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Financing primary health care: seeing the bigger picture - The Lancet Global Health | The current COVID-19 crisis has exacerbated pre-existing distortions and exposed underlying weaknesses in the health system. Countries that have invested sufficiently in primary health care ( PHC) have responded more effectively to COVID-19 because they have a foundation on which to build essential public health and health security functions.1World BankWalking the talk: reimagining primary health care after COVID-19. World Bank, Washington, DC2021https: //openknowledge.worldbank.org/handle/10986/35842Date accessed: March 23, 2022Google Scholar, 2WHOUNICEFOperational framework for primary health care: transforming vision into action. World Health Organization, Geneva2020Google Scholar, 3Bourgeault IL Maier CB Dieleman M et al.The COVID-19 pandemic presents an opportunity to develop more sustainable health workforces.Human Resources for Health. 2020; 18: 83Google Scholar
In addition to analysing the key technical and political economy challenges faced in funding PHC, the Lancet Global Health Commission on financing primary health care4Hanson K Brikci N Erlangga D et al.The Lancet Global Health Commission on financing primary health care: putting people at the centre.Lancet Glob Health. 2022; ( published online April 4.) https: //doi.org/10.1016/S2214-109X ( 22) 00005-5Google Scholar has not only identified areas of proven practice but also actionable policies. These will help low-income and middle-income countries ( LMICs) invest more and better in people-centred PHC. However, universal coverage with people-centred PHC can not be achieved in a context of fragmented health financing. According to the Commission, which incidentally does not explore the question sufficiently, this fragmentation is linked to dependence on donor funding.
In this regard, the Commission notes that in the same country, different financing strategies can be implemented to improve financial access to PHC. This combination of mechanisms is unfortunately rarely considered in a strategic way; it is most often the historical accumulation of uncoordinated decisions which result in a loss of efficiency, but also increased inequities: some groups of people have an advantage in access to health services because they are covered by several financing mechanisms.5Carrin G Mathauer I Xu K Evans DB Universal coverage of health services: tailoring its implementation.Bull World Health Organ. 2013; 91: 857-863Google Scholar
Such situations, quite recurrent in our contexts, are not conducive to progress towards universal PHC coverage, which can not be built on such a disjointed combination of health financing mechanisms. Progressing towards universal coverage of people-centred PHC is much more about bringing coherence and efficiency to the combination or articulation of existing mechanisms.6Mathauer I Carrin G The role of institutional design and organisational practice for health financing performance and universal coverage.Health Policy. 2011; 99: 183-192Google Scholar This is not new, as a study on the mapping of financing mechanisms in 12 French-speaking African countries7Kelley A Sieleunou I Gashubije L et al.Une vue d'hélicoptère: cartographie des régimes de financement de la santé dans 12 pays d'Afrique Francophone.https: //www.academia.edu/9009747/Une vue d h% C3% A9licopt% C3% A8re Cartographie des r% C3% A9gimes de financement de la sant% C3% A9 dans 12 pays d Afrique FrancophoneDate accessed: March 23, 2022Google Scholar revealed. That study showed that: ( 1) in many countries, gaps and redundancies coexist in the coverage of populations, and the verticality in terms of covered services and the selectivity of target populations result in very partial coverage, which does not guarantee continuity in the management of PHC; ( 2) there is a heavy dependence on external financing, which has a considerable influence on the structure of health financing and aggravates not only the problem of fragmentation, but also of governance and state leadership; and ( 3) there is a lack of consistency in terms of predictability and regularity of the methods of financing health-care structures, constituting a major obstacle to the effective extension of universal health coverage ( UHC). This problem is therefore a key issue in health financing, and was taken up in the recent WHO matrix on progress in health financing,8Jowett M Kutzin J Kwon S Hsu J Sallaku J Solano JG Évaluation des systèmes de financement de la santé dans les pays: la matrice des progrès en matière de financement de la santé [ Assessing country health financing systems: the health financing progress matrix ]. World Health Organization, Geneva2021Google Scholar which stipulates in its first stage that all analysts should first produce a map of the financing arrangements in the country.
Several strategies7Kelley A Sieleunou I Gashubije L et al.Une vue d'hélicoptère: cartographie des régimes de financement de la santé dans 12 pays d'Afrique Francophone.https: //www.academia.edu/9009747/Une vue d h% C3% A9licopt% C3% A8re Cartographie des r% C3% A9gimes de financement de la sant% C3% A9 dans 12 pays d Afrique FrancophoneDate accessed: March 23, 2022Google Scholar, 8Jowett M Kutzin J Kwon S Hsu J Sallaku J Solano JG Évaluation des systèmes de financement de la santé dans les pays: la matrice des progrès en matière de financement de la santé [ Assessing country health financing systems: the health financing progress matrix ]. World Health Organization, Geneva2021Google Scholar are needed. ( 1) A critical assessment of the extent of structural fragmentation within the health system, which involves determining the financial weight and relevance of each mechanism as well as the description of their fundamental characteristics. ( 2) Reflections on the questions of articulation and complementarity of these mechanisms and on the way in which their arrangement must be dynamically managed. They must take into account the diversity of definitions, approaches, and intervention logics of these different funding policies, but also the diversity of schools, power relations, or belief systems. ( 3) A collaborative approach emphasising the efficiency and leadership of states in identifying possible synergies ( or incompatibilities) between financing methods with a view to achieving UHC objectives. Thus, we could harmonise the methods of verification and payment of health-care providers, which would generate substantial gains and thereby improve the efficiency of the system as a whole.
It is also incumbent on ministries of health to use the process of developing a national health financing strategy to reform the architecture of health financing and the institutional arrangements that this entails. This process is a good opportunity to combine the various financing modes into a system that is as coherent as possible. It can also be an opportunity to involve all stakeholders in the drive towards universal coverage of people-centred PHC and to clarify their roles and responsibilities.7Kelley A Sieleunou I Gashubije L et al.Une vue d'hélicoptère: cartographie des régimes de financement de la santé dans 12 pays d'Afrique Francophone.https: //www.academia.edu/9009747/Une vue d h% C3% A9licopt% C3% A8re Cartographie des r% C3% A9gimes de financement de la sant% C3% A9 dans 12 pays d Afrique FrancophoneDate accessed: March 23, 2022Google Scholar
As for donors, they must ensure the consistency of their funding with national policy; align themselves with national objectives of moving towards UHC and the funding mechanisms chosen to achieve it; avoid creating parallel funding systems that do not facilitate the implementation of a coherent, efficient, and equitable strategy for universal coverage of PHC; and be more transparent about their funding.7Kelley A Sieleunou I Gashubije L et al.Une vue d'hélicoptère: cartographie des régimes de financement de la santé dans 12 pays d'Afrique Francophone.https: //www.academia.edu/9009747/Une vue d h% C3% A9licopt% C3% A8re Cartographie des r% C3% A9gimes de financement de la sant% C3% A9 dans 12 pays d Afrique FrancophoneDate accessed: March 23, 2022Google Scholar
Universal coverage of people-centred PHC is a process that is built over time; we must change the mode of interaction between those who finance health so that they have a coherent vision of the whole, transparency of data on the mechanisms of health financing, harmonised processes, and centralised and active management of the ministry of health.
I declare no competing interests.
The Lancet Global Health Commission on financing primary health care: putting people at the centreThe COVID-19 pandemic has brought the need for well-functioning primary health care ( PHC) into sharp focus. PHC is the best platform for providing basic health interventions ( including effective management of non-communicable diseases) and essential public health functions. PHC is widely recognised as a key component of all high-performing health systems and is an essential foundation of universal health coverage. Full-Text PDF Open Access | tech |
President of AZAL to discuss prospects for cooperation with Ambassador of Jordan | The President of AZAL, Mr. Jahangir Asgarov met on April 4 with Ambassador Extraordinary and Plenipotentiary of Jordan to Azerbaijan Sami Asem Ghosheh.
At the meeting, the sides exchanged views on the agenda of mutual cooperation between Azerbaijan and Jordan in the field of civil aviation, the sides also noted the high effectiveness of the measures taken to fight the COVID-19 pandemic.
At the meeting, the parties discussed the possibility of starting operating flights between the two countries.
Mr. Jahangir Asgarov noted that flights between Baku and Amman were supposed to start at the end of May 2020, a corresponding agreement on this was reached in December 2019. However, the spread of the COVID-19 pandemic prevented the implementation of these plans.
According to him, the opening of direct flights will strengthen friendly ties between the countries, as well as create new opportunities for entrepreneurs of Azerbaijan and Jordan in all spheres, including trade and tourism.
The Ambassador of Jordan, Mr. Sami Asem Ghosheh expressed confidence that the new flight will arouse great interest among the citizens of both countries and serve to further strengthen good-neighborly ties between the countries. | general |
Soon-to-open digital hospital Weststate Private picks Rauland for nurse call system, bedside terminal | Health IT provider Rauland Australia has been chosen to deliver its nurse call system and patient engagement solutions to the soon-to-open Weststate Private Hospital in Queensland.
The A $ 60.5 million fully digitised hospital will be equipped with Rauland's Concentric Care platform comprising the Responder Nurse Call with associated clinical workflow, Concierge Patient Engagement, and Master Clock solutions.
The Responder nurse call system, according to Rauland, enhances communication flow to increase accuracy and reduce response time, errors, and wasted effort. It gathers data seamlessly for convenient decision making. It also features fall reduction management to improve patient safety.
The Concierge platform provides access to entertainment, phone and internet services via the bedside HiMed Cockpit. It also enables access to the patient's care plan, test results, and medical records.
Weststate Private aims to create a world-class healthcare service, focused on providing a `` hotel experience '' to patients, said CEO Neil Henderson in a media release. Set to open early next year, the surgeon-owned hospital will have 50 day and overnight beds, along with four theatres.
Adopting Rauland's acute care solutions, `` Weststate Private will be at the forefront of technological change in hospitals, '' claimed director and founder Kaushik Hazratwala.
He said they are taking a fully integrated systems approach that will enable unified data collection. The hospital will also measure key clinical performance indicators, as well as provide access to timely data to enhance staff and patient experience. It also emphasises accountability via data analysis for making informed care decisions.
With Rauland's Responder nurse call system, Weststate Private will be able to measure response times to ensure patients are receiving attention.
Hazratwala also sees that through its adoption of the Concierge patient engagement solutions, patient experience will `` greatly '' improve. `` Remote call accessibility via Concierge will also allow surgeons to speak directly to patients via the bedside terminals without the need to constantly be present in the hospital for face-to-face consultations, '' he added.
Last year, Rauland also secured contracts to install its nurse call system and patient engagement platform in other health providers in Queensland.
Aged care provider Apollo Care is adopting Rauland's Responder nurse call system at its three sites in Maryborough and Rockhampton.
Gold Coast Health has set up the Concierge bedside platform in the COVID-19 ward of Gold Coast University Hospital to reduce physical contact amid the rise of infections.
In February this year, Mercy Hospital, a tertiary surgical hospital in New Zealand, also deployed Rauland's bedside solution at its newly opened 22-bed Callaghan ward. | tech |
Oncotelic and Dragon Overseas Capital Limited Completed | April 04, 2022 07:00 ET | Source: Oncotelic Therapeutics, Inc. Oncotelic Therapeutics, Inc.
AGOURA HILLS, Calif., April 04, 2022 ( GLOBE NEWSWIRE) -- Oncotelic Therapeutics, Inc. ( “ Oncotelic ” or the “ Company ”) ( OTCQB: OTLC), today announced the formation of a Joint Venture ( “ JV ”) with Dragon Overseas Capital Limited ( “ Dragon Overseas ”). Dragon Overseas is a company affiliated with Golden Mountain Partners, LLC.
“ I am excited to announce that, together with our partner Dragon Overseas, we have formed a JV for the discovery, development and commercialization of TGF-β therapeutics against all pharmaceutical indications, ” said Dr. Vuong Trieu, CEO and Chairman of Oncotelic. “ This JV unburdens the Company of the high cost of drug development, which the JV will be responsible for, while the Company will participate in its upside through appreciation in the value of its shares in the JV. ”
OT-101 has completed seven clinical trials including one phase 2 trial in COVID and two phase 2 trials in brain cancer and against pancreatic cancer. It has pediatric designation for a rare form of pediatric brain cancer known as DIPG. There are about 200-300 new cases of DIPG every year in the United States. DIPG most often occurs in children aged 5-10 years old. Treatment options are limited with surgery being contraindicated. Most children do not survive more than 2 years after diagnosis. Currently, the main treatment for DIPG is radiation therapy. Although radiation temporarily improves symptoms in most patients, it is not a cure. Palliative care or quality of life services help patients and families manage pain and other symptoms, promote quality of life, and making difficult decisions including treatment choices and end of life care.
When COVID-19 emerged in China, Oncotelic and GMP entered into a research and services agreement in February 2020 to develop and test COVID-19 antisense therapeutics. In March 2020, Oncotelic reported the anti-viral activity of OT-101. The anti-viral activity of OT-101, in an in vitro antiviral testing performed by an independent laboratory, OT-101 has a 50% effective concentration ( EC50) of 7.6 µg/mL and is not toxic at the highest dose of 1000 µg/mL giving a safety index ( SI) value of > 130, which is considered highly active and on par or superior to Remdesivir - a Gilead drug. Unlike Remdesivir, OT-101 targets not only the virus replication but also the virus induced pneumonia and fibrosis. Our Phase 2 trial was completed for OT-101 in South America. This was a randomized, double-blind, placebo-controlled Phase 2 study intended to evaluate the safety and efficacy of OT-101 in adult patients hospitalized with positive SARS-CoV-2 and pneumonia. As reported in November 2021, the top line data was positive for safety and efficacy.
Oncotelic ( f/k/a Mateon Therapeutics, Inc.), was formed in the State of New York in 1988 as OXiGENE, Inc., was reincorporated in the State of Delaware in 1992, and changed its name to Mateon Therapeutics, Inc. in 2016, and Oncotelic Therapeutics, Inc. in November 2020. Oncotelic is seeking to leverage its deep expertise in oncology drug development to improve treatment outcomes and survival of cancer patients with a special emphasis on rare pediatric cancers. Oncotelic has rare pediatric designation for DIPG ( OT-101), melanoma ( CA4P), and AML ( OXi 4503). Oncotelic also acquired PointR Data Inc. in November 2019.
Additionally, Oncotelic acquired AL-101, during the 4th quarter of 2021, for the intranasal delivery of apomorphine. We intend to develop AL-101 for the treatment of Parkinson Disease ( “ PD ”). Over 60,000 new patients are being diagnosed with PD in the United States and currently there are over 1 million patients in the US and expected to increase to over 1.2 million by 2030. In addition, approximately 10 million suffer from this disease globally. https: //www.parkinson.org/Understanding-Parkinsons/Statistics. AL-101 is also being developed for Erectile Dysfunction ( “ ED ”). ED is the most prevalent male sexual disorder globally. The percentages of men affected by ED are as follows: 14.3-70% of men aged ≥60 years, 6.7-48% of men aged ≥70 years, and 38% of men aged ≥80 years ( Geerkens MJM et al. ( 2019). Eur Urol Focus. pii: S2405-4569 ( 19) 30079-3). However, with the increasing administration of PDE5 inhibitors in clinical practice, it was found that approximately 30-35% of ED patients are treatment failures ( McMahon CN et al. ( 2006). BMJ, 332: 589-92). AL-101 is designed to target treatment failure ED patients who do not respond to PDE5 inhibitors. Through similar mechanism of action, AL-101 is being developed for Female Sexual Dysfunction ( “ FSD ”). Female sexual dysfunction is a prevalent problem, afflicting approximately 40% of women and there are few treatment options. FSD is more typical as women age and is a progressive and widespread condition. ( Allahdadi, KJ et al. ( 2009) Cardiovascular & hematological agents in medicinal chemistry, 7 ( 4), 260–269). There is no available drug for the treatment of FSD. In June 2019, the U.S. Food and Drug Administration approved Vyleesi ( bremelanotide) to treat acquired, generalized hypoactive sexual desire disorder ( “ HSDD ”) in premenopausal women. This is the only available drug treatment. Vyleesi has essentially replaced the only other drug for HSDD – however, it has a long list of drug-drug interactions, including commonly used antidepressants, such as fluoxetine and sertraline. In addition, it has a black box warning regarding its use with alcohol, a combination that has been associated with hypotension and syncopal episodes. Therefore, there is an urgent need for effective therapy against FSD and HSDD.
For more information, please visit www.oncotelic.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this communication regarding strategy, future operations, future financial position, prospects, plans and objectives of management are forward-looking statements. Words such as `` may '', `` expect '', `` anticipate '' `` hope '', `` vision '', `` optimism '', `` design '', `` exciting '', `` promising '', `` will '', `` conviction '', `` estimate, '' `` intend, '' `` believe '', `` quest for a cure of cancer '', `` innovation-driven '', `` paradigm-shift '', `` high scientific merit '', `` impact potential '' and similar expressions are intended to identify forward-looking statements. Forward¬ looking statements contained in this press release include, but are not limited to, statements about future plans related to the operations of the JV, taking the JV into an initial public offering or the success thereof, the progress, timing of clinical development, scope and success of future clinical trials, the reporting of clinical data for the company's product candidates and the potential use of the company's product candidates to treat various cancer indications as well as obtaining required regulatory approval to conduct clinical trials and upon granting of approval by the regulatory agencies, the successful marketing of the products. Each of these forward-looking statements involves risks and uncertainties, and actual results may differ materially from these forward-looking statements. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, failure of collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes. These risks are not exhaustive, the company faces known and unknown risks, including the risk factors described in the Company's annual report on Form 10-K filed with the SEC on April 15, 2021 and in the company's other periodic filings. Forward-looking statements are based on expectations and assumptions as of the date of this press release. Except as required by law, the company does not assume any obligation to update forward-looking statements contained herein to reflect any change in expectations, whether as a result of new information future events, or otherwise. | general |
Hostelworld Launching Platform to Connect Solo Travelers Before Trips | Get exclusive stories and unlimited access to Skift.com news
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Matthew Parsons, Skift
April 4th, 2022 at 6:00 PM EDT
Adding social network-like features could win it some more new-to-hosteling customers, clearly needed after racking up losses of $ 90 million during the pandemic. But doesn't this take the fun out of the haphazard nature of hosteling?
Matthew Parsons
Online travel agent Hostelworld has had a particularly tough couple of years, as travelers avoided shared accommodations like hostel dormitories in the face of the highly contagious Covid-19 virus.
The company posted a loss of $ 36.7 million in 2021, according to preliminary results, which was an improvement on the $ 53.9 million loss in 2020. Net bookings of 1.5 million were also down 70 percent on 2019 levels.
But it’ s now launched a networking platform called The Solo System within its app and website to grow back its share of solo travelers, and especially those nervous about hosteling for the first time. Before the pandemic, some 60 percent of Hostelworld guests were single travelers. Other tools in the pipeline include platforms to help guests organize events, or even work together.
In a recent poll of 3,700 customers, Hostelworld said that 76 percent overall rated “ meeting people ” as their top deciding factor when booking a hostel, with 77 percent looking for other travelers to do activities with on trips. Some 30 percent said they were nervous about chatting to other people in hostels.
“ It can be a hit and miss when you arrive at a different hostel, ” said Hostelworld Group CEO Gary Morrison. “ You don’ t actually know what’ s it like until you get there, you don’ t know who else is in the city. We’ re giving new customers a reason to book with us. ”
In theory there’ s no risk the platform, launched last week, is open to abuse by cyber bullies or potential stalkers, Morrison said. Users can see which cities and venues are “ trending ” as they browse Hostelworld’ s venues, but they’ ll only be able to see other traveler profiles and message them ( for those that opted in, at least) once they book, and only from 14 days before they check in.
“ You might be able to see the proportion of nationalities or ages, or whether they’ re frequent travelers, ( but) you can’ t target anybody individually, ” Morrison said. “ Once you’ ve made a booking, you’ re given access to what I call thematic chats, so people who are interested in going out for a beer, or sightseeing, or cycling … those subscriptions to those chats aren’ t just for people staying in your hostel, they’ re also the people staying in your city. ”
Like Airbnb, which saw stays of 28 days or longer become its fastest-growing trip type in the third quarter of last year, Hostelworld is noticing more people book extended stays.
“ What we’ re already seeing, compared to 2019, is that the average length of stay is increasing, especially the segment of five days-plus, ” Morrison said. “ Those subscriptions to the thematic chats are much more around leisure activities, but one of the the other subscriptions we could easily put together could be based around working from anywhere, or particular type of work, or wanting to meet up for professional opportunities. ”
Another function called “ LinkUps ” will be launched in the coming weeks, and will allow users to see events and activities fellow travellers are planning, to book and attend them, or create their own.
Meanwhile, the CEO said there was a “ tremendous amount of interest ” in its new Roamies partnership with G Adventures. The new program is designed to help G Adventures’ guests work and travel at the same time, with hostels tending to offer good Wifi and spaces to work from. The first departures begin next moth. “ We’ re super excited. It took about a year to build that with Bruce ( Poon Tip, founder of G Adventures), ” Morrison added.
Despite Hostelworld’ s weekly short-haul net bookings in 2021 falling to about 25 percent of 2019 levels, they’ ve recovered to 70 percent in the past 12 weeks alone. “ Over the past 20 years, we’ ve been an OTA, ” Morrison said. “ We’ re now pivoting to OTA plus-plus. ”
| general |
Global trial demonstrates some benefits of flu shots for heart failure patients: Study did not meet its primary endpoints, but rates of cardiovascular events were significantly lower during peak flu season -- ScienceDaily | The study is the first randomized controlled trial to assess the benefits of the flu vaccine specifically in people with heart failure, who face a high risk of cardiovascular events. It was conducted in countries across Asia, Africa and the Middle East where getting a flu shot is not routine for most people. The trial did not meet its primary or co-primary endpoints, which focused on the rate of major cardiovascular events analyzed on a year-round basis. A prespecified sub-analysis of the data revealed that people who received a flu shot showed a significant reduction in cardiovascular events during periods of the year when rates of influenza were highest.
`` Although our prespecified endpoints were not significant, our data suggest that there's a clinical benefit [ to getting a flu shot ] given the clear reduction in pneumonia, moderate reduction in hospitalization and reduction in vascular events and deaths during periods of peak influenza, '' said Mark Loeb, MD, Michael G. DeGroote chair in infectious diseases at McMaster University in Ontario, Canada, and the study's lead author. `` When taken together with previous trials and observational studies, the collective data demonstrate there is a substantial benefit to receiving a flu vaccine for people with heart failure. ''
Heart failure is a condition in which the heart becomes too weak or stiff to pump blood effectively. Previous studies have shown that people with heart disease or cardiovascular risk factors face an elevated risk of complications when they contract influenza, but there has been a lack of evidence on whether flu vaccines can help to mitigate this risk specifically in people with heart failure.
The trial enrolled 5,129 patients with heart failure in 10 countries where flu vaccines are not common. Participants did not routinely get flu shots and had previously received a flu shot no more than once during the three years preceding the trial. Participants were randomly assigned to receive a flu shot or a placebo annually for up to three years, though they were also allowed to get a flu shot outside of the trial. Researchers tracked health outcomes for a median of 2.9 years. The trial's primary endpoint was a composite of death from cardiovascular causes, non-fatal heart attack or non-fatal stroke. Its co-primary endpoint included a composite of any of these events plus hospitalization for heart failure.
Overall, the composite primary endpoint occurred in 691 participants and 1,470 experienced the composite co-primary endpoint. When analyzed on a year-round basis there was no significant difference in the rates of these events between those who had received a flu vaccine and those who had not.
However, separate analyses of hospitalization, pneumonia and other respiratory outcomes found that rates of pneumonia were 42% lower and hospitalizations were 15% lower among those who received a flu shot.
Researchers also found a significant reduction in the first primary endpoint -- as well as reductions in all-cause death and cardiovascular death -- in favor of the flu vaccine when the analysis was limited to periods of peak influenza circulation. In contrast, there was no significant difference in these endpoints between groups during periods of the year when influenza circulation was low.
Based on these results, researchers said the flu vaccine did help to protect patients from influenza complications, including cardiovascular events.
`` Many of the effects we found during peak flu circulation disappeared outside of it, '' Loeb said. `` There's no biological explanation for that other than influenza infections. ''
While influenza circulation tends to rise and fall throughout the year, peaks do not always occur at the same time each year in places close to the equator the way they do in places that have marked temperature changes between winter and summer, such as the U.S. Because many of the countries included in the study lack active disease surveillance systems, researchers used the best evidence available to determine when the peak period of influenza circulation occurred in each location.
While the study was conducted in countries where the flu vaccine is either not widely available or not common to receive, Loeb said the results could likely be generalizable even in Western countries where flu vaccine uptake is higher. Study participants were allowed to get a flu vaccine outside of the study, but Loeb said that only a very small fraction did, so this likely had no effect on the study findings. He added that the study was stopped early in four countries due to the COVID-19 pandemic.
Loeb said that additional trials and large-scale observational studies could further clarify the health benefits of influenza vaccination in people with cardiovascular disease.
`` I think this study offers an important message about vaccines generally -- that it is important to do randomized controlled trials in populations that historically haven't had a very high uptake of vaccines, '' Loeb said. `` These types of [ research ] gaps have to be filled. ''
The study was funded by the Joint Global Health Trials Scheme, which in turn is funded by the U.K. Department for International Development, the Medical Research Council, the National Institute for Health Research, the Wellcome Trust and the Canadian Institutes for Health Research. | science |
What We Know about Omicron's BA.2 Variant So Far News and Research | On March 22 the World Health Organization announced that the Omicron subvariant BA.2 had become the dominant form of SARS-CoV-2, the virus that causes COVID, worldwide. BA.2 shares many genetic similarities with its close relative BA.1, which fueled a global resurgence in COVID infections in recent months. But BA.2 is between 30 percent and 50 percent more contagious than BA.1.
“ We still don’ t know the full capacity of this virus to evolve and make radically new types of variants, ” says Jeffrey Shaman, an infectious disease modeler at Columbia University’ s School of Public Health. According to Shaman and other scientists, SARS-CoV-2 still has a lot of genetic leeway left in terms of how it infects human cells and skirts the immune system. New variants can emerge from stepwise changes in the viral sequence. But heavily mutated versions of SARS-CoV-2 that bear little resemblance to their predecessors “ have also come from out of the blue, ” says Ralph Baric, a virologist at the University of North Carolina at Chapel Hill. “ And if any of these variants are better at infecting cells or evading immunity than their predecessors, then you’ ll see increased transmission over the strains that came before. ”
The Omicron subvariants were all detected around the same time last November in South Africa. These new and dramatically different versions of SARS-CoV-2 were jolting to many scientists, who had anticipated that the next major variant would descend incrementally from the Delta variant. BA.1 quickly overtook Delta as the dominant strain worldwide, while BA.2 lingered behind, “ likely in a rural area where it didn’ t have as much initial opportunity to spread, ” says Bette Korber, a computational biologist who studies viral diseases at the Los Alamos National Laboratory in New Mexico. But after BA.2 got into bigger, more interconnected communities, “ it began moving fast. ” As soon as it could jump to other countries, BA.2 exploded across Africa, Europe and Asia, and it currently accounts for nearly 55 percent of all new SARS-CoV-2 infections in the U.S., according to latest data from the Centers for Disease Control and Prevention.
In the likeliest scenario, BA.1, BA.2 and a third Omicron subvariant that never took off—BA.3—evolved over the course of chronic infections in a small population of immune-compromised people. Stephen Griffin, a virologist at the University of Leeds School of Medicine in the England, says that bouncing back and forth among the members of this population likely provided “ a training ground for the virus, ” allowing SARS-CoV-2 to probe and test new mutations that allowed it spread more efficiently.
BA.1 wound up acquiring 60 mutations that are not found in the ancestral SARS-CoV-2 that first surfaced in Wuhan, China. Among them are 32 genetic changes located specifically in the virus’ s iconic spike protein, which is a target for immune cells and vaccines. BA.2 shares many of those same mutations but also has 28 unique genetic changes of its own, four of them in the spike protein.
According to Baric, Omicron is the first SARS-CoV-2 variant to evolve in the context of mounting immunity in the population—the result of vaccines and prior infection with other forms of the virus. Earlier variants, namely Alpha, Beta, Gamma and Delta, competed for dominance primarily on the basis of how well they infect human cells in high numbers and transit efficiently among people. But Omicron acquired the further advantage of being able to resist immune defenses against the variants that came before, thereby increasing the number of susceptible people in the population. The difference in neutralizing antibody responses against Omicron, compared with prior variants, “ is massive, ” Baric says. Neutralizing antibodies deflect SARS-CoV-2 from binding to ACE2 receptors, the virus’ s entry point into human cells. “ We’ re talking about a 15- to 50-fold drop in antibody levels, depending on who runs the assay and how recently you’ ve been infected or boosted, ” Baric says.
Identifying the mutations that allow Omicron to “ escape ” neutralizing antibodies is now the focus of intense research. At least some of those mutations appear to affect parts of the spike protein that bind to ACE2. In the ancestral virus, those mutations would have interfered with the microbe’ s ability to initiate an infection. But Omicron appears to tolerate the changes without losing its capacity for binding to ACE2. Ram Sasisekharan, a biological engineer at the Massachusetts Institute of Technology, says that, so long as these mutations persist in the virus, “ we can expect that Omicron-like variants will continue to emerge, driven primarily by immune evasiveness rather than enhanced intrinsic infectivity. ”
But infectivity and immune escape are also deeply intertwined, and determining their respective roles in viral spread is exceedingly challenging. That is especially true at this current stage of the pandemic. Dozens of vaccines have been deployed against SARS-CoV-2, and numerous forms of the virus have swept the globe. Infections and vaccines are contributing to immunity through a dizzying array of combinations, and “ this is all getting messier and messier for the scientific community to tease out, ” Baric says.
Fortunately, evidence so far indicates that disease symptoms caused by BA.2 are not more severe than those caused by BA.1 in vaccinated people or people who were previously infected with SARS-CoV-2, according to Sasisekharan.
BA.1 clearly won out against Delta, largely on account of its capacity for immune escape. But to what degree does immunity from prior infection with BA.1 protect against BA.2?
Early evidence suggests that reinfections with BA.2 after BA.1 do occur but are rare. “ If you were infected with BA.1, then you’ re probably well protected from BA.2, ” Griffin says. “ But the protection is not complete. ” Scientists anticipate that places where BA.1 has already peaked at high levels might avoid subsequent surges of BA.2. The BA.1 peak decayed rapidly in South Africa last December, and BA.2 in that country is “ not much of a problem, ” says Juliet Pulliam, an epidemiologist who directs the DSI-NRF Center of Excellence in Epidemiological Modelling and Analysis at South Africa’ s Stellenbosch University. “ Our case numbers are currently quite low. ”
Experts are carefully tracking BA.2’ s trajectory in the U.S., where BA.1 also ran rampant earlier this year. COVID cases in this country have dropped by 35 percent in recent weeks, even as BA.2 has become the dominant strain. Parts of the U.S., including some northeastern states, are seeing an uptick in SARS-CoV-2 infections. But whether a national surge will follow is unknown. “ We’ re in a gray area right now, ” Baric says.
Other factors also govern BA.2’ s transmission: vaccine and booster coverage, public health countermeasures and the average age of the population all play a role. Hong Kong’ s dramatic surge in BA.2 cases has been attributed in part to vaccine hesitancy among the elderly. John Moore, a virologist at Cornell University’ s Weill Cornell Medicine College, believes BA.2 has spiked in European countries and the U.K. largely as a result of easing COVID restrictions. “ Governments in those countries, particularly in the U.K., said that ‘ Covid is over; let’ s party,’ ” he says. “ That’ s all a highly transmissible variant needs. ”
If the succession of ever more transmissible variants has any silver lining, it is that they are evolving in tandem with population immunity. Each new variant may cause fewer deaths simply because more people are able to thwart infection and severe disease. But Shaman points out that SARS-CoV-2 is also far more liable to change than the other respiratory viruses we have learned to live with. The transmissibility of new SARS-CoV-2 variants should eventually hit a plateau, just as the coronaviruses that cause the common cold did. But in the meantime, “ we don’ t know what the next decade is going to look like with this virus, ” Shaman says. “ So we’ ve got to keep an eye on it. ” | science |
Omicron is dealing a big blow to China’ s economy | OMICRON MOVES fast. That makes it difficult to contain—even for China, which tries to stomp promptly on any outbreak. A cluster of infections in Shanghai, for example, has shattered the city’ s reputation for deft handling of the pandemic, forcing the government to impose a staggered lockdown, of uncertain duration, for which it seems surprisingly ill prepared.
The variant’ s speed also means that China’ s economic prospects are unusually hard to track. A lot can happen in the time between a data point’ s release and its reference period. The most recent hard numbers on China’ s economy refer to the two months of January and February. Those ( surprisingly good) figures already look dated, even quaint. For much of that period, there was no war in Europe. And new covid-19 cases in mainland China averaged fewer than 200 per day, compared with the 13,267 infections reported on April 4th. Relying on these official economic figures is like using a rear-view mirror to steer through a chicane.
For a more timely take on China’ s fast-deteriorating economy, some analysts are turning to less conventional indicators. For example, Baidu, a popular search engine and mapping tool, provides a daily mobility index, based on tracking the movement of smartphones. Over the seven days to April 3rd, this index was more than 48% below its level a year ago.
The Baidu index is best suited to tracking movement between cities, says Ting Lu of Nomura, a bank. To gauge the hustle and bustle within cities, he uses other indicators, such as subway trips. Over the week ending April 2nd, the number of metro journeys in eight big Chinese cities was nearly 34% below its level from a year ago. In locked-down Shanghai, where many subway lines are now closed, the number of trips was down by nearly 93%, a worse drop than the city suffered in early 2020.
The two numbers that worry Mr Lu the most track the economy’ s distribution system, specifically couriers and lorries. In the week ending April 1st, an index of express deliveries by courier companies was nearly 27% below its level at a similar point last year. Over the same period, an index of road freight compiled by Wind, a data provider, shows a fall of 12.8%. The decline looks especially stark because this indicator was increasing by more than 7% at the end of last year.
Unconventional indicators are all the more valuable in China because of doubts about the official data. The strong figures for January and February, for example, are not only old but odd. They suggest that investment in “ fixed ” assets, like infrastructure, manufacturing facilities and property, grew by 12.2% in nominal terms, compared with a year earlier. But that is hard to square with double-digit declines in the output of steel and cement. The recovery in property investment also looks peculiar alongside the fall in housing sales, starts and land purchases. When local governments in the provinces of Shanxi, Guizhou and Inner Mongolia said that they were double-checking their figures at the behest of the National Bureau of Statistics ( NBS) it became clear that the official statistics look odd even to the official statisticians.
China’ s high-frequency indicators proved their worth in the spring of 2020, during the fog of the early pandemic. Although everyone knew the economy would suffer, forecasters were at first timid in cutting their growth forecasts. No one knew exactly how the economy would react or what the NBS would be prepared to report. With the accumulation of evidence from high-frequency data, forecasters were eventually brave enough to predict negative growth for the first quarter of 2020. Indeed, GDP shrank by 6.8%, according to even the official figures.
The timeliness of these indicators makes them valuable in periods of flux. But they must still be interpreted with care. “ There are many traps in those numbers, ” says Mr Lu. Any short period of seven days can be distorted by idiosyncratic events, such as bad weather or holidays. And annual growth rates can be skewed by similar idiosyncrasies a year ago. Moreover, many of these indicators have a history of only a couple of years. Interpreting them is therefore more art than science. What does a dramatic weekly decline in road freight mean for quarterly GDP growth? It is impossible to say with any precision. Mr Lu was heavily trained in econometrics when he was a PhD student at the University of California, Berkeley. “ But with only one or two years of data, if I used the kind of techniques I learned at school, people would laugh at me. ”
To help avoid some of the traps lurking in these unconventional indicators, Mr Lu and his team watch “ a bunch of numbers, instead of just one ”. In a recent report he highlighted 20 indicators, ranging from asphalt production to movie-ticket sales. “ If seven or eight out of ten indicators are worsening, then we can be confident that GDP growth is getting worse, ” he says. Right now, he thinks, the direction is clear. “ Something must be going very wrong. ”
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Smart Buildings Market by Component, Building Type And Region - Global Forecast to 2026 | The global Smart Buildings market size to grow from USD 72.6 billion in 2021 to USD 121.6 billion by 2026, at a Compound Annual Growth Rate ( CAGR) of 10.9% during the forecast period. The increasing awareness of space utilization is one of the key drivers for smart buildings, Space utilization can be defined as the average square foot held by a single occupant. With a steady decline in space consumption, technologies such as IoT-enabled devices and cognitive computing can collect data and keep track of space utilization throughout the day. The use of smart building technologies would aid in optimizing space planning and utilization and enhancing the energy efficiency of workspaces.In a short time, the COVID-19 outbreak has affected markets and customer behaviors and substantially impacted economies and societies.Healthcare, telecommunication, media and entertainment, utilities, and government verticals function day and night to stabilize conditions and facilitate prerequisite services to every individual.The telecom sector, in particular, is playing a vital role across the globe to support the digital infrastructure of countries amid the COVID-19 pandemic.According to Fujitsu’ s Global Digital Transformation Survey, offline organizations were damaged more, while online organizations witnessed growth in online demand and an increase in revenue. 69% of the business leaders from online organizations have indicated that they witnessed an increase in their business revenue in 2020. In contrast, 53% of offline organizations saw a drop in revenues.The support and maintenance Service segment to have a higher CAGR during the forecast periodSupport and maintenance services are generally subscription-based services through which customers receive access to updates and technical support for the products they license from a company.Support and maintenance services are responsible for the periodic maintenance of various smart building components to make them functional, and support services offer support to implement smart building solutions with ease.Vendors provide regular support and maintenance services to upgrade solutions to enhance the management and performance of smart building solutions. These vendors also conduct solution diagnoses on a regular basis after deployment to make customized technology changes and introduce improvements in processes for performance optimization.HVAC control system in energy management segment to account for larger market size during the forecast periodHVAC systems consume a high amount of power; therefore, HVAC control is one of the major components in the building energy optimization process.These systems are designed to provide thermal control to building administrators.Extreme climate conditions or temperatures and moisture-sensitive businesses and industrial processes fuel the demand for HVAC systems. Development in IoT-enabled HVAC systems which can automatically switch equipment on and off at pre-defined times, monitor environmental conditions, send alerts when measurements exceed thresholds, and provide information on energy consumption is one of the key drivers of HVAC systems.Among regions, APAC to hold higher CAGR during the forecast periodAsia Pacific is an emerging Smart Buildings market.It is home to many developing economies and is expected to be the fastest-growing region during the forecast period.The growth can be attributed to the high economic growth witnessed by the major countries in this region.The rapid modernization and increase in construction activities in APAC have accelerated the growth of automatic centralized control of the HVAC systems installed in buildings in this region, ultimately leading to the growth of the smart buildings market in APAC.Various governments in this region have started promoting smart building practices due to the rising environmental concerns and growing need for energy savings. APAC consists of countries like China and Japan, leading in the smart building market.Breakdown of primariesIn-depth interviews were conducted with Chief Executive Officers ( CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Smart Buildings market.• By Company: Tier I: 62%, Tier II: 23%, and Tier III: 15% • By Designation: C-Level Executives: 38%, Directors: 30%, and others *: 32% • By Region: North America: 40%, APAC: 35%, Europe: 15%, ROW *: 10% The report includes the study of key players offering Smart Buildings solutions and services.It profiles major vendors in the global Smart Buildings market.The major vendors in the global Smart Buildings market include Cisco ( US), IBM ( US), Honeywell ( US), Siemens ( Germany), Johnson Controls ( Ireland), Huawei ( China), Intel ( US), PTC ( US), ABB ( Switzerland), Hitachi ( Japan), Schneider Electric ( France), Telit ( UK), Legrand ( France), Bosch ( Germany), KMC Controls ( US), Verdigris Technologies ( US), Aquicore ( US), 75F ( US), BuildingIQ ( US), ENTOUCH ( US), Gaia ( India), Softdel System ( US), Mode: Green ( New Jersey), CopperTree Analytics ( Canada), Spaceti ( Netherlands), Igor ( US), eFACiLiTY ( India), and Spacewell ( Belgium).Research CoverageThe market study covers the Smart Buildings market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as components, building type, and region.It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.Key Benefits of Buying the ReportThe report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Smart Buildings market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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Twitter shares take wing, oil prices rebound | Hi, what are you looking for?
Twitter’ s stock soared more than 25 percent after news of the Tesla chief’ s investment.
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Global stock markets pushed higher Monday and oil prices rose as Western nations eyed more sanctions on Russia, but Twitter stood out as its shares soared after Elon Musk purchased a large stake in the social network.
Twitter’ s stock soared more than 25 percent after news of the Tesla chief’ s investment.
According to a document filed with the US Securities and Exchange Commission, Musk acquired nearly 73.5 million Twitter shares — a 9.2-percent stake in the company.
While Twitter is not large enough in terms of capitalization to impact the wider market, Briefing.com analyst Patrick O’ Hare said the move has bolstered sentiment.
“ What the market is really responding to is the timing of Musk’ s purchase and the supposition that it is an encouraging signal that longer-term investment opportunities might be availing themselves now in former high-flying stocks, ” he said.
European stock markets closed with modest gains, while Wall Street also forged higher.
The tech-rich Nasdaq had an especially buoyant session, climbing nearly two percent behind strong gains in Amazon, Apple and other tech giants.
Meanwhile, the EU said it is urgently discussing a new round of sanctions on Russia as it condemned “ atrocities ” reported in Ukrainian towns that have been occupied by Moscow’ s troops.
And White House National Security Advisor Jake Sullivan signaled more US sanctions also could be announced this week.
But that did not seem to rattle investors who are watching the Federal Reserve for more clues about its interest rate hikes especially following another solid employment report.
“ Even fresh sanctions talk does not appear to be having much of an effect, as the market learns to look past the immediate hit to earnings, ” said analyst Chris Beauchamp at online trading platform IG.
“ The strength of Friday’ s payrolls report remains a motivating factor too, even if it has also emboldened Fed policy makers to think more seriously about a 50 basis point hike next time they meet, ” he added.
The world’ s top economy added 431,000 jobs in March while the US unemployment rate fell to just slightly above pre-pandemic levels, official data showed Friday.
Oil prices rallied after falling last week on concerns about demand given Covid lockdowns in China and after the 31-nation International Energy Agency agreed to tap its vast reserves to offset the hit from the drop in Russian exports due to sanctions.
“ Oil prices have rebounded after last week’ s big falls with US prices recovering back above $ 100 a barrel, in the wake of renewed calls for further sanctions against Russian oil and gas imports, ” said market analyst Michael Hewson at CMC Markets.
“ This appears to be outweighing concerns over Chinese demand after the whole of Shanghai, a city of 25 million people, was put into a Covid lockdown, ” he added.
– Key figures around 2115 GMT –
New York – Dow: UP 0.3 percent at 34,921.88 ( close)
New York – S & amp; P 500: UP 0.8 percent at 4,582.64 ( close)
New York – Nasdaq: UP 1.9 percent at 14,532.55 ( close)
London – FTSE 100: UP 0.3 percent at 7,558.92 ( close)
Frankfurt – DAX: UP 0.5 at 14,518.16 ( close)
Paris – CAC 40: UP 0.7 percent at 6,731.37 ( close)
EURO STOXX 50: UP 0.8 percent at 3,951.12 ( close)
Tokyo – Nikkei 225: UP 0.3 percent at 27,736.47 ( close)
Hong Kong – Hang Seng Index: UP 2.1 percent at 22,502.31 ( close)
Shanghai – Composite: Closed for a holiday
Brent North Sea crude: UP 3.0 percent at $ 107.53 per barrel
West Texas Intermediate: UP 4.0 percent at $ 103.28 per barrel
Euro/dollar: DOWN at $ 1.0978 from $ 1.1043 late Friday
Pound/dollar: FLAT at $ 1.3114
Euro/pound: DOWN at 83.65 pence from 84.21 pence
Dollar/yen: UP at 122.78 yen from 122.52 yen
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
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Why technology is central for solving revenue management issues in 2022 | Hi, what are you looking for?
Concerns faced by key players in technologically driven companies include the process of managing and controlling data.
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A new survey finds that 99 percent of high technology and life science executives report revenue management challenges within their organization. This is according to new research from the fourth annual ‘ State of Revenue Report’ produced by Model N.
In terms of the survey population, this includes semiconductor, electronic component manufacturers ( ECMs) and high-tech manufacturing companies. For the survey, 306 individuals were questioned. The findings relate to the U.S. business market.
This startling figure matters because 70 percent of executives indicate that their industry loses billions of dollars due to these revenue issues. More specifically, the executives single out supply chain disruptions ( 44 percent) and artificial intelligence ( 40 percent) as having the greatest impacts on revenue management. In addition, 98 percent of executives indicate they face staffing issues in their revenue management program
This suggests that executives have an ingrained understanding that technology-based solutions and that these are seen as critical for tackling revenue leakage and enterprise-wide revenue management issues.
Other concerns faced by key players in technologically driven companies include the process of managing and controlling data ( expressed by 34 percent) and with achieving real-time data visibility ( raised by 31 percent).
Other notable issues include financial compliance ( 30 percent); managing global pricing ( 29 percent); and with managing the different needs of channels and segment ( also mentioned by 29 percent of the study participants).
Technological changes represent another area that the sector needs to take note of. This includes, within the U.S., the necessity for pharmaceutical companies to be compliant with all state-level price transparency regulations.
Also, of importance is maintaining regulatory compliance. This was expressed as a concern for 81 percent of executives at life sciences organizations. The regulatory path is not standing still and nearly two-thirds ( 60 percent) of pharmaceutical executives expect managing compliance to become even more difficult in 2022.
There are signs that the impact of the coronavirus pandemic is declining. When asked about the COVID-19 impact, this was described as a critical revenue management challenge by 37 percent of executives, a figure that is down from the 58 percent mentioned when a similar survey was run during the prior year. The reason for the decline appears to be connected to the aforementioned issues of supply chain disruptions and staffing.
Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.
The huge lockdown, which has required 26 million people to stay home has become unworkable.
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Hong Kong leader Carrie Lam declines to run for second term | Hi, what are you looking for?
Hong Kong Chief Executive Carrie Lam announced Monday that she will not seek another term.
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Hong Kong Chief Executive Carrie Lam announced Monday that she will not seek another term as the city’ s political elite prepares to select a new leader next month.
“ I will complete my five-year term as chief executive on June 30, and officially conclude my 42-year career in government, ” Lam told reporters.
Lam said China’ s leaders “ understood and respected ” her choice not to seek another term, adding that she had informed Beijing about her intentions in March 2021.
Lam said her “ personal wish and aspiration is entirely based on my family considerations ”.
“ I have to put my family members first, and they feel it is time for me to return home, ” she said.
A career bureaucrat, Lam became Hong Kong’ s first woman leader in 2017 after being voted in by the small pro-Beijing committee that selects the position.
Hong Kong Chief Executive Carrie Lam announced that she will not seek another term – Copyright AFP/File William EDWARDS
Her departure closes the chapter on a controversial five-year term that saw Beijing ramp up control following huge democracy protests — and a pandemic response that plunged Hong Kong into international isolation.
Hong Kongers have little clarity on who will be their next leader.
The chief executive position is not popularly elected, one of the core demands of democracy protests which have since been crushed.
Instead, the position is selected by a 1,500-strong pro-Beijing committee.
The city’ s next leader will be chosen on May 8 but so far no one with a realistic prospect has publicly thrown their hat into the ring.
Hong Kong’ s number two official, John Lee, who has a background in the security services, has been tipped by local press as a likely contender.
Lam said on Monday morning that she has not yet received any resignations from her ministers, a step that cabinet members like Lee would need to make before running.
Lam also thanked Beijing for its support and trust and said her term was affected by “ unprecedented pressure ” due to the 2019 protests and the Covid-19 pandemic.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
The huge lockdown, which has required 26 million people to stay home has become unworkable.
Nearly 50 wounded and elderly patients were transported from the east in a hospital train by medical charity Doctors Without Borders ( MSF) - Copyright...
Wearing a hat and carrying a blue and yellow Ukrainian flag, the 43-year-old is the first face that many Ukrainians see as they cross...
President Joe Biden will announce new measures cracking down on so-called `` ghost guns '' on Monday, with an executive order.
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Myanmar military's beer sales tumble after junta boycott | Hi, what are you looking for?
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When Japanese brewing giant Kirin called time on its Myanmar operations last month, the news made little difference to Kyaw Gyi — like many drinkers, he had long boycotted the beer it produced with a military conglomerate.
For years, Myanmar Beer dominated bars and supermarket shelves, its Japanese backing a sign of the economic liberalisation washing into the Southeast Asian country after the military relaxed its iron grip on power in 2011.
But after the generals ousted Aung San Suu Kyi’ s civilian government in February last year, many turned their backs on the brew, along with a host of other goods made by companies linked to the armed forces, from soap to coffee.
“ We know other beer brands are paying tax to the military, but we don’ t want all of our money going to them, ” said sailor Kyaw Gyi, sitting outside a bar on Yangon’ s 19th Street, a popular drinking haunt.
“ We avoid it. If there is only Myanmar Beer in the restaurant, then we don’ t drink beer, ” he said, using a pseudonym.
Farther along the street in Yangon’ s bustling downtown, restaurant manager Zaw Naing said his establishment hadn’ t sold the light, five percent brew since April last year.
It was not just the beer orders they had cancelled, he added — they also asked the brand to take back all the chairs, tables and umbrellas that bore its red, white and gold emblem.
“ If people see the Myanmar Beer logo with our restaurant name, they won’ t come, ” he said, also asking to use a pseudonym.
– Demand down –
As anger seethes at the military’ s crackdown on dissent — which a local monitoring group says has killed more than 1,700 people — establishments still serving the beer have faced more serious consequences.
In early March, bombs were set off outside two Yangon bars and a restaurant in second city Mandalay that were still selling the beer, according to local media.
Drivers transporting the beer in the rural central plains have also been stopped by local anti-coup groups and their cargoes trashed, according to local media reports.
Myanmar Brewery — the firm run by Kirin and military conglomerate Myanma Economic Holdings — enjoyed a market share of nearly 80 percent, according to figures published by Kirin in 2018.
Following months of Covid- and coup-related disruption in 2021, its year-end operating profit was just 6.6 billion yen ( $ 54 million) — compared with 13.8 billion the previous year.
In February, after months of trying to dissolve its partnership with the military-backed firm, and as pressure from rights groups escalated, the Japanese giant announced it would leave Myanmar.
The boycott and its upcoming exit is leaving rivals Heineken, Carlsberg and Thailand’ s Chang eyeing the market gap.
The three breweries “ have picked up market share from Myanmar Beer, particularly in the cities ”, said a Yangon-based market observer who did not want to be named.
AFP has contacted Carlsberg for comment.
A representative for Heineken who requested anonymity said it was “ too early to assess and comment on consumer purchasing habits ”.
– ‘ We keep drinking’ –
But back on 19th Street, Aung Myo said customers had long switched to beers untainted by connections to military-backed firms, like Chang, Tiger — owned by Heineken — and Carlsberg’ s Tuborg.
“ People don’ t want to drink Myanmar Beer even though it tastes good, ” he told AFP.
“ The demand is definitely down. ”
In Myanmar’ s complex political landscape, there are still some areas where punters can enjoy a Myanmar Beer in peace.
Crowded bars in the military-built capital Naypyidaw were still serving it on a recent Saturday night, and the brew is reportedly still available in further-flung rural areas that have seen little coup-related violence.
The boycott has also been rebuffed in Rakhine in the west, where a truce between the junta and Arakan Army ( AA) rebels fighting for greater autonomy has insulated the state from the turmoil gripping much of the rest of Myanmar.
“ We don’ t see any boycott movement here, ” said government employee Htun Htun, 28, at a bar in state capital Sittwe, where billboards for the beer still lined the streets.
“ So, we keep drinking it… The alcohol rate is not too high and the taste is good. ”
Analysts say the AA is taking advantage of the calm to expand its presence in the state, setting up its own courts and administration while the junta battles anti-coup dissidents elsewhere.
Clashes between the AA and the military in 2019 displaced more than 200,000 people across the state, one of Myanmar’ s poorest.
While the current peace lasts, Nyi Nyi, 27, said he would not be looking to change.
“ If there’ s no problem with the military, we will still choose our usual Myanmar Beer, ” he said.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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A federal appeals court upheld Biden’ s vaccine mandate for federal workers, while COVID-19 cases rise.
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At least 52 people are killed, including five children, in a rocket attack on a train station in the eastern Ukrainian city of Kramatorsk.
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Conversational AI in Travel & Hospitality | Conversational AI, chatbots, and voice assistants, are widely used across the Travel and Hospitality industry. I had the opportunity to chat with a panel of experts to learn more about how brands are leveraging these solutions.
Customer care and customer support are at the core of the Travel & Hospitality industry. The key piece is being hospitable — taking care of your customers and your business. Brands show value and differentiate themselves based on their level of customer care. For example, a high-end luxury brand will provide higher levels of concierge service.
Conversational AI, chatbots, and voice assistants are a key component of customer care. They help customers get the information they need or complete their goal, with a low level of friction, 24/7, on channels users prefer to interact.
Conversational AI enables brands to scale operations and adapt quickly, at low cost, in a practical way. For example, the airline industry has been hit particularly hard through the pandemic with lower volumes of passengers. On top of it, the world is unpredictable — events like a volcano erupting, flooding, or even the current war in Europe occur. People still need to travel during these times, and operations need to be stood up quickly. As Laetitia Cailleteau of Accenture explains, virtual assistants can be put in place quickly, and can be adapted and updated rapidly to handle new queries as a result of these events.
Alan Kiernan of Parly.ai seconds this ability of conversational AI to react quickly to change. When Covid-19 hit, airlines faced a lot of requests for refunds that put enormous pressure on call centers. Chatbots and intelligent Interactive Voice Response ( IVR) systems enabled airlines to handle these requests in an automated way that was fast and scalable.
Conversational AI is not purely an automation play, as Laetitia points out. Call centers have been scripted to death. These scripts were system focused — written based on how to interact with the internal systems — rather than human focused, and have been written ages ago. The importance of chatbots is to spin the experience on its head, instead of automating the existing experience. Today we need to be human centered and think about the service we are providing for humans.
There is a balance to implementing conversational AI, as Andrei Papancea of NLX.ai indicates. One can not achieve 100% automation, without annoying customers. There still needs to be a path to escalate when needed.
While enterprises across industries tend to start with high volume, low complexity tasks, there are use cases in Travel and Hospitality that may appear relatively straight-forward, but are quite complex behind the scenes. These use cases, while harder to implement, given disparate data sources and complex rules, are worth doing.
For example, questions related to baggage handling, allowances, and tracking can be quite complex. As Laetitia explains, there are a lot of contracts between airlines with code-share agreements regarding baggage. A suitcase that may be acceptable by one airline on a code-share, may not be on another. The challenge for conversational AI is not in automating a solution to answer questions related to baggage, but in finding the correct answer. The first airline may say one thing, the second another, and the call center a third, so the contract between the airlines needs to be checked.
As Alan adds, conversational AI is a great example of a user experience that can be simple and direct, while dealing with a complex issue behind the scenes. For example, travel restrictions and rules related to Covid-19 within Europe differed widely across countries and changed frequently. Chatbots needed to be able to surface the data from reputable sources, in multiple languages, and to keep updating automatically for the rule changes — all seamless to the user.
Context and personalization are key to a better customer experience. The bar in Travel and Hospitality is quite high. As Andrei explains, when a customer contacts a company, the company needs to know who they are and the context — whether they booked a flight or hotel already and why they might be calling.
When an IVR answers and greets the customer by name and recognizes their recent activity, it helps put the customer at ease, and comfortable interacting with the virtual assistant, indicates Andrei. It sets the tone of the conversation.
As Laetitia points out, the less you have to ask a user the better, as it means you know them well. While we are excited about Natural Language Processing ( NLP), if you design the experience well, know the customer well, and understand what they may want, you can propose things to them with little input required and the result can be a quite cool, slick experience.
Conversational AI solutions are part of omni-channel, multi-modal customer engagement platforms.
As Max Morin of AWS points out, multimodal solutions enable brands to take full advantage of the device. If a customer is calling an airline to change their seat, the IVR can send a link to the website to show the seat map while helping guide the user in selecting a seat. Guests and travelers are becoming more accustomed to using technology when interacting with large tech firms like Amazon and Facebook and expect similar experiences with Travel and Hospitality companies.
Andrei adds, multimodal solutions can be very practical, as some use cases are impractical on certain channels. For example, capturing a customer’ s name and booking reference number via voice IVR can be challenging. Instead, the IVR can branch out to an additional channel to help the user through the task. As Andrei recommends, leverage the power of each channel and help drive the user to the best possible experience.
Regardless of the channel, it is important to have one source of truth for the customer. In Travel and Hospitality, there are different customer journeys — pre travel, day of travel, post travel, and life of the customer, as Alan explains. Many companies and systems in the industry still rely on paper and PDFs. It is important to pull the data and join it to the life of the customer, as the information aids in personalization and can drive huge value.
As Laetitia adds, it is important to provide choice and flexibility. Use the right channel for the right task, but also be flexible to what the user wants. It goes back to being human-centered. We are all humans and may do things differently based on our preferences or even generational differences.
Chatbots and virtual assistants are not meant to completely displace human agents. As Max indicates, conversational AI can take on the high volume, low complexity tasks, leaving human agents to do things only humans can do — handling the more complex issues. This helps reduce the stress on the agents, not having to answer the same question every time.
Chatbots and virtual assistants also enable more efficient routing — passing along the context of the interaction to help the agent resolve the customer issue.
Some companies pride themselves on containment, but at the expense of customer satisfaction and the quality of the experience. The hospitality component is lost at this moment, as Andrei points out. If someone wants to talk to an agent, take them to the agent. Do not try to fool the customer. If the virtual assistant can handle the task well, handle it, otherwise take them to an agent.
As conversational AI experiences continue to improve and advance, there is more interest in fine tuning the conversation to be more empathetic.
How a chatbot or voice assistant phrases a question will have an impact on how the customer responds, which can impact whether the conversation goes down the right path or wrong path. It is important to be nice, approachable, sympathetic, and perhaps sometimes funny depending on the context. As Alan explains, the goal is to be Jarvis, not Terminator.
It is helpful to have short and concise conversation.
. ” With web development, designers did not have to be as cautious on the length of content. With mobile apps, there was less real estate. However with conversational AI, it is even shorter. Users want a short, concise answer. It takes a particular skill to craft good dialogue.
Conversational design is an art form as Andrei adds — words matter. This is why we sometimes see former screenwriters as conversational designers as they have skills with words and dialogue.
Understanding the user, who they are, and the context, helps establish trust and empathy. When a user makes contact, the company knows the user is calling, they know there is a high propensity the user is having a problem, and they have context. Empathy is part of the handshake between a human and machine, as Laetitia points out. It is important to make sure you have a great design and a well trained NLP model to help build the relationship and trust.
Max adds that it is also important to understand what might cause a user to be unhappy or drive anxiety. For example, if a customer has to repeatedly identify themselves, or if a navigational menu has too many options to remember, or if the user has to repeat themselves multiple times, those can cause frustration. If the user is calling from their phone, the company should know who they are; and if they booked a flight or hotel, it should know that as well. The technology can leverage all the information it has about the user and context to help preempt customer frustration.
Our panelists all see the level of personalization in conversational AI going even further for Travel and Hospitality. | tech |
“ Cyclist at fault, hit her next time ”: cyclists condemn'sickening ' tweet; Tour of Flanders – the best day of racing ever?; Reckon you can keep up with Van der Poel?; Cool Spanish champ's kit; Cycle to the football – it’ s cheaper + more on the live blog | Like this site? Help us to make it better.
On the subject of extortionate MLS parking fees ( see below), road.cc reader Steve reminded everyone in the comments that during the 2016/17 football season he cycled to every single Crystal Palace match, home and away.
Those rides, and the harrowing 90 minutes that almost certainly followed, included trips to Sunderland and Middlesborough – in the same month.
And what was Steve’ s reward for his otherworldly devotion to the cause? A fourteenth-place finish, with 21 defeats from 38 games, and only 12 wins, including a six-game run of losses in October and November ( though one of those included the remarkable 5-4 defeat away to Swansea, so at the very least it was entertaining).
As one reader responded: “ There's a man who knows how to suffer. ”
Pogačar just added 'Twitter Troll ' to his palmares. https: //t.co/DnEiyr6tyC
— Will Newton ( @ InsidePeloton96) April 4, 2022
He won't, will he? Surely Pog on the Roubaix pavé is too good to be true?
But with Tadej Pogačar, you just never can tell…
The Tour of Britain today announced that World Bicycle Relief has joined the race as an official charity partner.
World Bicycle Relief delivers specially designed, locally assembled, rugged bicycles to students, healthcare workers, and entrepreneurs in rural low-income regions.
The charity says it is “ committed to helping people conquer the challenge of distance, achieve independence, and thrive. ”
Before and during the race, which takes place between 4-11 September ( further route details are set to be unveiled on Wednesday), fans will be encouraged to raise funds to provide “ life-changing ” Buffalo Bicycles.
Buffalo Bicycles are designed and engineered for distance and durability, and are easy to maintain and repair, making them perfect for use in low-income regions around the world.
Miles Rose, Commercial Director of Tour of Britain organisers SweetSpot, said in a statement: “ We are delighted to be partnering with World Bicycle Relief and supporting their work by spreading their message about the Power of Bicycles across Britain this year.
“ Through the Tour of Britain, we are committed to encouraging and inspiring more people in the UK to get on their bikes. If we can also play a part in changing lives for the better through the power of the bicycle in low-income regions, we will have achieved something significant. ”
Never one to be upstaged, Primož Roglič reminded the cycling world that there’ s more than one Slovenian at the top of the sport ( or even two, eh Matej?) with a dominant win on the opening time trial stage of the Tour of the Basque Country.
Aiming for his third overall win at the relentlessly tough six-day stage race, Roglič blasted along the tough, technical and picturesque 7.5-kilometre course in the coastal town of Hondarribia to take the stage, finishing five seconds ahead of GC rival Remco Evenepoel and 16 in front of Rémi Cavagna.
Ineos Grenadiers’ British riders Geraint Thomas ad Adam Yates were both 18 seconds slower than the Slovenian, in fourth and fifth respectively, while 20-year-old Ben Tulett was impressive in tenth, 21 seconds down.
Fans thronged the tight cobbled streets of Hondarribia, which lies on the French border, also reminding everyone that it isn’ t just the Flandrians who can lay claim to coming from one of cycling’ s great heartlands.
Cobbles & big crowds. Some strong Ronde vibes in today's ITT. # Itzulia pic.twitter.com/wXpDr1Xoj4
— Mihai Simion ( @ faustocoppi60) April 4, 2022
Viewers on GCN were treated to the dulcet tones of everyone’ s favourite dancing cyclist Nicolas Roche, who took his place in the commentary box alongside Matt Stephens.
Fresh from his spell as the battling underdog in the Irish version of Dancing with the Stars, Roche appears to be once again following in the footsteps of father Stephen, who used to share mic duties with David Duffield for Eurosport back in the 1990s – once famously castigating Marco Pantani for taking his time over a jacket change during the Italian’ s legendary attack to Les Deux Alpes at the 1998 Tour de France.
Let’ s just say that Nico is already proving more reliable in his analysis than his dad…
Ronde van Vlaanderen ( noun): An annual race where one of the World's Best Cyclists challenges @ mathieuvdpoel to a 1v1 sprint at the end of 272 km pic.twitter.com/yL2PEG2R4M
— GCN Racing ( @ GcnRacing) April 4, 2022
Full points for anyone who noticed the CSNY reference straight away…
The truth about a place’ s aspirations isn’ t found in its vision. It’ s found in its budget.
So I 'm delighted we now have £254m over 5 years to enable active travel here in WM.
It's a game-changing investment to make cycling & walking the natural first choice for short journeys. pic.twitter.com/ByGISHd5LS
— Adam Tranter ( @ adamtranter) April 4, 2022
The Department for Transport has today confirmed that £254 million will be set aside over the next five years to fund schemes which enable active travel in the West Midlands.
The funding forms part of a £1.05 billion grant to transform road, bus, rail, tram, cycling and walking infrastructure across the region.
West Midlands cycling and walking commissioner Adam Tranter says the grant is a “ game-changing investment to make cycling and walking the natural first choice for short journeys ”.
“ This is the largest single investment in our transport infrastructure and will deliver a wide range of projects across our region including bus priority routes, railway stations, safe cycle routes and electric vehicle charging facilities, ” said Transport for West Midlands executive director Anne Shaw in a statement today.
“ We have, with our local authority partners and backed by Government, developed an investment programme which will support our targets of delivering a green transport revolution, to better connect our communities and support new jobs and housing. ”
What is the point of building cycle lanes if this happens? https: //t.co/4XwsgsbOcQ
— Jeremy Vine ( @ theJeremyVine) April 4, 2022
Well played Cofidis, who have kitted out Spanish TT champion and new signing Ion Izagirre in some pretty sick threads ( I’ m down with the kids, move along now) this season.
Came here to post exactly the same thing - this is a really classy jersey 🤩 Well done Cofidis 👏 # Itzulia2022 # Itzulia https: //t.co/oxPA3CAsXj
— Katy M ( @ writebikerepeat) April 4, 2022
He certainly never got that treatment when he was at Astana or Movistar…
Izagirre was riding the first time trial stage of the Tour of the Basque Country, where Geraint Thomas currently leads with big hitters Primož Roglič and Remco Evenepoel still to come.
The Spanish champion’ s teammate Victor Lafay must have been listening to Chris Froome’ s thoughts on the safety of time trial bikes, opting for a road bike ( complete with disc wheel) on the lumpy, technical course.
A cycling club in Berwick-upon-Tweed is raising money to install and maintain defibrillators in the town, after one saved a member’ s life.
65-year-old Guy Rowland was on his way to the weekly outing of the Monday Morning Cycle Club last October.
Recently retired, Rowland had previously spoken to a doctor about experiencing exercise-induced asthma while out on the bike.
As he arrived at the meeting point after cycling a mile and a half from his home, he collapsed, suffering a cardiac arrest.
“ I 'd just said 'Morning, Guy, ' and seconds later I heard the crash of the bike going over, ” says retired policeman John Hare, one of the two club members who arrived at the meeting point before Guy, and rushed to his assistance.
“ I 'm thinking, come on Guy, you 've got to unclip your feet when you stop. That was very quickly followed by a shout. Guy was lay astride the bike on the ground. We got the bike out of the way then put him on his back, opened his airway and realised he wasn't breathing. ”
Fortunately, Guy collapsed right next to a defibrillator.
John said: “ Everything apart from the incident happening fell into light, it was one of those strange coincidences. We were ten paces from the community defibrillator at East Ord. The week before, myself and Ray ( who was also present) had done a first aid refresher course.
“ It's a strange thing, you don't have to do an awful lot but if you do the right thing, there's a good chance of saving someone's life. You shouldn't be afraid to get involved with the defibrillators because they do talk you through it. ”
John and Ray’ s quick thinking gave enough time for a community paramedic to arrive to treat Guy. The 65-year-old was then airlifted to the Royal Infirmary in Edinburgh, where he was fitted with an implantable cardioverter defibrillator ( ICD), the same device fitted to Italian pro Sonny Colbrelli after his collapse last month, which regulates abnormal heart rhythms.
> Sonny Colbrelli has defibrillator fitted after collapsing at Volta a Catalunya finish
Since Guy’ s incident, Monday Morning Cycling Club have been working with Ord Parish Council to raise over £200 to maintain defibrillators in the area, as well as installing a new one in a more rural location. The club is hoping to raise more money through a charity sportive later in the year.
Only five months since his cardiac arrest, Guy is back out with the club, riding on his electric bike.
“ I just feel incredibly lucky and very humbled really, ” he told the Chronicle. “ The number of people who went to so much trouble to keep me alive, it's still quite moving when I think about it.
“ It was very strange, I just kind of let myself go along with whatever was happening. I thought, they know what they're doing and if I die, I die, and if I live, I live.
“ There's no point getting too upset about it. You just have to stay calm, really. ”
Now, after watching yesterday’ s Tour of Flanders and taking in his insane power numbers on Strava, an hour-long spin with Mathieu van der Poel may not sound like the most appealing prospect…
But if you took one look at the Paterberg yesterday and reckoned you could keep up with one of the most talented bike riders of his generation – albeit as he recovers from a 270km monument and the night of celebration that no doubt followed – then here’ s your chance to prove it, as the Alpecin-Fenix rider is taking to Zwift for his post-Ronde recovery spin.
The 60-minute ride ( available at this link) starts today at 3pm BST and is open for anyone to join – so you too can rub ( virtual) shoulders with the current Lion of Flanders.
Let’ s just hope Van Baarle and Madouas don’ t box you in…
We agree. It should cost at least $ 140. https: //t.co/4yKUZmuQcZ
— All-Powerful Bicycle Lobby ( @ BicycleLobby) April 3, 2022
Surely there's another way...
# RVVmen
Tadej Pogačar with an incredible move on the Kwaremont! 🔥 He rides to the front of the race with one acceleration. # RVV22 pic.twitter.com/Z7ABOdFeMT
— Ronde Van Vlaanderen ( @ RondeVlaanderen) April 3, 2022
Look at him, slicing through the entire Tour of Flanders like a hot knife through butter.
Hang that video in the Louvre, as the internet people say…
His HR stats look similar to mine on any given ride. He's just pushing out twice the power for each beat. https: //t.co/f46TB3UZl2
— LukeB MTB ( @ LukeB MTB) April 4, 2022
And spare a thought for Wout van Aert, the red-hot favourite ruled out due to Covid, who had to give up not only his chance of glory in Flanders, but also his KOM crown:
Can you imagine sitting out the crown jewel of your classics season as the favorite, and then getting this Strava email? pic.twitter.com/aiHUfTRytd
— Greg ( @ gregonabicycle) April 3, 2022
On Thursday evening, we reported that a motorist pleaded guilty to driving without due care and attention after failing to slow down while driving his Land Rover Defender towards a group of cyclists on a single track country lane.
> Motorist fined after being caught on camera driving at group of cyclists, causing one to fall off bike ( + video)
Paul Nigel Miley was fine £1,000 in connection with the incident, which led to one of the cyclists falling off their bike.
PC Mo Allsopp-Clarke of Northamptonshire Police’ s Safer Roads Team said: “ On this occasion, the correct thing to do would have been to come to a stop to allow the cyclists to pass safely. It takes a couple of seconds and then everyone can continue their journey in safety. ”
The video of the incident, which Allsopp-Clarke says “ clearly showed that Miley had no consideration for the cyclists on that day ”, has been shared online by Northamptonshire Police, prompting a – somewhat inevitable – mixed response.
While many viewers agreed with the fine, some motorists have defended the driver, with one Twitter user writing: “ I think he could have slowed a little bit more but I wouldn’ t have blamed him for her falling off! This world has gone mad! That poor driver! ”
Another wrote: “ Can’ t see what he did wrong. Looks like she just fell over cos her feet were attached to her pedals. Maybe she just needs to learn how to get off her bike! ”
However, one user’ s response to the incident was ever so slightly blunter:
Cyclist at fault, hit her next time x https: //t.co/Xp4dUYPeLO
— clara ♈️ ( @ larafrancescaaa) April 2, 2022
Well, at least she left a kiss at the end.
That particular tweet has – understandably – been heavily criticised on Twitter:
Not `` I don't agree with the court '' or `` I don't think there is anything wrong with the driving '' or `` I hate cyclists ''.
`` hit her next time ''
When your solution is to publicly state you want to drive your car into people, the problem is with you. https: //t.co/I2hF3DGYIv
— Cybergibbons ( @ cybergibbons) April 4, 2022
How is the person on the bike responsible for the actions of the person in control of a two-tonne weapon on wheels?
— London by bike ( @ LDNbybike) April 2, 2022
Dear Clara, the term you’ re looking for is “ premeditated ” and might carry a prison term. Perhaps refresh your Highway Code knowledge, eh?
— Phil H ( @ Gulfie) April 4, 2022
Could I suggest joining @ IAMRoadSmart The training is excellent about being courteous to other road users, especially those more vulnerable. I am a member...
— Dr Jonathan Leach ( @ jonathanleach13) April 4, 2022
If Carlsberg ( or should that be Leffe) did Sundays…
The Tour of Flanders was something else, wasn’ t it? We were treated to two phenomenal winners in Mathieu van der Poel and Lotte Kopecky, aggressive, attacking and tactical racing, the long-awaited return of thousands of screaming ( and probably drunk) Belgians at the side of the road, and – before I forget – one of the most dramatic final kilometres you’ re ever likely to see.
> Two out of three ain’ t bad: Mathieu van der Poel takes second Tour of Flanders win in thrilling finale
So as most of Belgium wakes up bleary eyed and hungover after possibly one of the best days of racing ever, here’ s a little roundup of some of the post-Flanders talking points.
Or should that be Ronde-up? I’ ll get my coat…
I don't know what feels worse: waking up after a Tour of Flanders party, or waking up after having raced the @ RondeVlaanderen. 🥴
— Mieke Docx ( @ MiekeDocx) April 4, 2022
Celebrations for Lotte Kopecky 😍🍾 pic.twitter.com/MK8o3Y0z7i
— Robyn ( @ robynjournalist) April 3, 2022
It surely doesn’ t get much better than winning the Tour of Flanders in the Belgian champion’ s jersey, does it?
What made Lotte Kopecky’ s win, which saw her become the first woman to take the Ronde in the Belgian tricolour, even more special was the return of the fans to the roadside and the finish, especially after two eerily silent Covid editions in 2020 and 2021.
> Lotte Kopecky wins Tour of Flanders in Belgian champion’ s jersey
And boy, did the fans make up for lost time, celebrating Kopecky’ s win in the proper manner, beer cups to the sky ( we’ ll gloss over the fact that Lotte revealed in her post-race interview that she doesn’ t like beer…).
Also struggling with her drink was Annemiek van Vleuten, who at least proved to us mere mortals that she can’ t do everything:
🥳🍾 Faster on the road today, and faster at the bottle as well: @ LotteKopecky beats @ AvVleuten twice at # RVVwomen - and generously helps her competitor on stage! 🤣🙈 pic.twitter.com/HRRTckNbjf
— UCI WWT ( @ UCI WWT) April 3, 2022
In the men’ s race, the boy-king Tadej Pogačar suffered his own Stephen Roche at Liège 1987 moment, coming fourth in a two-horse race after a game of cat-and-mouse gone awry in that scarcely believable final kilometre.
Maybe Pog was just trying to emulate Tottenham Hotspur’ s 2016 league campaign?
Pogacar the ultimate competitor: cheering on MvdP as he crosses the line. 😶 pic.twitter.com/3GO1BPcMNk
— Colin Lynch PLY ( @ FormerTTchamp) April 3, 2022
Despite his sulk at the finish line, the 23-year-old Slovenian’ s performance was extraordinary, bending the Tour of Flanders – a race Tour de France winners don’ t ride, a race that you apparently need years of experience to excel at – to his will, on his debut, only three days after his first proper cobbled classic. You get the picture.
He was the strongest rider in the race, no doubt, just not the smartest in the finale. But that prolonged show of strength, beginning with his bullet-like assault up the Oude Kwaremont with 55km to go, proves that he can do – and win – just about anything on a bike.
Just maybe not the Grand National, eh Carlton?
The Grand National
— Carlton Kirby ( @ carltonkirby) April 4, 2022
But, unfortunately for his opponents, the 23-year-old could soon have another cobbled monument on his to-do list:
See you in @ Paris Roubaix? 😂 https: //t.co/PWJZ6VYvcx
— Tadej Pogačar ( @ TamauPogi) April 3, 2022
Well he has to make up for Sunday’ s disappointment some way, doesn’ t he?
In the aftermath of the race, Pogačar’ s name was even trending on UK Twitter for a brief period ( we’ ve made it folks!):
Pogacar is trending as an 'event ' in the UK. Don't know what to make of that?! # RVV22
— Katy M ( @ writebikerepeat) April 3, 2022
While most pundits were busy comparing Tadej to a certain Belgian legend ( who could it be?), Brian Smith linked the Slovenian’ s sartorial style to another – albeit Scottish – icon:
I knew he had some Scottish heritage.... @ TamauPogi pic.twitter.com/gGIF2jkkqz
— Brian Smith 𝕆𝕃𝕐 ( @ BriSmithy) April 3, 2022
Lest we forget yesterday’ s winner Mathieu van der Poel, who must have had a sense of déjà vu as he once again entered the final kilometre of the Tour of Flanders in a two-rider group.
While the Dutchman has often let his strength get in the way of success, this time he used all his tactical smarts, calmly playing Pog like a fiddle in the final kilometre, before seeing off Madouas and Van Baarle’ s last ditch challenge with his explosive kick.
The Alpecin-Fenix rider made just as light work of his well-deserved post-race burger:
pic.twitter.com/wrIcdRgEwg
— Cycling out of context ( @ OutOfCycling) April 3, 2022
As well as his podium champagne, a moment that was weirdly captured by this bottle-mounted GoPro ( not sure if the GoPro was included as a prize):
Cheers to that victory, @ mathieuvdpoel 😜🍾 # RVV22 pic.twitter.com/mR1asHNvx5
— Ronde Van Vlaanderen ( @ RondeVlaanderen) April 3, 2022
While most of the post-race talk centred on Pogačar’ s once-in-a-generation-or-two range of talent, Van der Poel - who was a massive doubt for the classics just two weeks ago, remember, after a back injury dogged his winter - is also proving that when it comes to the classics not much is beyond him either:
Mathieu van der Poel's career monument results:
4th RVV 13th MSR 10th Lombardia 6th Liege 1st RVV 5th MSR 2nd RVV 3rd Roubaix 3rd MSR 1st RVV
— Daniel Lloyd ( @ daniellloyd1) April 3, 2022
15 days ago, Mathieu van der Poel hadn't raced this season. Now he's won one monument and come 3rd in the other. Not too shabby. # RVV22
— Daniel Lloyd ( @ daniellloyd1) April 3, 2022
He’ ll also be pretty pleased, I imagine, to have overtaken his dad Adri ( who won the race himself in 1986 ahead of Sean Kelly) on the list of Ronde winners…
Finally, big props to Fred Wright. The 22-year-old Brit, riding for Bahrain-Victorious, rode a superb, tactically flawless race to take seventh, even hanging on to Pog and MVDP until the final time up the Oude Kwaremont.
Gave it everything today!
First time doing Flanders with crowds was crazy, f * * * * * * love this race. @ BHRVictorious @ bettiniphoto # RVV # flanders pic.twitter.com/0wzHW8IZfh
— Fred Wright ( @ fred wright0) April 3, 2022
That ‘ boy’ @ fred wright0 has done it yet again: Blown my flippin’ mind! It was the Tour of Flanders for Gawd’ s sake!! ( Thanks Max Capamagian for the terrific pictures of me getting rather excited) # RondeVlaanderen pic.twitter.com/b4pcQpWoD8
— Phil Wright ( @ philinhernehill) April 4, 2022
With Wright, Tom Pidcock and Ben Turner coming to the fore this spring, Britain’ s future in the cobbled classics is looking very bright indeed…
What do you mean, you were watching the boat race?
Ryan joined road.cc as a news writer in December 2021. He has written about cycling and some ball-centric sports for various websites, newspapers, magazines and radio. Before returning to writing about cycling full-time, he completed a PhD in History and published a book and numerous academic articles on religion and politics in Victorian Britain and Ireland ( though he remained committed to boring his university colleagues and students with endless cycling trivia). He can be found riding his bike very slowly through the Dromara Hills of Co. Down.
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With COVID cases still in the thousands, why are some so keen to ditch the things that kept New Zealand safe? | Prime Minister Jacinda Ardern has announced New Zealand will remain at the red traffic light setting, but other public health mandates created to control COVID-19 will still be lifted, contributing to the sense that there’ s light at the end of the tunnel after two years.
But many New Zealanders are already going further and dropping some of the measures that have kept the country safe.
Anecdotally, an increasing number of people are not wearing masks or keeping their distance from strangers, and large gatherings are becoming more common.
So what is driving this push back to “ normal ” despite the rising death toll and high infection rate? There are a number of psychological factors that help explain this change in our collective behaviour.
“ It won’ t happen to me ” and “ it’ s only a mild flu ” are two statements that have been bandied about, especially in the face of Omicron.
The first of these implies an optimism bias – the belief that bad things won’ t happen to you.
While there are some obvious benefits to thinking this way – optimistic people tend to have a more positive mood – it may also lead you to dispense with health-related behaviours such as a wearing masks.
The view that Omicron is only a “ mild flu ” also suggests that for some, their sense of threat from COVID-19 has reduced and, as their feeling of threat reduces, so too does their use of protective measures against contracting the illness.
This optimism bias and a sense of reduced threat may also be complemented by competing values within different groups.
Young adults typically place a high value on socialising, so combining this with a belief you won’ t get sick, or at least not much, could easily lead to a disregard of physical distancing measures as we’ ve seen recently at Canterbury and Otago universities.
Furthermore, research published in 2020 indicated younger people tended not to wash their hands as much as older people, possibly because they perceive themselves as less at risk. If their perception of risk drops even further, so too could this behaviour.
What we see around us is also influencing our own behaviour.
A basic tenet of social psychology is that we model our behaviours on the basis of what we see around us. This social modelling theory helps explain why we’ re less likely to scan in or show a vaccine pass if those around us aren’ t doing it.
The recent anti-mandate protests at parliament may have emboldened some, who were perhaps ambivalent anyway, to ditch mask wearing after witnessing large groups of people doing the same.
The anti-mandate protests also highlighted the role of misinformation in shaping people’ s health related behaviours.
Early studies of COVID-19 combined with previous research about other pandemics has shown that when people are given accurate information about a public health problem they are more likely to engage in health-related behaviours such as hand-washing and mask-wearing.
Conversely, inaccurate information about an illness ( that it’ s not severe, for example) reduces people’ s engagement in behaviours that may reduce its spread.
The past two years under the grip of COVID-19 have undoubtedly been exhausting for most. There have been widespread reports of the general public being more tired and irritable during this time.
Understandably, people’ s anger and irritation has, at times, been directed at the government’ s response — for example, questioning the need for repeated lockdowns. This can gradually erode trust in the government and, in turn, increase scepticism of public health messages, with a resulting reduction in compliance with those messages.
As we appear to be approaching the end of the Omicron wave and potentially the worst of COVID-19, many may begin to feel more positive about the future.
People’ s emotional state is a key driver of their perception of risk, perhaps more so than hard data about COVID-19. Our mood helps steer where we pay attention, so feeling more positive about the future may lead us to pay more attention to stories and information that emphasise the importance of getting back our normal lives and all the joy they used to bring.
Flooding ourselves with this type of information can then translate into acting like we used to – for example, socialising with others unfettered by masks or hand-washing.
But we’ re not out of the COVID woods yet and New Zealanders need to keep doing things that will reduce the transmission of the virus.
Looking back over the past two years, New Zealanders have generally been hihgly engaged in behaviours designed to protect their collective health. But as our compliance wanes a little, a few subtle nudges may help us get to the finish line in good health.
Firstly, when people have a strong negative reaction to germs they are more likely to wear a mask. Having illustrations of how COVID is spread – for example, a graphic illustration of someone sneezing and the spread of droplets – may help gross people out enough to put on a mask.
If we’ re more likely to do things we think other people are doing, then providing accurate information about high levels of vaccine uptake and mask wearing may provide a model for us to do the same.
Finally, recognising and catering for different values, like having controlled social events for university students, may help meet the needs of different groups without them having to compromise their health behaviours.
It has been a long two years for everyone, but understanding what is driving some to abandon public health measures despite the continued spread of the virus could help improve measures and encourage the “ team of five million ” to hold the line. | business |
Threat of Further Sanctions Against Russia Keeps European Natural Gas Prices Volatile – LNG Recap | Sign in to get the best natural gas news and data. Follow the topics you want and receive the daily emails.
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European natural gas prices were muted Monday despite the threat of additional sanctions on Russian energy exports to the continent and the possibility of further supply disruptions if buyers there don’ t pay in rubles as the country has demanded.
Alleged atrocities by the Russian military near Kyiv prompted a new round of calls for more sanctions against Russian oil, coal and natural gas. Such a move would require unanimous support among the European Union’ s ( EU) member countries. Some, such as Germany and Austria, have resisted calls for sanctions against natural gas imports, warning of the steep economic implications.
Gazprom PJSC said Friday it has sent notifications to customers in Europe requiring payments for natural deliveries to be made in rubles. Russia is Europe’ s largest gas supplier. While it charged higher most of last week on Russia’ s demands, the Title Transfer Facility ( TTF) fell both Friday and Monday as the market continues to weigh what comes next.
“ Russia expects to receive payments of gas delivered from April 1 in rubles and since the first payments are likely to happen in late April, the market is not yet properly pricing in a supply disruption due to noncompliance with Russia’ s demand for ruble payments, ” said Rystad Energy analyst Vinicius Romano.
Russian pipeline deliveries to Europe were again stable Monday, while higher wind power output on the continent, along with warmer weather and more liquefied natural gas ( LNG) arrivals, helped push prices lower. The prompt TTF contract gave up about $ 1 to finish near $ 35/MMBtu on Monday.
The market is still expected to “ remain extremely volatile in the coming days ” as traders watch developments with Russia, said trading firm Energi Danmark.
Many European countries have not addressed how they will handle Russia’ s demands for ruble payments. Lithuania, however, has become the first EU country to end imports of Russian natural gas after years of work to gain independence from Gazprom.
The Ministry of Energy said all of Lithuania’ s natural gas needs are being met through the Klaipeda LNG terminal, where a floating storage and regasification unit takes in the super-chilled fuel. Lithuania is a small natural gas buyer. Russia provided about 50% of the country’ s needs last year, according to Rystad.
Russian imports from Gazprom stopped April 1, the ministry said. Three large LNG cargoes imported monthly are currently enough to meet demand. The country can also import gas via pipeline connections with Latvia and Poland.
Elsewhere in Europe, the fallout from Russia’ s invasion of Ukraine continued. The German government said it would take over Gazprom Germania GmbH after Gazprom said last week that it would “ terminate its participation ” in the assets.
Gazprom Germania owns energy supplier Wingas GmbH and gas storage firm Astora GmbH. Economy Minister Robert Habeck on Monday told reporters in Berlin that Germany would temporarily run the Gazprom unit to ensure supply security. Reports also circulated over the weekend that the country was looking for a buyer of the assets.
Volatility in Europe has again pushed TTF to a premium over the Japan-Korea Marker ( JKM), which has remained near $ 35/MMBtu. Warmer weather, Covid-19 lockdowns in China and higher prices have kept JKM stable.
“ Asian buyers are holding LNG prices close to $ 35 as they have limited interest in higher priced supply, ” Romano said. “ This behavior sustains a position of discount in Asia over European prices. ”
Meanwhile, the threat of sanctions against Russian oil, along with Saudi Arabia’ s decision to increase crude prices for Asian buyers, pushed Brent back above $ 100/bbl on Monday. The benchmark fell last week after the United States said it would release 1 million b/d from its Strategic Petroleum Reserve over the next six months.
“ Overall market drivers have remained largely unchanged in recent weeks as demand-side concerns continue to encounter a market that is fundamentally short on supply, ” said Schneider Electric analyst Robbie Fraser. “ That undersupply was reinforced last week as OPEC-plus members again agreed to maintain status quo production plans, ignoring calls to significantly boost output in light of risks to Russian supply and overall limited supply. ”
In the United States, natural gas futures continued to hold gains as well, moving closer to the $ 6/MMBtu mark Monday. Concerns over storage inventories and booming U.S. LNG exports pushed Henry Hub up.
Early-cycle LNG feed gas deliveries slipped Monday, with Cheniere Energy Inc.’ s Sabine Pass terminal off Saturday levels by 1 Bcf/d, said EBW Analytics Group.
“ But the continued ramp-up at Calcasieu Pass, which reached 0.8 Bcf/d this weekend, is growing total U.S. LNG export potential faster than many recognize, ” the firm added.
Despite a dip in feed gas nominations as the week got underway, U.S. exports have been running at or near capacity for most of the year. Ship owner Flex LNG Ltd. said last week that Cheniere Marketing International has declared its option to employ a fifth LNG carrier under time charter agreements first announced last year.
Elsewhere in the United States, Excelerate Energy Inc. set the terms for its initial public offering on the New York Stock Exchange. The company, headquartered in The Woodlands, TX, north of Houston, said Monday it plans to offer 16 million shares at a price between $ 21 to $ 24 each. The company offers regasification services from floating units, along with infrastructure development and LNG supply.
FERC also issued a draft environmental impact statement for the Commonwealth LNG project under development in Louisiana. Federal Energy Regulatory Commission staff said the project would result in limited environmental impacts. They recommended mitigation measures as conditions for authorizing the project.
The 8.4 million metric tons/year ( mmty) terminal is being developed on the Calcasieu River near Cameron. It has not yet been sanctioned, but its backers are targeting a 3Q2026 in-service date.
Farther south, China’ s Guangzhou Development Group said it has signed a 20-year deal for supply from Mexico Pacific Ltd.’ s 14.1 mmty LNG terminal under development on Mexico’ s West Coast. Guangzhou Development agreed to take 2 mmty from the terminal at prices linked to Henry Hub.
Editor’ s Note: This segment is regularly available to subscribers of NGI’ s LNG Insight. It covers weekly developments in the global natural gas markets and is being made available free due to escalating tensions between Russia and Ukraine. To request a trial to NGI’ s LNG Insight click here.
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The first full week of the historically quiet shoulder season was full of fireworks for cash and futures markets alike. Record-breaking heat on the West Coast and a late-season snowstorm on the East Coast drove up spot market demand during the April 4-8 trading period, while growing concerns about supply ahead of next winter lifted… | general |
Hospitals rapidly translated evidence into practice during the pandemic -- ScienceDaily | `` The translation of evidence to practice in medicine is notoriously slow, '' says Alan Kubey, MD, a specialist in hospital medicine at Jefferson Health and Mayo Clinic and the co-lead of the study. `` For example, despite the clear mortality benefit of giving beta blockers after a heart attack, it took decades from the publication of evidence to the majority of hospitals using it. Given the singular focus on COVID-19, we were interested to see how nimble hospitals were able to shift care based on rapidly changing, and sometimes conflicting, evidence. ''
The new findings published in JAMA Network Openon April 4th are borne out of the Hospital Medicine Reengineering Network ( HOMERuN), a collaborative of hospitalists and researchers at leading medical centers nationwide. Founded in 2011, the organization aims to improve quality of care by evaluating and refining best practices across institutions. Dr. Kubey has been a member since 2020.
The researchers surveyed members of the HOMERuN network between December 2020 and February 2021. In total, 52 hospitals, the majority of which identified as academic medical centers, responded. They found that there was remarkable consistency in the interventions hospitals used based on available clinical evidence and national guidelines; the most striking example was the near universal adoption ( 94-100% of survey responders) of dexamethasone for patients requiring at least four liters of supplementary oxygen; it took only six-eight months to adopt this treatment after a randomized clinical trial demonstrated a survival benefit. The researchers credit this translation of evidence in part to rapid information sharing among hospitals and intense focus of multidisciplinary COVID-19 treatment guideline committees.
`` We were all learning in real-time and there was a resolve to collaborate, '' says co-lead of the study Amy Chang Berger, MD, PhD at University of California, San Francisco ( UCSF). `` Hospitals were sharing protocols online, huge amounts of data were coming in almost daily in peer-reviewed journals and pre-print servers, and many doctors were also detailing their experiences on social media. ''
In order to ensure rigor in interpreting evidence, 94% of survey respondents created multi-disciplinary teams that included infectious disease, hospital medicine, pulmonary critical care, pharmacy and emergency medicine. These varied perspectives were critical in generating comprehensive COVID-19 guidelines and protocols.
The researchers also found that the majority of the hospitals they surveyed used multiple modes to disseminate their guidelines. In addition to email blasts and institutional websites, hospitals used a novel approach: as many as 73% of respondents integrated guidelines into order sets, which are a list of directives and appropriate treatments, and 65% of respondents used accompanying note templates that guided providers through their diagnostic plan.
`` These order sets and note templates became a one-stop shop of concise information, '' says Dr. Kubey. `` It helped nudge the practitioner toward evidence-based strategies, like the correct dose of dexamethasone, remdesivir timing, respiratory support, etc. and enabled quick decision making at the bedside. ''
While there was consistency in these effective practices across hospitals, the researchers also found a common pattern of treatment over no treatment, particularly when there were conflicting guidelines or evidence. `` It's a reflection of practitioners ' bias to do something rather than nothing, when in fact a treatment could be doing more harm than good, '' Dr. Kubey says. `` It's an important lesson in handling uncertainty, encouraging medical teams to be critical in considering the available evidence, and developing guidelines that leave less room for interpretation. ''
`` I hope this study provides insight on how we can expedite the evaluation of evidence and implement best practices, '' says Andrew Auerbach, MD, also at UCSF and one of the founding members of HOMERuN. `` These strategies helped during COVID-19, but they can be applied to diseases like diabetes or hypertension that are major burdens to our healthcare system. We also need to learn how best to de-implement practices that do not work or, worse yet, harm our patients. ''
The researchers hope to learn how the convergence in strategies translated into patient outcomes in the responding hospitals. They also want this study to encourage dialogue among healthcare leaders, and national governing bodies regarding how best to translate evidence to bedside.
This study was supported by the Gordon and Betty Moore Foundation ( grant no. 8856) and Agency for Healthcare Research and Quality ( grant no. R01HS027369) for the HOMERuN COVID-19 Collaborative. The authors report no conflicts of interest. | science |
Can the metaverse save our cultural institutions? | Hi, what are you looking for?
These digital representations can then be displayed via a digital frames in a person’ s home.
By
Published
All economic sectors were heavily impacted by the coronavirus pandemic. This includes the museum industry and other cultural attractions, which depend on in-person visitors and experiences.
One concern expressed during the pandemic was that 15 percent of the world’ s museums would be forced to close permanently. At one stage during the height of global infections, this prediction spiked even higher at 37 percent.
There are ways, however, where museums can move beyond the model they have used for hundreds of years where trillions of dollars of value is locked away.
One such way is being driven by the company Iconic Moments, who bill themselves as the world’ s first NFT marketplace and blockchain exclusively for museums and historical institutions. This forms part of closer ties between some museums and NFT technologies.
Iconic Moments sees a global solution in the metaverse to help to preserve a number of cultural institutions that could well be facing closure.
Iconic Moments CEO and founder Chris Cummings tells Digital Journal: “ We are envisioning a future where one can visit a virtual storytelling experience of any of the world’ s museums from anywhere in the world, removing geographical limits to patronage of museums small and large. ”
What Cummings is tapping into is part of a trend as seen by the growth in metaverses. These are a hypothetical iterations of the Internet in the form of a series of universal virtual worlds. Indeed, some are issuing their own tokens, including the British Museum.
Bridging the metaverse with non-fungible tokens ( NFTs), Cummings explains that individuals have the potential to purchase these unique artworks from museums and cultural heritage sites around the world.
These digital representations can then be displayed via a digital frames in a person’ s home. Furthermore, the NFT can be added to a private, virtual space within a particular metaverse ( something accessible through virtual or augmented reality devices).
To make this happen, Iconic Moments is developing partnerships with organizations to create rights agreements to over 5 million pieces of content. This includes everything from the U.S. National Broadcast Museum and from other cultural bases, such as the Universal Hip Hop Museum, Porsche, and The City of Nashville.
The development is another sign of the rapid growth with NFTs as well as the potential to extend the NFT concept into new areas.
Other technological developments will enable museums to engage new visitors digitally, drive revenue, and create immersive storytelling exhibits.
Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.
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Ukraine war, inflation and need for higher interest rates creating 'unprecedented ' situation, says Jamie Dimon | JPMorgan Chase CEO Dimon eyes 'challenges at every turn, ' but says U.S. economy is strong
JPMorgan Chase & Co. CEO Jamie Dimon said the Western world faces `` challenges at every turn '' but the U.S. economy remains strong, according to his annual letter to shareholders.
JPMorgan's ( JPM) Dimon cited a myriad of difficulties, including unprecedented government actions, a strong recovery after a sharp and deep global recession, a highly polarized U.S. election, mounting inflation, a war in Ukraine and dramatic economic sanctions against Russia and an economic recovery in the wake of the COVID-19 pandemic.
The Russian sanctions could impact the bank's business by $ 1 billion over time, he revealed.
Despite these potential setbacks, Dimon said said the current times also offer an opportunity to `` put aside our differences, offer solutions and work with others in the Western world to come together in defense of democracy and essential freedoms, including free enterprise. ''
Separately JPMorgan also filed its proxy statement which disclosed Dimon's total compensation of $ 84.4 million for 2021, up from $ 31.7 million in 2020, according to the bank. The latest figure includes $ 52.6 million in option awards for 2021, up from no option awards in 2020. `` The special award granted to Mr. Dimon reflects the board's desire for him to continue to lead the firm for a further significant number of years, '' the company said. `` The board also took into account other factors, including the firm's strong performance under Mr. Dimon's stewardship since 2005, his exemplary leadership, and his significant contributions to the firm's success during his tenure. ''
Dimon's total annual compensation in 2021 rose to $ 34.5 million from $ 31.5 million in 2020 and 2019. The increase was due to a $ 3 million boost he received in performance share units ( PSUs) to $ 28 million in 2021 from $ 25 million.
His salary remained at $ 1.5 million.
Shares of JP Morgan Chase are down 14.6% so far in 2022, compared to a drop of 4.6% by the S & P 500 and a loss of 4.2% by the Dow Jones Industrial Average. The Financial Select Sector SPDR ETF ( XLF) is down 2.1%.
Russia's invasion of neighboring Ukraine and sanctions imposed on Russia by other world governments will slow the global economy -- and things could get worse, Dimon said.
Adding persistent inflation that will require higher interest rates and a shift away from quantitative easing to quantitative tightening, and `` the confluence of these factors may be unprecedented, '' Dimon said.
The world was facing a range of other challenges before war broke out, including nuclear proliferation, cybersecurity risks, terrorism, climate change and vast inequities in society, he said.
That makes strong American leadership more crucial than ever. `` Power abhors a vacuum, and it should be increasingly clear to all that without strong American leadership, chaos likely will prevail, '' he wrote.
Dimon said the bank's management looks past its short-term stock price because over time, the stock has outperformed. In the long run, its share price `` is a measure of the progress we have made over the years, '' he noted.
Dimon said he agreed with `` my friend, Warren Buffett '' ( CEO of Berkshire Hathaway ( BRKA)) that his company's success is predicated upon the `` extraordinary conditions '' created by the U.S. government.
Dimon concluded his letter by crediting the bank's employees with `` guts, brains, integrity and enormous capabilities to navigate personally challenging circumstances while maintaining high standards of excellence. ''
In terms of the U.S. economy, the consumer `` is in excellent financial shape ( on average), with leverage among the lowest on record, excellent mortgage underwriting ( even though we 've had home price appreciation), plentiful jobs with wage increases and more than $ 2 trillion in excess savings, mostly due to government stimulus, '' he said.
Consumer spending over the last several months is 12% above pre-COVID-19 levels, while recognizing that the account balances in lower-income households, smaller to begin with, are going down faster and that income for those households is not keeping pace with rising inflation, he said.
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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Logistics round-up: Tesla Q1 record, 7bridges supply report | The 7bridges AI-powered logistics platform platform is used by some of the world's top retail, pharmaceutical, manufacturing and distribution brands to transform their supply chains.
The business has used its AI solution to show businesses how they can reduce their carbon emissions by 51%.
In a whitepaper published today ( April 4) - called The Green Ratio: the optimal path to a sustainable supply chain - 7bridges has used real-world data from its global logistics network to model different carbon reduction and cost-savings scenarios.
One of the key findings is the identification of a ‘ Green Ratio’. This describes the ideal balance between optimising both for costs and for the reduction of carbon emissions.
Using data from a pharmaceutical operation in Europe, the green ratio was shown to be 129kg of carbon dioxide equivalent ( CO2e): 1,000GBP ( US $ 1,310).
“ This represents a balanced middle ground between the two types of optimisation - cost and sustainability, ” explains 7bridges CEO Philip Ashton.
He adds: “ Business leaders are looking for ways to reduce their carbon footprint but are hamstrung by a lack of immediate and effective options.
“ There are big questions about the efficacy of tactics such as carbon offsetting schemes, and although long-term investments in green transportation and renewable energy will be transformative, they are still years away from making an impact.
“ We’ ve used our technology to show how organisations can dramatically reduce their carbon footprint, and crucially we’ re showing them how much it will cost. ”
7bridges’ AI technology discovered that the most powerful sustainability ‘ lever’ a business can pull is choosing the right fulfilment location, which can reduce carbon footprint by almost 30%. This is significantly more important than picking a carrier with the greenest fleet, which has only 7% impact on overall emissions.
Tesla has confirmed that it made just over 310,000 deliveries in Q1 2022 a new all-time record, and despite serious logistical headwinds. Tesla watchers predicted that the company was unlikely to beat its all-time delivery record of 308,000 vehicles, achieved in Q4 2021.
Yet despite two separate shutdowns at Gigafactory Shanghai, as well as ongoing global supply chain disruptions due to COVID-19 restrictions, the automaker turned in record results. Tesla says that the reason for this was that it was able to fall back on inventory.
The results are a huge improvement on the year-ago quarter, when Tesla produced 180,338 vehicles and delivered 184,800 vehicles.
Logistics and global trade networks could be moving to a new economic order, according to Alan McKinnon, Professor of Logistics at Kuehne Logistics University.
As the keynote speaker at Logistics UK’ s first annual Supply Chain Resilience Conference, held in London recently, McKinnon suggested the supply chain may need to reset to a more localised model to accommodate new market forces and challenges like decarbonisation and the impact of global conflicts.
In his keynote, McKinnon noted: “ The economic order that has underpinned globalisation for 30 tears is breaking down. We see that in the case of the current Ukrainian crisis.
“ This will change the nature and scale of the threats to our global supply chain, because if we’ re moving into a new world, we are going to have to completely reconfigure our supply chains. There will be a lot of strains and stresses in that process and that will be disruptive in the shorter term. ”
Other sessions at the conference included a review of the readiness of the in meeting decarbonisation targets, resilience in the face of a skills shortage, and the opportunities and assistance provided by new technologies and financial instruments.
Speakers included James Wroath, CEO of Wincanton, Justin Laney, Partner & General Manager at John Lewis Partnership, and Lindsay Bridges, SVP Human Resources UK & Ireland at DHL Supply Chain.
Major road and rail projects across the country are to receive an additional AUD $ 17.9bn ( US $ 13.4bn) as part of an Australian government 10-year infrastructure investment plan.
A total of AUD $ 3.1bn ( $ 2.3bn) will be used to support the Melbourne Intermodal Terminal Package, to accommodate future inland rail services and strengthen the national supply chain.
The Port of Melbourne has a large commitment to rail, as demonstrated by the development of its Port Rail Transformation Project, which will containers to be moved by rail more efficiently.
The government’ s budget also earmarked AUD $ 1.5bn ( $ 1.1bn) for Western Australia’ s Pilbara region, to upgrade roads, ports, and other infrastructure.
A further AUD $ 2.7bn has been set aside for rail projects from Brisbane to the Sunshine Coast and Gold Coast in Queensland.
Supply Chain Digital is the digital community for the global supply chain & logistics industry that connects the world's largest supply chain & logistics brands. Supply Chain Digital focuses on procurement and supply chain news, key interviews, supply chain videos, along with an ever-expanding range of focused procurement and supply chain white papers and webinars. | general |
Eight bootstrapped companies to watch | “ Independence is rare and beautiful, ” says Gagik Sargsyan, founder of compliance tech startup Polixis. The 80+ employee company is a reminder that VC backing is not the only way to scale up a company. In fact, many of the companies on this latest Sifted list of self-funded companies to watch have become large without a penny of equity investment.
Founders often opt for bootstrapping to keep more control over how the product is developed, something we explored in our look at how Swedish CRM company Planhat got to a more than 100 employees without external funding.
Control is a common theme among the eight companies we spoke to. Although some are now looking to take external investment, the fact that they’ ve already scaled profitable companies means they can afford to be picky about the investors they do take on board — and stay in control.
Talentful is a London-based subscription service that helps fast-growing tech companies with hiring. The company’ s client list includes names like Alphabet, Microsoft, Deliveroo, Atlassian, Monzo, Einride, Expedia, Instacart, Miro and Waymo. Revenues grew 266% between 2020 and 2021, according to the companies.
The company, founded in 2015 by Christopher Abbass and Phillip Blaydes, hired more than 200 people in the last year, bringing total headcount to 280.
One of the main reasons for going down the bootstrapping route was maintaining control over the business.
“ We designed a business model that could be operationally lean, scalable and ultimately return profit quickly. We have been able to maintain rapid growth whilst being fiscally responsible and investing funds back into the business for growth. This means we have total control over decision-making and our brand, ” Abbass tells Sifted.
“ We have always liked the idea of building and bootstrapping a robust and high-quality business with a clear product-market fit that we could later supercharge with investment if needed. ”
Having said that, Talentful isn’ t planning on raising money any time soon.
“ Never say never, but not in the plan for the next 12 months, ” says Abbass.
Gagik Sargsyan started Polixis as a consultancy in 2012, but in 2018 turned it into a regtech company, offering software and data on anti-money laundering compliance, international sanctions and politically exposed persons.
It has now grown to be a profitable 80+ employee business, with revenues growing 43% in the last year.
Sargsyan opted to self-fund the business because he couldn’ t get attractive terms from VC investors.
“ We decided to skip the seed and Series A concepts and invest our own cash. This decision was reinforced after a few exchanges with a few funds that sent juniors to talk to us. Questions we heard from those juniors suggested those funds either are not going to invest, or invest in conditions that would be unacceptable to us since they simply did not understand our field, ” he tells Sifted.
“ We also operate in a sensitive field of compliance data, banking secrecy and international finance. Our clients do appreciate our complete independence. ”
Now, however, Polixis might consider external investment.
“ Maybe some $ 10m for a minority stake, but only on the condition that investors have an impeccable reputation. That said, being a profitable company, we can skip the raising and keep on growing by 50% or so, with funds, maybe 100 or 200%. But this is not a matter of principle for us, independence is rare and beautiful. ”
Swedish startup TaxiCaller, founded in 2011, has developed a cloud-based dispatch and booking app for taxis and private vehicle hire companies. They also provide this to delivery companies and other customers in the transport industry.
Passengers can also use the app to make online bookings, so taxi companies can use the app as an alternative to joining one of the big ride-hailing platforms.
TaxiCaller has been profitable from the start, and although it was slowed down by the Covid-19 pandemic, growth has recently returned to a “ good two digit percentage numbers ”, says cofounder Lauri Piitulainen.
TaxiCaller didn’ t need to raise funding because Piitulainen had been able to cash out in an exit from a previous startup he had founded. “ We wanted to keep control of the company and build the company in a stable way, ” he adds.
As for raising equity financing in the future, Piitulainen is on the fence. “ We now have customers in so many cities that we see opportunities which would need more funds, ” he says. But it is still only a maybe for now.
Berlin-based Oviavo, founded in 2019, is a seed-stage startup that offers a family planning and fertility employee benefit service to companies.
Fertility benefits include help with planning a family, diagnosing any issues with fertility and then offering intervention treatment ( using IVF, egg freezing, and in some countries, egg donation).
Amsterdam-based startup Settly specialises in relocating international talent for companies. Marieke van Iperen, who founded the HR-tech startup in 2019, told Silicon Canals that she made a conscious choice to bootstrap the business so she didn’ t become too obsessed with simply delivering growth to please investors.
“ With Settly we wanted to create a business that had the customer and employee experience at the core of its value proposition instead of growth. For us, it meant that we wanted to make decisions that follow these principles. ”
Still, Settly seems to be delivering growth as well. It has grown close to 10-fold year-on-year since it was founded and it now operates in six countries with a team of 30.
Brussels-based Kpler provides commodities data and analytics for companies like Shell, Trafigura and Nestle. Founded by François Cazor in 2014, it now has 4,500 customers worldwide and more than 200 employees. It has an annual recurring revenue of more than $ 40m and saw revenues grow 50% last year.
This is likely to accelerate further as the company has made a number of acquisitions recently, including last September buying ClipperData, gaining access to the New York-based company’ s database of global cargoes of crude oil, grains, petrochemicals and other products. It also just acquired JBC Energy, a data & analytics business specialising in energy and commodities.
The Amsterdam-based startup, founded in 2017, is a medical devices platform that develops tools to help couples conceive at home. It launched a a medical-grade, hormone-free conception conception cup that it says increases the chance of pregnancy by up to 48%.
In the majority of infertility cases today, patients go directly from the lighter-touch primary and secondary care to the highly invasive IVF space, leaving a whole gap in the fertility support journey. Fertilily can become the platform for non to minimally invasive at-home fertility support without reaching the stage of the highly invasive IVF, saving massive costs for both couples and insurance companies.
London-based PropertyCard, isn’ t strictly speaking bootstrapped as it raised a $ 1.4m pre-seed round in January, but as this is still such as small round, and the company has been going since 2017 without external finance, it is worth a mention.
PropertyCard is a prop-tech startup that provides homeowners and tenants with smart cards to allow them to manage property payments such as rent and utilities.
The first four years have been focused on building the product and 2022 is set to be the first year of revenue, expected to be in the region of £200k. Profitability could come as early as the end of this year, the company says.
The PropertyCard team have stayed away from external funding so far because they wanted “ to keep control and get maximum upside — and to execute on a clear vision, ” says Oliver Muller, CEO. But now as the company is starting to actually trade, they are speaking to VCs about a potential £5m seed round.
Maija Palmer is Sifted’ s innovation editor. She covers deeptech and corporate innovation, and tweets from @ maijapalmer. Mimi Billing is Sifted’ s Nordic correspondent. She tweets from @ MimiBilling | tech |
Young talent shines at Dubai Expo 2020 [ PHOTO ] | Azerbaijan's young singer Kamilla Mammadzade has successfully performed at the International Children's Festival of Culture and Arts.
The 11-year-old singer took the first place in the age category 8-12 years at the festival held as part of Dubai Expo 2020. The jury highly appreciated her young talent who brilliantly performed the song `` Dance ''.
Kamilla Mammadzade was also awarded for the `` Best Social Video '' on the topic of protecting children's rights.
After this victory, the young talent received an invitation to take part in international projects in Malaysia and the United States.
Recall that in October 2021, Kamilla Mammadzade won the Grand Prix of the Golden Star Kids International Competition in Antalya.
Young talents from 70 countries including Azerbaijan, Georgia, Kazakhstan, Ukraine, USA, Great Britain, France, Germany, Malaysia, Mongolia, Sri Lanka, India, Lebanon, Kenya, Uganda took part in the International Children's Festival of Culture and Arts.
Expo 2020 is a World Expo that will be held in Dubai, United Arab Emirates, from October 1, 2021, to March 31, 2022.
The event was postponed in 2020 due to the COVID-19 pandemic. Despite the postponement, organizers retained the name Expo 2020.
On November 27, 2013, the Bureau International des Expositions ( BIE) general assembly in Paris named Dubai as the host city.
Some 192 participating countries come together under Expo 2020's theme, `` Connecting Minds, Creating the Future '' to exchange new ideas and perspectives.
Azerbaijan is represented at the Dubai Expo 2020 by the Heydar Aliyev Center's pavilion.
Magnificent Dostlug carpet was showcased in the national pavilion on February 18. This carpet was woven on the basis of traditional Azerbaijani carpets and modern design as a result of joint cooperation between the carpet weavers of Azerkhalcha OJSC and Honored Artist Rashad Alakbarov.
The work on carpet, its design, sample preparation, weaving process and processing lasted seven months. Flora and fauna elements are woven into carpets at historical and modern sites in Azerbaijan and the United Arab Emirates.
Moreover, Azerbaijan Filming Commission was also presented at Terra Auditorium within the Dubai Expo 2020.
The Filming Commission focuses at revealing the potential of film tourism in Azerbaijan.
The project also aims at increasing investment in the country's film industry and creating favorable economic opportunities.
At the same time, DanceAbility Azerbaijan Inclusive Dance Company successfully performed at Dubai Expo 2020.
The dance team demonstrated a wonderful dance performance `` My Body Has a Story to Tell '' at the Azerbaijan pavilion.
A series of spectacular concerts with participation of the national musicians were also held within Dubai Expo 2020.
The concert '' Music from Land of Fire '' brought together talented musicians Jayla Seyidova ( violin), Nargiz Aliyeva ( piano) and Sahib Pashazade ( tar).
The musicians delighted the listeners with Azerbaijani classical and national music.
Dubai Expo 2020 visitors also enjoyed stunning performances of Nizami Aliyev and Raji Huseynov. | general |
Senate Negotiators Approve $ 10 Billion in Covid Aid to Boost Testing. Why That's Good for You | More funding for Covid testing clinics and the like is in the works, and it may be a cost saver for employers looking to get people back into the office.
Today, Senate negotiators agreed on a $ 10-billion spending deal to further fund the U.S. response to the coronavirus pandemic, according to unnamed congressional aids cited by the Wall Street Journal. It's well below the $ 22.5 billion the White House originally requested, and the previous bipartisan deal involving $ 15.6 billion in repurposed funding. Those funds were expected to come from unused funding issued to states, whereas the $ 10 billion now in question would come from other untapped Covid-relief programs.
Either way, the current package would allow the U.S. to purchase supplies, including more tests and vaccines that will be needed to continue to fight the virus as a new variant rapidly spreads. A variant of Omicron referred to as Omicron BA.2 has triggered a surge in cases in parts of Europe and Asia and now represents more than half of new Covid cases in the U.S.
The extra funding is good news for businesses, especially for those with employees who frequently get tested. While it's not required, many businesses are still opting to only allow vaccinated employees into the office, or those who can show a recent negative Covid test. Still other businesses encourage everyone to get tested on a regular basis.
In the absence of funding for the past couple of weeks, Covid-testing sites across the U.S. had begun requiring insurance information and billing test takers ' insurance companies or the test-takers themselves. As of January this year, insurance companies are required to cover at least eight Covid tests per month per person, but that doesn't mean they're free. Insurance companies can start to raise premiums if their costs spike. That would impact both employers and employees, depending on the type of plan and the level of coverage.
And for the uninsured, the full cost of testing, which can clock in at around $ 125 for a PCR test, would be the individual's responsibility.
With more government-backed testing services available, employees visiting government-sponsored testing facilities won't face higher premiums -- at least not when Covid testing is concerned. | business |
Esri Releases Annual Update of Ready-to-Use US Census Bureau Data | Many federal agencies are required by law to use American Community Survey ( ACS) data, and many nonprofits rely on ACS data when applying to grants. Local governments and businesses often incorporate ACS data into their planning and resource allocation. To meet this need, Esri, the global leader in location intelligence, has updated ACS layers and maps in ArcGIS Living Atlas of the World. The update makes the newest values for five-year estimates of current data on demographic, housing, and workforce characteristics of the US population easily accessible to ArcGIS software users.
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ArcGIS Living Atlas is the foremost collection of global geographic information and includes maps, apps, and data layers used by organizations around the world for research, analysis, and decision-making. Through ArcGIS Living Atlas, users can employ over 1,700 annually updated attributes of ACS tables, and this integration provides them with a faster way of accessing and analyzing this data.
“ Being able to access these national demographics analytics layers provides officials with an edge in understanding and responding to emergent situations in a better-informed, data-driven way, ” said Diana Lavery, Esri senior product engineer. “ The recent fight against COVID-19 has demonstrated that ACS layers are an invaluable tool for government personnel. ”
In 2020, the US Census Bureau used the ACS layers to build its COVID-19 hub, a valuable resource containing demographic and economic data designed to help guide decision-making related to the pandemic. “ This seamless, nationwide, tract-based data is allowing us to work regionally to respond to this pandemic, which we had never had to do before, ” said Jennifer Pettyjohn, a senior planner with the City of Seattle.
The collection also contains some historical ACS layers that have now been updated with the latest symbology corresponding to the current year layers, so that accurate comparisons can be made. For example, users can see how poverty levels have changed within a city by visualizing which areas have improved and which haven’ t.
With the fourth annual update, Esri made additional improvements to many of the existing ACS layers, like pop-up enhancements to include margins of errors and a Learn path created with resources that walk through different ways to incorporate margins of error in maps. And compared to previous years, additional state, county, and tract boundaries are shore lined where needed, with additional large or important water bodies cut out of the polygons. This supports map styles like dot density and map effects like drop shadow to work better.
While the 2016–2020 release was delayed following pandemic-related data collection disruptions, ACS data layers in ArcGIS Living Atlas typically update every December when the US Census Bureau produces new five-year estimates. | tech |
Tricuspid valve repair system shows promising results at one-year follow-up: Study further validates transcatheter edge-to-edge strategy to treat tricuspid regurgitation -- ScienceDaily | `` At one year of follow-up, the repair procedure appears to be safe and significantly reduced the severity of patients ' tricuspid regurgitation and improved their ability to function in daily life, maintaining gains that we previously saw at 30 days of follow-up, '' said Adam B. Greenbaum, MD, associate professor of medicine and co-director of the Structural Heart and Valve Center at Emory University School of Medicine.
Tricuspid regurgitation affects an estimated 1.6 million people in the U.S. and increases as each generation ages. The study offers further validation for transcatheter edge-to-edge repair, a minimally invasive approach to the treatment of patients with the disease, Greenbaum said.
The tricuspid valve, one of four valves in the heart, controls blood flow between the heart's two right chambers, the right atrium and the right ventricle. When the right atrium fills with blood, the valve opens, allowing the blood to flow into the right ventricle. Then, the valve closes tightly so that no blood flows backward into the right atrium. Tricuspid regurgitation occurs when the valve doesn't close tightly, allowing blood to flow backward and causing the heart to pump harder to push enough blood out into the body. Patients with tricuspid regurgitation often feel tired and experience shortness of breath. As the condition worsens over time, it may cause symptoms such as an enlarged liver, a swishing sound when the heart beats, a fluttering feeling in the chest and swelling in the abdomen, legs, ankles or feet.
Patients with tricuspid regurgitation are commonly treated with diuretics, drugs that are also used to treat high blood pressure. Surgery to repair or replace a poorly functioning tricuspid valve is often done at the same time a patient undergoes surgery for a problem on the left side of the heart. Minimally invasive options are needed to treat tricuspid regurgitation, Greenbaum said, as most patients with the condition are older and may have other health problems that make them poor candidates for open-heart surgery.
The CLASP-TR study is a feasibility study of an investigational transcatheter repair system for tricuspid regurgitation. A long, flexible tube called a catheter is threaded through a vein to insert a tiny device that resembles a clothespin into the tricuspid valve. The pin grasps the flaps that open and close the valve, reducing the amount of blood that flows backward. The study endpoints included a composite of major adverse events at 30 days ( e.g., death due to cardiovascular disease, heart attack, stroke, kidney failure, severe bleeding); evidence on an echocardiogram of a reduction in backward blood flow; and death from any cause, distance walked in six minutes and scores on two measures of heart failure severity.
A preliminary report published in February 2021 found that at 30 days of follow-up, the repair system substantially reduced tricuspid regurgitation, produced few adverse events, and significantly improved patients ' ability to function, exercise capacity and quality of life. The current study reports results after one year of follow-up.
A total of 65 patients ( average age 77, 55% women) received the investigational device, 70% of whom had tricuspid regurgitation that was rated `` massive '' or `` torrential '' ( the two highest grades of severity on a five-point scale) despite treatment with diuretics. In addition, most had other health problems that made them poor candidates for surgery, including atrial fibrillation ( a type of abnormal heart rhythm), liver or kidney disease and pulmonary hypertension ( a type of high blood pressure that affects the right side of the heart and the arteries in the lungs).
The COVID-19 pandemic affected the researchers ' ability to obtain one-year follow-up data for all treated patients, Greenbaum said. For example, some patients completed follow-up questionnaires that could be done remotely but did not complete tests that had to be done at the hospital, such as the echocardiogram and six-minute walk test. In addition, several patients died ( although none died because of the repair procedure). In a few patients, the procedure was unsuccessful because the device failed to attach to the flaps in the tricuspid valve; and a few patients were lost to follow-up.
Ultimately, one-year follow-up results were available for 49 patients. Seven patients ( 10.8%) died and 12 ( 18.5%) were rehospitalized for heart failure. These results compare with an expected one-year mortality rate of about 30% for patients with tricuspid regurgitation, Greenbaum said. Among 36 patients with available data at one year, all achieved a reduction of at least one grade in the severity of their tricuspid regurgitation; 75% saw a reduction of at least two grades; and 86% achieved an overall grade of moderate or less. Eleven patients ( 16.9%) experienced a major adverse event. Significant improvements were seen in heart failure severity, the six-minute walk test and patient-reported quality of life.
Longer follow-up is needed to determine how well the device continues to perform and how well patients do at two years or five years of follow-up, Greenbaum said. Limitations of the study include low patient treatment numbers and an absence of a comparison group. Greenbaum said a randomized trial is now underway that will compare outcomes for patients treated with the investigational device and patients who receive optimal medical therapy with diuretics.
The study was funded by Edwards Lifesciences Corporation, maker of the tricuspid valve repair system used in the study. | science |
Country registers 6 new COVID-19 cases, 17 recoveries | Azerbaijan registered 6 new COVID-19 cases in the past 24 hours, Operational Headquarters under the Cabinet of Ministers reported on April 4.
Some 17 patients have recovered and 1 patient has died in the reported period.
So far, 792,067 COVID-19 cases have been registered in the country. Some 782,040 patients have recovered, 9,698 people have died. Currently, 329 people are under treatment in special hospitals.
Over the past day, 2,106 tests were conducted in Azerbaijan to reveal coronavirus cases.
In general, 6,716,463 tests have been conducted in Azerbaijan so far.
So far, some 13,491,580 COVID-19 vaccines have been provided to Azerbaijani citizens. In the past 24 hours, some 3 citizens have been vaccinated against COVID-19. | general |
Giving increased during the pandemic in areas hit hardest by COVID-19: Amidst the uncertainty, fear and tragedy of the pandemic, people became more financially generous toward others -- ScienceDaily | The findings reveal that during the study period from March to August of 2020, charitable giving increased in 78 percent of counties that experienced greater threat from COVID-19. Human services charities -- organizations that help mitigate the effects of the pandemic -- benefited the most from increases in generosity. These charities feed the hungry, shelter homeless, or care for the elderly or young children.
`` While giving increased overall in areas affected by COVID-19, we also did not see decreases in donations to any charity categories, such as education or environmental issues, '' said lead author Ariel Fridman, a PhD candidate in behavioral marketing at the Rady School. `` This is surprising given that a record-high majority of Americans reported a worsening financial situation during the same time. This contradicts some prior work suggesting that when people experience such financial scarcity, they act out of their own self-interest to acquire financial wealth. For example, there was a decline in charitable giving during the 2008 financial crisis. ''
Fridman and co-authors Rachel Gershon, assistant professor of marketing at the Rady School and Ayelet Gneezy, the Carol Lazier and Family Endowed Chair in Social Innovation and Impact also at the Rady School, embarked on the study to gauge if individuals would act in more self-serving ways during the crisis because in the early days of the pandemic, behavior inconsiderate of others was evident with people hoarding toilet paper, masks, disinfectants and other supplies.
`` Amidst the uncertainty, fear, and tragedy of the pandemic, we find a silver lining: people became more financially generous toward others in the presence of the COVID-19 threat, '' write the authors. `` This work adds to our understanding of human behavior during times of crisis. ''
The authors analyzed donations data from Charity Navigator spanning July 2016 to December 2020. They found that from March to December 2020, giving in counties where COVID-19 deaths occurred increased by about 30 percent. They used an additional dataset from field work they conducted which measured giving behavior of 1,000 members of the public that were broadly representative of the U.S. population. From March to August 2020, these participants played an economics game via Amazon's Mechanical Turk which assessed their generosity on a monthly basis.
The researchers compared the two charitable giving datasets to a measure of threat from the novel coronavirus based on new, daily COVID-19 deaths per million in U.S. counties using data from Johns Hopkins. The findings consistently revealed increased generosity in areas where COVID-19 deaths occurred.
`` Individuals may have been motivated to give more as a result of increased feelings of sympathy, '' the authors write. `` They also could have had a desire to regain a sense of agency while they were in a situation where they felt they had little control. Or it could be that people were faced with their own mortality more because unfortunately, the pandemic made death more salient. Donors may have also given to experience positive emotions ( e.g., warm glow) during a stressful period. ''
The data from Charity Navigator also revealed individuals donated to honor those who passed away during the pandemic, or were otherwise affected. It shows that the proportion of donations made `` in memory of '' someone was significantly greater in 2020 than every prior year.
They conclude, `` Our findings have significant societal implications and advance our understanding of economic and psychological theories of social preferences in times of crises. '' | science |
Cambodia: backsliding on human rights jeopardizes free and fair elections | Help us continue to fight human rights abuses. Please give now to support our work
HRW Statement - Item 10 Interactive Dialogue with the Special Rapporteur on the situation of human rights in Cambodia - HRC49
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Ahead of the commune elections in June and next year’ s national elections, Cambodia’ s human rights situation has reached a crisis, with the government carrying out an intensified crackdown on the political opposition, independent media, and civil society under the guise of Covid-19 measures.
Cambodian authorities have undermined peaceful activities by activists, restricted reporting by independent media, criminalized free speech, and enforced a de facto ban on peaceful assembly. In the past two years, the authorities pursued politically motivated prosecutions against more than 150 opposition political party leaders and members, some of whom fled the country fearing reprisals. The government is also continuing a bogus treason prosecution against Kem Sokha, the co-leader of the dissolved main opposition party, and is harassing other opposition parties aiming to run in the upcoming elections.
The authorities have also stepped-up online surveillance by way of both new and existing laws that threaten free expression and the right to privacy. Once operational, the currently delayed National Internet Gateway will enable the government to monitor all internet traffic and disconnect users’ internet connections on arbitrary grounds.
At this 49th Council session and in bilateral engagements, it is crucial that UN member states send a clear message to Cambodia that its human rights backsliding has not gone unnoticed and is jeopardizing any possibility of free and fair elections.
Mr. Special Rapporteur, what tools could you suggest to assist states to better assess Cambodia’ s progress, or lack thereof, in protecting human rights, including in the lead-up to elections?
China’ s Interference in United Nations Human Rights Mechanisms | general |
Letter to IMF Managing Director Re: Economic Crisis in Sri Lanka | Help us continue to fight human rights abuses. Please give now to support our work
April 4, 2022
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Re: Economic Crisis in Sri Lanka
Dear Dr. Kristalina Georgieva,
We are writing to you regarding Sri Lanka, where many people are facing desperate hardship due to the country’ s economic crisis.
Human Rights Watch is an international nongovernmental organization that works in nearly 100 countries to monitor human rights, including economic and social rights. We have worked on Sri Lanka for over three decades, documenting serious violations by both sides during the 26-year civil war, including its impact on families that were repeatedly displaced and lost access to livelihoods. Since the war ended in 2009, despite international commitments, [ 1 ] successive Sri Lankan governments have undermined independent institutions including the judiciary and constitutional bodies crucial for effective and transparent governance. These trends have worsened since President Gotabaya Rajapaksa took office in 2019. We have documented numerous cases of the government targeting minority communities, including the ethnic Tamil population, which has long been economically marginalized. The administration has also adopted measures that undermine the rule of law.
We understand that the government is in talks with the International Monetary Fund ( IMF) to support the country through the current economic crisis. In that context, we welcome the IMF’ s emphasis on “ protecting vulnerable groups. ” We also welcome the IMF’ s attention to strengthening governance and reducing corruption vulnerabilities, which is of central importance to the situation in Sri Lanka. As the enhanced framework on governance and corruption notes, “ [ e ] ntrenched corruption undermines sustainable and inclusive economic growth. ” [ 2 ]
We urge you to ensure that effective measures to address these concerns are negotiated prior to the commencement of any new program in Sri Lanka and are implemented early in any program. As the experience of the 2016-19 program shows, reforms that are left for later are unlikely to be implemented. Central bank independence was then a keystone of the Fund’ s approach. However, the promised Central Bank Act was never adopted, finally being scrapped by the current government in June 2021. [ 3 ]
We would like to take this opportunity to offer some recommendations that should be incorporated in any IMF program in Sri Lanka to protect the rights, lives, and livelihoods of all Sri Lankans.
Mitigating the Impact of the Economic Crisis on Low-Income People
Several of the adjustments proposed in the 2021 Article IV report to address Sri Lanka’ s economic crisis would have direct and indirect impacts on low-income people. The report envisions significant fiscal consolidation, achieved in part by increasing income and value-added tax rates, removing energy subsidies, and “ rationalizing ” the public wage bill. Recognizing the impacts of these adjustments, the report rightly calls on the government “ to mitigate the adverse impacts of macroeconomic adjustment on vulnerable groups. ” Specifically, “ [ s ] ocial safety nets should be strengthened, by increasing spending [ and ] widening coverage. ” [ 4 ]
It is crucial that any program makes this a priority. The World Bank estimates that 11.7 percent of people in Sri Lanka earn less than US $ 3.20 per day, the international poverty line for lower-middle income countries, up from 9.2 percent in 2019. [ 5 ] Since the current crisis accelerated, the poverty rate is undoubtedly much worse. The Bank also assessed that “ [ l ] ess than half of the poor were beneficiaries of Samurdhi, ” Sri Lanka’ s social safety net scheme, “ and benefit amounts remain largely inadequate. ” [ 6 ]
Recent budget decisions raise concerns that inadequate funds would be allocated to social investment. In the Appropriation Bill for 2022, presented by Finance Minister Basil Rajapaksa on October 7, 2021, the Defense Ministry received the highest allocation at 373.1 billion rupees ( then US $ 1.86 billion), an increase from the previous year of 33.8 billion rupees, to reach 14.9 percent of total expenditure. [ 7 ] The Health Ministry was allocated 158 billion rupees ( then $ 790 million), a decrease from the previous year of 871 million rupees despite the Covid-19 pandemic. [ 8 ]
To ensure that a policy to increase social spending is implemented, the IMF should set a social spending floor as performance criteria, not merely an indicative target, and define the floor so as to ensure that it will contribute to offsetting the costs of any adjustments. The Fund’ s 2019 strategy on social spending expects staff to “ analyze and, as appropriate, document the social impact of adjustment and measures to protect the vulnerable. ” [ 9 ] Yet few programs have included such an analysis. We urge the Fund to include this in any Sri Lanka program from its inception to ensure that the social spending floor included in any program is adequate to prevent, at a minimum, retrogression of people’ s economic rights.
We also support the IMF’ s recommendation to increase female labor force participation. Research has shown that lack of access to state-funded maternity leave is a leading cause of women’ s exclusion from the workforce. [ 10 ] Other research has shown that a lack of access to affordable menstrual hygiene products is a barrier to women’ s participation not only in employment, but also education. [ 11 ]
As the recent Article IV report shows, Sri Lanka’ s tax-to-GDP ratio is among the lowest in the world. [ 12 ] Among the huge tax cuts introduced by the current government shortly after entering office, cuts to income taxes benefitted the wealthiest households. While the Article IV report proposes raising income tax rates, it also proposes increases to VAT, which disproportionately burdens low-income families because it consumes a larger share of their income. Moreover, if steps are taken to reduce or remove fuel subsidies, it is critical that this is done in a progressive manner or with an adequate compensatory system to ensure affordability for low-income people in advance of the reforms.
Key Recommendations:
Corruption and Accountability
Sri Lanka is ranked 102nd on Transparency International’ s most recent Corruption Perceptions Index, having fallen from 93rd in 2019. [ 13 ] The Article IV report recommends that “ [ e ] fforts to strengthen governance and reduce corruption vulnerabilities should continue. ” [ 14 ] This belies the reality that the Gotabaya Rajapaksa administration has repeatedly acted to block financial transparency and accountability by weakening independent institutions and by intervening to prevent investigations and prosecutions.
The 20th amendment to the Sri Lankan Constitution, adopted in 2020, undermined the independence of the judiciary, as well as key institutions including the National Audit Office and the Commission to Investigate Allegations of Bribery or Corruption ( CIABOC), by giving the president unfettered control of appointments of senior judges and officials. [ 15 ] The amendment also removed the Auditor General’ s constitutional authority to audit the Prime Minister’ s Office and the Presidential Secretariat, and removed the constitutional status of the CIABOC, meaning it can be abolished by a simple majority in parliament. These changes make it harder to hold government officials and others accountable for corruption and threaten the public’ s ability to safely monitor their government’ s spending decisions.
Human Rights Watch has documented that the Rajapaksa administration has aggressively repressed civil society by subjecting activists and nongovernmental organizations to intense surveillance and intimidation, reducing the ability of the public to hold the government to account. [ 16 ]
President Gotabaya Rajapaksa was himself facing corruption charges related to his previous period as defense secretary at the time of his election in 2019. The case was dropped after he became president due to constitutional provisions providing immunity in office. [ 17 ] The disclosure of financial records known as the Pandora Papers revealed that former Deputy Minister Nirupama Rajapaksa and her husband, Thirukumar Nadesan, who are members of the governing Rajapaksa family, held at least $ 17 million in previously undisclosed off-shore trusts. [ 18 ] Anti-corruption campaigners including Transparency International called for the matter to be investigated by CIABOC, to which President Rajapaksa then referred the case, although there appears to have been little progress in the investigation.
In December 2019, the Financial Crimes Investigation Division ( FCID) of the police, which had been established by the previous government to investigate cases of fraud, was abolished as a separate unit and brought under the Criminal Investigation Department. [ 19 ]
In January 2020, President Rajapaksa established the Commission of Inquiry to Investigate Allegations of Political Victimization, to derail investigations of human rights abuses or corruption against his relatives and political allies that had been begun under the previous administration. [ 20 ] The Bar Association of Sri Lanka said that the commission’ s report, which was submitted to the president on December 8, 2020, “ may undermine the Rule of Law in this country, impair the independence of the Judiciary, and erode the impartial and efficient functioning of the Attorney General’ s Department. ” [ 21 ] The report recommended the withdrawal of nearly 40 cases of bribery and corruption then pending in the courts.
Numerous prominent corruption cases have been withdrawn by the CIABOC or the attorney general, or dismissed by the courts. [ 22 ] For example, on January 21, 2022, a court in Colombo discharged 11 people accused of bribery because prosecution documents had not been signed by all three members of the CIABOC. [ 23 ] The attorney general has yet to decide whether to proceed with a prosecution for alleged money laundering against Namal Rajapaksa, the prime minister’ s son, and four others, in a case that was brought by the police in 2016. [ 24 ] Meanwhile, senior police officers involved in high-profile investigations have faced prosecution under the Rajapaksa administration. [ 25 ]
Among the corruption scandals alleged to have occurred under the Rajapaksa administration, the Finance Ministry told the parliamentary Committee on Public Accounts in March 2021 that the so-called “ sugar scam ” had cost the treasury 15.9 billion rupees ( then $ 79.5 million). [ 26 ]
The IMF has in other countries made advancing judicial independence a key part of its programs. In February 2021, the IMF withheld the second tranche of a $ 5 billion loan to Ukraine in part because the government failed to make sufficient progress on judicial reform; four months later the Ukrainian parliament passed a bill reforming a council that selects and evaluates judges.
Key Recommendations:
Accountability and the Role of the Military
Sri Lanka’ s military has increasingly taken on civilian government functions, including in sectors such as health, development, and agriculture. The military’ s lack of transparency and the limited civilian oversight raise significant risks of corruption and mismanagement. The military’ s history of human rights abuses and discrimination gives rise to profound concerns about the suitability to fulfil these roles. In her report to the United Nations Human Rights Council on February 25, UN High Commissioner for Human Rights Michelle Bachelet warned of a `` further drift towards militarisation '' in Sri Lanka. [ 27 ] Especially in the north and east of the country, where militarization is most intense, the military has been implicated in rights violations against the same communities of which it increasingly maintains control. Furthermore, the military’ s intense resistance to accountability for alleged abuses contributes to resistance to holding it accountable and subjecting it to civilian oversight for governance and financial issues.
The return of civilian lands seized by the military in the north and east has largely halted since 2019. [ 28 ] This continuing seizure of land causes displacement and exacerbates poverty. In some cases, the military uses the land for commercial purposes. Among the business activities undertaken by the military are farms, the Thalsevena Hotel in Jaffna, the Panama Lagoon Cabana in Ampara, and the Eagles Heritage Golf Course in Trincomalee. [ 29 ] Besides denying legal landowners their rights, the military’ s business activities are not subject to public financial accountability, and make civilian businesses subject to unfair competition.
The auditor general has only limited oversight of the military’ s dealings. According to financial regulation 237 ( D), in matters relating to the “ secret services ” in which the president and finance minister “ have satisfied themselves that the money has been properly expended, ” there can be no financial oversight, either by the auditor general or parliament. [ 30 ] Accountability campaigners believe that this provision is used to conceal large amounts of improper budgetary activity from public scrutiny, including activity that may relate to human rights violations. [ 31 ]
A 2019 auditor general’ s report on areas of army expenditure over which it has oversight revealed a number of instances of waste and mismanagement of public funds. [ 32 ] The auditor general’ s 2020 report found, “ [ t ] he recommendations made by me on the financial statements of the preceding year had not been implemented. ” [ 33 ]
Key Recommendations:
Opportunities for Reform
The IMF needs to urgently intervene in Sri Lanka to prevent the economic crisis causing deep and worsening hardship. But to be successful the program needs to protect the lives and livelihoods of low-income people, and address entrenched obstacles to the rule of law.
We stand ready to discuss these matters further if that would be of assistance. If you would like to discuss further, please contact us to arrange a meeting.
Yours sincerely,
Arvind Ganesan Director, Economic Justice and Rights Division Human Rights Watch
[ 1 ] For Sri Lanka’ s commitments to the UN Human Rights Council ( which were abnegated by the current administration in 2020), see the consensus Resolution 30/1 of 2015, https: //documents-dds-ny.un.org/doc/UNDOC/GEN/G15/236/38/PDF/G1523638.pdf? OpenElement ( accessed March 29, 2022). For Sri Lanka’ s unmet commitments to the European Union under its GSP+ trading arrangement, see Human Rights Watch, “ Sri Lanka: Rights Abuses Jeopardize EU Trade Benefits, ” September 22, 2021, https: //www.hrw.org/news/2021/09/22/sri-lanka-rights-abuses-jeopardize-eu-trade-benefits ( accessed March 29, 2022).
[ 2 ] “ IMF Executive Board Approves New Framework for Enhanced Engagement on Governance, ” April 22, 2018, https: //www.imf.org/en/News/Articles/2018/04/21/pr18142-imf-board-approves-new-framework-for-enhanced-engagement-on-governance ( accessed March 28, 2022).
[ 3 ] Sirimevan Colombage, “ Draft Central Bank Act scrapped, preventing independence of monetary authority, ” Daily FT, June 29, 2021, https: //www.ft.lk/opinion/Draft-Central-Bank-Act-scrapped -- preventing-independence-of-monetary-authority/14-719755 ( accessed March 28, 2022).
[ 4 ] IMF staff report for the Article IV consultation, February 10, 2022, https: //www.imf.org/en/Publications/CR/Issues/2022/03/25/Sri-Lanka-2021-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-515737 ( accessed March 28, 2022).
[ 5 ] World Bank, Sri Lanka Poverty Assessment, Accelerating Economic Transformation Synthesis Report, 2021, https: //documents1.worldbank.org/curated/en/153941634242634615/pdf/Sri-Lanka-Poverty-Assessment-Accelerating-Economic-Transformation-Synthesis-Report.pdf ( accessed March 28, 2022).
[ 6 ] Ibid.
[ 7 ] Ministry of Finance, “ Budget Estimates – 2022 ( approved by parliament), ” https: //www.treasury.gov.lk/api/file/cfc0d87b-28ad-4041-8db6-3d84bb02aa4e ( accessed March 29, 2022).
[ 8 ] Ibid.
[ 9 ] “ A Strategy for IMF Engagement on Social Spending, ” June 14, 2019, https: //www.imf.org/en/Publications/Policy-Papers/Issues/2019/06/10/A-Strategy-for-IMF-Engagement-on-Social-Spending-46975 ( accessed March 28, 2022).
[ 10 ] Verite Research, “ The case for State supported maternity leave benefits in Sri Lanka, ” September 24, 2020, https: //www.veriteresearch.org/2020/09/24/the-case-for-state-supported-maternity-leave-benefits-in-sri-lanka/ ( accessed March 28, 2020).
[ 11 ] Amita Arudpragasam, “ Menstrual Hygiene, A Necessity Not A Luxury, ” Colombo Telegraph, September 21, 2018, https: //www.colombotelegraph.com/index.php/menstrual-hygiene-a-necessity-not-a-luxury/ ( accessed March 28, 2022).
[ 12 ] IMF staff report for the Article IV consultation, February 10, 2022, https: //www.imf.org/en/Publications/CR/Issues/2022/03/25/Sri-Lanka-2021-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-515737 ( accessed March 28, 2022).
[ 13 ] Transparency International Corruption Perceptions Index, https: //www.transparency.org/en/cpi/2021/index/lka ( accessed March 29, 2022).
[ 14 ] IMF staff report for the Article IV consultation, February 10, 2022, https: //www.imf.org/en/Publications/CR/Issues/2022/03/25/Sri-Lanka-2021-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-515737 ( accessed March 28, 2022).
[ 15 ] Twentieth Amendment to the Constitution, October 29, 2020, https: //www.parliament.lk/uploads/acts/gbills/english/6176.pdf ( accessed March 29, 2022); Centre for Policy Alternatives, “ Summary of Changes Under the Proposed 20th Amendment, ” September 2022, https: //www.cpalanka.org/wp-content/uploads/2020/09/Final-doc-Summary-of-Changes-Under-the-Proposed-20th-Amendment.pdf ( accessed March 29, 2022).
[ 16 ] Human Rights Watch, World Report 2022, Sri Lanka, https: //www.hrw.org/world-report/2022/country-chapters/sri-lanka ( accessed March 29, 2022).
[ 17 ] “ Corruption charges against Sri Lanka President Gotabaya Rajapaksa dropped, travel ban lifted, ” The New Indian Express, November 21, 2019, https: //www.newindianexpress.com/world/2019/nov/21/corruption-charges-against-sri-lanka-president-gotabaya-rajapaksa-dropped-travel-ban-lifted-2065068.html ( accessed March 29, 2022).
[ 18 ] Scilla Alecci, “ Clamor for crackdown on hidden wealth jolts Sri Lanka elite following Pandora Papers revelations, ” International Consortium of Investigative Journalists, November 1, 2021, https: //www.icij.org/investigations/pandora-papers/clamor-for-crackdown-on-hidden-wealth-jolts-sri-lanka-elite-following-pandora-papers-revelations/ ( accessed March 29, 2022).
[ 19 ] “ FCID brought under CID now, ” Daily News, September 4, 2029, https: //www.dailynews.lk/2019/12/04/local/204727/fcid-brought-under-cid-now ( accessed March 29, 2022).
[ 20 ] “ Sri Lanka: Reject ‘ Political Victimization’ Findings, ” Human Rights Watch, April 30, 2021, https: //www.hrw.org/news/2021/04/30/sri-lanka-reject-political-victimization-findings ( accessed March 29, 2022).
[ 21 ] “ Statement on the motion before parliament seeking to implement certain decisions of the Presidential Commission of Inquiry ( on political victimization), ” Bar Association of Sri Lanka, April 17, 2021, https: //basl.lk/statement-on-the-motion-before-parliament-seeking-to-implement-certain-decisions-of-the-presidential-commission-of-inquiry-on-political-victimization/ ( accessed March 29, 2022).
[ 22 ] Dhanushka Silva, “ The Case for Acquittal – Justice or Impunity? ” Ground Views, November 19, 2021, https: //groundviews.org/2021/11/19/the-case-for-acquittal-justice-or-impunity/ ( accessed March 29, 2022).
[ 23 ] Zulfick Farzan, “ Court orders release of suspects from 11 bribery cases as CIABOC had not obtained proper approval, ” Newsfirst, January 21, 2022, https: //www.newsfirst.lk/2022/01/21/court-orders-release-of-suspects-from-11-bribery-cases-as-ciaboc-had-not-obtained-proper-approval/ ( accessed March 29, 2022).
[ 24 ] Buddhika Samaraweera, “ AG yet to advise on Namal money laundering case, ” The Morning, March 25, 2022, https: //www.themorning.lk/ag-yet-to-advise-on-namal-money-laundering-case/ ( accessed March 28, 2022).
[ 25 ] “ Sri Lanka: Former police investigator jailed with COVID-19: Shani Abeysekara, ” Amnesty International, November 27, 2020, https: //www.amnesty.org/en/documents/asa37/3403/2020/en/ ( accessed March 29, 2022); “ Top detective who investigated high-profile cases flees Sri Lanka, ” Al Jazeera, November 26, 2019, https: //www.aljazeera.com/news/2019/11/26/top-detective-who-investigated-high-profile-cases-flees-sri-lanka ( accessed March 29, 2022).
[ 26 ] “ Sugar scam costs Sri Lanka Rs 15.9 billion in tax revenue: Finance Ministry, ” Economynext, March 9, 2021, https: //economynext.com/sugar-scam-costs-sri-lanka-rs-15-9-billion-in-tax-revenue-finance-ministry-79636/ # modal-one ( accessed March 29, 2022).
[ 27 ] “ Sri Lanka: UN Report Describes Alarming Rights Situation, ” Human Rights Watch, March 3, 2022, https: //www.hrw.org/news/2022/03/03/sri-lanka-un-report-describes-alarming-rights-situation ( accessed March 29, 2022)
[ 28 ] Centre for Policy Alternatives, Sri Lanka’ s Vistas of Prosperity and Splendour: A Critique of Promises Made and Present Trends, July 2021, https: //www.cpalanka.org/wp-content/uploads/2021/07/Sri-Lankas-Vistas-of-Prosperity-and-Splendour-A-Critique-of-Promises-Made-and-Present-Trends.pdf ( accessed Mar 29, 2022).
[ 29 ] Ibid.
[ 30 ] Financial Regulations of the Government of the Democratic Socialist Republic of Sri Lanka, 1992.
[ 31 ] Human Rights Watch interview, details withheld, March 26, 2022.
[ 32 ] Auditor General’ s report 2019, “ Head 222- Sri Lanka Army, ” http: //www.auditorgeneral.gov.lk/web/images/audit-reports/upload/2019/mindept 19/1-X/Head222SriLankaArmyE.pdf ( accessed March 29, 2022).
[ 33 ] Auditor General’ s report 2020, “ Head 222- Sri Lanka Army, ” https: //www.auditorgeneral.gov.lk/web/images/audit-reports/upload/2020/Min Dep/1-xi/Head222Sri-Lanka-Army-E.pdf ( accessed 29 March, 2022).
Reprisals against Critics of World Bank Group Projects | general |
Does It Pay to Diversify by Factor? | A general upward trend in correlations has reduced the diversification value, but recent performance has shown more divergence.
Equity factors are a way of measuring the underlying factors that help drive equity market returns. Since the 1990s, asset managers and other researchers have focused considerable effort on trying to identify additional characteristics ( beyond traditional metrics such as sector, market cap, and value/growth) that help to explain investment management styles and resulting performance differences. Theoretically, each factor should have its own set of performance characteristics and succeed or fail in different types of market environments.
In our recently published 2022 Diversification Landscape Report, we looked at how different asset classes performed in the past couple of years, how correlations between them have changed, and what those changes mean for investors and financial advisors trying to build well-diversified portfolios. We found that factor performance has generally landed in a narrow range but has shown signs of divergence lately.
For full-year 2021, yield was the best-performing factor, partly because many dividend-paying stocks are in the strong-performing energy and industrials sectors. Quality stocks also fared well thanks to the market's increasing interest in reliable stocks with high profitability, low leverage, and consistent earnings, as well as solid earnings results for these firms. Both factor benchmarks ended the year ahead of the Morningstar US Market Index's 28.0% total return. Small-cap stocks ended up at the bottom of heap with a 16.5% gain for the year.
These stocks benefited from the strong economic rebound in late 2020 and early 2021, but later suffered when fears about new coronavirus variants and rising inflation touched off a flight to quality. Similarly, momentum stocks suffered a sharp reversal after leading the market in 2020, as investors sold off previously hyped stocks with high valuations.
In early 2020, however, all six of the major factors -- value, yield, small cap, momentum, quality, and low volatility -- were down at least 30%. At the margins, quality and momentum-driven stocks held up slightly better, while small-cap, yield, and value-oriented stocks suffered the deepest losses. Many of the stocks in the three latter categories have heavier weightings in economically sensitive sectors, which suffered deeper losses during the downturn.
Over the past three years overall, factor profile correlations landed in a fairly narrow range. The quality factor showed the highest correlation with the broader equity market, followed by low volatility, yield, and value. The small-cap and momentum factors, while slightly lower, still showed correlations of 0.92 and 0.91 with the Morningstar US Market Index. As mentioned above, though, we 've recently started to see larger divergences by factor. In recent months, for example, performance for momentum stocks has dropped off sharply, while yield and quality stocks have pulled ahead.
These patterns are generally consistent with patterns shown over longer periods, with quality showing the strongest correlation with the broader equity market and small-cap and momentum factors the weakest. Over time, though, correlations for all six factor indexes have generally trended up, as shown in the graph below. Both smaller-cap stocks and momentum issues decoupled from the Morningstar US Market Index to some extent between 2015 and 2018, but correlations have generally increased since then.
With performance moving more in line with the overall market, correlations between factor profile benchmarks have also converged. Now that factors are so widely studied and embraced by asset managers, one possible cause for this convergence could be that so many investors are following the same factors that their performance has become less and less discrete. As mentioned above, though, market performance has recently started showing more divergence between stocks with different factor profiles.
A general upward trend in correlations previously reduced the diversification value of factor profiles. But now that the market is grappling with a major shift in regimes -- from low inflation and interest rates to higher trends in both measures -- the recent divergence in factor performance could continue. As a result, a factor-based approach to portfolio construction might be worth consideration.
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S & P Global Announces Final Settlement of Tender Offer for Any and All of Its Outstanding 5.000% Senior Notes Due 2022, 4.000% Senior Notes Due 2025 and 4.750% Senior Notes Due 2025 | NEW YORK, April 4, 2022 /PRNewswire/ -- S & P Global ( NYSE: SPGI) ( the `` Company '') announced today that pursuant to its previously announced cash tender offer ( the `` Offer '') for any and all of its outstanding 5.000% Senior Notes due 2022, 4.000% Senior Notes due 2025 and 4.750% Senior Notes due 2025 ( collectively, the `` Notes ''), approximately $ 2.3 million in aggregate principal amount of the Notes were validly tendered and not validly withdrawn on or prior to 11:59 p.m., New York City time, on March 31, 2022 ( the `` Expiration Time ''), which, in addition to the previously announced approximately $ 1.6 billion in aggregate principal amount of the Notes that were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on March 17, 2022 ( the `` Early Tender Time ''), represents approximately 73.84% of the Notes. The Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase, dated March 4, 2022 ( the `` Offer to Purchase ''). The Notes are guaranteed by the Company's subsidiary, Standard & Poor's Financial Services LLC.
Certain information regarding the Notes and the pricing for the Offer, including the aggregate principal amount of each series of Notes that were validly tendered and not validly withdrawn on or prior to the Early Tender Time and the Expiration Time, is set forth in the table below.
U.S. Treasury Reference Security
UST 0.75% due November 15, 2024
* Denotes a series of Notes for which the calculation of the applicable Total Consideration was performed using the value of such Notes as determined at the Price Determination Date ( as defined below) as if the principal amount of such Notes had been due on the applicable par call date.
( 1) Per $ 1,000 principal amount of Notes validly tendered and accepted for purchase.
( 2) The applicable Total Consideration includes the early tender premium of $ 30 per $ 1,000 principal amount of Notes.
( 3) The applicable Total Consideration is calculated on the basis of pricing for the U.S. Treasury Reference Security as of 10:00 a.m., New York City time, on March 18, 2022.
( 4) Equal to the applicable Total Consideration less the early tender premium of $ 30 per $ 1,000 principal amount of Notes.
Holders of Notes validly tendered prior to or at the Early Tender Time and accepted for purchase received the applicable Total Consideration ( as defined below). Holders of any Notes that were validly tendered after the Early Tender Time but prior to or at the Expiration Time and accepted for purchase received the applicable Tender Offer Consideration ( as defined below). In addition, holders whose Notes were purchased in the Offer received accrued and unpaid interest from the last interest payment date to, but not including, the Early Settlement Date or the Final Settlement Date, as applicable ( each as defined in the Offer to Purchase) for the applicable Notes.
The Company priced the Offer at 10:00 a.m., New York City time, on March 18, 2022 ( the `` Price Determination Date ''), the Early Settlement Date occurred on March 21, 2022, the second business day after the Early Tender Time, and the Final Settlement Date occurred today, the second business day after the Expiration Time.
The applicable `` Total Consideration '' for each $ 1,000 principal amount of Notes validly tendered and not validly withdrawn and accepted for purchase pursuant to the Offer was determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread for such Notes specified in the table above plus the yield based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table above at the Pricing Determination Date. Holders of any Notes that were validly tendered after the Early Tender Time but prior to or at the Expiration Time and that were accepted for purchase received the applicable Total Consideration minus an early tender payment of $ 30 per $ 1,000 principal amount of such Notes tendered ( the `` Tender Offer Consideration '').
On the Early Settlement Date, the Company announced that it had delivered a notice of full redemption to the trustee of the Notes to redeem all of the Notes that remain outstanding following the Offer.
The Company retained D.F. King & Co., Inc. ( `` D.F. King '') as the tender agent and information agent for the Offer. The Company retained Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA LLC as dealer managers for the Offer.
This press release shall not constitute an offer to buy or a solicitation of an offer to sell any Notes. The Offer was made solely pursuant to the Offer to Purchase. The Offer was not made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by Goldman Sachs & Co. LLC, J.P. Morgan Securities. LLC, Mizuho Securities USA LLC or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
S & P Global ( NYSE: SPGI) provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through ESG and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world.
We are widely sought after by many of the world's leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world's leading organizations plan for tomorrow, today.
Mark GrantSenior Vice President, Investor RelationsTel: + 1 347 640 1521mark.grant @ spglobal.com
Ola FadahunsiTel: +1 332-210-9935ola.fadahunsi @ spglobal.com
Christopher Krantz+44 7976 632 638christopher.krantz @ spglobal.com
This communication contains `` forward-looking statements '' within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, which are based on current expectations, estimates and projections about future business and operating results, the industry and markets in which the Company operates and beliefs of and assumptions made by the Company's management, involve uncertainties that could significantly affect the financial or operating results of the Company. Words such as `` expects, '' `` anticipates, '' `` intends, '' `` plans, '' `` believes, '' `` seeks, '' `` will, '' `` should, '' `` may, '' `` projects, '' `` could, '' `` would, '' `` target, '' `` estimates '' or variations of such words and other similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature, but not all forward-looking statements include such identifying words. For example, management may use forward-looking statements when addressing topics such as any redemption of Notes.
These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in such forward-looking statements. We can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. For example, these forward-looking statements could be affected by factors including, without limitation, risks associated with: ( i) uncertainty relating to the impact of the integration of the businesses of the Company and IHS Markit Ltd. ( `` IHS Markit ''), including potential adverse reactions or changes to business relationships resulting from the integration and increased cyber risks during the integration; ( ii) the ability of the Company to successfully integrate IHS Markit's operations and retain and hire key personnel; ( iii) the ability of the Company to implement its plans, forecasts and other expectations, including with respect to IHS Markit's business and to realize expected synergies; ( iv) business disruption following the transaction with IHS Markit; ( v) economic, financial, political and regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and volatility, including the United Kingdom's withdrawal from the European Union, natural and man-made disasters, civil unrest, pandemics ( e.g., COVID-19 and its variants ( the `` COVID-19 pandemic '')), geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current U.S. administration; ( vi) the ability of the Company to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, data breach, power loss, telecommunications failure or other natural or man-made event, including the ability to function remotely during long-term disruptions such as the COVID-19 pandemic; ( vii) the impact of public health crises, such as pandemics ( including the COVID-19 pandemic) and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets, including any quarantine, `` shelter in place, '' `` stay at home, '' workforce reduction, social distancing, shut down or similar actions and policies; ( viii) the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; ( ix) changes in debt and equity markets, including credit quality and spreads; ( x) demand for investment products that track indices and assessments, and trading volumes of certain exchange-traded derivatives; ( xi) changes in financial markets, capital, credit and commodities markets and interest rates; ( xii) the possibility that the integration of IHS Markit may be more expensive to complete than anticipated, including as a result of unexpected factors or events; ( xiii) the parties ' ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; and ( xiv) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by the Company from time to time, including those discussed under the heading `` Risk Factors '' in the Company's most recently filed Annual Report on Form 10-K. While the list of factors presented here is considered representative, this list should not be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the Company's consolidated financial condition, results of operations, credit rating or liquidity. Except to the extent required by applicable law or regulation, the Company disclaims any duty to update any forward-looking statements contained in this communication or to otherwise update any of the above-referenced factors.
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Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Joint Statement to South Korean president-elect Yoon Seok-youl on Women’ s Rights | Help us continue to fight human rights abuses. Please give now to support our work
April 3, 2022
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We, 116 global civil society organizations, call on Yoon Suk-yeol, the president-elect of the Republic of Korea, to withdraw his pledge to abolish the Ministry of Gender Equality and Family.
Yoon Suk-yeol, the candidate of the People Power Party ( PPP), won the presidential election on March 9 in South Korea. During the campaign, Yoon and the PPP actively stirred up and capitalized on the anti-feminist backlash, instead of proposing reasonable policy solutions to current critical issues, including deepening economic inequalities after the Covid-19 outbreak and gender-based discrimination and violence entrenched in society. In particular, Yoon made abolishing the Ministry of Gender Equality and Family a central pledge of his campaign, saying that there is no systemic gender discrimination in South Korea. Now discussions are underway regarding the governmental reorganization in the presidential transition committee, but he has not yet withdrawn his promise to abolish the Ministry. We, the global civil society organizations, are strongly concerned about his position.
While women’ s long struggles have brought achievements on gender equality and women’ s rights, we are now facing global crises, such as widening inequalities, climate injustice, the Covid-19 pandemic, and the growing trends of regression in women’ s rights. The South Korean government, as the chair of the Asia-Pacific Group of the UN Commission on the Status of Women and a member of the UN Human Rights Council, is currently playing a leading role in gender equality and women’ s rights at a global level. The idea of abolishing the Ministry is a serious regression on women’ s rights, which will have a detrimental impact not only on South Korea, but also on the Asia-Pacific region and the international community.
The importance of a gender equality national machinery with adequate resources and budget was already recognized in the Beijing Platform for Action in 1995, a global norm on women’ s rights unanimously adopted by 189 countries, including South Korea. In 2021, the UN Commission on the Status of Women recommended in the 65th Agreed Conclusions that the national governments strengthen the capacity of national machineries for gender equality by allocating sufficient financial, technical and human resources, to enable them to effectively carry out their mandates.
South Korea is classified as a developed country on economic and social scales, but there is still a long way to go in terms of women’ s rights. We, global civil society organizations, strongly call on the president-elect Yoon and the PPP to recognize its obligation to advance gender equality and come up with practical and substantive policy measures to strengthen the mandate and the role of the Ministry of Gender Equality and Family. Lastly, we deeply respect, support and will continue to stand in solidarity with courageous South Korean women and feminists who are fighting for changes towards gender equality and women’ s rights.
Signed by 116 global civil society organizations and 17 Gender Scholars/Independent Feminist Activists
( Global organizations)
( Regional organizations)
( National/local organizations)
( Gender Scholars / Independent Feminist Activists)
Digital Sex Crimes in South Korea | general |
Record investment faces supply chain hurdle - McKinsey | An unprecedented wave of investment in physical assets across enterprises could be hampered by inefficient supply chains and outdated project delivery systems, warns McKinsey.
In a new report, McKinsey says the world is set to see “ a once-in-a-lifetime ” wave of capital spending on physical assets between now and 2027 around US $ 130tn, as businesses seek to decarbonize, renew critical infrastructure and invest in mitigating supply chain risk by -among other things - reshoring.
But it says that few organisations are ready to deliver on this capital influx with the speed and efficiency that will be required.
A co-author of the report is Steffen Fuchs, a Senior Partner with McKinsey, who leads its global work in capital productivity, with a focus on digital and innovation. In the report, Fuchs says many organisations “ are burdened with inefficient supply chains and outdated project delivery systems. ”
It points out that justifying the cost of a physical asset such as a manufacturing plant is far more difficult than in the past, because of inflation, sustainability requirements and step-changes in technology and regulations.
The report cites the example of semiconductor supply chains, and how pandemic-fuelled disruptions here have prompted businesses to invest heavily in projects to help them become more self-sufficient in chip production.
One example of this came in January 2022, with Intel announcing a new $ 20 billion factory outside Columbus, Ohio. The company also expects to construct a multibillion-dollar chip plant in Germany, with supporting facilities to be built in France and Italy. The Taiwan Semiconductor Manufacturing Company, meanwhile, plans to build new wafer fab plants outside Taiwan, with the US a possible location.
In January 2022, Intel announced a new $ 20 billion factory outside Columbus, Ohio; the company also expects to construct a multibillion-dollar chip plant in Germany, with supporting facilities to be built in France and Italy.7 Taiwan Semiconductor Manufacturing Company plans to build new wafer fab plants outside Taiwan.
This followed Samsung’ s announcement in November 2021 of a new $ 17 billion microchip manufacturing plant in Texas, as the company looks to reshore chip production.
The McKinsey report also references government involvement in capital expenditure programmes, citing US legislation - the Creating Helpful Incentives to Produce Semiconductors ( CHIPS) for America Act. CHIPS includes $ 52bn for domestic semiconductor production.
The report says that delivering on investment programmes of such magnitude can “ no longer be just the province of IT or engineering experts ”.
McKinsey says that responsibility for end-to-end capital spending projects “ may need to move squarely into the domain of the CEO and C-suite leaders ”, who must “ ensure the CFO is planning appropriately for increased capital outlays for years to come ”.
It adds that boards and shareholders “ will be particularly interested in the return on such a massive investment ” and the likelihood of success in achieving the business’ s goals.
The report concludes: “ The key to capital excellence in the era of physical assets is getting them into action fast. CEOs may need to rally stakeholders around a common goal, as companies and governments did during COVID-19 vaccine development. ”
Supply Chain Digital is the digital community for the global supply chain & logistics industry that connects the world's largest supply chain & logistics brands. Supply Chain Digital focuses on procurement and supply chain news, key interviews, supply chain videos, along with an ever-expanding range of focused procurement and supply chain white papers and webinars. | general |
Put women at the heart of global economic recovery: that's Indonesia's task at the 2022 G20 summit | Studies have shown that closing the gender gap has positive impacts on the welfare of society. Research by Women World Banking in 2021 illustrates how economic welfare not only depends on income and infrastructure, but also gender equality.
However, the G20 – a group of countries representing 85% of the world economy – has yet to focus on solving women’ s barriers to participating and benefiting from the economy.
For instance, among the many meetings of the G20, only the one held in Brisbane, Australia, in 2014 resulted in a concrete commitment to improve women’ s economic status. To this day, however, the Brisbane commitment has not been followed up by a clear strategy and implementation mechanism.
Indonesia hosts the G20 summit this year.
Considering its role, Indonesia can direct the G20 countries’ s response to COVID-19 and promote women’ s issues in the global policy agenda. Indonesia has signalled its intention to advocate inclusive economic growth by prioritising the role of women – along with young people and small businesses.
Giving priority to the role of women is the right decision.
UN Women indicates that women are the most affected by COVID-19 and their incomes also take longer to recover in the long term due to the nature of their work – informal, low-skilled, and involving unpaid care. The decline in gender equality in 2021 indicates this prediction may have come true. The gap between men and women’ s economic participation has widened during the pandemic.
With a lot of research showing women’ s lives are changing due to COVID-19, global leaders need to take priority measures to accompany the immediate response and longer-term recovery efforts for women.
Among all priority measures, three groups of women should be on the top target.
The first group is women in micro-enterprises.
Seven out of 10 workers in the world are part of micro-businesses. Data from 99 countries show micro-enterprises account for 70% of all jobs.
World Bank data indicate that women own 23% of micro and small enterprises, and the figure rises each year.
However, women earn less than men for the same type of job. The International Trade Centre survey on COVID-19 impact among businesses in 136 countries has shown that women-led micro-enterprises are 27% more likely not to survive the pandemic, which might be caused by multiple unpaid care responsibilities.
The second group is women in the informal sector.
Over 62% of jobs in 99 countries are based in the informal sector. The percentage of women in this sector is also very substantial. For example, more than 80% of women working outside the agriculture sector in South Asia make a living as informal workers. The situation is similar in Sub-Saharan Africa ( 74%) and Latin America and the Caribbean ( 54%).
Despite their immense economic contribution, women are often not granted proper worker’ s rights, such as leave, health insurance or work safety insurance, as these safety nets frequently depend on formal participation in the labour force.
Women who live in rural areas are the third group.
More than three-quarters of the world’ s extreme poor live in rural areas.
Data show girls and women are more likely to live in poor households in rural areas, compared to boys and men. Poor infrastructure in rural areas, such as access to financial services, makes it more difficult for women to participate and benefit from the economy.
As the global community continues to move forward to achieve inclusive economic growth, it is time for global policies to focus on placing women as the beneficiary, especially when it comes to policies regarding COVID-19 recovery.
As the G20 host, Indonesia is positioned to drive world leaders to achieve inclusive economic recovery. Indonesia can achieve this, for instance, by detailing the Brisbane commitment into detail plan and action in the two of G20’ s main policy tracks: finance track and sherpa track. This will be a concrete step in achieving inclusive global economic recovery. | business |
'What is this? Some growth stock? ': Toronto home prices up 18% | The information you requested is not available at this time, please check back again soon.
In most of the U.S., housing markets are exuberant. In some of the country’ s priciest neighborhoods, they’ re relatively subdued.
Several Chinese lenders have been told they can file legal cases against China Evergrande Group in local courts, in an apparent easing of a restriction that required all such lawsuits to be handled in a single court, according to people familiar with the matter.
China’ s soaring Covid infections are provoking little panic in the stock market, with investors betting that the authorities will unleash stimulus to prop up growth.
Chinese property stocks may be poised for a pullback after surging 28% in three weeks as pandemic lockdowns put a brake on economic growth. China Vanke Co. meanwhile announced a share buyback.
The billionaire Benetton family’ s motorway and airport company Atlantia SpA is poised to become the target of a bidding war in what could be this year’ s biggest deal.
A tight Greater Toronto Area ( GTA) housing market kept home prices elevated in March, with the average selling price of a property clocking in at $ 1,299,894.
However, there were signs the flurry of activity in the red-hot market were starting to ease.
The latest data from the Toronto Regional Real Estate Board ( TRREB) showed there were 10,955 home sales in March. While that’ s a roughly 17 per cent increase on a monthly basis, home sales in the region fell almost 30 per cent compared to the same month last year. All housing segments saw sales activity fall, led by low-rise properties.
New listings dropped 11.9 per cent year-over-year – less than the decline seen in sales.
Still, the continuation of tight market conditions kept the average selling price hovering at nearly $ 1.3 million, down only modestly from the record set in February, and an 18.5 per cent rise from March last year.
“ What is this? Some growth stock? ” Ryan Lewenza, senior vice president and portfolio manager with Turner Investments at Raymond James, said of the jump in home prices during an interview on Tuesday.
“ This is supposed to be a house that's supposed to go up with inflation. ”
Lewenza said while fundamentals, such as a strong economy and labour market, are helping drive housing activity, ultra-low interest rates have more so underpinned the market. He added that as rates rise, it will work against homebuyers.
“ It's my strong belief that the incredibly low interest rates that we have seen have been a boon to housing. So if you play it forward, rising interest rates is going to take the bloom off this rose and so I think prices are going to be peaking soon and come off, ” he said.
However, Lewenza made it clear he’ s not expecting a major pullback.
“ I don't think that they rise at a slower rate. I think that they peak and come off, ” he said. “ I could see prices down five to 10 per cent over the next 12 to 24 months. I don't see a crash. You know we have very progressive immigration policies with 350,000 new immigrants a year [ … ] so I don't see prices collapsing. But, yes, I think prices are going to come off and that would be good. ”
As home prices remain out of reach for many, it’ s widely expected that the federal government will unveil measures aimed at improving housing affordability in its budget this week.
TRREB President Kevin Crigger said he wants to see measures aimed at increasing the housing stock.
“ Now is the time for governments to govern and focus on measures that are proven to increase housing supply. The GTA population will experience rapid growth in the coming years as our region’ s economic strength and diversity continues to attract people from around the world. In order to sustain this growth, we need adequate housing supply and choice, ” he said in a release Tuesday.
“ This needs to be the focus of policymakers rather than short-term and ineffective measures to artificially suppress demand. ” | general |
The Senate's $ 10 Billion Covid-19 Testing Plan Would Slash Small Business Rescue Aid | While Congress is poised to pass a $ 10-billion Covid-19-aid bill that would help further vaccine production and maintain testing capacity, once again lawmakers are planning to slash small-business aid to pay for it.
A bipartisan group of Senate negotiators this week reportedly agreed on a spending deal that, if passed, would further fund the U.S. response to the coronavirus pandemic. To pay for it, in part, lawmakers propose cutting funding for two vital small-business aid programs: the Shuttered Venue Operators Grants ( SVOG) and the Economic Injury Disaster Loans ( EIDL). Those programs, which respectively offer grants and low-interest loans, support shuttered venues like concert halls and movie theaters and small businesses suffering financially amid Covid-19 disruptions.
In an overview of the agreement, which the full Senate is expected to vote on this week, lawmakers noted that they would rescind funding for the Small Business Administration's SVOG, with the exception of a small amount to cover pending appeals and reconsiderations. In August, the SBA launched a supplemental SVOG program, with $ 7.2 billion on offer for recipients who had already received an initial grant from the first iteration of the program. The first iteration of the SVOG, which held $ 16.25 billion for venues, began on April 26, 2021 and only doled out $ 9 billion to 11,500 venues before sunsetting on August 20.
Lawmakers noted in the overview that `` all applications for initial awards and first supplementals facilitated via the program have been fulfilled. '' But that's not quite right, says Michael Strickland, the founder and chair of Bandit Lites, a Knoxville, Tennessee-based lighting-design and installation company.
While it's true that the supplemental program has been around for about six months -- long enough for venues to tap it again -- businesses in the events and entertainment world had been holding out hope that the excess amount sitting in the SVOG, which is estimated at around $ 2.2 billion, would go to support a new piece of legislation dubbed the Music Act. This bill, which was introduced in December by Senator Marsha Blackburn ( R-TN) and maintains bipartisan support, would aid event-services businesses and performers who were also waylaid by the pandemic but were not eligible for the SVOG program.
`` Thousands of us are left behind, with tremendous debts from 16 months of zero income, '' says Strickland. While these businesses were eligible for a forgivable loan from the Paycheck Protection Program, the extent of business stoppages tended to far exceed the amount of funding for which they were eligible. Plus, plenty of businesses in this industry don't have full-time employees, which was a key factor in determining how much of a PPP loan businesses received.
As for the EIDL, interest has been swift, since other pandemic-era relief offerings like the PPP and the Restaurant Revitalization Fund have ceased -- especially since September, when the SBA lifted the cap on loans to $ 2 million, from $ 500,000. The SBA's EIDL loans have 30-year maturities and interest terms ranging from 2.75 percent for nonprofits to 3.75 percent for businesses.
Lawmakers note that the proposed rescission of unspent American Rescue Plan Targeted EIDL Advance funding still leaves enough in the till to accommodate pending loan modifications and the recently announced six-month deferment on loan payments. Passed on March 11, 2021, the $ 1.9 trillion Rescue plan authorized $ 15 billion in replenished funds for Targeted Economic Injury Disaster Loan ( EIDL) Advance loans, which at the time amounted to grants of $ 10,000 each and were open only to small businesses in low-income communities that have been most affected by the pandemic.
But there's a very big `` but. '' This program's unspent funding has already been tapped.
The infrastructure bill, passed in August, reclaims $ 38 billion in unspent funding, which was initially earmarked for small-business relief programs. That includes $ 17.6 billion from the EIDL program, $ 13.5 billion from the Targeted EIDL Advance, $ 4.7 billion from the PPP, and $ 1.4 billion from the Economic Stabilization Program. Another $ 992 million got yanked from the SBA's business loans program account.
While no right-minded business owner would stand in the way of additional funding for Covid testing and vaccine generation, which necessarily helps businesses keep their workers healthy and insurance costs down, the funding mechanism for this additional aid appears faulty, to say the least. It should be noted that earlier negotiations over this new Covid aid package involved tapping unspent aid that was granted to the states. It's unclear whether redirecting those funds might be a better course than sapping small-business funding. What is clear: Testing is important, the pandemic is not over, and businesses still need help. | business |
Scientists Have Now Analyzed Ultrasounds for Birth Defects Associated With COVID-19 Vaccines | Dr. Emily Miller explains elements of a fetal ultrasound to fellow study author Dr. Rachel Ruderman. Credit: Northwestern University
Findings fill gap left vacant when pregnant people were excluded from the initial trials.
The exclusion of pregnant patients in initial COVID-19 vaccine clinical trials left many patients and doctors wondering how the vaccine might affect pregnant patients and their unborn babies. A new Northwestern Medicine study has found the vaccine is not associated with birth defects that are detectable on ultrasound.
“ This is yet another important piece of data that helps bridge the chasm that was left when pregnant individuals were excluded from those initial vaccine trials, ” said corresponding author Dr. Emily Miller, chief of obstetrics at Northwestern Medicine and assistant professor of maternal fetal medicine at Northwestern University Feinberg School of Medicine.
The study will be published on April 4, 2022, in the journal JAMA Pediatrics.
“ One of the reasons women struggle with the vaccine in pregnancy is they’ re worried about their babies and don’ t want to take any risks, ” said first author Dr. Rachel Ruderman, a fourth-year resident in obstetrics and gynecology at Feinberg. “ This study shows there really is no increased risk of birth defects, and it supports other evidence that shows the vaccine is safe and beneficial for mom and baby. ”
The types of birth defects the scientists were looking for on the study participants’ ultrasounds were ones they deemed “ major fetal structural anomalies, ” such as the baby’ s heart not forming correctly or the spine not closing properly. In the United States, 3 to 5% of births are impacted by these types of defects, resulting in increases in infant morbidity, mortality and billions of dollars in cost.
“ During the early part of pregnancy when the organs are forming, there can be abnormalities in how they form, and they can take the form of birth defects that can have implications for the life of the child, ” Miller said.
“ For example, if the baby’ s heart isn’ t forming correctly, that could lead to the baby needing major cardiac surgery or long-term medication, ” Miller said. “ However, if the ultrasound identified extra fluid in the fetus’ kidney, that might end up fixing itself down the road. We looked for those extremes and everything in between. ”
The U.S. Centers for Disease Control and Prevention ( CDC) in September 2021 released similar findings from its study in pregnant individuals. This study builds on and advances the CDC’ s data, Miller said.
While the CDC compared its study data to historical data, the new Northwestern study used contemporary controls—current pregnant patients who chose not to get vaccinated or were not vaccinated within the window the scientists defined as of biologic risk for birth defects ( having received vaccination from 30 days prior to conception until 14 weeks gestational age).
“ I think the big strength of this study is that we compared against other women who were vaccinated, but at different point in their pregnancies, ” Miller said. “ People who choose vaccination are often different from people who choose not to be vaccinated. Our study design helps account for some of those differences. ”
The study analyzed electronic medical records ( including ultrasounds and COVID-19 vaccination records) from a cohort of 3,156 pregnant people who received a complete fetal anatomical survey ( 19-week ultrasound) at Northwestern Medicine Prentice Women’ s Hospital between March and November 2021. Of those pregnant patients, 2,622 ( 83.1%) received at least one vaccine dose and 1,149 ( 43.8%) were vaccinated inside of the scientists’ defined vaccination window ( 30 days prior to conception until 14 weeks gestational age).
Both Miller and Ruderman see patients at Prentice. As part of her residency, Ruderman also sees patients at the John H. Stroger, Jr. Hospital of Cook County. Despite new and emerging data that continue to support the safety of vaccination among pregnant individuals, hesitancy is still present, they said.
“ Patients say, ‘ I don’ t think the data is good, and everyone is getting COVID anyway, so why would I expose my baby?’ ” said Ruderman, who received her booster shot during week 12 of pregnancy. “ Then I tell people, ‘ Actually, the data is really good,’ and I feel like they’ re receptive. So, these findings will only add to that. ”
Reference: “ Association of COVID-19 Vaccination During Early Pregnancy With Risk of Congenital Fetal Anomalies ” by Rachel S. Ruderman, MD, MPH; Jessica Mormol, BS; Emma Trawick, MD; Madeline F. Perry, MD; Emma C. Allen, BS; Danielle Millan, BS and Emily S. Miller, MD, MPH, 4 April 2022, JAMA Pediatrics. DOI: 10.1001/jamapediatrics.2022.0164 | tech |
Konoike Transport and OSARO Team Up to Pilot Japan’ s First Fully Automated Warehouse | Konoike Transport Co., Ltd. and OSARO have teamed up on a new project at the Konoike Institute of Technology Innovation Center ( known as KITIC). It will showcase Japan’ s first prototype of automated warehouse operations where autonomous mobile robots ( AMRs) will work together with picking robots optimized for warehouse and e-commerce applications that involve large SKU inventories.
The pilot will demonstrate automation of logistics processes by linking inVia Robotics’ AMR and OSARO’ s piece-picking robot to provide a smooth path from warehouse inventory to packing and shipping operations. The process entails:
The picking robot features OSARO’ s advanced AI vision system, which enables the robot to perform advanced pick-and-place operations by recognizing transparent, deformed, reflective, and irregularly shaped items—even if they are randomly arranged in the inventory storage bins.
The displacement of traditionally manual tasks by smart robotics is expected to address the global issues of increasing logistics volume and cope with accelerating labor shortages due to the COVID-19 pandemic. The prototype will prove that tasks such as inventory movement and picking items for order fulfillment can be fully automated. Through this pilot, the partners aim to identify issues that arise when multiple robotics automation solutions are interacting and to resolve these issues ahead of the planned operational deployment.
Watch a preview video of the pilot.
Tadatsugu Konoike, director and senior managing executive officer at Konoike Transport Co., Ltd., stated, “ We are honored to be the first in Japan to conduct a demonstration prototype of an OSARO picking solution with an AMR. We decided to work with OSARO because we believe that OSARO is superior for use in the rapidly changing logistics field in terms of automatic machine learning, data collection, and accurate picking. Japan is facing a shortage of labor due to the declining birthrate and aging population, but we hope to turn this challenge into an opportunity and develop a new form of workplace at KITIC and introduce it to the world. ”
OSARO CEO Derik Pridmore added, “ OSARO is excited to partner with Konoike and inVia to demonstrate a unique combination of inVia’ s AMR and OSARO’ s piece-picking robots. The system we created is an example of a modular, flexible, and brownfield-compatible fulfillment system. Future warehouses will leverage systems like this to scale up for increasing demand from customers without requiring hiring additional manual labor. ” | tech |
AmerisourceBergen & Good Neighbor Pharmacy Surpass 5 Million Vaccine | Good Neighbor Pharmacy, AmerisourceBergen’ s nationwide network of independent community pharmacies, announced that it has exceeded 5 million COVID-19 vaccine doses allocated to independent pharmacies across the U.S. This allocation effort is a part of the Federal Retail Pharmacy Program for COVID-19 Vaccination, a collaboration between the Federal Government, U.S. states and territories, and 21 national pharmacy partners, which includes Good Neighbor Pharmacy.
With COVID-19 vaccines authorized for people five years and older, independent pharmacies remain an essential healthcare destination in communities, educating and vaccinating eligible individuals against the virus. Pharmacists have helped administer COVID-19 vaccines in communities across the country by hosting clinics and going above and beyond to help those in need, including uninsured populations, long-term care residents, unsheltered individuals and more. Since February of 2021, Good Neighbor Pharmacy has supported more than 1,600 independent community pharmacies in 45 states, Puerto Rico and Guam.
“ We’ re incredibly proud of this milestone, ” said Jennifer Zilka, President of Good Neighbor Pharmacy. “ I’ m constantly in awe of what pharmacists have been able to accomplish – from finding ways to be there for their patients during the pandemic to all the education, testing and vaccinations for COVID-19. I think the nation has witnessed the capabilities, value and care pharmacists and their teams can deliver. And I just want to say thank you to all the pharmacists out there. You’ re all an inspiration. ”
Nearly 52% of pharmacies within AmerisourceBergen and Good Neighbor Pharmacy Federal Retail Pharmacy Program are in socially vulnerable communities, as outlined by the CDC’ s Social Vulnerability Index. Nearly 50% of the patients that received a vaccine through Good Neighbor Pharmacy’ s program reside in socially vulnerable communities.
Jasmine Chan, Pharmacist at Central Avenue Pharmacy ( CAPrx), who has hosted clinics outside of Monterey, Calif. for unsheltered community members and has hiked hills across Monterey County to find and help those living in homeless encampments, added, “ As a pharmacist on the front lines, equitable access continues to be a priority for not only vaccines and booster shots, but also tests and treatments. My pharmacy has made it a point to reach out to community members who may face technology or transportation barriers and assist them. For individuals who don’ t speak English or are undocumented, we adjusted processes to accommodate them. We also coordinated and operated mobile vaccine clinics for hard-to-reach populations. I know that I’ m one of the thousands of independent pharmacists doing this type of work. It has been an honor and privilege to help serve in this capacity. ” | tech |
How legal hunting supports African rhino conservation | While the UK government has been considering a ban on imports of hunting trophies, the South African government recently approved an annual maximum quota of ten legal trophy hunts of endangered black rhinos for 2022. South Africa has permitted white rhino hunts, without quota limits, since 1972.
The South African government’ s approval of this year’ s quota is consistent with previous approvals since legal black rhino hunts started in 2005. Approval for hunting is given only when specific individual animals to be hunted meet a set of criteria established by a scientific rhino management group.
We considered this question in some detail in a recently published study. We examined the regulated legal hunting of both rhino species in South Africa and Namibia over the last half-century. By analysing historical information and data on rhino numbers and hunts, we explain that this issue is not as simple as it seems.
While public sentiment against hunting rare wild animals and taking their trophies is certainly growing, in the case of African rhinos this practice has an established history. For the most part, it has supported conservation rather than undermined it.
This is because, counter-intuitively, removing a small number of specific rhino males can enhance population demography and genetic diversity. This can also encourage range expansion and generate meaningful socioeconomic benefits to help fund effective conservation, which is costly.
Along with large-scale land conversion and habitat loss, uncontrolled and illegal hunting ( poaching) caused the dramatic decline of all rhino species across Africa and Asia during the 19th and 20th centuries.
But from the early 20th century, some rhinos started to benefit from the creation of state protected areas. The world’ s last surviving southern white rhino population, in South Africa’ s Hluhluwe-iMfolozi Park, recovered from fewer than 50 individuals to more than 1,200 in 1960.
Following management concerns about potential overpopulation in the park, from 1961 many rhinos were moved to create founder populations in new areas in South Africa. But the recipients of these rhinos wanted more females than males because this enables faster breeding. This created a problem of skewed sex ratios at the source. This problem was then addressed by allowing some males to be moved and sold for the purpose of regulated safari hunting.
Moving surplus rhinos to set up new populations, and hunting small numbers of males, helped encourage population growth and range expansion. It was gradually adopted across South Africa and in neighbouring Namibia, and then extended to include black rhinos.
Currently, poaching to supply persistent consumer demand for rhino horn remains a major problem. It has been responsible for a recent serious decline in white rhino numbers in South Africa’ s Kruger National Park, where no hunting is allowed. Numbers fell by 75% between 2011 and 2020.
In contrast, relatively few rhinos ( under 100, making up less than 0.5% of the total population) are legally hunted each year. Unlike poaching, where valuable breeding females and calves are also killed, legal hunting is selective and focused on specific males.
Legal hunting helps rhino conservation for both biological and socio-economic reasons. Conservationists have learned that the best way to counter the poaching threat is by maintaining high rhino population growth rates, and by investing in rhino security on the ground.
Better breeding rates make a big difference in the longer term. Almost all surviving African rhinos are found in enclosed ( fenced) areas. Their population growth starts to decline when the area approaches its carrying capacity. To keep growth rates high and expand rhino range, rhino conservators regularly move them to new areas. But neither donor nor recipient areas want too many males.
Higher proportions of rhino males can act as a drag on population growth for several reasons. Populations with more females breed at a faster rate. At increasing density, males fight for territory, often killing each other and even sometimes females and young. Mortality rates are higher when males are moved into areas with existing males and there are few other areas that can provide homes for surplus males. Some old males may no longer be dominant enough to breed, but still have an impact on food reserves for breeding females. Removing selected males through hunting can help address such problems.
These hunts can also raise substantial amounts of money to support conservation, directly and indirectly. In both South Africa and Namibia, wildlife economies are structured through smart regulation to create the incentives to ensure that such economic benefits flow to local people and help cover relevant conservation spending. Where it has been practised, legal rhino hunting has generated significant income to help cover the very high costs of effective anti-poaching security.
Stopping this hunting would leave a big hole in conservation funding of some areas – already under pressure after two years of COVID-19 travel restrictions.
Currently, South Africa and Namibia are the two countries with the most African rhinos. In 1970, before legal hunting was introduced, they jointly held about 1,950 white rhinos, some 61% of Africa’ s total. That number had risen to about 16,600 ( 92%) by 2017.
In 2004, the year before legal black rhino hunts were introduced, the two countries conserved about 2,310 black rhinos, some 66% of Africa’ s total. By 2018 that number had risen to about 3,975 ( 70.6%) despite an increase in poaching during this period.
Looking at these numbers, it is difficult to argue that legal hunting has had an overall negative impact on rhino populations in South Africa and Namibia. If anything, the opposite is true. This is because of the biological and socio-economic benefits generated by these hunts, which can boost conservation performance through enhanced population growth and funding. If appropriately governed, legal hunting and trophy trade can therefore support conservation of species and their habitats.
Dr Richard Hannington Emslie, a rhino conservation specialist, also contributed to this article. | business |
The Latest Benefit Companies Hope Will Attract Top Talent? Civic Engagement Days | You 've heard of employers offering personal finance tools and training to help staffers navigate thorny retirement issues. How about thorny social and political issues?
Yes, they're on that, too. Companies are increasingly finding creative ways to help their employees become better citizens. The San Francisco-based ride-share company Lyft offers free or discounted ride codes to help get people to the polls. Starbucks is helping its workforce learn more about Congress, register to vote, and become more involved in their local communities through its digital home base, dubbed Starbucks Leadership Hub.
Small businesses are also on trend: Capitol Canary, out of Arlington, Virginia, began encouraging workers to become more locally involved back in 2017, but has since expanded its effort. While the software development firm employing around 180 people started off with one civic engagement day per year, it now offers three days per year for its workers so they can travel or take part in longer, community-based activities. Examples of how workers use this benefit include voter registration, working on campaigns, or volunteering at polling places.
`` It is forever in our company's DNA to help people engage in the civic process, '' says company founder Jeb Ory, 41, who founded Capitol Canary in 2013.
Recent challenges to American democracy -- from the January 6, 2021 attack on the nation's Capitol Building to the decline in civic education in schools -- have highlighted the need for civic engagement, according to Steven Levine, director of the Civic Alliance, a nonpartisan coalition of more than 1,200 businesses that works to strengthen democracy. ( Note that Inc.'s parent company, Mansueto Ventures, is a member of this alliance.)
`` Democracy is only as strong as our citizens ' participation within it, '' Levine says. `` From our perspective, companies today are looked at as one of the trusted institutions, and when you look at the relationship between an employer and its employees, that relationship is incredibly valuable. ''
Getting involved in your community is one way for a business to stand out amid the labor crunch. Seventy-six percent of people polled in a study released in November 2018 said they were more likely to work somewhere that promoted democracy. And increasing engagement can also beef up profits, research suggests. That's because civic engagement can help engender purpose within an organization -- and higher diversity and engagement efforts can increase profits between 46 to 58 percent, according to a study cited in the Civic Alliance Playbook, which outlines best practices, research, and other tips on civic engagement for companies to look to.
`` Across the board, there's a real opportunity to lean into this and for employers to make strong commitments to attract and retain talent, '' Levine says, adding that civic engagement benefits are becoming the expected norm for employees, especially among younger workers.
Of course, not everyone on your team will want to participate, and that's OK. Only some Capitol Canary employees are taking advantage of its civic engagement benefits. Before Covid-19 hit, roughly 20 percent of Capitol Canary's workers participated. Ory says he hopes that number will rise as comfort levels increase with being around people again.
This type of benefit should also make sense for your organization. Ory adds that integrating civic engagement days came naturally given the company's focus. Capitol Canary creates software for those that work in government affairs to help turn insights into legislation and regulation as they move through legislatures and local city councils. The company also makes technology offering to ease the process of contacting elected officials and advocating for policy changes.
At the end of the day, employers are making their employee's lives easier by helping them get out and vote -- a trend that's likely here to stay. `` People spend a lot of time with their company -- whether it's virtual or in-person -- and I think you're going to continue to find companies looking for the right way to engage, '' he says. | business |
How This TikTok Consultant Engineered a Viral Video to Help a Struggling Restaurant | Like many restaurants in the fall of 2021, Lakewood, Colorado-based Clawful, which serves Vietnamese Cajun seafood, was on the verge of closing for good. Then a 22-year-old with 700,000 followers and a penchant for TikTok changed everything.
After hearing from a friend about the restaurant's plight, Eli Stone, the founder of Bouta, a Gen-Z consulting firm based out of Denver, volunteered his services to Clawful's owners, Korean immigrant couple Sam Han and Maria Song. What followed was a 57-second emotional appeal to save the family-run business. The video shared the 59-year-old owners ' story of why they started their restaurant -- and the miserable timing of its opening, just a few weeks before the pandemic took hold of the U.S. in March 2020. The video also detailed how Covid had left them reeling and in need of customers -- stat.
After its posting on October 6, 2021, the TikTok video reached more than 580,000 people, with over 450,000 views just in the first 48 hours. While the video didn't contain a specific ask, people came from all over to eat at the restaurant, say the founders. That weekend alone the business generated $ 24,000 in revenue. The next week it generated $ 18,000, and the third week roughly $ 15,000. Prior to the video, the founders say they were lucky if the restaurant generated $ 700 to $ 1,000 a week.
The impact of this campaign stunned everyone involved. Stone originally hoped the video would garner 10,000 views, maybe 15,000 if it really took off. The Clawful founders themselves hadn't originally put much stock in social media, but now they're converts.
`` We couldn't believe this situation was happening at all, '' says Han. Although the business's sales have slowed since the viral video, he is hopeful that it will continue to make the rounds with would-be customers.
While fleeting, the experience serves as a testament to the influence TikTok can have on small businesses. Here are a few key takeaways from Stone on how other businesses can see similar results:
Whether you are old, young, immigrant, or native, Stone recommends reaching out to TikTok creators. They `` love helping where they can, '' he says. Stone notes that he also turns to other creators for ideas and advice. In devising a strategy for this video, for example, Stone says he tapped a lot of friends who watch TikTok for additional advice on what approach to take. Once he had a story outlined and scripted, he sent it to a fellow content creator for additional feedback.
If you are planning to use TikTok, it's important to decide early if the type of content you're looking to create is entertainment or a story, says Stone. Entertainment on TikTok is content that leans more on comedy, a talent, or something not entirely driven by a purpose. A story, on the other hand, has a clear objective, such as selling, spreading awareness, or sharing something intimate.
Every business is different, of course, but it can be worthwhile to see how businesses similar to yours have succeeded with the medium. In the case of Clawful, Stone saw that, in his research, many people related to immigrants moving from a foreign country to America to provide a better opportunity for their kids.
He also happened upon a successful use-case: a video about Sushiya, a sushi restaurant in Dallas. The owner's grandson, Andrew Kim, made a TikTok video asking people to come to visit his grandfather's restaurant because it was struggling due to the pandemic. The video amassed over 6 million views, and the response from the community was incredible, so Stone knew that it was possible to mirror that type of success.
It is difficult to engineer a viral video. You can have all the ingredients that make a great video and still not go viral. Creating authentic content, especially content that is purpose-driven and capable of resonating with people on a broad spectrum, won't guarantee virality, but it can boost your chances for success.
Stone adds: `` Our initial strategy was to tag, and get [ other ] people to tag, one of the biggest food influencers on TikTok in Denver specifically, and during this time we were also DMing any people we could find [ who were ] publishing articles or blogs regarding food. '' Stone was aware that these outlets would provide additional exposure for the video. The initial strategy was a success because @ denverfoodscene, a TikTok page dedicated to promoting Denver's best restaurants to over 450,000 followers, ended up resharing Stone's original TikTok as well as creating a video of its own. In addition, both WestWord, a local news source in Denver, as well as 9News published pieces about Clawful and the TikTok video.
`` People obviously resonated with the story, and that's my passion, getting people to authentically resonate with things. As long as that touches them, that's all that matters to me, '' Stone says.
You can find Stone's original TikTok post here and below: | business |
AiThority Interview with Amy White, Director of Social Impact and Communications at Adobe | I serve as Head of Social Impact and Communications for Adobe, leading corporate philanthropy, employee community engagement, environmental sustainability, and technology to transform initiatives across the business. I’ ve always been passionate about driving progress on social issues and identifying ways that we can use technology to make that progress.
Adobe is committed to making products that empower people to change the world. To that end, we are doing things like helping non-profit organizations scale their impact through digital transformation, enabling our customers and communities to drive impact through innovative uses of our technology and empowering creators with the tools, skills and platforms they need to share their unique and diverse perspectives in the world. Technology serves as a foundation for so much of what we do in the social impact space, and the more we can learn to harness the power of technology for good, the more we can create a better world for all.
Over the past two years, brands have had to adapt and reinvent themselves in the face of the unprecedented challenges brought on by the pandemic. Much has been surfaced about inequalities impacting various communities – from social justice, environmental concerns and health disparities to workplace culture and mental health. This has presented an opportunity for companies to evolve how they do business and make strategic investments in the communities in which they live and work. In Adobe’ s case, this has led to some exciting new programs and initiatives such as the Equity and Advancement Initiative, a multi-faceted grant-making program that will invest US $ 20M over 3 years in support of 11 leading non-profit organizations doing incredible work across the globe.
The pandemic has also accelerated digital transformation for brands across all industries. And at Adobe we’ ve seen how our solutions are uniquely positioned to support the new digital-first reality. For instance, across the three Adobe Clouds we are helping our customers reimagine business workflows by enabling digital collaboration and virtual design, creating virtual engagement paths for customers and reducing waste by eliminating traditional paper communications. From empowering the first-ever online Census in 2020 to creating COVID resources to enable the dissemination of critical health information, I’ m proud of the very real impact our solutions have had on the world during the last unparalleled two years.
Some of the major themes we’ ve seen throughout the pandemic have been around responsibility, access and impact. The responsibility to create a more equitable world and empower our employees, customers and communities. Leveraging technology to create access to healthcare and education. Enabling creators, customers and communities to drive awareness impact to address some of the world’ s most pressing social and environmental issues. As the world continues to move toward digital-first, we aim to lead the way in creating the transformative technology that unlocks creativity and empowers people from all backgrounds and communities to create a more inclusive, inspiring and innovative future for all.
Reading is a fundamental skill necessary to function in society. Yet, at least 773 million people globally lack basic literacy skills according to the United Nations. Literacy issues can hold people back from academic success, obtaining jobs, or advancing careers. It can even increase risk of health issues, especially mental health and sense of belonging. So with the rise of digital experiences, the partners of The Readability Consortium saw an opportunity to personalize digital reading with the goal of making reading comprehension more equitable and empowering readers at all levels. We believe this work has the potential to revolutionize the way reading is taught to children and adults and uplift communities through increased literacy.
Initial research from The Readability Consortium has found that individualized reading experiences can improve a person’ s reading comprehension and speed by up to 20 percent. This is a particularly important issue since COVID-19 has wiped out 20 years of educations gains, creating what many are calling a reading crisis. If every student had the option to customize the format of their textbooks or change the font of that hard-to-read novel, imagine how the trajectory of their education and success might change. As schools invest in more classroom technology, Adobe and The Readability Consortium want to ensure educators are equipped with the tools to create this possibility for students. We are using our expertise in artificial intelligence and machine learning to help create solutions that allow people to find their best reading “ prescription ” and use it across digital experiences.
At Adobe, we know technology has the potential to transform the world and nearly every experience we create. Because phones are the most accessible device worldwide, we started there. A first step in bringing this technology to market was the AI-powered Liquid Mode feature available today in the Adobe Acrobat mobile app, which automatically reformats digital files for easier navigation on smaller, mobile screens. Now we want to expand this to all reading surfaces through help from our Readability Consortium partners.
Our goal of helping individuals reclaim lost ground and improve proficiency is a multi-year journey. In 2022, The Readability Consortium will continue to conduct research to guide development of open-source research tools and the largest open dataset of digital reading behavior. By bringing Google into the fold this year, we have also expanded our network of experts and researchers who are looking at how fonts impact reading experiences.
I believe AI is an essential piece of helping enhance digital reading experiences for everyone – especially underserved populations throughout the world who do not have access to reading and education resources. For instance, people who struggle with reading comprehension are at a major disadvantage when it comes to understanding medical advice or necessary educational materials in a classroom or work environment. I envision a future where anyone can pick up a digital medical form, or a classroom assignment and easily personalize their reading experience to allow them to actually understand the text and readily access resources. Through the responsible use of AI, we can create ethical and trustworthy innovations that close gaps in education and set our future generations up for success.
Thank you, Amy! That was fun and we hope to see you back on AiThority.com soon.
[ To share your insights with us, please write to sghosh @ martechseries.com ]
Amy White has made a career in the social impact sector and currently leads corporate social responsibility and social impact communications for Adobe Inc. This includes enterprise-wide efforts in corporate philanthropy, environmental sustainability and human right initiatives as well as communications and positioning for programs and impact globally. Prior to Adobe, Amy designed and launched the CSR function at Nordstrom including significant work in setting the companies 5-year goals and deliverables and integrating sustainability throughout business operations. Before moving into corporate social impact, Amy led the Employee Engagement & Community Relations team at the Bill & Melinda Gates Foundation with oversight of global internal communications, community grantmaking, the foundation’ s social responsibility strategy and a number of strategic initiatives in each of the markets where the foundation operates. Amy holds a Master of Public Administration and Non-Profit Leadership from Seattle University and a Bachelor of Science from the University of Washington. | tech |
More than one in five workers didn't take annual leave last year | There was a big reduction in workers taking annual leave in 2021, the biggest barrier being a shortage of staff.
Over one-in-five workers did not take any annual leave in 2021, the latest figures from the Central Statistics Office ( CSO) have shown.
The biggest barrier to taking paid leave last year was workplaces being short-staffed, according to the CSO data on work-life balance.
The survey was carried out between the months of July and September in 2021 which Maureen Delamere, Statistician described as “ a time when there were varying levels of Covid-19 in the community, with related restrictions, which would likely have impacted on annual leave, sick leave, and other forms of leave from work ”.
Just six in 10 employees working in the ‘ caring, leisure, and other services’ sector took annual leave over the previous year, compared to 92% in the ‘ associate professional and technical’ occupation group.
The survey found that one in eight workers with children had to keep their leave for school holidays, while one in 14 needed to keep it in case their children got sick.
Part-time workers in workplaces with 100 people or more were found to be almost twice as likely as their full-time colleagues to encounter barriers to taking unpaid leave.
Nearly two-thirds of employees stated that being short-staffed was the reason they were denied leave.
It was also found that refusal of annual leave requests was the most common type of leave refused at 91.4%.
Moreover, 13% said that taking unpaid leave was harmful to their career, especially so for workers with no children. | general |
What Ontario parents really need to know about the new early learning and child care agreement | Last to the party among all provinces and territories, Ontario announced that it signed onto the Canada Wide Early Learning and Child Care Agreement last week, on March 28.
Despite the long wait and suggestions by Doug Ford’ s government that the province would negotiate a unique deal, Queen’ s Park received no special treatment.
The $ 13.2 billion announced will be distributed over six years — instead of five — in the same proportion as allocated to other jurisdictions. Meanwhile, as the province held out for more, Ontario parents missed out on substantial child care fee savings.
The Canada-Ontario agreement promises to bring parent fees down to an average of $ 10 a day over the life of the agreement, while increasing child care access. Federal funding promises to add 71,000 spaces to the 15,000 that Ontario recently developed.
When added to the existing 285,962 spaces serving the under six-year-old population, there will only be sufficient coverage for 43 per cent of children. Experts say that number is far below the 200,000 to 300,000 spaces needed to address the demand that will be created as parent fees decline.
Yet even the province’ s modest expansion goals will be curtailed by a shortage of early childhood educators ( ECEs). Low wages and poor working conditions, further strained by the pandemic, create problems finding and retaining qualified staff. This could leave newly built classrooms sitting empty.
Child care falls under provincial or territorial jurisdiction. Until now, Canada lacked a national early learning and care strategy.
The federal government’ s 2021 historic $ 27 billion investment in early learning and child care, and the subsequent associated agreements marked a shift. The COVID-19 pandemic accelerated government and public appreciation for the critical role of child care.
But Ontario’ s deal insufficiently recognizes the integral role of educators. Ontario pledged to increase the portion of qualified early childhood educators working in child care centres to 60 per cent. A minimum wage of $ 18 an hour has been established for trained staff, rising by $ 1 each year to an hourly maximum of $ 22 by 2026, and $ 25 per hour for centre supervisors.
This rate is below the current $ 20 hourly median for ECEs and assistants across Canada. Over 75 per cent of Ontario’ s child care workers will receive no benefit from the change.
The early learning and care workforce is female dominated and racialized. It’ s among the lowest-paid sectors even compared to other female-dominated jobs requiring similar education and experience.
When compared to male professions with similar education and training requirements, the wage gap is even more staggering, and shows how our society’ s devaluation of labour related to educating and caring for young children is deeply gendered.
Low and stagnant wages leave centres with difficulties maintaining staff. In Ontario, only 55 per cent of ECEs registered with the College of Early Childhood Educators work in child care.
These challenges predate COVID-19 but were accelerated by it. Employment in child care dropped 21 per cent during the pandemic compared to three per cent among all other workers.
When COVID-19 struck, ECEs were called to the front lines to provide round-the-clock care for the children of emergency workers. Yet support for them was slow to come. They were among the last on the priority list for pandemic bonuses, protective equipment or vaccinations.
There is much written about the exhausted health-care worker, yet scant attention is afforded the demoralized early childhood educator.
Since Ontario’ s deal was announced, many early childhood educators have questioned why, despite the federal windfall, the deal contains no real recognition of their sacrifice and excludes the majority from any benefit. At an online briefing the government provided the day after the announcement, educators were incredulous.
Meanwhile, in other parts of the country, governments are committed to developing wage grids for their child care staff, improving benefits and even offering pensions.
A grid would set a minimum hourly wage for child care staff, and provide annual increases based on qualifications.
Manitoba embedded educator compensation in its agreement with Ottawa, offering a minimum wage of $ 25.89 and starting rate for qualified educators of $ 27.77.
In April last year, the Yukon raised its hourly starting minimum to $ 30.11. Saskatchewan made a good faith down payment of $ 3 an hour for its staff, while educators in New Brunswick got a $ 4.42 an hour boost, putting them well ahead of what their Ontario counterparts will earn five years from now.
We calculate that with the largest share of the country’ s youngest children, Ontario is creating only one new space for every 12 children under six years old in the province. Except for the territories where building costs are prohibitive, Ontario’ s access targets are the least ambitious: Saskatchewan is developing a new space for every three children. In Newfoundland it’ s one in four; in Alberta it’ s one in eight and British Columbia it’ s one in nine.
Still, the province will need another 9,000 ECEs, plus support workers to staff new classrooms. As the least generous supporter of its workforce, Ontario won’ t achieve its goals until it gets serious about compensation.
Much of the conversation about growing the numbers of ECEs relies on adding more seats in college programs. But young workers are in demand everywhere — they won’ t choose a career in child care without substantial improvements to salaries and benefits. Increasing college enrolment only adds water to a bucket full of holes.
This government may ignore child care providers, but it pays attention to parents. Parents deserve affordable fees, but also want their children to benefit from the best early education possible. This does not happen without qualified, resourced and valued educators. | business |
Scottish town welcomes banking lifeline | Hi, what are you looking for?
HSBC and Lloyds said they would close a further 129 branches combined as customers increasingly switched to online banking.
By
Published
Donna Corrigan pops into her local supermarket to pay OneBanks a visit, laden with a heavy box of coins to deposit into her bank account.
After the closure of its last bank branch in 2018, the Scottish town of Denny has welcomed a hi-tech startup offering everyday banking services inside the town’ s Co-op grocery store.
Looking onto shelves filled with Heinz baked beans and Kinder Surprise chocolate eggs, OneBanks’ kiosk — comprising staffed counter services, a cash machine and two computer tablets — opened in late 2020.
The kiosk offers Denny’ s 8,000 inhabitants an alternative to traditional bank branches after the rise of online banking allowed lenders battered by the global financial crisis more than a decade ago to save costs by permanently closing outlets.
This is continuing to occur in big numbers.
Among Britain’ s biggest banks, HSBC and Lloyds last month said they would close a further 129 branches combined as customers increasingly switched to online banking during the pandemic.
OneBanks, which has raised around five million pounds ( $ 6.6 million, six million euros) from various investors, acts as a go-between for more than 30 banks and their customers.
– ‘ Like a regular bank’ –
The OneBanks kiosk “ can do everything — it’ s like a regular bank for me ”, Corrigan, 40, told AFP.
“ I’ m not a business, I’ m just a normal customer who just wants to withdraw cash. So it’ s useful for me. ”
Behind the counter, a staff member drops spare change into a money-counting machine while making small talk.
OneBanks gives customers physical access to banking services for free. Banks subscribe to the startup’ s services to connect with their clients.
Customers can deposit or withdraw cash and pay bills, while advisors provide help to the less tech-savvy.
The disappearance of Denny’ s banks left inhabitants with a 20-minute drive to the nearest branches in Cumbernauld, Falkirk or Stirling near to Glasgow.
British consumer group Which? predicts about 5,000 UK bank branches, around half the total, will have disappeared between 2015 and 2022, with Scotland worst affected.
– Dependent on cash –
Swathes of Britain’ s population remain dependent on cash, despite the surging popularity of both internet use and contactless payments during the coronavirus pandemic.
The Royal Society of Arts charity estimates almost 20 percent of Britons — particularly the elderly and those in rural areas — would find it hard to cope without cash.
Yet in Denny’ s neighbouring town of Bridge of Allan, there is not a branch in sight.
The last bank “ closed about four years ago ”, said hardware store manager Jennifer Wilson.
“ A lot of our customers prefer to pay in cash to keep an eye on what they’ re spending, ” she added.
Wilson takes 40 percent of payments in cash.
– ‘ Cold and sterile’ –
Retired university professor Richard Kilborn laments the lack of human contact now that Bridge of Allan’ s three branches have vanished.
“ As a member of the older generation, you get used to certain changes, but I also actually relished the person-to-person contact within the bank, ” he told AFP.
“ Now things have become cold and sterile. ”
OneBanks hopes to change that with plans to roll out about 15 additional UK banking kiosks by the end of the year, on top of the three that it has in Scotland.
The group also has international ambitions.
“ The problem that banks have — in terms of needing to close branches but also still needing to have some sort of physical presence — is a global problem, ” OneBanks founder and chief executive Duncan Cockburn told AFP.
“ And therefore I really do see OneBanks as a global solution. ”
The broader UK finance sector is working towards addressing the problem.
Top lenders like Barclays, HSBC, Lloyds and NatWest have agreed to fund alternative solutions.
The industry tested various options including OneBanks kiosks. It also wants to improve post office facilities and has trialled banking hub services in conjunction with lenders.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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Humana Invests $ 5.5 Million to Sustain Health Equity Momentum in Targeted Communities | Originally published at press.humana.com. Humana ranked No. 13 on The DiversityInc Top 50 Companies for Diversity list in 2021.
The Humana Foundation, philanthropic arm of Humana Inc. for the past 40 years, continued its $ 5.5 million investment in six communities across the United States to improve greater health equity outcomes for marginalized populations. This ongoing investment supports the foundation’ s commitment to addressing the specific needs of communities while promoting more healthy days and focusing on asset and financial security, food security and social connections.
The Foundation, through a network of strong local partnerships and community champions, extends collective progress in the areas of food systems change, financial wellness and bringing best practices to scale. These local partners continue to foster meaningful outcomes and are acquiring additional funds to maximize the success and significant results the organizations are driving.
“ I am inspired by the ongoing progress of our partners as they listen and respond to the needs of the most vulnerable in our communities, ” said Tiffany Benjamin, CEO of The Humana Foundation. “ The people we serve are reaching equitable achievements and gaining stability through a living wage, affordable healthy foods and education and we are thankful for our partners in driving systems change. ”
Each of the nine organizations receiving a Humana Foundation Strategic Community Investment is maximizing an opportunity to receive continued multi-year funding. The initial investments were awarded in early 2019 and continue to be funded based on specific metrics achieved in their programs and systems change impacts.
Kingsley House — New Orleans, LA: Will receive $ 612,000 for its Kingsley Connections Hubs programs to replicate programming in two satellite offices in partner facilities. The Hubs promote economic stability by supporting participants on the pathway to earning a living wage.
Growing Local Food Collaborative — New Orleans, LA: The Collaborative consisting of Recirculating Farms, Liberty’ s Kitchen, Topbox Foods, Sprout NOLA and the New Orleans Food Policy Action Council will receive $ 650,000 to continue growing its food systems partners, innovating programs, and expanding its policy and advocacy networks.
Healthy BR — Baton Rouge, LA: Will receive $ 650,000 to continue the work of Geaux Get Healthy, which is made up of collaborative partners working together to develop accessible and healthy food systems for all. The grant will support their continuing efforts to expand community partnerships and build sustainable programs like a community garden network, clinical and community-based wellness programs, and a fresh food hub.
HOPE Ministries — Baton Rouge, LA: Will receive $ 626,600 to expand existing workforce training offerings to include career development. Funding will also establish a career development incubator to coordinate partnerships with hard-skills training providers and support paid training and internship opportunities.
Broward Community & Family Health Centers Inc ( BCOM) — Broward County, FL: Will receive $ 600,000 to continue expansion of a Food Rx program, Social Determinants of Health screenings, nutrition counseling and education.
University of Florida — Jacksonville, FL: Will receive $ 601,000 to sustain and broaden the reach of the Health-Smart Holistic Health Program for Seniors, a holistic health program that promotes social connection and food security, and mental and physical health among Black seniors in underserved Jacksonville communities. Funding also will support a pilot Black farmer entrepreneurship program.
Family Scholar House — Louisville, KY: Will receive $ 568,000 to support the hiring of additional staff to focus on interventions and outreach for the non-residential components of their services.
Metro United Way — Louisville, KY: Will receive $ 600,000 to support nonprofit organization partners in offering financial coaching and workforce development opportunities. Funding will also set up children’ s savings accounts with Bridge Kids International to establish generational wealth building for families.
San Antonio Area Food Bank — San Antonio, TX: Will receive $ 550,000 to support focus on evaluating food equity best practices, SNAP ( Supplemental Nutritional Assistance Program) advocacy and the implementation of best practices at local, state, and national levels.
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. 1. Sexual Assault Awareness…
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Bees win in survival wars: Hosts and parasites in evolutionary battle over millions of years -- ScienceDaily | This can be a very unequal battle for two reasons. If the parasite is too successful it will wipe out its host, and therefore lose its only means of surviving. At the same time, evolutionary `` wars '' between hosts and their parasites depend on their rates of evolution; we can think of that as their ability to 'upgrade their weapons '.
Flinders University researchers examined this conundrum by examining a social bee ( Exoneura) and its social parasite, another bee ( Inquilina).
`` These parasitic species spend their entire life cycle within the nest of the host species and have extreme adaptations to social parasitism, they are not able to survive without their hosts, '' says first author Dr Nahid Shokri-Bousjein in an article in Ecology and Evolution.
The ability of species to adapt to existential challenges depends on their ability to 'discover ' new strategies via random mutations. The more individuals in a species, the greater the likelihood that a favorable mutation will arise amongst one of them, and that means that species with larger populations should generally win any `` wars '' against their enemies. So what happens when species and their parasites or pathogens have very different population sizes?
`` We can see this problem play out with COVID-19. The virus has a much bigger population size than its host ( us!), so its ability to evolve around our defenses is great, '' says Dr Shokri-Bousjein. `` We see this in terms of new COVID variants emerging and then spreading. ''
But what happens when the pathogen has very small population sizes? `` In our previous studies, we found that the population sizes of the parasite species are an order of magnitude lower than their host. Surprisingly, our analyses of molecular data showed that rates of evolution were similar between host and parasite. ''
Flinders University Associate Professor Mike Schwarz says that `` evolutionary wars between species and their enemies may be much more complex than we have thought. Large population sizes might allow more strategies to arise, but maybe the critical issue is how effective those strategies are. Species like these bee social parasites are on the very edge of survival: they might tell us something about how you can survive when your very existence is under threat.
There might be some lessons we can learn from these bees as we deal with the covid-19 pandemic. '' | science |
Russia to restart flight operations with 52 friendly nations | The country has decided to expand the list of countries deemed safe for air travel.
Understand the impact of the Ukraine conflict from a cross-sector perspective with the GlobalData Executive Briefing: Ukraine Conflict
The Government of Russia is planning to ease Covid-19 restrictions and resume flight operations to and from 52 ‘ friendly countries’ after 9 April, Reuters reported.
Russian Prime Minister Mikhail Mishustin said that the country will operate flights to and from friendly nations, including Argentina and South Africa, that are not part of the list of countries that have imposed sanctions on Russia for its military attack on Ukraine.
Russia has termed its actions a ‘ special operation’ to demilitarise Ukraine.
Related
As part of Western sanctions, countries including the UK, Canada, Europe, and the US have closed their airspace to Russian airlines.
In response, Russia also announced the closure of its airspace to airlines from 36 countries, including all 27 members of the European Union ( EU).
Last month, Russian flag carrier Aeroflot also temporarily suspended its international flight services.
However, Aeroflot will continue to operate flights to neighbouring Belarus. | general |
UK airport queues hint that staff shortages could prolong recovery | If staff shortages are not addressed by the peak of the summer season, the impact could be calamitous for the UK’ s airport sector.
By Globaldata Travel and Tourism
Long airport queues across the UK highlight a staff shortage issue, which could prolong the recovery of the UK’ s airline and airport sectors.
UK airport companies have been struggling to fill vital positions that ensure travelers have satisfactory experiences when passing through their terminals. When looking at Manchester Airports Group, which also owns East Midlands and London Stansted Airport, its hiring data suggests that it has been struggling to fill positions in recent months. It is clear to see that the airport group acknowledged that there would be a surge in passenger numbers in April due to the Easter Holidays, and the number of active jobs it made available on career pages in February surged to 110. However, only 36 positions were closed in this period, which marked an ominous sign of things to come when international trips started to surge as expected in April.
A recent surge in COVID-19 cases across the UK means that many airport employees have taken sick leave, which has exacerbated the staff shortage issue. However, staff shortages could remain a problem for several months as airports scramble to match employment levels with demand. When travel came to a standstill during the pandemic, many airport employees left their positions to work in other industries.
It is now up to airport companies to improve their recruitment strategies and make working in an airport an attractive proposition. Stories of unruly passengers, often long commute times, and job uncertainty, as seen with COVID-19, could be off-putting for many currently seeking work.
Related
Peak season is fast approaching | general |
New metric more accurately evaluates physician performance: Approach could help improve adoption of best practices in critical care -- ScienceDaily | The data-driven method takes into consideration the characteristics of the patients seen by a physician ( how sick a patient is, for example) in order to estimate an adjusted performance that more accurately captures the know-how of a set of physicians. The researchers ' case study focused on patients with acute respiratory distress syndrome ( ARDS), a form of lung failure.
`` Our new metric could help change behavior more broadly, beyond our case study, and increase adoption of medical innovations, '' said Luís A. Nunes Amaral, a data science expert and a corresponding author of the study. `` Our method also is very flexible -- it can be used on individual physicians, on groups of physicians, on entire hospitals or on entire hospital groups. ''
Amaral is the Erastus Otis Haven Professor of chemical and biological engineering at the McCormick School of Engineering. He also is co-director of NICO ( Northwestern Institute on Complex Systems).
The study was published recently by the journal BMC Medical Research Methodology.
Dr. Curtis H. Weiss, a pulmonary and critical care physician at NorthShore University HealthSystem and an adjunct assistant professor at McCormick, also is a corresponding author of the study. Amaral has long collaborated with him, using data science to improve critical care medicine.
Amaral, Weiss and their research team evaluated the ventilator management by 48 critical care physicians of 362 patients with ARDS at a large academic hospital. Because the lungs of patients with ARDS are very fragile, accepted best practice is to mechanically deliver lower breath volumes to these patients than is standard for patients on ventilators. Proper ARDS diagnosis is critical but can be challenging.
The team examined the relationship between recognition of ARDS and physician characteristics, such as demographics, social network position and attitudes toward innovation. They found the only factor associated with ARDS recognition was training background; pulmonary and critical care medicine training was associated with higher recognition. Once a difference is identified, interventions can be designed to address the problem.
`` ARDS is a pulmonary disease, and so it makes sense that physicians with advanced pulmonary training would be more primed to spot ARDS, '' said Meagan A. Bechel, the paper's first author and a recent graduate of Northwestern's Medical Scientist Training Program.
`` Even after we account for the number of ARDS patients seen, the severity of disease and the number of years in clinical practice, specialty training still has the largest impact on ARDS recognition, '' Bechel said. `` This is important because ARDS is a diverse syndrome and is treated by physicians from several specialties -- in fact, the majority of our ARDS patients were cared for by non-pulmonary physicians. ''
As an analogy, consider the number of home runs hit by a baseball player as a measure of performance. Given two hitters with the same skill level, the one playing in a smaller field would be expected to hit more home runs. Paying more money to the one that hit more home runs without accounting for the difference in conditions would be a mistake.
`` Similarly, physicians see patients with different characteristics, '' Amaral said. `` Some patients are easier to diagnose than others. If a physician sees a group of easy-to-diagnose patients while another sees patients who are very hard to diagnose, then it would be easier for the former to appear to be performing better, even though that is not the case. ''
Another interesting result of the study is related to the so-called `` squeaky wheel. '' When the researchers asked physicians how easy it was to find all the information for correctly diagnosing ARDS, they found that most physicians -- except the higher-performing ones who recognized ARDS -- had no complaints about the difficulty of the task.
`` This suggest that users of a system might not identify problems with it because they are not engaging deeply with the system, '' Amaral said. `` That is, the squeaky wheel is actually telling us where the problems are. It's a challenge for physicians to get the disparate medical information they need for an ARDS diagnosis. ''
Weiss noted that severe COVID-19 can lead to ARDS, but that the data used in this study was from before the pandemic.
The title of the paper is `` The first step is recognizing there is a problem: a methodology for adjusting for variability in disease severity when estimating clinician performance. '' Meagan Bechel, a postdoctoral fellow in Amaral's lab and a medical student at Northwestern University Feinberg School of Medicine, is the first author of the paper. Other authors are Adam R. Pahand Stephen D. Persell of Northwestern University. | science |
Full Video: Air France CEO at Skift Forum Europe 2022 | Get exclusive stories and unlimited access to Skift.com news
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Matthew Parsons, Skift
April 5th, 2022 at 9:00 AM EDT
Uncertainty is sweeping across Europe, with many airlines now figuring out their next step. In this video, watch Air France CEO Anne Rigail share how she thinks this summer will pan out, and what she makes of rail operators replacing flights as the sustainability movement accelerates.
Matthew Parsons
Skift Forum Europe was held in London, England on March 24, 2022. Find out about future Skift events through the link below.
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Anne Rigail, CEO of Air France, had a lot to talk about during Skift Forum Europe 2022. Coming out of Covid, the flag carrier faces upheaval with the war in Ukraine and resulting spikes in fuel costs. But despite this, she remains bullish for the future, she told Seth Borko, Skift’ s senior research analyst, during the event in London on March 24.
Yes, fares will go up ( economy-class fares on roundtrip flights to North America could rise by $ 33 and in business class by $ 110), and yes, Asia now takes longer to reach, but South and North America demand is coming back strongly.
Watch the full video of the conversation, as well as read a transcript of it, below, and find out what else the CEO had to say about leisure versus corporate travel patterns, sustainability and much more.
Seth Borko: Hello everybody. Hello. Anne, thank you so much for joining us. We’ re really excited to have the CEO of one of the largest airlines in Europe and in the world with us at the forum. So thank you.
Rigail: Thank you.
Borko: And just a quick reminder, everyone, we’ re going to be having a conversation here, but we can take some questions. So if you any questions, let me know, we’ ll do our best to work them into the conversation. Anne, I don’ t want this to be the entire conversation, but I did want to start off asking you about Ukraine and the impact on your business and on the travel industry. Just give us, what has been the impact to Air France and to the airline industry of this conflict?
Rigail: Well, of course, the situation in Ukraine is quite tragic. You know how aviation is about connecting people, connecting cultures and economies, and in that sense, it’ s a vector of peace. So we had to stop our flights to Ukraine on February 21 for obvious security reasons, and then, our flights to Russia on February 27 when France and then Europe closed their air space to Russia. So our priorities have been first, of course, to ensure the safety of our staff on the ground, and then, to find alternative routes, to avoid Russian air space for the flights to Asia, flights to Japan, to South Korea and to China. This has been done within a day.
We have not canceled any passenger flights, thanks to the commitment of all our teams. Of course, with longer flight times, especially in the way back, so I think the flight time from Narita is now 15 hours and 40 minutes, so quite long. It’ s obviously too early to say what the real effects will be. But what we know is, on the short term, the impact of avoiding Russian air space on flights to Asia will be limited because travel restriction, we are still limiting traffic in this part of the world. The real impact is, of course, the increase of fuel price, which as you know, represents 20 to 30% of our cost base. And we follow this very closely.
Borko: Anne, I like that you ended with fuel. I’ m going to touch on that in just a second. I wanted to just ask, have you seen any change in passenger demand for flights to Europe or flights to Eastern Europe outside of the Ukrainian region, to Czech Republic or Poland?
Rigail: Well, of course, this was a big question and maybe still is a big question. At the beginning of the war, of course, we saw the booking a bit paralyzed for maybe a few days, but the booking dynamics is terribly increasing since then. We were wondering if, of course, US passengers could fear coming to Europe as Ukraine is so close to Europe or part of the European continent, but we have not seen nothing like this.
Borko: Okay. That’ s good to hear. Now, let’ s come back to that fuel topic. Obviously, fuel is a huge cost input for airlines. Unlike your colleagues in the United States, Air France has hedged its fuel exposure quite a lot. I’ m sure you’ re feeling very smart about that decision right now. Are these fuel prices going to really impact your business, or so far, no impact? What’ s the play here in terms of fuel and airlines? Is this going to really hurt?
Rigail: Yeah, it will hurt for sure. Of course, we have a hedging policy at Air France KLM Group. To give you some figures, in Q1, the hedging level is at 72% in Q2, it’ s at 64% a bit like our competitors in Europe. But it won’ t be enough to avoid the hit. So last week, we had to increase our ticket prices on the long haul flights to take into account, not the global, but the parts of the fuel increase. To give you an example, to North Atlantic in economy for a return trip, we increased by around 30 euro in economy, and around 100 euro in business for a round trip.
Borko: And you think that other airlines are going to have to follow suit pretty soon, right?
Rigail: We think that there is a general adaptation to the price of the energy, of course.
Borko: I won’ t ask you to comment too much on your competitors. I apologize for that. All right. Well, let’ s talk a little more optimist… Or you tell me if it’ s more optimistic. Are you optimistic about the summer? I’ m assuming, but what do you see shaping up travel demand for the summer in Europe?
Rigail: So what we can see is, because of the dynamism of the bookings, in the last week, it was really impressive. After the Omicron wave, what we saw in Air France and KLM it was bit the same is that November was very dynamic as the US opened their border. Then we had a good December month and then it stopped with the Omicron wave and very big impact in France in January and half of February. What we see now is capacities are going back up to follow the demand. We see that, as soon as people can return to skies, they do. To give you figure this summer, our capacity will be at index 90, 9-0, on average, compared to 2019. So that’ s quite high. Even compared to pre-COVID levels, on the north Atlantic, on, Africa, on the Caribbean and Indian Ocean, we will exceed the pre-COVID levels. Those are areas, and especially Africa and Caribbean and Indian Ocean are really proving to be resilient throughout the crisis.
Borko: I know that you’ ve called those areas out before. I think I had it down in my notes that your capacity, especially into West Africa, I think even right now, your capacity into West Africa is above 100. So what is driving the demand? What kind of passengers are booking those flights?
Rigail: Well, what we can see is that, as I said, except in Asia, every time travel restrictions are lifted, we see the demand come back. Clearly, even if we see good signs of resumption of business travel these last weeks, it’ s really leisure and VFR traffic that continue to drive the capacity increase. On the longer term, we continue to see a move to a more recent travel, especially among the younger generation. And what we see as a longer trend is really fewer but longer trip, more and more combining leisure and business, co-leisure. And we see that sustainability concerns are really changing the way our customers want to travel and how they expect us to take action to prevent global warming.
Borko: That was a great answer, Anne, and there was a lot in there. And I want to pick on a number of those different topics through the rest of this conversation. Talk about the shift to long haul, talk about business and leisure travel, and talk about sustainability. Maybe we’ ll start the conversation with sustainability and we’ ll come back to some of those others. I know this is a big initiative of yours. Tell the audience what your sustainability initiatives have been. And I know there’ s a number of them.
Rigail: First, aviation used to be about flying faster and farther. Now, it’ s really about having the least possible impact on the planet. And we are totally committed as a group to lead the best to sustainable aviation. You know the global industry goal to reach net-zero by 2050, but we have to commit to shorter term targets to reduce our emissions. We have decreased, at Air France, our absolute emission by 6% from 2005 to 2019. And we commit to continue to decrease by 9%, so overall 15% by 2030. We have recently taken SBTi commitments that we currently assess, which means that we will soon reinforce our 2030 target, but it’ s too soon to give figures.
To give you the levels, they are not new. You can find any in each decarbonation trajectory. Of course, we know them. It’ s with renewal. So you know that we are entering 38 Airbus350. We received our 15th Airbus360, tremendous aircraft, minus 25% CO2 emission. On medium haul also, we ordered 60 Airbus220, minus 20% CO2 emissions. And nearly half of our fleet will be renewed by 2025, so in three years. And probably, COVID crisis has really accelerated the speed of this renewal.
he second level, everyone knows it, is sustainable fuel. I think we are the first airline group who introduces SAF contribution this year because of the French mandatory intake in 2022 to take 1% of sustainable fuel. It can seem a little step, but I can tell you that when you add this mandatory incorporation mandate, plus the voluntary demand of SAF from our corporate customers, which more than double the mandatory intake. Our big problem at the moment is to find some SAF in Europe. That’ s really the big question. The challenges of SAF, they are huge.
Borko: I wanted to just jump in and talk a little more about SAF, sustainable aviation fuel. I was doing some prep for this call. I called up some people. And when I mentioned sustainable aviation fuel, I’ ll be honest with you, Anne, they kind of rolled their eyes at me. And they said, “ This stuff is like five times more expensive than jet fuel. There’ s not enough of it. ” Is that just backwards thinking, is it going to increase your cost base? How realistic is this plan?
Rigail: It’ s true. The two challenges is really the supply is very scarce and since the corporate customers are now demanding some SAF, it’ s harder and harder to find some. And the price is still very high. Despite the fuel increase, it will never cross the SAF price. It’ s four to eight times more expensive than conventional fuel. What we decided at Air France and KLM, is to transfer at least the mandatory SAF and corporate the mandate in the ticket price. So we announced to all our customers that we would increase the prices this year from one to four euro in economy class, from one to 12 euro in business class to cover this charge, in fact. We will be transparent towards our customers. I think it’ s only way to build this decarbonation trajectory.
Borko: One of my colleagues, Walter, I know you’ re remote, but he started talking about this gap between what customers say they want in terms of sustainability and how much they’ re willing to pay for it. As you’ re going onto the market with these higher prices for SAF, what are you finding? Is the reception positive? Are people paying for it, or are you seeing challenges and pushback?
Rigail: Yes, but if you look at corporate customers, and we have a lot at Air France, I think that three out of four are committed to SBTi targets, which means that they try to reduce their Scope 3. And first, of course, their action plans may be to reduce the travel, but also to cover the travel, to reduce the footprint by the SAF. So we have a huge demand. So I think that on the corporate side, for sure, it will be a huge demand and it’ s accelerating the pace. For leisure, you’ re right, we don’ t see. We propose also a B2C offer of SAF. We see some people that take it. Not everyone will take it, and we will have also to pass some of the emerging price to the customer. We have other levels. I don’ t know if we have time to speak about it. Of course, eco biologic, but also in term of integrating with the French railway.
Borko: Well, actually I do really want to talk about that. Correct me if I’ m wrong, Anne, I think the French government passed a law and they basically banned domestic flights if that route can be serviced by a train route that the train has to be under two and a half hours. And so that’ s going to affect a number of your network. It’ s going to affect, for instance, Paris to Bordeaux. Are you going to miss the wine country, flying to the wine country? Are you not going to get enough Bordeaux wine?
Rigail: So definitely, in France, we won’ t miss any wine. [ inaudible 00:14:05 ] For sure, we are committed to apply the fact that we would not have a point to point route on destinations where there is a high speed train that puts Paris at less than two hour and 30 minutes from this destination. So we cut some routes from Orly. You know Orly airport?
Borko: Yes.
Rigail: It’ s the second airport in Paris. Orly to Bordeaux, Orly to Lyon, Orly to Nantes, we cut them. This is a part also of a big restructuring of our domestic network. Of course, some customers say it’ s not easy. The station is not so near their office, but I think that for short travels, when you have a train, more and more, we will work with the train and the SNCF, the French railway station, also as a feeding of our hub. So we keep the flights to the province from Charles de Gaulle. We have even reinforced them. They are even feeding our hub. And on Orly, on point to point airports, we keep only the rules that are quite long to go by train.
Borko: So-
Rigail: And we… Yes.
Borko: No, no, I’ m sorry. I apologize, but I guess you’ re going to cut these domestic flights. That’ s going to naturally transition you to more medium and long haul. And actually, we have an audience question I wanted to work in. What’ s your view on the international long haul recovery? And this person asked, especially from China, but maybe both in terms of, you’ re comfortable with betting on long haul, instead of more short haul flights?
Rigail: More sorry, more?
Borko: I was just saying that you’ re going to cut some of these domestic flights, you’ re going to become more of a long distance carrier, international long haul has suffered relative to domestic travel. What’ s your view on the international long haul recovery?
Rigail: Well, as I said, the recovery is really sustained by our long haul. Our network is really balanced at Air France and KLM. And that was really a strength throughout those difficult times where we had to renew our network every week, but we could fly with quite the capacity towards Africa, towards the Caribbean and Indian Ocean. Now, South America is resuming also quite fast. And when we look at the North Atlantic this summer, it’ s our leading long haul axis in terms of seat capacity. Since the reopening of the US in November, we’ ve been increasing its service. For this summer, we have resumed 14 destinations with close to 200 weekly flights, which make 20% more flights than in summer 2019. So it’ s really, we can’ t see that the business model of the long haul will be impacted. We had an impact on the environment on the short distances, but on the long haul, on US, on Canada, no, it’ s really booming.
Borko: Wonderful to hear that. Certainly, I’ d like to visit Paris from New York sometime soon. Let’ s talk about distribution. I’ ve got a question from Richard. I think it’ s Richard Clark, but I could be wrong. I’ m sorry. He asked, “ Booking.com is growing a flight product and can an online travel agent add value to the flight industry? ” So, what do you think, online booking agencies in Air France, in your distribution model?
Rigail: Yes. As you know, we have implemented new distribution capability to be able to personalize, to add ancillaries, to add new services that were difficult to distribute with GDS. It’ s a long path, not an easy one. We have implemented it for the leisure traffic. We are in the middle of the transition for the corporate traffic because we had to adapt a lot of IT systems and our partners have to be on board. But for sure, we need to have a more personalized offer to our customers. We are, as you know, now working with GDS also to have this.
Borko: Yes. So, as long as the third party is able to sell your ancillary content, you’ re happy to have it? Or do you want to have a more focused first-party distribution capability?
Rigail: Of course, if we can have more direct sales, we do it. As you know, it decrease also our cost base, and I think, like a lot of airlines, we are exiting the crisis with a weak finance position, so we are really transforming everything inside the airline, including the commercial costs. And we are seeing that currently, the direct sales are really increasing compared to the pre-COVID level. Will it stay like this? Because of course, leisure is resuming faster than corporate, but we are not giving up with third-party distribution. Of course, we need it, but we will use each sales channel in an optimized way.
Borko: I have a kind of oddball question, but I’ m curious your view on this. There’ s a lot of talk about the return of supersonic transport to commercial aviation. Air France is one of the only airlines that’ s ever flown a supersonic aircraft, commercially. You think it can be done? Are you going to do it in again?
Rigail: Well, I would say we are super proud of having the Concorde and how in history, it’ s inspiring. It’ s really an aircraft that everybody loves at Air France. We have one of the Concorde next to Charles de Gaulle airport, so if you come to Paris, you will see it. Each type of Air France when you go back home, you drive under the Concorde and it’ s really a part of our memory. Our crews, the service in the Concorde, it’ s really the French pride. It’ s the French art de vivre, as you know. So really, we love supersonic. We love the Concorde.
But for sure, the times have changed. I think our total priorities are now to make the air travel industry sustainable. It would not be responsible towards younger generations to work on supersonic when we have to invest in fuel, on the next generation SAF, on the renewal of our fleet. So we don’ t care about supersonic. What we want is really to have aircraft that emit less and less. And maybe at one time, at one point, on short distances, really green aircraft, hydrogen or electric, that’ s where we want to put our money.
Borko: I love those priorities, Anne. I think that’ s a great note to end on. Focus on the fundamentals, on sustainability and on what you want to do well. So thank you so much for joining us, Anne. We really appreciate this conversation.
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Matthew Parsons, Skift | general |
Russia Drops Covid Rules to Allow Flights to 'Friendly ' Countries | Get exclusive stories and unlimited access to Skift.com news
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Raissa Kasolowsky and Grant McCool, Reuters
April 5th, 2022 at 4:22 AM EDT
China, Peru, Argentina and South Africa didn't join the latest wave of sanctions on Moscow over its invasion of Ukraine. How will the rest of the world now view these countries? From a travel and tourism perspective, expect a severe backlash.
Matthew Parsons
Russia plans to end restrictions on flights to and from 52 countries after April 9, part of its plans to reduce measures taken to slow the spread of Covid-19, Prime Minister Mikhail Mishustin said on Monday.
Russia plans to resume flights to and from Argentina, South Africa and other “ friendly countries, ” Mishustin said, meaning those that have not joined the latest wave of Western sanctions on Moscow over its invasion of Ukraine, which Moscow calls a “ special operation ” to demilitarise its neighbour.
Russia imposed broad travel restrictions at the start of the coronavirus pandemic in March 2020, many of which remain in force, but has gradually expanded the list of countries deemed safe for air travel.
Other countries with which Russia will resume flights after April 9 include Algeria, China, Lebanon, Peru and Pakistan, Russia’ s coronavirus task force said.
Mishustin also said Russia would be lifting restrictions on travel across the land border between Russia and China.
Russia has closed its airspace to airlines from 36 countries, including all 27 members of the European Union, in response to Ukraine-related sanctions targeting its aviation sector.
Punitive measures imposed by Western powers have also forced Western firms to terminate leasing contracts with Russian airlines for over 500 aircraft.
The sanctions also prevent Russian airlines from buying aircraft parts or maintenance services from Europe or the U.S., adding to the pressure on the world’ s 11th largest aviation market from a ban on using North American and European airspace.
( Reporting by Reuters; editing by Raissa Kasolowsky and Grant McCool)
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Ryanair Says Summer Fares Could Be 10 Percent Higher Than 2019 Prices | Get exclusive stories and unlimited access to Skift.com news
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Padraic Halpin, Reuters
April 5th, 2022 at 11:30 AM EDT
Ryanair isn't too concerned about higher summer airfares because the pent-up demand for travel is so overwhelming that consumers are willing to pay a little extra for flights.
Rashaad Jorden
Ryanair expects average air fares during this year’ s summer peak season to be 5-10% higher than pre-pandemic prices in the same period of 2019, Group Chief Executive Michael O’ Leary was quoted as saying on Tuesday.
Lower capacity and increased passenger demand are already driving fares higher for those booking flights from June onwards, O’ Leary told the Irish Independent newspaper, citing “ very strong ” forward bookings.
“ What we’ re seeing at the moment is prices are slightly lower than they were in 2019, pre-Covid, through March, April and May. They’ re somewhere between 5% and 10% higher at the moment through June, July, August and September, ” O’ Leary said.
“ I think fares will be up this year in the peak summer months by between 5% and 10%. ”
The Irish low-cost airline, Europe’ s largest by passenger numbers, on Monday reported that its passenger numbers topped pre-pandemic levels for the first time last month.
O’ Leary, who told the newspaper he had no intention of retiring after nearly 30 years in charge, said it would be too optimistic to say that Covid-19 is over for the airline industry but he does not expect any “ Covid scares ” this summer.
“ Travel is recovering strongly. I think people are fed up. We have been locked up at home for the last two years on Zoom calls. They want to go travel again. Families want to go on holidays again, ” he said.
“ We see that very strongly this Easter and also this summer. The forward bookings are very strong, but I think there will still be some disruptions. ”
( Reporting by Padraic Halpin Editing by David Goodman)
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Perkins & Will completes Singing Hills recreation facility in Dallas | The Singing Hills Recreation and Senior Center is located in a historically underserved neighbourhood in southern Dallas, next to a rail station.
completed the facility for a newly expanded commuter line.
The multi-generational centre is described as the first of its kind in the city and `` a symbol of a more equitable future for the area '' by the Dallas studio of Perkins & Will.
`` The centre was developed as a much-needed response to efforts in oft-neglected South Dallas for a recreation centre for their minority community, '' the team said.
`` The facility's design is a true reflection of the needs and desires of those using it on a day-to-day basis, '' they added.
Encompassing 23,000 square feet ( 2,137 square metres), the building is long and rectangular in plan and stretches along an east-west axis. It sits on a natural limestone outcropping – a perch that offers views of downtown Dallas.
Its design was influenced by the geological evolution of the site over time.
`` By abstracting the natural characteristics of the site, the building integrates itself as part of the landscape and enhances the human connection to nature, '' the architects said.
Facades consist of charcoal-grey metal panels, limestone and large stretches of glass. Extensive glazing on the north ushers in ample in daylight and allows the natural terrain `` to visually flow through the building ''.
A flat roof with deep overhangs helps shade the facility. Soffits are sheathed in honey-toned
that was certified by the Forest Stewardship Council.
The entrance is marked by a double-height, glazed volume, and the building has a simple, fluid layout.
The west end encompasses the senior centre, while the east side holds a large gymnasium that is partly sunken into the ground.
The central portion holds a range of spaces – a fitness room, a dance/yoga studio, a game room, two multipurpose rooms and a tech lab.
Rooms are fitted with durable finishes and decor. Flooring ranges from
in corridors to rubber and maple in exercise areas. Splashes of colour were informed by the native wildflowers that dot the surrounding landscape.
`` The centre is a place the community can go for support of all kinds, '' the team said. `` When Covid-19 vaccinations first became available, the centre quickly set up a vaccination site and served those in need. ''
Perkins & Will has more than two dozen studios around the world. Other Texas projects by the firm include an
that is organised around a large steel staircase and a tiered wooden platform for meetings. | business |
Sri Lanka’ s Renewed Tourism Hopes Crushed by Doubts in Biggest Source Market | Get exclusive stories and unlimited access to Skift.com news
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Peden Doma Bhutia, Skift
April 5th, 2022 at 9:30 AM EDT
Sri Lanka’ s biggest inbound market — India — is turning towards alternative destinations. The current Sri Lankan political turmoil threatens to cripple the tourism industry, which is worth more than $ 3.6 billion to the country and is the third largest foreign exchange earner.
Peden Doma Bhutia
Plagued by a series of setbacks dating back to pre-Covid times, Sri Lanka’ s tourism prospects had just started looking up, but that recovery may now be short-lived.
Faced with what is said to be the worst economic crisis in the country, Sri Lanka has been witnessing a spate of anti-government protests against worsening shortages of food, fuel and medicines amidst record power outages. Following a curfew and declaration of a state of emergency, a social media blackout in the country occurred on Sunday.
However, reassuring tour operators and visitors to Sri Lanka in a communication dated April 4, a copy reviewed by Skift, tourism secretary S Hettiarachchi wrote that the tourism ministry would work to ensure an uninterrupted supply of fuel and power to tourism establishments.
“ We will ensure the successful delivery of the holiday experiences expected by the tourists visiting Sri Lanka over Easter period and beyond, ” he said.
However, travelers and travel companies of Sri Lanka’ s largest inbound market — India — realize they are walking a tightrope. As a result, the search is now on for alternative destinations.
SOTC Travel, which is active across various travel segments, including leisure travel, observed that Indian customers are opting to reschedule their travel plans, with several of them instead opting for short-haul destinations like Dubai, Abu Dhabi, Maldives, Singapore, Malaysia, Thailand and Nepal.
“ The island nation is a favourite of Indian consumers and with easy access and a delightful diversity, we do hope to see an improvement and revival, ” hoped Daniel D’ Souza, president and country head — holidays, SOTC Travel.
According to a PTI report, Air India has cited poor demand for reducing its India-Sri Lanka services from 16 flights per week currently to 13 flights from April 9.
One of the biggest travel trade associations in India — the Travel Agents Association of India ( TAAI) — is scheduled to host its 66th convention in Colombo from April 19-22.
A grand event was organised in Delhi last month to announce the convention with members from the Sri Lanka Association of Inbound Tour Operators ( SLAITO) also in attendance.
However, TAAI said that the convention is now in limbo because there isn’ t much clarity on how things would be proceeding following the current situation. “ We are in touch with the Sri Lankan Tourism Promotion Bureau, SLAITO and the Indian High Commissioner in Sri Lanka and plan to take a call in a couple of days, ” said TAAI president Jyoti Mayal.
While Mayal acknowledged that the tourism board has assured them that tourists are welcome to the country and that the agitation is concentrated only in certain pockets, she said it’ s imperative to understand the ground reality before moving on.
A little more than a year ago, when countries around the world were exercising caution, maintaining strict border control to keep tourists out, Sri Lanka was one of the few destinations that welcomed tourists to its shores, sans quarantine.
The destination managed to reap the benefits of this early opening.
In March 2022, tourist arrivals to Sri Lanka crossed the 100,000-mark for the first time in two years, taking the tourists arrivals from January-March to more than 280,000. This meant that tourist arrivals in the first three months of 2022 had exceeded the 2021 arrival mark, which stood at 194,000.
In 2019, Sri Lanka’ s inbound tourist arrivals stood at 1.9 million, registering a decline of 1.8 percent since 2018. Tourism was the third largest foreign exchange earner for the country in 2019 with official tourist receipts estimated at $ 3.6 billion, compared to $ 4.3 billion in 2018. Leisure travel formed a major chunk of these arrivals accounting for almost 83 percent of the inbound numbers.
India had been Sri Lanka’ s biggest source market before Covid and continued to remain so even post Covid. In 2019, tourists from India represented the largest number of international arrivals with a percentage share of 19 percent. UK came second and China was a close third.
However, the current political turmoil in the country coupled with the economic crisis threatens to cripple the tourism industry. And travel companies are wary.
Thomas Cook ( India) said it’ s been in touch with its on-ground customers and is simultaneously coordinating closely with their local destination partners and airlines – to make arrangements for the safe passage of customers back to India.
“ Our teams have also ensured that all customers, including corporate clients, holding bookings with us for immediate or future travel to Sri Lanka this month have been updated on the ongoing situation, ” said, Rajeev Kale, president and country head, holidays, meetings, incentives, conferences and exhibitions, visa – Thomas Cook ( India).
Kale also mentioned that they would continue to stay in constant touch with local authorities and partners as they assess the situation on an ongoing basis to best advise their customers. | general |
Metaverse vs. Sustainability: How can the Metaverse Help us Deliver Better Designs? |
With the recent Metaverse hype, let's address the elephant in the room! As more and more people dance around the subject of weather or not it is harmful for sustainably-conscious architecture designers to utilize the Metaverse, I decided to interview Oliver Lowrie, a Director at Ackroyd Lowrie, an award-winning London-based architecture practice dedicated to building the cities of the future, who is already using this technology to enhance Ackroyd Lowrie’ s low-energy designs.
One of the biggest challenges the Metaverse is bringing upon us, as architects, is the topic of sustainability. We are only a few years away from 2030, the year by which globally, we are called to reach sustainability goals designed to make us better occupants of this planet. If you are serving clients in bigger urban areas I am sure you notice that a great number of them are only shopping around for low carbon or net-zero investments. How do we remain grounded in our vision of making this world a better place but also staying at the forefront of innovation and technological advancement?
As much as the words “ Metaverse ” and “ Sustainability ” together sound contradictory, Ackroyd Lowrie decided to fuse as much of their design approach as possible using the right technology towards an enhancement of a more sustainable solution.
Sara: How did your journey into the metaverse begin?
Oliver: My “ journey into the metaverse ” began six years ago at the one-year anniversary party of the formation of Ackroyd Lowrie, the company I set up with my friend Jon.
Since we didn’ t have much finished work to show, we decided instead to showcase some of the interesting technological advances that we believed were going to change the design construction industry. We had a CNC machine fabricating building elements, a 3D printer whirring away printing out a scale model of one of our projects and in one corner we had a rigged virtual reality set up.
We bought a VR headset second-hand along with an Xbox controller plugged into a desktop computer. We hung the headset in the corner of the room, and projected a user walking around one of our projects ( a new Film and Photographic Studio) up onto the wall at the back of the warehouse.
At one point we looked over and saw the client from the project queuing up to have a go on the VR. We were terrified about what his reaction would be, but when he emerged from the headset he had tears in his eyes. “ Why have you never shown me this? It’ s like you’ ve made real the thing that I have been dreaming about for the past three years. And now that I’ ve seen it I have so many changes that I want to make! ”
S: This is pretty great, and as a business minded person I can see how offering this kind of experience to potential clients can be an unforgettable added value.
I am curious to understand how you still manage to keep your projects sustainable, while simultaneously exploring the technology from VR, AR to now the metaverse.
O: Jon and I first worked together on a school project whilst we were at Architype, a pioneering sustainable Architect studio. Jon undertook a two-year post occupancy evaluation on the project, and it scored very highly in terms of its user satisfaction. However, as with many school projects, the sign off process involved multiple different stakeholders and some of the feedback made it clear that whilst plans had been approved the reality was that the stakeholders did not fully understand the design based on 2D drawings only. The same was true with our clients in the photographic studio many years later. However, by using the virtual reality experience, we were able to implement changes before we got on site.
The most sustainable thing that we can possibly do is to build buildings correctly the first time. This is sustainable because the buildings are likely to end up being kept in the current form, rather than being altered or demolished because they do not work properly. The more people test out the design in VR, the more likely it is that it will work when you build it.
S: So we have come to understand how VR can improve the design process, but this still isn’ t the Metaverse…
We had been talking about multi-user, remote virtual reality for a couple of years but we never had the incentive to fully set it up. When Covid hit, we had a working multi user remote VR process within the first month of lockdown. We hosted the model on a cloud storage facility, and could then meet our clients in the model space and talk to them via the headsets so that we could run design meetings within the model that we were designing. This was in fact our very own small metaverse.
In years to come people will look back on the words the metaverse and cringe in the same way that they do when we hear our parents talking about surfing the Internet. For us as designers working in three-dimensional spaces online is already the norm and we currently do this via Archicad. All of our models are stored on the cloud and accessed by multiple users from multiple offices and shared with other consultants. We are also then very easily able to access the same model via virtual reality headsets in our office and at home.
S: Your main design focus is on cities, how do you think this will make a difference to the design of future urban landscapes?
O: The reason that I get so excited about the application of the metaverse to the design process is because I don’ t want to limit the feedback that we gain as architects to only the clients and stakeholders that we design for. We are building a company that designs the cities of the future, and therefore to make great cities, they must be tested by as many people as possible.
Public consultation events are currently exercises in building support rather than testing a design. Only the best views are shown, whereas I want every person to experience every part of the cities that we are designing to make sure that they are as good as they can be.
No one experiences a City in a two-dimensional plan form, they experience it by walking the streets, and the best way we can road test a city without building it is via VR. The Metaverse is a 3D interactive public consultation tool that, if used well, can help us road test the cities we want to inhabit in the real world. If we get it right, we only have to build it once, and that’ s why the Metaverse can be a tool to achieve sustainability.
The topic of the metaverse is being explored by architects, globally. This spring 1-5th of May brings you Disrupt Symposium, the first of its kind Business of Architecture event designed to inspire and educate in matters of business and practice operations. At this event we welcome to stage Patrick Schumacher, Director of Zaha Hadid Architects with a keynote on the topic of: “ Opportunities in the metaverse ” and disclose advice and step-by-step strategies architect entrepreneurs can implement today to better strategize for success as designers for the metaverse.
Other event topics include business strategy, business development, client acquisition, financial management, sales, marketing, communications, branding, social media, public relations, the business of expertise, expert positioning, publishing online and in print, leadership, team building, recruitment, retention, and leaving a legacy behind.
Get your Symposium tickets now | tech |
Innovation flows across regions and sectors in complex ways, study shows -- ScienceDaily | `` Our work provides a sort of cooking recipe for patent creation, with a list of ingredients that vary by industrial sector, '' says Sandy Dall'erba, professor in the Department of Agricultural and Consumer Economics ( ACE) and director of the Center for Climate, Regional, Environmental and Trade Economics ( CREATE) at U of I. Dall'erba is a co-author on the study.
`` Some sectors depend very much on local input factors, such as the presence of a university, versus elements located further away, such as spending in R & D by another private company. In some cases, this type of collaboration takes place across companies located thousands of miles apart as virtual meetings increasingly have replaced face-to-face meetings, '' Dall'erba states.
`` In addition, our research measures the extent to which innovation in one sector depends on R & D in the same sector or other sectors. For instance, new patents in the drug and medical industry depend on local and distant R & D in the chemical industry. ''
Traditionally, geographical proximity was considered essential for knowledge flows. Clusters such as Silicon Valley's high-tech industry or Detroit's automobile industry facilitate face-to-face interactions and informal networking. Economists now acknowledge innovations may be shared across greater distances, but most studies have looked at aggregate results rather than location- and industry-specific patterns.
`` We wanted to see the importance of geography for the patterns of knowledge creation in specific industries. We also wanted to examine how information flows across similar or different industries. Finally, we look at spillovers from private and university research and development activities, '' says lead author Orsa Kekezi, a scholar at the Swedish Institute for Social Research at Stockholm University. Kekezi began working on this research while she was a visiting scholar at Illinois.
The researchers analyzed knowledge transfers across 853 metropolitan U.S. counties in five manufacturing industries: chemical, drugs and medical, mechanical, computer and communication, and electrical and electronic.
The study uses patent applications as a proxy for knowledge creation, tracking the flow from where patents are created to where they are cited ( based on data from the U.S. Patent and Trade Office). This measures the directionality of innovation and identifies the role of external factors in knowledge output.
The core elements in the analysis are intra- and inter-sectoral knowledge spillovers, as well as intra- and interregional flows, defined as local ( within county), short distance ( neighboring counties in 50-mile radius), and the rest of U.S. ( beyond 50 miles). The researchers also looked at the presence of university and private research and development, as well as other factors, such as the number of graduate degree holders and the industrial diversity in a county.
`` Overall, the local environment matters greatly for all the sectors. The industry structure in the region, the size of firms, whether there is a university -- these elements all matter for innovation. All sectors benefit from the local environment, '' Kekezi states.
But the specifics vary by sector and provide a complex picture of interactions. There is no one-size-fits-all approach for the development of patents, and if you look at average results, you 'll miss the intricate details and patterns across sectors and regions.
`` While university research matters for all the sectors, there is large heterogeneity here as well, '' says study co-author Dongwoo Kang, a research fellow at the Korea Labor Institute, South Korea. `` For example, it matters more for the chemical industry and the drugs and medical industry; those sectors really benefit from basic research.
`` Universities provide the core research that is needed for the chemical industry to work. Unlike perhaps the mechanical or electric industries, the chemical industry relies more on faculty scholars who are looking at basic processes, '' he adds.
Interregional spillovers matter less in the chemical industry, so face-to-face contact is important. On the other hand, for the drugs and medical industry, both inter-sectoral and long-distance regional spillovers matter, so geographic proximity is not as necessary. And for the electrical and electronic industry, inter-sectoral short-distance spillovers play a significant role.
The study findings can help companies decide where to locate their establishments.
`` The idea that a company values proximity to a university, or where research and development are already happening, still holds true. But we also show the network of innovation is not completely local, '' Dall'erba states.
`` The main takeaway from the paper is that we should not only look at local spillovers. We should look at knowledge that comes from further away, and from other industries, '' Kekezi notes. `` New ideas don't come only by looking at what has been done in one's field, but also from looking at the broader picture and how we can combine different types of knowledge to create something new. ''
The development of COVID-19 vaccines serves as an example, Kang adds.
`` The U.S. invested a lot of money in research and development to stimulate innovation in creating the first COVID-19 vaccines. This is typically done through a central cluster that serves as a basis for innovation. But there are also other networks making new COVID-19 vaccines. Our findings imply that not only local activities, but also research and development in other places are important for making new COVID-19 vaccines, '' he explains.
The findings can also help improve the design of future local and national innovation policies.
`` We need to move away from an approach whereby everything is driven by similar mechanisms and instead understand much better what really works for one industry might be quite different from what works for another industry. It's not just about promoting industry clusters; it's more complicated than that. When governments try to promote innovation, they need to define a strategy that works for a specific industry and a specific location, '' Dall'erba says. | science |
What are SPACs & The Trend in 2022 | After taking the public markets by storm in 2021, SPACs are facing a reckoning. We look at how this alternative to the traditional IPO works — and the opportunities and risks involved.
SPAC mania has grabbed the attention of investors, startups, and regulators alike.
A special purpose acquisition company ( SPAC) is a “ blank check ” shell corporation designed to take a company public without going through the traditional initial public offering process. Instead, SPACs go public as shell companies, then later acquire and merge with target companies to bring them public on the stock market.
Though SPACs have been around for decades, the financial maneuver has gained traction in recent years — with high-profile names such as WeWork, Grab, and SoFi opting to debut via SPAC in 2021 — as more private companies eye exit opportunities and as the IPO market remains uncertain due to macroeconomic factors like the pandemic and geopolitical conflict.
In fact, the number of SPAC mergers ( including both announced and completed acquisitions of target companies) hit new records every quarter in 2021 to peak at 104 in Q4’ 21, although the pace has slowed in 2022 so far.
There are several reasons why investors and startups are turning to SPACs. The target company is able to go public quickly without much of the volatility associated with a traditional IPO, and investors get access to high-reward investments with limited risk.
Nearly anyone can start a SPAC, which is enticing a cross-section of big names including entrepreneur and VC Peter Thiel, former quarterback Colin Kaepernick, and baseball exec Billy Beane to get involved. Social Capital CEO and “ SPAC King ” Chamath Palihapitiya has launched a handful of SPACs since acquiring and debuting space company Virgin Galactic in 2019. He has reportedly reserved 26 public company tickers in total for SPAC public offerings — from IPOA to IPOZ.
But some have criticized the method as a “ shortcut ” to the traditional IPO, bypassing many of the necessarily strict regulatory requirements. In particular, a slew of electric vehicle startups have gone public via SPAC to much hype — though few have produced any vehicles for sale.
Additionally, once a SPAC is public and has identified a target company, it will generally use forward-looking statements about that company’ s financial performance in its pitch to investors — a practice restricted for companies going public via a traditional IPO. Some SPAC mergers have received flack for appearing to mislead investors with exaggerated growth projections. In March 2022, the SEC proposed new rules that could bring this practice to a halt.
Despite the flood of SPACs, their market performance to date has lagged. The price of one exchange-traded fund ( ETF) that tracks SPAC performance has sunk 37% in the last year ( as of late March), while the S & P 500 has grown by nearly 18% during that time.
In this report, we examine how SPACs work, why they’ ve grabbed the spotlight, and who the potential winners and losers are when it comes to this type of public market debut. We also look at what it means for the future of the IPO.
A special purpose acquisition company ( SPAC) is a public shell company that acquires a private company and takes it public. Also called a “ blank check ” company, SPACs go public before their acquisition target is identified.
The SPAC IPO has been around in its current form since the 1990s, but the surge in popularity is more recent. 2021’ s SPAC proceeds of $ 143B nearly doubled 2020’ s record $ 73B.
In the 1990s, the SPAC had a reputation for taking small, immature companies public for a large fee, leading to high levels of company failure and lackluster stock performance at the expense of investors.
Regulations enacted in the 2000s helped to bring SPACs back into the spotlight, but the financial maneuver lost traction following some high-profile failures in 2008. Some credit Chamath Palihapitiya’ s Virgin Galactic SPAC in 2019 as helping boost the exit type’ s profile and set the stage for its popularity in the years following.
The SPAC process broadly takes place across 3 stages: the SPAC is formed and goes public; the SPAC identifies and acquires a target company; the SPAC merges with the acquired target and takes this company public ( a process known as a “ de-SPAC ”). We dig into each of these below.
The sponsor — typically a person or team with significant business experience — decides to launch a SPAC.
They create a holding company, then complete the normal filings associated with going public — but because the company doesn’ t do anything ( i.e., it has no operational business), the filing process is fast and easy.
The sponsor then goes on a roadshow, similar to traditional IPOs, to try to find interested investors. The difference here is that they are selling themselves, their team, and their experience, rather than a specific company.
Once the sponsor has attracted enough interest, they sell units in the company. Units are typically $ 10 each, and represent one share of the company and a warrant to buy more shares in the future. The money raised from the IPO is put into a blind trust and is untouchable until the shareholders approve the acquisition transaction or redeem their shares.
The SPAC goes public and trades on an exchange like any other publicly traded company. This is where retail investors get involved — they can purchase shares on the open market, but the future acquisition is still unknown. Instead, these investors are buying on the strength of the sponsor or the promise of a strong future acquisition.
The sponsor also receives 20% of the shares of the SPAC as a fee, called a “ promote ” or “ founders shares. ”
2021 saw a whopping 638 SPAC filings, garnering a combined $ 143B, far surpassing 2020’ s 246 filings and $ 73B raised. Nearly half of these arrived during the first quarter of 2021, before an SEC statement in April 2021 — stipulating new accounting rules for SPACs — sent companies scrambling to double-check their financial statements for errors. New SPAC filings plummeted to just 69 in Q2’ 21 and have remained unsteady since then, as SPACs face increasing levels of scrutiny.
Once the SPAC is public, the sponsors can begin the hunt for a target company to acquire.
There are no restrictions on the type of company a SPAC can acquire, though many will highlight a target industry before IPO. Typically, the sponsors have 2 years to find and announce an acquisition, or else the SPAC will dissolve and shareholders will get their money back.
When the sponsors find a company, they then negotiate the terms of the acquisition with the target company, like purchase price or company valuation.
Following a deal, the “ de-SPAC ” process begins.
After deciding on the terms of the acquisition, the sponsors must propose the acquisition target to shareholders.
Importantly, unlike an IPO, the de-SPAC acquisition is not considered a public offering — and is therefore protected by safe harbor laws that allow forward-looking statements in filings. It can be appealing for sponsors and target companies to be able to forecast future growth in their investor presentations, especially if the target has little ( or no) revenue under its belt — although painting a rosy picture has the potential to mislead investors. As of March 2022, the SEC is finalizing rules that would limit this behavior by applying the same investor protections to SPACs that traditional IPOs have.
The initial shareholders have the opportunity to vote on the acquisition, which gives them some recourse if a sponsor chooses a company they do not like. Even if the acquisition is approved, shareholders can then redeem their shares for their money back.
Once the company is approved and all redemptions have been completed, the sponsor can move forward with acquiring the target company.
However, the initial SPAC raise usually only covers about 25-35% of the purchase price. Here, the sponsors can ask existing institutional investors ( like large funds or private equity firms) or new outside investors for additional money using a Private Investment in Public Equity ( PIPE) transaction.
Following the final capital raise, the SPAC can now take the target company public.
Even though the SPAC is already public and has filed with and been approved by the SEC, the target company also needs to gain approval from regulators. In other words, the target company does not necessarily face fewer regulatory requirements when going public via a SPAC merger instead of a traditional IPO — it’ s just a shorter timeline.
Once approved, the ticker changes to reflect the name of the acquired company and it starts trading as a typical public company. For example, Social Capital’ s IPOA SPAC acquired Virgin Galactic in 2019. On the day of the acquisition, the ticker IPOA stopped trading and was replaced with SPCE.
The largest completed SPAC merger to date is Grab’ s $ 39.6B debut, followed by Ginkgo Bioworks ( $ 17.5B), United Wholesale Mortgage ( $ 16B), Blue Owl ( $ 12.5B), and Lucid Motors ( $ 11.8B).
There are a few reasons why SPACs have recently experienced a boom in popularity.
For one, private companies have been staying private for longer. Many VC-backed companies have had ample access to capital, as investors with deep pockets like SoftBank and Tiger Global Management dole out $ 100M+ rounds, deferring IPOs while creating a larger supply of late-stage private companies.
SPACs have emerged as a more streamlined path to the public markets when the conditions to debut are in a mature company’ s favor. Some of the 1,000+ global unicorns, under pressure from investors for an exit, could look to the SPAC as a quick way out.
The Covid-19 pandemic has also injected uncertainty into the market.
Throughout the pandemic, private companies have been less sure they’ ll be able to raise large rounds in the near future, but still need access to capital. Some have looked to public markets for liquidity.
However, given the volatility of public markets, the traditional IPO might be less enticing, as companies have less control over how much money they are able to raise. The traditional IPO also takes years to complete, and the pressure to go public is pushing some companies to explore faster alternatives.
Sponsors and investors are therefore taking this opportunity to provide companies with that alternative — for a significant fee.
There are a few reasons why private companies would choose to go public via SPAC instead of a traditional IPO.
In January 2021, healthcare D2C company Hims & Hers went public via a SPAC sponsored by Oaktree Capital Management at a $ 1.6B valuation. In the decision to go public, the company considered both a typical IPO and a SPAC. When discussing the process with Axios, Hims & Hers CEO Andrew Dudum said,
“ We had always expected and prepped for a traditional IPO, but there are a lot of favorable dynamics in the new group of SPACs. There’ s greater speed and certainty of a deal, which helps the team stay focused, and we get to partner with an amazing investor like Howard Marks [ co-chairman of Oaktree ]. ”
Some companies prefer the SPAC process to the traditional IPO process because of stability, speed, and strategic partnerships, despite the increased costs associated with sponsor fees.
We take a look at what a SPAC IPO is and why it’ s changing the future of the initial public offering.
In a typical IPO, the company’ s share price is not certain. It is determined by investor appetite and market forces as much as by the company’ s underlying business valuation. A company is unsure of how much it will make until the day before its IPO, even though it takes months to go through the IPO process.
Further, the traditional IPO price is determined by the IPO bankers, who make their best guess at what the company is worth in the eyes of investors. However, this is never perfect, meaning that the IPO can be mispriced. If a company’ s bankers priced its IPO at $ 10/share, but then it immediately pops to $ 15, this means that the company may have been able to sell its shares at a higher price, missing out on more money.
A SPAC transaction is appealing because it avoids price uncertainty altogether. The company’ s management team is able to negotiate an exact purchase price, ensuring that the company doesn’ t leave any money on the table, though it pays a price for this certainty — the valuation received may be lower than a company could receive through a traditional IPO, and the sponsor fees add additional costs.
However, the market has been shaken by a recent trend: SPACs are seeing increasingly high rates of share redemption, in which institutional investors pull money out of deals before the merger is complete ( more on how redemptions work below). In the first 2 months of 2022, the average redemption rate for a SPAC merger reached 80% — meaning 4 out of 5 shares were redeemed before the target was acquired — up from about 50% in 2021 and just 20% in 2020.
This can put a huge dent in the amount of capital a company can raise in the offering. Added to high sponsor and transaction fees, some companies have dropped their SPAC deals altogether. Kin Insurance, for instance, bailed on its SPAC plans, citing high redemption rates, and instead raised an $ 82M Series D in March 2022. Micro-investing app Acorns did the same, raising $ 300M in March 2022 after pulling the plug on its $ 2.2B SPAC.
The traditional IPO can take years from start to finish.
The SPAC merger process is much faster for the target company, taking as little as 3 to 4 months, according to PwC. This is attractive for companies looking to raise money and go public quickly.
However, the time crunch does mean the company has to prepare to be a public company much quicker, despite needing to complete all the same filing requirements as a traditional IPO. This includes financial reporting, SEC oversight, tax preparation, technology upgrades, cybersecurity measures, and more.
Though not every SPAC plans on being a strategic partner to the company it takes public, the strategic SPAC has become a typical pitch for some of the tech companies that are looking to go public fast.
Strategic SPACs use sponsor experience and knowledge as a selling point for potential companies. For example, an electric vehicle company may find a SPAC offering more appealing if the sponsor comprises a team of EV investors or operators, especially if the sponsor plans to take a board seat and work with the company’ s management team on post-IPO strategy.
In this way, the strategic SPAC serves a similar purpose as venture capital does to private investment: the company benefits not only from the investment itself, but also from the investor.
This has proven to be an enticing strategy for many investors, including institutional and retail investors, as well as the sponsors behind the SPAC.
SPACs are very attractive opportunities for sponsors, who stand to make significant amounts of money in most cases.
One challenge for sponsors is to convince people and funds to invest hundreds of millions, and at times billions, of dollars in their SPAC. For this reason, many SPAC sponsors are well-known in their field or have a team of experienced businesspeople.
Hedge fund manager Bill Ackman raised $ 4B for a SPAC in July 2020 — the most raised for a SPAC to date. However, Ackman has opposed the current SPAC structure, which gives sponsors huge upside opportunities and severely limits their downside.
As it currently stands, SPAC sponsors pay about $ 25,000 to receive 20% of the SPAC shares, assuming a deal is completed. For example, if a SPAC raised $ 500M initially, the sponsor pays $ 25K and gets $ 100M in shares once the merger occurs. This is a huge profit margin and is not severely impacted if the acquired company performs poorly — even if the new company’ s stock drops by 50%, the sponsor still makes nearly $ 50M.
To try to remove these incentives, Ackman forfeited the 20% founders shares. He also claimed that his hedge fund, Pershing Capital, would invest $ 1B+ of its own capital to complete the merger. The IPO was very successful, with about 3x more interest in the offering than was available.
However, the activist investor’ s SPAC has had a turbulent path: it originally announced it would acquire 10% of Universal Music Group for $ 4B in an unusually engineered deal, but it soon dropped that plan after SEC scrutiny. Ackman has since looked to convert the SPAC into what he calls a SPARC ( special purpose acquisition rights company), which allows investors to wait to pledge capital until an acquisition target has been selected.
Nevertheless, sponsor-friendly rules are still the norm, so the SPAC process remains incredibly attractive for well-known individuals and firms as a way to make significant amounts of money with relatively little risk.
Institutional investors, like pensions, hedge funds, mutual funds, or investment advisors, have long invested in SPACs and other less traditional funding vehicles. In fact, the top 75 investment managers reportedly held almost 70% of all SPAC securities as of late 2020.
This structure is attractive for these investors mainly because of the limited risk they face when investing: when investors get in before the IPO, they receive warrants, which allows them to buy more shares after the target company is announced for only slightly more than the initial purchase price. They are also able to redeem their shares if they are unhappy with the acquisition decision, and get their money back if a company isn’ t purchased within 2 years.
This makes SPACs nearly risk-free for hedge funds, and they’ ve been reaping the profits: hedge funds that redeemed their shares saw an average annualized return of 11.6% on their initial investment, according to a study conducted by Michael Klausner of Stanford Law School and Michael Ohlrogge of New York University School of Law.
For example, if a hedge fund buys 1,000 shares in a SPAC at $ 10 each, it also receives 1,000 warrants to buy more shares for $ 11.50 a piece. When the target company is announced, the fund can redeem its shares for all of its money back, limiting its potential losses if it thinks the company will not do well. However, if the target company goes public and its stock jumps to $ 15, the hedge fund still has warrants to buy 1,000 more shares for $ 11.50 each — making a potential profit.
Retail investors — individuals making investments through traditional or online brokerages like Robinhood — are not allowed to invest in a traditional IPO, and therefore have to buy on the open market on the day of trading. This means that retail investors are largely left out of the upside available from an IPO.
These investors have a unique, albeit mixed, opportunity with SPACs. The structure allows retail investors to get involved in a SPAC after it has gone public but before it has announced the merger, which allows them to enjoy the “ pop ” once the business to acquire is announced.
However, these investors are favoring the sponsor, not the company to go public, which adds risk. While institutional investors and retail investors have the same rights to acquire and redeem SPAC shares, retail investors often buy common shares on the open market at prices higher than $ 10 ( thereby missing the first-day pop) instead of units ( which includes shares and warrants). For example, brokers like Robinhood don’ t offer warrants, while other brokerages like TD Ameritrade or Vanguard have hefty fees to split units. Institutional investors, however, are usually able to ink more favorable deals, acquiring units at $ 10 a pop.
Furthermore, retail investors that buy and hold are likely to lose money — the average share price for completed SPACs in 2020-2021 clocked in at just $ 8.70, a 13% decline from the average $ 10 starting price, despite the stock market as a whole finishing 2021 strong.
On the flipside, nearly every single participating hedge fund sells or redeems its shares before a deal is completed, which may also affect SPAC prices later on. The warrants that are doled out to early investors also bring about the risk of share dilution.
In other words, if institutional investors get a lot of the reward with limited risk, retail investors get a lot of risk with limited upside.
Despite the positives, there are also challenges and concerns regarding the structure of the SPAC method.
From sponsor risk to low-quality companies to supply & demand concerns, SPACs are far from perfect.
For decades, the SPAC has had a negative reputation as a way for sponsors to get rich quickly at the expense of other investors.
For instance, from January 2019 to January 2021, SPAC sponsors saw an estimated 958% average return on their investment.
However, as the quality of sponsors has improved over the years, it has helped add some credibility to the structure and push the SPAC into the spotlight.
For a struggling company, a SPAC may provide a temporary lifeline that’ s faster to access than an IPO.
One study showed that, between 2003 and 2013, 58% of companies that merged with SPACs failed — a higher rate than traditional IPOs.
Even if companies don’ t fail outright, some negative press may have an outsize impact on the SPAC reputation for companies considering this process in the future.
For example, electric truck company Nikola went public via SPAC in March 2020, despite not earning any revenue in 2019 and lacking a clearly viable truck model. It saw its market cap jump to $ 29B — higher than Ford ‘ s — before its CEO and chairman resigned and the SEC opened an investigation into the company for fraud.
Nikola is not alone. In a Wall Street Journal analysis of the performance of 2021’ s SPAC acquisition targets that had less than $ 10M in annual revenue — suggesting minimal commercial traction — nearly half missed their 2021 revenue projections. The average miss was by 53%, a significant margin.
Stories like these tend to taint the reputation of SPACs, pushing other companies away from the structure. This contributed to a precipitous drop in the number of completed SPACs in Q1’ 22.
We take a look at what a SPAC IPO is and why it’ s changing the future of the initial public offering.
Another concern is that the number of SPACs may outpace the number of companies willing to go public. Legally, the sponsor is not allowed to express interest or discuss a merger with any potential target companies, which means that, while sponsors may have potential companies in mind, they take their SPACs public without knowing the demand for a future SPAC merger.
The 2-year time limit for acquisition also plays into this concern. If demand for companies to acquire is greater than the companies ready or willing to go public, the SPAC bubble could burst as sponsors lower their quality standards for target companies or as the SPAC expires. And with over 600 SPACs currently looking for targets, it’ s likely more than a few of these will walk away empty-handed.
“ Is there too much SPAC money chasing too few opportunities? … I don’ t think we know that yet. ” — Jeff Sagansky, media executive and SPAC sponsor
Retail investors get all of the risk — and limited rewards — associated with SPACs.
Retail investors that buy and hold on open markets frequently lose out, because they’ re typically buying in at a premium. Those that hold onto their shares for a stake in the merged company are overwhelmingly losing money: SPACs recorded a median post-merger return of negative 65% in the 12 months after a merger, according to a 2021 study from Klausner, Ohlrogge, and Emily Raun. Overall, high redemption rates and share dilutions make investing in SPACs potentially risky for investors that aren’ t as familiar with SPAC incentives and structures.
The future of the IPO is not in jeopardy.
Many high-profile companies that are looking to go public in the coming years are rejecting the SPAC option, opting instead to go public the traditional way. For example, Airbnb was reportedly approached by Bill Ackman’ s $ 4B SPAC, but the company ultimately decided against this route, instead debuting via traditional IPO in December 2020.
It is still more expensive to go public via SPAC, and outside of periods of market volatility, there may be less incentive to pay that higher price to avoid the uncertainty of a traditional IPO.
The SEC also has no love lost for the once-archaic financial instrument. Its April 2021 crackdown led to a precipitous drop in SPAC filings — highlighting the fragility of a once-exploding market — and it has investigated several SPACs for wrongdoing, including charging a space transportation SPAC in July 2021 for misleading investors. John Coates, then-acting director of the SEC’ s Division of Corporation Finance, said of the charges,
“ Concerns include risks from fees, conflicts, and sponsor compensation, from celebrity sponsorship and the potential for retail participation drawn by baseless hype, and the sheer amount of capital pouring into the SPACs, each of which is designed to hunt for a private target to take public. With the unprecedented surge has come unprecedented scrutiny, and new issues with both standard and innovative SPAC structures keep surfacing. ”
In March 2022, the SEC also put forth plans to regulate SPACs more strictly, along the same lines as traditional IPOs. In a statement of dissent, SEC commissioner Hester Peirce said the rule proposal “ seems designed to stop SPACs in their tracks. ”
The SPAC boom has also yet to pick up in popularity beyond the US, with 3 out of 4 SPAC acquisition targets based in the US. A notable exception is Southeast Asia-based ride-hailing and food delivery giant Grab, which closed a $ 39.6B SPAC merger — the largest ever — in late 2021.
The appetite for foreign companies to go public via SPACs is comparatively small vs. the US. In Asia, few stock exchanges allow for SPACs, although regulatory bodies in tech hubs like Singapore are starting to warm up to them. Meanwhile, Europe-based SPACs are still largely unproven and face a stricter regulatory environment. For instance, it is more difficult in Europe for an investor to redeem warrants if they dislike the proposed acquisition target.
Litigation and regulatory risks present another major obstacle in the future of SPACs. Between September 2020 and March 2021, at least 35 SPACs were slapped with lawsuits in New York for reasons like inadequate financial disclosures, per law firm Akin Gump, while CFO Dive reports that 17% of SPAC deals between 2019 and 2020 faced litigation. Securities class action suits involving SPACs grew 6x YoY in 2021.
Ultimately, the SPAC merger is likely here to stay, though probably not in its current form.
Today, sponsors are the big winners of the SPAC boom. However, if the supply of SPACs outpaces the number of companies ready to go public, sponsors will have more competition for deals, which could force sponsors to be more company-friendly — such as by offering less dilutive terms — to entice potential acquisition targets.
This could strengthen SPACs’ reputation, in effect creating a virtuous cycle where each successful SPAC drives more investor interest and startup demand for future ones. | tech |
COVID-19: Kazakhstan remains in ‘ safe’ green zone | All regions of Kazakhstan are in the ‘ green’ zone, Kazinform has learnt from the Interdepartmental commission fighting to stop the spread of COVID-19 in Kazakhstan, Trend reports.
There are no regions in the ‘ red’ zone, the highest in the three-tier system used in Kazakhstan in terms of spread of the coronavirus infection.
The ‘ yellow zone’, the second highest in the three-tier system used in the country, is also empty.
The cities of Nur-Sultan, Almaty and Shymkent as well as Akmola, Almaty, Aktobe, Atyrau, East Kazakhstan, Karaganda, Kostanay, Kyzylorda, Mangistau, North Kazakhstan, Pavlodar, Turkestan, West Kazakhstan, and Zhambyl regions are in the ‘ green zone’.
Earlier it was reported that in the past 24 hours Kazakhstan added 11 new cases of the coronavirus infection. The total number of confirmed COVID-19 cases now stands at 1,305,199 coutrywide. Since the start of the coronavirus pandemic 1,290,035 people fully recovered from the novel coronavirus in Kazakhstan. | general |
The EU without Russian oil and gas | The EU and the West need to acknowledge and accept the fact that European liberal democracy is being defended in Ukraine – a clearer message to Putin is needed. A slow and gradual phasing out of Russian fossil fuel is neither ethically acceptable nor politically and economically smart.
By: Guntram B. Wolff Date: April 5, 2022 Topic: Global economy and trade
Read the full editorial as published in Intereconomics.
Following the Russian invasion and brutal attack on Ukraine, the West and in particular the United States, the United Kingdom, Canada and the EU have agreed on a number of major and far-reaching sanctions. And while these sanctions had strong effects on the Russian economy, they are falling short of their goal of ending Russia’ s attack and bringing its economic capacity for war to an end. Further sanctions on Russian oil and gas need to be discussed.
The financial sanctions against Russia since its invasion of Ukraine began on 24 February have included three main planks, as Nicolas Véron and Joshua Kirschenbaum point out. First, sanctions against named Russian individuals have expanded dramatically. Second, a series of sanctions have been imposed on individual Russian banks. These include the disconnection of individual Russian banks from SWIFT, the international interbank messaging system which is based in Belgium and thus under EU jurisdiction. Third, the Bank of Russia, the country’ s central bank, has been blocked from using its international reserves in several jurisdictions. Critically, these include the US, the EU, the UK, Canada, Japan, Australia and Switzerland – in other words, all the world’ s core reserve-currency jurisdictions bar China.
A second set of sanctions concerns technological products. Targeted sanctions on specific technologies, financial sanctions and “ self-sanctioning ” by private companies are effectively decoupling Russia from supplies of high-tech goods. The combination of technological and financial sanctions, public pressure and reputational risk, and the collapse of the Russian economy has made the decision to leave the Russian market easy for companies, and not just those from NATO allied countries.
Russia is highly reliant on imports of high-tech goods, with imports worth around $ 19 billion annually. The largest share ( 45%) comes from the EU, with 21% from the US, 11% from China and 2% from the UK. Most nuclear technology imports in 2019 came from the EU ( 68%). The EU is also the main provider of biotechnology, electronics, life sciences and flexible manufacturing goods. Russia has tried to resist technological sanctions by import substitution, but without much success. High-tech products are developed using inputs from many countries, but few of them can function without inputs from the EU or the US. In some high-tech goods industries, the effects of sanctions are already being felt. In the long term, sanctions will also severely affect Russia’ s growth outlook and ensure that waging war means Russia will cease to be a modern economy.
These sanctions have had a strong effect on the Russian rouble. In fact, the currency initially dropped massively by almost 50% and even Russia acknowledged in early March that the sanctions were constituting a significant blow to its economy. However, the exchange rate recovered substantially, undoing more than half of the initial loss.
An important reason why, despite all these sanctions, the rouble could recover and the Russian economy did not completely implode is the continued stream of revenues from oil, gas and coal sales. In fact, Russia remains the world’ s first exporter of oil and gas, and at current energy prices this provides large hard currency revenues, estimated at around $ 700 million per day for crude oil and refined products and $ 400 million per day for piped natural gas to the EU alone.
While the US, Canada and the UK have announced embargoes or phase-out measures for Russian energy in the wake of the war in Ukraine, the EU has held back, instead launching a new energy strategy, REPowerEU. This aims to reduce the EU’ s gas imports from Russia by nearly two-thirds by the end of 2022, and to make Europe independent from all Russian fossil fuels well before 2030. However, such a partial and gradual wind-down of volumes from Russia is ineffective. There is a risk that this strategy will drive up prices even further, over-compensating Russia for the loss of volume.
The current sanction strategy is therefore not effective enough to meaningfully change the calculations of Russian leadership. And as Russian economists Sergei Guriev and Oleg Itskhoki point out, the continued revenues from oil and gas sales are used by President Putin to finance his brutal war in Ukraine. In fact, the revenues from fossil fuel sales are so high that they can likely solve Russia’ s fiscal and balance of payment problems. The authors point out that the pre-war budget was balanced at an oil price of $ 44 per barrel. Without the external revenues coming from the sale of fossil fuels, Russia would likely run a substantial fiscal deficit. It is true that Russia can print roubles to close the deficit. However, already now, the inflation rate has massively increased and the loss of hard currency revenues would likely result in a further increase in inflation. Put differently, the salaries of Putin’ s police and military would also lose value if fossil fuel revenues dried up.
Numerous voices therefore call on EU leaders to follow the US, UK and Canada and implement a full embargo on imports of Russian fossil fuels and gas. However, German Chancellor Olaf Scholz rejected the embargo and stated that this represents a conscious decision by European governments, as these imports are of essential importance for the everyday life of European citizens.
An immediate EU fossil fuel embargo would undoubtedly imply substantial costs. However, a group of economists have argued that these costs are still manageable in size, quite comparable to the fallout from the COVID-19 pandemic. This is not the place to discuss the paper and the subsequent controversy around it. It should be noted, however, that an important reason why the cost is limited relates to adjustments, or substitution effects. The German Chancellor’ s reasoning, that entire economic sectors would be affected or even stopped, is therefore an inaccurate description of the overall effect of a full embargo as the industrial structure of Germany would shift, adjusting to the energy price shock. In fact, I would argue that it would make sense to accept such a sectoral change in the composition of Germany’ s economy. Reducing its reliance on cheap fossil energy may be necessary and specialising in relatively energy-intensive industries with large export potential may be an economic model that has run its course.
Nevertheless, a full embargo would be a huge and far-reaching step. And while it would hit Putin hard in the short term, it would also accelerate the adjustment process in Russia towards different sources of demand for its fossil fuels. Currently, the physical infrastructure is not there to bring the oil and gas to energy-hungry Asia. Still, even with the infrastructure in place, Putin would likely lose – even in the long term – as China will exploit its unique position as the main remaining buyer of Russian fossil fuel to reduce the price.
Overall, a more sensible approach may therefore be for the EU to impose price caps or even tax energy imports from Russia. An import tariff as recently proposed by Ricardo Hausmann could go a long way towards reducing the major source of revenues to the Russian economy and to Putin himself. The EU and the West need to acknowledge and accept the fact that European liberal democracy is being defended in Ukraine – a clearer message to Putin is needed. A slow and gradual phasing out of Russian fossil fuel is simply neither ethically acceptable nor politically and economically smart.
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A live podcast on energy sanctions on Russia following the EU ban on Russian coal.
Hosting Ukrainian refugees could cost European Union countries in excess of €40 billion this year. A dedicated EU fund is needed to manage the fiscal burden.
The international community will have to restart the long process of de-escalation in order to preserve peace. We have a long climb ahead.
The spectre of a democratic Russia aligned with the West is probably a more serious concern for Beijing than what it risks losing by supporting Russia, which is exactly why China has arrived at its contorted position on the current military conflict in Ukraine.
In this episode of the Sound of Economics live we discuss whether REPowerEU can make sure that Europe has affordable and secure energy supplies in both the near and long term.
Sanctions on high-tech goods supplies, combined with financial sanctions and other restrictions, will deprive Russia of a future as a modern economy.
Testimony before the Economic Affairs Committee at the House of Lords, UK Parliament. | business |
Weight of Freight — Dirty tankers: The Russia-Ukraine impact in five graphs | Our website uses cookies to ensure that we give you the best experience on our website. If you continue we 'll assume that you are happy to receive all cookies on the Argus Media website.
More than a month has now passed since the Russia/Ukraine conflict began, plunging European and global commodity markets into turmoil.
The impact on tanker rates was both instant and spectacular, with record-high bunker fuel prices adding to the problems for shipowners to deal with in the weeks after the conflict began.
And the effect on global crude and products trade flows took longer to arrive but is now becoming noticeable. Here we illustrate the effect in five graphs.
Unsurprisingly, Russian-loading rates were most affected by the conflict. Uncertainty about what sanctions the EU, the UK and the US might place upon Russian crude, or Russian-linked companies, led shipowners to demand sharp premiums to load from Baltic and Black Sea Russian ports. Some shippers preferred to avoid Russian loadings altogether.
The result was a significant increase in the Weight of Freight — the freight cost as a percentage of the delivered price — for Russian crudes compared with non-Russian barrels.
The premium for Russian loadings has been volatile, with freight rates regularly moving by more than WS50 in a single trading session. Rates decreased from their initial high point as more willing shipowners positioned vessels to load in Russia. But rates in the Baltic, where ice restrictions were an added complication in March, have picked back up in the past week, which means a two-tier market is still very much in evidence.
The true impact for Black Sea shippers is even greater, as insurance companies are requesting an additional war risk premium for vessels sailing to the area, the costs of which can be significant and are additional to the reported freight rates from the region. Demurrage rates also spiked, reaching a post-conflict peak of well over $ 100,000/d in March, which would amplify the cost of any delays.
Up to now, there has been no significant slowdown in loadings of crude ( mainly Russian Urals and majority-Kazakh CPC Blend) from the Baltic region, or from terminals in and around Novorossiysk.
A short halt in loadings from the CPC terminal, followed by an ongoing capacity reduction with two of three single-point moorings currently undergoing repairs for storm damage, has been the largest disruption to supplies from the two regions.
European buyers have been wary of Russian crude since the conflict began, with several announcing that they would no longer buy Russian supplies on a spot basis. This wariness appears to have extended to CPC Blend, despite its majority-Kazakh origin, suggesting that European buyers were cautious about any oil loading at Russian ports, such as the CPC terminal at Novorossiysk.
This resulted in heavy discounts for Urals and CPC crude to the Atlantic basin benchmark North Sea Dated. These discounts helped to offset unfavourable arbitrage economics for other North Sea Dated-linked crudes heading east of the Suez Canal and encouraged more Asia-Pacific and Indian buyers to purchase supplies. The average distance travelled by crude exports from the Black Sea picked up sharply in March as a result.
The average distance of Baltic loadings also increased, although in this case the cause was increasing focus on the Mediterranean market as regional demand has dried up. Baltic sellers have seen a dramatic collapse in demand for Urals crude from staple local customers, with Finland’ s Neste, Sweden’ s Preem and Poland’ s PKN Orlen all announcing their intention to step back from purchases of Russian crude over the past few weeks.
Longer voyages support tanker demand, for Suezmaxes in the case of Black Sea-Asia voyages and for Aframaxes on Baltic-Mediterranean trips. Rates for both vessel classes in and around Europe have firmed in the past week.
One expected consequence of European wariness about Russian crudes is that it will have to look further afield for its import requirements.
But evidence from the freight market is that such a shift is coming. Demand for Americas-Europe crude shipments, currently for April loading, is extremely high, which is already beginning to show in freight rates on that route. Aframaxes are the main vessel used for transatlantic trade, and the US Gulf coast-Europe Aframax rate crossed $ 40/t for the first time since spring 2020 on 31 March. High rates are also drawing tonnage away from other regions, with 11 Aframaxes in ballast westwards across the Atlantic at the time of writing on 1 April.
Strong demand has also knocked on to other vessel classes. At least five Suezmaxes and a very large crude carrier were booked for transatlantic voyages out of the US Gulf coast and Latin America on 30 March alone. This has tightened Atlantic vessel availability, which in conjunction with high bunker prices is making it less attractive for owners of large tankers to undertake the long ballast leg to the Atlantic from east Asia, unless they have a guaranteed cargo upon arrival.
Up to this point, the EU has shown no appetite for full-scale sanctions against Russian crude. But many European companies have voluntarily decided against buying incremental supplies ( so-called ‘ self-sanctioning’). Argus Consulting estimates this spot trade at around 1.7mn b/d of waterborne exports.
There are several options to replace this volume, were it to be lost to the global market. The most obvious short term solution, the coordinated release of strategic global stocks, would likely have a negative impact on dirty tanker demand and rates if stocks are released close to demand centres.
But there are scenarios that could buoy tonne miles, such as an increase in Mideast Gulf supply, if it led to Europe buying more Mideast Gulf crude in place of Russian barrels and therefore importing over longer distances. So far there has been little sign of a big increase in production, with the Opec+ group deciding against upping its production much beyond its original schedule in May, and still no agreement in talks to end Iranian sanctions.
There is also the question of what the actual shortfall of Russian exports might be. Urals exports have continued apace up to now, and the loading programme for April at 2.3mn b/d would mean them flowing at their highest level since before Covid struck in 2020. Heavy discounts in excess of $ 30/bl make Urals crude highly attractive to non-European buyers. And, theoretically, a restructuring of crude trade flows – essentially making them less efficient with crude travelling longer distances – would support dirty tanker rates.
In a scenario where 1.7mn b/d of Baltic and Black Sea-loading crude were diverted away from Europe and towards Asia-Pacific, with the same amount of west African and Americas crude heading to Europe instead of Asia, the tonne mile impact would be significant.
Based on 0.85mn b/d diverted from each origin. Singapore as Asia destination, Augusta/Rotterdam as Europe destinations. Cape of Good Hope routing for US Gulf Coast, West Africa and Baltics to Asia, Suez Canal routing for Black Sea to Asia
This latest Weight of Freight episode provides a shipowner’ s perspective on current clean tanker market fundamentals, ‘ self-sanctioning’ Russian oil, and how elevated bunker prices have affected trading.
Government sanctions on Russia and self-sanctioning by companies have altered global oil, coal and grain trade flows. But what impact has that had on freight rates?
Russian crude grades, including ESPO, are being avoided in the oil market. What impact will it have on crude flows as tanker rates in Asia hit 2-year highs?
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© 2022 Argus Media group. All rights reserved. | general |
BASF Venture Capital Invests in Oceanworks, a Sustainable Plastic Sourcing Platform | Originally published at basf.com. BASF ranked No. 12 on The DiversityInc Top 50 Companies for Diversity list in 2021.
BASF Venture Capital GmbH ( BVC), the corporate venture company of BASF Group, announced today a strategic investment in Oceanworks, a sustainable plastic solutions provider that brings traceability and transparency through digitalization to recycled plastics. Oceanworks is based in the U.S. and offers a powerful platform for brands looking to reliably secure high-quality sources of ocean, ocean-bound and averted PCR plastic ( post-consumer recycled products are made from recycled plastic and discarded materials.). For BVC, this investment underlines BASF’ s commitment to developing sustainable solutions to raise the transformation towards a circular economy to a new level.
Plastics are an integral part of everyday life. But too much plastic too often ends up in the sea after its intended use. The responsible handling of plastic waste is therefore critical. One aspect of this is recycling: more and more companies aim for higher recycled content rates in their products and need new trusted sources of recycled plastics.
Oceanworks, with its global marketplace for recycled plastic materials and products, offers a sophisticated solution. The young company makes it easy for buyers to source recycled plastics likely to add to the 11 million tons of plastic flowing into the ocean each year. Digitized blockchain-based traceability, material quality assurance, global logistics and marketing support are part of Oceanworks’ offer for its customers and their partners.
BASF Venture Capital’ s investment comes as a part of Oceanworks Series Seed financing, enabling the company to accelerate the development of its sourcing engine and track-and-trace verification for recycled ocean plastic. The parties have agreed not to disclose the financial details of the investment.
“ Oceanworks’ traceability tools add real value to reducing plastic waste, ” said Markus Solibieda, Managing Director of BASF Venture Capital. “ With this investment and the collaboration with Oceanworks, we support BASF’ s goal of providing its customers with sustainable solutions to further improve the production, use and recycling of plastics. ”
One example of BASF’ s commitment to reducing plastic waste in the environment is the Alliance to End Plastic Waste ( AEPW). BASF supports the AEPW as a co-founding member since a collaborative effort of companies, governmental and non-governmental organizations as well as civil society is necessary to address the global challenge of mismanaged plastic waste.
“ Plastic waste in the environment is a huge global challenge, and no one can tackle this alone. We need many different solutions and actors such as industry, politics and civil society working together, ” said Dr. Martin Kayser, Senior Vice President of Corporate Projects at BASF. “ This is one of the reasons why BASF co-founded the Alliance to End Plastic Waste in 2019. To protect our planet’ s resources, we need to transform the way we live and do business. Oceanworks is a great addition to achieve our ambitious targets. ”
BASF and Oceanworks are now examining how they can join forces to promote the development of technologies that accelerate plastics recycling and bring these new traceable ocean plastic materials to global customers.
“ Oceanworks is excited to partner with BASF to propel the growth of our new business model for responsible plastic sourcing backed by real-time, digitized shore-to-shelf traceability, ” said Vanessa Coleman, CEO Oceanworks. “ We look forward to accelerating the reclamation of ocean plastic waste to fuel the circular economy. ”
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. 1. Sexual Assault Awareness…
You’ ve probably heard of Autism Awareness Month, which has been celebrated every April since the Autism Society of America ( ASA) first observed it in 1970. But did you know the organization made the shift to Autism Acceptance Month in 2021? Facts About Autism Once referred to as Autism Spectrum Disorder, …
Originally published at sanofi.com. Sanofi U.S. ranked No. 27 on The DiversityInc Top 50 Companies for Diversity list in 2021. Sanofi launches its Diversity, Equity & Inclusion ( DE & I) Board, the first-of-its-kind in the pharmaceutical industry to feature outside advisors. Sanofi’ s DE & I Board will include three of the most influential voices in the DE & I…
In early 2021, employment experts across the nation started to notice a troubling new trend: a growing number of workers were quitting their jobs en masse. As the months went on, the phenomenon — fueled by the ongoing COVID-19 pandemic — continued, with more and more workers resigning from jobs…
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. 1. How the World…
The Indianapolis Colts recently made news by creating a program to promote diverse coaches in the National Football League by earning fellowships on the Colts’ coaching staff. The Colts named the Tony Dungy Diversity Fellowship after the head coach who led the team to victory in Super Bowl LXI, making…
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A diverse and inclusive workforce extends beyond race and ethnicity to include cultural and religious practices. If offices in the U.S. continue to mark Christian holidays such as Christmas and Easter, it’ s important to also consider the position of those with non-Christian religious beliefs. This, of course, is a complex…
@ abbvie announces that Laura Schumacher, Vice Chairman, External Affairs, and Chief Legal Officer at AbbVie, has be… https: //t.co/NXtkzA4RSN March 30, 2022
In new research from @ PwC, 64% of next-generation ( NextGen) family-owned companies say their brand has the opport… https: //t.co/ZCyF3ty0ih March 30, 2022
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Ask MT: My mom is recently widowed. Why is she having such trouble getting a handle on her finances? | 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.
It’ s no secret that women have historically deferred to their partners when it came to financial decision-making. It’ s only recently that women have gone mainstream with their financial independence, in many cases out-earning their partners. ( 1) According to TD Wealth, 31% of wom ( en are now the primary earners in their household. Still, some women in their later years may be tackling financial independence for the first time.
Let’ s look at why your mom might need some help with her finances right now. The death of a spouse can be world-changing. Mourning is as individual as it is complex. This emotional sea change might mean your mom’ s finances are currently taking a back seat. Maybe life is overwhelming right now, and her bills are piling up. And for a short period of time, that’ s probably OK.
But after a few months, if her mood doesn’ t brighten ( even a little), or you start to notice changes in her personality, memory and thinking, and the bills are still going unpaid, it may be time to open the lines of communication. You may want to encourage her to speak with a mental health professional who can complete a “ check-up from the neck up, ” and assess your mom for signs of depression, cognitive issues or both.
Financial decision-making is complicated and the first thing to fail when age-related cognitive changes emerge. This can be a good time to establish or strengthen open, respectful communication with your mom about her mood, memory and finances. Here are some thoughts that might help.
First, ask permission to discuss sensitive topics. Ask your mom if there is a good time to talk. This signals collaboration and respect and allows your mom to maintain some control over when and how the conversations take place.
When you do sit down to talk, try to remain fact-based, neutral and specific about what you have observed. ( For example, “ Yesterday, I noticed that we had the same conversation about your mortgage bills that we had the day before. And that you teared up when I asked you about it. Can we talk about how thinking about your bills makes you feel? I’ d like to help make this easier for you. ”)
Next, you can help create a plan together to tackle her finances. Depending on the situation, it may be appropriate to accompany her to the bank, and ask to be included in conversation with her advisor.
Her advisor may be able to collaborate with you both. If your mother has an advisor she is comfortable with, they can help her to understand how she can most easily tackle the tasks that are most urgent, while helping keep an eye on her future financial needs. Her advisor can encourage your mom to ask questions about anything, from paying bills to investments and debt. It’ s interesting to note that many women may not have a relationship with an advisor, or the advisor has primarily had a relationship with her partner over the years. This can be a time to ask your mom how she feels about her advisor, and if she needs help to find one that she can be comfortable and open with.
If you hit a roadblock and you sense your mom is shutting down, don’ t push. Unless it is an emergency, you’ re better off returning to this conversation another time. People can experience money differently depending on their age, generation, gender and culture. These differences can be obstacles to creating a healthy financial relationship. Seek to listen and understand without judgement. Try to model open, healthy communication about health in general ( physical, emotional, cognitive, and financial). Over time, this will nurture a more open, healthy communication style that can lead to financial health for your family.
You can visit the TD Wealth for Women website to find more about how women can meet their financial goals, now and in the years ahead.
Dr. Nasreen Khatri is an award-winning registered clinical psychologist, gerontologist and neuroscientist with over 15 years of professional experience. She specializes in the assessment, treatment and research of mood and anxiety disorders in women and aging at The Rotman Research Institute in Toronto. She is also a Scientific Officer of the Centre for Aging and Brain Health Innovation at the Baycrest Centre.
DISCLAIMER: The information contained herein has been provided by TD Wealth and is for information purposes only. The information has been drawn from sources believed to be reliable. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance. TD Wealth represents the products and services offered by TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking ( offered by The Toronto-Dominion Bank) and TD Wealth Private Trust ( offered by The Canada Trust Company). All trademarks are the property of their respective owners. ® The TD logo and other trade-marks are the property of The Toronto-Dominion Bank. | general |
The future of the PC | Approximately 12 200 people are wrongly declareddead by mistake every year in the United States, often thanks to a typo. The PC has had the same dubious honour, if not as often. In 2010, American writer ( and Pulitzer finalist) Nicholas Carr declared the PC officially dead when the iPad was revealed. The same death knell has been sounded repeatedly over the years. In fact, the PC has died so many times that there’ s probably a virtual cemetery filled with tiny little PC tombstones. It’ s also very much fake news.
In the first quarter of 2021, PC shipments grew by 13% as compared to the same period in 2020, and the big names of Lenovo, HP, Dell, Apple and Asus dominated the market. According to Statista, global PC shipments are expected to reach 67.1 million in 2022 and 76.1 million by 2025. The research firm defines the PC as the desktop unit, not as laptops or notebooks, while Gartner defines it as server, desk-based and mobile PCs, which reflects in the different number values and assessments over a five-year period. In November 2021, Gartner revealed that PC shipments had reached 339.8 million units at an increase of 9.9% compared with 2020. As of January 2022, this had hit a decline of 5%, but not due to the sudden death of the device, but to lingering supply chain issues, among other challenges.
Gartner and Statista are not alone. In January 2022, IDC found that PC shipments towards the end of the last quarter of 2021 had exceeded their highest level as far back as 2012, and that this continues to be a return to form for the technology. These surges in demand are as much driven by the desire to own a PC as by the global pandemic, although the latter certainly has played no small role in changing PC gears over the past two years. And while supply chain shortages will set the stage for declining numbers in the first two quarters of 2022, it’ s a false picture of a living technology that has plenty to offer the commercial and consumer markets.
Flexible and agile
In a Forrester analysis titled ‘ State of Consumers and Technology’, the research firm found that consumers are ‘ doubling down on technology usage and investment’ with a significant percentage investing in home technology solutions designed to support remote working and living. This trend saw the industry boom, and it’ s going to hold onto this boom well into the future as users are very likely to continue using the PCs that they’ ve spent time and money on building.
To keep the PC alive in the minds of more people after this resurgence, PC makers must now innovate at a faster pace.
It's also not just the pandemic that’ s thrusting the PC back into the limelight. It’ s also its ubiquity. These devices fit so very neatly into so many different niches. There’ s the gamers – their rigs are designed to handle immense graphics and processing power and the demand for gaming has only increased over the past few years. Then there’ s the heavyweight PC that handles the massive burdens that come with imagery, graphics, and video content production. Finally, there’ s the fact that the PC, in and of itself, is a flexible and agile beast that can be customised to fit precisely what the user needs today, and then changed to fit an entirely new set of needs the very next day. Other than current issues crippling supply, the PC’ s component parts are easy to get, quick to swap, and cost-effective to maintain. It’ s a reliable, agile and scalable platform that can fit into most budgets – consumer and business – and can be adapted to transition into almost any environment.
At the end of that cliched day, the PC isn’ t so much dead as enjoying its second, very healthy life. If it were a person, it would be doing CrossFit and enjoying smug smoothies that fill it with tasty silicon power.
The smug revival of the devicethat wasn’ t dead
Brainstorm: Will the desktop PC continue to make a comeback in 2022? Why?
Matthew Hall, chief of products, Rectron South Africa: While 2020 and 2021 were massive years for the PC market, thanks to the worldwide pandemic necessitating work-from-home technology, PCs will remain an essential enabler for business and people. The advantages of using a desktop computer as a base of operations for work, school, and yes, even for play — and one that can be used in an isolated, dedicated, and controllable manner — will make PCs an appealing choice for parents.
Thibault Dousson, GM, Lenovo: Another reason why desktop PCs are growing in popularity is because of their continuous innovation. AI will continue to play a big role in this space and, most recently, foldable PCs became a trend to watch out for.
Chris Buchanan, client solutions director, Dell Technologies South Africa: AI will make PC usage more seamless, customised and hassle-free. It will hurdle common tech challenges, like connecting to the local network or setting up a printer. Imagine ubiquitous connectivity and a continuous experience that translates across all your preferred devices so you can always pick up where you left off. Think about having a personal AI assistant on your PC to help manage your work and home life – a trusted PC that becomes a reliable assistant.
Steven Pieterse, director, Metisware: People are also moving to creating lots more online content. PCs offer a cheaper way to enter this market and high-end laptops ( which are difficult to come by and very expensive) have a lower barrier to entry.
Brainstorm: How will the form factor of PCs evolve?
Grace Munyi, research analyst: PCD, IDC Middle East, and Africa: The Chromebook market is still nascent in South Africa. Education sector demand has accelerated Chromebook uptake, with the market seeing a gradual increase in the volumes quarter on quarter. Moving forward, factors such as affordability and supporting infrastructure like reliable electricity and internet connection will be key drivers of the device's uptake across urban and rural areas.
Matthew Hall, Rectron South Africa: Technology is ever-evolving regardless of the current market conditions. New technologies are emerging, with ground-breaking innovations to tackle world issues. To keep the PC alive in the minds of more people after this resurgence, PC makers must now innovate at a faster pace. Now, and into 2022, you can expect many more full-HD cameras in laptops from Lenovo, Dell and others. It won't be in every model, as it's still an additional expense and may require a larger camera unit, but it gets closer to becoming the universal standard every day. And whether you're working from home, in an office, or both, that's a good thing.
Thibault Dousson, Lenovo: In terms of form factor, we can expect little change. There’ s still high demand for standard-sized PCs, even though many consumers are finding smaller PCs attractive due to new innovations, such as more powerful performance in this form factor. The standard-sized PC will always have its place in the market, thanks to continuous software and feature enhancements, as well as the big screen advantage.
Brainstorm: How will the chip shortage impact the South African PC market?
Fouad Charakla, senior research manager: PCD, IDC Middle East, Turkey, and Africa: It has negatively impacted the PC market as stock supply reduced, leading to a huge backlog of orders across all vendors. It also led to an increase in PC prices. However, based on the H2 2021 PC performance, the shortage challenge is getting resolved as vendors have been using various strategies to achieve a high stock allocation. While the chip shortage persists, IDC anticipates the improvement in supply trend to continue in 2022, which will lead to downward pressure in PC prices and increase competition.
The standard-sized PC will always have its place in the market, thanks to continuous software and feature enhancements, as well as the big screen advantage.
Matthew Hall, Rectron South Africa: The stay-at-home era caused by the Covid-19 pandemic pushed demand beyond levels projected by chipmakers. Lockdowns spurred growth in sales of laptops to its highest in a decade. Home-networking devices, webcams and monitors were bought as office work moved out of the office. Unfortunately, shortages of some key components and devices continue to be a challenge. Vendors that are able to manage the supplies of these components will benefit from this opportunity more as there’ s still a lot of untapped demand for PCs in the country.
Thibault Dousson, Lenovo: Shortages of semiconductors remain a global challenge for the entire industry and we see this continuing through to the second half of 2022, driven by continuing high demand across the technology sector.
Chris Buchanan, Dell Technologies South Africa: A report from consulting firm Deloitte predicts the semiconductor shortage to last until early 2023, and customers will still be waiting 10 to 20 weeks for multiple types of chips by the end of 2022. However, the shortage will be less severe and will drive fresh investment in the industry as demand continues to grow.
Brainstorm: What will be the future of the PC over the next five years?
Fouad Charakla, IDC Middle East, Turkey, and Africa: PC demand is expected to continue to grow in South Africa and across Sub-Saharan Africa. This is due to a number of factors, including the largely underserved population in rural areas, the high ratio of youths who require IT literacy and education, and the increasing digitisation of the government sector.
Chris Buchanan, Dell Technologies South Africa: The PC-as-a-Service ( PCaaS) model is here to stay. In this work-from-anywhere world, flexible working models make remote PC management a business-critical investment. PCaaS represents a new chapter in business operations and, enabled by extraordinary technology advances, it has the potential to change the way we live, work and collaborate with one another. ”
* This feature was first published in the April edition of ITWeb's Brainstorm magazine. | general |
COVID-19 tracker: New cases in Tokyo drop for second straight day | Tokyo confirmed 6,968 new cases of COVID-19 on Tuesday, down about 900 from a week before and falling week-on-week for the second straight day.
Still, despite the drop, experts are warning over recent jumps in new cases as a possible sign of a rebound in new infections as most schools starting their new terms this week.
The seven-day average of new cases stood at 7,482, compared with 7,181.1 a week before.
The number of patients with severe symptoms under the metropolitan government’ s criteria rose by one from Monday to 30, while nine new deaths linked to COVID-19 were confirmed Tuesday.
On Monday, Japan reported 30,157 new cases, up by about 280 from a week before, while the number of severely ill COVID-19 patients dropped by five from Sunday to 505. New deaths linked to the virus totaled 45. | tech |
Josh Ayer Named CEO Of H & V - Nonwovens Industry Magazine - News, Markets & Analysis for the Nonwovens Industry | After a multi-year succession process,
H & V’ s
Board of Directors has chosen H & V chief operations officer Josh Ayer as the company’ s new CEO. Ayer will succeed Val Hollingsworth, who is stepping out of the role of CEO after 24 years – and after 42 years with the company. Hollingsworth will continue as chair of H & V’ s Board of Directors.
Josh Ayer and Val Hollingsworth
“ We are delighted to be able to turn to Josh to lead H & V in our next chapter of growth and development, ” Hollingsworth says. “ He has been an outstanding leader in his years at H & V and will do a great job as CEO. H & V has had several non-Hollingsworth family CEOs in its long history, and we are proud that there are seventh-generation members of our family working for H & V. We know that Josh will continue to operate the company with the same values, long-term view and family-oriented culture that H & V is built on. The H & V Board and I look forward to working with him in the years ahead. ”
Ayer joined H & V in 2009 as vice president and managing director of the Asia Pacific Region, following 10 years at General Electric. He helped lead the development and growth of H & V’ s business in Asia. In 2015, Ayer became president of the Engine and Industrial Filtration Division, and in 2020, he took the role of vice president and managing director of H & V’ s Americas Region. He officially became CEO as of H & V’ s annual Shareholders Meeting on April 5, 2022.
“ I am excited about H & V’ s future and my new role with the company. It is an amazing opportunity to help lead a truly innovative company as it moves forward, ” Ayer says. “ H & V has a lot of great people and great customers. We will continue H & V’ s long-term commitment to be a values-driven company focused on innovation, technology and to making a meaningful contribution to the world. ”
A sixth-generation member of the Hollingsworth family, Val Hollingsworth first joined the company in 1976 working as a night shift supervisor and a production and plant manager. He became president in 1997 and CEO in 1998. Under Hollingsworth, H & V expanded from mainly a regional U.S. business into a global company with 13 R & D and manufacturing facilities in strategic locations across three continents. He also kept H & V focused on innovation and guided the company’ s strategic response to the Covid-19 pandemic.
“ I am very thankful to our customers, employees and shareholders for supporting H & V so well for all these years, ” Hollingsworth says. “ This has been an incredible journey for all of us at H & V. But despite our near 300-year history, H & V has always been a forward-looking company. Josh and I both believe H & V is well positioned for the future and we are excited about the opportunities ahead. ” | general |
SNU Bundang Hospital, GE Healthcare partner to boost medical apps development | GE Healthcare and Seoul National University Bundang Hospital have signed a memorandum of understanding to support Korean medical startups by leveraging the latest Edison Digital Health platform.
This partnership will see the first deployment of GE Healthcare's Edison platform in South Korea, according to a press statement. The companies will also provide advice and coaching support for startups to enter global markets, a news report noted.
Edison is an application hosting and data aggregation platform with an integrated AI engine. It offers a range of healthcare-specific services that enable rapid design, development, and deployment of applications and algorithms.
Both companies intend to support and accelerate the development and deployment of clinical and operation applications by Korean startups. SNUBH will also install the Edison platform to expand its AI offerings.
`` Our intended collaboration with GE Healthcare will help us accelerate digitalisation in patient care and contribute to improvements in South Korea’ s public health by boosting disruptive start-ups that deliver the best solutions for quality and affordable healthcare to customers faster, '' said President and CEO Nam Jong Paik.
Elie Chaillot, president and CEO of GE Healthcare Intercontinental, noted that there is no one-size-fits-all approach to digital healthcare transformation. He said an open innovation to crowdsource ideas and co-create solutions is the `` secret recipe '' of this transformation. `` Collaborations with local players are key to customising and improving healthcare access, care delivery and patient outcomes, '' he added.
GE Healthcare recently introduced its Edison platform at HIMSS 2022 without giving a detailed timeline of its release. In explaining the technology, the company said Edison has been developed to enable healthcare systems to effectively deploy clinical, workflow, analytics and AI tools which supports the improvement of care delivery, the promotion of high-efficiency operations, and the increase of revenue growth, while also reducing the burden of apps installation and integration across an enterprise.
According to technology consultancy firm Gartner, the digital health platform shift will be the most cost-effective and technically efficient way for health ecosystems to scale new digital capabilities, replacing megasuite EHR systems.
In other news, GE Healthcare teamed up with Hakki Muammer Karakas, coordinator for the Istanbul Provincial Health Directorate Radiology Services and an opinion leader in healthcare digitalisation in Turkey, to develop AI tools for diagnosing COVID-19 and breast cancer using GE Healthcare's Edison Health Services. | tech |
Immune responses support COVID-19 vaccination regardless of when people were infected: Scientists study how vaccinations affect the immune response -- ScienceDaily | Antigens are molecules that the immune system uses to recognize a threat such as an infection. Vaccinations and infections ( in both the vaccinated and unvaccinated) expose the immune system to antigens. SARS-CoV-2 variants such as delta and omicron have added to the antigen landscape. Scientists studied how exposure to antigens before and after vaccination alters the immune response to the infection.
`` If you 've been infected, the vaccines still activate and expand your immune response in ways that can be protective, '' said co-corresponding author Paul Thomas, Ph.D., St. Jude Department of Immunology. `` If you 've been vaccinated and then get infected, the vaccine still helps protect you. Very importantly, it doesn't limit your ability to develop new immune responses to the strains that you're infected with. The type of immunity on the T-cell side that the vaccine gives you look very similar to, and in some ways superior to, the response that you get from infection. ''
The right tools to understand T cells
The study used data from the St. Jude? Tracking Study of Immune Responses Associated with COVID-19 ( SJTRC). SJTRC started in 2020, enrolling St. Jude employees and monitoring their vaccination and immune response to the virus.
`` This creative and comprehensive T cell work emphasizes the importance of the prospective study design that allowed us to collect samples from participants before they had COVID-19, '' said co-corresponding author Joshua Wolf, Ph.D., M.B.B.S., St. Jude Department of Infectious Diseases. `` A huge number of individuals at St. Jude gave their time and effort to make it possible. ''
The researchers used specialized techniques to determine which small pieces of virus that T cells identify in different people. Single-cell sequencing of the RNA and T-cell receptors ( scRNAseq and scTCRseq) provided a window into T-cell activity and which T-cell receptors were most important. The researchers also created tools, including monoclonal T-cell receptor cell lines, to examine immune responses. These cell lines help identify different parts of the virus.
`` We have a number of tools and techniques that allow us to analyze T-cell receptors effectively, to identify receptors that may be different, but basically have the same function, '' Thomas said. `` We 've gained an understanding of how this virus is evolving and mutating and how our immune responses adapt to these changes. ''
The benefits of vaccination
Results showed that the order of exposure ( whether vaccination or infection came first) determined whether or not the immune response was geared toward the spike protein. mRNA vaccines against SARS-Cov-2 target the spike protein ( a part of the virus). Vaccination after infection led to further expansion of spike-specific T cells, whereas breakthrough infections caused robust non-spike-specific responses that diversify T-cell memory.
`` Properly understanding the T-cell response to COVID-19 infection and vaccination is really challenging, but it's essential to developing a long-term control strategy for this virus, '' Wolf said.
Authors and funding
The study's co-first authors are Anastasia Minervina and Mikhail Pogorelyy of St. Jude. Other authors include Allison Kirk, Jeremy Chase Crawford, Kaitlynn Allen, Ching-Heng Chou, Robert Mettelman, Kim Allison, Chun-Yang Lin, David Brice, Xun Zhu, Kasi Vegesana, Gang Wu, Sanchit Trivedi, Pratibha Kottapalli, Daniel Darnell, Suzanne McNeely, Scott Olsen, Stacey Schultz-Cherry, Jeremie Estepp and Maureen McGargill, all of St. Jude.
Additional authors are the members of the SJTRC study team: Aditya Gaur, James Hoffman, Motomi Mori, Li Tang, Elaine Tuomanen, Richard Webby, Hana Hakim, Randall Hayden, Diego Hijano, Resha Bajracharya, Walid Awad, Lee-Ann Van de Velde, Brandi Clark, Taylor Wilson, Aisha Souquette, Ashley Castellaw, Ronald Dallas, Jason Hodges, Ashleigh Gowen, Jamie Russel-Bell, James Sparks, David Wittman, Thomas Fabrizio, Sean Cherry, Ericka Kirkpatrick Roubidoux, Valerie Cortez Pamela Freiden, Nicholas Wohlgemuth and Kendall Whitt.
The study was supported by the Center for Influenza Vaccine Research for High-Risk Populations ( 75N93019C00052), the St. Jude Center of Excellence for Influenza Research and Surveillance ( HHSN272201400006C, 3U01AI144616-02S1 and R01AI136514) and ALSAC, the fundraising and awareness organization of St. Jude. | science |
Newly developed COVID vaccine from Austria could protect against omicron and other variants, study finds -- ScienceDaily | The antigen-based vaccine developed at MedUni Vienna, under the leadership of Rudolf Valenta from the Center for Pathophysiology, Infectiology and Immunology, targets the receptor binding domains ( RBD) of the SARS-CoV-2 virus and induced a robust and uniform RBD-specific IgG antibody response in animal models and in human tests. This antibody response prevents the virus from docking onto and entering the body's cells, so that infection can not occur.
Combination of coronavirus vaccine and hepatitis B vaccine
The SARS-CoV-2 subunit vaccine ( PreS-RBD) developed at MedUni Vienna is based on a structurally folded fusion protein consisting of two receptor binding domains ( RBD) of the SARS-CoV-2 virus and the PreS antigen from hepatitis B, which serve as immunological carriers for each other, thereby strengthening the immune response. Currently available genetic SARS-CoV-2 vaccines induce mainly transient IgG1 antibody responses, whereas the PreS-RBD vaccine can additionally induce long-lived RBD-specific IgG4 antibodies.
PreS-RBD-specific IgG antibodies detected in blood and mucosal secretions reacted with SARS-CoV-2 variants, including the omicron variant. Antibodies induced by vaccination with PreS-RBD more potently inhibited the binding of RBD with its human receptor ACE2, and their virus-neutralizing titers were higher than those in a random sample of individuals fully immunized with two vaccinations of currently registered vaccines or than those of COVID-19 convalescents ( i.e., individuals who had previously had COVID-19).
Immunity even for previous `` non-responders ''
`` The PreS-RBD vaccine has the potential to induce sterilizing immunity to old and new SARS-CoV-2 variants by preventing infection by stopping viral replication and transmission through the inhibition of cellular virus entry, '' explains study leader Rudolf Valenta. Moreover, it is expected that the vaccine will even be effective in people who have not previously responded to vaccination ( `` RBD non-responders ''), as they will receive additional T-cell support from the PreS portion of the vaccine. An earlier study by Valenta and colleagues had found that approximately 20% of those recovered from COVID-19 failed to form RBD-specific antibodies and were thus at constant risk of re-infection.
Results based on decades of experience from allergy research at MedUni Vienna
The development of this Austrian COVID vaccine was to a large extent inspired by decades of experience in allergy vaccine design. Previous work on allergy vaccines and clinical trials also conducted with PreS-based allergy vaccines have demonstrated the safety of PreS-based vaccines, even when used repeatedly.
`` Our data give us grounds to hope that this readily producible protein-based vaccine antigen will be effective against all SARS-CoV-2 variants known to date, including omicron, '' says study leader Rudolf Valenta. `` The vaccine is designed to enable repeated injections to build up sustained sterilizing immunity, is suitable for use in all age and risk groups and appears to be superior to currently available vaccines when it comes to inducing neutralizing antibodies. '' If sufficient funding is forthcoming, the first clinical trials required for approval could be carried out this year. | science |
Clean energy funds financing the future of energy | Transforming the global energy system is going to take mammoth investments on three fronts – time, effort, and perhaps most important of all, money.
While the onus is on governments to lead green investors to water by creating a stable business environment, it is on financiers to make sure they drink.
After all, its private cash that will be the main fuel on which the transition train runs.
Energy companies are already spending vast sums on offshore wind, carbon capture and storage ( CCS) and the like, and investors are following close behind, allocating money to ventures that will help to rewire how the world is powered.
Spotting a gap in the market, JJ Traynor and Richard Hulf launched HydrogenOne Capital Growth in 2020 with the aim of giving investors the opportunity to put their money into green and turquoise hydrogen schemes.
In a rather fitting manner, the two managing partners have already made their own transition from oil and gas to renewables.
Traynor previously held the position of executive vice president at Shell, leading the supermajor’ s investment relations, and prior to that he worked as a geologist for BP in the North Sea, West Africa and Asia Pacific.
Hulf worked as a chartered engineer for ExxonMobil before amassing a raft of financial experience at the likes of Ernst & Young and Artemis Investment Management.
At the end of last year, HydrogenOne ( LON: HGEN) became the first fund of its kind to list on the London Stock Exchange, raising £107 million, including £25m from cornerstone investor Ineos.
More than half of that cash has now been deployed “ into several private companies and a small number of listed companies ”.
Those to benefit include “ best in class ” hydrogen firms focussed on electrolysis, fuel cell production, transportation and storage, and in hydrogen project development.
“ Much like the oil and gas sector, the hydrogen sector is a very small world. The more we invest, the number of contacts grows exponentially, opportunities get shared and companies that we invest in help other companies that we’ re about to invest in, ” Hulf explained.
Traynor says there are “ three tectonic forces ” currently driving the rapid expansion in the hydrogen sector.
“ There’ s the energy transition and the role that hydrogen has in delivering net zero. Underneath that, there is a big air quality issue, particularly in cities – that’ s down to fossil fuels. Clean hydrogen has a big role to play in air quality.
“ The third driving force is energy security. It was always there but it’ s now very much in the minds of people as a result of what’ s happened with the Russian invasion of Ukraine. ”
Having already allocated around 60% of the capital raised at last year’ s initial public offering, and with scores of companies chasing backing, HydrogenOne will soon have to replenish its reserves.
Traynor revealed they “ expect to be raising more funds this year ”.
Hulf added: “ If we work on our current trajectory we could easily deploy £200m by this time next year. Our first target is to get to £500m within the next couple of years, and then the fund could carry on growing up to £1 billion quite comfortably. ”
An important feature of HydrogenOne, and one that will make it popular with some, is that it doesn’ t invest in fossil fuel producers.
Some of the world’ s biggest oil and gas companies, including BP and Shell, have already made sizable hydrogen plays, but they are mainly focussed on “ cleaning up refineries and petrochemical sites ”, Traynor said.
“ We don’ t talk about net zero, we talk about net negative. We are all about actively avoiding greenhouse gas emissions and doing our bit to accelerate the energy transition. We have excluded the production of oil and gas, and coal from our mandate because of the emissions profiles that go with them.
“ Oil companies are typically big consumers of hydrogen in their refineries and petrochemical facilities, and they get it by splitting methane, which has a big emissions profile. A lot of what you are seeing from the oil companies is actually a clean-up of refineries and petrochemical sites.
“ That’ s certainty what’ s happening in Germany in the Shell refining system, and here in the UK with BP and Equinor’ s blue hydrogen projects. ”
How then does Ineos, one of the world’ s largest petrochemical companies, fit into the picture?
“ There are different parts to Ineos, ” Traynor explained, “ there’ s Inovyn, the business that makes PVC, but it’ s Ineos Energy that’ s invested in us. It is looking to completely green up its profile and it wants to start transitioning to invest into hydrogen directly.
“ We’ ve found that they’ re in listening mode; they want to look at everything that we’ re doing and start to co-invest with us as time moves on. ”
Traynor and Hulf’ s journey from oil and gas workers to renewables pioneers is becoming an increasingly frequent story as more and more look to utilise their expertise to help shape the energy transition.
In the midst of the Covid-19 pandemic, north-east entrepreneurs Doug Duguid and Michael Buchan – who founded and nurtured engineering firm Enermech into a global business – launched their own multi-million-pound investment fund.
A self-professed “ small family fund ”, Indigo 7 Ventures ( I7V) focuses on “ early stage ” businesses in the renewables sector.
“ We’ ve got two strands to our investment strategy– the first is early stage, new technology type investments, ” Duguid said.
“ They are UK based, predominantly Scotland, and we have focused on investing in businesses where we can bring more than just the funding. With our experience in building bigger businesses, we are trying to bring help, support and advice.
“ We also provide HR capability, finance capability, and we’ ve helped a number of companies recruit people as well.
“ For us it’ s not purely financial. That sounds a bit altruistic and it’ s not meant to, but we think we are differentiated because of this approach. ”
So far I7V has tended to back business that its felt “ probably wouldn’ t get investment ” from some of the bigger funds.
The rationale behind this is shaped by what Duguid has seen during his many years working in the oil and gas industry.
“ Over the years we were in business we saw a lot of small companies who had great ideas but who really struggled to get funding, or had great technology but found it difficult to get the right business support. ”
He added: “ It is a slightly unusual approach, but it’ s all new to us because we are not professional investors. We’ re business people who have built two successful contracting companies, and to some extent we are feeling our way in the investment world. ”
I7V’ s other investment strand is to “ build renewable service companies ” in order to support the energy transition.
In this vein the fund recently put their chips in Dyce-based oilfield equipment firm RenQuip, which aims to “ bridge the gap ” between oil and gas and renewables.
It is also looking to transform its other portfolio companies, including Ingenii and Granite Recruitment, to ready them for the transition.
Duguid said: “ Our history is in oil and gas, but we know a huge number of people from technician level all the way up to C suite executives. We want to try and create something that takes that talent from offshore oil and gas and puts it to work in renewables, particularly into wind but also in solar and hydrogen.
“ So we’ re looking at a number of acquisitions of service type companies and we’ re going to literally mould them together into a large renewables service company – currently there are not many renewable service companies in Scotland. Most of the big players are Danish or Dutch and tend to be on the installation side, while the OEMs in the turbines and the blades sector are all American or European. ”
On why he felt now was the right time to make his renewables play, Duguid pointed to a “ fundamental political sea change ” in support for the sector.
He said: “ We felt it was a growing industry and there is a lot of opportunity. The next two decades are going to be dominated by this type of service industry; there are a lot of assets being built and there was an opportunity to create a service company to support this emerging sector. ”
Much like Traynor and Hulf, Duguid sees hydrogen as a lynchpin in a successful energy transition. | general |
Kishida vows to step up work on package addressing soaring prices | Prime Minister Fumio Kishida vowed on Tuesday to step up work on an emergency package of measures to address prices that have been soaring since Russia’ s invasion of Ukraine.
“ We will respond in an urgent and flexible way to the crisis we are now facing, ” Kishida said at the first ministerial meeting on the measures.
The government plans to come up with the package by the end of this month, as prices for a wide range of items, including crude oil and grains, have been soaring.
The package will include programs to deal with high crude oil prices, ensure the stable supply of resources and food, support small and midsize companies and provide aid to people in need.
“ We must prevent soaring prices for crude oil, materials and food from causing a major impact on people’ s lives and economic activities, and hindering a smooth recovery of economic and social activities from the coronavirus crisis, ” Kishida said.
The government plans to tap ¥5.5 trillion in reserve funds set aside under its budget for fiscal 2022, which began this month.
Agriculture minister Genjiro Kaneko told a news conference that his ministry is considering assistance to farmers and food producers to help them weather the impact of higher prices.
“ We will respond to concerns about soaring prices for oil for fuel, chemical fertilizer ingredients and grains, as well as about the supply of imported timber and marine products, ” Kaneko said.
Komeito, the coalition partner of Kishida’ s ruling Liberal Democratic Party, is calling on the government to enact a fiscal 2022 supplementary budget during the current parliamentary session, which is set to end in June.
Economic and fiscal policy minister Daishiro Yamagiwa told a separate news conference that the government first needs to focus on emergency measures financed by the existing budget. | tech |
Chubb Unit Seeks To Ax MLS Team's Virus Coverage Suit | The insurer to Philadelphia's Major League Soccer team asked a Pennsylvania federal judge to dismiss the team's pandemic coverage suit, arguing that government orders meant to curb the spread of the coronavirus didn't cause any covered physical damage.Chubb affiliate Federal Insurance Co. on Monday said the Philadelphia Union's policy required losses to be caused by a physical alteration of property before coverage could kick in. The insurer said the soccer team's physical alteration allegations were implausible because the team was able to operate despite the virus's alleged presence. `` As this court and others have held, plaintiffs ' admitted ability to operate... | general |
BMS-Sponsored Diversity in Oncology Series Tackles Representation in Clinical Trials | On March 30, clinical trial leaders, hospital practitioners and patient representatives met in the latest installment of the Diversity in Oncology series hosted by GRYT Health and Bristol Myers Squibb. The purpose: to uncover barriers to clinical trial access and work toward actionable structural improvements and solutions.
A 2019 paper led by Dr. Jonathan Loree, a medical oncologist and assistant professor at the University of British Columbia and Dr. Kanwal Raghav, an associate professor in the department of gastrointestinal medical oncology at MD Anderson Cancer Center, analyzed 230 oncology clinical trials between 2008 and 2018 that resulted in U.S. Food and Drug Administration approvals. Of the 18 trials that provided a population breakdown of what the authors referred to as the four major races in the United States, Whites made up 76.3%, Asians accounted for 18.3%, Hispanics 6.1% and Blacks just 3.1%.
“ We wanted to peel back the onion to see why African Americans, Latino Hispanics and Asian Americans were not included in these life-changing treatment trials, ” said Hong Tang, co-lead of the PAN Asian network health equity initiative team at BMS.
So BMS, whose first focus is in oncology with blockbusters Opdivo ( nivolumab) and Yervoy ( ipilimumab) currently ensconced in late-stage trials across multiple indications, decided to do something. The company brought together a cross-functional, cross-cultural team, and then partnered with digital oncology company GRYT Health to convene a series of “ courageous conversations ” between patients, practitioners, caregivers, clinical trial teams and public health leaders.
The challenge of representation takes on many different forms, said Keri McDonough, head of the patient voice consortium with contract research organization Syneos Health, in an interview with BioSpace. These include, but are not limited to, genetic and metabolic differences – distinctions that, in the heterogeneous world of tumors with myriad mutations and a predilection to prey on certain ethnic groups, can make all the difference to effective treatment. It is difficult to practice personalized drug development without the person.
According to the National Institutes of Health, the invasive breast cancer age-adjusted mortality rate for Black women under 40 was twice that for White women, and based on data from U.S. cancer registries, “ Black ” Americans have “ higher incidence and lesser survival of all combined malignancies relative to individuals of the “ White ” population. ”
Speaking with BioSpace, Dr. Ana Velázquez Mañana, M.D, a clinical instructor in medical oncology in the division of hematology/oncology at University of California San Francisco, said that among childhood cancers, Latinos have higher rates of lymphoma and leukemia. Liver, gastric and cervical cancers also hit this group disproportionally, she added.
These may be purely genetic barriers, but as McDonough pointed out, there are also ethical barriers.
“ Sometimes, especially in cancer, [ the drug ] being studied may be a patient's potential best option, ” she said, adding that even patients receiving placebo still get standard-of-care treatment and ultimately, a higher level of care. “ There are also disparities where you get there too late in the process and therefore, [ the cancer ] is more advanced. ”
Lack of healthcare access is an impediment to clinical trial participation and consequently, precision medicine. Personalized cancer care, Velázquez Mañana said, “ requires receiving already a certain level of health care before being able to go into a clinical trial. It requires access to molecular testing, it requires access to specific diagnostic tests, and all of those things are very expensive. ”
In recent years, stakeholders came together to lobby for the Clinical Treatment Act. Passed at the end of 2020 and in effect as of January 2022, the new law aims to create parity between the 1 in 5 Americans who receive health insurance through Medicaid and those insured through Medicare or private plans. Namely, the law “ requires state Medicaid programs to cover routine patient costs for items and services that are provided in connection with a qualifying clinical trial regarding cancer or other life-threatening conditions. ”
While the study sponsor will typically cover the cost of the experimental drug and associated tests, they will not often cover tertiary costs such as emergency room visits.
“ If you look at the population of folks that are receiving Medicaid, it often mirrors a lot of the population of folks that have been left out of clinical care in terms of participating in clinical trials, ” McDonough said. The Act hasn’ t received a lot of attention, however, as there have been a couple of distracting factors going on in the world, overshadowing its actual implementation. “ It got passed and then it seemed like there were crickets. ” So McDonough joined the Diversity in Oncology series to kick it into gear.
These distracting factors - mostly associated with the COVID-19 pandemic - have only served to illuminate the problem of representation in clinical trials and access, but that’ s another article altogether.
While a big step forward, the passage and enactment of the Clinical Treatment Act do not guarantee its success. First, education about its very existence is greatly needed. According to a survey recently conducted among nearly 800 physicians, “ only one in five [ of those surveyed ] knew that this was changing for Medicaid patients, ” McDonough revealed.
She added that some physicians will hesitate to broach the subject of a clinical trial with certain groups due to perceived biases about how they will react. However, these biases may be all in the practitioner’ s heads.
“ There is data showing and basically refuting that physician bias, in which any patient that gets offered a clinical trial, no matter their background or racial/ethnic group, they're as likely to participate and agree, ” Velázquez Mañana said. “ So there's the historical view of Black people or Hispanic people that they do not want to participate in clinical trials. It's not true. It's quite the opposite in fact, that we're not being offered the opportunity. ”
Paradoxically, resolving representation in clinical trials has a great deal to do with resolving representation at the practitioner level, she explained.
“ Knowing that patients connect better, have better quality of care, have better satisfaction when they engage with a provider who culturally and from a language standpoint can connect with them, '' UCSF has partnered with the American Society of Clinical Oncology ( ASCO) on initiatives to increase diversity in the healthcare workforce.
“ We know that across all healthcare, basically, Blacks, Latinos, Pacific Islanders, Hawaiians and Native Americans are severely underrepresented. Among all the medicine sub-specialties, oncology actually is the least diverse, ” Velázquez Mañana revealed.
She went on to highlight another barrier to diverse clinical trial access and called for more resources to address it.
“ Patients many times have to travel to an academic center or a bigger cancer center that may not be where they receive care, so that adds in transportation, parking, food, taking time off work and needing people to take care of your kids. ”
The location of clinical trials is another systemic barrier. Velázquez Mañana said most trials “ tend to be in large academic centers, where most Americans do not receive cancer care and definitely not most people who have underserved backgrounds and have limited access to health care. ”
During the COVID-19 pandemic, these inequities were brought to bear in terms of vaccine access. A survey of more than 1.3 million participants in the U.S. and U.K., led by Massachusetts General Hospital and published on the medRxiv server in February 2021, found “ significantly more hesitancy towards the vaccine among Black, Asian, and Hispanic communities, as well as greater difficulty in accessing vaccines among them. ” In 200 in-depth interviews within non-White communities conducted by CommuniVax, responders provided reasons for lack of vaccine access ranging from concerns about lack of access to childcare, inability to take time off from work and providers’ attitudes toward vaccines. Again, a possible education hurdle.
This may all stem from the fact that minority groups were also underrepresented in the vaccine trials, and the manufacturers struggled to recruit them. The Washington Post attributed this to a trust problem, but in actuality, it’ s probably multifaceted. | general |
The Crude Report: Impact of Covid on China’ s crude market | Our website uses cookies to ensure that we give you the best experience on our website. If you continue we 'll assume that you are happy to receive all cookies on the Argus Media website.
Covid lockdowns threaten to crush Chinese short term oil consumption, adding another layer of complexity to a market plagued by sky-high prices in the wake of sanctions.
Some 200mn Chinese oil consumers were put under mobility restrictions of varying severity this month, as China faced its most significant spike in Covid cases since early-2020.
This threatens to eliminate a large component of the `` pull factor '' that shifted the centre of oil demand growth to Asia from the OECD in recent years.
James Gooder: Hello, and welcome to another edition of `` The Crude Report. '' This is a regular podcast in which Argus media's specialists give a view of what's happening in the world of crude oil. And very pleased today to welcome Tom Reed back to the pod.
His responsibility is China. He's the editor of the `` Argus China Petroleum '' report, which I hope you all received. Let's get straight into it. Lockdowns are the theme. Much of the world, of course, is putting Covid behind it, whatever the reality of the level of infection is.
But Covid lockdowns threatening to crush Chinese short-term oil consumption, adding just another layer of complexity to a market, which has been plagued by sky-high prices in the wake of the sanctions and other effects of the Russia, Ukraine conflict. I mean, some 200-million Chinese oil consumers were put under mobility restrictions of varying severity this month.
China's facing its most significant spike in Covid cases since early 2020. This threats to eliminate a large component of the pool factor that has in recent years shifted the center of oil demand growth to Asia from the traditional OECD developed economies.
So, Tom, Covid looks like it's not over after all? The rest of the world is lifting its travel restrictions, but China's gone back to the status quo ante of widespread lockdowns and a drop in oil demand as a result. Give us a rundown on what's going on.
Tom Reed: Thanks, James. So, what we 've seen in March is a renewal of lockdowns. And as you say, it's affecting cities with a population of a combined 200 million or so; pretty extensive. And I think to a large extent, China's really a victim of its own success here, you know.
The first lockdown they put in place in 2020 was famously successful. I mean, it was very stringently applied, and it was very rigorously enforced, and it managed to keep Covid out until now. And that's come to be seen to a large extent as being a hallmark of Xi Jinping's success as a politician and a mark of his personal authority.
And this is a really important year for President Xi. At the Communist Party Congress in October or November, he's expected to seek, and I think it's fair to say, secure a third term as party leader, which is a really high, unusual move. And everything's got to be seen to be going to plan — according to his plan. And there are, as the economists like to describe them, growing headwinds.
But, so the problem is, of course, the dominant Omicron strains are far more transmissible than the original variant, which China was so successful at containing. Omicron's far harder to stamp out. And so they are putting in place pretty stringent restrictions. Again, people in Shanghai, for example, have been confined to their homes for four days.
We 've seen panic-buying groceries, online shopping websites crash, and a lot of, you know, truck drivers charged with breaching lockdown rules, and that sort of thing. But at the same time, China is trying to nuance what it's doing.
They got quite a lot of grief in December when they locked down the city of Xi'an in Shaanxi province. And there was a lot of, like, social anger over how that was handled. So it's aiming to do things a little more tactfully this time: locking down discrete districts of the city rather than the entire place, and locking down for shorter periods of time, rather than just blanket month-long shutdowns, while it carries out mass testing.
And the goal here is kind of ambitiously — I think — given the rate of transmission, to test faster than the virus can spread, and this is all having a big impact on oil demand.
I think a lot of people in the market expect, or at least they would hope, that the current outbreak is brought under control by May. But according to our estimates that we were doing in the report that you just mentioned, we reckon gasoline demand in March-April, will contract by 150,000 b/d. We think there's gon na be a full-year loss to oil demand of around 80,000 b/d, albeit, most of it concentrated, or loaded, into March-April.
This is all led to a big drop in crude buying on the spot market. And that's encouraged refiners to bring forward the maintenance programs that, you know, typically happen in spring, but are maybe now happening in March-April more than April-May. And we think also refinery runs, again, a fall quite steeply as a result of this drop in fuel demand. So our surveys have refinery runs in China falling by 300,000 b/d in March versus February.
James: It's quite an impact, isn't it? And, you know, your description of what's happening in China now makes me quite nostalgic for the early months of 2020. Let's talk a little bit about, you know, China and Russia. I mean, one of the key relationships here, and a lot of people are wondering just exactly, given much of the world's response to Russia's actions in Ukraine how China, is still kind of enigmatic on this point.
I mean, going back to February, not that long ago, President Xi and Putin were saying that there were “ no limits ” to the two countries ' friendship. And of course, Russian oil is extremely cheap at the moment. We have Russian crude, Urals crude delivered into Northwest Europe at more than $ 31 below North Sea Dated, this is below the regional benchmark, $ 31 when prices are about $ 100 — so there’ s a significant difference there. We really have two oil markets running separately.
Now, of course, Urals crude continues to flow into European refineries through term contracts, but gradually they're gon na be wound down. And certainly in the publicly declared spot markets, no one in Europe and certainly no one in the United States is touching this Russian crude, and yet it continues to be exported.
So India has been a significant buyer; has bought more in the past month than it did in the whole of last year, I think, or thereabouts. But as for China, I mean, is China not also in a position to benefit from these very cheap supplies of Russian crude? I mean, many countries won't touch it, but China potentially could. So even though demand may be down, there could be some large margin to be made.
Tom: Absolutely, you would think so, wouldn't you? You would think given the proximity, politically, that the two countries have, and given China's own attitude to... if not the conflict in Ukraine, then certainly the Western response, which it says just displays a cold war mentality, that there would be some kind of economic or commercial rapprochement over very cheap crude oil.
But there's a lot of caution, particularly, from Chinese state-owned companies about their exposure to those Western-led sanctions. And it's worth pointing out that despite the friendship and despite Beijing's concerns about NATO, the whole situation in Ukraine, I think is almost certainly seen as highly costly and highly irrational in terms of, certainly, Beijing's economic interest.
You know, there's a lot of kind of, `` What? '' So while it's certainly possible that a lot of demand from Russian crude has gone underground since sanctions were announced or even is relatively visible ( as you mentioned, in the case of India), I actually rather doubt that Chinese firms are buying on the scale that many had expected.
And I think that's particularly true of Urals crude, where there is a relatively high degree of visibility, maybe in Northwest Europe. It's possible we might see Chinese refiners snapping up super cheap ESPO Blend crude in North-East Asia, where there's another huge spot market for Russian crude around the ports of Kozmino and Qingdao — and the actors in that market are perhaps less well known than, say, Shell is in Northwest Europe.
But so far that doesn't really seem to be happening. It could simply be that refiners are waiting to see just how low spot prices can go before they come back into that market for Russian crude. There's been a thriving trade in crude of Iranian origin for some time now in the Chinese market.
It could simply be that Russian crude appears to be more expensive than Iranian crude for now. But there are also these bottlenecks that, while the Russian producers, you know, really want to export and the refiners in China would very much like to have cheap crude, there's a lack of intermediaries prepared to buy from Russia and sell to China. And that's really, what's kind of clogging up, I suppose, that mechanism at the moment.
James: Yeah. I think a lot of this stuff is still working its way through. I mean, there has become a route to market for Iranian crude, let's say, which has become established during the period of sanctions against that country and everything with Russian crude, which of course, you know, one of the top three producers in the world, it's a huge impact. And the re-routing of some of these is still underway, I guess.
But as you said, there is an impact on demand from the new lockdowns or the new restrictions in China, but there, just as everywhere, crude stocks are low. We 've had an extremely backwardated market where current prices are much higher than those further forward.
So there's been a very low incentive to buy and store crude: if anything, to avoid high prices in the short term, people have been bringing crude out of storage. So given now that Asian spot markets are trading for cargos to be arriving in May or June, if, as you suggested, its aim is if China managed to get the current manifestation of the Covid epidemic under control by May, where will it get the crude it will need to run its refineries in the second quarter of this year, if not from Russia?
Tom: So far, what we 've seen, as we 've seen elsewhere, I think, in times of panic, is a flight to safety, and currency markets obviously that tends to be in the U.S. Dollar — in crude markets, that means Saudi Arabia. So we did see Chinese refiners buy vast amounts of Saudi crude for May delivery in the immediate aftermath of the invasion of Ukraine.
They piled into the market that they were keen, secure supplies of Saudi crude before their European competitors, who most certainly are shunning Russian crude, could get there first. But I think high prices are generally starting to constrain demand. China is at the end of a very long global oil supply chain, it takes 60, 70 days to send crude to China from the North Sea or from the U.S.
And when markets are in backwardation, as you mentioned, they are, that puts Chinese refiners at a huge disadvantage because it becomes very costly to send crude from the Atlantic base in the east. And spot market differentials in China have to rise to compensate for that big spread between prompt and forward prices.
And we are seeing refiners really discouraged by these spot premiums, which are at record high levels of, like, $ 10-12/bl. And of course, they have quite bad refining margins. And we are also seeing at the other end of that spectrum, Chinese consumers increasingly inclined to drive less or fill up their cars less just because gasoline's so expensive.
In China, regular gasoline costs more than it does in America. It's around $ 4.50 per U.S. gallon, in China, currently ( the Yuan equivalent). But of course, in China, household disposable incomes are far lower. It's 10% of what it is in America and wage growth has been slowing since the pandemic. So I think we are starting to see demand erosion as a result of these various problems of high prices and the Covid controls.
James: Indeed. Well, Tom, it's been fascinating. Thanks very much for your insights. I won't ask you to give away any more of your treasures because anybody listening needs to get their latest copy of `` Argus China Petroleum '' and read all about it. But thanks very much for joining in the podcast today.
James: And thank you very much to everybody that's listening. So it's been a pleasure as ever. Keep listening and keep following all of the developments of the market in the `` Argus Crude Report. '' Thanks very much.
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The rise in fuel prices boosts inflation ahead of October elections, putting Petrobras ' price policy under pressure amid crude oil jump above $ 100/bl.
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Hilton Awarded 'Best Workplace for Women in Greater China ' for 3rd Consecutive Year | Originally published at newsroom.hilton.com. Hilton ranked No. 1 on The DiversityInc Top 50 Companies for Diversity list in 2021.
Hilton, one of the world’ s leading hospitality companies, was today named the “ Best Workplace for Women in Greater China ” for the third consecutive year by Great Place To Work, the global authority on workplace culture. The recognition is a testament to Hilton’ s commitment to supporting the personal and professional growth of its female team members, which has enabled Hilton to become an employer of choice for female professionals all around the world.
“ We are delighted and honored to have been yet again awarded the title of ‘ Best Workplace for Women in Greater China.’ We have always been focused on empowering the growth of our female talent who have contributed in no small part to the Hilton of today. This accolade is an affirmation of not only the strength of our female team members, but also Hilton’ s diverse and inclusive talent development strategy, ” said Christine Wang, Vice President of Human Resources, Greater China and Mongolia, Hilton. “ In the face of the opportunities and challenges posed to the tourism industry over the past two years, Hilton’ s female team members continued to exemplify optimism, innovation and selfless dedication. This accolade belongs to all our female team members and will encourage us to continue leading the way and empowering each other to exceed our own benchmarks. ”
As a leader in the global hospitality industry, Hilton has committed to building a culture of diversity and inclusion as an important driver of its success. It launched a Team Member Resource Group powered by female team members that are dedicated to empowering each other through thoughtful activities and conversations throughout the year, some of which see the involvement of executives and industry leaders such as members of academia and social activists leading discussions on important topics including workplace diversity, as well as equity and tolerance.
In addition, Hilton has set new targets for diversity, equity and inclusion in its Greater China and Mongolia region. These include building a fast track lane for women in leadership, increasing female general managers from the current 25% to 30% by 2025 in tandem with the rapid portfolio growth in the region as well as having female leaders account for 40% of the Greater China and Mongolia Executive Committee. Over the past three years, nearly 60% of those who have joined talent development and leadership programs are female team members, amongst whom a number have been promoted to senior hotel management positions through these acceleration initiatives.
In order to better support its female team members, Hilton in Greater China and Mongolia is continuing to launch female leadership and career development programs, including a regional arm of the Women’ s Team Member Resource Group early this year. The group has since initiated a series of practical measures in response to active feedback including dialogue series and workshops that connect female leaders and team members to encourage allyship and exchange of advice and best practices. Only a few months underway, the resource group has proven to contribute to a warm workplace atmosphere that supports its members to thrive personally and professionally. It plans to engage over 1,000 team members in Greater China and become a key platform for cultivating female leadership through community building, mentorship and collaboration.
Hilton first made the “ Best Workplace for Women in Greater China ” by Great Place To Work list in 2019. The company then topped the Best Workplaces in Greater China list in 2021, its second consecutive year in the lead. With seven straight years on the list, Hilton was granted the honor of being named “ The Legend, ” which requires that a company be listed among the Best Workplaces in Greater China for at least five consecutive years.
Great Place To Work, the global authority on workplace culture, has a strict set of selection criteria. To determine the Best Workplaces for Women list, it analyzed anonymous survey feedback from female team members across Greater China, then assessed their perceptions of leadership, organizational culture and trust. Great Place to Work named 22 companies in the Chinese Mainland, Hong Kong and Taiwan to its “ Best Workplace for Women in Greater China ” list in 2022.
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Originally published at news.abbvie.com. Laura Schumacher is the Vice Chairman, External Affairs and Chief Legal Officer at AbbVie. AbbVie ranked No. 15 on The DiversityInc Top 50 Companies for Diversity list in 2021. AbbVie is honored to announce that Laura Schumacher, Vice Chairman, External Affairs and Chief Legal Officer at…
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Originally published at pressroom.toyota.com. Toyota Motor North America ranked No. 7 on The DiversityInc Top 50 Companies for Diversity list in 2021. As a little girl growing up in St. Louis, Missouri, Randi Price was always on the move. “ Oh yes, I always loved being mobile, ” says Price. “ When I…
@ abbvie announces that Laura Schumacher, Vice Chairman, External Affairs, and Chief Legal Officer at AbbVie, has be… https: //t.co/NXtkzA4RSN March 30, 2022
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According to recent research by @ HarvardBiz, the difference in wages between # BIPOC workers and their counterparts… https: //t.co/tEkUpuwYoh March 27, 2022 | general |
Orban's Hungary risks EU funding cut over corruption fears | Hi, what are you looking for?
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The EU executive on Tuesday launched a never-used procedure against Hungary that could see the Hungarian government stripped of EU funding for falling short on anticorruption and flouting democratic standards.
The move comes two days after Hungarian Prime Minister Viktor Orban won re-election with an overwhelming majority, claiming his victory as a win over liberal values defended by Brussels.
The nationalist and ally of Russian President Vladimir Putin is frequently accused in Brussels of backsliding on democratic norms.
The European Commission “ will now send the letter of formal notification to start the conditionality mechanism, ” European Commission head Ursula von der Leyen said to applause at a plenary session of the European Parliament in Strasbourg, France.
The latest clash with Hungary is over its public procurement system, conflict of interests and corruption and could see Budapest lose EU cash if endorsed by a super-majority of the 27 member states.
Orban’ s chief of staff Gergely Gulyas urged the European Commission “ not to punish Hungarian voters for expressing an opinion not to Brussels’ taste ” in the elections.
“ Brussels is making a mistake, ” he added, “ the basic rules of democracy must be accepted by the Commission ”.
Gulyas urged the European Union to “ return to common sense and dialogue ”.
Regularly criticised by the EU for undermining the rule of law, Orban attacked the “ Brussels bureaucrats ” in his victory speech, after securing a fourth term in office.
The conditionality mechanism was created in 2020, after a summit at the height of the coronavirus pandemic that agreed common borrowing to build an 800-billion-euro ( $ 900 billion) pile of grants and loans for EU countries to recover.
Budget hawks, including the Netherlands and Nordic countries, demanded the conditionality mechanism to put guard rails around the spending of taxpayers’ money.
– ‘ Long overdue’ –
Hungary and Poland challenged the new procedure in the EU’ s top court. But the European Court of Justice in February greenlit its use, saying the European Union “ must be able to defend those values ”.
The commission has been under pressure from the European Parliament to apply the conditionality mechanism against Poland and Hungary. The legislature launched legal action to make the commission act.
“ This is long overdue. The failure of the Hungarian government to manage public money transparently is well known and documented, ” said French MEP Gwendoline Delbos-Corfield.
“ How can a member state use EU funds properly when the independence of the judiciary has been destroyed and there are no sufficient safeguards against corruption? ” she added.
The use of the mechanism adds to a long list of other procedures the commission has taken over rule-of-law concerns against Hungary and Poland that has included court ordered fines.
The issue of corruption is also the reason for the commission’ s blocking of the Hungarian recovery plan, worth 7.2 billion euros in European subsidies.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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Sanofi Launches First-in-Pharma DE & I Board | Originally published at sanofi.com. Sanofi U.S. ranked No. 27 on The DiversityInc Top 50 Companies for Diversity list in 2021.
Sanofi launches its Diversity, Equity & Inclusion ( DE & I) Board, the first-of-its-kind in the pharmaceutical industry to feature outside advisors. Sanofi’ s DE & I Board will include three of the most influential voices in the DE & I space as board members appointed for three years: Organizational psychologist and best-selling author John Amaechi, award-winning social entrepreneur Caroline Casey and DE & I pioneer and renowned thought-leader Dr. Rohini Anand.
Sanofi’ s DE & I strategy was revamped in June 2021 with set objectives toward 2025, built around three key pillars: Building representative leadership, creating a work environment where employees can bring their whole selves and engaging with the company’ s diverse communities. The DE & I Board’ s role is to ensure Sanofi’ s DE & I strategy is rightly executed, to monitor progress on the company’ s 2025 targets and to advise on how to accelerate the company’ s impact in this space.
Together with the DE & I Board, Sanofi is launching a global Employee Resource Group ( ERG) framework and five global focused ERGs: Gender+, Generations+, Pride+, Ability+ and Culture and Origins+, which will allow already existing local ERGs to scale and grow. ERGs are voluntary, employee-led groups that help create a diverse and inclusive workplace. Critical in supporting their members’ professional and personal growth and in cultivating a sense of belonging, they ensure the company reflects, values and listens to its diverse employees’ communities.
“ We’ re committed to driving diversity, equity and inclusion in Sanofi and beyond, ” said Paul Hudson, CEO of Sanofi. “ These new initiatives will help us bring the outside in, so we can hear, listen and learn faster, and grow stronger as we continue our DE & I journey. ”
The DE & I Board is composed of eleven members, including seven members from Sanofi’ s leadership — Paul Hudson, Chief Executive Officer; Natalie Bickford, Chief People Officer; Olivier Charmeil, Head of General Medicines; Roy Papatheodorou, General Counsel and Head of Legal, Ethics and Business Integrity; John Reed, Head of Research and Development; Thomas Triomphe, Head of Vaccines; and Raj Verma, Chief Diversity, Culture and Experience Officer. Verma will chair the DE & I Board. One member will be one of the company’ s five global Employee Resource Group Leads, with rotation among all global ERG Leads on an annual basis. The DE & I Board will meet three times per year and progress on the 2025 targets will continue to be communicated on a quarterly basis.
“ I am always excited to support organizations looking to ensure that whether for colleagues, stakeholders or consumers, they stand for fairness, equity and the preservation of human dignity, ” said Amaechi. “ I am a scientist first and bring an understanding of what can work to performance through improving inclusion and equity in the context of a large, complex multinational company with a strong history and tradition. It’ s clear there are many strong advocates within the company, and I am delighted to add my insights and expertise to those already present within Sanofi. ”
“ I am thrilled to join Sanofi’ s DE & I Board as it affords me an opportunity to influence the critical need to address health care disparities globally, ” said Dr. Anand. “ With my experience in leading global DE & I transformations I am motivated to support Sanofi as it seeks to foster an equitable and inclusive culture that enables breakthrough innovations because it is the desired destination for diverse talent. I am impressed by the authenticity and humility with which the leadership approaches DE & I and its willingness and openness to learn from external thought leaders. ”
“ It’ s a real honor to be joining the Sanofi DE & I Board, which will support the strategic evolution of business inclusion focusing on the complex intersectional nature of diversity, equity and inclusion, ” said Casey. “ As a supporter of removing the decisive siloed approach which has and continues to create exclusion and mistrust, I am proud to bring the voice of disability business inclusion front and centre of Sanofi’ s strategy both as a person with lived experience and as the founder of The Valuable 500. ”
John Amaechi is an organizational psychologist, best-selling author, Chartered Scientist ( CSci), elected Fellow of the Royal Society for Public Health, Research Fellow at the University of East London and Founder of APS Intelligence. A former NBA sportsman, Amaechi serves as a mentor to many, a teacher to some and always uses his deep psychological insight combined with real life experience to provide a touchstone for people and companies who want to thrive, achieve and align their beliefs, values and ethics.
Dr. Rohini Anand is a strategic business leader, board member and author. With expertise that spans executive leadership, human capital, global corporate responsibility, wellness and diversity equity and inclusion, Dr. Anand brings a unique perspective on the critical alignment of the business culture and the triple bottom line ( People, Planet, Profit) to drive exceptional performance. Most recently, Dr. Anand was Senior Vice-President Corporate Responsibility and Global Chief Diversity Officer for Sodexo.
Caroline Casey is a businesswoman and activist, founder of The Valuable 500, the world’ s largest CEO collective and business move for disability inclusion. Recently appointed President of the International Agency for the Prevention of Blindness ( IAPB), Casey also sits on several Diversity and Inclusion Boards, including L’ Oréal and Sky.
You’ ve probably heard of Autism Awareness Month, which has been celebrated every April since the Autism Society of America ( ASA) first observed it in 1970. But did you know the organization made the shift to Autism Acceptance Month in 2021? Facts About Autism Once referred to as Autism Spectrum Disorder, …
Originally published at about.att.com. Anne Chow is the CEO of AT & T Business. AT & T is a Hall of Fame company. Women’ s History Month is a time to reflect on women’ s accomplishments and the progress we’ ve made as a society. Over the past few weeks, I’ ve heard and read so many…
In early 2021, employment experts across the nation started to notice a troubling new trend: a growing number of workers were quitting their jobs en masse. As the months went on, the phenomenon — fueled by the ongoing COVID-19 pandemic — continued, with more and more workers resigning from jobs…
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. 1. How the World…
The Indianapolis Colts recently made news by creating a program to promote diverse coaches in the National Football League by earning fellowships on the Colts’ coaching staff. The Colts named the Tony Dungy Diversity Fellowship after the head coach who led the team to victory in Super Bowl LXI, making…
Originally published at news.abbvie.com. Laura Schumacher is the Vice Chairman, External Affairs and Chief Legal Officer at AbbVie. AbbVie ranked No. 15 on The DiversityInc Top 50 Companies for Diversity list in 2021. AbbVie is honored to announce that Laura Schumacher, Vice Chairman, External Affairs and Chief Legal Officer at…
Originally published at pwc.com. PwC is a Hall of Fame company. Growth is the lifeblood of family business, essential to ensuring the business will continue to prosper for future generations. For the next generation of family business leaders, growth and sustainability go hand-in-hand. In new research from PwC, 65% …
Originally published at boeing.mediaroom.com. Boeing Company ranked No. 17 on The DiversityInc Top 50 Companies for Diversity list in 2021. The Invictus Games Foundation is pleased to welcome Boeing as Official Partner in a multi-year agreement supporting international wounded, injured and sick service personnel and veterans. Boeing is also announced…
A diverse and inclusive workforce extends beyond race and ethnicity to include cultural and religious practices. If offices in the U.S. continue to mark Christian holidays such as Christmas and Easter, it’ s important to also consider the position of those with non-Christian religious beliefs. This, of course, is a complex…
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. 1. Ketanji Brown Jackson…
@ abbvie announces that Laura Schumacher, Vice Chairman, External Affairs, and Chief Legal Officer at AbbVie, has be… https: //t.co/NXtkzA4RSN March 30, 2022
In new research from @ PwC, 64% of next-generation ( NextGen) family-owned companies say their brand has the opport… https: //t.co/ZCyF3ty0ih March 30, 2022
Authenticity is encouraged in the # workplace given the benefits derived, including greater employee engagement and… https: //t.co/AzrhILUenA March 29, 2022
According to recent research by @ HarvardBiz, the difference in wages between # BIPOC workers and their counterparts… https: //t.co/tEkUpuwYoh March 27, 2022 | general |
Picking and choosing investment opportunities | Following a tumultuous two years since the first Covid-19 lockdown in the UK, the now much-changed energy sector remains an attractive proposition for both global investors and trade players. Many of these are looking to get ahead of the curve of the much publicised transition to sustainable energy sources.
That said, with the recent Russia and Ukraine conflict bringing energy security to the top of political agendas, who is funding the current traditional energy sector and where are investments being made?
Taking the current situation and market dynamics first, the price of Brent Crude recovered from the low of $ 16 per barrel in 2020 to around $ 80 per barrel in March 2021, and is trading at $ 110 per barrel at the time of writing.
Although the oil price is perhaps a more common indicator of the sector performance, gas prices have risen from around $ 2.50 per therm in March 2021 to highs of $ 6 per therm during 2021. They are currently trading at around $ 5 per therm.
While consumers are feeling the pinch in their energy bills, price rises have generated significant free cashflow for exploration and production companies with producing assets.
In turn, companies have sought to reinvest in their transition to low carbon and sustainable energy sources. For instance, BP is dedicating 40% of its spending budgets to aid the energy transition, with the plan to become a net zero company by 2050.
From an investment perspective, higher and sustainable energy prices make the sector more attractive to investors. That said, the pool of funders has reduced from pre-pandemic times. Funding providers are increasingly seeking further assurances on Environmental, Social and Governance ( ESG) strategies, in particular on reducing the carbon footprint of existing operations.
Selective private equity ( PE) companies remain supportive of investments. Hitec Vision has supported its portfolio company NEO Energy in its acquisitions of ExxonMobil’ s Central and North Sea assets in 2021 and, more recently, the reported $ 1.7 billion purchase of JX Nippon’ s UK assets.
With the rise in energy prices, sector specific debt providers appear more supportive to increase facility limits on, for example, reserve-based lending arrangements, which are debt instruments linked to the future cashflows of assets, and production-based financing options.
The theme of well-funded trade players extends to the service sector.
Baker Hughes has announced it is to acquire Altus Intervention, an international provider of well intervention services and down-hole technology, while NOV has acquired the Advanced Drilling Solutions ( ADS) business of AFGlobal, an independent provider of Managed Pressure Drilling ( MPD) equipment. Meanwhile, Altrad, headquartered in France, is acquiring Aberdeen-based Sparrows Group.
PE renewable, clean tech and green energy specific funds activity remains on the rise for energy services businesses, with a focus on value adding niche technologies and particularly on environmental and maintenance service offerings.
Notably, we continue to see Scottish National Investment Bank ( SNIB) investment activity focusing on low carbon businesses and companies. | general |
AT & T's Anne Chow on Empowering Women Through Financial Independence | Originally published at about.att.com. Anne Chow is the CEO of AT & T Business. AT & T is a Hall of Fame company.
Women’ s History Month is a time to reflect on women’ s accomplishments and the progress we’ ve made as a society. Over the past few weeks, I’ ve heard and read so many incredible stories of women innovators who break barriers, solve challenges and lift others along the way. And while it’ s energizing and inspiring to celebrate these stories — this month and every month of the year — we’ re also reminded of the progress that still needs to be made.
At AT & T we recognize that there must be access to opportunity to reach equality for all. One way to achieve that is through economic empowerment. Economic empowerment is providing education, financial investment and access to skills building to under-represented and marginalized communities.
One example that I’ m a huge proponent of and particularly proud of is AT & T’ s Women of Color ( WOC) Program. Women leaders are an important part of AT & T’ s workforce and women of color face unique challenges. The WOC Program was designed to advance an inclusive work environment where women of color are welcomed and valued for who they are and what they contribute. Launched in 2019, this invitation-only program enabled high-performing women of color to participate in an opt-in experience exploring how leaders like them achieve success, connect and gain support.
In late March 2021 an expanded version of the program launched and is now available to all employees. WOC CONNECT offers an enterprise-wide Women of Color experience for all employees. Whether you’ re a Woman of Color, an ally interested in learning more or a supervisor who wants to explore more about your diverse team — there’ s an opportunity for everyone.
Another avenue for equipping women business owners is the robust Supplier Diversity program we established over 50 years ago in 1968, with an objective to stimulate job growth, improve opportunities for technical training and support new diverse businesses. Through this program AT & T has invested $ 200 billion with businesses and enterprises owned by minorities, women, service-disabled veterans, LGBTQ+ and people with disabilities in the last 52 years. In 2020 alone, our supplier diversity spend was $ 13.2 billion, which represented 24.5% of our total spend.
The supplier diversity program not only gives diverse business owners an opportunity but allows them to provide opportunities for others. Our supplier, Betty Manetta, the President and CEO of Argent Associates, is a prime example of this. Betty started as an AT & T employee, but then went down the path of entrepreneurship. AT & T knew what she was capable of and she signed one of her company’ s first contracts with us nearly 24 years ago. Today, her multi-million-dollar company creates innovative supply chain solutions while keeping its commitment to environmental protection. Betty has leveraged her opportunity and success by providing jobs and training to underserved and underrepresented groups within her local communities.
Our Chief Diversity and Development Officer, Corey Anthony, recently sat down with Betty and Rachel Kutz, Vice President of Consumer Supply Chain and Global Logistics at AT & T, to talk about their career journeys as women in a male dominated field and the power of the AT & T supplier diversity program. They also discuss the digital divide and how access to connectivity plays a role in economic opportunity within the communities. Hear more about the impact supply chain is making here:
In our continuing efforts to advance equality, AT & T will work with women leaders like these to ensure they have access to the opportunities and resources needed to succeed. It’ s going to take all of us working together to find ways to break down the barriers in order to pave the way for women leaders and entrepreneurs; our future depends on it.
You’ ve probably heard of Autism Awareness Month, which has been celebrated every April since the Autism Society of America ( ASA) first observed it in 1970. But did you know the organization made the shift to Autism Acceptance Month in 2021? Facts About Autism Once referred to as Autism Spectrum Disorder, …
Originally published at sanofi.com. Sanofi U.S. ranked No. 27 on The DiversityInc Top 50 Companies for Diversity list in 2021. Sanofi launches its Diversity, Equity & Inclusion ( DE & I) Board, the first-of-its-kind in the pharmaceutical industry to feature outside advisors. Sanofi’ s DE & I Board will include three of the most influential voices in the DE & I…
In early 2021, employment experts across the nation started to notice a troubling new trend: a growing number of workers were quitting their jobs en masse. As the months went on, the phenomenon — fueled by the ongoing COVID-19 pandemic — continued, with more and more workers resigning from jobs…
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. 1. How the World…
The Indianapolis Colts recently made news by creating a program to promote diverse coaches in the National Football League by earning fellowships on the Colts’ coaching staff. The Colts named the Tony Dungy Diversity Fellowship after the head coach who led the team to victory in Super Bowl LXI, making…
Originally published at news.abbvie.com. Laura Schumacher is the Vice Chairman, External Affairs and Chief Legal Officer at AbbVie. AbbVie ranked No. 15 on The DiversityInc Top 50 Companies for Diversity list in 2021. AbbVie is honored to announce that Laura Schumacher, Vice Chairman, External Affairs and Chief Legal Officer at…
Originally published at pwc.com. PwC is a Hall of Fame company. Growth is the lifeblood of family business, essential to ensuring the business will continue to prosper for future generations. For the next generation of family business leaders, growth and sustainability go hand-in-hand. In new research from PwC, 65% …
Originally published at boeing.mediaroom.com. Boeing Company ranked No. 17 on The DiversityInc Top 50 Companies for Diversity list in 2021. The Invictus Games Foundation is pleased to welcome Boeing as Official Partner in a multi-year agreement supporting international wounded, injured and sick service personnel and veterans. Boeing is also announced…
A diverse and inclusive workforce extends beyond race and ethnicity to include cultural and religious practices. If offices in the U.S. continue to mark Christian holidays such as Christmas and Easter, it’ s important to also consider the position of those with non-Christian religious beliefs. This, of course, is a complex…
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. 1. Ketanji Brown Jackson…
@ abbvie announces that Laura Schumacher, Vice Chairman, External Affairs, and Chief Legal Officer at AbbVie, has be… https: //t.co/NXtkzA4RSN March 30, 2022
In new research from @ PwC, 64% of next-generation ( NextGen) family-owned companies say their brand has the opport… https: //t.co/ZCyF3ty0ih March 30, 2022
Authenticity is encouraged in the # workplace given the benefits derived, including greater employee engagement and… https: //t.co/AzrhILUenA March 29, 2022
According to recent research by @ HarvardBiz, the difference in wages between # BIPOC workers and their counterparts… https: //t.co/tEkUpuwYoh March 27, 2022 | general |
Boeing Spotlights Connie So, Cambodian Refugee Who Sees Her Work in Space | Originally published at boeing.com. Boeing Company ranked No. 17 on The DiversityInc Top 50 Companies for Diversity list in 2021.
When Connie So sees launch coverage of Boeing satellites, the CST-100 Starliner or even footage of the International Space Station, she knows her hands have played a vital and meticulous role for more than 25 years in making the solar panels used on the flight hardware.
Inside the Spectrolab factory in Sylmar, California, she works on panel assembly from the start of the build until completion. Whether she’ s soldering, welding or connecting wires used on solar panels, she’ s had a major role in almost every program, including NASA’ s Mars Rover, NASA’ s Juno spacecraft that orbited Jupiter and Boeing satellite programs such as Wideband Global SATCOM ( WGS) and O3b mPOWER.
Spectrolab provides space solar products to the commercial satellite industry, the U.S. Department of Defense, NASA and global aerospace companies.
For the Starliner, Spectrolab, a wholly owned Boeing subsidiary, produces more than 3,500 solar cells for each spacecraft, powering Starliner to and from the International Space Station and while docked to the station for approximately six months at a time.
“ Every time I see something from Boeing fly into space, I tell my family I put my hand on there. I worked on that one, ” So said.
Most recently, she’ s has been working on solar panels for the Starliner and for O3B mPOWER satellites. The O3B mPOWER is an 11-satellite medium Earth orbit constellation that will allow telecommunications companies, mobile network operators, governments, enterprises, aircraft and ship operators and more to connect with their core network or extend cloud access worldwide.
“ I never get bored. Every day is different, ” she said. “ This way I learn how to do different things. It’ s good to have change. ”
She’ s a long way from a tumultuous childhood, having spent a few years separated from her parents at about 7 years old when the Khmer Rouge regime took over Cambodia.
The day the regime took her is vivid in her mind. She could see them coming over a bridge near her home and she ran inside to hide. Many children were removed from their parents during the war and placed in what So described as a compound. At times, she would run away to her parents’ home only to be forced to return.
In 1979, she and her parents and two siblings were able to flee to the Cambodian border and then to Thailand, where they lived in a refugee camp until 1985 — when she was 16. They were then welcomed into the United States.
After graduating high school and taking college courses for a few years, she began her first job — soldering parts together. She did that for about 10 years for a semiconductor company before joining Spectrolab in 1996 as a panel assembly technician.
“ I came from a very poor family. When we came here, we had nothing. I didn’ t know what I wanted to do for a living. I just wanted to survive, ” said So, who with her husband cares for her mother, who will be 101 years old in May.
Prominently displayed on a poster in the factory, she is a peer mentor to other technicians. She has also been featured in Spectrolab magazines as well as online and in social media and other publications.
“ This is my second home. We are just like family here, ” So said. “ Everybody is friendly. We have great engineers. Whenever I need help, I can get help. If other technicians need help, I help them. A lot of people I have worked with for years and years. ”
Marcos Castillo, panel operations manager, said So’ s knowledge across all areas of the panel build and a positive attitude are why her peers find it easy to approach her if they have any questions.
“ Connie has also been helping train our newer technicians, ” he said. “ She is currently working on a program which requires a delicate process and with no room for errors. She produces quality work and takes pride in everything she does. ”
So’ s message to others is to “ follow your dream. Do whatever type of work you’ d like to do, and don’ t let anybody stop you. ”
You’ ve probably heard of Autism Awareness Month, which has been celebrated every April since the Autism Society of America ( ASA) first observed it in 1970. But did you know the organization made the shift to Autism Acceptance Month in 2021? Facts About Autism Once referred to as Autism Spectrum Disorder, …
In early 2021, employment experts across the nation started to notice a troubling new trend: a growing number of workers were quitting their jobs en masse. As the months went on, the phenomenon — fueled by the ongoing COVID-19 pandemic — continued, with more and more workers resigning from jobs…
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. 1. How the World…
The Indianapolis Colts recently made news by creating a program to promote diverse coaches in the National Football League by earning fellowships on the Colts’ coaching staff. The Colts named the Tony Dungy Diversity Fellowship after the head coach who led the team to victory in Super Bowl LXI, making…
Originally published at pwc.com. PwC is a Hall of Fame company. Growth is the lifeblood of family business, essential to ensuring the business will continue to prosper for future generations. For the next generation of family business leaders, growth and sustainability go hand-in-hand. In new research from PwC, 65% …
Originally published at boeing.mediaroom.com. Boeing Company ranked No. 17 on The DiversityInc Top 50 Companies for Diversity list in 2021. The Invictus Games Foundation is pleased to welcome Boeing as Official Partner in a multi-year agreement supporting international wounded, injured and sick service personnel and veterans. Boeing is also announced…
A diverse and inclusive workforce extends beyond race and ethnicity to include cultural and religious practices. If offices in the U.S. continue to mark Christian holidays such as Christmas and Easter, it’ s important to also consider the position of those with non-Christian religious beliefs. This, of course, is a complex…
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. 1. Ketanji Brown Jackson…
Originally published at pressroom.toyota.com. Toyota Motor North America ranked No. 7 on The DiversityInc Top 50 Companies for Diversity list in 2021. As a little girl growing up in St. Louis, Missouri, Randi Price was always on the move. “ Oh yes, I always loved being mobile, ” says Price. “ When I…
Originally published on LinkedIn. Sanofi ranked No. 27 on The DiversityInc Top 50 Companies for Diversity list in 2021. To be recognized by the Healthcare Businesswomen’ s Association ( HBA) as a Luminary or Rising Star is to be among the best. These women are paving the way for others in the industry…
@ abbvie announces that Laura Schumacher, Vice Chairman, External Affairs, and Chief Legal Officer at AbbVie, has be… https: //t.co/NXtkzA4RSN March 30, 2022
In new research from @ PwC, 64% of next-generation ( NextGen) family-owned companies say their brand has the opport… https: //t.co/ZCyF3ty0ih March 30, 2022
Authenticity is encouraged in the # workplace given the benefits derived, including greater employee engagement and… https: //t.co/AzrhILUenA March 29, 2022
According to recent research by @ HarvardBiz, the difference in wages between # BIPOC workers and their counterparts… https: //t.co/tEkUpuwYoh March 27, 2022 | general |
Shocktherapie voor neoliberalen by Joseph E. Stiglitz | NEW YORK – De gevolgen van de Russische inval in Oekraïne hebben ons herinnerd aan de onvoorspelbare ontwrichtingen waarmee de wereldeconomie voortdurend te kampen heeft. Deze les is ons al vele malen geleerd. Niemand had de terreuraanslagen van 11 september 2001 kunnen voorspellen, en weinigen hebben de financiële crisis van 2008, de COVID-19-pandemie of de verkiezing van Donald Trump, die ertoe heeft geleid dat de Verenigde Staten zich in de richting van protectionisme en nationalisme hebben bewogen, voorzien. Zelfs degenen die deze crises wel voorzagen, konden niet met precisie zeggen wanneer ze zouden plaatsvinden.
Ieder van deze gebeurtenissen heeft enorme macro-economische gevolgen gehad. De pandemie vestigde onze aandacht op het gebrek aan veerkracht van onze schijnbaar robuuste economieën. Amerika, de supermacht, kon niet eens eenvoudige producten als mondkapjes en andere beschermende uitrusting produceren, laat staan meer geavanceerde artikelen als tests en beademingsapparatuur. De crisis heeft ons inzicht in de kwetsbaarheid van de economie versterkt en een van de lessen van de mondiale financiële crisis herhaald, toen het faillissement van slechts één bedrijf, Lehman Brothers, de bijna-instorting van het hele mondiale financiële systeem veroorzaakte.
Op dezelfde manier verergert de oorlog van de Russische president Vladimir Poetin in Oekraïne de toch al zorgwekkende stijging van de voedsel- en energieprijzen, met mogelijk ernstige gevolgen voor veel ontwikkelingslanden en opkomende markten, vooral die waarvan de schulden tijdens de pandemie de pan uit zijn gerezen. Ook Europa is bijzonder kwetsbaar door zijn afhankelijkheid van Russisch gas – een bron waarvan grote economieën zoals Duitsland zich niet snel of goedkoop kunnen losmaken. Velen maken zich terecht zorgen dat die afhankelijkheid de reactie op Ruslands flagrante acties tempert.
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Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, is a former chief economist of the World Bank ( 1997-2000), chair of the US President’ s Council of Economic Advisers, and co-chair of the High-Level Commission on Carbon Prices. He is a member of the Independent Commission for the Reform of International Corporate Taxation and was lead author of the 1995 IPCC Climate Assessment.
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Neoliberalism has a long history of failing to price externalities. Also, it has not been the panacea for developing and small economies. The argument for a new way of thinking in economic policy is not because of wars and pandemics, but because of global financial crises like 2008, the recent/current problems with supply chains, or the impending climate crisis. The recent supply chain problems are a good example of where profits were given precedence over resilience. For 20 years, businesses were rewarded for having the cheapest supply chain, and thanks to Just-In-Time inventory management, low inventory levels. No company would have found sufficient cumulative reward in being able to deliver goods seamlessly during the Covid pandemic while having endured a higher cost structure for two decades or more.The same risks sit in AI and other exponential technologies where the 'rules of the game ' can't be left to free markets as many of the issues faced are ethical in nature. How do we leave the ethical rules for self-driving vehicles to a company driven solely by a profit motive ( for example, how to respond when the vehicle needs to choose between two different versions of an accident with different consequences for the innocent victims)? While neoliberalism may have certain shortcomings, it does not mean a capitulation to socialism. Nor is there ever a one-size-fits-all solution. Stiglitz may be guilty of oversimplifying what needs to be done as if there can be one world order that applies everywhere, when in fact, there need to be nuances throughout the world. Also, one needs to consider the cost of such systems. Building resilience comes at a cost, ultimately to the consumer and/or taxpayer, so we need to be very careful about what is recommended.
RE: “ Does each country simply accept [ security ] risks as part of the price we face for a more efficient global economy? Some folks need to start recognizing just what an efficiency, and time study in-the-real really is. Some folks need to start recognizing just what happens when anyone walks into a `` control room '', especially from the 1940's. Suggest a re-enactment sometime to some up-and-coming grad-student for an experiential study. Oh, and don't forget aggregating, selecting and sorting the paying audiences on a slowly timed digesting schedule of sequential events. Yup, watch those risk factors play out, that no one initially planned for, and especially did not even consider in advance. Who's got who's back?
Well in reality what the policy makers have been doing is primarily playing games with other people's work efforts, lives, and of course media/monies. Unless the folks in the EU and the UK really quit colluding with corruption of in reality real trade systems globally, nothing will change, and only progress to worst levels, as the disintegration processes continue. The effects to real societies are obviously a bit unexpected based on modeling projections. Or the effects were quite expected, not publicized, and of course the few really in-the-know have really been quite prepared, as usual. Isn't that how the real game goes right to the bitter end? RE: '' Neoliberalism has failed yet another test and must finally be replaced by a new economic vision based on new values. '' Actually what needs to happen is a modification of approaches, strategies and mile-stones to re-implement back to systems based on reasonable integrity of action, task assignments, and especially by the top players directing any of the shows for the global public to digest on a more appropriate and immediately and timely basis. That means real access points need to change to start from the ground up rather than the top down. That approach is much different than grinding everything down to bits of ash/secrecy, especially as exemplified by any more dead bodies. Zelensky will need to prove in court, with photos, and accountable names as to any missing human beings, and how they are now missing, why they are now missing, and if they can ever come back in what is normally viewed as a real lifetime of a real human being in the same and present body as listed on any relevant documentation.All the real gang members will need to prove that their wealth was not sourced from money laundering, regardless of the source of any of the dirty laundry. The game will continue through the global court systems, or euphemistically speaking, what will be left of any court systems, including any concepts of justice and lawful behavior, at all.
Yes there is a challenge to distinguish rank protectionism from legitimate response to security of supply chains, since a new predatory mercantilism with innovative tools like sanctions and ESG prohibitions is running amok, crusading on the hype of Ukraine conflict. The underlying fear is the rise of the BRICS in open markets. With the case of Russian gas consumption in EU, the trade should remain open and new pipeline finished in order to support the build out of fission capacity across EU ( including with Russian reactors). In this case global dependence is a restraint on the destabilizing non policy of flashing EU integration to the Black Sea and Balkans without the economic capacity to implement it. German investment in Poland is fantastic and the real EU east border is best established at Poland and Romania. Implement the Minsk Accord and stop destabilizing supply chain and inflating economy -- or pay the price. The latter is isolating the west, the 40 nations that did not vote for Russia sanctions represent the majority of the world population. Partition of world commerce and science hopefully becomes hard to implement -- or if we are not lucky we 'll end up with results like followed Smoot Hawley.
Legitimacy and appropriateness of changes to root systemic approaches are a critical problem. Your brief synopsis hits a good number of key factors, for subsequent interpretations by the interpreters. It '' ll get increasingly more interesting, as there is not much focus, at least publicly, on real rational approaches to any credible solutions. Killing heightens the traumatic effects to block any kinds of movements in general.
A single system has winners and losers, based on initial conditions. Not to mention politically motivated misappropriations.China brought 800 million plus out of poverty using a dual pricing system. Prof. Stiglitz has lectured on this.Rich countries, luxury markets and major currencies for example can be driven by neoliberal practices whilesouth to south trade ought to be more development oriented. trade between rich and poor nations can not be controlled only by G20 just as Climate Change can not be governed by only those who have the wealth to install adaption measures while providing lipservice to adopting new technology and behaviour. Although in case of Climate Change “ we all go down together ”
“ Without a price on carbon, there will be too much pollution, too much fossil-fuel use, and too little green investment and innovation. But pricing risk is far more difficult than pricing carbon. And while other options – industrial policies and regulations – can move an economy in the right direction... ” In my view economists, even those of Stiglitz’ s integrity, pay too little attention to the conventional tax scheme we have known all our lives. Quite conceivably the greatest threat to civilization now inheres in a fiscal culture that conveys wealth in considerable amounts, on occasion obscene amounts, upward to the modern aristocracy. The aristocracy in question is one that would appear to think little about such things as carbon dioxide, while a more severe tax on gasoline would deter them very little. They could handle it.What is required is a tax regime under which no tax were other than progressive. The rich diversity of regressive taxes that so much impede the upward mobility of the less fortunate would be gone, along with top rates of income tax, these latter representing vast privilege for the aristocracy. Thoroughly progressive taxation would reduce superfluous consumption and encourage a moderate, not unpleasurable asceticism. Whatever the philosophy of the individual, a great many of us would drive less, and produce less carbon dioxide on the highways, if the overall price of gasoline were progressive over a fiscal period ( which would be a simple matter in today’ s electronic world). Similarly for the disease of consumerism in general. Such a state of affairs is one of the things that could be brought about, that would contribute to a serious undertaking among governments to preserve civilization, and that will not happen.
Overall I agree nations need resilience, etc. However, I can not help but think one key flaw in the reasoning here appears to be the climate issue Stiglitz raises. He accepts that a worldwide temperature rise of a degree or two by century's end is an actual problem to be dealt with now. How else to make sense of this erroneous statement of his? `` Does Europe simply say that if Russia is the cheapest provider of gas, then we should buy from Russia regardless of the implications for its security…? '' The cheapness of Russia's gas has nothing to do with why Germany became dependent on it. Germany did that because of its insane commitment to the environmental left's desire to massively overdevelop wind and solar while also shutting down nuclear ( the only reliably non-carbon polluting energy source). That commitment in turn was based on German enviros ' prissy need to have carbon clean hands at home while buying dirtier gas from Russia to make up for the failure of its carbon clean policies at home. All to `` price '' themselves into dependency on the basis of shoddy science that has yet to actually predict anything accurately about the world's long-term climate trends.
There is much misunderstanding of the carbon cycle on the planet earth.The gas pipelines from Russia are actually quite cost effective, and reasonable, and an appropriate channeling of natural resources to be utilized appropriately to urban populations within the European continent. The problem is who is going to play gatekeeper and where, and of course when and how. The big question is what should be the real gatekeeper?
It is nothing new to exploit crises. That is partly why interested parties always try to frame crises in a way that confirms their beliefs or dogma. The author, who once acknowledged the value of free trade apparently has become more of a political writer than an economic one. Protectionists are clearly attempting to use the Covid-pandemic and Russia ‘ s invasion of Ukraine to justify their irrational and inefficient ideas which favor vested domestic interests. Depoliticizing markets and international economic interactions has been a profitable precondition for higher average growth rates, poverty reduction, reduced global inequality, increased innovation, lower prices for goods & services, higher productivity and business efficiency. Industrial polices, subsidies and trade/investment barriers are not the proper response to this crisis. Germany ‘ s ( and Europe ‘ s) extensive trade relationship with Russia makes sanctions more painful and thus create more leverage. The European energy market liberalization led to decades of lower electricity prices through increased competition. One hiccup is not undermining the logic behind market competition and consumer welfare. The developers of the vital vaccines and PPE are private. Their business success based on demand/supply and private research saved millions of lives globally. To distort their incentive structure would be foolish and short-sighted since another pandemic is certainly conceivable. High debts and large structural deficits accompanied by rising interest rates as well as inflation, tight labour markets ( in the US) and slowing growth will rather brighten the outlook for a revitalization of neoliberal policies. Spending cuts will be required as well as immigration reform, more flexible labour markets, deregulation, trade liberalization & global economic integration.
Using money is rooted in the process of exploitation. The limits to the exploitation are based on civil and criminal laws. Right now there are no limits, because the people and the systems are actively working to corrupt what systems did and have existed from the past. The new systems are not being implemented correctly, and especially NOT effectively in real time, or imaginary time frames based on modeling projections of certain algorithms.
Good points! Additionally the pharma development process resulted in imbalance of vaccine distribution. Despite the fact that new vaccine basic science was all developed by government funding, no royalties or modified distribution concessions are required of the 'last mile ' entrepreneurs that finalize commercialization. Some structure of exchange between basic research and final commercialization would seem beneficial to stabilize and expand the former and more widely distribute the latter.
Your comments are absolutely correct. Many academics have never worked in free enterprise, which effectively makes them arm-chair-experts. As a maths/physics teacher ( academic) turned hotel/restaurant self-managed owner-operator ( in Australia) I would argue that Stiglitz would have thrown in the towel after the first fight with drunk customers, or after the armed robbery ( with injuries). He would never have won the award for Best 4-Star Hotel after 10 years in business. The risks you take in business, financially and physically have to be rewarded and that only functions with Neoliberalism. Why are most 4 and 5-star hotels in High-taxing Socialist Europe substandard to those in the US and Asia, yet they charge higher rates? Perhaps Stiglitz can explain? Spend one night in low-taxing Singapore and then in Frankfurt or Hamburg. And I would argument that, contrary to propaganda, the healthcare system in Europe is NOT better, having just experienced a litany of mistakes made over 5 years in relation to my late mother’ s treatment in hospitals and in old-age-care in Austria ( which for those who can afford it in Germany and Austria, is done almost solely at home by hundreds of thousands of underpaid poorly trained „ self-employed, self-insured “ Romanian 24h-workers who earn just $ 60/day). What works very well in Europe is government propaganda. Up until 2020 doctors and hospitals only communicate by fax, not email, due to strict privacy policies ( and no Freedom of Information). That alone is Stone-age stuff, and with Corona was exposed as totally inadequate. People like Stiglitz are misguided prophets. Don’ t get me started!
At least two important events in the recent past have rendered neoliberalism unworkable as a dominant ideology guiding the economic policies of a country -- -- -- the North Atlantic ( or Global, if you like) Economic Crisis of 2007-2009, and the downfall of Hong Kong ( perhaps the final bastion of laissez-faire economics in our world) in recent years. -- -Still, so many people in the world are still acting as if nothing had happened, and continue to admire the western advanced economic societies which refuse to change their traditional neoliberal economic ideology, and the US has still been able to incessantly impose Colour Revolutions in so many developing countries after 2009. -- -This anachronistic problem can only be solved by one strategy -- -- -- keep educating the mass laypeople in the streets around the world and convincing them what really works economically and what doesn't. -- -
How can Stiglitz possibly be blaming Neoliberalism for the war in Europe, when Capitalist America has been warning Socialist Europe for years about doing business with Putin? Merkel was pandering to the Left and pandering to Russia, against all advice. You don’ t believe Europeans are socialists? In Germany, total hours worked per year by a full time worker is now only 1350, half that of Asians, because taxes are so high that young people could not be bothered working longer or harder. If you need a tradesman, the firm he works for will change you €70/hr, then after taxes and levies, the worker earns net about €15, the firm will net €20. There’ s a 20% VAT on all materials. Europe is a dinosaur. Socialism has failed, NOT Neoliberalism.
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Faced with populist demagogues, the judiciary often must choose between bending the knee or defiantly asserting the supremacy of fundamental legal norms. Ketanji Brown Jackson took the latter route in her recent Supreme Court confirmation hearing; but she will now join an institution that has come to be regarded as political through and through.
While the terrible human and physical cost of Russia’ s invasion of Ukraine is understandably the focus of political attention, the fight against global warming risks becoming another casualty of the war. What can policymakers do to prevent 2022 from being a lost year for climate action?
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Thérapie de choc pour les néolibéraux by Joseph E. Stiglitz | NEW YORK – Les retombées de l'invasion de l'Ukraine par la Russie nous ont rappelé les perturbations imprévisibles auxquelles l'économie mondiale est constamment confrontée. Cette leçon nous a été enseignée à maintes reprises. Personnen'aurait pu prévoir les attentats terroristes du 11 septembre 2001, et peu ont anticipé la crise financière de 2008, la pandémie de COVID-19, ou encore l'élection de Donald Trump, qui a fait basculer les États-Unis dans le protectionnisme et le nationalisme. Même ceux qui avaient prédit ces crisesn'auraient pu dire avec précision quand elles se produiraient.
Chacun de ces événements a eu d'énormes conséquences macroéconomiques. La pandémie a attiré notre attention sur le manque de résilience de nos économies apparemment robustes. L'Amérique, la superpuissance, ne pouvait même pas produire des produits simples comme des masques et autres équipements de protection, et encore moins des articles plus sophistiqués comme des tests et des ventilateurs. La crise a renforcé notre compréhension de la fragilité de notre économie, reprenant l'une des leçons de la crise financière mondiale, lorsque la faillite d'une seule entreprise, Lehman Brothers, a déclenché le quasi effondrement de l'ensemble du système financier mondial.
De même, la guerre menée par le président russe Vladimir Poutine en Ukraine aggrave une hausse déjà inquiétante des prix des denrées alimentaires et de l'énergie, avec des ramifications potentiellement graves pour de nombreux pays en développement et marchés émergents, en particulier ceux dont la dette a explosé pendant la pandémie. L'Europe est elle aussi très vulnérable, en raison de sa dépendance à l'égard du gaz russe, une ressource dont des économies majeures comme l'Allemagne ne peuvent se passer rapidement sans accepter des coûts importants. Nombreux sont ceux qui s'inquiètent, à juste titre, du fait que cette dépendance affaiblit les sanctions face aux exactions flagrantes de la Russie.
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Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, is a former chief economist of the World Bank ( 1997-2000), chair of the US President’ s Council of Economic Advisers, and co-chair of the High-Level Commission on Carbon Prices. He is a member of the Independent Commission for the Reform of International Corporate Taxation and was lead author of the 1995 IPCC Climate Assessment.
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Neoliberalism has a long history of failing to price externalities. Also, it has not been the panacea for developing and small economies. The argument for a new way of thinking in economic policy is not because of wars and pandemics, but because of global financial crises like 2008, the recent/current problems with supply chains, or the impending climate crisis. The recent supply chain problems are a good example of where profits were given precedence over resilience. For 20 years, businesses were rewarded for having the cheapest supply chain, and thanks to Just-In-Time inventory management, low inventory levels. No company would have found sufficient cumulative reward in being able to deliver goods seamlessly during the Covid pandemic while having endured a higher cost structure for two decades or more.The same risks sit in AI and other exponential technologies where the 'rules of the game ' can't be left to free markets as many of the issues faced are ethical in nature. How do we leave the ethical rules for self-driving vehicles to a company driven solely by a profit motive ( for example, how to respond when the vehicle needs to choose between two different versions of an accident with different consequences for the innocent victims)? While neoliberalism may have certain shortcomings, it does not mean a capitulation to socialism. Nor is there ever a one-size-fits-all solution. Stiglitz may be guilty of oversimplifying what needs to be done as if there can be one world order that applies everywhere, when in fact, there need to be nuances throughout the world. Also, one needs to consider the cost of such systems. Building resilience comes at a cost, ultimately to the consumer and/or taxpayer, so we need to be very careful about what is recommended.
RE: “ Does each country simply accept [ security ] risks as part of the price we face for a more efficient global economy? Some folks need to start recognizing just what an efficiency, and time study in-the-real really is. Some folks need to start recognizing just what happens when anyone walks into a `` control room '', especially from the 1940's. Suggest a re-enactment sometime to some up-and-coming grad-student for an experiential study. Oh, and don't forget aggregating, selecting and sorting the paying audiences on a slowly timed digesting schedule of sequential events. Yup, watch those risk factors play out, that no one initially planned for, and especially did not even consider in advance. Who's got who's back?
Well in reality what the policy makers have been doing is primarily playing games with other people's work efforts, lives, and of course media/monies. Unless the folks in the EU and the UK really quit colluding with corruption of in reality real trade systems globally, nothing will change, and only progress to worst levels, as the disintegration processes continue. The effects to real societies are obviously a bit unexpected based on modeling projections. Or the effects were quite expected, not publicized, and of course the few really in-the-know have really been quite prepared, as usual. Isn't that how the real game goes right to the bitter end? RE: '' Neoliberalism has failed yet another test and must finally be replaced by a new economic vision based on new values. '' Actually what needs to happen is a modification of approaches, strategies and mile-stones to re-implement back to systems based on reasonable integrity of action, task assignments, and especially by the top players directing any of the shows for the global public to digest on a more appropriate and immediately and timely basis. That means real access points need to change to start from the ground up rather than the top down. That approach is much different than grinding everything down to bits of ash/secrecy, especially as exemplified by any more dead bodies. Zelensky will need to prove in court, with photos, and accountable names as to any missing human beings, and how they are now missing, why they are now missing, and if they can ever come back in what is normally viewed as a real lifetime of a real human being in the same and present body as listed on any relevant documentation.All the real gang members will need to prove that their wealth was not sourced from money laundering, regardless of the source of any of the dirty laundry. The game will continue through the global court systems, or euphemistically speaking, what will be left of any court systems, including any concepts of justice and lawful behavior, at all.
Yes there is a challenge to distinguish rank protectionism from legitimate response to security of supply chains, since a new predatory mercantilism with innovative tools like sanctions and ESG prohibitions is running amok, crusading on the hype of Ukraine conflict. The underlying fear is the rise of the BRICS in open markets. With the case of Russian gas consumption in EU, the trade should remain open and new pipeline finished in order to support the build out of fission capacity across EU ( including with Russian reactors). In this case global dependence is a restraint on the destabilizing non policy of flashing EU integration to the Black Sea and Balkans without the economic capacity to implement it. German investment in Poland is fantastic and the real EU east border is best established at Poland and Romania. Implement the Minsk Accord and stop destabilizing supply chain and inflating economy -- or pay the price. The latter is isolating the west, the 40 nations that did not vote for Russia sanctions represent the majority of the world population. Partition of world commerce and science hopefully becomes hard to implement -- or if we are not lucky we 'll end up with results like followed Smoot Hawley.
Legitimacy and appropriateness of changes to root systemic approaches are a critical problem. Your brief synopsis hits a good number of key factors, for subsequent interpretations by the interpreters. It '' ll get increasingly more interesting, as there is not much focus, at least publicly, on real rational approaches to any credible solutions. Killing heightens the traumatic effects to block any kinds of movements in general.
A single system has winners and losers, based on initial conditions. Not to mention politically motivated misappropriations.China brought 800 million plus out of poverty using a dual pricing system. Prof. Stiglitz has lectured on this.Rich countries, luxury markets and major currencies for example can be driven by neoliberal practices whilesouth to south trade ought to be more development oriented. trade between rich and poor nations can not be controlled only by G20 just as Climate Change can not be governed by only those who have the wealth to install adaption measures while providing lipservice to adopting new technology and behaviour. Although in case of Climate Change “ we all go down together ”
“ Without a price on carbon, there will be too much pollution, too much fossil-fuel use, and too little green investment and innovation. But pricing risk is far more difficult than pricing carbon. And while other options – industrial policies and regulations – can move an economy in the right direction... ” In my view economists, even those of Stiglitz’ s integrity, pay too little attention to the conventional tax scheme we have known all our lives. Quite conceivably the greatest threat to civilization now inheres in a fiscal culture that conveys wealth in considerable amounts, on occasion obscene amounts, upward to the modern aristocracy. The aristocracy in question is one that would appear to think little about such things as carbon dioxide, while a more severe tax on gasoline would deter them very little. They could handle it.What is required is a tax regime under which no tax were other than progressive. The rich diversity of regressive taxes that so much impede the upward mobility of the less fortunate would be gone, along with top rates of income tax, these latter representing vast privilege for the aristocracy. Thoroughly progressive taxation would reduce superfluous consumption and encourage a moderate, not unpleasurable asceticism. Whatever the philosophy of the individual, a great many of us would drive less, and produce less carbon dioxide on the highways, if the overall price of gasoline were progressive over a fiscal period ( which would be a simple matter in today’ s electronic world). Similarly for the disease of consumerism in general. Such a state of affairs is one of the things that could be brought about, that would contribute to a serious undertaking among governments to preserve civilization, and that will not happen.
Overall I agree nations need resilience, etc. However, I can not help but think one key flaw in the reasoning here appears to be the climate issue Stiglitz raises. He accepts that a worldwide temperature rise of a degree or two by century's end is an actual problem to be dealt with now. How else to make sense of this erroneous statement of his? `` Does Europe simply say that if Russia is the cheapest provider of gas, then we should buy from Russia regardless of the implications for its security…? '' The cheapness of Russia's gas has nothing to do with why Germany became dependent on it. Germany did that because of its insane commitment to the environmental left's desire to massively overdevelop wind and solar while also shutting down nuclear ( the only reliably non-carbon polluting energy source). That commitment in turn was based on German enviros ' prissy need to have carbon clean hands at home while buying dirtier gas from Russia to make up for the failure of its carbon clean policies at home. All to `` price '' themselves into dependency on the basis of shoddy science that has yet to actually predict anything accurately about the world's long-term climate trends.
There is much misunderstanding of the carbon cycle on the planet earth.The gas pipelines from Russia are actually quite cost effective, and reasonable, and an appropriate channeling of natural resources to be utilized appropriately to urban populations within the European continent. The problem is who is going to play gatekeeper and where, and of course when and how. The big question is what should be the real gatekeeper?
It is nothing new to exploit crises. That is partly why interested parties always try to frame crises in a way that confirms their beliefs or dogma. The author, who once acknowledged the value of free trade apparently has become more of a political writer than an economic one. Protectionists are clearly attempting to use the Covid-pandemic and Russia ‘ s invasion of Ukraine to justify their irrational and inefficient ideas which favor vested domestic interests. Depoliticizing markets and international economic interactions has been a profitable precondition for higher average growth rates, poverty reduction, reduced global inequality, increased innovation, lower prices for goods & services, higher productivity and business efficiency. Industrial polices, subsidies and trade/investment barriers are not the proper response to this crisis. Germany ‘ s ( and Europe ‘ s) extensive trade relationship with Russia makes sanctions more painful and thus create more leverage. The European energy market liberalization led to decades of lower electricity prices through increased competition. One hiccup is not undermining the logic behind market competition and consumer welfare. The developers of the vital vaccines and PPE are private. Their business success based on demand/supply and private research saved millions of lives globally. To distort their incentive structure would be foolish and short-sighted since another pandemic is certainly conceivable. High debts and large structural deficits accompanied by rising interest rates as well as inflation, tight labour markets ( in the US) and slowing growth will rather brighten the outlook for a revitalization of neoliberal policies. Spending cuts will be required as well as immigration reform, more flexible labour markets, deregulation, trade liberalization & global economic integration.
Using money is rooted in the process of exploitation. The limits to the exploitation are based on civil and criminal laws. Right now there are no limits, because the people and the systems are actively working to corrupt what systems did and have existed from the past. The new systems are not being implemented correctly, and especially NOT effectively in real time, or imaginary time frames based on modeling projections of certain algorithms.
Good points! Additionally the pharma development process resulted in imbalance of vaccine distribution. Despite the fact that new vaccine basic science was all developed by government funding, no royalties or modified distribution concessions are required of the 'last mile ' entrepreneurs that finalize commercialization. Some structure of exchange between basic research and final commercialization would seem beneficial to stabilize and expand the former and more widely distribute the latter.
Your comments are absolutely correct. Many academics have never worked in free enterprise, which effectively makes them arm-chair-experts. As a maths/physics teacher ( academic) turned hotel/restaurant self-managed owner-operator ( in Australia) I would argue that Stiglitz would have thrown in the towel after the first fight with drunk customers, or after the armed robbery ( with injuries). He would never have won the award for Best 4-Star Hotel after 10 years in business. The risks you take in business, financially and physically have to be rewarded and that only functions with Neoliberalism. Why are most 4 and 5-star hotels in High-taxing Socialist Europe substandard to those in the US and Asia, yet they charge higher rates? Perhaps Stiglitz can explain? Spend one night in low-taxing Singapore and then in Frankfurt or Hamburg. And I would argument that, contrary to propaganda, the healthcare system in Europe is NOT better, having just experienced a litany of mistakes made over 5 years in relation to my late mother’ s treatment in hospitals and in old-age-care in Austria ( which for those who can afford it in Germany and Austria, is done almost solely at home by hundreds of thousands of underpaid poorly trained „ self-employed, self-insured “ Romanian 24h-workers who earn just $ 60/day). What works very well in Europe is government propaganda. Up until 2020 doctors and hospitals only communicate by fax, not email, due to strict privacy policies ( and no Freedom of Information). That alone is Stone-age stuff, and with Corona was exposed as totally inadequate. People like Stiglitz are misguided prophets. Don’ t get me started!
At least two important events in the recent past have rendered neoliberalism unworkable as a dominant ideology guiding the economic policies of a country -- -- -- the North Atlantic ( or Global, if you like) Economic Crisis of 2007-2009, and the downfall of Hong Kong ( perhaps the final bastion of laissez-faire economics in our world) in recent years. -- -Still, so many people in the world are still acting as if nothing had happened, and continue to admire the western advanced economic societies which refuse to change their traditional neoliberal economic ideology, and the US has still been able to incessantly impose Colour Revolutions in so many developing countries after 2009. -- -This anachronistic problem can only be solved by one strategy -- -- -- keep educating the mass laypeople in the streets around the world and convincing them what really works economically and what doesn't. -- -
How can Stiglitz possibly be blaming Neoliberalism for the war in Europe, when Capitalist America has been warning Socialist Europe for years about doing business with Putin? Merkel was pandering to the Left and pandering to Russia, against all advice. You don’ t believe Europeans are socialists? In Germany, total hours worked per year by a full time worker is now only 1350, half that of Asians, because taxes are so high that young people could not be bothered working longer or harder. If you need a tradesman, the firm he works for will change you €70/hr, then after taxes and levies, the worker earns net about €15, the firm will net €20. There’ s a 20% VAT on all materials. Europe is a dinosaur. Socialism has failed, NOT Neoliberalism.
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Faced with populist demagogues, the judiciary often must choose between bending the knee or defiantly asserting the supremacy of fundamental legal norms. Ketanji Brown Jackson took the latter route in her recent Supreme Court confirmation hearing; but she will now join an institution that has come to be regarded as political through and through.
While the terrible human and physical cost of Russia’ s invasion of Ukraine is understandably the focus of political attention, the fight against global warming risks becoming another casualty of the war. What can policymakers do to prevent 2022 from being a lost year for climate action?
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Fixing Our Failing Food Systems by Ndidi Okonkwo Nwuneli & Oliver Camp | Current patterns of food production and consumption are driving the collapse of the ecosystems upon which humanity depends. But building a more sustainable food system is possible, and requires only the political will to act now.
LAGOS – Food prices are surging to record highs in many countries, driven by factors including climate change, violent conflict, the COVID-19 pandemic, and supply-chain disruptions. This perfect storm has exposed the inefficiencies and flaws of global food systems, leading some to warn of a looming food crisis.
Last September, a United Nations summit brought together key actors in food and agriculture and produced new national and international commitments to improve food systems for people and the planet. The summit’ s five Action Tracks identified powerful solutions to end hunger and malnutrition, and to ensure environmental sustainability throughout food value chains. Governments and businesses had an ideal opportunity – shortly before the UN Climate Change Conference ( COP26) in Glasgow in November – to act decisively to transform food systems.
That opportunity has not been realized. But with time running out in the critical UN Decade of Action on Nutrition from 2016 to 2025, we must measure progress in months, not years – and COP26 largely relegated food systems to the sidelines. In UN climate negotiations, coal, cars, trees, cement, and steel – and cash – continue to capture political and media attention, while the urgent need to change the way we produce and consume food is generally overlooked.
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Writing for PS since 2018 2 Commentaries
Ndidi Okonkwo Nwuneli is Co-Founder of Sahel Consulting Agriculture & Nutrition and an ambassador to the Food and Land Use Coalition.
Writing for PS since 2022 1 Commentary
Oliver Camp is a senior associate at the Global Alliance for Improved Nutrition.
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Like previous disruptions to the global economy, Russia’ s war in Ukraine has highlighted the fallacy of relying on markets alone to mitigate risks and strengthen countries’ resilience. Neoliberalism has failed yet another test and must finally be replaced by a new economic vision based on new values.
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Shock Therapy for Neoliberals by Joseph E. Stiglitz | Like previous disruptions to the global economy, Russia’ s war in Ukraine has highlighted the fallacy of relying on markets alone to mitigate risks and strengthen countries’ resilience. Neoliberalism has failed yet another test and must finally be replaced by a new economic vision based on new values.
NEW YORK – The fallout from Russia’ s invasion of Ukraine has reminded us of the unforeseeable disruptions constantly confronting the global economy. We have been taught this lesson many times. No one could have predicted the September 11, 2001, terrorist attacks, and few anticipated the 2008 financial crisis, the COVID-19 pandemic, or Donald Trump’ s election, which resulted in the United States turning toward protectionism and nationalism. Even those who did anticipate these crises could not have said with any precision when they would occur.
Each of these events has had enormous macroeconomic consequences. The pandemic called our attention to our seemingly robust economies’ lack of resilience. America, the superpower, could not even produce simple products like masks and other protective gear, let alone more sophisticated items like tests and ventilators. The crisis reinforced our understanding of economic fragility, reprising one of the lessons of the global financial crisis, when the bankruptcy of just one firm, Lehman Brothers, triggered the near-collapse of the entire global financial system.
Similarly, Russian President Vladimir Putin’ s war in Ukraine is aggravating an already-worrisome increase in food and energy prices, with potentially severe ramifications for many developing countries and emerging markets, especially those whose debts have soared during the pandemic. Europe, too, is acutely vulnerable, owing to its reliance on Russian gas – a resource from which major economies like Germany can not quickly or inexpensively wean themselves. Many are rightly worried that such dependence is tempering the response to Russia’ s egregious actions.
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Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, is a former chief economist of the World Bank ( 1997-2000), chair of the US President’ s Council of Economic Advisers, and co-chair of the High-Level Commission on Carbon Prices. He is a member of the Independent Commission for the Reform of International Corporate Taxation and was lead author of the 1995 IPCC Climate Assessment.
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RE: “ Does each country simply accept [ security ] risks as part of the price we face for a more efficient global economy? Some folks need to start recognizing just what an efficiency, and time study in-the-real really is. Some folks need to start recognizing just what happens when anyone walks into a `` control room '', especially from the 1940's. Suggest a re-enactment sometime to some up-and-coming grad-student for an experiential study. Oh, and don't forget aggregating, selecting and sorting the paying audiences on a slowly timed digesting schedule of sequential events. Yup, watch those risk factors play out, that no one initially planned for, and especially did not even consider in advance. Who's got who's back?
Well in reality what the policy makers have been doing is primarily playing games with other people's work efforts, lives, and of course media/monies. Unless the folks in the EU and the UK really quit colluding with corruption of in reality real trade systems globally, nothing will change, and only progress to worst levels, as the disintegration processes continue. The effects to real societies are obviously a bit unexpected based on modeling projections. Or the effects were quite expected, not publicized, and of course the few really in-the-know have really been quite prepared, as usual. Isn't that how the real game goes right to the bitter end? RE: '' Neoliberalism has failed yet another test and must finally be replaced by a new economic vision based on new values. '' Actually what needs to happen is a modification of approaches, strategies and mile-stones to re-implement back to systems based on reasonable integrity of action, task assignments, and especially by the top players directing any of the shows for the global public to digest on a more appropriate and immediately and timely basis. That means real access points need to change to start from the ground up rather than the top down. That approach is much different than grinding everything down to bits of ash/secrecy, especially as exemplified by any more dead bodies. Zelensky will need to prove in court, with photos, and accountable names as to any missing human beings, and how they are now missing, why they are now missing, and if they can ever come back in what is normally viewed as a real lifetime of a real human being in the same and present body as listed on any relevant documentation.All the real gang members will need to prove that their wealth was not sourced from money laundering, regardless of the source of any of the dirty laundry. The game will continue through the global court systems, or euphemistically speaking, what will be left of any court systems, including any concepts of justice and lawful behavior, at all.
Yes there is a challenge to distinguish rank protectionism from legitimate response to security of supply chains, since a new predatory mercantilism with innovative tools like sanctions and ESG prohibitions is running amok, crusading on the hype of Ukraine conflict. The underlying fear is the rise of the BRICS in open markets. With the case of Russian gas consumption in EU, the trade should remain open and new pipeline finished in order to support the build out of fission capacity across EU ( including with Russian reactors). In this case global dependence is a restraint on the destabilizing non policy of flashing EU integration to the Black Sea and Balkans without the economic capacity to implement it. German investment in Poland is fantastic and the real EU east border is best established at Poland and Romania. Implement the Minsk Accord and stop destabilizing supply chain and inflating economy -- or pay the price. The latter is isolating the west, the 40 nations that did not vote for Russia sanctions represent the majority of the world population. Partition of world commerce and science hopefully becomes hard to implement -- or if we are not lucky we 'll end up with results like followed Smoot Hawley.
Legitimacy and appropriateness of changes to root systemic approaches are a critical problem. Your brief synopsis hits a good number of key factors, for subsequent interpretations by the interpreters. It '' ll get increasingly more interesting, as there is not much focus, at least publicly, on real rational approaches to any credible solutions. Killing heightens the traumatic effects to block any kinds of movements in general.
A single system has winners and losers, based on initial conditions. Not to mention politically motivated misappropriations.China brought 800 million plus out of poverty using a dual pricing system. Prof. Stiglitz has lectured on this.Rich countries, luxury markets and major currencies for example can be driven by neoliberal practices whilesouth to south trade ought to be more development oriented. trade between rich and poor nations can not be controlled only by G20 just as Climate Change can not be governed by only those who have the wealth to install adaption measures while providing lipservice to adopting new technology and behaviour. Although in case of Climate Change “ we all go down together ”
“ Without a price on carbon, there will be too much pollution, too much fossil-fuel use, and too little green investment and innovation. But pricing risk is far more difficult than pricing carbon. And while other options – industrial policies and regulations – can move an economy in the right direction... ” In my view economists, even those of Stiglitz’ s integrity, pay too little attention to the conventional tax scheme we have known all our lives. Quite conceivably the greatest threat to civilization now inheres in a fiscal culture that conveys wealth in considerable amounts, on occasion obscene amounts, upward to the modern aristocracy. The aristocracy in question is one that would appear to think little about such things as carbon dioxide, while a more severe tax on gasoline would deter them very little. They could handle it.What is required is a tax regime under which no tax were other than progressive. The rich diversity of regressive taxes that so much impede the upward mobility of the less fortunate would be gone, along with top rates of income tax, these latter representing vast privilege for the aristocracy. Thoroughly progressive taxation would reduce superfluous consumption and encourage a moderate, not unpleasurable asceticism. Whatever the philosophy of the individual, a great many of us would drive less, and produce less carbon dioxide on the highways, if the overall price of gasoline were progressive over a fiscal period ( which would be a simple matter in today’ s electronic world). Similarly for the disease of consumerism in general. Such a state of affairs is one of the things that could be brought about, that would contribute to a serious undertaking among governments to preserve civilization, and that will not happen.
Overall I agree nations need resilience, etc. However, I can not help but think one key flaw in the reasoning here appears to be the climate issue Stiglitz raises. He accepts that a worldwide temperature rise of a degree or two by century's end is an actual problem to be dealt with now. How else to make sense of this erroneous statement of his? `` Does Europe simply say that if Russia is the cheapest provider of gas, then we should buy from Russia regardless of the implications for its security…? '' The cheapness of Russia's gas has nothing to do with why Germany became dependent on it. Germany did that because of its insane commitment to the environmental left's desire to massively overdevelop wind and solar while also shutting down nuclear ( the only reliably non-carbon polluting energy source). That commitment in turn was based on German enviros ' prissy need to have carbon clean hands at home while buying dirtier gas from Russia to make up for the failure of its carbon clean policies at home. All to `` price '' themselves into dependency on the basis of shoddy science that has yet to actually predict anything accurately about the world's long-term climate trends.
There is much misunderstanding of the carbon cycle on the planet earth.The gas pipelines from Russia are actually quite cost effective, and reasonable, and an appropriate channeling of natural resources to be utilized appropriately to urban populations within the European continent. The problem is who is going to play gatekeeper and where, and of course when and how. The big question is what should be the real gatekeeper?
It is nothing new to exploit crises. That is partly why interested parties always try to frame crises in a way that confirms their beliefs or dogma. The author, who once acknowledged the value of free trade apparently has become more of a political writer than an economic one. Protectionists are clearly attempting to use the Covid-pandemic and Russia ‘ s invasion of Ukraine to justify their irrational and inefficient ideas which favor vested domestic interests. Depoliticizing markets and international economic interactions has been a profitable precondition for higher average growth rates, poverty reduction, reduced global inequality, increased innovation, lower prices for goods & services, higher productivity and business efficiency. Industrial polices, subsidies and trade/investment barriers are not the proper response to this crisis. Germany ‘ s ( and Europe ‘ s) extensive trade relationship with Russia makes sanctions more painful and thus create more leverage. The European energy market liberalization led to decades of lower electricity prices through increased competition. One hiccup is not undermining the logic behind market competition and consumer welfare. The developers of the vital vaccines and PPE are private. Their business success based on demand/supply and private research saved millions of lives globally. To distort their incentive structure would be foolish and short-sighted since another pandemic is certainly conceivable. High debts and large structural deficits accompanied by rising interest rates as well as inflation, tight labour markets ( in the US) and slowing growth will rather brighten the outlook for a revitalization of neoliberal policies. Spending cuts will be required as well as immigration reform, more flexible labour markets, deregulation, trade liberalization & global economic integration.
Using money is rooted in the process of exploitation. The limits to the exploitation are based on civil and criminal laws. Right now there are no limits, because the people and the systems are actively working to corrupt what systems did and have existed from the past. The new systems are not being implemented correctly, and especially NOT effectively in real time, or imaginary time frames based on modeling projections of certain algorithms.
Good points! Additionally the pharma development process resulted in imbalance of vaccine distribution. Despite the fact that new vaccine basic science was all developed by government funding, no royalties or modified distribution concessions are required of the 'last mile ' entrepreneurs that finalize commercialization. Some structure of exchange between basic research and final commercialization would seem beneficial to stabilize and expand the former and more widely distribute the latter.
Your comments are absolutely correct. Many academics have never worked in free enterprise, which effectively makes them arm-chair-experts. As a maths/physics teacher ( academic) turned hotel/restaurant self-managed owner-operator ( in Australia) I would argue that Stiglitz would have thrown in the towel after the first fight with drunk customers, or after the armed robbery ( with injuries). He would never have won the award for Best 4-Star Hotel after 10 years in business. The risks you take in business, financially and physically have to be rewarded and that only functions with Neoliberalism. Why are most 4 and 5-star hotels in High-taxing Socialist Europe substandard to those in the US and Asia, yet they charge higher rates? Perhaps Stiglitz can explain? Spend one night in low-taxing Singapore and then in Frankfurt or Hamburg. And I would argument that, contrary to propaganda, the healthcare system in Europe is NOT better, having just experienced a litany of mistakes made over 5 years in relation to my late mother’ s treatment in hospitals and in old-age-care in Austria ( which for those who can afford it in Germany and Austria, is done almost solely at home by hundreds of thousands of underpaid poorly trained „ self-employed, self-insured “ Romanian 24h-workers who earn just $ 60/day). What works very well in Europe is government propaganda. Up until 2020 doctors and hospitals only communicate by fax, not email, due to strict privacy policies ( and no Freedom of Information). That alone is Stone-age stuff, and with Corona was exposed as totally inadequate. People like Stiglitz are misguided prophets. Don’ t get me started!
At least two important events in the recent past have rendered neoliberalism unworkable as a dominant ideology guiding the economic policies of a country -- -- -- the North Atlantic ( or Global, if you like) Economic Crisis of 2007-2009, and the downfall of Hong Kong ( perhaps the final bastion of laissez-faire economics in our world) in recent years. -- -Still, so many people in the world are still acting as if nothing had happened, and continue to admire the western advanced economic societies which refuse to change their traditional neoliberal economic ideology, and the US has still been able to incessantly impose Colour Revolutions in so many developing countries after 2009. -- -This anachronistic problem can only be solved by one strategy -- -- -- keep educating the mass laypeople in the streets around the world and convincing them what really works economically and what doesn't. -- -
How can Stiglitz possibly be blaming Neoliberalism for the war in Europe, when Capitalist America has been warning Socialist Europe for years about doing business with Putin? Merkel was pandering to the Left and pandering to Russia, against all advice. You don’ t believe Europeans are socialists? In Germany, total hours worked per year by a full time worker is now only 1350, half that of Asians, because taxes are so high that young people could not be bothered working longer or harder. If you need a tradesman, the firm he works for will change you €70/hr, then after taxes and levies, the worker earns net about €15, the firm will net €20. There’ s a 20% VAT on all materials. Europe is a dinosaur. Socialism has failed, NOT Neoliberalism.
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Like previous disruptions to the global economy, Russia’ s war in Ukraine has highlighted the fallacy of relying on markets alone to mitigate risks and strengthen countries’ resilience. Neoliberalism has failed yet another test and must finally be replaced by a new economic vision based on new values.
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Investing App Gotrade to Enter Indonesia | Investing app Gotrade is entering the Indonesian market after raising $ 15.5 million in a series A round.
Gotrade, which offers stock and exchange-traded fund ( ETF) investments without commissions, has launched in the Indonesian market, the company said in a press release Tuesday.
That follows the app raising $ 15.5 million in a series A round led by Velocity Capital Fintech Ventures, with participation from Japan-based Mitsubishi UFJ Financial Group ( MUFG), Singapore’ s BeeNext, Spain’ s Kibo Ventures and Germany’ s Picus Capital, the release said. In addition, U.K.-based LocalGlobe, U.S.-based Social Leverage and U.S.-based Raptor were returning investors in the round, Gotrade said.
The fresh funding is targeted at launching local versions of Gotrade in local languages and with local deposit methods across Southeast Asia, the release said.
Targeting Southeast Asia
« Investing in Southeast Asia is broken. Over 600 million people can't access quality investment products at fair prices, » Rohit Mulani, founder of Gotrade, said in the statement. He said mutual fund expense rations topped 5 percent, while savings products such as gold have 3 percent spreads. « We believe that investing should be fair and users should not have to bear these predatory costs, » he said.
The Gotrade app allows users to buy fractional shares of large stocks listed on the New York Stock Exchange ( NYSE) and Nasdaq, with transactions starting from as low as $ 1, the release said. Gotrade said it doesn’ t charge trading commissions, and instead generates revenue by charging 0.5 percent to 1.2 percent to foreign-exchange fees on the conversion to U.S. dollars.
Southeast Asia offers a large potential market for wealth management and investing startups.
Of the around 400 million adults in Southeast Asia, around 198 million are unbanked -- or don’ t have a bank account -- while another 98 million are underbanked, with a bank account, but without access to credit, investments and insurance, according to the e-Conomy SEA 2019 report published by Google, Temasek and Bain & Co. in October 2019, prior to the start of the Covid-19 pandemic.
Offering U.S. Stock Trading
Gotrade Indonesia was launched in a tie-up with local brokerage Valbury, the Jakarta Futures Exchange and the state-backed Futures Clearing House of Indonesia, the release said. Gotrade said it chose Indonesia as its first market for a local version of the app because of the country’ s high mutual fund fees. Gotrade Indonesia will offer derivatives to provide access to U.S. stocks as local brokerages aren’ t allowed to offer foreign securities directly, the release said.
Financial services inclusion in Indonesia remains relatively low, despite the Covid-19 pandemic boosting acceptance and use of digital financial services. According to data in the 2019 Google, Temasek and Bain e-Conomy report, published pre-Covid, Indonesia had 92 million unbanked adults and 47 million who were underbanked, or who had a bank account but no access to credit, investments or insurance. Indonesia’ s total population was around 273.5 million in 2020. The 2020 e-Conomy report showed Indonesia posted a 44 percent on-year increase in the use of selected mobile banking apps for the January-to-September 2020 period.
Malaysian Market
In March 2021, Gotrade launched its Malaysian platform on an invite-only basis after receiving clearance from the country’ s Labuan Financial Services Authority, with the platform opening to the broader public in September 2021, the release said.
Gotrade said it has used no marketing, but has more than a half-million users on its app, the majority of whom are new to U.S. stock market trading.
In 2021, Gotrade raised a $ 7 million seed round from LocalGlobe and Social Leverage, which were both early backers of the Robinhood trading platform in the U.S., the release said.
Don Montanaro, of Velocity Capital Fintech Ventures, will join the board of Gotrade, alongside LocalGlobe’ s Remus Brett, the release said. Montanaro was the founder and CEO at TradeKing before joining Velocity Capital, the release said. | general |
How Cycling Changed Me | Gear-obsessed editors choose every product we review. We may earn commission if you buy from a link. How we test gear.
Her father’ s health struggles motivated her to get fit.
Name: Kim Nelson-WrightAge: 44Hometown: Laurel, Maryland Occupation: Director, Occupational Health & OperationsTime Cycling: 2 yearsStart Weight: 468 pounds End Weight: 233 poundsReason for Cycling: Cycling is a great low-impact workout that gives me cardio and strength benefits. I see immediate physical results, and it’ s a great activity for my mental wellbeing.
Before my weight loss journey, I was basically immobile. I could barely walk, let alone cycle. I was a homebody; I rarely traveled or went out with my family and friends. If we did go on a trip and it required walking, I would have to get a scooter to get around. I was unhappy, tired, and missing out on life.
The catalyst that led me to getting healthy was my dad’ s health. He was in the hospital in 2017 with a 50/50 chance of survival due to conditions related to his weight.
He had lesions on his brain caused by a liver and colon fistula. He had brain surgery to remove the lesions at that time, however there were two left that they couldn’ t remove safely, which affected his left-side mobility. Because he was unable to walk he had to go to a nursing home/rehab facility for continued care and physical therapy. It was there, in 2020, that he contracted COVID-19 and passed away in a Maryland hospital.
My dad had never talked about my weight ever in my entire life–to him I was his princess, the most perfect girl in the world. But when his life hung in the balance, he told me not to be like him. He felt the doctors couldn’ t save his life because of his obesity.
It was that brief comment that sparked my journey. I had to get healthy not only for me, but for my family, so I could be there for my kids.
I made the decision to start my health journey in December 2018, and my weight loss started with having gastric sleeve surgery in 2019 when I was 41 years old.
Gastric sleeve was my tool to jumpstart my weight loss journey. Two weeks after surgery, I began my fitness journey. I also started to follow a plant-based lifestyle after the surgery. It fuels me for training and aids in my continued weight loss.
For breakfast, I have a vegan protein shake with a banana or oatmeal with fruit. I use a meal prep service that provides vegan meals for lunch and sometimes dinner, and I make sure I limit processed foods and go with whole plant-based options.
My first ever running race was the Baltimore Women’ s Classic in 2019, a 5K, three and a half months after my surgery. I had lost about 65 pounds by then, but was still very overweight. I had a very slow run pace, it was hot, and honestly, it was really hard for me to complete. But I did it in an hour and after that race I set the goal to get my time down to under an hour for my next race. At that moment I got the endurance-racing bug, which led to more running, then biking and triathlon!
I started indoor cycling in May 2020. My husband bought me an indoor spin bike for my birthday to help me on my fitness journey. I then started outdoor cycling in January 2021 when I started training for my first triathlon.
I was super nervous to start outdoor cycling because I hadn’ t ridden a bike since I was 16 years old. My fear of falling was sometimes overwhelming, but I had to face the fear if I wanted to complete my first triathlon.
I’ m now cycling three to four times a week, upwards of two hours per session. I’ m following a training plan created by my triathlon coach. I do races to stay motivated; for me, training for something keeps me on track. I’ m hopeful not only to complete an Ironman 70.3 this year, but also complete a century ride by the end of 2022. I’ m inspired to continue racing in my father’ s honor!
Cycling has become a peaceful space for me. I love my endurance training days, when I’ m on the bike outside or indoor cycling for two or more hours. I feel accomplished and rejuvenated. | general |
Recession Warning Bells Are Ringing. These Banks Look Strong. | Concern that the economy could be about to shrink is growing, so bank analysts are searching for the best opportunities in the sector for weathering the storm.
Last week, yields on short-dated Treasury debt rose above those on longer-dated securities, marking the first so-called yield-curve inversion in nearly three years. Historically, such moves have been a sign that a recession is on the horizon because they imply that investors are less optimistic about future returns.
Investors are now worried that the Federal Reserve is going to raise interest rates too aggressively as it seeks to slow down inflation. That could push the economy into a recession.
While an inverted yield curve is considered a sign of trouble for the whole economy, it has more direct implications for banks. The adage is that banks “ borrow short and lend long. ” They make money on the spread between the interest they pay to borrow—usually in the form of deposits—and the interest they earn on longer-term loans. When the yield curve inverts, there is no money to be made on that differential.
To be sure, that is a simplified version of what actually occurs. Banks certainly don’ t like to see an inverted yield curve, but they are able to make adjustments to their lending and borrowing activities as conditions change to mitigate the impact of weaker net interest margins.
It is also worth noting that while an inverted yield curve has been a predictor of recessions, it isn’ t a good indicator of when a recession might arrive, or how severe it will be. The last time the yield curve flipped, in 2019, a recession did occur a year later, but it was due to the economic shutdowns spurred by the coronavirus pandemic. Few would believe that the yield curve predicted that.
Still, Wall Street is weighing what a mild recession would mean for banks. Analysts at Truist found a few winners. The firm says that on average, the regional and community banks it covers would see earnings per share fall by 20% in 2023. As profits slide, it said, the banks’ stocks would trade at an average of 14.8 times projected per-share earnings for 2023, up from estimates of 13.1 times forward earnings in 2022.
The analysts also expect that net interest income would fall by 1% next year following a 2% gain in 2022. Fee income could contract by 3% in 2023 due to weaker economic activity, Truist said.
The bright spots Truist identified include Merchants Bancorp ( ticker: MBIN),, Cadence Bank ( CADE), F.N.B. Corporation ( FNB), Regions Financial ( RF), and Hancock Whitney Corporation ( HWC). A slowdown is expected to hurt those lenders less than their peers in terms of 2023 earnings, net interest income, and fee income. | business |
Country registers 36 new COVID-19 cases, 44 recoveries | Azerbaijan registered 36 new COVID-19 cases in the past 24 hours, Operational Headquarters under the Cabinet of Ministers reported on April 5.
Some 44 patients have recovered and 2 patients have died in the reported period.
So far, 792,103 COVID-19 cases have been registered in the country. Some 782,084 patients have recovered, and 9,700 people have died. Currently, 319 people are under treatment in special hospitals.
Over the past day, 4,867 tests were conducted in Azerbaijan to reveal coronavirus cases.
In general, 6,721,330 tests have been conducted in Azerbaijan so far.
So far, some 13,503,634 COVID-19 vaccines have been provided to Azerbaijani citizens. In the past 24 hours, some 12,054 citizens have been vaccinated against COVID-19. | general |
Iran reveals COVID-19 data for April 5 | As many as 4,615 people have been infected with the coronavirus ( COVID-19) in the past 24 hours in Iran, reads the statement of the Ministry of Health and Medical Education of Iran, Trend reports.
In addition, 39 people have died from the coronavirus over the past day.
At the same time, the condition of 1,440 people remains critical.
So far, more than 49.7 million tests have been conducted in Iran for the diagnosis of coronavirus.
In total, over 147 million doses of vaccines have been used in Iran so far. A total of 63.9 million doses have been used in the first stage, 56.9 million doses - in the second stage, and 26.3 million doses – in the third stage.
Iran continues to monitor the coronavirus situation in the country. According to recent reports from Iranian officials, over 7.17 million people have been infected, and 140,407 people have already died.
Meanwhile, over 6.89 million people have reportedly recovered from the disease. The country continues to apply strict measures to contain the further spread of the virus.
Reportedly, the disease was brought to Iran by a businessman from Iran's Qom city, who went on a business trip to China, despite official warnings. The man died later from the disease. The Islamic Republic announced its first infections and deaths from the coronavirus on Feb. 19.
The outbreak in the Chinese city of Wuhan - which is an international transport hub - began at a fish market in late December 2019.
The World Health Organization ( WHO) on March 11 declared COVID-19 a pandemic. Some sources claim the coronavirus outbreak started as early as November 2019. | general |
China gas buyers seek cheap Russian fuel shunned by the world - News for the Energy Sector | China’ s top liquefied natural gas ( LNG) importers are cautiously looking to purchase additional Russian shipments that have been shunned by the market in a bid to take advantage of cheap prices.
State-owned companies including Sinopec and PetroChina are in discussions with suppliers to buy spot cargoes from Russia at a deep discount, according to people with knowledge of the matter. Some importers are considering using Russian firms to participate in LNG purchase tenders on their behalf to hide their procurement plans from overseas governments, the people said.
Most LNG importers around the world won’ t buy Russian cargoes out of fear of future sanctions or damage to reputation, as the war in Ukraine drags on and the European Union ratchets up pressure against Moscow. Chinese firms are emerging as some of the only companies willing to take on that risk.
PetroChina declined to comment. Sinopec didn’ t immediately respond to a request for comment during a holiday.
This mimics a similar move by China’ s oil refiners, which are also discreetly purchasing cheap Russian crude that the rest of the world doesn’ t want. Several LNG shipments were already purchased by Chinese importers in the last few weeks, traders said.
Russian LNG is trading at more than a 10% discount to normal North Asia shipments in the spot market, according to traders. Spot prices for the super-chilled fuel surged to a record last month due to the war in Ukraine, which is tightening supplies just as global consumption rebounds.
To be sure, China isn’ t in dire need of LNG as milder weather and Covid-19 lockdown fears have curbed spot demand. Still, Russian gas at a deep discount can help top up storage tanks before prices rise again this summer.
China’ s LNG buyers are looking for the cargoes via bilateral discussions in order to keep a low profile in the spot market, according to the traders, who requested anonymity as the talks are private. And the companies remain cautious, choosing to withhold from buying large quantities. | general |
Peru president imposes curfew in Lima, Callao after protests | Hi, what are you looking for?
Peruvian President Pedro Castillo announced a curfew for Tuesday in the capital Lima and neighboring port city Callao.
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Peruvian President Pedro Castillo announced a curfew for Tuesday in the capital Lima and neighboring port city Callao, after demonstrations across the country over fuel prices caused roadblocks and “ acts of violence ”.
Protests had erupted across Peru in recent days due to a hike in fuel prices and tolls, during a time of rising food prices.
In an attempt to appease protesters, the government eliminated the fuel tax over the weekend.
But truckers and other transport workers took to the streets again Monday in Lima, as well as several regions in the north — from the coastal city Piura to the densely forested Amazonas.
Castillo announced late Monday that Peru’ s Council of Ministers had approved a curfew for the following day.
“ In view of the acts of violence that some groups have wanted to create… and in order to reestablish peace… the Council of Ministers has approved the declaration of citizen immobility ( curfew) from 2:00 am to 11:59 pm on Tuesday, April 5, ” he said in a televised message.
There have been several violent incidents during recent protests, including the burning of toll booths on highways, looting and clashes with police.
Protesters had also set fire to tires and blocked the Pan-American highway, the country’ s most important transport and traffic artery snaking north to south, and school was suspended.
“ I call for calm and serenity, ” the leftist president said during his brief appearance on television.
“ Social protest is a constitutional right, but it must be done within the law. ”
– ‘ Lack of direction’ –
The 52-year-old former teacher announced the curfew a week after he was saved from being impeached by Congress, where opponents accused his administration of having a “ lack of direction ” and for allegedly allowing corruption in his entourage.
The impeachment attempt last week was the second during Castillo’ s eight-month administration in a country with a recent history of ousting presidents.
Castillo’ s action to impose movement restrictions — which will cover more than 10 million residents in Lima and Callao — was met with immediate repudiation.
“ A curfew to reestablish order — ( this is) an authoritarian measure of Pedro Castillo’ s government that shows ineptitude, incapacity to govern, ” political analyst Luis Benavente told AFP.
“ It is like putting an end to traffic accidents by taking vehicles off the roads. ”
Tuesday’ s curfew measures coincide with the 30th anniversary of a coup staged by ex-president Alberto Fujimori, a controversial figure now jailed after a regime marked by a bloody campaign against insurgents.
“ The measure dictated by President Pedro Castillo is openly unconstitutional, disproportionate and violates people’ s right to individual freedom, ” tweeted lawyer Carlos Rivera, one of the defenders of the victims of Fujimori’ s government.
– Fuel and wage woes –
Like much of the rest of the world, Peru’ s economy is still recovering from the damages wrought by the coronavirus pandemic.
The country’ s Consumer Price Index in March saw its highest monthly increase in 26 years, driven by soaring food, transport and education prices, according to the national statistics institute.
The multi-region demonstration was largely organized by the Union of Multimodal Transport Guilds of Peru.
To appease them the government eliminated the fuel tax over the weekend, and Castillo decreed a 10 percent increase in the monthly minimum wage — which would rise to 1,025 soles ( $ 277) beginning in May.
But the General Confederation of Peruvian Workers, the country’ s main trade union confederation, rejected the wage hike, stating it was insufficient, and called on its affiliates to march on Thursday.
Influential journalist Rosa Maria Palacios said on Twitter that Castillo’ s 11th-hour announcement of a curfew only revealed how the government had “ lost all control of public order ”.
“ By denying them the right to work, without any real cause, Castillo has put himself in a situation of absolute vulnerability, ” she warned.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
In the small town of Borodyanka, diggers sort through the rubble of houses destroyed by Russian bombardments, looking for the missing.
The Security Council failed to prevent the brutal invasion of Ukraine, President Zelensky said in a separate address to Japanese lawmakers.
Long considered the “ most peaceful country in the world ”, Iceland’ s tranquillity has been shattered by a spate of shootings and stabbings.
The demonstration was largely peaceful, though one woman was arrested for displaying the letter `` Z '', a symbol of support for the Russian army.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Germany closes Russian darknet marketplace Hydra | Hi, what are you looking for?
German police said Tuesday they have taken down Russian-language illegal darknet marketplace Hydra, the largest such network in the world.
By
Published
German police said Tuesday they have taken down Russian-language illegal darknet marketplace Hydra, the largest such network in the world, and seized bitcoins worth 23 million euros ( $ 25 million).
Founded in 2015, Hydra sold illegal drugs but also stolen credit card data, counterfeit currency and fake identity documents, masking the identities of those involved using the Tor encryption network.
The marketplace had around 17 million customer accounts and over 19,000 vendor accounts, according to the BKA federal police.
“ The Hydra market was probably the illegal marketplace with the highest turnover worldwide ” with sales amounting to at least 1.23 billion euros in 2020 alone, it said in a statement.
Investigators have taken control of Hydra’ s servers in Germany and the marketplace has been “ shut down ”, the BKA said.
Suspects are being investigated for “ operating criminal trading platforms on the internet on a commercial basis ”, the BKA said.
Investigators do not know whether Hydra also has servers in other countries but “ assume this was the main hub ” of the network’ s infrastructure, a spokesman for Frankfurt prosecution service’ s internet crime office ZIT told AFP.
Investigations into the illegal marketplace started in August 2021 and also involved several US authorities, according to the BKA.
The “ Bitcoin Bank Mixer ” provided by the platform, a service for concealing digital transactions, had made investigations especially difficult, it added.
The BKA said it had published a seizure banner on the marketplace’ s website.
– ‘ Uniquely sophisticated operations’ –
The secret “ darknet ” includes websites that can be accessed only with specific software or authorisations, ensuring anonymity for users.
Such networks have faced increased pressure from international law enforcement after a boom in usage during the coronavirus pandemic.
The United States, Russia, Ukraine and China dominate in terms of value both sent to and received from darknet markets, according to a 2021 report from blockchain forensics firm Chainalysis.
Hydra accounted for 75 percent of sales in the global darknet market in 2020, the report said.
“ Hydra is a big driver of Eastern Europe’ s unique crypto crime landscape. Eastern Europe has one of the highest rates of cryptocurrency transaction volume associated with criminal activity, ” it said.
The marketplace had become particularly popular with users by developing creative delivery methods, the Chainalysis report added.
“ Hydra has developed uniquely sophisticated operations, such as an Uber-like system for assigning drug deliveries to anonymous couriers, who drop off their packages in out-of-the-way, hidden public locations, commonly referred to as ‘ drops’, ” it said.
“ That way, no physical exchange is made, and unlike with traditional darknet markets, vendors don’ t need to risk using the postal system. ”
A German-led police sting also last year took down notorious darknet marketplace DarkMarket, which had nearly 500,000 users and more than 2,400 vendors worldwide.
The marketplace had offered for sale “ all kinds of drugs ” as well as “ counterfeit money, stolen and fake credit card data, anonymous SIM cards, malware and much more ”, prosecutors said.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
This is where the delusions become suicidal.
Pablo Picasso’ s track-record with women certainly would not make him a feminist pin-up today.
The calls for war crimes investigations and trials over Moscow's conflict in Ukraine have intensified.
A resident searches for the graves of relatives in a cemetery in the northern Ukrainian town of Chernigiv, which was bombarded for a month...
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Soldiers police Lima curfew after fuel price protests | Hi, what are you looking for?
By
Published
Soldiers patrolled the largely empty streets of Peru’ s capital Lima Tuesday, monitoring a curfew imposed after widespread protests against rising fuel and toll prices amid growing economic hardship.
Shops and schools were closed and bus services mostly suspended after President Pedro Castillo announced a curfew shortly before midnight Monday for Lima and the neighboring port city of Callao.
But many workers, at hotels or hospitals for example, ignored the shut-down which was widely criticized on social media.
The measure took many in Lima by surprise, given that most of the protests in recent days — some of which turned violent — took place far from the capital.
Many had no choice but to take a taxi or walk to their place of work.
“ It was a very late and improvised ” announcement, complained Cinthya Rojas, a nutritionist who waited patiently for one of the handful of buses still running to get to work at a hospital east of Lima.
A hotel employee told AFP she had to pay the equivalent of $ 8, a small fortune on her salary, for a taxi to work.
– Soaring food prices –
Castillo announced the curfew would last until midnight Tuesday “ to reestablish peace ” after countrywide protests against fuel and toll price increases on top of biting food inflation.
Like much of the rest of the world, Peru’ s economy is reeling from the damages wrought by the coronavirus pandemic.
The country’ s Consumer Price Index in March saw its highest monthly increase in 26 years, driven by soaring food, transport and education prices, according to the national statistics institute.
In an attempt to appease protesters, the government over the weekend eliminated the fuel tax and decreed a 10 percent increase in the minimum wage from May 1.
But the General Confederation of Workers of Peru ( CGTP) — the country’ s main trade union federation — considered the measures insufficient and took to the streets again Monday in Lima and several regions in Peru’ s the north.
Some protesters set fire to toll booths on highways, looted shops, and clashed with police.
Some also burnt tires and blocked the north-south Pan-American highway, the country’ s most important artery for people and goods.
The disruptions halted public transport and closed schools on Monday.
“ I call for calm and serenity, ” the leftist president said during his brief late-night TV appearance.
“ Social protest is a constitutional right, but it must be done within the law, ” he said.
– ‘ Authoritarian measure’ –
The protests were the first against the government since Castillo, a 52-year-old former rural school teacher, took office eight months ago.
Two-thirds of Peruvians disapprove of his rule, according to an Ipsos opinion poll in March.
Castillo’ s announcement of a curfew came just a week after he escaped impeachment by Congress, where opponents accuse his administration of a “ lack of direction ” and of allowing corruption in his entourage.
It also coincided with the 30th anniversary of a coup staged by ex-president Alberto Fujimori, jailed over his regime’ s bloody campaign against insurgents.
“ The measure dictated by President Pedro Castillo is openly unconstitutional, disproportionate and violates people’ s right to individual freedom, ” tweeted lawyer Carlos Rivera, a representative of Fujimori’ s victims.
Political analyst Luis Benavente added the curfew was “ an authoritarian measure ” that revealed “ ineptitude, incapacity to govern. ”
“ It is like putting an end to traffic accidents by taking vehicles off the roads, ” he told AFP.
A large proportion of Lima’ s 10 million residents work in the informal sector, as street sellers and other traders, meaning the curfew left them without income for the day.
A football match of the Copa Libertadores between Peruvian Club Sporting Cristal and Brazil’ s Flamengo, scheduled for Tuesday night in Lima, was also thrown into doubt.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
In the small town of Borodyanka, diggers sort through the rubble of houses destroyed by Russian bombardments, looking for the missing.
The Security Council failed to prevent the brutal invasion of Ukraine, President Zelensky said in a separate address to Japanese lawmakers.
Long considered the “ most peaceful country in the world ”, Iceland’ s tranquillity has been shattered by a spate of shootings and stabbings.
The demonstration was largely peaceful, though one woman was arrested for displaying the letter `` Z '', a symbol of support for the Russian army.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Insurer Beats Fashion Retailer Lulus ' COVID Coverage Suit | A California federal judge tossed fashion apparel company Lulus ' COVID-19 coverage suit against Hartford Fire Insurance, finding that the retailer did not suffer the type of direct physical loss or damage needed to prompt coverage and that its claims fall within the policy's virus exclusion.U.S. District Judge Morrison C. England decided on Monday that Chico, California-based Lulu's Fashion Lounge LLC, which does business as Lulus, is not entitled to coverage from Hartford. He noted that other courts have largely sided with insurance companies in determining that the pandemic and government-ordered shutdowns do not constitute direct physical losses or damages to property.... | general |
Exclusive Interview with Rohit Rathi, Co-founder and CEO, KarmaLife | Join Our Telegram Channel for More Insights. Join Now
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Globally, the market of finance apps is booming. The finance app industry is in the midst of staggering growth in global adoption, from 16% in 2015 to 64% in 2019, which is putting pressure on marketers to uplevel and digitize user acquisition and experience. KarmaLife aims to provide sustainable finance, a combination of liquidity, savings, and insurance to every gig & contract worker to stabilize & grow cash flows, strengthen their resilience, and unlock their aspirations. Analytics Insight has engaged in an exclusive interview with Rohit Rathi, Co-founder, and CEO, KarmaLife.
Our mission at KarmaLife is to provide sustainable finance – a combination of liquidity, savings, and insurance – to every gig & contract worker to stabilize & grow cash flows, strengthen their resilience, and unlock their aspirations. The key impediment to this segment’ s ability to access formal finance is not having adequate data points to assess creditworthiness, which is why we’ re building an alternative dynamic underwriting model linked to their work and earnings histories as well as other behavioral variables. Further, given the large trust deficit vis-a-vis formal financial products, we are reinventing the entire user experience journey to create more relevance, engagement, and reinforce trust.
We started our journey back in 2020 and have since validated a small-ticket, short-tenor credit product that allows users to access funds needed in between paychecks. Our research shows that up to 90% of workers run out of cash before their next payout cycle ( see here) and this is an unmet need. Our earned wage access and line-of-credit solutions address this by balancing flexibility and affordability to users. Over the last two years, we have deployed these solutions across over 10 major digital gig platforms across use cases like e-commerce, food deliveries, ride-sharing, Flexi-staffing, merchant sales, and general logistics. We have seen significant user adoption, consistently high levels of credit utilization and repeat usage, and also deeper business benefits in the form of increased worker productivity and reduced churn.
Recently, we have augmented our product suite to include longer-term loans that enable gig workers to finance lump-sum monthly or quarterly expenses like a Vehicle EMI or smartphone purchase as well as a digital savings solution that offers 8-9% interest with full liquidity. Post completion of our latest round of investment, we have grown to a 40+ employee company and are investing heavily in the growth pipeline.
We are building a new paradigm in small-ticket finance for non-salaried blue-collar workers. Most of our users are young, hardworking, and responsible individuals who are steady earners and spenders but yet, remain credit Invisible ( i.e., have no records of a traditional credit score). So, during times of crisis, while running short on cash, they are forced to rely on expensive non-traditional lenders or ask for financial help from friends and family, which results in escalated financial or emotional stress.
In such difficult times, Karmalife enables these workers access to flexible credit-on-tap credit, which in turn helps manage cash flows. The overall experience is also tailored to their needs with key features like digital onboarding, payout-linked repayments, UPI scan & pay on credit, and flat usage-based fees ( without any interest or hidden charges).
We have a very strong data-driven culture with most of our business decisions being anchored in data. In particular, we have developed the following data-based features:
i) KarmaScore: This is our proprietary risk score driven by user permission alternative data. It’ s in line with conventional credit scores but what stands it apart is its exclusivity for KarmaLife users as it is graded on our financial products. This score helps us during the initial user onboarding process as well as estimates user-level risk continuously for future credit cycles by considering credit usage, repayments, and other financial behaviors. We use several machine learning algorithms to help us achieve this with transparent and consistent scoring rules. This enables 3-minute digital onboarding and thereby instant access to credit in times of user need. It also enables the financial inclusion of workers who would otherwise be left outside the traditional credit ecosystem. And finally, it helps build a credit history for new-to-credit or credit-invisible populations with a financial product that is closely aligned to their needs, aspirations, and cash flows.
ii) Dynamic credit allotment: We dynamically assign credit limits based on user performance at the workplace or past repayment. So, a user’ s credit limits can change, i.e., increase or decrease based on the latest information that is captured. To this, we apply several predictive machine learning algorithms. This allows us to build in natural incentive structures that reward users who have shown good “ financial Karma ” with higher or more flexible credits in future cycles, and at the same time manage downside risk. Overall, it instills and reinforces positive user behavior on the platform, creating a financially responsible user base.
iii) Fund projections: For better operations with our partner-NBFCs, we use various time-series forecasting models to predict future funds requirements. This allows us to optimize the float we need to carry to offer instant credit and ensure cost-effective operations. This in turn helps partner NBFCs to forecast their disbursements, and efficiently manage their cash flows. And on the other hand, it ensures Karmalife users have a seamless experience and can access affordable credit.
One of our biggest challenges has been getting initial data on our users and identifying those with the lowest risk. This is partly because traditional scoring mechanisms are either absent or not reflective of the user’ s true risk. While we initially had the vision of using work data, we had to learn to ingest and process it in a way to create an effective intelligence layer to support our products. This took quite a few partner cycles to attain and we continue to improve on it.
We have also had to find anchor partners with the long-term vision and data hygiene to build a new operations model that requires seamless data integration. While it would have been great if everyone had state-of-the-art API infrastructure, we learned to support all types of automation and manual sharing protocols, while maintaining automation on our platform. Strong data management and data quality thresholds are elusive for many workforce-intensive corporations and this is an ongoing cultural struggle. But hopefully, with solutions like ours, there is a greater imperative for these data cultures to emerge.
Further, we had to validate a new business model that while simple, had no precedence. A subscription-based model for finance is a first in India, and it took us some time to establish its relevance and simplicity for our target segment. Being the first subscription-based credit solution in the country allows us to truly focus on customer lifecycle value.
And then we had to overcome barriers associated with low levels of financial literacy in our target segment, which needed us to design, test, and implement various product features that drove greater adoption and engagement. Real-time loan decisioning to allow users to access funds instantly was one such example. Creating web-based alternatives to mobile apps for frictionless onboarding is another.
These were all moving parts, and getting them together was the biggest challenge. But without addressing these challenges we wouldn’ t have been able to build the product we have.
Our alternative data-driven risk scoring model is unique in the industry wherein we can dynamically underwrite and cover gig & contract workers, who are characterized by real-time risk. This allows us to cover the full spectrum of a Partner’ s worker base – including gig, contract, and even on-payroll workers – with personalized financial wellness benefits. Further, we expand coverage by starting with very small ticket, short-duration credit products linked to earnings, under a viable financial model, which allows us to get in quickly and offer progressively deeper credit products over time.
The recent COVID pandemic has disproportionately harmed lower-income segments, thereby depleting savings, creating debt traps, and compounding wealth and income inequalities. In this context, small ticket liquidity is a burning need for these populations and is unfortunately priced very high.
With constrained access to affordable credit, most of our users are comfortable giving informed consent to lenders to gain specific access to their financial or personal data, if it can help them in this regard. We collect user-permissions work and payout data from associated partners, as well as mobile, generated behavioral data types ranging from app usage, device information, call records, location, and movements, and non-personal transactional messages. This helps in establishing and building a credit history from scratch for the new-to-credit or credit invisible population. It is now documented that alternative data obtained from mobile phones can be transformed into 1400+ features that, with high levels of efficiency, can predict useful individual and group level characteristics, a user’ s personality traits, conversion propensity in marketing campaigns, and socio-economic conditions, including health, education, and standard of living.
But we also understand that with great power comes great responsibility, and it is on us to handle the data safely and in keeping with ethical privacy norms. So we make sure to employ industry best practices when it comes to data security. For example, we never transmit any sensitive user details such as a personal bank account number through any interceptable medium, including calls, texts, or emails, and all stored data is protected through encryption. We do not sell users’ personal information or share it with unaffiliated third parties for their advertising or marketing purposes. We employ Virtual Private Cloud on Amazon Web Services ( AWS) which provides a secure and scalable technology platform to ensure user services are secure and reliable. We use data replication for data resiliency and backup/restore testing for data reliability. And we will never call users’ to install any remote access software such as TeamViewer, any desk, etc.
At a company level, we see an evolving Karmascore that improves prediction efficiency as we validate it across an expanding user base. This will improve our risk outcomes and allow us to make bigger bets. One way to think of it is an ability to underwrite larger tickets and longer-duration loans that meet the segment’ s deeper needs ( e.g., investing in a skilling program, or financing a new vehicle). We will also build a full financial stack to support non-credit financial solutions like savings, insurance, and pension, and evolve towards a neo-banking solution for this specific-needs segment that we understand well.
At the industry level, currently prevailing different models will consolidate into 1-2 winning models to provide sustainable finance to nonsalaried workers, which comprise 85% of the country’ s workforce. We bet that this will only be achieved sustainably with alternate data that leverages both trends of increased smartphone penetration and digitization of workflows.
By providing inclusive financial benefits to a large majority of our Partner’ s workforce ( as opposed to only a sliver targeted by most traditional fintech), we can drive deep business outcomes. This starts by providing liquidity to reduce their day-to-day financial stress which has knocked on business benefits in the form of increased worker engagement, productivity, and retention levels. For example, for B2C logistics partners, we have already seen a 20% increase in supply or log-in hours and over 30% reduction in churn levels. Apart from a more aligned and healthier organization, this converts into very significant reductions in cost outlays associated with recruiting, training, and retaining workers.
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'We 've all we could want from a family holiday here in Ireland ' | Eimear Ní Bhraonáin and Roise making waves on Lough Hyne, Co Cork. CREDIT: Alan O'Reilly, Carlow Weather
Eimear Ní Bhraonáin has always been more familiar with her locality than most. Born and raised in Carlow, and going on to become a presenter and news journalist with KCLR 96FM, she’ s constantly on top of what’ s happening right across her homeland and in neighbouring Kilkenny.
She has reported from just about every town, village and suburb the two counties can offer, while her partner, Alan O’ Reilly, has also covered every nook and cranny for his meteorology hobby with his website Carlow Weather.
Having exhaustively explored everything within their county borders for their work, the couple were challenged by the lockdowns of recent years more than most. What exciting or new things can you do in an area you know like the back of your hand? The answer came in the form of the couple’ s eight-year-old daughter Róise, and a need to keep her happy and entertained even during the toughest of restrictions.
“ As the pandemic started to feel more relentless and we had to stay within just 2km and then 5km of our homes, we were just itching for some kind of escape, ” Eimear admits. “ All of a sudden, things as minor as walking through a small graveyard on the Barrow track became big adventures for us. It was almost like a game of Scooby Doo mysteries for Róise. We were just trying to keep her content and keep ourselves sane by finding things to do. ”
It was a far cry from how Eimear had originally planned to pack in the family fun. A “ craving for a Vitamin D ” fix had prompted her to book a family holiday to Lanzarote for summer 2020. Yet as lockdowns stretched on, it became clear that the getaway was off the cards.
Eimear and Alan were devastated, not least over the money lost on flights, but also by the thought of not getting to properly unwind from what was becoming a very hectic period at work, and not being able to create key memories for Róise during her formative summer holidays.
In a bid to lift their spirits, the family instead spent a week in Kerry, tucked away in a Stradbally cottage surrounded by forestry. In that first reprieve from the madness of the Covid outbreak, Eimear has fond memories of them cosying together, lighting fires in the evenings, and feeling like “ Goldilocks and the Three Bears ”.
It was by no means an extravagant or jam-packed holiday, but it did the trick. The trip began a love affair with the south or Ireland that would see the family heading there again the following summer.
By coincidentally perfect timing, the family ended up exploring West Cork in July 2021, while history was being made there. One of their first stops was Skibbereen, where the town was all abuzz thanks to local representation at the Olympics. | general |
Victoria Evans breaks the world record for fastest female solo row across the Atlantic Ocean |
With nothing but her small boat for company, British lawyer
Victoria Evans
battled high winds, big waves and sleep deprivation to record the fastest female solo row across the
Atlantic Ocean
.
After setting off from Tenerife, Spain, on February 11, the 35-year-old covered 4,740 kilometers in 40 days and 19 hours before finally reaching land in Barbados.
Despite experiencing
extreme conditions
and encountering multiple problems along the way, Evans broke the previous world record by over eight days.
`` It was much harder than I expected, '' she told CNN Sport. `` Not physically, but in terms of the conditions.
`` I got probably the strongest kind of wind you can get out on the Atlantic for a very prolonged period and the resilience you need to keep going through that was huge. ''
Read More
Evans had spent four years preparing for this journey of a lifetime but nothing could have readied her for the reality of an ocean crossing.
Even before setting off, the trip was plagued by issues caused by the Covid-19 pandemic which forced the challenge to be postponed by a year.
Then there was the logistical nightmare of getting the boat, and herself, across borders to reach the start point in Spain, with Evans requiring additional government support to do so.
Once the challenge was underway, high winds made rowing -- and sleeping -- incredibly difficult, while issues with steering equipment caused Evans to drift off track at times.
At one point she was even stuck outside of her cabin after a wave locked the door from the inside. It took her three hours to saw through the lock with a blade.
There were the inevitable blisters and occasional sunburn, though by the sound of it Evans seems to thrive in extreme conditions.
`` It's a very unique sport in that you can't get off when you're there and you have to deal with it. So it was so, so intense, '' said Evans, who was inspired to tackle crossing the Atlantic after climbing Mont Blanc in 2017.
READ: Vegan endurance athlete Robbie Balenger on his spiritual connection with running
Evans broke the record for the fastest solo female crossing of the Atlantic Ocean.
'We are so capable of training our brains '
`` I think I really enjoy adventure sport due to the psychological elements of it and how much it forces you to learn about yourself and face up to yourself and the limits of where you can push yourself to, '' added Evans.
`` We are so capable of training our brains to allow us to achieve more but often people don't want to put that work in. ''
Evans lost just 4 kilograms on the journey, something she credits to her physical preparation and her simple yet nutritious diet while on board -- using food as a pick-me-up whenever she felt overwhelmed.
Molly Seidel: How distance runner overcame 'imposter syndrome ' and 'blew away ' her expectations in the marathon
Music became very important to Evans during the crossing. After all, no one can hear you sing when you're thousands of miles from land.
David Bowie, Elton John and Sam Fender's new album provided some of the hundreds of hours of music blared out amid the waves, offering unwavering motivation and a bit of company while Evans plugged away in total isolation.
Isolation, that is, minus the `` special '' wildlife she got the honor of seeing along the way.
Turtles, sharks and numerous fish offered light relief to the mammoth slog and Evans would take time to stop rowing whenever something popped its head out of the water.
She even saw a super pod of dolphins as she celebrated her 35th birthday.
`` It was like they 'd heard there was a party. I 've never seen anything like it. Everywhere you look, there were dolphins, '' she said.
Despite admitting she doesn't miss the stress of life on the ocean, Evans knows it was an experience she will never get again, smiling as she recalls the times she would cover up her navigation lights and stare up to the unspoilt night sky, getting lost in the stars above.
`` You're never going to be there again and it's easy to lose sight of that when you're chasing the record, because you're trying to go as quickly as possible, she said.
READ: Jasmine Harrison delights in Atlantic Ocean world record row
Advocating for women in sport
Admitting she wasn't particularly sporty as a child, Evans says her 15-year-old self would never have believed she was capable of setting such a record.
While the challenge was a personal goal for Evans, she also completed it to raise awareness and money for UK charity
Women In Sport
which looks to `` give every woman and girl the opportunity to take part in sport. ''
Evans has raised over £24,000 ( $ 31,526) already for the charity and, through her legal work, she wants to advocate for more change now she's back on dry land.
`` Women are so capable in sport, '' she said. `` It is massively improving, but there seems to still be an underestimation of women.
`` I 'd want the message to be for everyone, but particularly women and girls, to know that they're capable of absolutely anything they set their mind to.
`` And on a wider level for sport as an industry to show that change needs to come and it's an outdated viewpoint to assume that we need a helping hand or smaller events. ''
Before getting to work, Evans was enjoying life in Barbados.
Joined by her family and friends, she spent her first night on dry land watching the sun set over the ocean she just conquered.
But make no mistake, she has no plans to get back in a boat anytime soon.
`` I never felt that I was in immediate, serious risk but I was very much aware that one change could put me into a life threatening situation, '' she said.
`` I 'm not going to miss the stress of that. '' | general |
Daily Update: April 5, 2022 | On February 28, 2022, S & P Global completed its merger with IHS Markit, the next step in delivering data, technology and expertise that accelerates progress.
As great as last year was for our company, in many ways 2022 is shaping up to be even better. In February, we closed a transformative merger with IHS Markit. We believe combining our two companies will create substantial long-term value for all our stakeholders.
The S & P Global Foundation is about much more than philanthropy—we are about making a difference by finding and developing essential connections between the knowledge- and skill-driven work of S & P Global and the needs of society.
As the Russia-Ukraine conflict continues, the metals industry is feeling the effects. Prices for metals have risen sharply amid high demand and supply chain issues, along with imposed sanctions against Russia.
With a full scale invasion of Ukraine now under way, stock markets, global trade, energy markets, and commodities markets are all registering the impact of a new geo-political reality.
In Europe, market constraints, extreme weather events, and geopolitical tensions have caused gas and power prices to skyrocket, creating an energy crisis that has left the region’ s energy and industrial industries concerned.
Start every business day with our analyses of the most pressing developments affecting markets today, alongside a curated selection of our latest and most important insights on the global economy.
As operating conditions changed in the first quarter, so did attitudes. Now, many market participants expect volatility to define debt markets in 2022.
Against the backdrop of the Russia’ s invasion of Ukraine, rising energy and food prices and the implementation of interest rate increases by central banks, ratings downgrades are outpacing upgrades. In the first quarter of this year, global corporate defaults reached 14—the lowest year-to-date level since 2014, but the highest quarterly total since the April-June period in 2021, according to S & P Global Ratings. The defaults were centralized equally in emerging market economies and the U.S., with seven defaults each.
The majority of U.S. buy-side, sell-side and advisory professionals expect volatility to continue for the foreseeable future, as 35% of investors believe the worst is yet to come regarding price swings in leveraged credit markets, according to a first-quarter leveraged finance survey by Leveraged Commentary & Data, part of S & P Global Market Intelligence.
“ As volatility in financial markets has increased and borrowing costs have begun to rise, we see a high risk that investors could soon demand significantly higher returns because of an escalation in the Russia-Ukraine conflict, the continuation of historically high inflation, or other unexpected adverse events, ” S & P Global Ratings said in its second-quarter global credit conditions outlook. “ A sharp and rapid market repricing could hurt liquidity, exchange rates, and capital flows, and cause higher debt-servicing costs and tighter financing conditions—which is especially concerning against the backdrop of record high debt levels. This could harm particularly the large share of lower-rated borrowers ( globally, we rate 19% of nonfinancial corporates ‘ B-’ or below) and some emerging markets and low-income countries most dependent on external financing. ”
Nearly 70% of investors surveyed by LCD expect inflation to remain above 4% a year from now, and approximately one-fifth of LCD’ s survey base, or 22%, continue to expect inflation to be the risk most likely to affect credit portfolio performance over the next six months.
Inflation has already contributed to a slowdown in mergers and acquisitions in the U.S. During the first quarter, the number of deals fell 16.7% year-over-year in February, while the value of those deals dropped 30% over the same month in 2021, according to S & P Global Market Intelligence.
“ The final piece of the early 2022 picture was the continuing rise in inflation, ” S & P Global Economics said in its global second-quarter macroeconomic forecast. “ Inflation has moved front and center as a policy challenge: Higher U.S. dollar rates will tighten financial conditions, moderate growth, and spill over to other economies, while the ECB tightening will be much more gradual. ”
More than 40% of U.S. investors surveyed by LCD believe there is at least a 50% chance of recession before the end of this year. S & P Global Economics foresees a 1-in-4 chance of recession in the U.S. in next 12 months, at a range of 20% -30%.
Today is Tuesday, April 5, 2022, and here is today’ s essential intelligence.
U.S. Airlines Look To Higher Fares To Offset Rising Fuel Prices
Russia's invasion of Ukraine has added an additional obstacle to the airlines ' financial recovery from the COVID-19 pandemic. For U.S. airlines, this is not so much due to any material loss of traffic, rather these headwinds stem from the war's indirect effects, particularly the significant increase in oil ( and thus jet fuel) prices. Because few U.S. airlines hedge their fuel costs, they will need to rely on raising air fares to offset their higher fuel expense. Fuel is normally the second-largest expense for airlines after labor costs. In their 2021 annual reports, U.S. airlines disclosed estimates of how much a specified increase in jet fuel prices would raise their expenses.
Low volatility strategies were designed for times like the ones we’ ve experienced so far in 2022. Year-to-date through March 31, 2022, equities have struggled. In the U.S., the S & P 500® was down 4.6% YTD. The S & P Developed Ex-U.S. BMI and the S & P Emerging Plus LargeMidCap fared even worse, plummeting 5.6% and 6.7% YTD, respectively. But emerging markets have underperformed broader global benchmarks and the U.S. since long before the first quarter of 2022. In the past 25 years, the S & P Emerging Plus LargeMidCap gained 6.8%, while the S & P 500 was up 8.6%.
Tyson Slocum, energy program director at Public Citizen, is among stakeholders pushing the agency to engage publicly on the implementation of its regulation setting federal speculative position limits on physical commodity markets. He also recently authored a letter urging the CFTC to reject any bailouts for commodity traders, in light of wild price swings in energy, metal, and agricultural commodity prices that have stressed the markets. He joined senior editor Jasmin Melvin on the Capitol Crude podcast to discuss that letter and what he 'd like to see from this latest composition of the CFTC. He also gave his take on the new U.S.-EU task force working to send more U.S. gas to Europe and the Biden administration's latest efforts to ease pain at the pump for U.S. consumers.
The increase in European natural gas and power prices being exacerbated by Russia's invasion of Ukraine could create a U.S. manufacturing advantage for a couple of years if domestic power and gas prices remain lower than in Europe, experts said April 1. To address current energy policy challenges, it is important to look at the origins because it is easy to blame current commodity price increases on Russia's actions, `` but let's recall we had an electricity and natural gas crisis in Europe prior to the Russian invasion, '' Brenda Shaffer, senior advisor for energy at the non-profit research institute Foundation for Defense of Democracies, said during a webinar hosted by Our Energy Policy, a non-profit energy topic discussion platform.
National Grid Sees U.S. Gas Utilities As Core To Clean Energy Networks Strategy
Natural gas distribution will remain central to National Grid PLC's U.S. operations even as policy headwinds persist in the U.S. Northeast and the multinational utility company shifts toward electric transmission in its U.K. business. The U.S. gas grid complements the company's increased focus on developing networks to support offshore wind power and green hydrogen infrastructure, according to Ben Wilson, chief strategy and external affairs officer. Wilson reaffirmed the company's commitment to distributing gas in Massachusetts and New York at the S & P Global Market Intelligence Annual Power and Gas M & A Symposium in New York City on March 30.
The volume of global internet outages increased 16% to 289 in the week of March 26, marking a return to levels seen in early February, according to data from ThousandEyes, a network-monitoring service owned by Cisco Systems Inc. U.S. outages fell 14% to 94 from 109 in the prior week, accounting for 33% of all global disruptions. ThousandEyes observed two notable disruptions in the previous week. | business |
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