global online gambling industry, today announced its operating and financial results for the year and the fourth quarter ended December 31, 2021.
2021 Financial Highlights
Fourth Quarter 2021 Financial Highlights
Business Highlights
“ We grew our revenue in 2021 by 51% compared to the prior year, delivered an EBITDA margin of 43% and generated over $ 8 million of free cash flow as many other industry players struggled to find a path to sustainable profitability, ” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group. “ As we look towards 2022, we are encouraged by the strongest start to a year we have seen in our 15-year history. Helped by launches in New York and Louisiana, January was our best-single month performance ever – even before consolidating financial results from our recent acquisitions. Just in January, we have seen the total addressable market in North America expand by leaps and bounds and there is a clear path to additional state launches this year, along with the impending launch of Ontario next month. As B2C operators in the U.S. seek a path to sustainable profitability and evaluate their marketing spend going forward, we believe that the affiliate model is ideally positioned to provide operators with more effective, higher ROI investments where they can clearly attribute the source, profitability and lifetime value of a referred player. We view this shift as greatly benefitting the value of our performance marketing revenue model, and we are confident that these tailwinds support what we expect to be another year of record performance for the Group. ”
2022 Outlook
Based on currently available information, the Group estimates that, for the full year 2022:
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “ Our expectation for another year of record revenue and Adjusted EBITDA is supported primarily by our premier domain portfolio and our growing presence in the U.S. achieved through continuous investments in U.S-facing assets. Organic growth in North America is complemented by our recent acquisitions of RotoWire.com and BonusFinder.com as well as our initiatives to further our leadership in the more established markets that we currently serve. As we have stated, our Adjusted EBITDA margin may deviate from target in the short-term as we strategically invest to strengthen our U.S. footprint, which is reflected in our 2022 outlook. Nonetheless, our profitability metrics remain among the very best in the industry, and our free cash flow generation more than covers our organic growth initiatives and the acquisition of domain names and other assets. We entered 2022 on strong financial footing and are off to the best start to a year in the Company history led by strong growth in North America. We grew total revenue profitably by 51% in 2021 and we look forward to accelerate that rate of profitable growth in 2022. ”
2021 – 2023 Financial Targets
Total Revenue Growth
> Average 40%
Adjusted EBITDA Margin1
> Average 40%
Leverage2
< Net Debt to Adjusted EBITDA 2.5x3
1 Adjusted figures represent non-IFRS information. See “ Non-IFRS Financial Measures ” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.
2 Leverage is defined as Net Debt as a proportion of Adjusted EBITDA.
3 Net Debt is defined as Borrowings less Cash and Cash Equivalents.
2021 vs. 2020 Financial Highlights
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD, except for share and per share data)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE ( LOSS) INCOME DATA
Revenue
42,323
27,980
14,343
51
%
Operating expenses
( 30,931
)
( 16,849
)
( 14,082
)
84
%
Operating profit
11,392
11,131
261
2
%
Income before tax
12,164
10,752
1,412
13
%
Net income for the period attributable to the equity holders
12,453
15,151
( 2,698
)
( 18
)%
Net income per share attributable to ordinary shareholders, basic
0.40
0.55
( 0.15
)
( 27
)%
Net income per share attributable to ordinary shareholders, diluted
0.37
0.49
( 0.12
)
( 24
)%
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD, except Adjusted EBITDA Margin, unaudited)
NON-IFRS FINANCIAL MEASURES
Adjusted EBITDA
18,356
14,608
3,748
26
%
Adjusted EBITDA Margin
43
%
52
%
n/m
n/m
Free Cash Flow
8,423
10,804
( 2,381
)
( 22
)%
n/m = not meaningful
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
Amount
%
( in thousands, unaudited)
OTHER SUPPLEMENTAL DATA
New Depositing Customers ( 1)
117
104
13
13
%
Revenue
Total revenue increased 51% to $ 42.3 million for the year ended December 31, 2021 compared to $ 28.0 million for the prior year. On a constant currency basis, revenue increased $ 13.4 million, or 46%. Revenue growth was organic. The increase was driven by both growth in NDCs and improved monetization of NDCs that we attribute to a combination of technology improvements and changes in product and market mix. NDCs increased 13% to 117,000 compared to 104,000 in the prior year.
Our revenue disaggregated by market is as follows:
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD)
U.K. and Ireland
21,391
16,189
5,202
32
%
Other Europe
10,800
5,252
5,548
106
%
North America
7,484
3,959
3,525
89
%
Rest of the world
2,648
2,580
68
3
%
Total revenues
42,323
27,980
14,343
51
%
Revenue increases were primarily driven by growth in revenue from the U.K. and Ireland, Other Europe, and North America.
Our revenue disaggregated by monetization is as follows:
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD)
Hybrid commission
15,616
14,738
878
6
%
Revenue share commission
3,596
3,308
288
9
%
CPA commission
18,591
9,047
9,544
105
%
Other revenue
4,520
887
3,633
410
%
Total revenues
42,323
27,980
14,343
51
%
Revenue increases were driven primarily by additional Cost Per Acquisition, or CPA, commission and Other revenue. The increase in Other revenue was driven by bonuses related to achieving certain operator NDC performance targets and fixed fees.
Our revenue disaggregated by product type from which it is derived is as follows:
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD)
Casino
35,632
24,135
11,497
48
%
Sports
6,188
3,210
2,978
93
%
Other
503
635
( 132
)
( 21
)%
Total revenues
42,323
27,980
14,343
51
%
Revenue increases were driven by growth in revenue from casino and sports products.
Operating Expenses
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD)
Sales and marketing expenses
14,067
8,103
5,964
74
%
Technology expenses
3,947
2,503
1,444
58
%
General and administrative expenses
13,014
5,956
7,058
119
%
Movements in credit losses allowance and write offs
( 97
)
287
( 384
)
( 134
)%
Total operating expenses
30,931
16,849
14,082
84
%
Total operating expenses increased by $ 14.1 million to $ 30.9 million compared to $ 16.8 million in the prior year. On a constant currency basis, operating expenses increased by $ 13.5 million, or 77%. The increase was driven primarily by increased headcount across Sales and Marketing, Technology, and General and Administrative functions as we invest in the Company's organic growth initiatives as well as increased administrative expenses associated with operating as a public company.
Sales and Marketing expenses totaled $ 14.1 million compared to $ 8.1 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount.
Technology expenses totaled $ 4.0 million compared to $ 2.5 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount partially offset by capitalized development costs.
General and Administrative expenses totaled $ 13.0 million compared to $ 6.0 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount, professional services, and insurance expenses.
Earnings
Adjusted EBITDA increased by 26% to $ 18.4 million compared to $ 14.6 million in the prior year representing an Adjusted EBITDA margin of 43%. The increase was driven primarily by increased revenue partly offset by increased operating expenses.
Operating profit remained relatively constant at $ 11.4 million compared to $ 11.1 million in 2020. Operating profit in 2021 was affected by non-recurring costs related to the public offering and future acquisitions by $ 2.6 million, and share based payments costs by $ 2.0 million ( $ 0.7 million and $ 0.4 million, respectively, in 2020).
Net income totaled $ 12.5 million, or $ 0.37 per diluted share, compared to net income of $ 15.2 million, or $ 0.49 per diluted share, in the prior year. Net income in 2020 was positively affected by the recognition of deferred tax assets of $ 5.4 million and gain from bonds ' redemption of $ 1.4 million ( $ 1.8 million and zero, respectively, in 2021).
Free Cash-flow
Total cash generated from operations of $ 14.0 million increased 28% compared to $ 10.9 million in the prior year. The increase was driven primarily by increased adjusted EBITDA. Free cash flow totaled $ 8.4 million compared to $ 10.8 million in the prior year. The decline was the result of increased cash flow generated from operations offset by increased capital expenditures consisting primarily of the acquisition of domain names and capitalized development costs.
Balance Sheet
AS OF DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands, USD)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DATA
Cash and cash equivalents
51,047
8,225
42,822
521
%
Working capital ( 2)
46,714
10,059
36,655
364
%
Total assets
91,025
45,383
45,642
101
%
Total borrowings
5,944
5,960
( 16
)
( 0
)%
Total liabilities
11,116
11,171
( 55
)
( 0
)%
Total equity
79,909
34,212
45,697
134
%
n/m = not meaningful
Cash balances as of December 31, 2021 totaled $ 51.0 million, an increase of $ 42.8 million compared to $ 8.2 million as of December 31, 2020. Working capital as of December 31, 2021 totaled $ 46.7 million, an increase of $ 36.6 million compared to $ 10.1 million as of December 31, 2020.
Total assets as of December 31, 2021 were $ 91.0 million compared to $ 45.4 million as of December 31, 2020. Total borrowings, including accrued interest, remained constant at $ 5.9 million as of December 31, 2021 and 2020. Total liabilities decreased slightly as of December 31, 2021 to $ 11.1 million compared to $ 11.2 million as of December 31, 2020.
Total equity as of December 31, 2021 was $ 79.9 million compared to $ 34.2 million as of December 31, 2020.
The increases in working capital, total assets, and total equity were driven primarily by the net proceeds received from the IPO and operating profit and net income generated by the Company.
Fourth Quarter 2021 vs. Fourth Quarter 2020 Financial Highlights
THREE MONTHS ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD, except for share and per share data, unaudited)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE ( LOSS) INCOME DATA
Revenue
10,291
10,267
24
0
%
Operating expenses
( 9,668
)
( 5,897
)
( 3,771
)
64
%
Operating profit
623
4,370
( 3,747
)
( 86
)%
Income before tax
1,311
3,489
( 2,178
)
( 62
)%
Net income for the period attributable to the equity holders
867
8,541
( 7,674
)
( 90
)%
Net income per share attributable to ordinary shareholders, basic
0.03
0.39
( 0.36
)
( 92
)%
Net income per share attributable to ordinary shareholders, diluted
0.02
0.35
( 0.33
)
( 94
)%
THREE MONTHS ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD, unaudited)
NON-IFRS FINANCIAL MEASURES
Adjusted EBITDA
2,272
6,115
( 3,843
)
( 63
)%
Adjusted EBITDA Margin
22
%
60
%
n/m
( 38
)%
Free Cash Flow
( 1,811
)
3,533
( 5,344
)
( 151
)%
n/m = not meaningful
THREE MONTHS ENDED DECEMBER 31,
CHANGE
2021
2020
Amount
%
( in thousands, unaudited)
OTHER SUPPLEMENTAL DATA
New Depositing Customers ( 1)
28
35
( 7
)
( 20
)%
Revenue
Total revenue in the fourth quarter remained relatively constant at $ 10.3 million. On a constant currency basis, revenue remained relatively constant. NDCs decreased 20% to 28,000 compared to 35,000 in the prior year. We attribute the improved monetization of NDCs to a combination of technology improvements and changes in product and market mix.
Our revenue disaggregated by market is as follows:
THREE MONTHS ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD, unaudited)
U.K. and Ireland
5,226
5,780
( 554
)
( 10
)%
Other Europe
2,260
2,299
( 39
)
( 2
)%
North America
2,154
1,383
771
56
%
Rest of the world
651
805
( 154
)
( 19
)%
Total revenues
10,291
10,267
24
0
%
Changes in revenue were driven by strong organic growth in our North American markets, offset by a decline in the U.K. and Ireland and, to a lesser extent, Other Europe and Rest of the world. U.K. and Ireland revenue was negatively affected by higher than usual volatility in organic search traffic. In the comparable period, U.K. and Ireland revenue was positively affected by increased demand coinciding with restrictive Covid-19 measures. Other Europe was negatively affected by regulatory changes in Germany implemented in July 2021 partly offset by growth in revenue from other European markets.
Our revenue disaggregated by monetization is as follows:
THREE MONTHS ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD, unaudited)
Hybrid commission
2,935
5,557
( 2,622
)
( 47
)%
Revenue share commission
744
1,004
( 260
)
( 26
)%
CPA commission
5,202
3,271
1,931
59
%
Other revenue
1,410
435
975
224
%
Total revenues
10,291
10,267
24
0
%
Revenue from CPA commission and Other revenue increased whereas revenue from hybrid and revenue share commission decreased. The changes in monetization were primarily a result of changes in market mix with a higher proportion of revenue from the U.S compared to the previous year. The increase in Other revenue was driven primarily by bonuses related to achieving certain operator NDC performance targets and fixed fees.
Our revenue disaggregated by product type from which it is derived is as follows:
THREE MONTHS ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD, unaudited)
Casino
8,466
8,846
( 380
)
( 4
)%
Sports
1,769
1,160
609
53
%
Other
56
261
( 205
)
( 79
)%
Total revenues
10,291
10,267
24
0
%
Revenue increases were driven by growth in revenue from sports products offset by a decrease in casino and other revenue.
Operating Expenses
THREE MONTHS ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
( in thousands USD, unaudited)
Sales and marketing expenses
4,632
2,442
2,190
90
%
Technology expenses
1,190
798
392
49
%
General and administrative expenses
3,877
2,609
1,268
49
%
Movements in credit losses allowance and write offs
( 31
)
48
( 79
)
( 165
)%
Total operating expenses
9,668
5,897
3,771
64
%
Total operating expenses increased by $ 3.8 million to $ 9.7 million compared to $ 5.9 million in the prior year. On a constant currency basis, operating expenses increased by $ 3.6 million, or 58%. The increase was driven primarily by headcount across Sales and Marketing, Technology, and General and Administrative functions as we invest in the Company's organic growth initiatives as well as increased administrative expenses associated with operating as a public company.
Sales and Marketing expenses totaled $ 4.6 million compared to $ 2.4 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount.
Technology expenses totaled $ 1.2 million compared to $ 0.8 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount partially offset by capitalized development costs.
General and Administrative expenses totaled $ 3.9 million compared to $ 2.6 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount, professional services, and insurance expenses.
Earnings
Adjusted EBITDA decreased by 63% to $ 2.3 million compared to $ 6.1 million in the prior year representing an Adjusted EBITDA margin of 22%. The decrease was driven by increased operating expenses.
Operating profit in the fourth quarter decreased 86% to $ 0.6 million compared to $ 4.4 million in 2020. The decrease was driven primarily by a decrease in Adjusted EBITDA and an increase in share-based payments expense.
Net income in the fourth quarter totaled $ 0.9 million, or $ 0.02 per diluted share, compared to net income of $ 8.5 million, or $ 0.35 per diluted share, in the prior year. Net income in the forth quarter 2021 was positively affected by a USD/Euro foreign currency exchange gain of $ 1.1 million ( zero in 2020). While net income in the fourth quarter of 2020 was positively affected by the recognition of deferred tax assets of $ 5.4 million ( deferred tax asset reduction of $ 0.2 million in 2021).
Conference Call Details
Date/Time:
Thursday, March 24, 2022, at 9:00 am EST
Webcast:
https: //www.webcast-eqs.com/gamb20220324/en
U.S. Toll-Free Dial In:
877-407-0890
International Dial In:
+1-201-389-0918
To access the call, please dial in approximately ten minutes before the start of the call. An accompanying slide presentation will be available in PDF format within the “ News & Events ” section of the Company’ s website.
An archived webcast of the conference call will also be available in the News & Events section of the Company’ s website at gambling.com/corporate/investors/news-events.
About Gambling.com Group
Gambling.com Group Limited ( Nasdaq: GAMB) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active exclusively in the online gambling industry. Founded in 2006, the Group operates from offices in Ireland, the United States and Malta. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com and RotoWire.com. As of March 24, 2022, the Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to 2022 financial performance, including the 2022 financial outlook, are all forward looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “ believe, ” “ may, ” “ estimate, ” “ continue, ” “ anticipate, ” “ intend, ” “ should, ” “ plan, ” “ expect, ” “ predict, ” “ potential, ” “ could, ” “ will, ” “ would, ” “ ongoing, ” “ future ” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under the caption “ Risk Factors ” in Gambling.com Group’ s prospectus pursuant to Rule 424 ( b) filed with the US Securities and Exchange Commission ( “ SEC ”) on July 23, 2021, and Gambling.com Group’ s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Consolidated Statements of Comprehensive Income and ( Loss)
( USD in thousands, except per share amounts)
THREE MONTHS ENDED DECEMBER 31,
YEAR ENDED DECEMBER 31,
2021
2020
2021
2020
( unaudited)
Revenue
10,291
10,267
42,323
27,980
Sales and marketing expenses
( 4,632
)
( 2,442
)
( 14,067
)
( 8,103
)
Technology expenses
( 1,190
)
( 798
)
( 3,947
)
( 2,503
)
General and administrative expenses
( 3,877
)
( 2,609
)
( 13,014
)
( 5,956
)
Movements in credit losses allowance and write offs
31
( 48
)
97
( 287
)
Operating profit
623
4,370
11,392
11,131
( Losses) gains on financial liability at fair value through profit or loss
—
( 393
)
—
1,417
Finance income
1,145
( 25
)
2,581
303
Finance expense
( 457
)
( 463
)
( 1,809
)
( 2,099
)
Income before tax
1,311
3,489
12,164
10,752
Income tax ( charge) benefit
( 444
)
5,052
289
4,399
Net income for the period attributable to the equity holders
867
8,541
12,453
15,151
Other comprehensive ( loss) income
Exchange differences on translating foreign currencies
( 1,825
)
1,730
( 4,812
)
2,480
Total comprehensive ( loss) income for the period attributable to the equity holders
( 958
)
10,271
7,641
17,631
Net income per share attributable to ordinary shareholders, basic
0.03
0.39
0.40
0.55
Net income per share attributable to ordinary shareholders, diluted
0.02
0.35
0.37
0.49
Consolidated Statements of Financial Position
( USD in thousands)
DECEMBER 31, 2021
DECEMBER 31, 2020
ASSETS
Non-current assets
Property and equipment
569
515
Intangible assets
25,419
23,560
Right-of-use assets
1,465
1,799
Deferred tax asset
7,028
5,778
Total non-current assets
34,481
31,652
Current assets
Trade and other receivables
5,497
5,506
Cash and cash equivalents
51,047
8,225
Total current assets
56,544
13,731
Total assets
91,025
45,383
EQUITY AND LIABILITIES
Equity
Share capital
—
64
Capital reserve
55,953
19,979
Share options and warrants reserve
2,442
296
Foreign exchange translation reserve
( 2,282
)
2,530
Retained earnings
23,796
11,343
Total equity
79,909
34,212
Non-current liabilities
Borrowings
—
5,937
Lease liability
1,286
1,562
Total non-current liabilities
1,286
7,499
Current liabilities
Trade and other payables
3,291
2,428
Borrowings and accrued interest
5,944
23
Lease liability
393
413
Income tax payable
202
808
Total current liabilities
9,830
3,672
Total liabilities
11,116
11,171
Total equity and liabilities
91,025
45,383
Consolidated Statements of Cash Flows
( USD in thousands)
THREE MONTHS ENDED DECEMBER 31,
YEAR ENDED DECEMBER 31,
2021
2020
2021
2020
( unaudited)
Cash flow from operating activities
Income before tax
1,311
3,489
12,164
10,752
Finance ( income) expenses, net
( 688)
488
( 772)
1,796
Losses ( gains) on financial instruments valuation
—
393
—
( 1,417)
Adjustments for non-cash items:
Depreciation and amortization
600
650
2,401
2,227
Movements in credit loss allowance and write offs
( 31)
48
( 97)
287
Other operating loss
—
—
70
—
Share option charge
529
371
1,995
315
Income tax paid
( 807)
( 434)
( 2,092)
( 642)
Cash flows from operating activities before changes in working capital
914
5,005
13,669
13,318
Changes in working capital
Trade and other receivables
192
( 2,015)
( 549)
( 3,053)
Trade and other payables
70
603
877
629
Cash flows generated by operating activities
1,177
3,593
13,997
10,894
Cash flows from investing activities
Acquisition of property and equipment
( 78)
( 14)
( 305)
( 46)
Acquisition of intangible assets
( 2,910)
( 46)
( 5,269)
( 44)
Cash flows used in investing activities
( 2,988)
( 60)
( 5,574)
( 90)
Cash flows from financing activities
Issue of ordinary shares and share warrants
—
2,955
35,910
3,483
Equity issue costs
—
( 14)
—
( 55)
Proceeds from issuance of financial instruments
—
6,000
—
6,000
Financial instruments issuance costs
—
( 94)
—
( 89)
Repayment of notes and bonds
—
( 14,397)
—
( 17,352)
Interest paid
( 124)
( 997)
( 509)
( 1,656)
Warrants repurchased
—
—
—
( 133)
Principal paid on lease liability
( 66)
( 49)
( 225)
( 198)
Interest paid on lease liability
( 45)
( 56)
( 188)
( 201)
Cash flows ( used in) generated by financing activities
( 235)
( 6,652)
34,988
( 10,201)
Net movement in cash and cash equivalents
( 2,046)
( 3,119)
43,411
603
Cash and cash equivalents at the beginning of the period
53,160
10,851
8,225
6,992
Net foreign exchange differences on cash and cash equivalents
( 67)
493
( 589)
630
Cash and cash equivalents at the end of the period
51,047
8,225
51,047
8,225
Supplemental Information
Constant Currency
Changes in our financial results include the impact of changes in foreign currency exchange rates. We provide “ constant currency ” analysis, as if EUR-USD exchange rate had remained constant period-over-period, to enhance the comparability of our results. When we use the term “ constant currency, ” we adjust for the impact related to the translation of our condensed consolidated financial statements from EUR to USD by translating financial data for the prior year using the same foreign currency exchange rates that we used to translate financial data for the current year.
Constant currency metrics should not be considered in isolation or as a substitute for reported results prepared in accordance with IFRS. Refer to “ Results of Operations ” for Management’ s discussion of the constant currency impact for these periods. For foreign exchange rates used, refer to “ Note 3 Significant Accounting Policies, ” within the Notes to the Condensed Consolidated Financial Statements.
Rounding
We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.
Non-IFRS Financial Measures
Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
EBITDA is a non-IFRS financial measure defined as earnings excluding net finance costs, income tax charge, depreciation, and amortization. Adjusted EBITDA is a non-IFRS financial measure defined as EBITDA adjusted to exclude the effect of non-recurring items, significant non-cash items, share-based payment expense and other items that our board of directors believes do not reflect the underlying performance of the business. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.
We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management as a measure of comparative operating performance from period to period as they remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.
While we use EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.
Below is a reconciliation to EBITDA and Adjusted EBITDA from net income for the period attributable to the equity holders as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:
THREE MONTHS ENDED DECEMBER 31,
CHANGE
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
2021
2020
$
%
( in thousands USD, unaudited)
( in thousands USD, unaudited)
Net income for the period attributable to the equity holders
867
8,541
( 7,674)
( 90)%
12,453
15,151
( 2,698)
( 18)%
Add Back:
Net finance ( income) costs ( 1)
( 688)
881
( 1,569)
( 178)%
( 772)
379
( 1,151)
( 304)%
Income tax charge ( benefit)
444
( 5,052)
5,496
( 109)%
( 289)
( 4,399)
4,110
( 93)%
Depreciation expense
52
33
19
58%
176
123
53
43%
Amortization expense
548
617
( 69)
( 11)%
2,225
2,104
121
6%
EBITDA
1,223
5,020
( 3,797)
( 76)%
13,793
13,358
435
3%
Share-based payments
529
371
158
43%
1,995
371
1,624
438%
Accounting and legal fees related to the offering ( 2)
—
724
( 724)
n/m
963
724
239
33%
Employees’ bonuses related to the offering ( 2)
—
—
—
n/m
1,085
—
1,085
n/m
Acquisition related costs ( 3)
520
—
520
n/m
520
—
520
n/m
Costs related to lease termination
—
—
—
n/m
—
155
( 155)
n/m
Adjusted EBITDA
2,272
6,115
( 3,843)
( 63)%
18,356
14,608
3,748
26%
n/m = not meaningful
Below is the Adjusted EBITDA Margin calculation for the period specified:
THREE MONTHS ENDED DECEMBER 31,
CHANGE
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
2021
2020
$
%
( in thousands USD, unaudited)
( in thousands USD, unaudited)
Revenue
10,291
10,267
24
0%
42,323
27,980
14,343
51%
Adjusted EBITDA
2,272
6,115
( 3,843)
( 63)%
18,356
14,608
3,748
26%
Adjusted EBITDA Margin
22%
60%
n/m
( 38)%
43%
52%
n/m
( 9)%
n/m = not meaningful
In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.
Free Cash Flow
Free Cash Flow is a non-IFRS financial measure defined as cash flow from operating activities less capital expenditures, or CAPEX.
We believe Free Cash Flow is useful to our management as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.
The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.
Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Condensed Consolidated Statement of Cash Flows for the period specified:
THREE MONTHS ENDED DECEMBER 31,
CHANGE
YEAR ENDED DECEMBER 31,
CHANGE
2021
2020
$
%
2021
2020
$
%
( in thousands USD, unaudited)
( in thousands USD, unaudited)
Cash flows generated by operating activities
1,177
3,593
( 2,416)
( 67)%
13,997
10,894
3,103
28%
Capital Expenditures
( 2,988)
( 60)
( 2,928)
n/m
( 5,574)
( 90)
( 5,484)
n/m
Free Cash Flow
( 1,811)
3,533
( 5,344)
( 151)%
8,423
10,804
( 2,381)
( 22)%
n/m = not meaningful
Earnings Per Share
Below is a reconciliation of basic and diluted earnings per share as presented in the Condensed Consolidated Statement of Income for the period specified:
THREE MONTHS ENDED DECEMBER 31,
YEAR ENDED DECEMBER 31,
2021
2020
2021
2020
( in thousands USD, except for share and per share data, unaudited)
Net income for the period attributable to the equity holders
867
8,541
12,453
15,151
Weighted-average number of ordinary shares, basic
33,806,422
22,020,056
30,886,559
27,595,446
Net income per share attributable to ordinary shareholders, basic
0.03
0.39
0.40
0.55
Net income for the period attributable to the equity holders
867
8,541
12,453
15,151
Weighted-average number of ordinary shares, diluted
36,712,375
24,446,668
33,746,536
30,879,550
Net income per share attributable to ordinary shareholders, diluted
0.02
0.35
| general |
Pfizer Granted FDA Breakthrough Therapy Designation for Respiratory Syncytial Virus Vaccine Candidate for the Prevention of RSV in Older Adults | NEW YORK -- ( BUSINESS WIRE) -- Pfizer Inc. ( NYSE: PFE) today announced that its respiratory syncytial virus ( RSV) vaccine candidate, PF-06928316 or RSVpreF, received Breakthrough Therapy Designation from the U.S. Food and Drug Administration ( FDA) for the prevention of lower respiratory tract disease caused by RSV in individuals 60 years of age or older.
The FDA decision is primarily informed by the positive results of a proof-of-concept, Phase 2a study evaluating the safety, immunogenicity, and efficacy of a single dose of 120µg RSVpreF in a human viral challenge model in healthy adults 18 to 50 years of age.
“ Today’ s decision is a significant step forward in our efforts to help protect vulnerable populations, particularly older adults, against certain potentially serious respiratory illnesses, including RSV, ” said Kathrin U. Jansen, Ph.D., Senior Vice President and Head of Vaccine Research & Development at Pfizer Inc. “ The clinical and economic burden of RSV represents a critical need, and we look forward to our ongoing dialogue with the FDA to accelerate the development of our RSV vaccine candidate. ”
In September 2021, Pfizer announced the initiation of RENOIR ( RSV vaccine Efficacy study iN Older adults Immunized against RSV disease), a Phase 3 clinical trial ( NCT05035212) evaluating the efficacy, immunogenicity, and safety of a single dose of RSVpreF, in adults ages 60 years or older. This study remains ongoing.
The FDA’ s Breakthrough Therapy Designation is designed to expedite the development and review of drugs and vaccines that are intended to treat or prevent serious conditions and preliminary clinical evidence indicates that the drug or vaccine may demonstrate substantial improvement over available therapy on a clinically significant endpoint ( s).1
Burden of RSV
RSV is a contagious virus and a common cause of respiratory illness.2 The virus can affect the lungs and breathing passages of an infected individual and can be potentially life-threatening for young infants, children with chronic medical conditions, and older adults.3,4,5,6 In the United States alone, among older adults, RSV infections account for approximately 177,000 hospitalizations and 14,000 deaths each year.7 For children younger than five years old in the U.S., approximately 2.1 million outpatient visits and 58,000 hospitalizations occur each year.8,9
RSV is a disease for which there are currently no prophylactic, therapeutic, or vaccine options for older adults and the medical community is limited to offering only supportive care for adults with the illness.
About RSVpreF
Pfizer’ s investigational RSV vaccine candidate builds on foundational basic science discoveries including those made at the National Institutes of Health ( NIH), which detailed the crystal structure of prefusion F, a key form of the viral fusion protein ( F) that RSV uses to attack human cells. The NIH research showed that antibodies specific to the prefusion form were highly effective at blocking virus infection, suggesting a prefusion F-based vaccine may confer optimal protection against RSV. After this important discovery, Pfizer tested numerous versions of the viral protein, and identified those that elicited a strong anti-viral immune response in pre-clinical evaluation. The vaccine candidate is composed of two preF proteins selected to optimize protection against RSV A and B.
Earlier this month, Pfizer announced RSVpreF received Breakthrough Therapy Designation from the U.S. Food and Drug Administration ( FDA) for the prevention of RSV-associated lower respiratory tract disease in infants from birth up to six months of age by active immunization of pregnant women. The FDA designation was informed by the results of the Phase 2b proof-of-concept study of RSVpreF ( NCT04032093), which evaluated the safety, tolerability and immunogenicity of RSVpreF in vaccinated pregnant women ages 18 through 49 and their infants. This followed the FDA’ s November 2018 decision to grant Fast Track status to RSVpreF.
In June 2020, Pfizer announced the initiation of a multicenter, international Phase 3 clinical trial ( NCT04424316) evaluating the efficacy and safety of RSVpreF when administered to pregnant women to help protect their babies from RSV after birth. This study remains ongoing.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @ Pfizer and @ Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.
DISCLOSURE NOTICE:
The information contained in this release is as of March 24, 2022. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about Pfizer’ s respiratory syncytial virus vaccine candidate ( RSVpreF), including its potential benefits, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when biologic license applications may be filed in any jurisdictions for RSVpreF for any potential indications; whether and when any such applications may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product's benefits outweigh its known risks and determination of the product's efficacy and, if approved, whether RSVpreF will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of RSVpreF; uncertainties regarding the ability to obtain recommendations from vaccine advisory or technical committees and other public health authorities regarding RSVpreF and uncertainties regarding the commercial impact of any such recommendations; uncertainties regarding the impact of COVID-19 on our business, operations and financial results; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’ s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “ Risk Factors ” and “ Forward-Looking Information and Factors That May Affect Future Results ”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.
Category: Vaccines
1 U.S. Food and Drug Administration ( FDA). Breakthrough Therapy. https: //www.fda.gov/forpatients/approvals/fast/ucm405397.htm. Updated January 4, 2018. Accessed February 10, 2022.
2 Centers for Disease Control and Prevention. Respiratory Syncytial Virus Infection ( RSV). https: //www.cdc.gov/rsv/index.html. Updated December 18, 2020. Accessed February 22, 2022.
3 Centers for Disease Control and Prevention. Disease or Condition of the Week - Respiratory Syncytial Virus Infection ( RSV). https: //www.cdc.gov/dotw/rsv/index.html. Updated September 14, 2021. Accessed February 22, 2022.
4 Centers for Disease Control and Prevention. RSV Transmission. https: //www.cdc.gov/rsv/about/transmission.html. Updated December 18, 2020. Accessed February 22, 2022.
5 Centers for Disease Control and Prevention. Respiratory Syncytial Virus Infection ( RSV) – Older Adults are at High Risk for Severe RSV Infection Fact Sheet. https: //www.cdc.gov/rsv/factsheet-older-adults.pdf. Accessed February 10, 2022.
6 Centers for Disease Control and Prevention. RSV in Infants and Young Children. https: //www.cdc.gov/rsv/high-risk/infants-young-children.html. Updated December 18, 2020. Accessed February 22, 2022.
7 Falsey AR, et al. Respiratory Syncytial Virus Infection in Elderly and High-Risk Adults. N Engl J Med 2005; 352:1749-1759. DOI: 10.1056/NEJMoa043951 | general |
Columbia Care Reports Record Fourth Quarter and Full Year 2021 Results; Issues 2022 Guidance Under U.S. GAAP | Company Now Reporting in U.S. GAAP; Also Presenting Results This Quarter with Reference to 2021 IFRS Guidance
Full Year 2021 U.S. GAAP Results Include Record Revenue of $ 460 Million and Record Adjusted EBITDA of $ 58 Million ( Non-GAAP Measure)
Record Quarterly Revenue of $ 139 Million, an Increase of 70% YoY, 5% Sequentially
Full Year 2021 Combined Revenue of $ 474 Million and Combined Adjusted EBITDA of $ 85 Million; Both Company Records and In-Line with Previously Communicated IFRS Guidance
Company Issues 2022 Guidance of $ 625M - $ 675M Revenue, $ 120M - $ 135M Adjusted EBITDA, in U.S. GAAP
NEW YORK -- ( BUSINESS WIRE) -- Columbia Care Inc. ( NEO: CCHW) ( CSE: CCHW) ( OTCQX: CCHWF) ( FSE: 3LP) ( “ Columbia Care ” or the “ Company ”) today reported financial and operating results for the fourth quarter ended December 31, 2021. All financial information presented in this release is in U.S. GAAP and in thousands of U.S. dollars, unless otherwise noted, and comparisons to prior quarter and prior year are made on an as-converted basis under U.S. GAAP, unless otherwise noted.
“ We are pleased to report record results for the full year and fourth quarter of 2021, in what was a truly transformational year for Columbia Care, ” said Nicholas Vita, CEO of Columbia Care. “ In 2021, organic growth across our diversified portfolio and the integration of several major acquisitions drove full year revenue increase of 156% over the prior year. As we build scale and operationalize new markets, Adjusted EBITDA ( non-GAAP measure) has improved 220% over fourth quarter 2020. We have also evolved as a company through our launch of the Cannabist retail experience and our own suite of product brands. Innovative technologies like Forage allow us to engage with and understand our patients and consumers better than ever before. ”
Vita continued, “ As we look ahead to the remainder of 2022, there are remarkable catalysts on the horizon, including adult use sales in New Jersey and growth in the medical programs in New York and Virginia. We will continue to roll out our award-winning Cannabist retail experience as we open new locations and will bring our house of brands to our strategic national footprint throughout 2022, providing consistent quality that patients and consumers demand. We’ ve made tremendous operational improvements that are driving efficiencies in new and maturing markets. I am confident that our team will continue to demonstrate our successful strategies as we execute in 2022 and beyond. ”
Management Commentary on Transaction with Cresco Labs
“ Since our founding, Columbia Care’ s mission has been to provide quality, expertise and trust in cannabis and to deliver the best outcome for our stakeholders, ” said CEO Nicholas Vita. “ In an evolving industry, the opportunities to better achieve our mission through consolidation led us to this historic moment. With Columbia Care’ s strategic national footprint in the most attractive markets and Cresco’ s success in execution and incredibly popular brands, we will together create the most important and investable company in cannabis. There is no better team in the industry to maximize the potential of this market defining combination. ”
Full Year 2021 U.S. GAAP Financial Highlights ( in $ thousands, excl. margin items):
2021
2020
% YoY
$
460,080
$
179,503
156%
$
194,015
$
62,143
212%
$
( 146,853)
$
( 119,649)
$
27,204
$
( 63,698)
$
( 109,859)
$
( 46,161)
$
57,852
$
( 19,800)
$
( 77,652)
Fourth Quarter 2021 U.S. GAAP Financial Highlights ( in $ thousands, excl. margin items):
Q4 2021 ( 2)
Q3 2021 ( 2)
Q4 2020 ( 3)
% QoQ
% YoY
$
139,276
$
132,322
$
81,799
5%
70%
$
61,995
$
62,796
$
32,713
-1%
90%
45%
47%
40%
$
20,592
$
24,771
$
4,497
-17%
358%
[ 1 ] Excludes $ 4.7 million in Q4 2021, $ 1.4 million in Q3 2021 and $ 1.3 million in Q4 2020 related to the mark-up of inventory acquired in acquisitions.
[ 2 ] Represents Reported Results
[ 3 ] Represents Combined Results, which include dispensary operations in Ohio.
Full Year 2021 IFRS Guidance and Results ( unaudited)
The following table provides the Company’ s results for the year ended December 31, 2021 based on IFRS compared to the Company’ s most recent 2021 guidance as issued on November 12, 2021:
45%
[ 1 ] Excludes changes in fair value of biological assets and inventory sold for all periods presented, as well as $ 7.7 million in 2021 related to the mark-up of inventory acquired in acquisitions.
With respect to the table above, Combined Revenue, Combined Adjusted Gross Margin and Combined Adjusted EBITDA include results from the CannAscend transaction prior to its close on July 1, 2021.
See “ Non-GAAP & Non-IFRS Financial Measures ” at the end of this press release for more information regarding the Company’ s use of non-GAAP and non-IFRS financial measures.
Top 5 Markets by Revenue in Q4 [ 4 ]: California, Colorado, Massachusetts, Ohio, Pennsylvania
Top 5 Markets by Adjusted EBITDA in Q4 [ 4 ]: Colorado, Maryland, Massachusetts, Pennsylvania, Virginia
[ 4 ] Markets are listed alphabetically
Operational Highlights for Fourth Quarter 2021
Sustained momentum on branding initiatives at retail and product levels:
Building scale with continued retail expansion:
Proven cultivation expertise and execution:
Operational Highlights for Full Year 2021
Sustained momentum on branding initiatives at retail and product levels:
Building scale across strategic national portfolio:
Capital Markets Highlights
2022 Outlook
Metric
U.S. GAAP Guidance
Revenue
$ 625M to $ 675M
Adjusted EBITDA ( Non-GAAP)
$ 120M to $ 135M
Columbia Care’ s 2022 outlook assumes adult use sales begin in New Jersey in Q2 2022, but does not include any contribution from future acquisitions, nor does it assume any changes in the regulatory environment in markets where Columbia Care currently operates. This also excludes markets where a conversion from medical only to adult use is under consideration by the Governor and/or legislature. See “ Caution Concerning Forward-Looking Statements ” below for further discussion.
Conference Call and Webcast Details
The Company will host a conference call on Thursday, March 24, 2022 at 8:00 a.m. EST to discuss financial and operating results for the fourth quarter and full year of 2021.
To access the live conference call via telephone, please dial 1-877-407-8914 ( US Callers) or 1-201-493-6795 ( international callers). A live audio webcast of the call will also be available in the Investor Relations section of the Company's website at https: //ir.col-care.com/ or at https: //themediaframe.com/mediaframe/webcast.html? webcastid=nUKUeVI9.
A replay of the audio webcast will be available in the Investor Relations section of the Company’ s website approximately 2 hours after completion of the call and will be archived for 30 days.
U.S. GAAP Financial Reporting
Beginning with the quarter ended December 31, 2021, the Company has prepared its financial statements, including all comparative figures, in compliance with U.S. GAAP instead of IFRS. Changes to comparative figures for prior periods reflect their presentation in accordance with U.S. GAAP and is not a change in the Company's underlying performance as previously reported under IFRS.
A reconciliation of non-GAAP financial measures to their nearest comparable GAAP measure is included in this press release and a further discussion of these items will be contained in our annual report on Form 10-K.
Non-GAAP, Non-IFRS and IFRS Financial Measures
In this press release, Columbia Care refers to certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA and Adjusted Gross Margin and to certain non-IFRS financial measures ( which are also non-GAAP financial measures), including Combined Adjusted EBITDA and Combined Adjusted Gross Margin and certain IFRS measures ( that are also non-GAAP financial measures) including Revenue, Adjusted Gross Profit and Adjusted Gross Margin. These measures do not have any standardized meaning in accordance with U.S. GAAP or IFRS and may not be comparable to similar measures presented by other companies. Columbia Care considers certain non-GAAP and non-IFRS measures to be meaningful indicators of the performance of its business. These measures are not recognized measures under GAAP and IFRS, do not have a standardized meaning prescribed by GAAP and IFRS and may not be comparable to ( and may be calculated differently by) other companies that present similar measures. Accordingly, these measures should not be considered in isolation from nor as a substitute for our financial information reported under GAAP. These non-GAAP, non-IFRS and IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on GAAP measures. These supplemental non-GAAP, non-IFRS and IFRS financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented. We also recognize that securities analysts, investors and other interested parties frequently use non-GAAP, non-IFRS and IFRS measures in the evaluation of companies within our industry.
With respect to non-GAAP financial measures, the Company defines EBITDA as net income ( loss) before ( i) depreciation and amortization; ( ii) income taxes; and ( iii) interest expense and debt amortization. Adjusted EBITDA is defined as EBITDA before ( i) share-based compensation expense; ( ii) goodwill impairment; ( iii) fair value mark-up for acquired inventory ( iv) acquisition and other non-core costs associated with our recent acquisitions, litigation expenses and COVID-19 expenses ( v) fair value changes on derivative liabilities; ( vi) impairment on disposal group; ( vii) loss on conversion of convertible debt; ( viii) earnout liability accrual; ( ix) indemnification costs and ( x) expenses relating to acquisition and settlement of pre-existing relationships. Adjusted Gross Margin is defined as gross margin before the fair mark-up for acquired inventory. With respect to non-IFRS financial measures, the Company defines Combined Adjusted Gross Margin and Combined Adjusted EBITDA as Adjusted Gross Margin and Adjusted EBITDA, respectively, before ( i) net impact, fair value of biological assets and inventory sold; and ( ii) impact of conversion for lease accounting from IFRS to U.S. GAAP.
The Company views these non-GAAP, non-IFRS and IFRS financial measures as a means to facilitate management’ s financial and operational decision-making, including evaluation of the Company’ s historical operating results and comparison to competitors’ operating results. These non-GAAP, non-IFRS and IFRS financial measures reflect an additional way of viewing aspects of the Company’ s operations that, when viewed with GAAP results and the reconciliations to the corresponding GAAP and IFRS financial measure may provide a more complete understanding of factors and trends affecting the Company’ s business. The determination of the amounts that are excluded from these non-GAAP, non-IFRS and IFRS financial measures are a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts. Because non-GAAP and non-IFRS financial measures exclude the effect of items that will increase or decrease the Company’ s reported results of operations, management strongly encourages investors to review the Company’ s consolidated financial statements and publicly filed reports in their entirety.
Reconciliations of non-GAAP financial measures to their nearest comparable GAAP measures, non-IFRS financial measures to their nearest comparable non-IFRS measures and GAAP and non-GAAP financial measures to IFRS and non-IFRS financial measures are included in this press release and a further discussion of some of these items will be contained in our annual report on Form 10-K.
About Columbia Care
Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 18 U.S. jurisdictions and the EU. Columbia Care operates 131 facilities including 99 dispensaries and 32 cultivation and manufacturing facilities, including those under development. Columbia Care is one of the original multi-state providers of medical cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, gLeaf, Classix, Press, Amber and Platinum Label CBD. For more information on Columbia Care, please visit www.col-care.com.
Caution Concerning Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information or forward looking statements within the meaning of applicable securities laws and reflect the Company’ s current expectations regarding future events. Statements concerning Columbia Care’ s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Columbia Care are forward-looking statements. The words “ believe ”, “ expect ”, “ anticipate ”, “ estimate ”, “ intend ”, “ may ”, “ will ”, “ would ”, “ could ”, “ should ”, “ continue ”, “ plan ”, “ goal ”, “ objective ”, and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
The Company has made assumptions with regard to its ability to execute on initiatives, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. Forward-looking information involves numerous assumptions, including assumptions on revenue and expected gross margins, capital allocation, EBITDA break even targets and other financial results; growth of its operations via expansion, for the effects of any transactions; expectations for the potential benefits of any transactions including the acquisition of Green Leaf Medical and Medicine Man; expectations as to organizational impact of executing the Cresco transaction prior to close; statements relating to the business and future activities of, and developments related to, the Company after the date of this press release, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company's business, operations and plans; expectations that planned transactions ( including the Cresco transaction) will be completed as previously announced; expectations regarding cultivation and manufacturing capacity; expectations regarding receipt of regulatory approvals; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future. Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. These statements speak only as at the date they are made and are based on information currently available and on the then current expectations. Holders of securities of the Company are cautioned that forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to, risks and uncertainties related to: the available funds of the Company and the anticipated use of such funds; the availability of financing opportunities; legal and regulatory risks inherent in the cannabis industry; risks associated with economic conditions, dependence on management and currency risk; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to contracts with third-party service providers; risks related to the enforceability of contracts; reliance on the expertise and judgment of senior management of the Company, and ability to retain such senior management; risks related to proprietary intellectual property and potential infringement by third parties; risks relating to the management of growth; increasing competition in the industry; risks inherent in an agricultural business; risks relating to energy costs; risks associated to cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; cybersecurity risks; ability and constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risks related to the economy generally; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada; risks related to future acquisitions or dispositions; sales by existing shareholders; as well as limited research and data relating to cannabis. Securityholders should review the risk factors discussed under “ Risk Factors ” in Columbia Care’ s Form 10 dated February 15, 2022, filed with the applicable securities regulatory authorities and described from time to time in documents filed by the Company with Canadian and U.S. securities regulatory authorities.
The purpose of forward-looking statements is to provide the reader with a description of management's expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this press release as well as statements regarding the Company's objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. No undue reliance should be placed on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release. Columbia Care undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
2021
2020
$
460,080
$
179,503
14,118
18,715
( 364)
( 309)
$
473,834
$
197,909
2021
2020
$
194,015
$
62,143
5,747
7,411
( 174)
( 185)
$
199,588
$
69,369
7,663
3,111
$
207,251
$
72,480
6,311
3,629
$
213,562
$
76,109
45.1%
38.5%
$
( 146,853)
$
( 119,649)
139
( 16,197)
53,002
19,651
30,014
6,336
$
( 63,698)
$
( 109,859)
25,018
29,805
72,328
-
7,663
3,111
9,954
7,477
( 13,286)
11,745
2,000
1,969
1,580
-
( 59,362)
21,757
-
14,195
75,655
-
$
57,852
$
( 19,800)
24,248
15,662
$
82,100
$
( 4,138)
3,156
3,357
( 190)
( 124)
$
85,066
$
( 905)
$
139,276
$
76,064
$
460,080
$
179,503
( 82,023)
( 46,959)
( 266,065)
( 117,360)
57,253
29,105
194,015
62,143
( 72,328)
-
( 72,328)
-
( 69,770)
( 45,836)
( 232,052)
( 142,355)
( 84,845)
( 16,731)
( 110,365)
( 80,212)
30,952
( 48,822)
( 36,349)
( 55,634)
( 770)
4,354
( 139)
16,197
( 54,663)
( 61,199)
( 146,853)
( 119,649)
( 1,388)
( 17,887)
( 3,756)
( 23,862)
( 53,275)
( 43,312)
( 143,097)
( 95,787)
370,251,917
264,966,556
338,754,694
232,576,117
$
( 0.14)
$
( 0.16)
$
( 0.42)
$
( 0.41)
$
( 54,663)
$
( 61,199)
$
( 146,853)
$
( 119,649)
770
( 4,354)
139
( 16,197)
19,201
7,457
53,002
19,651
11,328
4,576
30,014
6,336
$
( 23,364)
$
( 53,520)
$
( 63,698)
$
( 109,859)
$
6,994
$
6,721
$
25,018
$
29,805
72,328
-
72,328
-
4,741
1,346
7,663
3,111
1,852
3,644
9,954
7,477
( 6,526)
9,189
( 13,286)
11,745
-
-
2,000
1,969
-
-
1,580
-
( 35,780)
21,757
( 59,362)
21,757
347
14,195
75,655
14,195
$
20,592
$
3,332
$
57,852
$
( 19,800)
$
2,445
$
( 9,168)
$
( 522)
$
( 49,650)
( 55,439)
( 2,780)
( 191,352)
( 27,322)
18,260
30,291
202,437
89,994
$
82,198
$
61,111
226,439
138,243
339,692
114,400
245,541
193,155
1,376,511
727,527
243,997
148,881
825,688
440,578
550,823
286,949
Three Months Ended
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
$
139,276
$
132,322
$
102,387
$
86,095
( 82,023)
( 70,956)
( 60,639)
( 52,447)
57,253
61,366
41,748
33,648
( 72,328)
-
-
-
( 69,770)
( 61,743)
( 52,461)
( 48,078)
( 84,845)
( 377)
( 10,713)
( 14,430)
30,952
( 56,991)
( 5,036)
( 5,274)
( 770)
( 9,518)
( 2,850)
12,999
( 54,663)
( 66,886)
( 18,599)
( 6,705)
770
9,518
2,850
( 12,999)
19,201
16,076
9,202
8,523
11,328
8,057
5,622
5,007
$
( 23,364)
$
( 33,235)
$
( 925)
$
( 6,174)
6,994
4,688
5,547
7,789
72,328
-
-
-
4,741
1,430
1,352
140
1,852
3,009
3,324
1,769
( 6,526)
( 4,847)
( 2,092)
179
-
2,000
-
-
-
-
1,580
-
( 35,780)
( 23,582)
-
-
347
75,308
-
-
$
20,592
$
24,771
$
8,786
$ | general |
U.S. Business Activity Rebounds to Eight-Month High, Costs Rise | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- U.S. business activity advanced to an eight-month high in early March as fewer Covid-19 restrictions and less severe supply chain disruptions supported demand and production.
The S & P Global flash U.S. composite purchasing managers index, formerly known as the IHS Markit PMI, increased 2.6 points to 58.5, the group reported Thursday. Readings above 50 indicate growth. IHS Markit recently merged with S & P Global.
The report also showed a measure of input prices accelerated to a near-record 76.8, further fanning inflationary pressures. Selling price inflation eased slightly in the month, though remains elevated.
“ The pace of U.S. economic growth accelerated sharply in March as Covid-19 containment measures were relaxed to the lowest since the pandemic began, offsetting a drag from growing concerns about the Ukraine war, ” Chris Williamson, chief business economist at S & P Global, said in a statement.
“ However, a further upward lurch in costs, which were pushed ever higher by rising energy and other commodity prices, means inflation does not yet appear to have peaked, ” he said.
The group’ s manufacturing index rose to a six-month high in March, reflecting stronger growth in output, new orders and employment. Meantime, delivery times lengthened at the slowest rate since January 2021.
The gauge of services activity advanced to the strongest level since July, driven by a sharp increase in new business. While service providers expanded employment at the fastest rate since April 2021, strong demand continued to strain capacity.
Robust demand at both manufacturers and service providers helped drive the overall measure of backlogs to the highest in data back to 2009.
Looking ahead, businesses remain broadly upbeat on the outlook over the coming year, though the degree of confidence slipped to a five-month low amid concerns about rising costs and the Russia-Ukraine war. Service providers highlighted the potential impact of reduced disposable incomes on spending.
Russian government intervention to prop up the stock market helped prevent a renewed selloff in shares on the first day of trading following a record month-long shutdown of the equity market.
NATO agreed to boost its deployments in the eastern portion of the defense alliance, doubling the number of battle groups to eight, as the U.S. said it is working with NATO to prepare for possible biological or nuclear incidents by Russia.
Russia’ s invasion of Ukraine has the potential to accelerate the global shift to green energy and the use of digital currencies, according to BlackRock Inc. Chief Executive Officer Larry Fink.
The U.S. announced a new package of sanctions on Russian elites, lawmakers and defense companies, punishments designed to ramp up pressure on Moscow over its invasion of Ukraine. | general |
Only 19% of women are confident they're saving enough to retire | The two years since the coronavirus pandemic led to sweeping lockdowns across the U.S. have hit women in the workforce especially hard.
Now, the gap between their retirement savings as those of their male counterparts has widened further.
Only 19% of women are confident they're on track to retire without running out of money, according to a survey from TIAA that questioned more than 3,000 adults. That's compared to 35% of men, the survey found.
In 2013, the gap between men's and women's perception of their retirement readiness was 9 percentage points. The 2022 study showed the gap had grown to 16 percentage points.
More from Invest in You: The ultimate retirement planning guide for 2022Why you should start paying off debt now — and how to get startedInflation is costing U.S. households nearly $ 300 more a month
In addition, only 31% of women surveyed said they were able to save for retirement.
`` That hit my gut, that only 1 in 3 women have the ability to put money aside for retirement, '' said Shelly-Ann Eweka, senior director of financial planning strategy at TIAA. That's compared to 44% of men.
The gap between what men and women have saved for retirement has long been documented, and generally gets wider with age, according to the U.S. Census Bureau.
In 2016, the median household income for women 65 and older was $ 47,244, including earnings and income from retirement, property and Social Security, according to a May 2020 paper from the National Institute on Retirement Security. For men 65 and older, the figure was $ 57,144.
Going into 2022, women overall still earn about 83 cents to every dollar a man makes, a gap that is even bigger for women of color.
That impacts women's ability to pay their bills and save for retirement. About 29% of women surveyed by TIAA are currently struggling to pay monthly bills, the study found.
The pandemic has also kept many women out of the workforce, which often means they're not actively saving for retirement. Since 2020, about 2 million women have left the workforce, according to the U.S. Bureau of Labor Statistics. When women stop working, those lost earnings can result in their retirement savings generating 30% less income over time, according to the Organization for Economic Co-operation and Development.
`` Those are earnings that will probably never be recovered, '' said Eweka.
To be sure, it's OK to pause or save less for retirement because you 've lost your job or some of your income, or had any other change in circumstance. It is possible to rebuild your retirement savings.
`` In the short term, it is OK if you have to adjust, '' said Marguerita Cheng, a certified financial planner and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.
One way is to continue to make any contributions you can to your 401 ( k), or an individual retirement account if you 've lost your job and access to employer-sponsored plans, said Kelly DiGonzini, CFP, director of financial planning at Beacon Pointe, an independent advisory firm in Newport Beach, California.
Any amount you're able to invest will grow over time.
If you are working and have an employer-sponsored plan, make sure you take advantage of any matching offered, said Eweka. Many employers also offer financial planning benefits, which can help you see if you're on track to retire when you want, she said.
If you can't save consistently, allocating part of windfalls such as a tax refund is a good way to contribute to retirement, said Cheng, who is a member of the CNBC Advisor Council.
Women should also focus on spending and living within their means, said Shweta Lawande, a CFP and analyst at Francis Financial, a New York-based firm dedicated to serving women, couples and those experiencing divorce.
`` What we're trying to share with our clients in this time is to focus on what they can control, '' Lawande said. While they can't control lockdowns or the job market, they can make sure their budgets are airtight, she added.
Those with an existing portfolio can take some time to check their asset allocations to ensure they're invested in a diverse group of stocks, bonds, real estate, cash and more, said Lawande, adding that it reduces risk.
Working with a financial advisor, if possible, can also help women make sure they're on track to retire when they 'd like to and to formulate a strategy to course correct if they're not.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. | business |
Here’ s what you need to know about your student loans — before it’ s too late | No one told Jessica Jacho in high school what she needed to know about student loans — how much to take out, what types to take out or how to apply for it.
Jacho, a junior at Monmouth University in West Long Branch, New Jersey, has roughly $ 60,000 of debt with several years of school ahead of her.
As a first-generation college student, she has two more years to complete her degree and plans to spend three more years in veterinary school, which can potentially push her student loan debt over $ 100,000.
`` When I was in high school, I actually didn't quite know a lot about student loans, and I didn't really know much about financial aid, '' Jacho said.
Jacho is not alone in how much student loan debt she's accumulated.
By the end of 2021, the Federal Reserve reported the total amount of student loan debt in the U.S. reached nearly $ 1.75 trillion, which has grown more than 80% in the last decade.
It will also take the average borrower 20 years to pay back their student loans, according to the Education Data Initiative. The study shows graduates in 2022 are projected to take 10 years to pay back roughly $ 45,000 of debt if they make monthly payments of $ 345.
But the cautionary tale is the more you owe, the longer it will take to pay off.
As national student loan debt skyrockets, here are tips from experts on everything you should know about your student loans before and after you take on debt.
Before you sign up for student loans, know the terms of your loans, know the exact amount you're taking out, know your deadlines and exhaust every possible scholarship or financial aid option before you take out student loans.
Jacho did exhaust scholarship opportunities, which amounted to $ 5,000 her first year in school, but it wasn't enough to offset the continued costs of higher education.
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While you're still in high school, the first stop in your scholarship hunt should be your guidance counselor's office. Counselors have access to scholarships specific to students in their schools.
Your next stop for scholarships, and before and after you're in college, are online scholarship websites such as Fastweb, Going Merry and Cappex. You can find an array of scholarships based on factors like your achievements in high school and your diverse background.
Many students like Jacho go into college with some scholarships, but don't know how to handle student loans when the scholarships run out.
To find out how student loans work and how much you should take out, the U.S. Department of Education offers online resources through the Federal Student Aid office. Debt.org and American Education Services are also online resources to help manage debt.
Also, make sure to meet deadlines for scholarship applications and student loan acceptance, whether it is through your university or through an outside program. Missing a deadline could mean the difference in paying thousands of dollars. And, if you can't pay that money, it could wind up in your account being put on hold and you won't be able to resume attending classes until it's paid off.
Nele Langhof, a first-generation immigrant and first-generation college student from Germany, said when she was applying to colleges, the entire education system and loan system was completely different, so she and her parents were lost on how much it cost to go to college.
`` By the time, I was actually in [ college ] and my loans started coming in, I think that we were all surprised at the number associated with those, '' said Langhof, who is now a proposal coordinator at the Better Communities Collaborative in Athens, Georgia.
Langhof also had scholarships in college, but it still left her roughly $ 45,000 in debt.
`` My biggest advice for college students is to hustle and grind as much as you can before you enter the real world and pay as much you can on your student loans before you graduate, '' Langhof said.
As with most things, once you take out student loans, there's no going back.
The best place to start is familiarizing yourself with the rules of your specific student loans, said Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida.
`` Now that you have school loans and you 've got to deal with them, it's important to understand what types of loans you have, '' McClanahan said. `` There are federal loans and then there's private loans, which are very different. ''
If you take out federal loans through your university or college, make sure to be familiar with the loan provider and access their website to track how much you owe while you're in school — same for your private loans.
With your federal loans, McClanahan said familiarize yourself with the types of loans you have which can include direct subsidized loans, direct unsubsidized loans, parent PLUS loans and graduate PLUS loans.
Subsidized loans are for undergraduate students only and are based on financial need, according to the Federal Student Aid office. They are beneficial to the borrowers because the federal government pays the interest for you while you're in school at least part time and for the first six months after you graduate.
Unsubsidized loans are for undergraduate and graduate students, and they are not based on any financial need, according to FSA. But the borrower is responsible for paying back interest on the loans.
McClanahan said you should stick with your federal loans as much as possible before taking out private loans.
`` With federal loans, you can get some loan relief to do alternative payment plans, '' McClanahan said. `` Like the extended payments, income contingent repayment, or the 'pays as you earn ' plan, these are all programs that people can look up on how to pay that federal loan. ''
With private student loans, you don't get the same deals as federal loans, McClanahan said. Private loans are commonly offered outside of universities, through banks and credit unions.
Winnie Sun, managing partner at Sun Group Wealth Partners in Irvine, California, said borrowers should also pay close attention to interest rates because it is going to dramatically add cost to your student loans over time.
Before the federal pause on student loan interest and repayment, interest rates on federal loans ranged from 3.73% to 6.28%, according to FSA.
Sun said borrowers should know the exact interest rates on each of their loans before and after taking out loans.
`` The thing you want to do is understand the rules of each of your loans, and then you start off trying to pay off the highest interest rate loans first, which tend to be the private loans, '' McClanahan said.
Sun said borrowers should also be aware of how much their total debt is and what their average payments will be.
`` Most people have more than one loan, and I recommend creating a really simple spreadsheet, '' Sun said. `` Do it on Google Sheets or Excel, and just write down what the loan is, what the amount is and the interest rate that you currently owe on that loan. ''
Sun said the biggest mistake to avoid is not making your minimum monthly payment.
`` At least pay the minimum amount each month, and make that your goal, '' Sun said. `` If you can, maybe do some gig work or do a little freelancing, whatever you need to do, temporarily, to try and pay extra payments, but you have to make your minimum payment. ''
Sun recommends working your minimum monthly payment into your budget, as you would with your car payment or electricity bill. While the moratorium is still in place until May 1, Sun said borrowers should still plan for their student loan payments to be incorporated in their monthly budgets soon — do not assume that it will be extended or that student loan forgiveness will happen.
If you don't make the minimum payment, it can affect your credit score and your ability to buy a house or car, and it could potentially prevent employment opportunities if an employer runs a credit check on your background.
Sun said it is a mistake to let your monthly payment go unpaid, without reaching out for help and talking to people about it.
`` Communication is key. Reach out to your loan servicers and let them know this issue. You're not going to be the only one, '' Sun said. `` Have these conversations early and don't wait until the last minute to see if you can find help on this. ''
Although Langhof didn't miss a monthly payment, her student loans still prevented her from co-signing for a home with her partner because her student loan debt was a liability.
`` If you have outstanding debt that you're not paying, you're a liability for car payments, for insurance and for housing. Don't put yourself in that position, '' Langhof said. `` Don't put yourself behind if you can pay the minimum, that's why it's called a minimum. ''
While you're in college, it is hard to think past this week's exam or the essay that's due tonight that you haven't started on yet, but the choices you make while you're in school have long-term ramifications.
`` One big mistake a lot of students make when they're starting out in college is they don't really think about the cost versus how much money they're going to make with the degree they have, '' McClanahan said.
For students entering college, they should research how much a starting salary is in the field of their desired degree and try to only take out loans that equal that starting salary.
`` It's really important for people, as they're in college, to make sure that they know what kind of jobs they're going to have available when they get out of college, '' McClanahan added. `` So they don't overborrow for a degree that doesn't pay enough to get the money back. ''
Some college students get into student debt without realizing how it will affect their future life plans. Like Langhof, it affected her ability to buy a house, but it could also push back other major life events like getting married or even starting a family.
Eighty-one percent of adults with student loans say they have delayed major life events because of their debt, according to CNBC and Acorn's recently released Invest in You Student Loan Survey conducted by Momentive. The online poll was conducted Jan. 10-13 among a national sample of 5,162 adults.
Student loan debt can be even more crippling for women and people of color. According to the CNBC and Acorn survey, women are more likely than men to have student loan debt, and the survey found Black women and Hispanic women have the highest amounts of student loan debt.
The survey found 11% of white men, 17% of white women, 15% of Black men, 31% of Black women, 10% of Hispanic men and 19% of Hispanic women have student debt.
As federal student loan forgiveness remains up in the air and the moratorium on repayment is set to end May 1, many borrowers are left hoping for the best but preparing for the worst.
Some students have even taken a laissez-faire attitude on student loan debt. As a 24-year-old graduate student who finished an undergraduate degree in 2020, a lot of my peers are recent graduates who haven't made a single student loan payment due to extensions caused by the Covid-19 pandemic.
One friend has said to me that they don't have any plans at all on repaying their student loans, and they said they `` just can't think that far ahead '' because they have too many other bills to pay.
It can be a contentious debate on the economic effects that student loan forgiveness could have on the U.S. economy, but the varying proposed amounts in forgiveness — $ 10,000, $ 50,000 or more — could all mean tremendous relief for borrowers.
If the federal government does forgive any amount of debt, it could be life-changing for borrowers from lower socioeconomic backgrounds, like Jacho, who is a first-generation, Latina student, a demographic most adversely affected by student loan debt.
`` All I know is I would be crying in tears knowing that all my debt is paid, '' Jacho said. `` I 'll be able to sleep better at night if I didn't have so much debt that I have to pay. ''
Student loan forgiveness could also have a tremendous effect on borrowers ' mental health. More than 60% of borrowers say student loan debt has negatively affected their mental health, according to the CNBC and Acorns survey.
`` If all of my debt was paid off, I 'd basically be okay with my career and move forward with life, '' said Jacho.
`` I hope there is loan forgiveness, but I think that it's going to take a while to sort out, '' Sun said. `` Anything pertaining to the government usually takes a little bit longer. Although, we 've seen promise with the current administration actually doing it. ''
Here's a checklist to help you be smart about the loans you take out, keep track of them and pay them back as quickly as possible:
`` College Money 101 '' is a guide written by college students to help the class of 2022 learn about big money issues they will face in life — from student loans to budgeting and getting their first apartment — and make smart money decisions. And, even if you're still in school, you can start using this guide right now so you are financially savvy when you graduate and start your adult life on a great financial track. Mikaela Cohen is a graduate student at the University of Georgia pursuing a master's degree in journalism. She is currently an editorial intern for CNBC Make It. The guide is edited by Cindy Perman.
SIGN UP: Money 101 is an eight-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version Dinero 101, click here.
CHECK OUT: Calculate how much you need to save each paycheck to reach your money goals with Acorns+CNBC
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. | business |
SmartRent Reports Fourth Quarter and Full-Year 2021 Financial Results and Provides 2022 Guidance | Company grew Total Revenue 111% to approximately $ 111 million year-over-year,
Aggregate Units Deployed and Committed grew to over 1.0 Million
SCOTTSDALE, Ariz. -- ( BUSINESS WIRE) -- SmartRent, Inc. ( NYSE: SMRT) ( “ SmartRent ” or the “ Company ”), a leading provider of smart home and smart building automation for property owners, managers, developers, homebuilders and residents, today reported financial results for the full-year and fourth quarter ended December 31, 2021.
“ SmartRent celebrated many notable successes in 2021. From our public listing on the New York Stock Exchange in August 2021, to reaching record revenue levels and launching several new, best-in-class products, I could not be more proud of our team and all that we accomplished last year, ” said Lucas Haldeman, SmartRent CEO. “ In 2022, we’ re looking forward to continuing to build on our strong foundation and solidify our position as the market leader in enterprise smart home solutions. We have sufficient capital resources to support our organic growth and incremental external growth initiatives. We are confident in the direction of our business and inspired by the opportunity ahead for our Company, our customers, and all of our stakeholders. “
Fourth Quarter 2021 Highlights
Full-Year 2021 Highlights
Fourth Quarter and Full-Year Results
Total revenue increased 155% to $ 34.7 million in the fourth quarter of 2021 from $ 13.6 million in the fourth quarter of 2020. For the year, total revenue increased 111% to $ 110.6 million, as compared to $ 52.5 million in 2020. For the fourth quarter and the full year, the increase in revenues was driven primarily by growth in the Company’ s record Units Deployed, increased subscriptions for the Company’ s software applications, growth in its customer base and increased monthly SaaS subscription rates.
Operating expenses rose 185% to $ 22.8 million in the fourth quarter of 2021 from $ 8.0 million in the prior year period. For the year, operating expenses increased 96% to $ 61.6 million as compared to $ 31.4 million in 2020. Contributing to the increase in both periods were higher sales and marketing, and research and development expenses associated with hiring and scaling those teams to support SmartRent’ s current and anticipated pace of growth. The Company increased total headcount to 639 employees at the end of 2021, a 147% year-over-year increase. SmartRent anticipates the need to carefully expand these teams in 2022; however, the rate of growth should slow as the Company realizes efficiencies and approaches staffing levels necessary to meet near-term demand. Higher general and administrative expenses, specifically legal, insurance, banking and consulting fees, equity-based compensation, and other activities related to operating as a public company, also contributed to the increase.
Net loss was $ ( 26.0) million in the fourth quarter 2021, as compared to $ ( 10.7) million in the fourth quarter of 2020. For the full-year 2021, net loss was $ ( 72.0) million as compared to $ ( 37.1) for full-year 2020. Contributing to the loss was a warranty charge, recorded as a component of hardware cost of revenues, $ 0.7 million in the fourth quarter of 2021 and $ 6.4 million for full-year 2021, related to a battery defect in a portion of its SmartHubs.
Adjusted EBITDA was $ ( 21.8) million for the fourth quarter of 2021 and $ ( 55.6) million for the full-year as compared to $ ( 6.8) million in the fourth quarter of 2020 and $ ( 26.7) million for the full-year 2020.
Total deferred revenue was $ 95.6 million as of December 30, 2021, up from $ 53.5 million on December 31, 2020.
At year-end, the Company had $ 432.1 million of cash and cash equivalents on its balance sheet and no outstanding debt.
Supply Chain
The Company has taken proactive steps to support its logistics and supply chain management efforts in light of sustained headwinds in the global supply chain resulting from the COVID-19 pandemic. Despite these measures, there may be unanticipated events outside of the Company’ s control that may impact its supply chain; examples include factory closures due to the resurgence of COVID-19 and continued shortages of component parts.
Subsequent Events
On March 22, 2022, SmartRent acquired SightPlan, Inc. ( “ SightPlan ”), a leader in multifamily workflow management, for approximately $ 135 million in cash. The acquisition advances SmartRent’ s product roadmap and augments the breadth of cloud-based SaaS solutions for current and prospective customers, creating a comprehensive property and resident management platform. Additional information regarding the acquisition is available on the Investor Relations section of SmartRent’ s website at www.smartrent.com.
Key Operating Metrics ( 1)
SmartRent set company records for both the quarter and the year for Units Booked and Units Deployed. Units Deployed in the fourth quarter increased 72% to 52,076 from the fourth quarter of 2020. For the full year, Units Deployed increased by 101% to 167,743 from 83,293 in 2020. Total Units Deployed at year-end were 339,485, comprising 322,848 from SmartRent’ s customer base and 16,637 units that were part of the iQuue acquisition completed on December 30, 2021.
Units Booked in the fourth quarter of 2021 increased 42% to 84,052 from 59,067 in the fourth quarter of 2020. For the full year, Units Booked increased 94% to 218,106 as compared to 112,555 for 2020. The Units Booked in 2021 had an average SaaS ARPU of $ 3.82, up 11% from $ 3.45 in SaaS ARPU for Units Booked in 2020. Growth in SaaS ARPU was primarily driven by the Company’ s ability to improve its pricing model with the continued diversification of its customer base.
Bookings, which represent the value of Booked Units from Hardware, Professional Services and Hubs, as well as one year of SaaS, increased 10% for the fourth quarter to approximately $ 67.6 million and 80% to approximately $ 170.1 million for the year.
Committed Units in the fourth quarter, including Committed Units acquired with iQuue, increased 5% to 742,429 on a sequential quarter basis and are up 23% since the first quarter of 2021, when the Company began tracking Committed Units as a key performance indicator. In the fourth quarter, aggregate Deployed and Committed Units increased sequentially from the third quarter of 2021 by 11% to 1,081,914, including 22,605 aggregate Deployed and Committed Units gained in the iQuue acquisition.
SmartRent’ s customer base grew at a record pace in 2021, both for the fourth quarter and the full year. During the fourth quarter, SmartRent added 31 new customers and gained 19 additional customers through its acquisition of iQuue, bringing SmartRent’ s total customer base to 249.
For the year, SmartRent grew its customer base 75%, from 142 customers at the end of 2020. Collectively, the Company’ s 249 customers own or operate approximately 4.5 million units.
Recent Business Highlights
In December 2021, SmartRent acquired iQuue, an open-architecture smart apartment company with 16,637 Units Deployed and 5,968 Committed Units primarily located throughout the East Coast. The acquisition provides SmartRent incremental exposure in the new-build multifamily market and expands SmartRent’ s presence in the Southeast by adding 19 new customers who own or control approximately 100,000 units. We anticipate iQuue will contribute approximately $ 2.0 million in annual recurring revenue ( ARR) in 2022. The transaction closed on December 30, 2021 and did not contribute to SmartRent’ s fourth quarter revenue. Additional details regarding the acquisition are available in the Company’ s 2021 Annual Report on Form 10-K.
In January 2022, SmartRent announced the appointment of Brian Roberts as Chief Legal Officer. Mr. Roberts, an experienced public-company executive with over 20 years of corporate legal experience, oversees all legal, corporate governance and compliance matters for the Company.
Balance Sheet and Liquidity
As of December 31, 2021, the Company had $ 432.6 million in cash on its balance sheet as compared to $ 38.6 million as of December 31, 2020. The increase in cash reflects the capital raised from SmartRent’ s financing and public listing on NYSE in August 2021. The Company ended the year with approximately $ 95.6 million of deferred revenue on its balance sheet, as compared to approximately $ 53.5 million at the end of 2020, reflecting growth in the Company’ s Deployed Units.
In December 2021, SmartRent entered into a $ 75.0 million senior secured revolving credit facility with a five-year term and a provision for an incremental $ 75.0 million subject to certain conditions. The revolving facility was unused as of December 31, 2021. The Company also retired a $ 4.9 million term loan with its available cash. As of December 31, 2021, the Company has no outstanding debt and approximately $ 507.6 million in liquidity including availability under its revolving credit facility and cash on the balance sheet.
Financial and Business Outlook
The Company continues to experience strong demand for its smart home enterprise software solutions and is providing guidance for full-year 2022 and the first quarter of 2022.
The estimates presented below represent a range of possible outcomes and may differ materially from actual results. These estimates exclude the impact of potential acquisitions, capital markets activity, and unforeseen potential challenges with supply chain and logistics. The estimates are forward-looking based on the Company’ s current assessment of demand for its product, execution capabilities and market conditions, as well as other risks outlined below under the caption “ Forward-Looking Statements. ”
Full-Year 2022 Guidance
Quarter ended March 31, 2022 Guidance
Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measures are provided in subsequent sections of the press release and supplemental schedules. SmartRent has not provided a reconciliation of forward-looking Adjusted EBITDA, including certain components of the forward-looking reconciliation to the most directly comparable GAAP financial measures, due primarily to variability and difficulty in making accurate forecasts and projections of non-operating matters that may arise, as not all of the information necessary for a quantitative reconciliation is available to SmartRent without unreasonable effort. For the same reasons, SmartRent is unable to address the probable significance of the information.
Conference Call Information
SmartRent is hosting a conference call today, March 24, 2022, at 5 p.m. ET to discuss its fourth quarter and full-year 2021 financial results. To join the call, dial 1-877-407-3982 in the USA or Canada, or 1-201-493-6780 if dialing in internationally. The passcode for the conference call is 13726960.
Following the call’ s conclusion, a webcast of the call will be posted on the Events and Presentations section of SmartRent’ s website.
About SmartRent
Founded in 2017, SmartRent ( NYSE: SMRT) is an enterprise smart home and smart building technology platform for property owners, managers, developers, homebuilders and residents. The SmartRent solution is designed to provide property managers with seamless visibility and control over all their assets while delivering cost savings and additional revenue opportunities through all-in-one home control offerings for residents. For more information, please visit smartrent.com.
Forward-Looking Statements
This press release contains forward-looking statements which address the Company's expected future business and financial performance, and may contain words such as `` goal, '' `` target, '' `` future, '' `` estimate, '' `` expect, '' `` anticipate, '' `` intend, '' `` plan, '' `` believe, '' `` seek, '' `` project, '' `` may, '' `` should, '' `` will '' or similar expressions. Examples of forward-looking statements include, among others, statements regarding the benefits of the Company's strategic acquisitions, changes in the market for our products and services, expected financial results, product portfolio enhancements, expansion plans and opportunities and earnings guidance related to 2022 financial and operational metrics. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among other things, our ability to: ( 1) execute our business strategy within the smart home technology industry; ( 2) expand our products and solutions to meet the demands of the market; ( 3) meet legal obligations, including laws and regulations related to security and privacy; ( 4) prevent unauthorized or inadvertent access to our information technology systems and customer or resident data; ( 5) successfully manage the competitiveness of our market and pricing levels of our competitors; ( 6) hire, retain, manage and motivate employees, including key personnel; ( 7) successfully manage and ensure that our suppliers produce or obtain quality products and services on a timely basis or in sufficient quantity; ( 8) successfully manage interruptions to, or other problems with, our website and interactive user interface, information technology systems, manufacturing processes or other operations; ( 9) successfully identify, acquire, and integrate quality acquisition targets; ( 10) successfully resolve legal proceedings, recall claims, and governmental inquiries; ( 11) acquire and protect our intellectual property and acquire or make investments in other businesses, patents, technologies, products or services to grow the business; ( 12) comply with laws and regulations applicable to our business, including developments in state and local regulations; ( 13) fuel growth and accelerate the adoption of our products and services; ( 14) develop, design, and sell services that are differentiated from those of competitors; ( 15) manage risks associated with product liability, warranty, personal injury, property damage and recall matters; and ( 16) successfully deploy the proceeds from the business combination we completed last year. The forward-looking statements herein represent the judgment of the Company, as of the date of this release, and SmartRent disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company's other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company's reported financial results and our business outlook for future periods.
Use of Non-GAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with GAAP, SmartRent also discloses certain non-GAAP financial measures in this press release. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and Adjusted EBITDA are non-GAAP financial measures as defined by SEC rules. These non-GAAP financial measures, as defined below by SmartRent, may be determined or calculated differently by other companies. Reconciliations of these non-GAAP measurements to the most directly comparable GAAP financial measurements have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliations.
As detailed in the reconciliations, the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA is net income or loss. EBITDA and Adjusted EBITDA are not used as measures of SmartRent’ s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP.
SmartRent’ s management uses EBITDA and Adjusted EBITDA in a number of ways to assess the Company’ s financial and operating performance and believes that these measures provide useful information to investors regarding financial and business trends related to SmartRent’ s results of operations. EBITDA and Adjusted EBITDA are also used to identify certain expenses and make decisions designed to help SmartRent meet its current financial goals and optimize its financial performance, while neutralizing the impact of expenses included in its operating results which could otherwise mask underlying trends in its business. SmartRent’ s management believes that investors are provided with a more meaningful understanding of SmartRent’ s ongoing operating performance when non-GAAP financial information is viewed with GAAP financial information.
( 1) Key Operating Metrics Defined
SmartRent regularly monitors several operating and financial metrics including the following non-GAAP financial measures which the Company believes are key measures of its growth, to evaluate its operating performance, identify trends affecting its business, formulate business plans, measure its progress, and make strategic decisions. The Company’ s Key Operating Metrics may not provide accurate predictions of future GAAP financial results.
Units Deployed is defined as the aggregate number of SmartHubs that have been installed ( also including customer self-installations) as of a stated measurement date. The Company uses this operating metric to assess the general health and trajectory of its business growth.
New Units Deployed is defined as the aggregate number of SmartHubs that have been installed ( also including customer self-installations) during a stated measurement period. The Company uses this operating metric to assess the general health and trajectory of its business growth.
Committed Units is defined as the aggregate number of SmartHub units that are subject to binding orders from customers together with units that existing customers who are parties to a SmartRent master services agreement have informed us ( on a non-binding basis) that they intend to order in the future for deployment within two years of the measurement date. The Company tracks the number of Committed Units to assess the general health and trajectory of its business and to assist in its longer-term resource analysis.
Units Booked is defined as the aggregate number of SmartHubs associated with binding orders executed during a stated measurement period. The Company utilizes the concept of Units Booked to measure estimated near-term resource demand and the resulting approximate range of post-delivery revenue that it will earn and record. Units Booked represent binding orders only and accordingly are a subset of Committed Units.
Annual Recurring Revenue ( “ ARR ”) is defined as the annualized value of our recurring SaaS revenue earned in the current quarter.
EBITDA and Adjusted EBITDA: We define EBITDA as net income or loss computed in accordance with GAAP before the following items: interest expense, income tax expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA before the following items: stock-based compensation expense, non-employee warrant expense, loss on extinguishment of debt, change in fair value of derivatives, unrealized gains and losses in currency exchange rates, and warranty provisions for battery deficiencies. Management uses EBITDA and Adjusted EBITDA to identify certain expenses and make decisions designed to help us meet our current financial goals and optimize our financial performance, while neutralizing the impact of expenses included in our operating results which could otherwise mask underlying trends in our business. See “ Use of Non-GAAP Financial Measures ” for additional information and reconciliation of these measures.
SMARTRENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
( In thousands, except per share amounts)
For the quarters ended December 31,
For the years ended December 31,
2021
2020
2021
2020
Revenue
Hardware
$
21,177
$
8,022
$
69,629
$
31,978
Professional services
7,387
2,746
22,732
12,304
Hosted services
6,104
2,833
18,276
8,252
Total revenue
34,668
13,601
110,637
52,534
Cost of revenue
Hardware
21,226
10,234
70,448
35,225
Professional services
12,340
4,585
38,189
16,176
Hosted services
4,256
1,695
12,073
5,430
Total cost of revenue
37,822
16,514
120,710
56,831
Operating expense
Research and development
7,515
2,765
21,572
9,406
Sales and marketing
4,923
1,381
14,017
5,429
General and administrative
10,317
3,825
25,990
16,584
Total operating expense
22,755
7,971
61,579
31,419
Loss from operations
( 25,909
)
( 10,884
)
( 71,652
)
( 35,716
)
Interest expense, net
( 50
)
( 49
)
( 249
)
( 559
)
Other income ( expense), net
( 14
)
224
55
( 685
)
Loss before income taxes
( 25,973
)
( 10,709
)
( 71,846
)
( 36,960
)
Provision for income taxes
( 15
)
( 21
)
115
149
Net loss
( 25,958
)
( 10,688
)
( 71,961
)
( 37,109
)
Other comprehensive loss
Foreign currency translation adjustment
( 92
)
103
( 226
)
235
Comprehensive loss
$
( 26,050
)
$
( 10,585
)
$
( 72,187
)
$
( 36,874
)
Net loss per common share
Basic and diluted
$
( 0.13
)
$
( 1.03
)
$
( 0.96
)
$
( 4.32
)
Weighted-average number of shares used in computing net loss per share
Basic and diluted
192,053
10,378
74,721
8,598
SMARTRENT, INC.
CONSOLIDATED BALANCE SHEETS
( In thousands, except per share amounts)
December 31, 2021
December 31, 2020
ASSETS
Current assets
Cash and cash equivalents
$
430,841
$
38,618
Restricted cash, current portion
1,268
-
Accounts receivable, net
45,486
20,787
Inventory
33,208
17,628
Deferred cost of revenue, current portion
7,835
6,782
Prepaid expenses and other current assets
17,369
3,840
Total current assets
536,007
87,655
Property and equipment, net
1,874
847
Deferred cost of revenue
18,334
10,072
Goodwill
12,666
4,162
Other long-term assets
10,802
1,113
Total assets
$
579,683
$
103,849
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS ' EQUITY ( DEFICIT)
Current liabilities
Accounts payable
$
6,149
$
2,275
Accrued expenses and other current liabilities
22,234
9,555
Deferred revenue, current portion
42,185
19,348
Current portion of long-term debt
-
1,651
Total current liabilities
70,568
32,829
Long-term debt, net
-
3,169
Deferred revenue
53,412
34,153
Other long-term liabilities
6,201
516
Total liabilities
130,181
70,667
Commitments and contingencies ( Note 12)
Convertible preferred stock, $ 0.0001 par value; 50,000 and 105,995 shares authorized as of December 31, 2021 and December 31, 2020; no shares of preferred stock issued and outstanding as of December 31, 2021; 104,822 shares issued and outstanding as of December 31, 2020.
-
111,432
Stockholders ' equity ( deficit)
Common stock, $ 0.0001 par value; 500,000 and 140,595 shares authorized as of December 31, 2021 and December 31, 2020; 193,864 and 10,376 shares issued and outstanding as of December 31, 2021 and December 31, 2020
19
-
Additional paid-in capital
604,077
4,157
Accumulated deficit
( 154,603
)
( 82,642
)
Accumulated other comprehensive income
9
235
Total stockholders ' equity ( deficit)
449,502
( 78,250
)
Total liabilities, convertible preferred stock and stockholders ' equity ( deficit)
$
579,683
$
103,849
SMARTRENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
( In thousands)
For the years ended December 31,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$
( 71,961
)
$
( 37,109
)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization
463
295
Amortization of debt discount
14
8
Non-employee warrant expense
931
481
Provision for warranty expense
7,634
3,370
Loss on extinguishment of debt
27
164
Non-cash lease expense
621
461
Stock-based compensation related to acquisition
812
707
Stock-based compensation
7,319
1,052
Compensation expense related to acquisition
-
3,353
Non-cash interest expense
11
100
Provision for excess and obsolete inventory
( 39
)
778
Provision for doubtful accounts
226
512
Change in operating assets and liabilities
Accounts receivable
( 23,969
)
( 13,526
)
Inventory
( 15,778
)
( 11,090
)
Deferred cost of revenue
( 9,315
)
( 8,584
)
Prepaid expenses and other assets
( 11,284
)
1,014
Accounts payable
3,811
( 72
)
Accrued expenses and other liabilities
1,605
( 3,209
)
Deferred revenue
38,945
32,841
Lease liabilities
( 449
)
( 36
)
Net cash used in operating activities
( 70,376
)
( 28,490
)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for Zenith acquisition, net of cash acquired
-
( 2,382
)
Payments for iQuue acquisition, net of cash acquired
( 5,902
)
-
Purchase of property and equipment
( 1,471
)
( 298
)
Payment for loan receivable
( 2,000
)
-
Net cash used in investing activities
( 9,373
)
( 2,680
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving line of credit
-
7,179
Payments on revolving line of credit
-
( 11,981
)
Payments on term loan
( 4,861
)
( 139
)
Payments of senior revolving facility transaction costs
( 658
)
-
Payments on note payable related to acquisition
-
( 4,327
)
Proceeds from warrant exercise
5
-
Proceeds from convertible notes
-
50
Convertible preferred stock issued
35,000
57,500
Payments of convertible preferred stock transaction costs
( 207
)
( 61
)
Proceeds from business combination and private offering
500,628
-
Payments of business combination and private offering transaction costs
( 55,981
)
-
Net cash provided by financing activities
473,926
48,221
Effect of exchange rate changes on cash and cash equivalents
( 191
)
143
Net increase in cash, cash equivalents, and restricted cash
393,986
17,194
Cash, cash equivalents, and restricted cash - beginning of period
38,618
21,424
Cash, cash equivalents, and restricted cash - end of period
$
432,604
$
38,618
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents
$
430,841
$
38,618
Restricted cash, current portion
1,268
-
Restricted cash, included in other long-term assets
495
-
Total cash, cash equivalents, and restricted cash
$
432,604
$
38,618
SMARTRENT, INC.
RECONCILIATION OF NON-GAAP MEASURES
( In thousands)
Years ended December 31,
2021
2020
Net loss
$
( 71,961
)
$
( 37,109
)
Interest expense, net
249
559
Provision for income taxes
115
149
Depreciation and amortization
463
295
EBITDA
( 71,134
)
( 36,106
)
Stock-based compensation
8,131
1,759
Non-employee warrant expense
931
481
Loss on extinguishment of debt
27
164
Loss on change in exchange rates
-
470
Compensation expense in connection with Zenith acquisition
-
3,353
Warranty provision for battery deficiencies
6,430
3,200
Adjusted EBITDA
$
( 55,615
)
$
( 26,679 | general |
NYC expanding vaccine exemption to city-based entertainers, clearing Kyrie Irving and unvaccinated Yankees and Mets to play at home |
Brooklyn Nets star Kyrie Irving can go back to playing home games -- and all New York Yankees and Mets can play in their home openers next month regardless of their
Covid-19 vaccination
status.
New York City Mayor
Eric Adams
on Thursday said he 'll sign an order exempting New York-based professional athletes and performers -- not just the already-spared visiting performers -- from a workers ' Covid-19 vaccine mandate.
The exemption extends to city-based singers and other entertainers. The decision has drawn discontent from unions of other types of workers, arguing either that the wider mandate isn't necessary or that people fired for not adhering to it should be reinstated.
Adams said he expanded the exemption in part because the city's economy -- including vendors and businesses that surround the city's venues -- thrives best when all its stars attract people to those places. The city's multibillion-dollar tourism industry, he said, still was reeling in losses caused by the pandemic.
He also said was doing it out of fairness -- to put New York City-based performers `` on a level playing field '' with visiting performers.
Read More
Kyrie Irving: NBA fines Brooklyn Nets $ 50,000 for allowing player to enter team locker room
`` We're not doing it because there are pressures to do it. We're doing it because the city has to function, '' Adams said at a news conference at the New York Mets ' Citi Field.
`` This is about supporting our local vendors, our local stores... and hearing those vendors on the ground... saying how important it is ( that) players attract people to the stadium, '' the mayor said.
He also said he was doing it because the city was now a `` low-risk ( Covid-19) environment. ''
Still, Adams said, `` all of us should be vaccinated -- including our players. '' He said officials would continue to promote Covid-19 vaccines, and he hoped the vaccination rates of all the city's sports teams would reach 100%.
`` Kyrie... get vaccinated. Nothing has changed, '' Adams said.
At issue was the city's
policy requiring
all workers who perform in-person work or interact with the public to show proof of having received at least one dose of vaccine.
The city already had allowed an
exception
for non-New York City resident entertainers and professional athletes.
The policy had kept Irving, a seven-time All-Star guard who has chosen not to receive a Covid-19 vaccine, from playing in the 35 home games the Nets have played since the NBA season began in October.
He 'll now be able to play not just the Nets three remaining regular season road contests, but also the team's six remaining home games as the club jockeys for playoff position.
The announcement also comes before the start of Major League Baseball's season, allowing unvaccinated
Mets
and
Yankees
players to play upcoming home games as well.
Details about how many Yankees and Mets have not received a Covid-19 vaccine weren't immediately available.
At Thursday's news conference, Yankees president Randy Levine said a `` few '' of his team's players were unvaccinated.
`` You're going to have to live with 'few, ' and I can't give you individuals, '' Levine said, citing privacy laws and rules in Major League Baseball's operating agreement with players.
Some unions criticizes move
Adams ' Thursday announcement didn't sit well with some unions, including the city's largest police union.
`` If the mandate isn't necessary for famous people, then it's not necessary for the cops who are protecting our city in the middle of a crime crisis, '' said Patrick J. Lynch, president of the
Police Benevolent Association of the City of New York
. He added that the union has been `` suing the city for months over its arbitrary and capricious vaccine mandate. ''
`` While celebrities were in lockdown, New York City police officers were on the street throughout the pandemic, working without adequate PPE and in many cases contracting and recovering from Covid themselves. They don't deserve to be treated like second-class citizens now, '' Lynch said in a statement released on Twitter.
A United Federation of Teachers spokesperson also took issue with Adams ' move.
`` Vaccinations are a critical tool against the spread of Covid, and the city should not create exceptions to its vaccination requirements without compelling reasons, '' the UFT spokesperson said. `` If the rules are going to be suspended, particularly for people with influence, then the UFT and other city unions are ready to discuss how exceptions could be applied to city workers. ''
The executive director of
District Council 37
, a union of public employees, said `` thousands of city workers lost their jobs over the vaccine mandate. ''
`` These are the same essential workers who kept the city going during the height of the pandemic. They deserve the respect and dignity of having their jobs back, '' the DC 37 official, Henry Garrido, said. `` They deserve to be treated equally to their private sector counterparts. We demand that those who lost their job over the mandate be reinstated. ''
Adams said the city is not reviewing the cases of 1,400 municipal employees who were terminated for not getting vaccinated. The figure includes those who were hired following the mandates with the agreement of getting vaccinated, but ultimately chose not to.
The mayor said he was not lobbied to make his decision.
`` This is not based on a lobby coming in. People have been speaking to us throughout this entire process. We 've made our decisions based on my morning briefings with our team -- my medical team -- we made our decisions based on that. Outside noise is not going to interfere or intercede with what we're doing, '' Adams said.
Nets are battling for playoff position
As for Irving, the Nets initially also kept him from road games when the season started in October, but
relented
in December.
Irving's pending return to home games comes amid a crucial pre-playoff stretch. The Nets currently have the NBA Eastern Conference's
eighth-best record
, three wins behind the sixth spot that would guarantee a regular playoff seed.
If they finish anywhere from seventh to 10th, the Nets would be in a four-team
play-in tournament
to determine the clubs that would fill the conference's seventh and eighth playoff seeds.
The Nets '
final nine regular season games
start with Saturday's contest at Miami, followed a day later at home against Charlotte.
Irving said he's looking forward to speaking about it
Reports of Adams ' expected announcement on Wednesday served as a 30th birthday present for Irving, who on Wednesday night
surged to 43 points
in a loss on the road to the Memphis Grizzlies.
Irving arrived at his postgame news conference requesting that no reporter quiz him on the mandate until an official announcement, but was subsequently left irritated as he was asked about it.
`` So you didn't hear me walk in? '' Irving replied. `` You didn't hear my statement when I walked in? Don't put me in a position until anything is official. ''
The conference ended in smiles when Irving, later asked about the potential `` domino effect '' of the policy change on the team, said that he `` could not wait '' to talk to reporters once an official announcement was made.
`` That's got to be the greatest birthday gift ever, '' someone could be heard saying, to which Irving replied, `` I appreciate that, '' before smiling and walking away, with laughs audible in the background.
Irving has been able to attend Barclays Center games as a spectator, yet his presence in the home locker room at a game earlier this month saw the Nets
hit with a $ 50,000 fine
for `` violating local New York City law and league health and safety protocols. ''
NBA and players union applaud mayor's decision
The executive director of the National Basketball Players Association previously
called
for the city's policy to change. On Thursday, the union and the NBA issued a joint statement applauding Adams ' announcement.
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`` The NBA and NBPA have achieved a 97% vaccination and 75% booster rate among players, required both for league staff, team staff, and referees, and will continue to be strong advocates for vaccination and boosters, '' the statement reads.
`` With today's announcement, we support the mayor's determination that the old rules treating hometown and visiting players differently no longer made sense, particularly because unvaccinated NBA players will continue to test daily. We applaud the mayor for listening to the concerns of our New York teams, players, fans and communities and for leveling the playing field for home teams and their opponents. ''
Irving
defended
his decision to not get vaccinated in October, saying in an Instagram Live video that `` nobody should be forced to do anything with their bodies, '' adding that his decision was not politically motivated.
He is in his third year of a four-year, $ 136 million contract signed with the Nets in 2019.
Adams ' announcement is the latest in a string of decisions relaxing Covid-19 measures. The city on March 7 lifted its mask mandate for indoor activities.
The mayor indicated on Tuesday that he would lift the mask mandates around April 4 in schools and day care settings for children from 2 to 4 years old, an age group that does not currently have a vaccine available, `` if the numbers continue to show a low level of risk. ''
CNN's Liam Reilly, Kevin Dotson, Sonia Moghe and Melanie Schuman contributed to this report. | general |
MEI Pharma and Kyowa Kirin Provide Regulatory Update on Zandelisib Following Meeting with the FDA | – MEI to Host Zandelisib Program Update Webcast Today at 4:30 p.m. Eastern Time –
SAN DIEGO & TOKYO -- ( BUSINESS WIRE) -- MEI Pharma, Inc. ( NASDAQ: MEIP) and Kyowa Kirin Co., Ltd. ( Kyowa Kirin, TSE: 4151), today provided an update after a recent meeting with the U.S. Food Drug Administration ( FDA) to discuss the pursuit of a marketing authorization for zandelisib, a phosphatidylinositol-3-kinase ( “ PI3K ”) inhibitor drug candidate, via the accelerated approval pathway under 21 CFR Part 314.500, Subpart H, based on data generated by the single arm Phase 2 TIDAL study. In the meeting, the FDA informed the companies of its position that a randomized trial is now needed to adequately assess drug efficacy and safety of PI3K inhibitor drug candidates, including zandelisib. Based on this view, the agency discouraged a filing based on the Phase 2 TIDAL study data and emphasized that the companies continue efforts with the ongoing, randomized Phase 3 COASTAL study as planned. Accordingly, in line with the FDA’ s recommendation, the companies do not plan to submit an FDA marketing application based on the single arm Phase 2 TIDAL study. In addition, while the FDA stated that safety on the 60 mg intermittent schedule appears reasonable, it recommended continued dose exploration to further support the current dose and regimen.
“ The FDA’ s current position on the assessment of benefit and risk of PI3K inhibitors solely based on single arm studies appears to have evolved, as evidenced by the position the FDA communicated at the recent meeting on zandelisib, and the upcoming ODAC meeting scheduled for April 21, 2022 to discuss whether randomized data should be required for the class of PI3K inhibitors to demonstrate appropriate evidence of efficacy and safety, ” said Daniel P. Gold, Ph.D., president and chief executive officer of MEI Pharma. “ Clearly, the outcome of our recent FDA meeting is a disappointing development. Nonetheless we will continue to focus on the ongoing Phase 3 COASTAL study as we consider options that provide the most expeditious approval pathway utilizing randomized data, and which we believe will demonstrate the potential of zandelisib to help patients. Today’ s announcement in no way diminishes our conviction to the development of zandelisib and the promise of its emerging clinical profile. Based on current projections, MEI believes we have sufficient cash for operations to complete the COASTAL study enrollment in 2024. ”
Dr. Gold continued: “ In partnership with Kyowa Kirin, we remain committed to the ultimate potential of zandelisib to address important medical needs as a single agent or in combination with other therapies providing physicians, and their patients, important new treatment options. We plan on completing evaluation of the Phase 2 TIDAL study, and look forward to sharing final data later this year to further advance an understanding of zandelisib’ s clinical utility. ”
“ Our dialogue with the FDA has updated our understanding of the evolving regulatory view of the PI3K inhibitor drug class. With this knowledge, we can focus our efforts to advance the COASTAL program, ” said Yoshifumi Torii, Ph.D., Executive Officer, Vice President, Head of R & D of Kyowa Kirin. “ Our teams around the world have made steady progress to enroll patients and give us important momentum. Together with MEI Pharma, we will continue to work with the investigators, patients, and advocacy organizations to drive continued progress. ”
About 21 CFR Part 314.500, Subpart H
Under 21 CFR Part 314.500, Subpart H, a drug candidate may be eligible for accelerated approval if it is intended to treat a serious or life-threatening disease or condition, and the product would provide meaningful therapeutic benefit over existing treatments. Under accelerated approval, a product may be approved based on adequate and well-controlled clinical studies establishing that the product has an effect on a surrogate endpoint that is reasonably likely to predict a clinical benefit, or on the basis of an effect on a clinical endpoint that can be measured earlier than irreversible morbidity or mortality and that is reasonably likely to predict an effect on irreversible morbidity or mortality or other clinical benefits. As a condition of approval, the FDA may require that a sponsor receiving accelerated approval perform adequate and well-controlled post-marketing clinical studies to verify the predicted clinical benefit.
The FDA historically granted accelerated approval to PI3K inhibitors under 21 CFR Part 314.500, Subpart H for relapsed or refractory follicular and marginal zone lymphomas. Such approvals were granted with the expectation that confirmatory Phase 3 studies producing randomized data would follow the approval. Generally the FDA has expressed a preference for randomized trials, however, the recent meeting with the FDA was the first instance that the agency informed the companies that data from a single arm study, such as the Phase 2 TIDAL clinical study, would not be adequate to evaluate benefit and risk under 21 CFR Part 314.500, Subpart H and that a randomized study is required to support a potential accelerated approval.
About Zandelisib
Zandelisib, a selective PI3Kδ inhibitor, is an investigational cancer treatment being developed as an oral, once-daily, treatment for patients with B-cell malignancies. Clinical trials are investigating the efficacy and safety of zandelisib as a single agent and in combination with other modalities while administered on an Intermittent Dosing Regimen ( IDT). The IDT leverages molecular and biologic properties specific to zandelisib.
In November 2021, MEI Pharma announced data from ongoing Phase 2 TIDAL study ( NCT03768505) evaluating zandelisib as a single agent for follicular lymphoma ( FL) patients who received at least two prior systemic therapies. Zandelisib demonstrated a 70.3% objective response rate ( ORR) as determined by Independent Review Committee ( IRC) assessment in the primary efficacy population ( n=91). In addition, 35.2% of patients achieved a complete response. At the time of the data cutoff, the data were insufficiently mature to accurately estimate duration of response ( DOR). In line with previously reported data from the Phase 1B study, zandelisib was generally well tolerated. With 9.4 months ( range: 0.8-24) median duration of follow-up in the total study population ( n=121), interim data demonstrated a discontinuation rate due to any drug related adverse event of 9.9%. Patients enrolled in the study will continue to be followed for safety and DOR.
Ongoing zandelisib studies include the cohort in TIDAL evaluating patients with R/R marginal zone lymphoma ( MZL) and continuing follow up in the cohort of the study evaluating patients with R/R FL. Also ongoing is the Phase 3 COASTAL study ( NCT04745832) comparing zandelisib plus rituximab to standard of care chemotherapy plus rituximab, in patients with R/R FL or MZL who received more than one prior line of therapy, which must have included an anti-CD20 antibody in combination with chemotherapy or lenalidomide. COASTAL is intended to support marketing applications in the U.S. and globally.
Other ongoing studies include a Phase 2 pivotal study in Japan ( NCT04533581) in patients with indolent B-cell non-Hodgkin's lymphoma ( iNHL) without small lymphocytic lymphoma ( SLL), lymphoplasmacytic lymphoma ( LPL), and Waldenström's macroglobulinemia ( WM) conducted by Kyowa Kirin.
In March 2020, the FDA granted zandelisib Fast Track designation for the treatment of adult patients with R/R follicular lymphoma who have received at least two prior systemic therapies. In November 2021, the FDA granted zandelisib Orphan Drug designation for the treatment of patients with follicular lymphoma.
In April 2020, MEI and Kyowa Kirin entered a global license, development, and commercialization agreement to further develop and commercialize zandelisib. MEI and Kyowa Kirin will co-develop and co-promote zandelisib in the U.S., with MEI booking all revenue from the U.S. sales. Kyowa Kirin has exclusive commercialization rights outside of the U.S.
Conference Call and Webcast
MEI Pharma will host a conference call and webcast on March 24, 2022 at 4:30pm Eastern Time. To access the live call, please dial 1-833-974-2378 ( United States) or 1-412-317-5771 ( International). Please ask to join the MEI Pharma call. The event is also available via a live audio webcast at this link, and on the Investors section of MEI’ s website at https: //www.meipharma.com/investors/events-calendar. A replay of the webcast will be archived on MEI’ s website for at least 30 days following the event.
About MEI Pharma
MEI Pharma, Inc. ( Nasdaq: MEIP) is a late-stage pharmaceutical company focused on developing potential new therapies for cancer. MEI Pharma's portfolio of drug candidates contains multiple clinical-stage assets, including zandelisib, currently in ongoing clinical trials which may support marketing approvals with the U.S. Food and Drug Administration and other regulatory authorities globally. Each of MEI Pharma's pipeline candidates leverages a different mechanism of action with the objective of developing therapeutic options that are: ( 1) differentiated, ( 2) address unmet medical needs and ( 3) deliver improved benefit to patients either as standalone treatments or in combination with other therapeutic options. For more information, please visit www.meipharma.com. Follow us on Twitter @ MEI Pharma and on LinkedIn.
About Kyowa Kirin
Kyowa Kirin strives to create and deliver novel medicines with life-changing value. As a Japan-based global specialty pharmaceutical company with a more than 70-year heritage, the company applies cutting-edge science, including expertise in antibody research and engineering, to address the needs of patients across multiple therapeutic areas such as nephrology, oncology, immunology/allergy and neurology. Across its four regions – Japan, Asia Pacific, North America and EMEA/International – Kyowa Kirin focuses on its purpose, to make people smile, and is united by its shared values of commitment to life, teamwork, innovation and integrity. Learn more about the Company at www.kyowakirin.com and on Twitter @ KyowaKirin US and LinkedIn.
Forward-Looking Statements
Under U.S. law, a new drug can not be marketed until it has been investigated in clinical studies and approved by the FDA as being safe and effective for the intended use. Statements included in this press release that are not historical in nature are `` forward-looking statements '' within the meaning of the `` safe harbor '' provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the results of our clinical trials of zandelisib, the anticipated timing of our submission of an FDA marketing application for zandelisib, the anticipated timing of the disclosure of the final study data for our Phase 2 TIDAL trial, the timing and success of enrollment for our Phase 3 COASTAL trial, our projected financial position and our expected cash runway, the overall advancement of our product candidates in clinical trials and our plans to continue development of our product candidates. We may in some cases use terms such as “ predicts, ” “ believes, ” “ potential, ” “ continue, ” “ anticipates, ” “ estimates, ” “ expects, ” “ plans, ” “ intends, ” “ may, ” “ could, ” “ might, ” “ likely, ” “ will, ” “ should ” or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on management's current expectations and are subject to a number of risks and uncertainties, including, but not limited to, our failure to successfully commercialize our product candidates; the availability or appropriateness of utilizing the FDA’ s accelerated approval pathway for our product candidates; final data from our pre-clinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; costs and delays in the development and/ or FDA approval of our product candidates, or the failure to obtain such approval, of our product candidates; uncertainties or differences in interpretation in clinical trial results; the risk that our clinical trials are discontinued or delayed for any reason, including for safety, tolerability, enrollment, manufacturing or economic reasons; the impact of the COVID-19 pandemic on our industry and individual companies, including on our counterparties, the supply chain, the execution of our clinical development programs, our access to financing and the allocation of government resources; our inability to maintain or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products; competitive factors; our inability to protect our patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate our business; our inability to operate our business without infringing the patents and proprietary rights of others; general economic conditions; the failure of any products to gain market acceptance; our inability to obtain any additional required financing; technological changes; government regulation; changes in industry practice; and one-time events. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.
to these forward-looking statements.
MEI Pharma: David A. Walsey Tel: 858-369-7104 investor @ meipharma.com
Jason I. Spark Canale Communications for MEI Tel: 619-849-6005 jason.spark @ canalecomm.com | general |
Uber is adding New York City taxis to it ride-hailing app — Quartz | Uber customers may soon be able to hail a New York City cab through the app, thanks to a partnership between the ride-share company and two taxi-hailing platforms.
As part of the deal, Uber will work with companies Curb and Creative Mobile Technologies to list all New York City taxis on its app, the Wall Street Journal reported today ( March 24). The partnership comes as Uber is facing a driver shortage that has caused the price of an average ride to rise. Some New York City taxi drivers, too, are struggling to earn a living due to outstanding debt and competition from ride-hailing apps like Uber.
While Uber has already partnered with taxi services abroad, this is the first such citywide partnership in the US. Earlier this year, Uber CEO Dara Khosrowshahi said the company has plans to roll out more taxi partnerships: “ I will tell you we wan na get every single taxi in the world onto our platform by 2025, ” he told CNBC in February.
While Uber has been vocal about working to integrate itself with public transit systems, the company has been a disruptive force for taxi industries across the world. A 2016 paper ( pdf) published in the American Economic Review found Uber drivers tend to get more work than taxi drivers. In Los Angeles, for example, the researchers found taxi drivers have a passenger in the car for less than half of the miles they drive, whereas UberX drivers have a passenger in the car for about two thirds ( 64%) of their miles.
Competition from ride-share companies has prompted taxi driver protests in countries including France, England, and Greece, even as Uber has partnered with taxi services in places like Singapore and Berlin.
Though Uber has historically had a tense relationship with New York City’ s taxi industry, the pairing may make sense for both sides right now. Uber is facing a driver shortage that is worsening due to climbing gas prices, while New York City cab drivers have racked up millions of dollars in debt trying to pay for taxi medallions that allow them to work in the city, and lost customers during the coronavirus pandemic.
Uber’ s director of business development Guy Peterson said the new partnership represented a “ real win ” for drivers, as they should more easily be able to find fares during off-peak times, and pick up drivers in the outer boroughs headed for Manhattan. But the New York City Taxi Workers Alliance disagrees. ” The fare structure that is not enough for Uber drivers is also not going to be enough for yellow cab drivers who have higher expenses such as the medallion payment and higher car costs, ” the union said in a statement. It estimates New York City cab drivers would earn 15% less on average from Uber compared to a meter fare.
When the partnership launches later this spring, Uber said both customers and taxi drivers will see the price of the ride before accepting it. | tech |
Omicron'stealth ' variant BA.2 is spreading rapidly in China | BEIJING — As mainland China battles its worst Covid-19 outbreak since early 2020, local governments increasingly say the new omicron BA.2 variant is to blame.
That's the new Covid subvariant, which preliminary research indicates is even more transmissible than the original omicron variant — but doesn't necessarily cause more severe illness.
Mainland China has reported well over 1,000 new confirmed Covid cases a day since March 12, with the number holding above 2,000 for the last three days. That's not including the asymptomatic case count, which can be just as many, or far more, than the number of daily confirmed cases.
From the northern province of Jilin — which accounts for more than half of the new daily cases — to industrial centers like Tangshan and Shenzhen, local authorities have blamed omicron BA.2 for the latest wave of Covid.
`` Omicron BA.2 caused this outbreak, and spreads faster and more easily than previous viruses, '' the export-heavy province of Fujian said in an online statement Tuesday, according to a CNBC translation of the Chinese text.
The subvariant is also `` stealthier '' and harder to find, but infections are primarily mild or asymptomatic cases, the Fujian government said.
Read CNBC's latest global coverage of the Covid pandemic:
Scientists have also described BA.2 as a `` stealth '' variant because it contains mutations that could make it harder to distinguish from the older delta variant using PCR tests.
Despite apparent changes in the virus ' severity, China has maintained its stringent zero-Covid policy of using swift, regional lockdowns to control outbreaks. The strategy had helped the economy quickly return to growth after the initial shock of the pandemic in early 2020.
Different provinces or cities can impose quarantines or travel restrictions on people coming from other regions, or at least require valid virus tests, adding hurdles to commercial travel.
For example, a company had to change its truck driver to a local one before the vehicle entered a city in the Guangxi region, said Klaus Zenkel, chair of the south China chapter of the EU Chamber of Commerce in China. `` Otherwise he can not enter the area where he needs to deliver the goods to. ''
Zenkel is based in the southern city of Shenzhen, which ended a week-long lockdown Sunday night.
`` If you compare this lockdown for the seven days last week, 14 to 21 of March, it was almost tougher than two years ago when the pandemic started, '' he said, referring to the tighter government restrictions on international travel and stay-home policies.
More than half of mainland China shut down in February 2020 for an extended Lunar New Year holiday in an effort to control the initial outbreak of Covid-19 in the country. The economy contracted that quarter, but quickly rebounded.
This time around, multinational corporations could maintain production by keeping workers in the same area as factories, but smaller businesses lost a week of output, Zenkel said Wednesday. He said district governments are asking businesses to share what their losses were, for potential compensation plans.
Shenzhen is pretty much returning to normal, but many people were still getting tested every day so they could present valid negative results as needed for in-person business meetings, he said. `` Let's hope [ with ] all these experiences and all the China data, the Chinese government can find a way to go from zero-Covid to 'live with Covid. ' ''
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Across the country, Covid tests remain a primary way for authorities to confirm whether people are allowed into a city or whether a neighborhood can end its lockdown. These tests — which can't yet be self-administered at home — now only cost about 8 yuan ( $ 1.25) in Beijing, or free if arranged by community leaders.
At a Shanghai city press briefing Wednesday, Wu Fan, deputy dean of Shanghai Medical College at Fudan University, emphasized the need for the public to maintain social distancing, comply with testing and health code checks, and monitor themselves carefully.
`` This time, the omicron BA.2 variant seems to be running very quickly, '' Wu said, according to CNBC translation of the Chinese remarks. `` Just chasing it isn't enough. [ We ] also need to cut off the path ahead of it. '' | business |
Alaska Airlines to convert 2 more Boeing jets into freighters in bet on air cargo boom | In this article
Alaska Airlines is turning two of its midlife Boeing 737-800s into cargo planes, a bet that the pandemic boom in air freight will continue to generate revenue even after more passengers return to travel.
The Seattle-based airline, the country's fifth-largest, already has three smaller Boeing 737-700s dedicated solely to air freight. It's a small number for a carrier whose mainline fleet stood at 217 planes at the end of 2021, but the pandemic has made cargo more important to airlines.
Covid forced passenger carriers to cut flights, reducing belly space in planes around the world that would normally carry everything from live animals, packages, produce and pharmaceuticals. That drove up demand — and prices — for air cargo.
Alaska has put out a request for proposals to convert the two planes to air cargo and hasn't yet settled on a supplier. The increase in its cargo fleet could extend beyond the two planes, but it hasn't yet committed to adding more.
`` I don't think the magic number is two, '' Adam Drouhard, the airline's managing director of cargo, told CNBC.
The new planes will be dedicated to serving destinations in the state of Alaska.
Companies including Boeing have been adding capacity to convert more passenger jets to cargo planes to capitalize on the trend.
Cargo analyst Stephen Fortune said the conversion of a passenger jet into a freighter, which entails ripping out passenger seats and overhead bins, reinforcing the plane's floor, and cutting a cargo door for easier loading, can cost around $ 5 million.
Alaska debuted converted 737-700s in 2017, but Drouhard said he expects that expanding beyond the two planes will be easier than the conversions of five years ago because it's not an altogether new program: 737-800 conversion lines are already available.
`` It's not going to be as big of a ramp up with one every eight to 10 years, '' he said.
In 2021, 101 passenger planes were converted to freighters, up from 59 in 2019 and 71 in 2020, according to IBA Insight.
Most other U.S. passenger airlines don't operate standalone freighter aircraft but have benefited from the rise in cargo demand during the pandemic. Some carriers flew passenger planes with empty seats and full cargo bellies when demand for travel plummeted in 2020.
Cargo revenue for United Airlines, which does the most long-haul international flying of the U.S. carriers, brought in $ 2.35 billion last year, up more than 42% from 2020 and double 2019, before Covid hit. Air freight made up almost 10% of its sales last year, compared with 3% before Covid.
Low-cost and leisure-focused airline Sun Country started flying cargo for Amazon in 2020 on freighters for the e-commerce giant's air unit, a plan it drew up in 2019 but sped up during the pandemic. | business |
Weekly jobless claims fall to a nearly 53-year low | The last time the weekly number was that low was September 6, 1969, shortly after Neil Armstrong stepped foot on the moon and hippies were rocking out to Jimi Hendrix at Woodstock. Back then, 182,000 people filed for jobless benefits.
The latest jobless claims total was also down from an upwardly revised 215,000 in the previous week. The labor market remains a bright spot in the US economy, even as consumers are feeling the pinch of higher oil and gas prices and other inflation pressures.
In another encouraging sign, the number of people filing for continued jobless claims fell 67,000 to 1.35 million during the week ending March 12. That's the lowest level for this reading since January 3, 1970.
However, the strong jobs numbers could lead the Federal Reserve to step up its pace of interest rate hikes in order to keep inflation in check.
The Fed raised rates earlier this month for the first time since December 2018, by a quarter of a percentage point. Traders are now pricing in a nearly 70% likelihood of a half-point rate hike at the Fed's next meeting on May 3-4.
`` There isn't much more to say about the labor market. It is extremely strong and this data is exactly the sort of evidence that has given the Fed confidence that they can raise rates more quickly to battle inflation, '' said Jefferies economists Thomas Simons and Aneta Markowska in a report.
`` Demand for labor is strong and there are no reasons to believe that this will change any time soon, barring another wave of a new Covid variant, '' the Jefferies economists added.
The government will report its closely watched monthly jobs figures for March next Friday. If the latest jobless claims numbers are any indication, the unemployment rate could fall and jobs gains should be solid. Wage growth may remain robust too.
`` It's an excellent time to be looking for work, since the labor market is tight, wages are rising and workers have negotiating power in many industries, '' said Bankrate.com senior industry analyst Ted Rossman in a report after the latest claims numbers were released. | business |
Vulnerable Americans are desperate to find this Covid-19 drug. Thousands of boxes are sitting around unused | `` Exciting news -- FDA grants emergency use authorization [ to Evusheld ], '' Henry wrote in a post published December 18.
A few weeks later, a reader wrote back that she 'd been able to find the drug.
`` Congratulations on getting this medication, '' Henry responded. `` I know it is in short supply. ''
But Henry, a retired Air Force lieutenant colonel and a pharmacist with multiple advanced degrees, was unable to find Evusheld. He contracted the virus and died from complications of Covid-19 on February 9.
In the State of the Union address this month, President Joe Biden said that `` if you're immunocompromised or have some other vulnerability, we have treatments.... We're leaving no one behind or ignoring anyone's needs as we move forward. ''
But a CNN investigation raises questions about the way federal and state governments have distributed Evusheld and why, more than three months into the rollout, many immune-compromised people are still having trouble getting it.
CNN's investigation found that as the Omicron variant ripped through the United States, infecting and killing Americans, including some who might have been saved with timely access to Evusheld, thousands of boxes of the drug have been sitting on pharmacy shelves.
CNN also found that the government distributed Evusheld, a drug that was developed by AstraZeneca with the support of the US government, to unlikely places such as a spa that offers Botox and another location that does eyelash extensions.
Then, last week, the US Department of Health and Human Services removed at least dozens of locations that have Evusheld from an online locator, which means millions of immune compromised patients and their doctors can no longer find them.
`` This whole thing is sad. It's just very, very sad, '' said Henry's widow, Meli Rockhold. `` It reminds me of the government response to Katrina. It's just a cluster -- I can't say that next word. ''
A leading researcher on Covid-19 and the immune-compromised emphasized that Evusheld, a monoclonal antibody, is the only prevention available for immune-compromised people -- transplant patients and some cancer patients, for example, or people who take certain medications for rheumatoid arthritis and other conditions -- who had a weak response to the Covid-19 vaccines.
`` For people who did everything they could but didn't have an adequate response to the vaccines, [ Evusheld ] is their only hope, and to deny them that because of a disorganized and chaotic distribution and education rollout is just terrible, '' said Dr. Dorry Segev, a transplant surgeon and epidemiologist at NYU Langone Health.
Janet Handal, who runs an advocacy organization for people who are immune-compromised, says she hears every day from people who can't find Evusheld.
`` It's just a tragedy that this is happening because there is such a great need for Evusheld, and there's so many people who don't have it, '' said Handal, the founder of the Transplant Recipients and Immunocompromised Patient Advocacy Group.
The federal government distributes Evusheld and other Covid-19 medicines to states based on their population. States then distribute the drugs to various locations.
`` We make these allocations to states and territories on a weekly basis, with states and territories ultimately determining how best to distribute the product within their jurisdictions, '' according to a statement to CNN from an official with HHS. `` We encourage jurisdictions to distribute the product in ways that ensure it reaches immunosuppressed patients such as prioritization of medical centers where these populations typically receive care. ''
The head of an association of state health officials noted that state health departments are managing the distribution of five different Covid-19 drugs, including Evusheld.
`` I think most state health departments do not want to be in the medical supply chain business. That's not their core competency, '' said Michael Fraser, the CEO of the Association of State and Territorial Health Officials. `` It's a complex problem, and it's happening in real time. ''
Fraser added that state health departments are looking forward to the time when the private sector starts distributing Covid-19 drugs.
'It's just a waste '
On March 10, Avi Patel walked out the front door of his Florida pharmacy and unexpectedly found himself in possession of 192 boxes of Evusheld.
`` All of a sudden, I see [ these ] huge boxes arriving at my doorstep. It just popped up, '' said Patel, a pharmacist who owns Lemon Bay Drugs East in Englewood, Florida.
Two weeks later, Patel hasn't used a single one of those 192 boxes.
`` It's just a waste, '' Patel said.
CNN interviews with dozens of US pharmacies reveal that Patel's situation is not unique: Many of them have used up none or very little of the Evusheld that their state health departments sent them.
To see how much Evusheld is sitting unused on pharmacy shelves, CNN in February downloaded an HHS database of sites that have Evusheld. CNN identified 59 retail pharmacies and the number of boxes of the drug they had received. Each patient needs two boxes for a full course of treatment.
On March 16-21, CNN confirmed with 58 of those pharmacies the number of boxes they had received and how many boxes they had remaining.
In total, these 58 pharmacies have received 5,372 boxes of Evusheld from the federal government, which is enough to treat 2,686 patients. Most of the shipments were in January and February and some in March.
As of CNN's calls last week, the pharmacies had used up 1,376 of those 5,372 boxes. That means about three-quarters of the drug the pharmacies received, or 3,996 boxes, is still unused. That's enough to treat 1,998 patients.
Red Rock Pharmacy in Tempe, Arizona, received 480 boxes of Evusheld by early February. It has not used up a single box.
The De Queen Health and Wellness Pharmacy in De Queen, Arkansas, received 264 boxes by March 3 and has used just two of them.
Dr. Aziz Pharmacy in Indianapolis hasn't used any of the 72 boxes they received by January 27.
Trieu Bao, pharmacist and co-founder of Soleil Pharmacy in Glen Burnie, Maryland, said he hasn't used any of the 96 boxes that were sent to him before March 1, and they 've asked the state to stop sending the drug because of lack of space to store it.
The issue, according to pharmacists, doctors and patient advocates, is that unlike the Covid-19 vaccines, pharmacists need a prescription before giving Evusheld, and those prescriptions have been slow in coming.
`` Pharmacists aren't allowed to administer Evusheld [ without a prescription ], so to send this many is ridiculous, '' said Patel, the Florida pharmacist.
`` Pharmacies don't know what to do with it, '' added Michael Hogue, dean of the Loma Linda University School of Pharmacy and a liaison representative from the American Pharmacists Association to the US Centers for Disease Control and Prevention's Advisory Committee on Immunization Practices. `` They're getting Evusheld from states, but pharmacists don't have the authority to prescribe it, so their hands are tied. ''
Hogue said distributing the drug to pharmacists `` really doesn't make a whole lot of sense '' and that the federal government has had `` a not very well-thought-out plan on how to distribute Evusheld. ''
To increase access to the drugs, patients and pharmacists have tried to educate their doctors about Evusheld.
`` We 've had people in our group call their doctor and ask about Evusheld and been told, 'What's that? ' `` said Handal, the founder of the advocacy group for immune-compromised patients.
`` My experience is, most doctors have no clue about these treatment options, '' said Harsh Patel, pharmacist and co-founder of Queens Pharmacy in Charlotte, North Carolina, which has not used any of the 24 boxes it received by late January.
Doctors don't know about Evusheld partly because it came out at a time when there was an `` avalanche '' of news about other Covid-19 drugs, said Dr. William Schaffner, a liaison representative from the National Foundation for Infectious Diseases to the CDC's vaccine advisory committee.
HHS began distributing Evusheld on December 17, and around that time, the FDA authorized a different monoclonal antibody drug that often gets confused with Evusheld, even though the other drug, bebtelovimab, treats Covid-19 and Evusheld is for prevention. Also around this time, two other monoclonal drugs were taken out of circulation, and the FDA authorized two antiviral medications.
`` No one knows about Evusheld, '' said Schaffner, an infectious disease specialist at Vanderbilt University Medical Center. `` I think it's very sad. ''
Even if a doctor does know about Evusheld, locating it can be complicated. Some doctors ' offices have it, but most do not. Some pharmacies have it, but not large retail chains such as CVS and Walgreens, where many Americans get their prescriptions. That means doctors have to know to search for the federal government locator website that lists some -- but not all -- of the locations that carry it.
`` There's never been a mechanism that says 'hear ye, hear ye, we have a new way to protect your immune-compromised patients against Covid, and here's how you get it for your patients, ' `` Schaffner said.
If immune-compromised patients want to advocate for themselves and find a pharmacy with Evusheld, they must defy a government warning in large bold type on top of its online locator that tells patients `` the therapeutics locator is intended for provider use '' and that `` patients should not contact locations directly unless instructed to do so by their healthcare provider. ''
If a patient defies the warning and uses the locator, it's of limited use because it's missing at least dozens of locations that have Evusheld.
Of the 59 pharmacies with Evusheld that CNN identified on the HHS database in February, HHS removed 30 on March 16, even though all of them still had Evusheld when CNN contacted them last week. Together, these 30 pharmacies that the government removed from public view have more than 2,400 boxes of Evusheld, and now doctors and patients now have no way of finding them.
Among the pharmacies with Evusheld that HHS removed from its locator are Prescriptions Unlimited, DeliveRxd, Red Rock Pharmacy, Queens Pharmacy and Lemon Bay Drugs East, which all have Evusheld.
HHS's response
At a March 2 meeting among HHS and state health officials, Dr. Derek Eisnor, the federal government's lead official on allocation and distribution of Covid-19 drugs, said the `` utilization rate is low '' for Evusheld.
At a March 9 meeting among HHS officials and national health care and medical associations, Eisnor said the agency was `` somewhat dismayed '' about the low utilization numbers.
At that meeting, Cicely Waters, director of external affairs for the HHS's Assistant Secretary for Preparedness & Response, read a question from one of the attendees.
`` [ Are ] there any successful ways to connect prescribers to patients that want product? '' Waters read. `` I 've heard of news stories about patients who want Evusheld and sites that have product, but there's still no way to get it to those patients. '' The attendee then asked HHS for its thoughts on `` closing that treatment gap. ''
`` It's frustrating, '' Eisnor answered. `` It's really a question of what are the best mechanisms to get that patient in front of that provider and as expeditiously as possible, and so I think some of this is obviously going to depend on the location and the site or the institution. But it is -- it is frustrating. ''
An HHS spokesperson told CNN that the agency has done two dozen meetings recently with states, providers and others `` to not only encourage greater utilization but to do education about how the product works and who it's for and answer questions about how best to manage supply to target those at high-risk. ''
`` We continue to engage provider and advocacy groups that support immunocompromised patients to help increase overall awareness and utilization of Evusheld. In addition to the dozens of engagements we 've held with these groups, we have also created virtual resources as well as a platform for clinician peer-to-peer sharing of best practices, case studies, and administration models, '' an HHS official wrote in another email.
The official said HHS removed a site from its locator if it has `` less than five patient courses '' of Covid-19 therapeutics. Of the 30 pharmacies that CNN found had been removed from the locator, pharmacists at 29 of them told CNN they had more than five boxes left of Evusheld. Most of them had considerably more, and several had hundreds of boxes left each.
HHS also said that `` if a location goes seven days without reporting their product on hand and utilization amounts, that location is removed from the map since we can not confirm product availability at that location. '' The official added that removing `` numerous '' locations from the map last week `` helped improve data reliability and overall product access. ''
The official did not explain how removing sites from the locator that collectively have thousands of boxes of Evusheld improves product access.
`` That makes no sense whatsoever, '' said Handal, the founder of the advocacy group for immune-compromised people. `` How could anybody even say that with a straight face? ''
Evusheld sent to sites offering beauty treatments
CNN also reached out to the two locations offering beauty treatments that received Evusheld from the government.
Twenty-four boxes of Evusheld were sent to a location in Las Vegas that, in a cached version of its website, describes itself as a `` premier medical spa chosen by the stars to help them look younger, '' with services such as Botox and `` facial rejuvenation. '' CNN was unable to find a current website or contact information for anyone at this location.
Shannon Litz, a spokeswoman for the Nevada Department of Health and Human Services, told CNN that `` the Nevada State Board of Pharmacy has reviewed this inquiry and determined it is in compliance, as the medication is being used by the physician in a different part of his practice. ''
`` We did an inquiry on it, and they're operating within the rules of the EUA and the federal program, '' said Dave Wuest, executive secretary of the Nevada State Board of Pharmacy. `` There was a physician that was licensed there at the time that we sent the medicine there. ''
But a Google Maps search of the address listed for the location shows an outdoor strip mall, with no indication of the business existing. Wuest said the location may have closed, and it would be up to the provider to notify the state if it had.
`` Things change, '' Wuest said. `` I 'm going to send somebody to the location and see if there's a practitioner there. ''
Twenty-four Evusheld boxes were sent to Integrative Medicine, Laser, and Aesthetics, in Carmel, Indiana, which offers, along with some health services, eyelash extensions and facial hair removal. The medicine was delivered prior to January 28, according to the HHS database.
None of those boxes has been used, according to Sarah Wygant, a medical assistant and paramedic at Integrative Medicine, Laser, and Aesthetics.
`` Once the Evusheld product was offered, this provider met the necessary requirements to receive an allocation, which included having a physician providing oversight, '' Megan Wade-Taxter, a spokeswoman for the Indiana Department of Health, wrote in an email CNN.
A 'Hunger Games'-like competition for Evusheld
While many pharmacies have too much Evusheld, several medical centers say they don't have nearly enough for their immune-compromised patients.
The Mayo Clinic in Rochester, Minnesota, has received 2,352 boxes of Evusheld, according to now removed HHS data, and the hospital has between 10,000 to 15,000 patients who could benefit, said Dr. Raymund Razonable, an infectious disease expert who heads up the hospital's monoclonal antibody program.
To prioritize who gets the medication, Mayo has set up a tiered priority system -- and the 2,352 boxes doesn't even cover the first tier, which has 3,000 patients, he said.
`` Things are tough right now. There's not enough supply, '' Razonable said.
The Moffitt Cancer Center in Tampa, Florida, has received enough Evusheld for just over 500 patients, according to spokeswoman Kim Polacek, and there are `` potentially thousands '' of Moffitt patients who could benefit from the drug, according to Dr. Robert Keenan, Moffitt's chief medical officer.
`` When you know there is a therapy that's been developed but you don't yet have the ability to give it to a patient, that's an awful thing to have to tell the patient and an awful thing to have to deal with, '' Keenan said.
CNN spoke with some medical centers that said they are not feeling strapped for Evusheld and have been able to get it to the patients who need it.
But some patients eligible for Evusheld have described a `` Hunger Games '' -like endeavor to find the drug.
`` It's almost like we are in a game and competing, '' said Michele Nadeem-Baker, who has chronic lymphocytic leukemia and has not been able to get Evusheld from her doctors in Boston. `` It's almost Darwinian and survival of the fittest. ''
Dr. Brian Koffman, a retired family doctor in Claremont, California, who has CLL, said he's `` one of the lucky ones '' who's been able to get Evusheld. He writes a blog to help other CLL patients and describes the roller coaster of emotions that many immune-compromised patients go through upon learning about Evusheld and then not being able to find it.
`` There's this light at the end of the tunnel that says 'we have a way out ' [ but then ] 'oh, sorry, you can't get it, ' `` Koffman said.
Without protection against the virus, many immune-compromised people who did not get a full response from the vaccine and can't find Evusheld are left to stay at home, still on lockdown after more than two years.
`` We're doing everything we can to rejoin society, '' said Doreen Zetterlund of Los Angeles, who has CLL and has been trying unsuccessfully to get the drug. `` [ Evusheld ] is the one last piece that will help us. ''
Keenan, the chief medical officer at Moffitt, remembers Henry, the pharmacist who was unable to get Evusheld and died from Covid-19. Henry got care for his chronic lymphocytic leukemia at Moffitt, and he was the center's chief pharmacy officer in 2018.
Moffitt didn't start administering Evusheld until January 24, Keenan said. That would have been too late for Henry, since by that time, he was already sick with Covid.
`` Here's Tom Henry -- you couldn't get more sophisticated about medications, [ yet ] he succumbs to Covid, '' added Koffman, the family physician and the chief medical officer of the CLL Society. `` Even when you're [ an ] expert, you may not survive this. ''
Now, Henry's family -- and the CLL patients he helped -- wonder whether Henry might be alive today if he 'd been able to get Evusheld in December, when he first excitedly told his readers about the new drug.
`` Would he be alive today, doing the great work that [ he 'd ] been doing? '' said Diane Langan, a CLL patient in Syracuse, New York, who followed Henry's blog. `` It's been very discouraging and very, very disheartening. '' | business |
Biden requests Mehmet Oz and Herschel Walker resign from presidential council or be terminated | Herschel Walker and Mehmet Oz, who are now Republican Senate candidates in Georgia and Pennsylvania, respectively, were appointed in 2018 by then-President Donald Trump to serve on the council. Trump reappointed them to two-year terms in December 2020, shortly before he left office.
It's against the Biden administration's policy for federal candidates to serve on presidential boards, according to a White House official. The official said letters to Oz and Walker were sent Wednesday requesting their resignations by 6 p.m.
Oz, who's seeking the GOP nod in a contentious primary, blasted the move in a statement. `` President Trump appointed me to two terms on the President's Council on Sports, Fitness & Nutrition. The White House just emailed me demanding my resignation by the end of the day, '' he wrote. `` Clearly, Joe Biden can't be around anyone who doesn't completely fall in line with his fear-mongering authoritarian one-size-fits-all COVID handling. I am proud of my service and will not resign. ''
CNN has reached out to Walker's campaign for comment.
Members of the President's Council on Sports, Fitness, & Nutrition are considered special government employees, who, per the Hatch Act, `` may not be candidates in partisan elections '' while conducting official government business.
Both Republican candidates face May primaries.
Earlier Wednesday, the White House announced the appointment of chef and humanitarian José Andrés and WNBA star Elena Delle Donne as co-chairs of the committee.
Last fall, the Biden White House asked a number of Trump appointees, including former White House press secretary Sean Spicer, senior counselor Kellyanne Conway and national security adviser H.R. McMaster, to resign from their positions on military service academy advisory boards. | business |
Opinion: Russia's days as an energy superpower are coming to an end | Russia is central to the global energy system. It is the world's largest exporter of oil, making up about 8% of the global market. And it supplies Europe with 45% of its natural gas, 45% of its coal and 25% of its oil. Likewise, hydrocarbons are the lifeline of Russia's economy. In 2019, before Covid-19 depressed prices, revenues from oil and natural gas accounted for 40% of the country's federal budget. And oil and gas accounted for almost half of Russia's total goods exports in 2021. It is hard to imagine what the Russian economy looks like without oil and gas.
Since the invasion, Europe has been scrambling to come up with a new energy security strategy. Most European countries had assumed that the dependence on Russian energy was a risk they could manage, uncomfortable as it was at times. They believed that Russia was a rational actor that wanted to earn money selling its energy. But the largest land war in Europe in generations has produced a rapid reassessment of those assumptions. Europe was accustomed to dealing with an adversary; now it must deal with an enemy.
To be sure, the European response has been swift. Europe outlined an ambitious plan to cut Russian gas imports by two-thirds in 2022, with a goal to phase out Russian oil and gas by 2027. European leaders are meanwhile debating proposals for an immediate ban on Russian oil imports. The United Kingdom already said it would eliminate imports of Russian oil by the end of 2022. Germany halted approval for the Nord Stream 2 gas pipeline and said it would invest in infrastructure to import liquefied natural gas ( LNG). A new import facility for LNG is now being built in the Netherlands. The turn away from Russia is happening fast.
Major energy companies like Shell, ExxonMobil and Equinor are walking away from investments that go back decades. Public opinion is constraining their willingness to buy Russian oil on the open market, which is shrinking Russia's footprint on the energy stage.
But Europe is now in a tough spot. Russian oil and gas is indispensable. But relying on Russia is no longer tolerable given Russia's atrocities in Ukraine and the fear that it might shut off gas supplies at any moment. So Europe wants out of the relationship.
These opposing forces create a gap between where Europe is and where it wants to be. How this is resolved in the next few years is unclear given that alternative supplies are limited in the short term. For now, the European Commission has called on companies to secure supplies from countries like the United States, Qatar and Egypt, a move that could cause prices to rise further as demand pushes up against limited supply. But what comes after this adjustment period is clear enough: Europe's energy trade with Russia will eventually dwindle to near zero.
Russia will turn elsewhere for customers. Around 20% of Russia's oil heads to China, and its natural gas sales there are sure to rise, courtesy of a pipeline that runs more than 8,100 kilometers. But Russia's turn to the East is limited by geology, geography and geopolitics. Russia has more oil and gas resources in West Siberia than in the East, making it harder to serve Asia. The existing infrastructure is also set up to send energy to Europe. China's willingness to finance a shift of this magnitude — re-wiring Russia's export infrastructure to head East — is unclear. Will China take a bargain deal if it is offered? Probably. Will it choose to depend heavily on Russian energy? Probably not.
A decade from now, these dynamics will change Russia's position in global energy and the world economy. Russia will not be cut out from the global energy market completely, but its role will shrink considerably. This war has done irreparable damage to Russia's brand as an energy provider.
Some strategists argue that Russia's capacity to wage war will be diminished without the fossil fuel revenues to fund its military. This is true — to an extent. But Russia has been involved in European affairs for centuries. Russia's aggression, insecurity and meddling in Europe will persist long after the hydrocarbon era. After all, a Russian economy that is isolated from global markets is unlikely to be a pliant neighbor. The war will accelerate the end of the era where Russia is an energy superpower. But whether the new Russia is any better — that is impossible to know. | business |
Oscar predictions 2022: Who will win, how many will watch and more revealing Oscars stats | The films and those who make the films ( actors, actresses, producers, directors, etc.) are artists of the highest caliber. The Oscar show, however, is largely about statistics. From who wins to who watches, statistics tell us the story of the Academy Awards.
So what are those statistics telling us about the Oscars this year, and what have they told us about the recent history of the Oscars? Let's talk about it.
Who is likely to win in the Big Five categories
The Big Five categories are best actor, best actress, best director, best screenplay ( original or adapted) and, of course, best picture. Three films have won all Big Five, and the last to do it was `` Silence of the Lambs '' in 1991. No film this year is eligible to pull it off.
Still, based on the implied probabilities of the betting markets, here are who will most likely win the Oscars in those categories.
Best actor: Will Smith is a clear favorite with north of an 80% chance of winning for his role in `` King Richard. '' Benedict Cumberbatch is really the only somewhat plausible nominee with a little bit more than a 10% chance of winning for his role in `` The Power of the Dog. ''
Best actress: Unlike in best actor, there are a number of plausible winners. Jessica Chastain has about a 60% chance of winning for her role in `` The Eyes of Tammy Faye. '' She's followed by Nicole Kidman ( `` Being the Ricardos '') with just south of a 20% chance of winning, and Olivia Colman ( `` The Lost Daughters '') and Kristen Stewart ( `` Spencer '') with about a 10% chance of taking home the Oscar.
Best director: It would be quite surprising if Jane Campion doesn't win here for `` The Power of the Dog. '' She has about a 90% chance of taking home the Oscar. If anyone scores a major upset, it will be Steven Spielberg ( `` West Side Story '') or Kenneth Branagh ( `` Belfast ''), though both have less than 5% chance.
Best original screenplay and best adapted screenplay: Honestly, I don't know who is going to win in either of these categories. `` Licorice Pizza '' and `` Belfast '' each have about a 40% chance in the best original screenplay category ( with `` Don't Look Up '' at about 15%). `` CODA '' is somewhat ahead ( a little north of 50% chance) of `` The Power of the Dog '' ( a little south of 40%) in the best adapted screenplay race.
Best picture: This is a two film race. It's very likely either `` The Power of the Dog '' ( a little more than a 50% chance of winning) or `` CODA '' ( a little less than a 40%) who will take home the big prize this year.
No, really, which movie is going to win best picture
One of the best ways to know who is going to win in each category is to look at which films and actors have done best in other award shows so far this year. Some award shows do a better job of predicting the Oscars than others.
I, myself, don't build models to help us know who is going to win Oscars, but I do know somebody who does. Walter Hickey, who runs the Numlock News newsletter and award season supplement. So I asked him about the awards leading up to the Oscars and why this year's best picture race is difficult to call.
Hickey noted to me that `` it's never been harder to get a good understanding of the Oscar race from precursors given [ how fast the Academy has expanded its membership. Still, ] the Producers Guild has the best track record among the precursors. ''
The Producers Guild has called seven of the last 10 best picture winners, with three of those in the last five years. This favors `` CODA, '' which is actually a slight underdog in the betting markets. Hickey pointed out to me, though, that `` The Power of the Dog '' won a lot of other big time awards, such as BAFTA, the Critics Choice Awards, Directors Guild and the Golden Globe for best drama film.
Put another way, Hickey told me `` it's going to come down right to the finish. ''
One other nugget from Hickey, Chastain did win the Screen Actors Guild Award for best actress ( making her the favorite). The `` usually ridiculously predictive '' BAFTA awards, however, didn't actually nominate any of the Oscar nominees in this category.
The Oscars are becoming more diverse, though not always in the way you may think
One of the big charges against the Oscars and other award shows is that the winners tend to be White and often men.
I asked Hickey about this, who showed me that the statistics backed this up. For instance, there had been only seven Black women nominated for best actress before 2009. Since that point, there have been an equal number of Black women ( seven) nominated in the category.
This year there are no Black women nominated for best actress, but Smith, as mentioned, is a heavy favorite in the best actor category.
We also see that Campion is very likely to win best director. She's just the eighth woman to be nominated in the category, and she 'd be just the third to win it. Last year, Chloe Zhao was the second.
So it does seem the awards are becoming more diverse, though, to quote Hickey, it is `` a matter of perspective '' whether the film industry and the Oscars have rectified the lack of diversity enough.
One way in which the Academy is clearly trying to make amends for its past is by opening up its membership. Hickey told me `` by my reckoning, more than half of the current Academy has been admitted since 2011, and the organization will likely settle in at around 10,000 members at some point in the next several years, up from a steady state of around 6,000 members. ''
Much of this growth has been internationally. Per Hickey, `` of the 819 individuals invited to join in 2020, the Academy boasted 49% were international members from some 68 countries that aren't America. '' This means while we're seeing more `` African Americans... Asian Americans [ and Hispanic Americans ] '', we're really seeing more `` Africans, Asian [ s ]... [ and Central ] and South Americans.
There probably aren't going to be that many people watching
At the top, I said that not as many people watch the Oscars as they used to. About 10 million people tuned into last year's show. This is frankly shocking to anyone who has any memories of the Oscars being one of those events that the whole family watched.
As recently as 2014, over 40 million people watched the Oscars. That had trended downward to 30 million for the show in 2019, but the coronavirus pandemic seemed to accelerate the decline further.
Now, to be clear, television shows in general have seen their viewership drop. The top-rated non-sports series had its viewership dip by 10 million from 2014 to last season, though clearly the Oscars plummeting ratings are something more unique.
The question is will there be a rebound with life mostly returning to normal after the pandemic? We 've already seen sports have a rebound after the pandemic, and my examination of some of the polling suggests viewership might be closer to 20 million.
Much of that 20 million will probably be Democrats. They have long been twice as likely to watch the Oscars as Republicans.
I 'm not sure ABC ( the network airing the Oscars) is worrying too much about viewership. The network is getting around $ 2 million per 30-second advertisement, which is better than last year.
We 'll have to see if those advertisers get their money's worth. | business |
Nearly half of foreign businesses in Hong Kong are planning to relocate | But lately, as Beijing has tightened its grip on the former British colony, those firms are increasingly eyeing the exits.
Nearly half of all European businesses in Hong Kong are considering relocating in the next year, according to a new report. Companies cite the local government's extremely strict Covid-19 protocols that mirror those on the mainland.
Among the firms planning to leave, 25% said they would fully relocate out of Hong Kong in the next 12 months, while 24% plan to relocate at least partially. Only 17% of the companies said they don't have any relocation plans for the next 12 months.
The city's `` zero Covid '' strategy led to severe consequences for businesses and residents, the report from the European Chamber of Commerce said. Hong Kong's `` biggest advantage '' — its global connectivity and proximity to mainland China — '' has been almost completely disabled, '' the Chamber said.
Hong Kong's quarantines are notorious among residents and expats. At one point, the government required most inbound travelers to self-isolate in hotel rooms, on their own dime, for three weeks, one of the world's longest isolation periods.
Although Hong Kong officials recently lifted flight bans and scaled back the city's quarantine requirements down to seven days, an exodus is already playing out.
Last week, Hong Kong Chief Executive Carrie Lam acknowledged that the protocols were eroding residents ' satisfaction with the city, saying she had a `` very strong feeling that people's tolerance is fading. ''
The European survey released Thursday tracks with a similar report from the American Chamber of Commerce in January, which found that 44% of expats and businesses are likely to leave the city, citing Covid-related restrictions.
`` Hong Kong still holds business opportunities but an array of issues, especially draconian travel restrictions and worsening US-China relations, weigh on sentiment, '' the US report said.
For some, the travel restrictions have proven to be a final straw after years of watching Beijing encroach on Hong Kong's policy.
Even without the Covid crisis, headhunters were having trouble bringing talent to Hong Kong because of Beijing's growing oversight of the semiautonomous territory. Massive and at-times violent protests prompted by a Beijing-imposed extradition bill plunged the city into a political crisis in the summer of 2019. A year later, as Covid-19 restrictions kept protesters at bay, China passed a wide-ranging national security law that broadly curtails free speech rights in Hong Kong.
More than 80% of US firms in Hong Kong said they had been impacted by the national security law, according to the American Chamber of Commerce report. Nearly half saw staff morale take a hit and said they lost employees who decided to emigrate. | business |
White House Easter Egg Roll set to resume in April | The Easter Egg Roll is the most popular publicly attended annual event hosted by the White House, which welcomes thousands of people over the course of the day to participate in festivities on the South Lawn.
It's a tradition that's been observed nearly every year since 1878, the most recent exceptions being 2020 and 2021, when first ladies Melania Trump and Jill Biden, respectively, opted to cancel the event in light of the global coronavirus pandemic. A lottery for members of the public to obtain free tickets to this year's Easter Egg Roll opens Friday, March 25, and runs through Thursday, March 31.
The White House is typically the hub of social activity for an administration, with several hundred events, public and private, held there each year. However, as the country grappled with the spread of Covid-19, the `` People's House '' has also been relatively subdued -- public tours were postponed, the annual Halloween festivities canceled and holiday parties, of which there are typically several dozen during the month of December, were dramatically scaled back.
Thursday's Easter Egg Roll announcement also included news of rescheduled Spring Garden Tours, which are free and open to members of the public. This year's tour dates are April 9 and 10.
Earlier this month, the White House announced the resumption of public tours, which commence April 15.
While the latest developments don't mark a return to a full, pre-pandemic schedule, the decision to reopen the White House for tours and events heralds a tentative return to normalcy.
Prior to the presidency of Rutherford B. Hayes, an annual Easter Egg Roll for children and families took place on Capitol Hill, but complaints about the destruction to the grassy areas moved the event to the White House. In 1878, according to an article that ran in the evening edition of the Evening Star, per the National Archives, the first White House Easter Egg Roll was a success: `` Driven out of the Capitol grounds, the children advanced on the White House grounds to-day and rolled eggs down the terraces back of the Mansion, and played among the shrubbery to their heart's content. ''
One hundred and forty-two years later, the tradition is on track to continue. | business |
Oscars producers say show will'respectfully acknowledge ' Ukraine crisis | `` This is a really [ momentous ] time in humankind history, and we're very aware of that, '' Packer told reporters during a virtual press conference on Thursday. `` And so you don't go into a show like this, I don't think, and not be aware of that and not find a way to respectfully acknowledge where we are and how fortunate we are to even be able to put on this show. ''
This year's Academy Awards will take place amid an increasingly devastating conflict following Russia's invasion of Ukraine roughly one month ago and more than two years after the start of the Covid-19 pandemic, the latter of which Packer said has `` felt like decades. ''
`` You think about the difficulties and challenges of doing a show like this last year -- and we're not completely, obviously, out of that situation in terms of Covid and we 've got other challenges now -- and then you think about the world stage. We will acknowledge those things and do it in a way that is respectful and shows how grateful we are, '' he added. `` And I think part of being grateful is to make sure that we use this opportunity to be a celebration, to be a release and to be an escape for folks out there that really need it. ''
Amy Schumer, Wanda Sykes and Regina Hall are set to host the ceremony, taking place Sunday.
Schumer, who was not present at the press conference but assured via statement that her absence was not Covid-related, had previously said she suggested to producers that they try to get Ukrainian President Volodymyr Zelensky to appear via satellite.
Packer would not say whether the idea was nixed or not, saying only the show's planning was `` still in progress. ''
Skyes quipped, however, `` Isn't he busy right now? ''
Hall, meanwhile, called the producer's plans for an acknowledgment of Ukraine `` beautiful. ''
`` It's a delicate situation and... I think the audience will enjoy it, '' she said. | business |
NYC expanding vaccine exemption to city-based entertainers, clearing Kyrie Irving and unvaccinated Yankees and Mets to play at home | New York City Mayor Eric Adams on Thursday said he 'll sign an order exempting New York-based professional athletes and performers -- not just the already-spared visiting performers -- from a workers ' Covid-19 vaccine mandate.
The exemption extends to city-based singers and other entertainers. The decision has drawn discontent from unions of other types of workers, arguing either that the wider mandate isn't necessary or that people fired for not adhering to it should be reinstated.
Adams said he expanded the exemption in part because the city's economy -- including vendors and businesses that surround the city's venues -- thrives best when all its stars attract people to those places. The city's multibillion-dollar tourism industry, he said, still was reeling in losses caused by the pandemic.
He also said was doing it out of fairness -- to put New York City-based performers `` on a level playing field '' with visiting performers.
`` We're not doing it because there are pressures to do it. We're doing it because the city has to function, '' Adams said at a news conference at the New York Mets ' Citi Field.
`` This is about supporting our local vendors, our local stores... and hearing those vendors on the ground... saying how important it is ( that) players attract people to the stadium, '' the mayor said.
He also said he was doing it because the city was now a `` low-risk ( Covid-19) environment. ''
Still, Adams said, `` all of us should be vaccinated -- including our players. '' He said officials would continue to promote Covid-19 vaccines, and he hoped the vaccination rates of all the city's sports teams would reach 100%.
`` Kyrie... get vaccinated. Nothing has changed, '' Adams said.
At issue was the city's policy requiring all workers who perform in-person work or interact with the public to show proof of having received at least one dose of vaccine.
The city already had allowed an exception for non-New York City resident entertainers and professional athletes.
The policy had kept Irving, a seven-time All-Star guard who has chosen not to receive a Covid-19 vaccine, from playing in the 35 home games the Nets have played since the NBA season began in October.
He 'll now be able to play not just the Nets three remaining regular season road contests, but also the team's six remaining home games as the club jockeys for playoff position.
The announcement also comes before the start of Major League Baseball's season, allowing unvaccinated Mets and Yankees players to play upcoming home games as well.
Details about how many Yankees and Mets have not received a Covid-19 vaccine weren't immediately available.
At Thursday's news conference, Yankees president Randy Levine said a `` few '' of his team's players were unvaccinated.
`` You're going to have to live with 'few, ' and I can't give you individuals, '' Levine said, citing privacy laws and rules in Major League Baseball's operating agreement with players.
Some unions criticizes move
Adams ' Thursday announcement didn't sit well with some unions, including the city's largest police union.
`` If the mandate isn't necessary for famous people, then it's not necessary for the cops who are protecting our city in the middle of a crime crisis, '' said Patrick J. Lynch, president of the Police Benevolent Association of the City of New York. He added that the union has been `` suing the city for months over its arbitrary and capricious vaccine mandate. ''
`` While celebrities were in lockdown, New York City police officers were on the street throughout the pandemic, working without adequate PPE and in many cases contracting and recovering from Covid themselves. They don't deserve to be treated like second-class citizens now, '' Lynch said in a statement released on Twitter.
A United Federation of Teachers spokesperson also took issue with Adams ' move.
`` Vaccinations are a critical tool against the spread of Covid, and the city should not create exceptions to its vaccination requirements without compelling reasons, '' the UFT spokesperson said. `` If the rules are going to be suspended, particularly for people with influence, then the UFT and other city unions are ready to discuss how exceptions could be applied to city workers. ''
The executive director of District Council 37, a union of public employees, said `` thousands of city workers lost their jobs over the vaccine mandate. ''
`` These are the same essential workers who kept the city going during the height of the pandemic. They deserve the respect and dignity of having their jobs back, '' the DC 37 official, Henry Garrido, said. `` They deserve to be treated equally to their private sector counterparts. We demand that those who lost their job over the mandate be reinstated. ''
Adams said the city is not reviewing the cases of 1,400 municipal employees who were terminated for not getting vaccinated. The figure includes those who were hired following the mandates with the agreement of getting vaccinated, but ultimately chose not to.
The mayor said he was not lobbied to make his decision.
`` This is not based on a lobby coming in. People have been speaking to us throughout this entire process. We 've made our decisions based on my morning briefings with our team -- my medical team -- we made our decisions based on that. Outside noise is not going to interfere or intercede with what we're doing, '' Adams said.
Nets are battling for playoff position
As for Irving, the Nets initially also kept him from road games when the season started in October, but relented in December.
Irving's pending return to home games comes amid a crucial pre-playoff stretch. The Nets currently have the NBA Eastern Conference's eighth-best record, three wins behind the sixth spot that would guarantee a regular playoff seed.
If they finish anywhere from seventh to 10th, the Nets would be in a four-team play-in tournament to determine the clubs that would fill the conference's seventh and eighth playoff seeds.
The Nets ' final nine regular season games start with Saturday's contest at Miami, followed a day later at home against Charlotte.
Irving said he's looking forward to speaking about it
Reports of Adams ' expected announcement on Wednesday served as a 30th birthday present for Irving, who on Wednesday night surged to 43 points in a loss on the road to the Memphis Grizzlies.
Irving arrived at his postgame news conference requesting that no reporter quiz him on the mandate until an official announcement, but was subsequently left irritated as he was asked about it.
`` So you didn't hear me walk in? '' Irving replied. `` You didn't hear my statement when I walked in? Don't put me in a position until anything is official. ''
The conference ended in smiles when Irving, later asked about the potential `` domino effect '' of the policy change on the team, said that he `` could not wait '' to talk to reporters once an official announcement was made.
`` That's got to be the greatest birthday gift ever, '' someone could be heard saying, to which Irving replied, `` I appreciate that, '' before smiling and walking away, with laughs audible in the background.
Irving has been able to attend Barclays Center games as a spectator, yet his presence in the home locker room at a game earlier this month saw the Nets hit with a $ 50,000 fine for `` violating local New York City law and league health and safety protocols. ''
NBA and players union applaud mayor's decision
The executive director of the National Basketball Players Association previously called for the city's policy to change. On Thursday, the union and the NBA issued a joint statement applauding Adams ' announcement.
`` The NBA and NBPA have achieved a 97% vaccination and 75% booster rate among players, required both for league staff, team staff, and referees, and will continue to be strong advocates for vaccination and boosters, '' the statement reads.
`` With today's announcement, we support the mayor's determination that the old rules treating hometown and visiting players differently no longer made sense, particularly because unvaccinated NBA players will continue to test daily. We applaud the mayor for listening to the concerns of our New York teams, players, fans and communities and for leveling the playing field for home teams and their opponents. ''
Irving defended his decision to not get vaccinated in October, saying in an Instagram Live video that `` nobody should be forced to do anything with their bodies, '' adding that his decision was not politically motivated.
He is in his third year of a four-year, $ 136 million contract signed with the Nets in 2019.
Adams ' announcement is the latest in a string of decisions relaxing Covid-19 measures. The city on March 7 lifted its mask mandate for indoor activities.
The mayor indicated on Tuesday that he would lift the mask mandates around April 4 in schools and day care settings for children from 2 to 4 years old, an age group that does not currently have a vaccine available, `` if the numbers continue to show a low level of risk. '' | business |
House Republicans look to policy over personalities to win back the majority | `` The difference between us and Rick Scott: Rick Scott did it by himself. It seems like he did it fast. We 've been at this for more than a year, '' House Minority Leader Kevin McCarthy told CNN during a wide-ranging interview at the House GOP's annual policy retreat. `` What's better is you listen, you look at your pitfalls now, then you put it out to the American public, and if the American public supports it, you're not gon na be attacked when passing it. ''
With gas prices, inflation and crime emerging as some of the most salient issues ahead of the midterm elections, Republicans are not only planning to use them as cudgels against the Democrats this November, they are also offering up their own set of policy prescriptions for those problems in their quest to win back the majority.
McCarthy, a self-professed `` ideas guy, '' tapped seven task forces last summer to start sketching out a legislative agenda for if Republicans recapture the majority, with the goal of releasing a document before the end of the summer that members can run on this fall. GOP lawmakers gathered here in Florida for their three-day retreat are now on a mission to home in on those policy plans and get them ready for prime time.
`` Elections are important, but I think it's more important than just running against another party to tell the American public what you 'll do, '' McCarthy said at the news conference kicking off the retreat.
The narrow focus on a legislative agenda illustrates how Republican leaders are leaning on policy plans to unite their members and win over voters this November, hoping to steer the spotlight away from some of the internal divisions and controversial personalities that have sometimes dominated their conference.
But as Scott knows, showing voters what you stand for can be a lot harder than telling people what you're against. Not only is it difficult to reach intraparty consensus on thorny issues like immigration and health care, but whatever policy platform is publicly produced could be ripe for attack ads from the other party. That's why McCarthy's counterpart across the Capitol, Senate Minority Leader Mitch McConnell, opted to not even roll out a party agenda this year.
Still, McCarthy and his top lieutenants believe that mapping out a legislative blueprint that already has broad buy-in from the conference will not only benefit their party come November, but will also help them govern and hit the ground running if they seize back power.
`` This is a conference-wide project, where every member is involved and engaged, '' said Rep. Richard Hudson of North Carolina, the conference secretary. `` And so it's going to make for a better project, it's going to make for a better messaging proposal, but it's also going to help us govern when we take over. ''
But Republicans weren't able to totally avoid sticky questions about their controversial fringe members at the retreat: GOP leaders were asked on Thursday whether recent comments from freshman Rep. Madison Cawthorn calling Ukrainian President Volodymyr Zelensky a `` thug '' were damaging to the GOP message and brand.
`` ( Russian President Vladimir) Putin is an authoritarian. He is committing genocide. He is a war criminal. The House Republican Conference has been consistent on this, '' said Conference Chairwoman Elise Stefanik. `` We were very honored to have President Zelensky deliver his remarks to a bipartisan House. And it was quite historic. ``
Mapping out policy plans
The GOP's messaging document, dubbed the `` Commitment to America, '' is being modeled after the `` Contract with America '' that helped fuel a House GOP wave in the 1994 midterms. That effort was spearheaded by former Speaker Newt Gingrich, who has been advising GOP leaders as they plot their path back to the majority.
Gingrich was the keynote speaker during the dinner reception during night one of the retreat, and he also sat in on a closed-door presentation from GOP leaders on Thursday morning.
`` We don't have many speakers here on purpose, because we want the engagement from the members themselves, '' McCarthy said. `` But there's a few speakers who ( we) wanted to make sure we have. The number one I wanted to have is Newt. ''
The seven task forces that will be taking the lead in crafting the party's policy platform are Jobs and the Economy; Big Tech Censorship and Data; Future of American Freedoms; Climate and Conservation; American Security; Healthy Futures; and China Accountability. All of the task force chairs are holding presentations throughout the retreat.
`` We will be formulating a grand plan, so to speak, '' said Rep. Mike Johnson of Louisiana, the vice conference chairman.
But the House GOP's party platform won't be a purely legislative endeavor: it will also highlight the oversight and investigations that Republicans plan to conduct into the Biden administration — a recognition that if Republicans take over, they will still have President Joe Biden in the White House for at least two years, meaning the likelihood of actually legislating is slim.
`` We're doing a whole part in here about accountability and oversight, '' McCarthy told CNN, name checking the origins of Covid-19 and the messy Afghanistan withdrawal. `` That will be part of the Commitment to America. ''
It's unclear how much the messaging document will focus on the culture wars that tend to animate the GOP base. But Thursday's dinner will feature Vivek Ramaswamy, author of `` Woke, Inc. ''
`` He not only has a tremendous background as a successful entrepreneur, he has really hit a chord in sharing with the American people his concerns of the dangers of the far left, woke movement and how to return to a culture of American excellence, '' Stefanik said.
No early celebrations
While Republicans feel like they have the political winds at their backs -- they only need a net gain of five seats to seize back the House -- GOP leaders used the retreat to both temper expectations and urge members not to take their foot off the gas pedal.
`` The thing that keeps me up at night is overconfidence, '' Rep. Tom Emmer of Minnesota, the head of the House GOP's campaign arm, told CNN. `` You got ta keep leading. This thing is a long ways to go. We haven't won anything yet. ''
Emmer said he delivered a similar message during a recent closed-door political briefing with House Republicans. After announcing massive fundraising numbers, he jokingly told members to celebrate and take the day off. Then Emmer, a former hockey coach, quickly followed it up with: `` That's bulls * * *. Nobody takes the day off. There's nothing to celebrate until you get across the finish line. ''
The National Republican Congressional Committee also led a briefing at the retreat in Florida, where they highlighted a key statistic to show the political terrain facing Republicans this November. Members were warned that in the last election there were 30 Trump-won districts represented by Democrats, but as of right now, there will only be 12 of those seats in the next election, meaning there's less low-hanging fruit to target.
`` The playing field for us to win on Democratic territory is not going to be easy, '' McCarthy told CNN.
When asked what he thought are the biggest mistakes Republicans could make between now and November, McCarthy was succinct: `` Fighting among themselves, measuring their own drapes, and thinking majorities are given, not earned. ''
'Never been more united '
Despite the pleas not to get complacent, the excitement among Republicans was palpable here at the Sawgrass Marriott Golf Resort & Spa, even as rain poured down during the first two days of the retreat.
During one of the closed-door sessions, Rep. Andrew Clyde, a Georgia Republican, played a music video dubbed `` Take Back the House '' that featured clips of Speaker Nancy Pelosi with a crown photo shopped on her head and McCarthy and House Minority Whip Steve Scalise in flight suits, ready for battle. The video was met with a mix of laughter and applause, according to sources in the room.
Republicans at the retreat also said they feel more unified than ever -- especially compared to last year's retreat, which was dominated by internal GOP leadership drama.
`` House Republicans have never been more united, '' Stefanik said Thursday morning.
During last year's gathering, Rep. Liz Cheney publicly broke with McCarthy over the scope of a bipartisan January 6 commission, said lawmakers who objected to the 2020 election should be disqualified from running for president, and didn't rule out a 2024 bid of her own. Republicans were incensed, and moved quickly to dump the Wyoming Republican and replace her with Stefanik in the weeks that followed.
But even with Cheney kicked out of leadership and hundreds of miles away, she was still a topic of conversation this year.
Just as the policy gathering was kicking off on Wednesday, news broke that McCarthy would be hosting a fundraiser for Cheney's primary foe, with over 100 House Republicans joining the invite list, according to sources familiar with the event.
McCarthy, in discussing the unity in his ranks, lamented that Cheney at the retreat last year was `` going out and doing her own thing. It wasn't about our policies. ''
And some members sitting down for the presentations on Thursday jokingly asked each other: `` Where is Cheney? '' | business |
BiondVax Inks Deal for NanoAbs, Totus Doubles Down on AI | Israel-based BiondVax Pharmaceuticals, a company focused on developing treatments for infectious diseases, forged an antibody licensing agreement with the Max Planck Society to develop innovative nanosized antibodies, known as NanoAbs.
Terms of the deal provide BiondVax with an option for a worldwide license to develop and commercialize the NanoAbs, which are also known as VHH-antibodies or nanobodies. Development of the NanoAbs has already begun, and BiondVax's initial preclinical results are expected next year. Additionally, the Israel-based company noted that it plans to start a preclinical proof of concept study of inhaled COVID-19 NanoAbs in 2022 with initial human clinical trials results in 2023.
NanoAbs have shown potential in several inflammatory-related markets, including psoriasis, asthma, macular degeneration, and psoriatic arthritis. These are all diseases with known and validated antibody drug targets, which should shorten development timelines while increasing the probability for drug approval.
BiondVax Chief Executive Officer Amir Reichman said the NanoAb platform provides a significant opportunity for the company with the potential for a pipeline of multiple products.
`` We are going after targets already validated, but with a proprietary NanoAb that we expect will have meaningful advantages in efficacy, cost and ease of use and treatment; a true 'biobetter ' capable of capturing significant market share and expanding the market. The technology is also a great fit to our manufacturing site in Jerusalem and our experience and expertise in biological drug development, '' Reichman said in a statement.
NanoAb blueprints are extracted from blood samples of immunized alpacas. They are then selected and optimized in laboratories before being used for production in large fermenters. NanoAbs can be mass-produced through recombinant protein manufacturing, which BiondVax said its site could handle.
BiondVax noted that NanoAbs previously developed by its collaborators have shown `` valuable competitive advantages '' over existing therapies. Among those advantages are `` uniquely strong binding affinity, stability at high temperatures, and potential for more effective and convenient routes of administration, '' the company said.
BiondVax wasn't the only company to strike a collaboration. Also, this morning, Totus Medicines announced a collaboration with the artificial intelligence institute Mila, based in Quebec. The mutually beneficial partnership will allow both organizations to harness each other's expertise and drug discovery capabilities. For Cambridge, Mass.-based Totus, the partnership is coming when the company is on-track to advance a candidate into the clinic later this year.
`` Artificial intelligence plays a key role in the development of Totus ' drug discovery platform. A partnership with Mila gives us access to some of the brightest minds in AI, which will surely help us take our platform to the next level to treat the untreatable with even more precision and efficiency, '' Totus Chief Data Officer John Davies said in a statement.
Stéphane Létourneau, executive vice president at Mila, echoed Davies.
`` Totus ' drug design platform has great potential, and we are eager to collaborate and offer our research and know-how. Totus ' chemical biology expertise, coupled with our AI expertise, has the potential to transform the process of drug discovery as we know it, '' he said. | general |
Orion Honing in on Cancer and Pain in Shift Away From Neuro | Finland’ s Orion Corporation announced that it is shifting the focus of its R & D programs, with plans to invest in new proprietary drugs in oncology and pain. In that regard, it is shifting away from efforts on rare and neurodegenerative diseases. As part of this restructuring, it expects to cut up to 37 jobs.
Oncology has been one of the company’ s three core therapy areas. It is collaborating with Bayer on darolutamide, a drug that is at the global launch stage. Another is ODM-208, which has demonstrated positive results in the clinic for prostate cancer.
“ Research in cancer diseases and pain management are very active fields where a lot of good results are being produced, ” Outi Vaarala, M.D., Ph.D., Orion’ s senior vice president, R & D, said. “ There is still much to be achieved in these fields from the point of view of patients. With the planned changes, we want to concentrate investment in research and development on proprietary drugs in these therapy areas. ”
Otherwise, the company plans to phase out funding into neurodegenerative diseases, such as Parkinson’ s and Alzheimer’ s, and rare diseases by the fall of 2022. It also plans to evaluate its inhaled pulmonary drugs in early-phase development. It is currently working on a new inhaled tiotropium formulation for pulmonary indications in the European market, with an ongoing bioequivalence study. It also has its Easyhaler portfolio, which will lean on going forward.
The company also plans to develop several new generic drugs internally and in partnerships. Orion also has a healthy R & D program for veterinary drugs it plans to continue.
The company intends to initiate negotiations under the Act on Co-operation within Undertakings, a Finnish labor law, regarding 430 salaries staffers and senior salaried employees in Finland in Espoo, Turku and Kuopio in the research areas they’ re discontinuing, primarily neurodegenerative and rare diseases. They hope to transfer most of these people to cancer and pain research. They hope that, at most, they will only need to eliminate 37 positions, with some reductions made via retirement, part-time work and training opportunities.
The company’ s 2021 annual report reported annual net sales of 1.041 billion Euros, down 3.4% from the previous year’ s figure of 1.078 billion Euros.
Timo Lappalainen, Orion’ s president and chief executive officer, stated, “ In 2021, Orion and its employees performed well again as the COVID-19 pandemic continued and affected our operating environment in many ways. Our primary goals have been looking after the health and safety of our employees, ensuring production continuity and product availability, and safeguarding patient safety in ongoing clinical trials. ”
He added that net sales were slightly lower and operating profit marginally lower for the year, but it was anticipated and primarily the result of three factors: “ The milestone payments that were clearly smaller than in the comparison period, a drop in the sales of Dexdor and Simdax owing to the expiration of their product protection, and the expiration of a significant distribution agreement for veterinary drugs in the previous year. In other respects, the business achieved a strong development in many areas, thereby mitigating the anticipated decline in consolidated net sales and operating profit. Excluding milestone payments, our operating profit was on par with the previous year. ”
The Animal Health unit saw an increase of 20%. Still, its Easyhaler portfolio showed a drop from pandemic-related restrictions in the first half of the year but had an excellent second half. The sales of Simdax “ exceeded expectations, as the product did not yet face direct generic competition … in most markets in 2021. ” | general |
Stalled by COVID-19, TB Research Needs to Make Up for Lost Time | As one of the world’ s oldest diseases, tuberculosis ( TB) is currently the 13th leading cause of death worldwide and has affected the lives of millions. According to the World Health Organization, it’ s estimated that 10 million people fell ill with the disease in 2020, and 1.5 million of those cases resulted in death.
For years, TB was known as the world’ s deadliest infectious disease. That is until COVID-19 hit. With the innovations in disease control and prevention highlighted by the pandemic, it’ s possible those same resources could be used to eradicate TB for good.
In honor of March 24, World TB Day, it’ s appropriate to look at how far the medical community has come in the treatment and prevention of TB, as well as the clinical trials and eradication efforts occurring today.
Mycobacterium tuberculosis, the bacteria that causes tuberculosis ( TB), was discovered on March 24, 1882, by Dr. Robert Koch. One hundred years later, March 24 was designated World TB Day.
According the U.S. Centers for Disease Control and Prevention, TB killed one out of every seven people living in the United States and Europe at the time it was discovered. For years, there was no known treatment, and people infected with the disease were largely advised to stay hydrated and get more sleep. It wasn’ t until antibiotics were developed in 1943 that a breakthrough emerged for the disease.
This treatment caused a steady decline in cases up until the 1980s when a resurgence occurred. By the early 1990s, over 25,000 TB cases were reported each year. This spike is largely attributed to the rise in HIV cases, a decline in efforts from local and national governments and an increased rate of immigration. In the mid-1990s, governments increased their treatment and prevention efforts worldwide, spurring a steady decline. As of 2020, there has been a 65% decrease in TB cases reported since the last spike.
Today, there are four drugs that, when used together, make up the current standard of care for TB: Isoniazid, Rifampin ( RIF), Pyrazinamide ( PZA) and Ethambutol ( EMB). Though this treatment method is effective, there is still more to be done to reach the ultimate goal — TB elimination.
TB elimination is defined as one case of active TB per one million population per year, which is to be reached before 2050. Currently, some countries are on track to reach this target. These are primarily countries able to fund the research and distribution of TB prevention and treatment.
WHO states that TB is most prevalent in low and middle-income countries. In fact, those countries make up 98% of reported cases. In 2020, $ 5.3 billion was spent on TB eradication worldwide, which is less than half of what is needed to hit the global target.
Still, there are groups that are spearheading the effort to keep TB eradication a priority. A leader in this effort is TB Alliance, a nonprofit “ dedicated to the discovery, development and delivery of better, faster-acting and affordable tuberculosis drugs that are available to those who need them. ” TB Alliance was the first to develop a TB vaccine safe for children in 2015.
Currently, the nonprofit’ s most notable initiative is ZeNix, a Phase III clinical trial aimed at studying the BPaL regimen ( bedaquiline, pretomanid and linezolid) in South Africa and Eastern Europe. The oral treatment lasts six months and assesses different dosing modifications of the linezolid component of BPaL.
In 2021, TB Alliance released data from the trial that demonstrated improvement in the tolerability and safety of the regimen with sustained favorable outcomes in 89% of patients. This data led to the LIFT-TB initiative. Its goal is “ to broaden and accelerate the adoption and scale up of the regimen. ” Regulatory submissions for the regimen have been submitted in all countries and have been approved in Ukraine and Uzbekistan.
When the COVID-19 pandemic hit, TB treatment and prevention efforts were largely pushed aside. In October of 2021, WHO reported that in 2020, global deaths related to TB increased for the first time in over 10 years, and over 40% of the estimated 9.9 million people who fell ill from TB were not diagnosed or treated.
Following that resurgence, TB Alliance announced in January that it received funding from the United States Agency for International Development ( USAID) of up to $ 30 million over the course of five years. Mel Spigelman, M.D., president and CEO of TB Alliance, said the nonprofit will use the funding to make up for lost time.
“ While the world was focused on the COVID-19 pandemic, the TB pandemic tightened its grip on the most impoverished parts of the world, ” Spigelman said in a statement. “ This is the danger we face in letting older diseases linger instead of eradicating them. We are grateful for the support and collaboration of partners like USAID; only by working together can we make up the ground that has been lost in the past two years. ”
Another key player in the fight against TB is EndTB, a partnership between Partners in Health, Médecins sans Frontières, Interactive Research & Development and financial partner UNITAID. In October of 2021, EndTB completed enrollment for one of its clinical trials, which compares five new treatment regimens for treating multi-drug resistant TB containing bedaquiline and delamanid, in combination with other existing oral TB drugs. The trial includes approximately 2,800 patients from 17 countries, and results are expected to be announced later this year.
The company plans to use this combination of drugs to expand their use in 17 countries ( at least 2600 patients), run a seven-country clinical trial ( 750 patients) and run a six-country clinical trial ( 324 patients). A second randomized control trial, called endTB-Q, is also underway to study a 6–9-month regimen to treat TB’ s most resistant form. All of this will be done with the end goal of sharing the findings and treatments and making the drugs more accessible. | general |
R4D welcomes four new board members | Sign up for our monthly newsletter R4D Insights to get the latest tools, resources, and news in global development.
WASHINGTON, D.C. — Results for Development ( R4D) welcomed four new additions to its board of directors: Wangari Ng’ ang’ a, M.D., M.Sc.; Nneka Mobisson, M.D., M.B.A.; Mavis Owusu-Gyamfi, M.Phil.; and Jay Knott, J.D.
“ I am very excited about this new group of board members, ” said Gina Lagomarsino, president and CEO of R4D. “ They each individually offer fantastic skills and knowledge relevant to R4D’ s current organizational evolution. As a group, they bring experience as change agents in government and the private sector, representation of the kinds of partners that R4D works with closely, and experience in leadership of INGOs with similar business models. Together, they also offer significant experience in many of R4D’ s focus countries. ”
David de Ferranti, R4D board chair, said: “ Since I founded R4D 14 years ago, we’ ve evolved from a small Washington-based think tank to a global NGO supporting leaders in countries around the world to achieve systems change. Our board must evolve to reflect our global presence and exciting new strategy. Wangari, Nneka, Mavis and Jay offer experience and perspectives crucial to the evolution of R4D and the board that governs us. As chair and on behalf of the whole R4D Board, I’ m so delighted to welcome them. ”
Since R4D was founded in 2008, the board of directors has played an important strategic and fiduciary role in advancing R4D’ s mission. This role is now more important than ever as the organization has doubled in size in the past five years and expanded its programs to include new countries and new global networks with many new partners around the world. The board will continue to provide invaluable guidance as the international community works to mitigate COVID’ s impact on health, education and nutrition systems — and as R4D implements its new strategy, focused on supporting country-level systems change and building strong regional ecosystems that shift the locus of technical support to country and regional institutions and experts.
Dr. Wangari Ng’ ang’ a As a senior adviser in Kenya’ s Executive Office of the President, Dr. Ng’ ang’ a has championed several reforms to advance universal health coverage ( UHC) in Kenya, including forming two major taskforces to review the health benefits package and reposition the National Hospital Insurance Fund. Dr. Ng’ ang’ a also recently led a first-of-its-kind qualitative study of household perspectives in Kenya on the drivers of malnutrition within the first 1,000 days of a child’ s life. Previously, she was a practicing physician and chief medical officer of the Kiria-ini Mission Hospital in Murang’ a County. Dr. Ng’ ang’ a is based in Nairobi, Kenya.
Dr. Nneka Mobisson Dr. Mobisson is a digital health social entrepreneur whose organization, mDoc, has been on the frontlines of the COVID response in Nigeria and other African countries. As a winner of the R4D-led COVIDaction Resilient Health Systems open call in 2020, mDoc received learning support from R4D’ s adaptive learning team. Previously, she served as the executive director and regional Africa lead at the Institute for Healthcare Improvement ( IHI), as an associate at McKinsey & Company, and as a pediatrician at the Children’ s Hospital of Philadelphia. Dr. Mobisson is based in Lagos, Nigeria.
Ms. Mavis Owusu-Gyamfi Ms. Owusu-Gyamfi is a senior executive of an influential African policy institute ( ACET), who has also led major global programs within INGOs. Her previous roles include serving as director of investments for the Power of Nutrition financial facility, and as director of program policy and quality at Save the Children, where she led a group of 80 technical leaders in health, education, nutrition and other related fields. She also spent well over a decade at DFID ( now FCDO) focused on economic and private sector development in various roles, including in London, Tanzania, Nigeria, Ghana, Sierra Leone, and the West Africa region. Ms. Owusu-Gyamfi is based in Accra, Ghana.
Learn more about Ms. Owusu-Gyamfi.
Mr. Jay Knott Mr. Knott has significant leadership experience running large global development organizations with similar business models to R4D. Prior to joining the Environmental Defense Fund as COO, he was executive vice president and chief business officer at Abt Associates, a policy, research, and international development firm. Before that, he spent much of his career with USAID, where he served in South America, Africa, and the Middle East. He was mission director in Mozambique and Jordan. Mr. Knott is based in Washington, D.C.
View the full list of R4D’ s board members.
About Results for Development Results for Development ( R4D) is a leading non-profit global development partner. We collaborate with change agents — government officials, civil society leaders and social innovators — supporting them as they navigate complex change processes to achieve large-scale, equitable outcomes in health, education and nutrition. We work with country leaders to diagnose challenges, co-create, innovate and implement solutions built on evidence and diverse stakeholder input, and engage in learning to adapt, iterate and improve. We also strengthen global, regional and country ecosystems to support country leaders with expertise, evidence, and innovations. R4D helps country leaders solve their immediate challenges today, while also strengthening systems and institutions to address tomorrow’ s challenges. And we share what we learn so others around the world can achieve results for development too. www.R4D.org | general |
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