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Japan's wholesale inflation stays near record on Ukraine war, weak yen | * March wholesale prices rise 9.5% yr/yr vs f'cast +9.3%
* Yen's drop pushes up import prices, hurt companies
* Rising costs seen pushing up consumer inflation to around 2%
TOKYO, April 12 ( Reuters) - Japan's wholesale inflation remained near record-high levels in March as the Ukraine crisis and a weak yen pushed up fuel and raw material costs, data showed on Tuesday, adding strains to the resource-poor economy heavily reliant on imports.
While rising wholesale prices will help accelerate consumer inflation toward the central bank's elusive 2% target, it could hurt an economy still reeling from the coronavirus pandemic, analysts say.
The corporate goods price index ( CGPI), which measures the price companies charge each other for their goods and services, rose 9.5% in March from a year earlier, data showed.
That followed a revised 9.7% spike in February, which was the fastest pace on record, and exceeded a median market forecast for a 9.3% gain. The March index, at 112.0, was the highest level since December 1982, the Bank of Japan ( BOJ) said.
`` With raw material costs rising so much, companies won't be able to make money unless they raise prices. The days of discount war are over, '' said Takeshi Minami, chief economist at Norinchukin Research Institute.
`` Core consumer inflation may accelerate to around 2.5% later this year and stay above 2% for longer than initially expected, weighing on consumption and the economy, '' he said.
The yen-based import price index jumped 33.4% in March from a year earlier, the data showed, a sign the yen's recent declines are inflating the cost of imports for Japanese firms.
Japanese companies have been slow in passing on rising costs to households as soft wage growth weighed on consumption, keeping consumer inflation well below the BOJ's 2% target.
But analysts expect core consumer inflation to accelerate around 2% from April due to surging fuel costs and the dissipating effect of past cellphone fee cuts.
The rising inflationary pressure heightens the chance the BOJ will revise up its inflation forecast at its next quarterly review due April 28, analysts say. The bank's current forecast is for core consumer inflation to hit 1.1% in the year that began in April.
( Reporting by Leika Kihara; Editing by Sam Holmes) | business |
Le FMI doit atténuer les risques liés à la transition climatique by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | PÉKIN – Les dernières estimations du Groupe intergouvernemental d’ experts sur l’ évolution du climat ( GIEC) ne laissent aucun doute sur la hausse rapide du coût de l’ inaction contre le réchauffement climatique, un coût qui affectera de manière disproportionnée les pays les plus pauvres, nullement responsables. Mais l’ action climatique elle-même peut avoir des conséquences non intentionnelles négatives dans le monde en développement, et celles-ci, souvent, passent inaperçues.
Les scientifiques et les banquiers centraux distinguent généralement deux types de risques financiers liés au climat: les « risques physiques » et les « risques de transition ». Si les risques physiques résultent des hausses de la concentration des émissions, les risques de transition peuvent être imputables à des chocs technologiques ainsi qu’ à la mise en œuvre des politiques et des réglementations climatiques dans les principales économies mondiales.
Entre 1850 et 1990, les États-Unis et l’ Europe ont été responsables de 75% des émissions cumulées de dioxyde de carbone. Aujourd’ hui, ils en représentent environ la moitié, tandis que la part de la Chine, de l’ Inde et des autres économies émergentes ne cesse de croître. Compte tenu de l’ histoire, c’ est donc aux États-Unis et à l’ Europe qu’ il incombe d’ agir vigoureusement pour résoudre le problème climatique, et de montrer la voie aux autres économies mondiales dont les émissions augmentent rapidement.
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Writing for PS since 2022 1 Commentary
Xiaobei He is Deputy Director of the Macro and Green Finance Lab at the National School of Development at Peking University.
Writing for PS since 2022 1 Commentary
Irene Monasterolo, Professor of Climate Finance at the EDHEC Business School and EDHEC-Risk Institute, is a visiting research fellow at the Boston University Global Development Policy Center.
Writing for PS since 2011 12 Commentaries
Kevin P. Gallagher is Professor of Global Development Policy at Boston University and Director of the Boston University Global Development Policy Center.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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A Economia do Desenvolvimento segue para o Norte by Dani Rodrik | CAMBRIDGE – No cerne da economia do desenvolvimento está a ideia do “ dualismo produtivo ”. Os economistas que fundaram o campo da economia do desenvolvimento, assim como o prêmio Nobel de economia caribenho, W. Arthur Lewis, observaram que as economias dos países pobres estão divididas entre um estreito setor “ moderno ” que usa tecnologias avançadas e um setor “ tradicional ” muito maior caracterizado pela baixíssima produtividade.
O dualismo foi por muito tempo considerado a característica que define os países em desenvolvimento, em contraste com os países desenvolvidos, onde se supunha que tecnologias de fronteira e alta produtividade prevalecessem em toda a economia. Isso marcou a economia do desenvolvimento como um ramo distinto da disciplina, separado da economia neoclássica convencional.
A política de desenvolvimento, por sua vez, tradicionalmente se concentrava na superação das disparidades de renda, educação, saúde e oportunidades de vida de forma mais ampla. Sua tarefa era superar o dualismo produtivo por meio de novos arranjos institucionais que alterassem o funcionamento dos mercados e ampliassem o acesso a oportunidades produtivas.
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Dani Rodrik, Professor of International Political Economy at Harvard University’ s John F. Kennedy School of Government, is President of the International Economic Association and the author of Straight Talk on Trade: Ideas for a Sane World Economy ( Princeton University Press, 2017).
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it is good to see that a mainstream economist starts talking reality, for a change.Reality is that the world population growth in the last 50 years is putting enormous pressures on all resources. What it means is that there is a relentless downward pressure on living standards in the developed countries and an invisible lid on the development for the developing countries. Markets translate these factors into inequality and the political systems translate this inequality into political resentment and instability.Likewise, population growth is responsible for greater susceptibility of populations to climate fluctuations. It is not carbon dioxide, but much greater population that creates huge crisis in response to the same drought or flood.Likewise, uneven population growth, concentrated in poorer countries, creates growing migration pressures. Not climate crisis. Wars are a factor, but wars do not happen without a reason. The answer, if there is one, is to put the problem in the open. For reasons that I do not fully understand the political and the economist class likes to talk about everything except this elephant in the room. We need substitutes for scarce resources. The technologies that give us alternatives need to be developed and the discussion needs to be how to develop them as fast as possible. Redistribution has it's place but you can't redistribute what you don't have. For instance, we need `` green new deal '' of some kind not because of the climate crisis, but because dependence on the fossil fuels is a dead end. Maybe politicians think that people are not able to handle the truth? Try them. If you don't, assorted demagogues will give them the truth of their own. It is the other guy that takes something away from you. A Jew, a Muslim, a different skin color, the works. War seems always to be the answer that demagogues have in mind and today it may very well be war with nukes on day one.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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MFW Musi Ograniczyć Ryzyko Związane z Transformacją Klimatyczną by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | PEKIN – Najnowsza ocena naukowa przygotowana przez Międzyrządowy Zespół do Spraw Zmian Klimatu wyraźnie pokazuje, że koszty braku działań w związku z globalnym ociepleniem szybko rosną i nieproporcjonalnie obciążą kraje biedniejsze, które nie ponoszą żadnej odpowiedzialności za spowodowanie tego problemu. Często jednak pomija się fakt, że same działania na rzecz klimatu mogą mieć również niezamierzone negatywne skutki w krajach rozwijających się.
Naukowcy i bankierzy centralni zwykle odnoszą się do dwóch rodzajów ryzyka finansowego związanego z klimatem: `` ryzyko fizyczne '' i `` ryzyko przejściowe. '' Podczas gdy ryzyko fizyczne wynika ze wzrostu koncentracji emisji, ryzyko przejściowe może pojawić się w wyniku szoków technologicznych oraz wprowadzenia polityki klimatycznej i regulacji w kluczowych gospodarkach.
W latach 1850-1990 Stany Zjednoczone i Europa były odpowiedzialne za 75% skumulowanej emisji dwutlenku węgla. Obecnie ich udział wynosi około 50%, podczas gdy Chiny, Indie i inne gospodarki wschodzące mają w tym coraz większy udział. Biorąc to pod uwagę, Stany Zjednoczone i Europa muszą podjąć odważne działania w celu rozwiązania problemu klimatu, wyznaczając drogę, którą podążać będą szybko rosnący światowi emitenci.
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Writing for PS since 2022 1 Commentary
Xiaobei He is Deputy Director of the Macro and Green Finance Lab at the National School of Development at Peking University.
Writing for PS since 2022 1 Commentary
Irene Monasterolo, Professor of Climate Finance at the EDHEC Business School and EDHEC-Risk Institute, is a visiting research fellow at the Boston University Global Development Policy Center.
Writing for PS since 2011 12 Commentaries
Kevin P. Gallagher is Professor of Global Development Policy at Boston University and Director of the Boston University Global Development Policy Center.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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This isn't a recession – it's a war-cession, David Roche says | LONDON — The global economy is likely entering a `` war-cession, '' according to veteran investment strategist David Roche, and markets are underestimating its duration.
It comes as markets attempt to navigate a flurry of concurrent economic hurdles, including Russia's invasion of Ukraine, soaring inflation, rising interest rates and supply disruption from China's efforts to contain a Covid-19 outbreak.
Speaking to CNBC's `` Squawk Box Europe '' on Friday, Roche, president of Independent Strategy, suggested that evidence of atrocities committed against civilians in Ukraine by Russian forces will prevent any possibility of a swift peace negotiation with Russian President Vladimir Putin.
As such, the West's only option is to seek regime change in Russia, he said, given that Putin can not be seen domestically to withdraw from Ukraine without a `` victory. ''
`` He is not going to trade withdrawal for any ratcheting down of sanctions, so the sanctions stay in place and I think the implications for Europe are that you will see recession, because the sanctions will actually increase and move towards a total energy blockade, '' Roche said.
EU countries last week agreed to a suite of new sanctions on Russia, in light of reported cases of sexual violence and the torture and executions of civilians, including a full embargo on Russian coal imports. Europe is also considering additional measures including a full embargo on imports of oil, coal, nuclear fuel and gas.
A rocket attack on a crowded train station in the eastern Ukrainian city of Kramatorsk on Friday killed more than 30 people and injured more than 100. It comes after Russian forces switched their assault to eastern Ukraine following their withdrawal from towns around the capital of Kyiv.
Ukrainian officials have warned that further atrocities are likely to be uncovered in towns recaptured from retreating Russian soldiers, and Roche argued that investors will no longer be able to separate politics from markets.
`` This is an enormous supply-side shock that will continue in food, in energy, in metals and I can go on. That will go on while at the same time, we're dealing with inflation worldwide, we're dealing with rising interest rates – I think the 30-year [ Treasury yield ] will be at least 3.5% in a year's time – and we're looking at, of course, supply disruptions in China due to what is happening on Covid, which people are not talking about, but which are obviously another supply side to the global system, '' he said.
Roche suggested that this will be too much for stock markets to overcome in order to continue grinding higher, and argued that historically high inflation will not fall off as economic growth slows, as would ordinarily be the case in a normal recession.
`` In a normal recession, output and demand go down, inflation goes down. In this sort of a recession, a 'war-cession, ' you actually have output which falls at the same time as costs and inflation rise, '' he explained.
`` You're seeing that in the mismatch in the labor market, you're seeing that in the price of commodities, and I think that will continue to push through, so you're faced with a very strange situation where central banks have to choose between their inflation target and growth. ''
Investors have been closely monitoring central bank comments to assess the likely pace of monetary policy tightening as policymakers try to contain inflation, but Roche suggested any talk of policy rates going `` over the hump '' in the coming years is `` premature. ''
`` When the pain does become extreme on the output and performance, growth side of the economy, of course they will slip back, but I think it's going to take a lot longer to happen than the equity market assumes, '' he said. | business |
China Covid outbreak: Guangzhou closes schools, Shanghai record cases | BEIJING — Another major Chinese city has tightened Covid restrictions as the country struggles to contain a nationwide outbreak stretching from Shanghai in the southeast to the northern provinces.
The southern city of Guangzhou closed in-person classes at elementary and middle schools as of Monday, shifting courses online. The measures will last for at least a week, according to a city announcement over the weekend.
Municipal authorities said locals should not leave the city unless necessary, and would need a negative virus test from within the last 48 hours to do so.
Guangzhou — capital of Guangdong, a manufacturing-heavy province — reported 27 new Covid cases for Sunday, including 9 without symptoms. That's up from a total of 11 cases a day earlier, according to the National Health Commission.
Shanghai reported a record high combined number of cases for Sunday, 914 with symptoms and 25,173 without. For Saturday, authorities reported 1,006 cases with symptoms and 23,937 asymptomatic ones.
The southeastern metropolis accounts for most of mainland China's new Covid cases. Shanghai remains in lockdown — with most people forced to stay in their apartments and get food by delivery — about a week after a two-part shutdown was originally supposed to end.
Shanghai had shifted elementary and middle schools to online learning about a month ago on March 12. The two-stage lockdown began on March 28 in the name of mass virus testing.
All 11 districts of Guangzhou city began another round of mass testing late last week. The city said Saturday it is in the process of turning an expo center into a makeshift hospital.
The latest wave of cases stems from the highly transmissible omicron variant and marks the worst Covid outbreak on the mainland since the initial phase of the pandemic in early 2020.
Electric vehicle company Nio announced Saturday it was suspending production and delaying delivery of its cars since suppliers in the northern province of Jilin, Shanghai and the nearby Jiangsu province have had to halt production due to Covid.
A Morgan Stanley survey found that at the start of this month, about 31% of Chinese people were worried they wouldn't be able to pay debt or rent — several percentage points higher than the March to May 2020 period.
Worries about job losses climbed back to levels seen in mid-March 2020, but slightly off highs seen that April, the survey found.
Morgan Stanley analysts don't expect significant changes to China's zero-Covid policy until after October or November this year. On March 31, the analysts cut their annual GDP forecast to 4.6%, down from 5.1%.
That same day, Citi analysts raised their China GDP forecast to 5.0% from 4.7% on expectations Covid's impact on the economy would result in more government stimulus.
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After battling a spike in Covid cases since late February, the northern province of Jilin — home to many automobile factories — has started to see a leveling out. The number of daily new Covid cases in Jilin has fallen from more than 1,000 or 2,000 a day, including asymptomatic ones, to several hundred a day.
Beijing, the capital of China, reported no new locally transmitted cases for Sunday. The surrounding province of Hebei reported 100 new cases, all asymptomatic.
Other major cities across the country, including Xi'an and Chengdu in central China, and Suzhou and Nanjing closer to the coast, each reported less than 10 new cases with symptoms for Sunday. | business |
Der IWF muss das Risiko des Klimawandels entschärfen by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | BEIJING – Das jüngste wissenschaftliche Gutachten des Zwischenstaatlichen Ausschusses für Klimaänderungen ( Intergovernmental Panel on Climate Change) offenbart deutlich, dass die Kosten der Untätigkeit im Kampf gegen die globale Erwärmung rapide ansteigen und unverhältnismäßig stark die ärmeren Länder treffen werden, welche für die Verursachung des Problems keine Verantwortung tragen. Oft wird jedoch übersehen, dass die Klimamaßnahmen selbst auch unbeabsichtigte negative Auswirkungen in den Entwicklungsländern haben können.
Wissenschaftler und Zentralbanker sprechen in der Regel von zwei Arten von klimabedingten Finanzrisiken: „ physische Risiken “ und „ Übergangsrisiken “. Während sich das physische Risiko aus dem Anstieg der Emissionskonzentration ergibt, können Übergangsrisiken aus technologischen Schocks und aus der Einführung von klimapolitischen Maßnahmen und -vorschriften in wichtigen Volkswirtschaften entstehen.
Zwischen 1850 und 1990 waren die Vereinigten Staaten und Europa für 75% der kumulativen Kohlendioxidemissionen verantwortlich. Heute sind sie für etwa 50% verantwortlich, während der Anteil Chinas, Indiens und anderer Schwellenländer wächst. Angesichts dieser Geschichte müssen die USA und Europa entschlossen handeln, um das Klimaproblem anzugehen, und den schnell wachsenden Emittenten der Welt einen Weg aufzeigen, dem sie folgen können.
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Cryptocurrencies and blockchain-based technologies are here to stay. But what will their next chapter look like?
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Writing for PS since 2022 1 Commentary
Xiaobei He is Deputy Director of the Macro and Green Finance Lab at the National School of Development at Peking University.
Writing for PS since 2022 1 Commentary
Irene Monasterolo, Professor of Climate Finance at the EDHEC Business School and EDHEC-Risk Institute, is a visiting research fellow at the Boston University Global Development Policy Center.
Writing for PS since 2011 12 Commentaries
Kevin P. Gallagher is Professor of Global Development Policy at Boston University and Director of the Boston University Global Development Policy Center.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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Asia markets: Investors watch China Covid situation, Japanese yen | SINGAPORE — Shares in Asia-Pacific were mixed on Tuesday, as investors continued monitoring developments surrounding the Covid situation in mainland China as well as movements in the Japanese yen.
U.S. inflation data is also expected to be out later Tuesday stateside and could provide more clues on the outlook for Federal Reserve policy.
Chinese markets recovered partially from Monday's heavy losses, swinging between positive and negative territory in choppy trading before closing higher on Tuesday.
The Shanghai composite closed 1.46% higher at 3,213.33 while the Shenzhen component jumped 2.05% to 11,756.38.
Over in Hong Kong, the Hang Seng index edged 0.52% higher, finishing the trading day at 21,319.13. Shares of Tencent and NetEase rose 3.62% and 4.21%, respectively, after Chinese regulators approved new games for monetization following a months-long freeze.
The World Health Organization said Monday it is monitoring the Covid situation in mainland China, where officials have been battling a major surge in cases.
The major Chinese city of Shanghai has accounted for most of mainland China's new Covid cases and was in lockdown about a week after a two-part shutdown was originally supposed to end. The U.S. State Department also ordered all non-emergency government staff and their family members in Shanghai to leave amid the Covid surge.
Elsewhere, the Nikkei 225 in Japan led losses among the region's major markets as it fell 1.81% on the day to 26,334.98, with shares of robot maker Fanuc dropping 5.47%. The Topix index dipped 1.38% to 1,863.63.
Australian stocks also declined, with the S & P/ASX 200 closing 0.42% lower at 7,454. South Korea's Kospi shed 0.98%, finishing the trading day at 2,666.76.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1%.
Investors were watching the Japanese yen as it traded at 125.58 per dollar following yesterday's weakening from below 125 against the greenback.
`` Given what we 've seen so far, with the … dollar yen rising from 115 to 125, it's a very sharp rise in a very short period of time, '' Chang Wei Liang, foreign exchange and credit strategist at DBS Bank, told CNBC's `` Street Signs Asia '' on Tuesday.
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`` We think that Japanese authorities are going to be at least verbally trying to intervene in the markets and try to calm sentiment, try not to let pace of depreciation get completely out of hand, '' Chang said.
In early March, the yen traded below 115 against the greenback being weakening sharply from those levels. The Japanese currency is currently approaching a two decade low, according to National Australia Bank's Tapas Strickland.
Overnight stateside, the Dow Jones Industrial Average shed 413.04 points to 34,308.08 while the S & P 500 slipped 1.69% to 4,412.53. The tech-heavy Nasdaq Composite lagged, dropping 2.18% to 13,411.96.
The U.S. consumer price index for March is set to be released during ET time Tuesday, with the White House warning that it expects the report to show inflation that is `` extraordinarily elevated. '' Economists polled by Dow Jones expect the data to show an 8.4% annual increase in prices, the highest since December 1981.
`` Very high US inflation will keep alive market expectations for aggressive FOMC tightening in our view, '' said Carol Kong, senior associate for currency strategy and international economics at Commonwealth Bank of Australia.
`` We expect the FOMC will respond to strong underlying inflation by increasing the Funds rate by 50bp in May and in June, '' Kong said.
Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures climbing 1.71% to $ 100.16 per barrel. U.S. crude futures gained 1.94% to $ 96.12 per barrel.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 100.137 — continuing to hold above the 100 level.
The Australian dollar was at $ 0.7433, still lower than levels above $ 0.744 seen yesterday.
— CNBC's Evelyn Cheng contributed to this report. | business |
City Week exclusive: Bob Wigley on UK SME lending in 2022 | Deepesh Patel ( DP), Editor, Trade Finance Global interviewed Bob Wigley ( BW), Chair of UK Finance, to discuss SME lending, our relationship with technology, and the impact of the pandemic ahead of City Week 2022.
Deepesh Patel ( DP), Editor, Trade Finance Global interviewed Bob Wigley ( BW), Chair of UK Finance, to discuss SME lending, our relationship with technology, and the impact of the pandemic, ahead of City Week 2022.
Bob Wigley has been the Chair of UK Finance since 2017. Wigley has spent his career in finance and was EMEA Chairman of Merrill Lynch until 2009 and a member of the board of the Bank of England during the 2008 financial crisis.
Wigley has been Chairman of the Green Investment Bank Commission and also wrote the seminal report Winning in the Decade Ahead on the future of London as a Global Financial Centre, for Boris Johnson when he was Mayor of London.
BW: The last few years have definitely been amongst the most challenging of our lives. The Covid-19 pandemic had a huge impact on consumers and businesses.
Almost overnight people’ s income and companies’ cash flows were very badly hit. I think the industry should be incredibly proud of the swift, responsible, and the enormous reaction it delivered to support business customers and households.
UK Finance coordinated the industry’ s response, which included nearly three million mortgage payment deferrals and almost £80 billion worth of lending to businesses of all sizes through the government-backed loan schemes.
Throughout it all, and across so many other issues too such as the transition to net-zero, operational resilience and tackling economic crime, the key is collaboration. By working together and with Government, the industry can overcome many challenges. UK Finance provides the forum for our members to do this.
BW: The pandemic has resulted in businesses making considerable operational changes in a matter of days which in normal times would have taken months, if not years.
There was a huge mobilisation of home working undertaken almost overnight and that was delivered alongside designing and developing major lending and support programmes at a record pace. It shows just how flexible and responsive our industry can be.
These changes have led to us all using new ways to communicate. However, I’ m very much an advocate of doing business face to face and see these technologies as a way to supplement this, not replace it.
Equally, consumers not previously using digital interfaces with their banks did so more during the pandemic and this has advanced the digitisation of banks services considerably.
BW: Since the outbreak of the war in Ukraine, UK Finance has been heavily involved in supporting the government’ s work on sanctions and advising Government on the implementation of Swift exclusions. We have been engaging with the government, regulators and members at all levels as part of this.
The banking and finance industry fully supports the government’ s sanctions activity in respect of Russia and is abiding by all the measures introduced.
A huge amount of work has been undertaken by firms, both in respect of implementing sanctions as well as supporting clients and financial markets.
UK Finance is also a corporate partner of the Disasters Emergency Committee ( DEC). They launched an important appeal for Ukraine and UK Finance supports this and it’ s great to see it raising so much money.
DP: For many SMEs, getting used to fiscal support from governments during the pandemic has been important, but weaning them off these government-backed facilities poses challenges. Do you think that SMEs are less willing to borrow money from banks as a result of unprecedented government support ( e.g. CBILs / BBILs?)
BW: The government-backed lending schemes provided a lifeline to hundreds of thousands of businesses.
The scale of support is unprecedented, and it has been delivered at a considerable pace. At one stage the industry was advancing half a billion pounds a day to British business.
As the economy has recovered back to pre-pandemic levels, however, we’ ve also seen demand for additional loan finance returning to normality. Last year gross lending to SMEs totalled £22.6 billion, nearing the level in 2019, while we’ ve also seen signs of increased demand for other forms of finance, such as invoice finance and asset-based lending.
BW: Two years on from the start of the pandemic, SMEs will undoubtedly be hoping for more stability this year.
However, there are a number of challenges remaining and these can affect sectors differently. It’ s important for SMEs to consider the impact of these changes on their business and engage with their finance provider early on if they need any additional finance or support.
Finance solutions are available for businesses whether they are looking to restart investment plans, improve their working capital or fill a gap if the recovery wavers.
The positive news is that our data also shows many businesses have a good degree of financial flexibility, with the ability to draw on significant accumulated deposits or unused arranged facilities. We are keeping close tabs on those that don’ t.
BW: I have always been involved in cutting edge technology businesses. Space presents some extraordinary technological opportunities as the cost of satellites and their launch comes down exponentially.
These include the ability to deliver high-speed internet connectivity anywhere on the globe at any time, geopositioning, data storage, drone technologies and a whole host of other use cases.
It is an exciting time in spacetech and the UK has world-leading expertise in the area as well as the world’ s largest and most successful spacetech accelerator.
DP: In “ Born Digital ” published in March 2021, you highlight how crucial it is for us, as a society to reset our relationship with technology. Should we just be concerned about the role of technology in our personal lives, or has it also had unexpected negative impacts on the business environment?
BW: Technology – whether that’ s in the form of digital devices or social media – now dominates our lives, bringing efficiency, cost savings and instantaneous information. But at the same time it brings considerable challenges, particularly for children and the vulnerable.
In business, it can be used as a force for good.
I try to meet with a young entrepreneur every business day. I am forever impressed by their entrepreneurial spirit, positivity and creativity. Often they are looking to harness technology to address a social issue and make a difference.
But overall, I think it’ s important for us to reevaluate our relationship with technology. We should make it serve society, as these young entrepreneurs are doing, rather than the profit and loss accounts of a relatively few technology businesses.
That means we need globally coordinated governance of the internet and better regulation of technology.
The UK Government deserves credit for its world-leading Online Safety Bill, relationship education in the national curriculum, the DMU at the CMA and the age assurance code.
Deepesh Patel is Editorial Director at Trade Finance Global ( TFG). In this role, Deepesh leads efforts in developing TFG’ s brand, relationships and strategic direction in key markets, including the UK, US, Singapore, Dubai and Hong Kong.
Deepesh regularly chairs and speaks at international industry events with the WTO, BCR, Excred, TXF, The Economist and Reuters, as well as industry associations including ICC, FCI, ITFA and BAFT.
Deepesh is the host of the ‘ Trade Finance Talks’ podcast and ‘ Trade Finance Talks TV’. He is co-author of ‘ Blockchain for Trade: A Reality Check’ with the ICC and the WTO, alongside other industry research.
In addition to his work at TFG, Deepesh is a Strategic Advisor for WOA, and works closely with ITFA. He also sits on the Fintech Working Group of the Standardised Trust.
Prior to TFG, Deepesh worked at Travelex where he was responsible for the cards business and the Travelex Money app in Europe, NAM, UK and Brazil. Deepesh is Chair of Governors and co-opted LA Governor of the Wyvern Federation, which has responsibility for 5 primary schools in South London. | general |
International Trade Professionals Programme Trade Insights from TFG - Page 4 of 4 | The ITPP gives international trade professionals the chance to write for TFG’ s publications. The top 10 writers from this year’ s group will also be enrolled onto an LIBF certified trade finance course, a globally recognised benchmark of professionalism. During these unchartered times, ITPP is also open to furloughed and currently unemployed professionals within the trade finance sector.
Participants will work closely with TFG’ s editorial team to plan, scope and produce a journalistic piece of content on a pre-agreed topic within international trade and finance. Top articles may also be in with the chance of being published in TFG’ s flagship publication, ‘ Trade Finance Talks’.
Documentary credit may be one of the most convenient payment method available to buyers and sellers, but one should know its limitation to avoid issues and penalties.
If Africa is to realize her trade potential, they must be willing to implement far-reaching reforms across all the segments and institutions of the economy.
With the Covid-19 pandemic, our paper-based trade finance settlement system suddenly stopped working. It is about time businesses adopt paperless and digital workflow to safeguard trade finance operations.
The AfCFTA is an agreement seeking to establish a free trade area in Africa. AfCFTA’ s trade liberalization objective, along with other industries goals, Africa may just be set for a new horizon in its trade, post-COVID19.
Hin Leong Trading’ s, founded by Singaporean oil tycoon Oon Kuin, collapse sends shockwaves through industry leading businesses to significantly embrace digital transformation. | general |
eucp v2 TFG Hub | In this article, John Dunlop takes a look at a documentary trade payment ( DTP) and whether it can be substituted for a documentary collection using UCP rules.
ICC has taken the lead to keep trade moving during the Covid-19 pandemic by publishing the eUCP and eURC eRules guidelines for faster and efficient trade transactions.
EIPP in combination with blockchain can help banks avoid duplicate Invoice Financing and perform dedupe effectively. | general |
竞争一定是好的吗？ by Diane Coyle | 剑桥—问任何一位经济学家竞争是否总是一件好事，答案将是肯定的。毕竟，竞争为已故的威廉·鲍莫尔（William Baumol）所说的现代市场经济的 “ 创新机器 ” 提供了动力。
通过竞争，企业可以降低价格、改进服务或提供创新产品，从而更好地为客户服务，达到相互刺激增加销售的效果。在过去的两个世纪里，创新推动了健康和生活质量的非凡改善。世界需要进一步的创造力解决紧迫的挑战，例如提供低碳能源和运输，以及开发新的苗和药物应对下一次大流行或抗生素耐药性浪潮。
当然，竞争并不是创新的唯一驱动力：公共资助的研究和政府监管也必不可少。但企业之间的竞争是让有利于社会的奇思妙想得到大规模传播的不二法门。充分的证据表明，激烈的竞争与更高的生产力有关。不那么令人鼓舞的是，研究还表明，随着时间的推移，美国和其他发达经济体的竞争已经减弱。
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Writing for PS since 2017 26 Commentaries
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Diane Coyle, Professor of Public Policy at the University of Cambridge, is the author, most recently, of Cogs and Monsters: What Economics Is, and What It Should Be ( Princeton University Press, 2021).
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Those who are convinced that a free market economy is what brings prosperity to all should also acknowledge that competition is the essence of the enterprise culture and that it alone fosters innovation, wealth creation and the winning mindset.For an economic system that relies on voluntary exchange between buyers and sellers and seeks to deliver goods and services to everyone at a price they are willing to pay, vigorous competition among vendors on the basis of a level playing field is absolutely essential.This philosophy is as true for the market in defence equipment as it is for the market in consumer goods and services.To this end, the government has made it absolutely clear, time and again, that it would like to see the competitiveness of the defence industry improved significantly, both in the domestic market and globally, so that the UK can pay its way in the world post-Brexit.But the reason why this constant badgering is not yielding any results is because defence contractors, on whom the government has become totally reliant for all its military equipment needs, are competition-averse – not least, because they are staffed ( from the very top to the bottom) by people who were previously in the pay of the State where they never had to face any competition and consequently, have no experience whatsoever of what it is like to “ feel the heat ” of competitive market forces.This total dominance of the payroll has come about because the last several decades has seen the transfer of tens of thousands of people in the pay of the State to the private sector via the “ revolving door ”, largely due to the resounding success of the policy instituted by Defence Secretaries of all political persuasions – to encourage for-profit organisations in receipt of government defence contracts to take-on people who are just about to come off the public payroll.This mass migration would explain why the workforce, at every level of the hierarchy within defence contractors’ organisations ( right across the full spectrum of defence engineering businesses, government outsourcing contractors and foreign-owned entities, large and small) is now made-up entirely of people who were previously in the pay of the State.To add to this blunder, the government is inviting precisely these sorts of people into its policy-making forums in Whitehall to try to get a handle on what has gone wrong with defence procurement, because its own civil servants are not up to the job. So, it will come as no surprise that these unpaid advisers, seconded from the defence industry and treated as “ one of us ” will never bring themselves to prescribe more competition as the medicine to the ills suffered by defence equipment manufacturers.And yet, it is the government’ s policy to procure equipment for the Armed Forces through fair and open competition. It confirms this stance in its most recent policy statement on defence procurement expressed in the Defence Industrial Policy published in December 2017, where it says ( on page 23): “ We strive to provide our Armed Forces with the capabilities they need at the best value for money, obtaining this through open competition in the global market, wherever possible. Competitive tension is the greatest driver for innovation, productivity and earning power in any economy. ” However, those lower-down the hierarchy underneath the governing elite, including the administrative elite and military top brass, who are hostile towards competitive markets have fought tooth and nail to prevent this policy from being fully implemented, which would explain why only 42% of new MoD contracts by value were placed via open competition in 2016/17, down from 64% in 2010/11. Reinforced by fierce opposition from vested interests outside Whitehall, there seems little chance of it being applied anytime soon.So long as defence contractors carry on with the practice of recruiting only people who were previously in the pay of the State, they will continue to be allergic to competition. @ JagPatel3
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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What to watch today: Stock futures are set for lower open, oil prices slide | U.S. stock futures were slightly lower Monday morning as Wall Street looks to bounce back from a losing week. Dow futures implied an opening decline of roughly 160 points, while S & P 500 and Nasdaq futures also were in the red. ( CNBC) * 10-year Treasury yield tops 2.76% to start the week ( CNBC)
The tech-focused Nasdaq Composite saw the biggest declines last week, falling nearly 3.9% as investors prepared for more aggressive policy tightening from the Federal Reserve. The S & P 500 slid 1.27%, ending a three-week winning streak, while the Dow Jones Industrial Average dropped 0.28%. The 30-stock Dow has now fallen two weeks in a row.
Oil prices fell by more than 4% on Monday, sending U.S. benchmark West Texas Intermediate crude futures below $ 94 per barrel. International benchmark Brent dropped about 4.1% to around $ 98.50 per barrel. ( Reuters)
Twitter shares fell Monday in premarket trading after CEO Parag Agrawal announced in a tweet Sunday night that Elon Musk is no longer joining the social network's board of directors. Agrawal did not say whether Musk offered specific reasons for opting against becoming a Twitter director. While Agrawal warned about `` distractions ahead, '' the CEO said Twitter would `` remain open '' to Musk's input. ( CNBC)
Inflation in China came in hotter than expected for the month of March, as the world's second-largest economy experiences its worst wave of Covid infections since the start of the coronavirus pandemic in early 2020. ( CNBC) * China Covid outbreak: Guangzhou closes schools, Shanghai's new cases soar to a record ( CNBC) * Shanghai eases lockdown in some areas despite record Covid infections ( Reuters)
Ukrainian President Volodymyr Zelenskyy urged South Korean lawmakers to provide military aid, saying the country's sanctions on Russia can not alone put an end to Moscow's invasion of Ukraine. In his video address, Zelenskyy said, the `` war is far from over '' and indicated tens of thousands of citizens in the port city of Mariupol have likely been killed. ( Associated Press) * Russia appoints general with cruel history to oversee Ukraine offensive ( NBC News) * Ukraine repulses attacks in east as Russia presses to control Mariupol ( Reuters)
French leader Emmanuel Macron and far-right rival Marine Le Pen are set to face off in a final vote after exit polls showed the two politicians leading the first round of French presidential elections. Macron, who is the incumbent, was in first place, while Le Pen was second. The runoff is set for April 24. ( CNBC) * Pakistani lawmakers elect Shahbaz Sharif as new premier ( Reuters)
Nio ( NIO) shares slumped 8.4% in premarket action after the China-based electric car maker suspended production due to Covid-19 related supply chain disruptions.
JetBlue ( JBLU) is cutting back its summer schedule in an effort to avoid flight disruptions, while working to ramp up hiring. The New York-based airline added 1% in premarket trading.
Veru ( VERU) shares surged 24.8% in the premarket after the drugmaker reported `` overwhelming '' evidence of efficacy for its experimental drug for treating hospitalized Covid-19 patients. It will meet with the Food and Drug Administration to seek emergency use authorization for the treatment.
Sailpoint Technologies ( SAIL) shares soared 29.5% in premarket trading after the cybersecurity company agreed to be acquired by private-equity firm Thoma Bravo for $ 6.9 billion or $ 65.25 per share.
Shopify ( SHOP) shares added 1.1% in the premarket after the e-commerce platform company proposed a 10-for-1 stock split, as well as the creation of a new `` founder share '' that would increase CEO Tobi Lutke's voting power to 40% from the current 34%.
AT & T ( T) added 1.9% in the premarket after completing the spin-off of its WarnerMedia unit to Discovery Communications late Friday, with the stock of the newly combined Warner Brothers Discovery ( WBD) set to begin trading today under its new name and ticker symbol. Separately, Deutsche Bank named Warner Brothers Discovery a `` top pick '' given its robust entertainment content.
Nvidia ( NVDA) slid 3% in premarket action, following the announcement that the semiconductor firm would seek shareholder approval to double the number of authorized shares. That would give Nvidia the flexibility to take actions like stock splits and issuing equity incentives without a further shareholder vote.
Lowe's ( LOW) fell 1% in the premarket after announcing the departure of David Denton as chief financial officer. Denton is leaving the home improvement retailer to take the same job at drugmaker Pfizer ( PFE). He 'll be replaced by Senior Vice President Brandon Sink effective April 30. | business |
Fauci warns: Don't 'pooh-pooh ' COVID because of low hospitalizations, as new daily cases and deaths extend increases | A new rise in COVID-19 cases may have already begun, and, while U.S. officials have expressed concern about the potential for another surge, they’ ve stopped short of recommending new public health protocols and restrictions, at least for now.
Hospitalizations remain at the lowest levels since around the time the pandemic began, suggesting the severity of cases has been reduced as more people get vaccinated, the daily average for deaths has ticked higher for a second straight day.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases and tapped last year by President Biden as chief White Houses medical adviser, said over the weekend on
ABC’ s “ This Week ”
that COVID-19 is not going to be eradicated, so Americans will have to live with some degree of SARS-CoV-2, the virus that causes it, in the community.
But he warned people not to just accept the fact they will contract the virus because although data suggest the currently dominant and “ highly transmissible ”
omicron subvariant BA.2
appears to be less severe, especially for those who are vaccinated, as it can still cause significant illness and lead to
long COVID
, whose ramifications are largely unknown.
“ We don’ t want to pooh-pooh getting infected, ” Fauci said, according to the “ This Week ” transcript.
“ I think people sometimes say, well, it’ s OK to get infected. No, it’ s not, because there are things like long COVID, and there are sometimes people, even though they don’ t require hospitalization … they get significantly ill, ” Fauci added. “ That’ s not something to pooh-pooh. ”
The seven-day average for new cases rose for a third straight day to a four-week high of 31,205 on Sunday, according to
a New York Times tracker
. It has increased 3% over the past two weeks, with more than half of U.S. states seeing cases rise over that period.
The New York Times
Washington, D.C., led the way with a 76% jump in cases over the past two weeks, helped by the
dozens of attendees of the Gridiron Club dinner
who tested positive for COVID-19, including House Speaker Nancy Pelosi ( D-Calif.), Attorney General Merrick Garland and Valerie Biden, President Joe Biden’ s sister.
Coronavirus Update:
MarketWatch’ s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began
After the nation’ s capital, eight U.S. states have seen the daily average of cases surge by more than 50% in the past two weeks, and about one-third of the states have seen cases rise by more than 25%. Pacing the pack is Rhode Island at 68%, followed by New Jersey at 67% and New York at 60%.
The New York Times
Dr. Ashish Jha, whom Biden named the new White House COVID-19 response coordinator last month, said on NBC’ s “ Today ” show on Monday that he was “ not overly concerned ” about the recent rise in cases, because they are coming off very low infection numbers and because hospitalizations are at the best levels since the pandemic started.
“ We’ ve got to be careful, but I don’ t think this is a moment where we have to be excessively concerned, ” Jha said.
The daily average of COVID-19-related hospitalizations was 15,058 on Sunday, according to New York Times data, down 18% from two weeks ago and the lowest number since April 1, 2020. Meanwhile, 10 states have seen hospitalizations increase over the past two weeks, led by Vermont at 89% and New Hampshire at 24%.
The daily average of deaths was 570, down 28% from two weeks ago, but up two straight days from an eight-month low of 554 on April 8. The states with the highest number of deaths per 100,000 were Tennessee at 0.83 and Arizona at 0.81.
Fauci said that, despite the increase in cases, he doesn’ t feel the need to recommend wearing face masks in indoor settings, given that overall numbers remain low, particularly given the reduced severity of the current variant, but that doesn’ t mean his recommendation won’ t change.
“ [ R ] ight now we’ re watching it very, very carefully, ” Fauci said on “ This Week. ” “ And there is concern that it’ s going up. But hopefully we’ re not going to see increased severity. ”
And when Jha was asked Monday on “ Today ” whether mask mandates for public transportation and airports should be extended, as they are currently set to expire on April 18, he said that would be up to the Centers for Disease Control and Prevention, which should provide an update to protocols in the next few days. He did say, however, an extension is not out of the question.
“ This is a CDC decision, and I think it is absolutely on the table, ” Jha said.
Other COVID news
New York City Mayor Eric Adams tested positive for COVID-19 on Sunday, his 100th day in office, as
the Associated Press reported
. Adams said the only symptom he had was a raspy voice, but he canceled all public events for the week and said he would be taking antiviral medications.
President Biden has tested negative for COVID-19 again on Monday,
according to the White House
. He had tested negative on Friday, after a number of government officials tested positive in the aftermath of the Gridiron Club dinner.
Shares of Veru Inc.
VERU,
+182.30%
nearly tripled in midday trading Monday, after the biopharmaceutical company announced
positive results from its Phase 3 trial of its oral COVID-19 treatment
. Veru said patients hospitalized with moderate to severe COVID-19, who were at high risk for adult respiratory distress syndrome ( ARDS) and death, its oral sabizabulin led to a “ clinically and statistically meaningful ” 55% reduction in deaths. The Independent Data Safety Monitoring Committee “ unanimously ” recommended the Phase 3 trial be halted early because of efficacy, with no safety concerns identified.
China-based electric-vehicle maker NIO Inc.
NIO,
-1.50%
warned over the weekend of delivery delays, as
suspended production due to COVID-19 restrictions
have led to new supply-chain disruptions. That follows an announcement by Tesla Inc.
TSLA,
-4.83%
in late March that
it would pause production at its Shanghai “ gigafactory ”
because of a COVID-19 lockdown.
The number of fully vaccinated Americans reached 218.38 million, or 65.8% of the total population,
according to the CDC’ s latest data
. But it’ s been
more than six weeks
since the percentage of the population fully vaccinated has increased a full percent.
On a global basis, the total number of COVID-19 cases has increased to 498.15 million while the total number of deaths has reached 42,290,516 as of midday Friday,
according to data aggregated by Johns Hopkins University
. The U.S. continues to lead the way with a total case count of 80.40 million and 985,482 total deaths. | business |
U.S. Natural Gas Closes at 13-Year High With Inventories Falling | The information you requested is not available at this time, please check back again soon.
A new Carrier natural gas furnace is tested after being installed at a residential home in Spanish Fork, Utah, U.S., on Tuesday, Oct. 19, 2021. Staying warm this winter in the country will come at a higher cost this year along with most other consumer expenses as heating oil, natural gas and other fuels surge in price, reports Newsweek. Photographer: George Frey/Bloomberg, Bloomberg
( Bloomberg) -- U.S. natural gas futures closed at the highest level in more than 13 years, reaching prices not seen since before the shale revolution unlocked the nation’ s vast reserves of the fuel.
Gas in New York settled up 5.8% Monday, with colder-than-usual Spring weather across the northern U.S. expected to divert fuel from storage -- just when inventories are supposed to be refilling. That’ s getting traders worried there won’ t be enough gas in storage when next winter comes around.
Prices for the heating and power-plant fuel have soared as robust domestic and overseas demand test U.S. drillers’ ability to expand supplies. Inventories held in underground caverns and aquifers are at their lowest since 2019 on a seasonal basis while exports are at capacity.
Futures closed at $ 6.62 per million British thermal unit, the highest level since November 2008.
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
U.S. inflation could affect 2022 Senate midterms in Georgia, Arizona | Matthew Rice doesn't have to look hard for signs of inflation in Savannah, Georgia.
A gallon of gas cost $ 2.79 a few months ago, he said. Now it runs him more than $ 4.
`` And, of course, when the price of gas goes up, the price of products goes up, '' the 45-year-old added. `` So yeah. It's played a role in our household. ''
Rice, a longtime fan of MLB's Atlanta Braves and a graduate of Armstrong State University, now known as Georgia Southern University, is one of the tens of thousands of Americans who say rising prices are straining their household budgets and shaping how they think about this year's elections.
Gradual but steady jumps in the costs of groceries, housing and gas have forced consumers like Rice, who manages reservations for an RV park on nearby Tybee Island, to change how they spend money.
While his work has been busy as more Americans take long-delayed vacations following Covid pandemic-era shutdowns, Rice said inflation has made him choosier when he, his mother and 10-year-old daughter shop for groceries every other Friday.
`` We have, at times, made substitutions based off what's available because of the supply chain, '' he said. `` And at times, due to the price, we maybe try other brands of products that we normally would not have tried before. ''
Few areas of the country have seen inflation as bad as in the South, where prices have risen across the 16-state region by an average of 8.4% from a year ago. That compares with year-over-year inflation of 8% in the Midwest, 8.1% in the West and 6.6% in the Northeast, according to the Bureau of Labor Statistics.
Inflation is particularly bad in Tampa, Florida, Miami and Atlanta where consumer prices have jumped by an average of 9.6%, 9.8% and a whopping 10.6%, respectively, over the last year.
But prices aren't the only thing heating up in the South and West, as Georgia again finds itself in the middle of a fierce election cycle. Inflation has vaulted to the top of the minds of both voters and candidates across the state.
At the federal level, several Republicans hope to unseat Democratic Sen. Raphael Warnock, who defeated Republican Kelly Loeffler in a special election in 2020. Loeffler was appointed in 2019 by Republican Gov. Brian Kemp to finish the term of former GOP Sen. Johnny Isakson, who resigned for health reasons.
Warnock is Georgia's first Black senator, and his win gave Democrats a razor-thin majority in the Senate.
Meanwhile, the state's gubernatorial race pits Kemp against fellow Republican and former Sen. David Perdue, who's been endorsed by former President Donald Trump.
In an already bitter primary competition, Perdue hopes to tap into Georgia Republicans ' frustrations with Kemp after the governor refused to overturn the 2020 election results that favored then-candidate Joe Biden. Trump falsely claimed widespread fraud led to Biden's win, and asked the state's top elections official to `` find '' enough votes for him to reverse his loss.
The GOP winner is all but certain to face another tough challenger in the November general election from Democratic candidate Stacey Abrams, who narrowly lost the 2018 governor's race to Kemp.
But as different as Georgia's candidates and elections are, voters are unified by their shared fatigue over rising sticker prices for gasoline, groceries and housing.
For the past several months, Labor Department data has shown that year-over-year price jumps have been hitting levels not seen since the Ronald Reagan administration. In its most recent update last month, the department said its benchmark consumer inflation index rose 7.9% over the last 12 months, the hottest reading since January 1982.
The Labor Department's March 2022 consumer price report is due out on Tuesday at 8:30 a.m. ET.
Those familiar with the White House's thinking say the administration expects to see a hot headline March CPI figure given that the prior print failed to fully capture a dramatic uptick in petroleum prices caused by Russia's invasion of Ukraine that began in late February.
The CPI, or consumer price index, is the department's tool for measuring the price changes of a basket of goods and services that everyday Americans buy each month.
Core inflation, which excludes volatile energy prices, could be more modest by comparison in the March report.
The Federal Reserve, the U.S. central bank tasked with keeping prices stable, considers inflation around 2% a healthy byproduct of economic growth. But too much can signal overheating and a disconnect between the economy's broadest forces of supply and demand.
For consumers, unruly inflation can erode what economists call purchasing power, or the total quantity of goods and services they can buy at their current income.
But as fast as prices rise in Savannah, Rice said some grocery purchases aren't up for debate.
`` We try not to make too many adjustments because my daughter — she likes certain brands, '' he laughed, saying they can't substitute cheaper brands for Kraft Macaroni & Cheese or Quaker Oats ' Peaches & Cream flavored instant oatmeal among his daughter's favorites. `` Kids usually have a certain taste. ''
Economists say the country's inflation woes began in the spring of 2021 as Covid vaccines arrived and then was exacerbated by a variety of seemingly unrelated factors.
The inoculations stoked demand for all the things consumers gave up to stay safe during the worst of the pandemic — travel and dining out. Demand also surged for new cars, paid for in part with all the money saved by staying in for months.
Factory shutdowns during the pandemic left automakers like Ford and General Motors behind on production. The surge in demand, combined with a shortage of computer chips, further reduced vehicle inventory and sent prices soaring on cars and electronics.
Read more of CNBC's politics coverage:
Labor shortages — due in part to people calling out sick with Covid or quarantining because of an exposure — led to freight backlogs at the ports of Los Angeles and Long Beach, California, and higher shipping costs that were passed on to consumers.
Russia's invasion of Ukraine has sent oil prices spiking, and soaring real estate values have driven up the cost of housing.
Caroline Fohlin, an economics professor at Emory University in Atlanta, said Arizona and Georgia are both seeing steep home price jumps as people leave the country's largest cities for cheaper locales. The pandemic opened up the prospects of working from home — from anywhere — for city dwellers who could buy expansive homes with yards for the cost of a one-bedroom apartment in New York or San Francisco.
Online listing website Apartment List shows that Atlanta rents climbed by about 18% over 2021, with the average per-month cost for a one-bedroom apartment at $ 1,831.
`` They're moving in droves to places like Savannah, Charleston – you know, the coastal South, '' Fohlin said. `` Take a look at the real estate market in, say, Sullivan's Island, South Carolina '' where `` shacks '' are selling for millions.
`` That's great news for the old-timers who are able to sell their previously $ 50,000 shacks for $ 3 million, '' she said.
Roger Ferguson, former vice chair of the Federal Reserve, attributed most of the rise in consumer prices in Georgia and Arizona to the increase in housing costs.
`` There might be some differences in terms of your labor force, compensation composition, '' Ferguson, a CNBC contributor, said last month. `` But my hypothesis is that it's primarily around housing. ''
In New York City, where renters comprise about 67% of all households, the average rent for a one-bedroom apartment fell from about $ 1,920 per month in February 2020 to $ 1,510 by January 2021 as residents fled congested cities, according to Apartment List.
Rents have more than rebounded since then as bosses increasingly insist on workers returning to their offices. The monthly cost of a one-bedroom apartment in New York City is now around $ 2,068.
The mismatch between supply and demand, and the resulting inflation, has blossomed into a critical issue for Biden and Democrats hoping to retain control of Congress this year.
Nearly 1 in 5 Americans, 17%, said in March that inflation is the most important problem facing the U.S., according to polling site Gallup. That figure represents a 7 percentage point climb from the 10% of Americans who in February said inflation was the country's chief headache.
As inflation has climbed, Biden's polling has fallen: Just 36% of those surveyed by Gallup in a recent poll say they approve of his handling of the economy, down from 54% in February 2021.
Republicans hoping to win back control of Congress have seized on rising prices as evidence of economic mismanagement and frivolous spending by Democrats, who control the White House and both chambers of Congress. They have focused on the $ 1.9 trillion American Rescue Plan, the Democratic coronavirus relief law passed in March 2021, as vaccines were starting to boost demand in the U.S.
One such Republican is former pro football player Herschel Walker, who's running against Warnock in Georgia's Senate race.
Walker, a longtime Trump ally, echoed the frustrations of many Georgia Republicans earlier this year when he shared on Twitter an image of a near-barren grocery store shelf and blamed Democrats ' economic agenda for the frothy inflation.
`` Our shelves are empty, the supply chain is a mess, and inflation is at the HIGHEST in 40 years, '' Walker wrote in a Jan. 19 Twitter post. `` President Biden's approval ratings continue to drop. Why is he focused on social spending? People just want affordable gas and groceries on the shelves! ''
Democrats attribute the price spikes to a combination of overwhelmed supply chains, the war in Ukraine, labor shortages and unprecedented demand. Warnock specifically has met opponents ' inflation barbs by blaming corporate profiteering.
`` While corporations are seeing record profits, Georgia consumers are seeing record prices, '' Warnock said in a Twitter post from February. `` Whether it's working to ease supply chain issues, or capping out-of-pocket costs for prescription drugs, I 'm fighting for hardworking Georgians every day. ''
Across the country in Arizona, prices have also affected consumer spending — and the political landscape.
Aaron Spector, a 28-year-old Tempe resident, said his landlord's move to hike rent by nearly 20% led him to make some changes — he bought his own home.
`` Honestly, it just didn't make sense to rent anymore with the increase that I was seeing, '' Spector, who works in sales for a logistics firm, told CNBC. `` I did want to buy a house – it was on the timeline. But it was definitely expedited – almost necessary – when I saw what the rent was increasing to. ''
In nearby Phoenix, Kevin McElwain said signs of housing cost hikes are everywhere.
McElwain, who works sourcing labor and materials for homebuilders, said more expensive raw materials are fueling prices for new homes.
`` Anything from framing, concrete, electrical – you name it. Prices have risen probably by at least 50%, '' he said. A lot of the problem, he explained, comes from shortages of supply for workers and raw commodities.
`` You have people that will turn down bids for new projects because either they don't have the necessary parts and materials, or they don't have the crews, '' McElwain, 29, said.
Those shortages are likely a main culprit in Phoenix's high prices, which have risen 10.9% over the last 12 months. Over the last year in the city, meat prices have jumped 16.2%, clothing costs have climbed 15.5% and restaurant bills are up 5.9%.
Spector said that inflation, and the state of the economy more broadly, will influence him at the ballot box come Election Day.
`` It will definitely impact how I vote, '' the graduate of the State University of New York at Geneseo said. `` It will obviously have an impact. When people's bank accounts are affected like this, it changes people's minds. ''
Phoenix resident McElwain, who said he's not registered to vote with either party, said inflation is on his mind this election year.
`` I 'd like to see it be addressed by the candidates that are running, '' he continued. `` But I 'm still going to take everything that they have to say with a grain of salt one way or the other. ''
Votes from McElwain and Spector this fall will help determine whether Democratic Sen. Mark Kelly will hold on to the seat he won in Arizona's 2020 special election against then-GOP incumbent Martha McSally to finish out the remainder of former Sen. John McCain's term.
Like Warnock, Kelly has tried to convince voters that he and his fellow Democrats are working to check unruly prices.
The retired astronaut in March detailed `` 6 Things '' he is doing to try to cool inflation in Arizona. Those efforts include a bill to suspend the federal gas tax for the rest of 2022, his contributions to the CHIPS semiconductor bill and a deal to cap out-of-pocket prescription costs for seniors.
`` We're in the middle of a global microchip shortage that's driving up prices on everything from cars to appliances, '' Kelly said in a Twitter post April 2. `` Our bill to boost U.S. microchip manufacturing will help end that shortage, create thousands of high-paying jobs for Arizonans, and grow our state's economy. ''
The strain soaring inflation has put on Americans — and the anxiety it has caused incumbents running this fall — has shown up repeatedly in the policy choices made by swing-state lawmakers this year. On Thursday, Senate Majority Leader Chuck Schumer, D-N.Y., named both Kelly and Warnock to a conference committee that will hash out a final microchip bill with House members.
Both senators have also tried to show voters they can address an issue that has vexed Rice in Georgia and people across the U.S.: high gas prices. Kelly and Warnock co-sponsored legislation that would suspend the U.S. gas tax for the rest of the year. The bill has not moved forward since senators unveiled it in February.
`` This bill will lower gas prices by suspending the federal gas tax through the end of the year to help Arizona families struggling with high costs for everything from gas to groceries, '' Kelly said in a statement at the time.
Warnock added in his own statement: `` Hardworking Georgians being squeezed at the pump understand that every penny counts. ''
Correction: Quaker Oats has a Peaches & Cream flavored instant oatmeal. An earlier version misstated the name of the product. | business |
Veru's stock nearly triples after oral COVID-19 treatment leads to'statistically meaningful ' reduction in deaths | Shares of Veru Inc.
VERU,
+182.30%
rocketed 175% toward a 13-month high in afternoon trading Monday, after biopharmaceutical company announced positive results from its Phase 3 trial of its oral COVID-19 treatment. Trading volume spiked up to 264.2 million shares, compared with the full-day average of about 629,400 shares, and enough to make the stock the most actively traded on major U.S. exchanges. Veru said patients hospitalized with moderate to severe COVID-19, who were at high risk for adult respiratory distress syndrome ( ARDS) and death, its oral sabizabulin led to a `` clinically and statistically meaningful '' 55% reduction in deaths. The Independent Data Safety Monitoring Committee `` unanimously '' recommended the Phase 3 trial be halted early because of efficacy, with no safety concerns identified. Veru's stock, which had closed at a 16-month low on Friday, has now run up 103.4% year to date, while the iShares Biotechnology ETF
IBB,
-2.30%
has dropped 14.1% and the S & P 500
SPX,
-1.69%
has lost 7.0%. | business |
Force Majeure Lessons From 2 COVID Rulings | U.K. businesses faced disruption from the public health measures implemented to fight COVID-19 and many companies suffered significant economic losses as a result.English courts have consistently refused to relieve a contracting party from a bad bargain and the global pandemic has not changed that approach. There is no general legal principle of force majeure in English law; it can only be agreed in the express terms of a contract. The wording of such clauses varies widely and is generally construed in relation to its own terms.Two recent cases from the English courts highlight the importance of mitigating pandemic risk... | general |
This is exactly when you should book a rental car for the best deal | This
article
is reprinted by permission from
NerdWallet
.
Conventional wisdom suggests that you book travel reservations in advance to nab the best deal. But when it comes to rental cars, this might surprise you: The best time to rent a car is last minute, when they tend to be cheaper.
That’ s according to a NerdWallet analysis conducted in March 2022 of 360 rental car prices from eight major car rental companies in the United States. The prices chosen for this analysis were the cheapest possible option ( typically a small sedan) that allowed you to pay at the counter ( as opposed to in advance) and included taxes and fees. The analysis compared the cost to book three months in advance of the reservation date versus seven days before.
NerdWallet found that customers pay on average $ 75 more to book a weeklong rental car three months in advance compared with booking the same rental just a week in advance. That translates to an extra cost of around 15%, simply for booking early.
The best time to book rental cars
Do car rental prices go up closer to the date? Actually, not always — and not often.
The NerdWallet analysis — accounting for the booking time frame across multiple destinations and car rental brands — discovered that renting a car even three days before your reservation start date can yield significant savings.
Rental car companies Alamo, Avis
CAR,
+4.85%
,
Budget, Dollar, Enterprise, Hertz
HTZ,
+2.45%
,
National and Thrifty were all included in the analysis.
The savings discovery materialized for every rental car company in the analysis. The difference was starkest at Enterprise, where it was, on average, nearly 40% more expensive to book three months in advance. Even at Dollar, which had the slightest difference, it was still more costly to book three months in advance.
Here’ s the percentage difference in costs by rental car company:
Rental car company
Percent more you’ ll pay to reserve 3 months in advance vs. 1 week out
Alamo
13.56%.
Avis
5.68%
Budget
6.21%
Dollar
2.09%
Enterprise
38.63%
Hertz
11.01%
National
6.23%
Thrifty
14.77%
You don’ t save money by reserving a rental car in advance, no matter how you slice it. So why is it so much cheaper to procrastinate?
Also read:
Walt Disney World’ s latest attraction may appeal to its own workers: Affordable housing
For starters, the past year has been
brutal for car renters
. Supply chain shortages have made cars more expensive in general. A newfound, pandemic-driven aversion to airplanes ( by some) has inspired road trips as a vacation alternative, thus increasing rental car demand. And the widespread resurgence of all sorts of travel after a slow 2020 has disrupted an understaffed travel industry. All that, and it’ s no surprise that some travelers have found
limos are cheaper
than rental cars.
Michael Taylor, travel intelligence lead at J.D. Power, a data analytics company, tells NerdWallet that he doesn’ t see the trend of cheaper last-minute rental cars as unusual, especially these days.
“ Rental car pricing algorithms have gone through a period of unexpected change, ” he says. “ The surging demand, coupled with the lack of rental cars available system-wide, has seemingly caused pricing models to fluctuate much more than in the past. ”
Taylor also calls out the challenge of repositioning fleets. For example, it’ s common for travelers to fly into one airport and out of another. As a result, some travelers reserve one-way rentals for trips like driving along the California coast or making a cross-country road trip.
Check out:
7 off-the-radar places worth stopping on a California road trip
Rental car companies typically keep detailed data and make plans to ensure one location’ s supply isn’ t depleted from rentals that get checked out but returned elsewhere. They might even offer deals for one-way rentals in the reverse direction.
But given how drastically the pandemic has adjusted travel habits, that data has become less predictable. A cheap last-minute rental could simply be a plea from a car rental company for drivers to bring cars back to needed locations.
And in anticipation of significant demand in the coming year, some rental car companies set high prices — and will only bring them down last minute upon a glut. While some businesses and consumers perceive current travel conditions to be precarious, many expect a
return to normalcy
this summer. The data suggests that rental car companies are setting prices to predict the same.
Also see:
4 ways to reduce your environmental impact when you travel—and save money, too
Why you might still book rental cars in advance
Even though last-minute rental cars tend to be cheaper, it might not be a good idea to procrastinate on booking — whether intentionally or not.
You don’ t want to risk sold-out cars
“ With the shortage of cars, there is a definite risk that last-minute inquiries will yield no availability, ” Taylor says. “ That seems like a risky game in this environment. ”
You don’ t want to find yourself stuck in a city with no public transportation and limited availability of rideshare services only to realize rental cars are sold out. The bright side of booking now: You can lock in a rate that you’ re at least OK with, as it’ s better than sold-out cars.
And while the data suggests that renting last minute is generally cheaper, that’ s not always the case. Especially in popular vacation destinations like Hawaii, there are horror stories of renters making last-minute bookings ( or changes to existing bookings) only to incur extra costs of over a thousand dollars.
You might be able to reserve a car now — and rebook the same one later at a discount
Here’ s a strategy that might get you the best of both worlds: the guarantee of a reservation and the possibility of a cheaper reservation. Reserve your rental car as soon as possible, and select the option that allows you to lock in your rate but pay at the counter ( most major rental car companies let you do this).
Ahead of your trip, periodically check your booked rental price. If the price dips lower than what you initially paid, cancel and rebook. If you didn’ t prepay for your reservation, most rental car companies won’ t charge you a cancellation fee.
JT Genter contributed to this report.
More From NerdWallet
How to Account for Inflation in Your 2022 Travel Budget
Ask a Travel Nerd: How Do I Find COVID Tests to Return Home?
3 Ways to Get Money Back When COVID Ruins Your Vacation
Sally French writes for NerdWallet. Email: sfrench @ nerdwallet.com. Twitter: @ SAFmedia.
Sam Kemmis writes for NerdWallet. Email: skemmis @ nerdwallet.com. Twitter: @ samsambutdif. | business |
Big tech swept into selloff erasing US $ 1T from Nasdaq 100 | The information you requested is not available at this time, please check back again soon.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the Federal Reserve.
The Nasdaq 100 Stock Index sank more than 2 per cent Monday, adding to losses sustained last week that have erased over US $ 1 trillion in market value from the tech-heavy benchmark in the past five sessions. Microsoft Corp. tumbled 3.9 per cent, its worst decline in more than a month. Chipmaker Nvidia Corp. sank as much as 6.3 per cent, extending losses sustained over the past five sessions to 20 per cent. The stock hasn’ t had a five-day run this bad since March 2020.
“ There’ s so much pessimism, ” said Kim Forrest, chief investment officer and founder of Bokeh Capital Partners. “ The war in Ukraine, higher interest rates, recession fears, China’ s COVID lockdowns and then oil prices -- it’ s all very gloomy. ”
Those macro-economic risks are causing even some of the most outspoken bulls to grow more cautious. JPMorgan Chase & Co.’ s Marko Kolanovic advised clients to take some profits, citing risks from geopolitics and Fed tightening, just a month after he advised adding to stock holdings.
Kolanovic may be onto something, however, as the latest bout of selling comes after a three-week rally that sent the Nasdaq soaring 16 per cent from a March 14 low as investors snapped up growth stocks amid optimism that they would be well-positioned to outperform as economic growth slows. Now, that optimism has been replaced by fear that an aggressive Fed bent on fighting inflation at all costs will send the economy into recession.
Fed Governor Christopher Waller acknowledged those risks on Monday, saying that interest rate hikes are a “ brute-force tool ” that can cause “ collateral damage. ”
The Fed raised its key rate by a quarter point last month and signaled it expects to lift it to 1.9 per cent by the end of 2022 as the central bank seeks to bring inflation under control. Officials have said they’ re open to moving faster if needed, including by hiking a half point at the central bank’ s May 3-4 meeting. Higher interest rates reduce the present value of future earnings, weighing especially on shares of fast-growing companies whose profit potential isn’ t expected to be realized for years.
“ This is a tough environment to want to hold onto risk and that might remain the case until investors believe the Fed may not be as aggressive with tightening policy, ” Edward Moya, senior market analyst at Oanda, wrote in a note to clients. “ The Fed has locked itself into delivering a couple massive rate hikes and the earliest they could flip-flop and ease up on tightening as growth concerns become a priority is the middle of the summer. ”
In January, a whopping US $ 3 trillion was wiped out by the time the rout bottomed out, while February and March were relatively better, seeing selloffs of US $ 1.7 trillion and US $ 1.5 trillion, respectively. Companies in the index have a combined market value of US $ 16.9 trillion, led by Apple Inc., Microsoft Corp. and Amazon.com Inc.
Earnings can’ t come fast enough for investors like Bokeh Capital’ s Forrest, who believes that spending on technology remains robust and will hold up relatively well even in a downturn.
“ I’ m expecting earnings and commentary to put the focus back on strong fundamentals, ” she said.
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
Mark Zuckerberg's nonprofit won't disburse money to election offices this year after backlash | DENVER — The nonprofit that distributed most of the $ 350 million in donations from Facebook
FB,
-2.64%
founder Mark Zuckerberg to election offices in 2020 said Monday that it won’ t disburse similar donations this year after backlash from conservatives suspicious that the contributions tilted the outcome of the presidential race toward Joe Biden.
Instead, the Center for Technology and Civic Life is launching a different program. Dubbed the U.S. Alliance for Election Excellence, the $ 80-million, five-year effort is intended to create a network for the nation’ s thousands of local election officials, who can apply for aid to improve their technology and processes.
“ Unfortunately, years of underinvestment means many local election departments often have limited capacity and training. The U.S. Alliance for Election Excellence is bringing together world-class partners so that local election officials no longer have to go it alone, ” said Tiana Epps-Johnson, CTCL’ s executive director, who was scheduled to announce the new program at the TED2022 conference.
The 2020 effort by Zuckerberg and his wife, Priscilla Chan, amid the COVID-19 pandemic fueled conservative anger and distrust of the presidential election outcome.
At least eight GOP-controlled states passed laws last year banning private donations to election offices
in reaction to Zuckerberg’ s donations. Suspicion that the contributions — routinely referred to as “ Zuckerbucks ” by conservatives — helped Biden, a Democrat, has become a staple among those who believe in former President Donald Trump’ s election lies.
Several Republican election officials have said the program was vital and nonpartisan and dismissed criticism of it as conspiracy theories.
A spokesperson for Zuckerberg and Chan confirmed that the couple is not funding election offices this year.
“ As Mark and Priscilla made clear previously, their election infrastructure donation to help ensure that Americans could vote during the height of the pandemic was a one-time donation given the unprecedented nature of the crisis, ” Ben LaBolt said. “ They have no plans to repeat that donation. ”
Epps-Johnson said the group saw in 2020 just how woefully underfunded many local election offices are. Elections in the U.S. are run at the local level, sometimes by a small staff of city or county workers and volunteers. One jurisdiction, CTCL said, used its 2020 grant to replace century-old election tabulation equipment, and many struggled to maintain usable websites that could provide voters information on mobile devices.
The network will work with technology experts at Stanford University and elsewhere, Epps-Johnson said. Local election offices will be able to apply for assistance, but things will work differently than two years ago.
In 2020, election offices were scrambling to switch to mail voting as the pandemic made traditional polling places harder to maintain. Negotiations over additional money for election offices collapsed amid partisan acrimony in Washington. In late August of that year, Zuckerberg announced his donations, and CTCL swiftly distributed the funds to 2,500 election offices for a wide range of expenses, including new ballot counting equipment, pickup trucks to haul voting machines and public relations campaigns advertising new ways to cast ballots.
Conservatives were immediately skeptical. Many have long distrusted Zuckerberg, believing he uses his social media platform to help Democrats. CTCL is a nonpartisan group respected by election administrators of both parties, but its founders have roots in liberal politics. And although the grants went to conservative and liberal areas, Democratic-leaning counties received a disproportionate share of the money in battleground states like Florida and Pennsylvania.
CTCL has spent much of the time since the 2020 contests pushing for greater government funding of election offices, saying that would be better than another round of private donations. The nonprofit was encouraged by Biden’ s request for $ 10 billion in election funding in the federal budget he released last month.
Still, the movement fueled by Trump’ s false claims of widespread voter fraud has latched onto the 2020 donations as one of its many grievances over how the election was conducted. For example, at Colorado’ s GOP Assembly on Saturday, candidate after candidate referred to Zuckerberg and “ Zuckerbucks ” as they claimed the election was stolen from Republicans.
“ Mark Zuckerberg and his shadow forces should never be in charge of our elections, ” said Tina Peters, a county clerk under indictment for her role in the illegal download of voting software last year that was provided to Trump supporters. She made the comments to the crowd in Colorado Springs as she advanced to the party’ s primary ballot for the state’ s top elections office, secretary of state. | business |
2 years later: Enterprise hardware shifts are here to stay | Companies are eliminating desktop PCs in favor of mobile gear, adjusting provider strategies to fill their needs.
Few business continuity and disaster planners ever envisioned setting up most of their employees in home offices almost overnight, as the COVID-19 pandemic caught IT unprepared.
Procuring the laptops, headsets, monitors, printers, Wi-Fi routers, tablets, PCs, cabling, and other gear this newly distributed workforce required, set off a mad scramble as harried IT shops and procurement professionals frantically called, texted, and emailed every vendor on their lists only to be told time and again nothing was available.
Eventually, the situation was remedied through a combination of relaxed — or hurriedly introduced — bring your own device ( BYOD) polices, acquiring hardware locally, or having IT literally box up on-site hardware for employees to take home.
`` We didn't have a lot of pull directly with [ our preferred vendor ] Dell, '' said Brian Shea, CIO of MedOne Hospital Physicians, a mid-sized provider of clinical specialists to hospitals. `` So, we 'd go local, which, in my past life [ as the CTO Nationwide Children's Hospital in Columbus ], we would never do. Then we started using Amazon a little bit. We had more flexibility searching multiple vendors. ''
In the two years since the initial response to the pandemic, hardware purchasing trends at the enterprise level have shifted to ensure companies don't neglect their hardware needs. They are moving purchasing away from fixed assets like desktop PCs in favor of more mobile gadgets, adjusting their provider strategy to match their needs. For many businesses, analysts expect, changes are here to stay.
Many companies also provided employees with stipends so they can get what they need on their own, said Andrew Hewitt, a senior infrastructure and operations analyst at Forrester.
This approach took the onus off of severely overworked IT departments to find, buy, and ship everything to their newly minted work-from-home workforce.
`` You basically saw enterprises go in about 10 different directions just trying to get something into the hands of people so that they could get their work done, '' said Hewitt.
Some IT shops went so far as to set up their customer service reps with thin clients so they could access virtual desktop infrastructure ( VDI), but most organizations opted for anything portable and that could run a web browser, Hewitt said.
`` We had one client, for instance, that was sending home thin clients along with hardware based tokens for authentication, '' he said. `` They had to order a ton of tokens right at the beginning of the pandemic to enable that. Where something that was more cloud friendly, like a Chromebook or a personal PC, is going to have that authentication mechanism built into it. ''
This move to portable devices represents a significant shift in hardware usage and buying patterns.
Two-thirds of respondents to a recent Spiceworks Ziff Davis ( SWZD) report, Hardware Trends in 2022 and Beyond, said desktop PCs were the primary computing device in their organizations in 2018. Four years later, 40% of employees are using laptops and 40% are using desktops.
As a percentage of spend, companies today spend more on laptops than desktops. Mobile devices such as smartphones and tablets also are being used as work devices today, particularly in Asia-Pacific and Latin American countries.
`` This reallocation of spending happened during the pandemic, with the shift to remote work serving as the catalyst, '' the study said.
The report also found that, despite growth of cloud computing in all its forms – SaaS, IaaS, and PaaS during the pandemic – only about half of all workloads today are running the cloud.
Despite reports of a stampede toward the cloud, half of workloads are still running in on-premises data centers and server rooms.
Hardware spending as a percentage of overall IT spending decreased since the start of the pandemic, dropping from 33% in 2020 to 30% in 2022. Servers accounted for just 14% of spending in 2020 and that number is expected to drop to 11% in 2022.
At the same time, cloud spending only increased moderately from 22% in 2020 to 26% of overall IT budgets in 2022, the report said.
`` But make no mistake: On-premises servers remain extremely important to organizations worldwide … on-premises and cloud infrastructure will co-exist and grow increasingly interoperable, allowing for greater portability and flexibility that will benefit organizations in a hybrid world, '' the report said.
For many companies, the old ways of doing business will not work anymore.
Shea, for example, said he won't go back to relying on just one vendor. Being a mid-sized company with just a couple of hundred employees that buys hardware only as needed means they do not get the preferential treatment an enterprise-class customer would.
`` We have not moved back to using Dell … we will continue to buy peripherals through local sources or channels like Amazon. We're able to see the flexibility in pricing by looking across multiple suppliers. ''
For most companies, hardware has become essential again. The pandemic showed reliance on non-mobile assets such as desktops or thin clients can create a lot of problems when global events spin out of control.
Citing recent Forrester data, Hewitt said only 10% of companies plan to reduce hardware spending on PCs in 2022. This includes laptops, tablets, Chromebooks, and Macs. Half of businesses said they planned to increase their PC spending this year and 25% said they would remain the same.
`` A lot of organizations have seen the value from a business continuity perspective of physical hardware, '' he said.
Organizations want more bang for their buck, which can mean eschewing single-use products.
Digital transformation goes beyond technology — if companies want to engage in a new era of technology, they must rethink how work is done too.
Organizations want more bang for their buck, which can mean eschewing single-use products.
Digital transformation goes beyond technology — if companies want to engage in a new era of technology, they must rethink how work is done too. | tech |
Amazon tops tech rivals for employee career growth, LinkedIn says | The company is nearly halfway through a six-year training investment commitment, which now gives hourly employees access to a college education.
Nearly halfway through a six-year training investment commitment announced in 2019, Amazon's external communications have been increasingly devoted to Career Choice.
This year, the company announced a partnership with 140 national and local academic institutions and expanded training in areas such as English skills for hourly workers. It also offers English as a second language proficiency training to refugee employees as part of Welcome Door, a humanitarian program for refugee and immigrant employees.
At the same time, critics have questioned whether Career Choice — and employer-sponsored education benefit programs like it — provide much value to workers, given that employers are able to select the types of degrees employees may pursue while using the benefits and employees may lack the time needed to devote to educational activities, Protocol reported.
Amazon workers at a Staten Island facility recently voted in favor of forming the company's first union. Proponents of unionization cited job security, pay and improved working conditions among their list of demands, and criticized Amazon for its health and safety protocols during the COVID-19 pandemic.
Meanwhile, the company faces competition from retailers like Walmart and Target, both of which expanded educational support programs for employees.
The company is sharpening its focus on newer product lines after its meteoric rise slowed.
More than ever, companies must have digital solutions in place for collaboration, connectivity and communication.
The company is sharpening its focus on newer product lines after its meteoric rise slowed.
More than ever, companies must have digital solutions in place for collaboration, connectivity and communication. | tech |
China Slashes LNG Purchases on High Prices and Pandemic Slowdown | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- China is slashing liquefied natural gas purchases as soaring global prices deepen import losses and pandemic lockdowns throttle domestic demand.
Imports in the first quarter fell 14% from the same period last year, according to shipping data, and private companies are spurning offers to use once-highly coveted slots at state-owned receiving terminals. Consultancy Wood Mackenzie Ltd. said it recently revised down its gas demand forecast for the country through 2026 due to economic pressures and high prices.
The slowdown underscores how China’ s strict measures to control the virus are rippling outside its borders. The country’ s breakneck consumption growth made it the world’ s biggest LNG importer last year and contributed to soaring global prices. A drop in spot LNG demand now would mean more supply available to be rerouted to Europe as it cuts dependence on Russian pipeline deliveries.
“ Signs of gas demand destruction are appearing in China’ s industrial sector, ” said Lujia Cao, a gas analyst with BloombergNEF. “ Weak demand and prohibitively high LNG prices are curbing importers’ buying interest. ”
Spot purchases have borne the brunt of the impact, as prices have soared above those contracted cargoes and pipeline volumes tied to oil, where the gains have been less stratospheric. The surge in spot prices has made it uneconomic to sell into the domestic market, where rates are regulated. Several private firms have canceled plans to use state-owned terminals for imports to avoid the high prices.
The rising import costs have led state-owned China National Petroleum Corp. to boost the regulated rates to industrial users by about 35%. Trucked LNG sold to factories, as close as the country has to an unregulated domestic market, jumped to an all-time high price on March 1 and has remained near that level ever since.
“ No one wants to risk importing gas at higher costs than domestic downstream offering prices, ” said Jingjing Du, a senior consultant at Wood Mackenzie.
Higher gas costs could curb generation at power plants and force curtailments in energy-intensive industries. For example, about 32% of the country’ s ceramics production lines halted operation in the first half of March, according to BloombergNEF.
On top of that, two of China’ s biggest gateways for LNG imports, Shanghai and Guangzhou, are at the center of the country’ s worst reported outbreak since the pandemic began. Several factories in Shanghai and neighboring provinces have already shut down or cut back operations, according to the Shanghai Shipping Exchange, further reducing energy demand.
Natural gas is still seen as a long-term pillar of the country’ s plan to transition to cleaner energy. The country’ s three state-owned oil majors have all promised to gear drilling efforts toward increasing gas output while keeping oil production steady.
They’ re also looking to increase pipeline supplies from neighboring nations, especially Russia, where the Power of Siberia conduit continues to increase toward full flows. PetroChina Co. signed a second pipeline deal with Russia’ s Gazprom PJSC just before Russia began its invasion of Ukraine.
“ China may import as much piped gas as possible through its contracts, ” said BloomberNEF’ s Cao.
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
Borealis, Grabher Partner To Recycle Face Masks - Nonwovens Industry Magazine - News, Markets & Analysis for the Nonwovens Industry | Borealis
, one of the world’ s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals and fertilizers; and the
Grabher Group
, a leading manufacturer of high-tech textiles, are accelerating plastics circularity in a partnership that safeguards human health while helping minimize waste. The key component of the high-quality, filtrating
face masks
produced by Grabher in Austria is made of fully recyclable
meltblown
polypropylene ( PP) supplied by Borealis. To further drive circularity, Grabher has initiated a novel collect-and-recycle scheme for used face masks which turns them into new value-added products such as oil absorption fabrics.
Plastics circularity “ made in Austria ” through collaboration and innovation
The Vorarlberg, Austria-based Grabher Group is a leading expert in nano-air and micro-liquid filtration and designs smart-textile systems for the manufacture of medical and healthcare products, among others. As the Covid-19 pandemic hit in early 2020, shortages of personal protective equipment ( PPE) in Austria were imminent. Grabher acted by becoming the first Austrian company to establish a dedicated face mask assembly facility which included a state-of-the-art meltblown production system for the manufacture of high-quality face masks. These certified masks, including FFP2 filtration respirators, medical masks, and washable community masks, are marketed by Vprotect, a 100% -owned member of the Grabher Group. One essential component of the Vprotect masks – the filter made of densely spaced micron-sized fibers – is made of meltblown PP supplied by Borealis, a material which itself is fully recyclable.
Yet for obvious health reasons, even high-quality and more sustainable face masks are quickly disposed of. Far too many find their way into landfills or even natural environments. To combat the problem of growing volumes of mask waste, Grabher again took action by creating a new return and collection system for used masks in order to recycle them into new, value-added products. The scheme, which is to be rolled out across Austria in the near future, features clearly marked collection boxes into which all types of face masks may be deposited. After sorting, washing, sterilizing and drying, the material is used as filler material for cushion and oil absorption applications. Development is currently ongoing to process the masks into granulate which may be turned into absorption fabrics using the meltblown process. These recycled fabrics may be used to absorb oil – for example due to a spill – or other liquids.
“ Our partnership with Grabher is the embodiment of EverMinds circular thinking, ” claims Vedran Kujundzic, Borealis vice president Commercial Performance Materials. “ Using our fully recyclable meltblown PP to manufacture high-quality masks helps protect human health, and finding a way to use them again protects our planet. Together, Borealis and Grabher have taken yet another step to closing the loop on plastics circularity by maintaining our focus on sustainable solutions which benefit society. ”
“ We are proud to have responded so quickly to the urgent need for PPE and FFP2 masks, in particular, at the start of the pandemic in Austria, ” says Günter Grabher, managing director of the Grabher Group. “ In the meantime, we are gratified that our collect-and-recycle initiative continues to attract numerous other participants, including OMV, a major food retail group, and several large hospitals. In Borealis, we have found a reliable partner who shares our commitment to both innovation and sustainability, and we look forward to continued collaboration. ” | general |
A Quarter-Billion More People Face Extreme Poverty, Oxfam Says | The information you requested is not available at this time, please check back again soon.
NEW YORK, NEW YORK - MARCH 31: A homeless man walks through Manhattan on March 31, 2022 in New York City. New York City Mayor Eric Adams has said that remote work is hurting the city’ s economy which depends on workers patronizing restaurants and other businesses. According to New York State Department of Labor, New York City’ s seasonally adjusted unemployment rate stood at 7% in February — down by 5.5% from February 2021 but still higher than February of 2020. Despite the numbers, there is a significant increase in foot traffic in Manhattan with many area restaurants and bars starting to have long wait times at peak hours. ( Photo by Spencer Platt/Getty Images), Photographer: Spencer Platt/Getty Images North America
( Bloomberg) -- The impacts of Covid-19, rising global inequality and soaring food prices caused by the war in Ukraine are set to send more than a quarter-billion more people into poverty this year, according to charity group Oxfam International.
The combined hit may result in a total of 860 million people living below the $ 1.90 a day line by the end of 2022, or 263 million more than the projection before the pandemic, the group said in a report on Tuesday. That’ s equivalent to the entire population of the U.K., France, Germany and Spain combined.
Oxfam released the report ahead of the International Monetary Fund and World Bank Spring Meetings taking place next week in Washington, where global economic challenges and the shock of Russia’ s invasion are set to feature as two of the main focuses.
The poorest people will be hit hardest, with food costs accounting for 40% of consumer spending in sub-Saharan Africa, compared with 17% in advanced economies, Oxfam said, citing an IMF report.
Oxfam warned that the return of inflation is a recipe for financial turmoil in lower-income countries that need dollars for their energy, medicine and food imports, and whose debt is largely in the U.S. currency.
To address the situation, Oxfam proposed a number of ideas. They include an annual wealth tax on millionaires starting at 2%, and 5% on billionaires, which the organization estimates would generate $ 2.52 trillion a year. That would be enough to lift 2.3 billion people out of poverty, make enough vaccines for the world, and deliver universal health care and social protection for everyone living in low- and lower middle-income countries.
“ We reject any notion that governments do not have the money or means to lift all people out of poverty and hunger and ensure their health and welfare, ” said Oxfam International Executive Director Gabriela Bucher. “ We only see the absence of economic imagination and political will to actually do so. ”
In the U.S., President Joe Biden last month proposed a 20% minimum tax on households worth more than $ 100 million. While it could generate hundreds of billions of dollars in new revenue and has strong support among many Democrats, it’ s unlikely to be passed anytime soon in Congress, where the party has razor-thin margins, because many moderate lawmakers are skittish about such a big tax overhaul.
Oxfam also is urging the Group of 20 biggest nations to cancel all debt payments this year and next for all low- and lower-middle-income countries that require it. The group estimated that debt servicing for all of the world’ s poorest countries will amount to $ 43 billion this year -- equivalent to almost half their food-import bills and public spending on health care combined.
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
The epidemiological relevance of the COVID-19-vaccinated population is decreasing after booster vaccination, as shown by incidence rate ratios - The Lancet Regional Health – Europe | Kampf1Kampf G. COVID-19: stigmatising the unvaccinated is not justified.Lancet. 2021; 398: P1871Google Scholar,2Kampf G. The epidemiological relevance of the COVID-19-vaccinated population is increasing.Lancet Reg Health Eur. 2021; 11100272Google Scholar describes an increase in symptomatic COVID-19 cases among fully vaccinated people and raises two central concerns: first, that “ many decisionmakers ” ignore the vaccinated as a transmission source and, second, that this ignorance leads to “ inappropriate stigmatisation of unvaccinated people ”.
To illustrate this, he presents reports describing a high proportion of breakthrough infections among the vaccinated.1Kampf G. COVID-19: stigmatising the unvaccinated is not justified.Lancet. 2021; 398: P1871Google Scholar,2Kampf G. The epidemiological relevance of the COVID-19-vaccinated population is increasing.Lancet Reg Health Eur. 2021; 11100272Google Scholar Moreover, he depicts Robert Koch-Institute ( RKI) data ( 21 July–27 October 2021), demonstrating a constant rise in the proportion of the vaccinated among symptomatic COVID-19 cases, until a maximum of 58.9% was reached.3Robert Koch Institut. Wöchentlicher Lagebericht des RKI zur Coronavirus-Krankheit-2019 ( COVID-19) —28.10.2021—aktualisierter Stand für Deutschland. Oct 28, 2021.https: //www.rki.de/DE/Content/InfAZ/N/Neuartiges Coronavirus/Situationsberichte/Wochenbericht/Wochenbericht 2021-10-28.pdf? blob=publicationFile.Google Scholar However, omission of some very critical information provides a distorted view.
First, the RKI vaccination breakthrough data were only shown for the elderly ( ≥ 60 years), whereas the data for the large middle-aged group ( 18–59 years) were omitted, whose proportion of breakthrough infections amounted to only 37.5% on 27 October 2021 in the weekly report.3Robert Koch Institut. Wöchentlicher Lagebericht des RKI zur Coronavirus-Krankheit-2019 ( COVID-19) —28.10.2021—aktualisierter Stand für Deutschland. Oct 28, 2021.https: //www.rki.de/DE/Content/InfAZ/N/Neuartiges Coronavirus/Situationsberichte/Wochenbericht/Wochenbericht 2021-10-28.pdf? blob=publicationFile.Google Scholar
Second, since this proportion has to be related to the proportion of population vaccinated to assess vaccination efficacy, incidence rates ( IRs) for symptomatic infections by vaccination status would have given a more realistic view.
Third, Kampf omits, that Israeli data available by October 2021 demonstrated that waning immunity ( due to a decrease in protective host immunity over time as well as to the rise of the Delta variant) could be counteracted by a booster shot.4Bar-On Y.M. Goldberg Y. Mandel M. et al.Protection of BNT162b2 vaccine booster against Covid-19 in Israel.N Engl J Med. 2021; 385: 1393-1400Google Scholar Hence, several public health institutions worldwide had already recommended booster shots for the elderly, which were extended to the general population shortly thereafter.
Fourth, he focused on the effect of vaccination on symptomatic infections and not on prevention of severe illness and hospitalization. In doing so, he fails to appreciate the true impact that COVID-19 vaccines have had on the burden of disease and that this was the main goal when developing these vaccines.5Harder T. Külper-Schiek W. Reda S. et al.Effectiveness of COVID-19 vaccines against SARSCoV-2 infection with the delta ( B.1.617.2) variant: second interim results of a living systematic review and meta-analysis, 1 January to 25 August 2021.Euro Surveill. 2021; 262100920Google Scholar
To paint a more realistic picture of the situation in Germany - including the protection provided by booster shots - we used IR data provided by the RKI for symptomatic infections and hospitalization.6Robert Koch Institut. Inzidenzen der symptomatischen und hospitalisierten COVID-19-Fälle nach Impfstatus. Jan 27, 2022. https: //www.rki.de/DE/Content/InfAZ/N/Neuartiges Coronavirus/Daten/Inzidenz Impfstatus.html. Accessed on 27 January 2022Google Scholar Since IR data for the boostered became available by mid-October 2021, we show weekly incidence rate ratios ( IRRs) by age group for the fully vaccinated with and without booster vs. unvaccinated individuals from mid-October until the end of 2021 ( extension after Kampf's publications, Figure 1).Figure 1COVID-19 Incidence Rate Ratios ( Unvaccinated ( U) vs. Fully Vaccinated with ( V+) or without ( V) booster) for symptomatic infections and hospitalization ( based on data from the RKI as of 27 January 20226Robert Koch Institut. Inzidenzen der symptomatischen und hospitalisierten COVID-19-Fälle nach Impfstatus. Jan 27, 2022. https: //www.rki.de/DE/Content/InfAZ/N/Neuartiges Coronavirus/Daten/Inzidenz Impfstatus.html. Accessed on 27 January 2022Google Scholar). The black arrow highlights the last data point ( 27 October 2021) reported by Kampf.2Kampf G. The epidemiological relevance of the COVID-19-vaccinated population is increasing.Lancet Reg Health Eur. 2021; 11100272Google Scholar The first two weeks of January 2022 have been omitted because of reporting delays mentioned by the RKI.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
In week 43 ( containing the last data point depicted on 27 October 2021,2Kampf G. The epidemiological relevance of the COVID-19-vaccinated population is increasing.Lancet Reg Health Eur. 2021; 11100272Google Scholar when 66% of the German population had been fully vaccinated, but only about 2% boostered), derived COVID-19 IRRs for weekly hospitalization ( IR of the unvaccinated vs. the fully vaccinated without booster) amounted to 7.4 in 18–59 year olds and to 4.3 in ≥ 60 year olds. The vaccination effect was weaker against symptomatic infections ( IR of the unvaccinated vs. the fully vaccinated without booster), amounting to IRR 3.0 for 18–59 year olds and to 2.4 for ≥ 60 year olds.
However, upon introduction of the booster, the IRRs for symptomatic infections and hospitalization increased dramatically in the boostered vaccinees: In week 51 ( 37% being boostered), the IRR for hospitalization reached maximums of 16.2 in the middle-aged group and of 22.7 in the elderly. The IRR maximums for symptomatic infections were reached in week 50 at 5.9 for the middle-age group and at 11.7 for the elderly. With the rise of the Omicron variant towards the end of 2021 ( week 52), IRRs for symptomatic infections and hospitalization dropped also in the boostered groups, but stayed at a much higher level than the fully vaccinated without booster. Towards the end of 2021, the boostered had still a 3.7 – fold ( middle-aged group) and 6.8 – fold ( the elderly) lower weekly risk of symptomatic infection than the unvaccinated. This clearly underlines the greater epidemiological relevance of the unvaccinated.
It remains to be seen, for how long this protection can be maintained against Omicron infections, but preliminary data suggest that boosters still provide protection against hospitalization and retain more than 55% efficacy against symptomatic infections after 10 weeks.7UK Health Security Agency. SARS-CoV-2 variants of concern and variants under investigation in England. Technical Briefing 34, 2022. https: //assetspublishingservice.gov.uk/government/uploads/system/uploads/attachment data/file/1048395/technical-briefing-34-14-january-2022.pdf.Google Scholar
Finally, we agree with Kampf that “ bringing society together ” is desirable. However, we disagree with his unwarranted comparison of science-based preventive measures that seek to reduce human suffering with ideologies that caused “ negative experiences by stigmatising parts of the population for their skin colour or religion ” in the USA and Germany.1Kampf G. COVID-19: stigmatising the unvaccinated is not justified.Lancet. 2021; 398: P1871Google Scholar
AK, JAB, LU and NOH wrote the draft of the manuscript with input from US and KB. JAB imported the RKI incidence rate data and created the incidence rate ratio graph. All authors contributed to and approved the submitted manuscript.
KB and NOH report grants from Ministerium für Wirtschaft, Arbeit und Gesundheit des Landes Mecklenburg-Vorpommern, grants from Ministerium für Bildung, Wissenschaft und Kultur des Landes Mecklenburg-Vorpommern, grants from Ministerium für Soziales, Integration und Gleichstellung des Landes Mecklenburg-Vorpommern and grants from Bundesministerium für Bildung und Forschung during the conduct of the study.
The epidemiological relevance of the COVID-19-vaccinated population is decreasing after booster vaccination, as shown by incidence rate ratios—author's replyWith great interest I read the Correspondence by Bohnert et al.1 in response to my letters where I described examples of public stigmatization against the COVID-19 unvaccinated population2 and where I looked at the increasing epidemiological relevance of the vaccinated people as a possible source for transmission.3 Bohnert et al. incorrectly state that I have failed to appreciate the true impact of vaccines on the burden of the COVID-19 pandemic.1 I have, however, clearly acknowledged in one letter that the vaccinated have a lower risk for severe disease. Full-Text PDF Open AccessThe epidemiological relevance of the COVID-19-vaccinated population is increasingHigh COVID-19 vaccination rates were expected to reduce transmission of SARS-CoV-2 in populations by reducing the number of possible sources for transmission and thereby to reduce the burden of COVID-19 disease. Recent data, however, indicate that the epidemiological relevance of COVID-19 vaccinated individuals is increasing. In the UK it was described that secondary attack rates among household contacts exposed to fully vaccinated index cases was similar to household contacts exposed to unvaccinated index cases ( 25% for vaccinated vs 23% for unvaccinated). Full-Text PDF Open Access | tech |
Texas Seeks Mega-Deal Underwriter as Laws Oust Wall Street Banks | The information you requested is not available at this time, please check back again soon.
Texas Gas Service Co. workers attempt to locate an underground gas leak in Austin, Texas, U.S., on Saturday, Feb. 20, 2021. Restaurants in Texas are throwing out expired food, grocery stores are closing early amid stock shortages and residents are struggling to find basic necessities as a cold blast continues to upend supply chains., Bloomberg
( Bloomberg) -- Texas is seeking underwriters for a $ 3.4 billion bond deal to bail out natural gas utilities stung by huge financial losses after the deadly February 2021 winter storm.
The deal could be the biggest municipal-bond sale in Texas in at least two decades, according to data compiled by Bloomberg. It comes after the GOP-led state legislature enacted a law punishing some Wall Street banks for their gun policies.
The Texas Natural Gas Securitization Financing Corp., a public entity established by the Texas Public Finance Authority in 2021, is charged with selling the debt after last year’ s freeze killed hundreds and paralyzed the state for days. The sheer size of the offering promises a windfall of fees to whichever banks ultimately land the contract.
Read more: Texas Clears $ 3.4 Billion Bond Sale for Winter Storm Losses
“ This is a one-shot deal, dealing strictly with a particular industry and a particular winter storm ” Lee Deviney, executive director of the authority, said during a panel at an industry conference in March. “ There will be a lot of satisfaction when it gets done because we have never done anything of this magnitude before. ”
Banks that submit proposals for the contract have to certify they are in compliance with Texas’ s laws and as such don’ t “ discriminate ” against the firearms industry because of a GOP-backed law enacted Sept. 1 that blocks governments from working with banks that have curtailed ties to the gun industry.
Typically large banks handle sales of this magnitude, but competition will be thinner because three of the largest banks in the country, Bank of America Corp., JPMorgan Chase & Co and Goldman Sachs Group Inc., haven’ t underwritten a sale by the state or its cities since September when the firearms law, known as Senate Bill 19, went into effect.
The firms applying for the underwriting contract also can’ t boycott energy companies, among other requirements like not terminating business relationships with Israel or being a foreign terrorist organization, according to the request for proposals posted on the authority’ s website.
The deal will likely be managed by a team of firms in senior manager and co-manager positions.
To be sure, there are still major players that have continued to do business in the Lone Star state. RBC Capital Markets, Raymond James & Associates and Jefferies Financial Group Inc. are the top three banks in Texas underwriting since Sept. 1, according to data compiled by Bloomberg. Morgan Stanley and Wells Fargo & Co. have also been active in the market. Citigroup also returned in November.
“ If there are only a few firms knocked out of responding due to compliance issues, that should not impact performance on the sale as there will still be enough other large muni bond firms that will be able to smoothly execute the sale, ” said Martin Luby, a professor who researches public finance at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin.
Deviney said the firms that work with Texas know that they need to be in compliance with all the state’ s laws.
“ We put our service providers on notice that when they enter into a contract with us they are confirming they are in compliance with all relevant state laws, ” he said.
He said that the authority has not yet seen any pricing impact because of the limited competition of underwriters. “ We had robust underwriting syndicates and we got excellent pricing, ” he said.
The RFP was distributed on April 8 and firms have until Wednesday to provide “ indications of intent to respond. ” They have to ask any questions by April 15, and the formal submissions are due April 22. Banks will then be evaluated and interviewed between late April and early May, and a selection will be made at a upcoming board meeting, the date of which is not yet determined.
Proceeds of the sale will used by eight gas utilities to pay for the “ extraordinary cost of natural gas ” due to high-demand caused by Winter Storm Uri, according to the RFP. The bonds are expected to be sold by mid-August.
Some gas utilities incurred enormous losses during the 2021 event when bitter cold crippled the second-largest U.S. state’ s energy infrastructure and prices for the fuel soared to levels never seen before. As a result, lawmakers last year approved a process known as securitization that will allow repayment to be spread out over decades, easing the financial impact on homeowners and other customers.
The bonds probably will cost customers of the utilities involved about $ 1.25 a month instead of hundreds of dollars at one time.
In the RFP document, banks are asked how many deals they’ ve underwritten nationally and in Texas in the past five years, plus how many transactions over $ 1 billion they have either senior managed or co-managed. And firms applying to lead the transaction are even asked to recommend their peers.
“ If your firm was not chosen to be the book-running Senior Manager for the proposed financing, what firm would you recommend to be the book-running Senior Manager? ” the RFP asks.
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
Oil futures settle lower, with Brent under $ 100 a barrel | Oil futures
fell on Monday
, with global Brent prices settling under $ 100 a barrel for the first time since mid-March. Expectations for a decline in energy demand amid COVID-19 related shutdowns in China pressured prices, analysts said. West Texas Intermediate crude for May delivery
CLK22,
+0.94%
fell $ 3.97, or 4%, to settle at $ 94.29 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since Feb. 25, FactSet data show. June Brent oil
BRNM22,
+0.70%
lost $ 4.30, or 4.2%, to settle at $ 98.48, the lowest finish since March 16. | business |
China's other oil security problem besides Russia, Middle East — Quartz | We know about China’ s energy security vulnerability in its dependence on Russia and the Middle East for oil.
But China has another oil security problem. Specifically, cooking oil.
“ China is highly dependent on foreign edible oils…domestic edible oil prices have continued to rise, and ‘ oil bottle’ security has become a hot issue, ” the state-run Economic Daily noted today ( link in Chinese).
Across all edible oils, China relies on foreign sources for 31% of its consumption. While that may not seem that high, policymakers have made clear that the country must boost self-sufficiency in cooking oils as a matter of food security.
“ A bottle of oil should contain as much Chinese oil as possible, ” the Chinese agriculture minister said in February. It’ s a direct echo of leader Xi Jinping’ s recent exhortation that Chinese rice bowls must be filled with Chinese grain.
Being the world’ s largest consumer of edible oils—China makes up 20% of global consumption of major vegetable oils, but only 13% of their production, according to US Department of Agriculture figures—the country is highly exposed to international fluctuations in prices and supplies.
Right now, a series of factors are pushing up prices and crimping supplies. Huang Hanquan, director of the pricing department at China’ s state economic planning agency, rattled off a list in an interview with Economic Daily: the covid pandemic, Russia-Ukraine war, a drought in South America and Canada, export curbs on Indonesian palm oil, and sky-high shipping costs.
Prices of sunflower oil have shot up 73% to $ 2,844 per metric ton as of March compared to the average price of $ 1,639 for the 12 months ended September 2021, according to the US Department of Agriculture. Prices for soybean oil—China’ s most-consumed cooking oil—is up 34% versus the 2020/21 average.
Though food prices fell in March compared to a year earlier according to data out today, food inflation is expected to rise in coming months. Factory prices rose 8.3% for the month, more than expected.
Meanwhile, China also wants to reduce its external dependence for soybeans. It currently imports 84% of the soybeans it consumes, but wants to raise its self-sufficiency rate for the oilseed to 20% by 2025. To ramp up domestic production, officials will offer subsidies for land rotation and dole out incentives to counties that produce lots of of cooking oils. | tech |
Oat Milk Co. Wants Out Of Investors ' 'Greenwashing ' Suit | Swedish oat milk maker Oatly said its efforts to increase its production capacity were `` hampered by global supply chain constraints '' because of the global coronavirus pandemic, in a memo asking a Manhattan federal judge to dismiss shareholder allegations about `` improprieties '' in the company's public disclosures.The investors claimed the company's shares had been artificially inflated because the company had overstated demand for its products and had engaged in `` greenwashing, '' or the practice of pitching its business as more environmentally friendly than it actually was.In its dismissal request, however, the alternative milk company contended Friday that it had been seeing `` a... | general |
Zurich Unit Fights Hyatt's Virus Coverage Appeal Stay Bid | The Hyatt Regency Seattle's COVID-19 coverage appeal shouldn't be stayed until there's an outcome in a Washington Supreme Court case, a Zurich unit told the Ninth Circuit on Monday, saying the appeal sets itself apart with allegations of the presence of the virus and a contamination exclusion.American Guarantee and Liability Insurance Co. said Hyatt Regency Seattle's appeal involves whether the presence of the virus triggers coverage. Washington's high court justices will decide a case focusing only on losses caused solely by government orders related to the pandemic, the insurer said.The Ninth Circuit can look to its existing precedent to... | general |
IT Co. Sungard Returns To Ch. 11 With Over $ 500M In Debt | Information technology company Sungard Availability Services on Monday returned to bankruptcy three years after undergoing a 24-hour prepackaged reorganization, claiming more than $ 500 million in debt.In an announcement, the company said the Texas Chapter 11 filing, a Canadian bankruptcy proceeding and the administration filing of its U.K. subsidiary last month were brought on by the COVID-19 pandemic and `` macroeconomic trends '' such as increased insourcing of information technology services and rising energy prices. `` We believe the Chapter 11 process is a right and critical step forward for the future of our business and our stakeholders, '' CEO Michael Robinson said in the... | general |
Italy to Buy More Algerian Gas in Bid to Cut Russia Reliance | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Italy will boost natural gas imports from Algeria as the European country seeks to reduce its dependence on Russian gas following the invasion of Ukraine.
Eni SpA and Algeria’ s state energy firm Sonatrach signed a deal during Italian prime Minister Mario Draghi’ s visit to Algiers, as he looks for alternatives to Russian gas that makes up about 40% of the country’ s consumption. Draghi and Algerian President Abdelmadjid Tebboune, who will be in Rome at the end of May, also agreed to cooperate on renewable energy investments.
Italy and other European nations are planning to cut their dependence on Russia to isolate the country for its invasion of Ukraine, and also to ensure security of future supply. While the EU has banned imports of Russian coal, oil and gas have not yet been sanctioned. Italy has said it would support a ban on Russian gas if the bloc united behind such a move.
Algeria was the biggest provider of gas to Italy after Russia last year.
“ Our governments have signed a bilateral cooperation on energy, ” Draghi said Monday in Algiers.
Algeria sends gas to Europe via three pipelines. Two land in Spain and another, called TransMed, arrives in Italy. One of the Spanish pipelines runs through Morocco and was recently shut off amid a diplomatic dispute between Algiers and Rabat.
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
Advantage Pharma: Capitalizing on Workforce Lessons | During the COVID-19 pandemic, the pharmaceutical industry showed the world that innovation could move safely at a swift pace to urgently meet demand for vaccines, therapies, and treatments. With the world watching, drugmakers delivered various technologies to combat the biggest epidemic since the Spanish Flu of 1918. Key to this unprecedented achievement is the talent assembled by pharma giants to not only develop and test but also globally distribute billions of doses at warp speed.
This remarkable accomplishment couldn’ t have been possible without the commitment of people and effective talent strategies. At some companies, the prioritization of COVID meant shifting the focus of researchers, clinical trial specialists, safety officers, manufacturing workers, and many others to the development and distribution of these critical products. The ability of drugmakers to deploy the right people seemingly overnight is another testament to a new way of working.
According to IQVIA Institute for Human Data Science, global spending on medicines is projected to grow as much as 6% CAGR by 2026, reaching a high of $ 1.8 trillion. Despite the disruptions brought on by the pandemic, some 300 new drugs are expected to launch, a figure that is markedly higher than seen in the previous decade.
This translates into strong demand for talent. According to one research report released last year, employment in the US life sciences industry reached a record high in March 2021, with job growth eclipsing that of even the technology sector. Total industry employment in the US was well over one million. The report also found that demand for lab and R & D space is at record highs, up 34% since mid-2020.
With such ambitious growth plans in sight, pharma manufacturers will also need to step up their efforts to attract and hire a variety of roles, from researchers to chemists to sales representatives to technology experts.
The challenges associated with some of these roles is that many other sectors are recruiting for the same skills, and competitors often have better recognition among the labor force. Silicon giants such as Google, Apple, IBM, and others naturally have stronger employer brands in the digital space than even the best-known businesses in the pharma industry.
As drugmakers shift their focus in the post-pandemic era, human capital leaders will also need to reassess the skills their organizations require today and in the future. For instance, a continuing trend in total patient care means companies are expanding the scope of their strategy to include prevention, screening, diagnostic, treatment, and aftercare. The skill set needed for this approach will also expand as well. The march toward individualized therapies is taking research into new directions as well.
On the operational side, the use of predictive analytics to model clinical trials, the automation of data management, and more agile project management techniques will drive the talent strategies of many human resources leaders. More importantly, companies will need to consider how best to differentiate their business from direct and indirect competitors.
The appeal of working in the drug-making business has always been its purpose: to save and improve lives. This was made even more clear during the pandemic. Even so, the Great Resignation showed that professionals everywhere are reassessing their career choices and whether their jobs satisfy their professional and personal needs.
Feeling purposeful at work has been a top priority for job seekers since the pandemic arrived, Randstad’ s Workmonitor survey of more than 27,000 workers in 34 markets shows. A majority ( 70%) said the pandemic gave them more clarity about their goals, and two-thirds have been inspired to make changes to their careers.
Does the life sciences and pharma sector do a good job of conveying purpose to job candidates? Unfortunately, no, according to human capital and c-suite leaders in the industry. Randstad Sourceright’ s 2022 Talent Trends survey of 900 executives in 18 markets shows that only one-third of life sciences and pharma organizations think job seekers see their company as having a strong purpose and clear vision. For all sectors, the total was 75%, so the sector is woefully behind others.
Despite this, a large majority ( 80%) of life sciences and pharma companies believe they are articulating a strong employee value proposition and employer brand. A majority ( 57%) are also investing in workplace culture, employee feedback and engagement systems. Most ( 53%) are also using technology to improve how talent is recruited. And 77% say they are more focused on creating a more positive talent experience than ever before.
As they reassess the role of work in their lives, people are looking to employers to help them achieve the balance they seek. As a result, one in three employers across all sectors surveyed in the research say they’ re offering flexible working arrangements to address talent scarcity, with 86% rating this as an effective strategy. While, in the past, the life sciences sector has been reluctant to offer such a perk, employers may have to reconsider this arrangement for roles that can be performed offsite some or all of the time.
While providing purpose and flexibility will be critical to talent attraction, there is no one answer to the talent scarcity challenge. Here are four more ways you can gain an advantage:
1. Leverage contract-to-permanent opportunities for contingent labor. Contingent and contract arrangements give you the chance to “ try before you buy. ” Already, some of the largest pharmaceutical companies that Randstad Sourceright supports have expressed a desire for this approach to achieve greater agility, cost savings, and access to talent, especially in high-demand niche skills in research, clinical, and regulatory. In today’ s tight labor market, companies should consider all forms of work arrangements that will broaden their talent pool and accelerate time to acquisition.
2. Build your own talent communities for freelancers. We have observed a growing number of organizations are increasing their investments in talent communities. Sixty-three percent of life sciences and pharma companies surveyed say they are increasing either moderately or significantly. This is a highly effective strategy for employers with a strong marketplace presence and overall employer brand, such as those in the pharma industry. A proven, highly engaged talent community that has already bought into your brand and knows your culture and requirements can be a huge flexible lever to pull in this tight talent market. | tech |
China's lockdowns are adding to supply chain chaos — Quartz | The supply chain crisis that has dominated logistics for much of the pandemic started with a lull. In the first half of 2020, factories closed, shipping rates slumped, empty containers were stranded at ports, and humming ocean trade was replaced by blank sailings—when a shipping company decides it’ s not worth it to sail a ship on a scheduled route.
Two years later, shades of the early pandemic supply chain are emerging again—halted factory operations, declining shipping rates, and blank sailings—as China contends with its biggest covid outbreak since the start of the pandemic with harsh lockdowns and quarantine measures. Shanghai, a city of 25 million and one of China’ s largest manufacturing and export hubs, is under an indefinite citywide lockdown.
Logistics operators are worried that like 2020, today’ s calm will be followed by chaos once lockdowns are lifted and the pent up-stock in factories and warehouses in China turns into a flood of goods bound for the US and Europe.
China has not closed its ports, as it did during covid outbreaks in 2021. Instead, its quarantine measures inland are resulting in some factory closures and a critical shortage of willing truck drivers to move goods from factories to warehouses to ports. Shanghai, which is under a citywide lockdown that is causing food panics and quarantined apartment-block residents to scream from their windows en masse, are also requiring truck drivers to take covid tests before being allowed to enter the city. Some drivers, according to the Wall Street Journal, are avoiding Shanghai altogether for fear that they will end up in quarantine. Likewise, some cities are reluctant to let truckers from Shanghai in, according to the Loadstar, a shipping industry outlet.
According to the Freightos container freight index, rates are down 5% to $ 9,280 per container, between March 12, when lockdowns started in Shanghai, and April 8. Some routes are posting larger declines, like a 9% drop between Europe and China. ( Other routes, like Europe to South America are seeing prices spike, as much as 10% over the last week.)
However, one freight forwarder told the Loadstar that they can’ t take shippers up on the lowered prices if they can’ t get their goods out of the warehouses and onto a ship. With too little cargo, shipping lines are preparing to announce more blank sailings from Asia in the coming weeks.
According to data released on Friday ( April 8) by FourKites, a Chicago-based company that tracks supply chain data, the volume of goods shipped by sea out of Shanghai has dropped 26% between March 12—authorities have been carrying out targeted lockdowns since early last month—and April 4. The volume of goods leaving the port by truck dropped 19% in the same time period.
One logistics professional told the Loadstar that the build-up in demand for shipping will be “ unleashed once the factories reopen. ” A rush of goods will need to be shipped, there won’ t be enough containers in China’ s ports to pack them all into, and prices will go up, once again disrupting a supply chain that had barely begun to recover from the pandemic’ s chaos. | tech |
For Canadian Mainframe Users, Cloud is the Goal | Mainframes are prime targets for digital transformation at many Canadian enterprises that want to increase data access, agility and automation, according to a new research report published by Information Services Group ( ISG), a leading global technology research and advisory firm.
The 2022 ISG Provider Lens Mainframes – Services and Solutions report for Canada says a cloud migration trend that began in response to the COVID-19 crisis in 2020 has accelerated. Many companies disrupted by the pandemic have sought to migrate on-premises infrastructure to public clouds, and one of the most common challenges has been mainframe modernization.
“ Mainframes, in some ways, have become a stumbling block to digital transformation, ” said Victor Medeiros, market leader, ISG Canada. “ Cloud migration of legacy applications promises higher performance and lower costs over time, but it is a complex, expensive process. ”
Canadian government IT decision-makers have recognized the value of modernization and cloud adoption for cybersecurity, better government services and protection of citizens’ personal data, the report says. While there are fewer service providers to choose from in Canada, enterprises there are increasingly seeking help with transformation.
Most Canadian enterprises have three goals with mainframe modernization, the report says: making mainframe data accessible through cloud applications, improving agility using DevOps methods and automating operations with self-service and provisioning.
The right strategy to reach these goals depends on the state of an enterprise’ s digital transformation, ISG says. Companies in the early stages of digitalization may keep mainframe applications intact but run them on outsourced data centers or seek mainframe-as-a-service ( MFaaS) engagements. More advanced firms may modernize their legacy COBOL applications to integrate mainframe data with modern solutions. The most aggressive modernizers use automated tools to convert mainframe applications to run in the cloud.
Preparing mainframe applications to run in the cloud can take months or years. Service providers can help make such projects feasible by helping clients plan phased transformations in which each stage delivers tangible results, ISG says.
“ Some enterprises question whether the benefits of migration will compensate for the cost over time, ” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “ Companies should consider self-financing modernization by taking savings from one phase to fund the next. ”
The report offers an overview of time and cost estimates for application transformations, a description of automated tools commonly used in the process, and other details of how Canadian enterprises are pursuing mainframe modernization.
The 2022 ISG Provider Lens Mainframes – Services and Solutions report for Canada evaluates the capabilities of 45 providers across five quadrants: Mainframe Modernization Services, Mainframe Application Modernization and Transformation Services, Mainframe as a Service ( MFaaS), Mainframe Operations, and Mainframe Application Modernization Software.
The report names Capgemini, Cognizant, Infosys, Kyndryl and TCS as Leaders in three quadrants each and Atos and HCL as Leaders in two quadrants each. Accenture, Advanced, Astadia, AWS ( Blu Age), CGI, Google, Micro Focus, Mindtree, TmaxSoft and Wipro are named as Leaders in one quadrant each.
In addition, Heirloom and Mphasis are named as Rising Stars – companies with a “ promising portfolio ” and “ high future potential ” by ISG’ s definition – in one quadrant each. | tech |
اقتصاديات التنمية تتجه إلى الشَمال by Dani Rodrik | كمبريدج ــ في صميم اقتصاديات التنمية تكمن فكرة `` الازدواجية الإنتاجية ''. لاحظ أهل الاقتصاد الذين أسسوا مجال اقتصاديات التنمية، مثل دبليو. آرثر لويس، رجل الاقتصاد الكاريبي الحائز على جائزة نوبل، أن اقتصادات البلدان الفقيرة تنقسم بين قطاع `` حديث '' ضيق يستخدم تكنولوجيات متقدمة وقطاع `` تقليدي '' أكبر كثيرا يتسم بإنتاجية شديدة الانخفاض.
لفترة طويلة، كانت هذه الازدواجية السمة المميزة للبلدان النامية، على عكس البلدان المتقدمة، حيث المفترض أن تكون الغَـلَـبة للتكنولوجيات الرائدة والإنتاجية العالية في مختلف قطاعات الاقتصاد. كانت هذه هي السمة المميزة لاقتصاديات التنمية باعتبارها فرعا متميزا من المعرفة منفصلا عن الاقتصاد النيوكلاسيكي التقليدي.
كانت سياسة التنمية بدورها تركز تقليديا على التغلب على الفوارق في الدخل، والتعليم، والصحة، وفرص الحياة في عموم الأمر. وكانت مهمتها تتلخص في التغلب على ازدواجية الإنتاجية من خلال ترتيبات مؤسسية جديدة من شأنها أن تعمل على تغيير طريقة عمل الأسواق وتوسيع القدرة على الوصول إلى فرص الإنتاجية.
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Dani Rodrik, Professor of International Political Economy at Harvard University’ s John F. Kennedy School of Government, is President of the International Economic Association and the author of Straight Talk on Trade: Ideas for a Sane World Economy ( Princeton University Press, 2017).
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it is good to see that a mainstream economist starts talking reality, for a change.Reality is that the world population growth in the last 50 years is putting enormous pressures on all resources. What it means is that there is a relentless downward pressure on living standards in the developed countries and an invisible lid on the development for the developing countries. Markets translate these factors into inequality and the political systems translate this inequality into political resentment and instability.Likewise, population growth is responsible for greater susceptibility of populations to climate fluctuations. It is not carbon dioxide, but much greater population that creates huge crisis in response to the same drought or flood.Likewise, uneven population growth, concentrated in poorer countries, creates growing migration pressures. Not climate crisis. Wars are a factor, but wars do not happen without a reason. The answer, if there is one, is to put the problem in the open. For reasons that I do not fully understand the political and the economist class likes to talk about everything except this elephant in the room. We need substitutes for scarce resources. The technologies that give us alternatives need to be developed and the discussion needs to be how to develop them as fast as possible. Redistribution has it's place but you can't redistribute what you don't have. For instance, we need `` green new deal '' of some kind not because of the climate crisis, but because dependence on the fossil fuels is a dead end. Maybe politicians think that people are not able to handle the truth? Try them. If you don't, assorted demagogues will give them the truth of their own. It is the other guy that takes something away from you. A Jew, a Muslim, a different skin color, the works. War seems always to be the answer that demagogues have in mind and today it may very well be war with nukes on day one.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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The Rabbinical Court Collaborates With Google Cloud | Google Cloud and Israeli judiciary, The Rabbinical Court announced a collaboration to accelerate its Cloud transformation journey. This new collaboration will see the Rabbinical Court leverage Google Cloud’ s infrastructure, storage and applications to better serve its Israeli citizens.
Following Google Cloud’ s win in the Nimbus tender for delivering cloud services to the Israeli government, the Rabbinical Courts migrated most of its workloads to Google Cloud with minimum disruption to the business and with a cost-effective deployment. Google Cloud also needed to design a virtual desktop infrastructure ( VDI) solution to enable dozens of employees to work in a virtual environment, from home, safely and securely, due to the Covid-19 pandemic. Google Cloud has created a partner interconnect with a high level of security that allows the customer to work directly with the VDI stations.
The Rabbinical Courts, the legal Jewish authority in Israel, deals with issues relating to divorce, property, child custody rights, wills, inheritances, confirmation of Jewish status, and conversion. There are 12 regional rabbinical courts throughout the country, with the Jerusalem High Court serving as an appellate court. President of the Rabbinical Court, heads the Great Court and serves as Chief Rabbi of Israel. The organisation is led by a CEO appointed by the Minister of Religious Affairs.
“ We are delighted to work with Google Cloud on the next stage of our digital transformation journey, ” said Chief Information Officer Mr. Uri Aharonson. “ We are looking forward to this collaboration to develop applications that will make our services faster and more accessible for our Israeli citizens. ”
“ We are thrilled to start providing services to the Rabbinical Court and improve the lives of Israelis throughout the country, ” said Shay Mor, head of Government and Public Sector, Google Cloud, Israel. | tech |
Pfizer, Moderna name new finance chiefs amid surging revenue | Pfizer reported $ 37 billion in sales from its COVID-19 vaccine Comirnaty in 2021, and this year expects to see a combined $ 54 billion in sales from Comirnaty and its antiviral pill Paxlovid. Moderna, meanwhile, earned $ 19 billion in sales of its vaccine Spikevax in 2021 and has signed advance purchase agreements worth at least the same amount in 2022.
Questions about how to use that record revenue will confront both CFOs, and the two companies may take different approaches based on their respective positions.
Pfizer is facing patent expirations for some of its top-selling products, including the blood thinner Eliquis and the prostate cancer drug Xtandi. In total, the company believes around $ 17 billion of its yearly sales could soon be vulnerable to generic competition as products lose market exclusivity in 2026 and beyond.
Pfizer's success rate with experimental drugs has risen in recent years, and some of the treatments within its pipeline could help make up for some of those losses. But in the meantime, the cash that Pfizer has amassed leaves its incoming CFO with decisions to make in the near term. Investors will be eager to see whether those resources are put to use in the form of dividends and share buybacks or on deals to bring in new drugs.
Recent large acquisitions like Trillium Therapeutics and Arena Pharmaceuticals have signaled that Pfizer is ready to spring for more deals. Denton could help, as he was CVS ' CFO during its $ 69 billion buyout of Aetna.
Moderna is in a much different position, having in two short years gone from an unproven company to one of the biggest vaccine makers in the world. The company even enticed Meline out of retirement to prepare and launch SpikeVax, as well as manage its transition to a commercial-stage company.
With that job finished, Meline is stepping away, and Moderna is trying to recreate its COVID-19 vaccine success elsewhere. The boost in revenue has helped Moderna push 44 programs into development, for instance. Still, as sales stabilize or even decline as the omicron surge eases, Moderna will need to carefully choose which experimental products it wants to back with additional research dollars.
Some key milestones are ahead, with experimental vaccines for influenza and respiratory syncytial virus each progressing through early human testing. However, Moderna also has cancer vaccines as well as drugs for heart disease and certain rare diseases in its pipeline, projects that will place demands on the company's research and development budget.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Through high-stakes litigation, aggressive patenting practices and a bit of luck, Amgen will likely stretch Enbrel's monopoly until 2029, more than 30 years after it was approved.
More than one quarter of the medcines cleared by the FDA's main review office since 2015 have been cancer drugs, a tally that reflects the advent of cancer immunotherapy as well as continued progress in matching treatment to genetics.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Through high-stakes litigation, aggressive patenting practices and a bit of luck, Amgen will likely stretch Enbrel's monopoly until 2029, more than 30 years after it was approved.
More than one quarter of the medcines cleared by the FDA's main review office since 2015 have been cancer drugs, a tally that reflects the advent of cancer immunotherapy as well as continued progress in matching treatment to genetics.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more. | tech |
Cell & Gene Therapy | This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.
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Mask mandate: Philadelphia reinstates indoor mandate as Covid-19 cases rise |
Philadelphia will reinstate
indoor mask mandates
Monday, April 18, as its Covid-19 cases quickly rise, the city's Public Health Commissioner Dr. Cheryl Bettigole announced Monday.
The city is the first major US metropolitan area to bring back masking requirements after a slew of cities and states dropped restrictions as cases began trending downward in January.
The city will move to its second level of Covid-19 restrictions, which requires Philadelphians to wear masks in
all indoor public places
, including schools, businesses, restaurants and government buildings.
`` Starting today, I 'm asking all businesses and institutions in Philadelphia to dig up those old masks-required signs and start hanging them in your windows, '' Bettigole said in a news conference.
Monday's case count is more than 50% higher than it was 10 days ago, Bettigole said, noting the number of people hospitalized is still low. The city is now averaging 142 cases per day.
Read More
`` By wearing masks consistently, we can continue to go about our daily lives and continue to take part in the life of our city without contributing to increasing transmission of Covid-19, '' Bettigole said.
Last week, city health officials announced they were considering a mask mandate and recommended people start wearing masks in indoor public spaces even though the city was at the
`` Level 1: All Clear '' restriction level
. In order to remain at Level 1, the city's Covid-19 metrics must meet two or more requirements: new daily cases must stay below 100 average new daily cases, hospitalizations must be below 50 and cases must have `` increased by less than 50% in the previous 10 days. ''
The city has now surpassed Level 1 requirements, though Bettigole believes masking precautions could prevent cases from increasing to previous levels.
`` I suspect that this wave will be smaller than the one we saw in January, '' she said. `` But if we wait to find out and to put our masks back on, we 'll have lost our chance to stop the wave. ''
On March 2, the city moved to its lowest `` All Clear '' level, which dropped the indoor mask mandate. At the time, major cities and states
across the US
were dropping their mandates.
Many states see cases rise
Nationally, cases are trending upward in more than half of states, though case numbers are still relatively low. Averaging around 34,000 new cases per day, the daily case rate
in the US remains one of the lowest since mid-July.
It's expected that Covid-19 case numbers will rise and fall over the course of the pandemic, White House Covid-19 Response Coordinator Dr. Ashish Jha told CNN's New Day Monday, and said the Centers for Disease Control and Prevention's guidance about what actions to take is in the right place.
`` In terms of what to do about it, we really want to be guided by the CDC on this, '' Jha said. `` The CDC policy is right on this and that's what I 've been following for months, and that's what we should be doing. ''
According to the CDC, the Covid-19 community level for Philadelphia County -- where the city of Philadelphia is located -- is low. In such communities, CDC urges people to stay up-to-date on Covid-19 vaccinations and get tested if they have Covid-19 symptoms, but it does not suggest wearing masks.
Jha also said the CDC will share a scientific framework this week for the federal transportation mask mandate set to expire April 18. The federal mandate requires masks on public transportation such as planes, trains, buses and hubs like airports and bus terminals.
On NBC's Today Show Monday, Jha said extending the federal transportation mask mandate is `` absolutely on the table, '' adding the CDC will make a decision based on the scientific framework it is creating.
CNN's Raja Razek, Naomi Thomas and Amanda Watt contributed to this report. | general |
向发达国家蔓延的发展经济学 by Dani Rodrik | 发自剑桥—发展经济学的核心是 “ 生产二元论 ” 思想。比如诺贝尔奖获得者、加勒比海地区经济学家威廉·阿瑟·刘易斯（W.Arthur Lewis）等创立该学科的经济学家就指出，贫穷国家的经济分为技术先进但规模狭小的 “ 现代 ” 部门和生产力极低但规模庞大的 “ 传统 ” 部门。
这种二元状况长期以来都被视为发展中国家相对于发达国家的定义性特征——前沿技术和高生产力被认为是在后者内部普遍存在的。这标志着发展经济学是该学科的一个独特分支，与常规的新古典主义经济学并不关联。
因此发展政策在传统上侧重于克服收入、教育，健康和生活机遇方面的差距，其任务是通过出台新制度性安排来克服生产二元状况，改变市场运作方式并扩大获取生产性机会的渠道。
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Writing for PS since 1998 195 Commentaries
Follow
Dani Rodrik, Professor of International Political Economy at Harvard University’ s John F. Kennedy School of Government, is President of the International Economic Association and the author of Straight Talk on Trade: Ideas for a Sane World Economy ( Princeton University Press, 2017).
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it is good to see that a mainstream economist starts talking reality, for a change.Reality is that the world population growth in the last 50 years is putting enormous pressures on all resources. What it means is that there is a relentless downward pressure on living standards in the developed countries and an invisible lid on the development for the developing countries. Markets translate these factors into inequality and the political systems translate this inequality into political resentment and instability.Likewise, population growth is responsible for greater susceptibility of populations to climate fluctuations. It is not carbon dioxide, but much greater population that creates huge crisis in response to the same drought or flood.Likewise, uneven population growth, concentrated in poorer countries, creates growing migration pressures. Not climate crisis. Wars are a factor, but wars do not happen without a reason. The answer, if there is one, is to put the problem in the open. For reasons that I do not fully understand the political and the economist class likes to talk about everything except this elephant in the room. We need substitutes for scarce resources. The technologies that give us alternatives need to be developed and the discussion needs to be how to develop them as fast as possible. Redistribution has it's place but you can't redistribute what you don't have. For instance, we need `` green new deal '' of some kind not because of the climate crisis, but because dependence on the fossil fuels is a dead end. Maybe politicians think that people are not able to handle the truth? Try them. If you don't, assorted demagogues will give them the truth of their own. It is the other guy that takes something away from you. A Jew, a Muslim, a different skin color, the works. War seems always to be the answer that demagogues have in mind and today it may very well be war with nukes on day one.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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| general |
Surf-and-Turf Specials Cut From U.S. Menus in Sign of Price Pain | The information you requested is not available at this time, please check back again soon.
A waiter wearing a protective mask takes an order at a restaurant on Ocean Drive in Los Angeles, California, U.S. on Thursday, April 8, 2021. California officials plan to fully reopen the economy on June 15, if the pandemic continues to abate, after driving down coronavirus case loads in the most populous U.S. state., Photographer: Bloomberg/Bloomberg
( Bloomberg) -- For years, Fridays at Beef ‘ O’ Brady’ s, a sprawling restaurant chain in the Southeast, meant one thing: the steak-and-shrimp special.
But in January, Chief Executive Officer Chris Elliott saw signs that consumers were feeling the squeeze of soaring inflation. So he took the $ 12.99 surf-and-turf dish off the specials list, replaced it with a fish-and-chips platter and slapped a $ 9.99 price tag on it. Even with the change, though, customer traffic has been flagging in recent weeks.
“ People are looking for deals; they’ re getting hammered everywhere -- at the gas station, at the grocery store, ” said Elliott, who acknowledges that restaurants, including his own, have also been raising prices.
One year into the inflation spiral that has rocked the U.S. economy, lower-income consumers are starting to shift spending patterns. They’ re cutting back on more expensive items, ramping up on cheaper ones and forcing restaurants, grocery stores and retailers to rejigger their sales strategies. This marks a major break from 2021, when consumers, still flush with pandemic stimulus and newly won pay raises, kept spending at a frenetic pace even as annual inflation surged to a four-decade high.
“ Consumers are becoming more sensitive to price, ” said Krishnakumar Davey, president of strategic analytics at IRI Worldwide, a provider of market research and data. “ March is the turning point. ”
The dropoff in spending, executives and analysts say, is most pronounced in lower-income families as inflation overtakes those wage gains. Food prices rose 7.9% in February from a year earlier, the largest gain since July 1981. Updated U.S. inflation figures for March will be released on Tuesday. While job gains and a jump in savings mean the pandemic-era shopping boom may not be completely over, it’ s clearly slowing.
Bank of America data show that households making less than $ 50,000 annually increased card spending by only 4% in March -- about a third of the rise for those who earn more than $ 125,000 a year.
More than a third of U.S. households brought in less than $ 50,000 in 2020, excluding government stimulus payments, according to a Census Bureau report in September. That would total about 49 million households. Those in the lowest-income quintile spend 18% of their income on food and energy, compared with 11% in the highest one-fifth group, according to Bloomberg Economics.
This underscores the urgency of the Federal Reserve’ s mission to restore price stability. Governor Lael Brainard highlighted the dynamic last week, noting that some families feeling crunched can shift to buying private-label goods. But for those already purchasing cheaper options, it won’ t be as simple. Those shoppers “ would have to either absorb the increase in cost or consume less, ” she said.
Those in the food business are trying to adjust. Denny’ s Corp. is promoting a $ 6.99 all-you-can eat breakfast of pancakes, eggs and hash browns to entice customers who are “ feeling the pinch at the gas pump, ” Chief Brand Officer John Dillon said. But that same endless breakfast meal costs $ 8.99 in states where wages and commodity costs are running higher. And bacon? That’ ll be an extra 99 cents.
Soaring prices at restaurants and retailers are a big reason why the average U.S. household will have to spend an extra $ 5,200 this year, or about $ 433 a month, for the same consumption basket, according to Bloomberg economists Andrew Husby and Anna Wong.
That doesn’ t necessarily mean total consumer spending is poised to fall. In fact, economists are predicting an inflation-adjusted 3.1% gain after last year’ s 7.9% jump, according to the median estimate compiled by Bloomberg. That’ s still strong, and ahead of the average annual growth of 2.5% the U.S. posted from 2016 to 2019.
Indeed, there’ s still plenty of cash to be spent. U.S. households are flush with an extra $ 2.5 trillion in savings built up over the pandemic, and inflation pressures will absorb only about a quarter of it, Husby and Wong said.
Even at the lower end, “ consumers in the bottom 50% of incomes and wealth have never had more excess net worth or liquid assets, ” Tavis McCourt and other analysts at Raymond James Financial Inc. said in a report. And with the job market booming, “ we suspect it will take longer for consumers to show significant stress/slowing demand than one would normally expect, ” they said.
Even so, shoppers are now looking harder for ways to save on groceries. Foot traffic at dollar stores, especially those of Dollar General Corp., has generally held up better than at traditional retailers, according to data compiled by Placer.ai, which uses mobile-phone data to determine traffic.
Momentum is also shifting among big-box retailers. Target Corp. trounced Walmart Inc. in sales growth during the pandemic, and the company’ s more upscale clientele positions it well for the future. But sales gains at Walmart have been stronger in recent months, according to Bloomberg Second Measure, which analyzes U.S. consumer transactions to measure revenue. That suggests shoppers are increasingly drawn to Walmart’ s mantra of everyday low prices.
As recently as the fall, IRI, the market researcher, was predicting food inflation of 6% this year, with most of the increases coming in the first half. Now, it’ s predicting a jump of between 8% and 11%. The sharp increase appears to be spurring a sales turnaround for private-label brands. Spending on generic-brand food recently ticked up after slipping during the pandemic, IRI’ s Davey said.
With many unable to pay more, companies’ profits are likely to fall. Friendly’ s Restaurants is giving away more discounts than in the past, and is also advertising big portions. CEO Craig Erlich said he hopes Friendly’ s won’ t have to raise prices this year. He’ s simply not sure customers can keep up.
“ That’ s why we’ re being mindful about not increasing prices significantly like we’ ve seen out there, ” he said. “ It’ s really a tough balance we face. ” | general |
Boris Johnson Rejects Health Service Call for Fresh U.K. Covid Curbs | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Boris Johnson rejected calls from National Health Service officials for new measures to curb the spread of coronavirus, saying hospital data don’ t justify shifting from the U.K. plan for “ living with Covid. ”
The NHS Confederation over the weekend demanded a “ revamp ” of the strategy to ease pressure on hospitals, which the organization said are struggling to deal with “ critically high demand for emergency care. ” It also accused the government of abandoning “ any interest in Covid whatsoever. ”
More than 20,000 patients are currently in the hospital with Covid-19, the most since February 2021. That’ s hampering NHS efforts to reduce waiting times that soared during the pandemic, according to the confederation.
“ The NHS is clearly under pressure as it cares for patients, ” government spokeswoman Camilla Marshall told reporters on Monday. The government is monitoring hospital admissions but doesn’ t see any need in the current data to change course, she said.
Marshall also said the government had increased funding by 10 billion pounds ( $ 13 billion) to help hospitals tackle a backlog caused by the pandemic, on top of a new health care levy that came in this month and is due to raise 12 billion pounds a year to help with catchup program and pay for social care.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint | general |
‘ It put everyone in a weird position’: Our waitress said a 20% service fee was added to cover benefits and health insurance, but that it was not a tip. Is this normal? | Dear Moneyist,
I went to brunch last weekend and, when the server handed us the bill, she said a 20% service fee was added to cover her benefits and health insurance, but that it was not a tip.
I am absolutely supportive of paying restaurant and waitstaff a living wage and they deserve to have benefits. But I wish that the restaurant would have just baked it into their prices.
No one would have flinched if our meal was just $ 3 more, but the way it was broken out was just weird and struck us the wrong way. It put everyone in a weird position, especially the server, who had to explain that to us.
Is this a trend in restaurants now?
Baffled Customer
Dear Baffled,
More restaurants are charging service fee, but they are doing so in lieu of tips. While other restaurants are adding a low service fee —
often up to 10% of the bill
— to pay for what they say are higher health costs. However, adding 20% to the bill risks robbing servers of their tips — if customers are expected to tip on top of that.
It’ s a legally precarious area. Under some state laws, a service charge should be considered a gratuity unless it’ s completely “ unreasonable ” to assume the fee is for services rendered. That’ s probably why your waitress was instructed by the manager to point out the charge, and tell you that it was to cover benefits.
Restaurant workers have had to deal with low and unsteady wages during the pandemic, unpredictable and long hours and often few benefits, a situation that has been exacerbated by two years of recurring waves of COVID-19 that closed many restaurants, and left many more struggling to survive.
The Larkin Hoffman law firm says
such restaurant service charges can often be ambiguous
: “ Saying that a service charge is ‘ mandatory’ under state law is not accurate when the state does not require businesses to add the service charge, ” it says. Importantly, this can also impact a server’ s actual tips.
“ The increased use of service fees has generated significant discussion among customers and service-industry groups, ” the firm adds. “ Some opponents say they would rather see increased prices with postings explaining the increase or touting the benefits the increases provide. ”
Service staff are among the least well-paid workers. Nearly one-third of U.S workers earn “ poverty-level wages ” of less than $ 15 an hour, according to
recent data analysis
from the global poverty charity Oxfam, which found that 51.9 million U.S. workers make less than $ 15 an hour, or $ 31,200 a year.
The federal minimum wage in the U.S. is currently $ 7.25 an hour and was last increased in 2009, although
several states pay more than that
and others require employers to pay tipped employees
a minimum cash wage
above the minimum cash wage required under the federal Fair Labor Standards Act.
Some restaurants have eliminated tips altogether, but included a 20% service charge that goes
directly
to the workers to level the playing field in a time when some customers are under tipping and/or behaving in a way that makes wait staff feel uncomfortable or even unsafe. But that is not what happened in your case.
The restaurant industry has made efforts in recent times to support and protect their workers. Last year, One Fair Wage, an advocacy group for service staff, released a report that said over a two-week period, 1,600 restaurants across 41 states raised wages to pay the full minimum wage — with tips on top of that.
Those restaurants paid an average wage of about $ 13.50 an hour, the report said, but the vast majority of restaurants in those states paid a sub-minimum wage of $ 5 or less. “ The pandemic exacerbated the economic instability and vulnerability of tipped workers receiving a sub-minimum wage, ” the report added.
Food costs are going up as inflation hits a 40-year high, and it’ s a difficult time for restaurants trying to win back both workers and customers. Whatever you decide to do with the service charge — whether you dispute it or pay it — make sure you tip the server in cash. Ultimately, they are the ones who end up paying the price.
Yo
u
can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell @ marketwatch.com, and follow Quentin Fottrell on
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More on tipping from Quentin Fottrell
:
‘ Enough touchscreen tipping already! I’ m over it’: Two years into the COVID-19 pandemic, do I have to tip for coffee, ice cream and takeout? Am I being cheap?
Is this the most outrageous tipping request you’ ve ever heard? ‘ I looked at the sales person with a confused expression’
My girlfriend says I should tip in restaurants. I say waitstaff are just like construction and fast-food workers. Who’ s right? | business |
Healthcare Breakthroughs: Veru, Nova Mentis, Phio, and PharmaDrug; Visionary CEOs Report Latest Advances in New Drug Development for COVID-19, Cancers, Glaucoma, and Autism | NEW YORK, April 11, 2022 ( GLOBE NEWSWIRE) -- Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from CEO’ s of: Nova Mentis Life Sciences ( OTC: NMLSF) ( CSE: NOVA), Phio Pharmaceuticals ( NASDAQ: PHIO), Veru Inc. ( NASDAQ: VERU) and PharmaDrug ( OTC: LMLLF) ( CSE: PHRX).
Today’ s emerging technologies and healthcare research innovations are unleashing trillion dollar market opportunities. As the biotech sector rebounds from cyclical lows, early-stage biotech stocks offer compelling opportunities. Wall Street Reporter highlights the latest comments from industry thought leaders shaping our world today, and in the decades ahead:
Nova Mentis Life Sciences ( OTC: NMLSF) ( CSE: NOVA) CMO Marvin Hausman, M.D.: “ Nova’ s Psilocybin-based Therapeutics Showing Vast Promise for Autism and Other Neuroinflammatory Disorders ” Nova Mentis Life Sciences ( OTC: NMLSF) ( CSE: NOVA) a featured presenter at Wall Street Reporter’ s NEXT SUPER STOCK investor conference is advancing psilocybin-based novel therapeutics, targeting autism spectrum disorders, an unmet medical need with multi-billion dollar market potential. NMLSF Chief Medical Officer Dr. Marvin Hausman, M.D., has a decades-long track record of success advancing new drugs through the FDA regulatory pathways, into commercialization, generating billions of dollars in revenue. Dr. Hausman, is now bringing the “ same playbook ” to NMLSF for it’ s psilocybin-based therapeutics targeting Fragile X, then potential expansion to treat other neuroinflammatory disorders, including alzheimers, and parkinsons. NMLSF plans to submit a clinical trial application to Health Canada for a Phase 2A study evaluating its psilocybin microdose therapy for Fragile X Syndrome, in the coming weeks.
NMLSF is a global leader in first-in-class psilocybin-based therapeutics and complementary diagnostics for neuroinflammatory disorders. NMLSF is the first biotech company to achieve FDA “ Orphan Drug Designation ” in both the United States and European Union for the use of psilocybin in the treatment of FXS. In his interview, with Wall Street Reporter, Dr. Hausman explains his strategy for advancing NMLSF’ s drug pipeline through commercialization, as he has successfully accomplished with other novel drugs during his decades-long career.
Watch NEXT SUPER STOCK Nova Mentis ( OTC: NMLSF) ( CSE: NOVA) Video: https: //www.wallstreetreporter.com/2022/03/25/next-super-stock-nova-mentis-life-sciences-otc-nmlsf-billions-opportunity-w-autism-psilocybin/
`` The recently completed preclinical study of repeat low doses of our psilocybin drug - every other day for 2 weeks, showed clinical responses that greatly exceeded our expectations. We significantly modulated behavioural and cognitive defects, such as recognition memory, in FXS. '' NMLSF plans to submit a clinical trial application to Health Canada in the coming weeks for a Phase 2A study evaluating psilocybin microdose therapy for FXS. `` Autism spectrum disorder ( `` ASD '') and especially FXS, the largest genetic cause of ASD, continue to have unmet medical needs. Scientists at NOVA, over the past two years, have laid the groundwork for development of potential novel psilocybin-based microdose treatment of ASD, '' said NMLSF Chief Medical Officer, Dr. Marvin S. Hausman, MD.
April 8 - NMLSF contracts with Toronto Institute of Pharmaceutical Technology to formulate and manufacture psilocybin microdose capsules for its upcoming Canadian Phase 2A fragile X syndrome clinical study. NMLSF has already manufactured a large supply of > 98% pure psilocybin for clinical studies and commercialization following drug approval.
March 23 - NMLSF begins patient enrollment process for its North American Observational study: Establishing a Diagnostic and Therapeutic Index in Autism Spectrum Disorder ( ASD) and Fragile X Syndrome ( FXS). NMLSF’ s Observational Study will study the neuroinflammatory mRNA genetic profile contained within cheek cells from ASD and FXS patients, as well as measure serotonin levels in patient saliva. The research objective is to develop a genetic neuroinflammatory and serotonin data bank that will help establish a `` Diagnostic Index '' – an objective set of tools that helps to differentiate subtypes of ASD, as well as FXS, and to develop more accurate methods of diagnosis and treatment. Collected data will be analyzed using customized machine learning algorithms and used to guide design of upcoming clinical trials that will test the efficacy of psilocybin-based therapeutics in ASD and FXS. Patients enrolled in this Observational Study will have a high priority position to be enrolled in planned psilocybin microdose clinical trials in Canada and the United States. NOVA is aiming to recruit at least 300 qualifying participants; 200+ ASD/FSX patients and 100+ neurotypical controls. Patient enrollment information at: novamentis.ca/autismstudy
`` Families caring for patients with autism spectrum disorder ( ASD) and fragile X syndrome ( FXS) deserve new scientific and therapeutic options to improve diagnosis, quality of care and treatment outcomes. The goal of our North American ASD and FXS Observational Study is to uncover novel and meaningful ways to diagnose and treat ASD and FXS, which is particularly relevant for statistical separation between the multitude of ASD subtypes, currently differentiated rather crudely, based on behavioural analysis, '' says NMLSF Chief Medical Officer, Dr. Marvin S. Hausman MD.
February 16 - NMLSF successfully completes an oral microdose psilocybin preclinical study, in the laboratory of Dr. Viviana Trezza, Rome Tre University, Rome, Italy. The results exceeded all expectations with the findings that a very low dose of the Company's proprietary psilocybin significantly modulated behavioural and cognitive defects, such as recognition memory, in a genetic model of fragile X syndrome ( FXS). `` The science team led by Dr. Hausman, together with Dr. Viviana Trezza from Roma Tre University, continues to deliver promising preclinical results. The recent oral microdose data set not only confirms but exceeds our original injectable formulation results, '' says Will Rascan, CEO of NOVA. `` The clear positive data is critical as we prepare to submit our clinical trial application to Health Canada for a Phase 2A study evaluating psilocybin microdose therapy for fragile X syndrome. ''
Watch NEXT SUPER STOCK Nova Mentis ( OTC: NMLSF) ( CSE: NOVA) Video: https: //www.wallstreetreporter.com/2022/03/25/next-super-stock-nova-mentis-life-sciences-otc-nmlsf-billions-opportunity-w-autism-psilocybin/
PharmaDrug ( OTC: LMLLF) ( CSE: PHRX) CEO Dan Cohen: “ Advancing Drug Pipeline Addressing Billion Dollar Markets ” PharmaDrug ( OTC: LMLLF) ( CSE: PHRX) CEO Dan Cohen, a featured presenter at Wall Street Reporter’ s NEXT SUPER STOCK investors conference is advancing a pipeline of natural based drugs, addressing multi-billion dollar market opportunities in cancers, anti-viral and glaucoma indications. LMLLF now has four drug candidates advancing towards clinical trials, with key milestones in the weeks ahead.
Watch NEXT SUPER STOCK PharmaDrug ( OTC: LMLLF) ( CSE: PHRX) Video: https: //www.wallstreetreporter.com/2022/03/31/next-super-stock-pharmadrug-otc-lmllf-cse-phrx-advancing-biopharm-assets-w-billion-dollar-markets/
LMLLF’ s flagship platform is PD-001 – a reformulated and patented version of cepharanthine, with lab data demonstrating potential therapies for a number of anti-cancer and anti-viral indications. Cephrantine is a natural based drug already approved in Japan, with a 70 year history of use. Cepharanthine has shown in studies to both stop the spread and kill cancer cells, and reduce resistance to chemotherapy. LMLLF’ s PD-001 is a reformulation of the traditional treatment in pill form used in Japan, but with 10X the bioavailability. LMLLF sees it’ s PD-001 as a platform for potentially treating a wider array of cancer indications.
LMLLF is now advancing studies for PD-001 for treating esophageal, and prostate cancers. LMLLF has just received FDA Orphan Drug Designation for PD-001 for esophageal cancer a $ 1.5 billion market opportunity. Orphan Drug Designation allows for potentially fast track FDA approval, lower development costs and increased market protection. LMLLF is also advancing PD-001 for prostate cancer, filing a provisional patent for cepharanthine combined with chemo for prostate cancer.
LMLLF is also developing a treatment for glaucoma, based on a re-formulation of DMT ( N-Dimethyltryptamine) to reduce intraocular pressure. Tryptamines, including DMT, have been shown in clinical studies to reduce intraocular pressure. LMLLF is collaborating with the Terasaki Institute for Biomedical Innovation, a world class leader in development of novel drug delivery technologies to optimize DMT formulation with a controlled release device. LMLLF’ s clinical research has developed two potential drug formulations, which have have tested well for low toxicity, and show promising potency and efficacy, and expects to initiate FDA clinical trials in coming months. In his interview, CEO Dan Cophen also shares that LMLLF’ s pipeline assets have significant upside potential as biotech valuations recover from current cyclical lows.
March 9 - LMLLF reports positive interim findings for combination of Cepharanthine and frontline chemotherapy for IND-enabling prostate cancer study.The study demonstrated improved tumor growth inhibition by 73% compared to cabazitaxel-alone.
Feb 23 - LMLLF receives encouraging potency data for candidate DMT-analogue molecules designed to treat primary open angle glaucoma. LMLLF successfully completed a head-to-head potency comparator study of its two undisclosed DMT-analogue candidates for the treatment of primary open angle glaucoma ( POAG). LMLLF intends to use the current results in combination with several planned upcoming in vitro studies to elect its final development candidate. Future in vivo efficacy testing in an accepted model of POAG is currently being planned with the goal of providing all necessary support to file an investigative new drug ( IND) application with the FDA to conduct clinical studies.
Feb 1 - LMLLF files a US provisional patent application for Cepharanthine to Treat Prostate Cancer. The provisional patent application details the novel synergistic combination of cepharanthine ( PD-001) and cabazitaxel on prostate cancer growth inhibition and also sets forth claims related to the use of PD-001, cabazitaxel and/or other taxane family members used in combination to treat primary, metastatic and chemotherapy-resistant prostate cancer.
Watch NEXT SUPER STOCK PharmaDrug ( OTC: LMLLF) ( CSE: PHRX) Video: https: //www.wallstreetreporter.com/2022/03/31/next-super-stock-pharmadrug-otc-lmllf-cse-phrx-advancing-biopharm-assets-w-billion-dollar-markets/
Veru Inc. ( NASDAQ: VERU) CEO Mitchell Steiner, M.D: “ Sabizabulin Delivers Significant Milestone in COVID-19 ” Veru Inc. ( NASDAQ: VERU), an oncology biopharmaceutical company, today announced positive efficacy and safety results from a planned interim analysis of the double-blind, randomized, placebo-controlled Phase 3 COVID-19 clinical trial evaluating oral sabizabulin 9 mg versus placebo in 150 hospitalized COVID-19 patients at high risk for Acute Respiratory Distress Syndrome ( ARDS). The Independent Data Safety Monitoring Committee unanimously recommended that the Phase 3 study be halted early due to efficacy, and they further remarked that no safety concerns were identified.CEO Mitchell Steiner, M.D, commented: “ This study represents a significant milestone in the global fight against COVID-19 as sabizabulin is the first drug to demonstrate a clinically and statistically meaningful reduction in deaths in hospitalized patients with moderate to severe COVID-19. We strongly believe that sabizabulin, with its dual anti-viral and anti-inflammatory properties which demonstrated positive efficacy and safety results in the Phase 3 COVID-19 study, can be that greatly needed oral therapy for hospitalized moderate to severe COVID-19 patients. ”
Veru Inc. ( NASDAQ: VERU) News: https: //www.wallstreetreporter.com/2022/04/11/verus-novel-covid-19-drug-candidate-reduces-deaths-by-55/
Phio Pharmaceuticals ( NASDAQ: PHIO) VP R & D, Dr. Simon Fricker: ” PH-894 Shows Exciting Data ” Phio Pharmaceuticals ( NASDAQ: PHIO), a clinical stage biotechnology company developing next generation therapeutics based on its proprietary self-delivering RNAi ( INTASYL™) therapeutic platform, reports positive new preclinical data showing PH-894, a self-delivering RNAi compound targeting the bromodomain-containing protein 4 ( BRD4), provides abscopal efficacy toward untreated distal tumors and potentiates the efficacy of systemic anti-PD-1 antibody therapy. `` We are excited by these new data on PH-894, our second product candidate, for various reasons, '' said Dr. Simon Fricker, VP of Research & Development. `` First, these data show that local administration of PH-894 resulted in systemic efficacy, similar to what we have shown with PH-762. In addition, these studies have shown PH-894 to be a potent standalone treatment in a challenging model, while also enhancing the efficacy of systemic anti-PD-1 antibodies. We believe these data provide a strong rationale for the clinical use of PH-894 as a monotherapy, as well as in combination with systemic PD-1 therapy. Considering the novel mechanism of action of PH-894, there is potential for it to play an important role in treating patients who do not respond to anti-PD-1 therapy, or patients who progress after initially responding to such therapy, addressing an important medical unmet need. ''
Phio Pharmaceuticals ( NASDAQ: PHIO) News: https: //www.wallstreetreporter.com/2022/04/08/phio-pharmaceuticals-nasdaq-phio-presents-positive-new-data-on-ph-894/
Wall Street Reporter ( Est. 1843) is the leading financial news provider, focused on giving investors direct access to CEO's of promising, publicly-traded companies, and market experts. www.WallStreetReporter.com. Nothing in this news summary shall be construed as investment advice. Quotes/content may be edited for brevity and context. Full disclaimer, and relevant SEC 17B disclosures here: https: //tinyurl.com/2x4eznd5
Wall Street Reporter's NEXT SUPER STOCK Live! conference is dedicated to featuring select companies that have near-term catalysts in place which can drive transformational growth ( and stock appreciation) in the months ahead. Click here to join next livestream event: https: //www.wallstreetreporter.com/next-superstock-online-investor-conference/
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Increased global integration in the brain after psilocybin therapy for depression | Thank you for visiting nature.com. You are using a browser version with limited support for CSS. To obtain the best experience, we recommend you use a more up to date browser ( or turn off compatibility mode in Internet Explorer). In the meantime, to ensure continued support, we are displaying the site without styles and JavaScript.
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Psilocybin therapy shows antidepressant potential, but its therapeutic actions are not well understood. We assessed the subacute impact of psilocybin on brain function in two clinical trials of depression. The first was an open-label trial of orally administered psilocybin ( 10 mg and 25 mg, 7 d apart) in patients with treatment-resistant depression. Functional magnetic resonance imaging ( fMRI) was recorded at baseline and 1 d after the 25-mg dose. Beck’ s depression inventory was the primary outcome measure ( MR/J00460X/1). The second trial was a double-blind phase II randomized controlled trial comparing psilocybin therapy with escitalopram. Patients with major depressive disorder received either 2 × 25 mg oral psilocybin, 3 weeks apart, plus 6 weeks of daily placebo ( ‘ psilocybin arm’) or 2 × 1 mg oral psilocybin, 3 weeks apart, plus 6 weeks of daily escitalopram ( 10–20 mg) ( ‘ escitalopram arm’). fMRI was recorded at baseline and 3 weeks after the second psilocybin dose ( NCT03429075). In both trials, the antidepressant response to psilocybin was rapid, sustained and correlated with decreases in fMRI brain network modularity, implying that psilocybin’ s antidepressant action may depend on a global increase in brain network integration. Network cartography analyses indicated that 5-HT2A receptor-rich higher-order functional networks became more functionally interconnected and flexible after psilocybin treatment. The antidepressant response to escitalopram was milder and no changes in brain network organization were observed. Consistent efficacy-related brain changes, correlating with robust antidepressant effects across two studies, suggest an antidepressant mechanism for psilocybin therapy: global increases in brain network integration.
Depression is a highly prevalent mental health condition1, the incidence of which has increased during the COVID-19 pandemic2, for example, as reflected in increased prescriptions of antidepressant medications3. However, even the best-performing antidepressant drugs show modest efficacy, non-negligible side effects, discontinuation problems and high relapse rates4,5,6,7, highlighting the need for new, improved treatments8.
Patients with a diagnosis of depression often exhibit a negative cognitive bias, characterized by pessimism, poor cognitive flexibility, rigid thought patterns and negative fixations regarding ‘ self’ and the future9,10. A number of authors have directly or indirectly taken inspiration from dynamical systems theory to describe depressive episodes as ‘ attractor states’ ( stereotyped cognitive states with ‘ gravitational pull’ 11).
Neuroimaging research has consistently found examples of abnormal brain functioning in depression, resonant with its phenomenology12,13,14. A hierarchically supraordinate intrinsic brain network15, the default mode network ( DMN), is associated with introspection and self-referential thinking16. These cognitive functions are often overactive in depression9, and several studies have linked excessive engagement of DMN functioning with depressive symptomatology12.
In addition to the DMN, other higher-order brain networks such as the executive network ( EN) and salience network ( SN) have been implicated in depression14,17. These networks are associated with ‘ cognitive control’ and internal versus external attention switching18,19,20. Such attentional switching is often impaired in depression21. Tellingly, the serotonin 2A ( 5-HT2A) receptor subtype, which is the key proteomic binding site of ‘ classic’ serotonergic psychedelic drugs, such as psilocybin22, is most densely expressed in a broad pattern of cortex that closely resembles a conjunction map of the DMN, EN and SN23, corresponding to the transmodal portion of the brain’ s principal hierarchical gradient15.
In the last 15 years, at least six separate clinical trials have reported impressive improvements in depressive symptoms with psilocybin therapy24. Included among these studies are ( 1) an open-label trial in treatment-resistant depression25 and ( 2) a double-blind, randomized controlled trial ( DB-RCT) with an active comparator, the selective serotonin reuptake inhibitor ( SSRI) and conventional antidepressant, escitalopram26. These two trials, which included pre-treatment and post-treatment fMRI, are the focus of this paper’ s analyses.
The therapeutic action of psilocybin and related psychedelics is incompletely understood; however, one model proposes that psychedelics cause a 5-HT2A receptor-induced dysregulation of spontaneous population-level neuronal activity, linked to a temporary ‘ disintegration’ of intrinsic functional brain networks27 and a hypothesized decrease in the precision-weighting of predictive models encoded ( at least in part) by the integrity of functional modules28. One important corollary of modular ‘ disintegration’ seems to be the broadening of the brain’ s functional repertoire of states, commensurate with a broader or flatter global energy landscape29.
Here we hypothesize that the well-replicated finding of brain network disintegration and desegregation under psychedelics30,31 will be apparent subacutely, in post-treatment resting-state fMRI data. We also hypothesize that this effect, consistent with a flatter energy landscape, will relate to improved depression outcomes and will not be observed after a course of the SSRI, escitalopram.
Patients with treatment-resistant depression ( TRD) participated in a single-arm, open-label psilocybin therapy clinical trial ( Fig. 1a). Baseline clinical assessment and resting-state fMRI were followed by fixed-order ‘ low’ ( 10 mg) and ‘ high’ ( 25 mg) psilocybin therapy dosing days ( DDs) that were separated by 1 week. A second clinical assessment and fMRI scan were conducted 1 d after DD2. Remote assessments of clinical status were conducted 1 week, 3 months and 6 months after DD2. Further details are available in Methods and elsewhere25.
a, Open-label trial. Eligible patients attended a baseline clinical assessment and resting-state fMRI visit. This was followed by two orally administered psilocybin therapy DDs separated by 1 week, which differed in dose strength ( 10 mg on DD1, 25 mg on DD2). The post-treatment fMRI scan occurred 1 d after DD2. Remote clinical assessment continued for 6 months. b, DB-RCT. Patients attended a baseline clinical assessment and resting-state fMRI visit and were randomly assigned to the psilocybin arm ( top) or escitalopram arm ( bottom). The psilocybin arm involved 2 × 25 mg psilocybin therapy DDs with 3 weeks of daily placebo capsules following each DD. The escitalopram arm involved 2 × 1 mg psilocybin therapy DDs with 3 weeks of 10 mg daily escitalopram following DD1 and 20 mg of escitalopram following DD2. Both groups attended a post-treatment clinical assessment and fMRI visit 3 weeks and 1 d after DD2.
Of the 19 patients recruited, 3 were excluded due to excessive fMRI head motion ( Fig. 2a). We first confirmed an antidepressant effect of psilocybin in this imaging sample of 16 patients ( mean age, 42.75 years, s.d. = 10.15, 4 females) using the Beck Depression Inventory ( BDI-1A). This patient-rated measure was preregistered for the original investigation ( gtr.ukri.org MR/J00460X/1). The BDI captures a broad range of symptoms and places particular emphasis on the cognitive features of depression32, which may be an important target of psilocybin therapy.
a, The open-label trial was conducted during 2015–2016. b, The DB-RCT was conducted during 2019–2020.
Baseline BDI scores indicated severe depression ( mean BDI = 34.81, s.d. = 7.38). In line with our previous report25, rapid, substantial and sustained reductions in depression severity were observed after treatment ( Fig. 3a, b). Relative to baseline, significant BDI reductions were observed at 1 week ( mean difference, −21.0 points; t15 = 7.11, 95% confidence interval ( CI) −27.30 to −14.71, P < 0.001, Cohen’ s d = 1.78) and still evident at 6 months ( mean difference, −14.19 points; t15 = 4.26, 95% CI −21.29 to −7.09, P < 0.001, d = 1.07).
a, Open-label trial box plots of BDI scores of patients with TRD across time points. b, Qualitative raster plots of individual patient’ s BDI score for each time point ( columns). c, Baseline BDI of patients with TRD in the open-label trial was significantly greater than that in patients with MDD in the DB-RCT ( t57 = 3.01, 95% CI 2.18 to 10.88, P = 0.013, d = 0.83). d, DB-RCT BDI scores from each study arm and time point. e, f, Qualitative raster plots of individual patient’ s BDI for each time point for the psilocybin arm ( e) and escitalopram arm ( f). The box plot central marks represent the group median, the box edges represent the 25th to 75th percentiles and the whiskers extend to the data range. Independent samples of n = 16 TRD were used in a and alongside n = 43 MDD in c, of which n = 21 in the escitalopram arm and n = 22 in the psilocybin arm are displayed in d. The rows from each qualitative raster plot were ordered by the sum BDI score across time points.
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To test our primary hypothesis, preprocessed fMRI data were used to estimate normalized network modularity from Pearson correlation functional connectivity matrices of the cortex ( Methods). Confirming our primary hypothesis, brain network modularity was significantly reduced ( Fig. 4a) 1 d after psilocybin therapy ( mean difference, −0.29; t15 = 2.87, 95% CI 0.07 to 0.50, P = 0.012, d = 0.72). This result implies a global increase in functional connectivity between the brain’ s main intrinsic networks.
a, Brain modularity ( normalized Q) significantly reduced, indicating a global increase in brain network integration following psilocybin therapy in patients with TRD ( t15 = 2.87, 95% CI 0.07 to 0.50, P = 0.012, d = 0.72). The solid and dotted lines represent the mean and median, respectively. Patient’ s data are connected by solid lines and rendered in color if modularity decreased. b, Absolute post-treatment scan modularity correlated with absolute BDI scores at the 6 months primary end point ( r14 = 0.64, 95% CI 0.29 to 0.84, P = 0.023, FDR-corrected). c, Post-treatment change in brain modularity significantly correlated with treatment response ( BDI, baseline − 6 months) ( r14 = 0.54, 95% CI 0.14 to 0.78, P = 0.033). d, DMN ( red) recruitment decreased ( t15 = −2.99, 95% CI −0.92 to −0.15, P = 0.009, d = 0.75) and its between-network integration with the EN ( gold) ( t15 = 3.01, 95% CI 0.15 to 0.90, P = 0.01, d = 0.75) and SN ( purple) ( t15 = 2.89, 95% CI 0.14 to 0.95, P = 0.01, d = 0.72) increased following psilocybin therapy ( all FDR-corrected). The box plot central marks represent the group median, the box edges represent the 25th to 75th percentiles and the whiskers extend to the data range. Independent samples of n = 16 TRD were used in a–d.
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We hypothesized that decreased brain network modularity would relate to the sustained improvements in depression severity that follow psilocybin therapy. To test this, we calculated Pearson correlations between the post-treatment brain modularity and BDI scores from the three post-treatment time points ( 1 week, 3 months, 6 months). After false discovery rate ( FDR) correction for multiple comparisons, a strong significant Pearson correlation was observed at the 6 months primary end point ( r14 = 0.64, 95% CI 0.29 to 0.84, P = 0.023; Fig. 4b). Directionally consistent relationships were seen at 3 months ( r14 = 0.46, 95% CI 0.03 to 0.74, P = 0.114) and 1 week ( r14 = 0.29, 95% CI −0.16 to 0.64, P = 0.284), but these did not survive correction. Pre-treatment versus post-treatment changes in modularity significantly correlated with change in BDI score at 6 months, relative to baseline ( r14 = 0.54, 95% CI 0.14 to 0.78, P = 0.033; Fig. 4c). These results imply that decreased brain modularity 1 d after psilocybin therapy relates to long-term improvements in depression symptom severity.
Previous research has implicated depressive symptomology with hyperconnectivity of the DMN12 and hypoconnectivity of the DMN with other higher-order ‘ cognitive’ networks, including the EN and SN14,17. We therefore tested for evidence of these abnormalities being attenuated after treatment using functional cartography ( Methods). Consistent with our previous hypothesis, significant reductions in DMN network recruitment ( mean difference, −0.54; t15 = −2.99, 95% CI −0.92 to −0.15, P = 0.009, d = 0.75; Fig. 4d) and increased between-network integration between the DMN and EN ( mean difference, 0.53; t15 = 3.01, 95% CI 0.15 to 0.90, P = 0.01, d = 0.75) and between the DMN and SN ( mean difference, 0.55; t15 = 2.89, 95% CI 0.14 to 0.95, P = 0.01, d = 0.72; FDR-corrected) were observed 1 d after psilocybin therapy. An exploratory analysis of the changes in network recruitment and between-network integration of other brain networks is available in Supplementary Fig. 2.
Taken together, these findings indicate a clinically relevant decrease in brain network modularity following psilocybin therapy for TRD. A network cartography analysis suggests that this global change in network organization may be underpinned by a specific decrease in within-DMN connectivity and increase in DMN connectivity with other higher-order networks, including the EN and SN.
The design of this DB-RCT ( Fig. 1b) gave a new opportunity to compare not just the safety and efficacy, but also the mechanisms of action of psilocybin therapy to those of a conventional antidepressant drug, escitalopram. Patients with major depressive disorder ( MDD) were randomly allocated to a ‘ psilocybin arm’ or ‘ escitalopram arm’ ( Fig. 1b). Baseline clinical assessment and resting-state fMRI was followed by DD1, when patients received either 25 mg psilocybin ( psilocybin arm) or a presumed inactive 1 mg psilocybin dose ( escitalopram arm). All patients were informed that they would receive psilocybin but were blind to the dosage. DD2 occurred 3 weeks after DD1 and was a duplicate dosage. Beginning 1 d after DD1, patients took daily capsules for 6 weeks and 1 d in total. For both conditions, one capsule per day was ingested for the first 3 weeks and two capsules per day were ingested thereafter. Capsule content was either inert placebo ( microcrystalline cellulose in the psilocybin arm) or 10 mg escitalopram in the escitalopram arm ( 10 mg daily for the first 3 weeks and 2 × 10 mg ( 20 mg) daily for the final 22 d). Further details are available in Methods and elsewhere26.
Of the 59 patients with MDD recruited, 29 were randomly allocated to the escitalopram arm. Of those, four discontinued due to adverse reactions to escitalopram, one was lost due to the COVID-19 UK lockdown and three were excluded due to excessive fMRI head motion ( Fig. 2b). The remaining 21 patients ( mean age, 40.9 years, s.d. = 10.1, 6 female) were included in the escitalopram imaging sample. Thirty patients were randomly allocated to the psilocybin arm. Of those, one was excluded for choosing not to take the daily ( placebo) capsules, two did not attend the post-treatment session due to the COVID-19 UK lockdown and five were excluded due to excessive fMRI head motion. The remaining 22 patients ( mean age, 44.5 years, s.d. = 11.0, 8 female) were included in the psilocybin imaging sample ( Fig. 2b).
The BDI was a primary outcome measure for the open-label trial ( MR/J00440/1) and a secondary outcome measure for this DB-RCT ( ClinicalTrials.gov identifier NCT03429075); however, this measure proved to be an especially sensitive index of post-psilocybin reductions in symptom severity across the trials26. Between trials, baseline BDI ( Fig. 3c) was significantly greater in the open-label TRD trial compared with the DB-RCT MDD trial ( mean difference, 6.53 points; t57 = 3.01, 95% CI 2.18 to 10.88, P =.013, d = 0.83). This difference is likely due to TRD being an inclusion criteria in the open-label trial, but not in this DB-RCT.
As described in our previous report26, BDI-measured reductions in depressive symptom severity were significantly greater after psilocybin than escitalopram, indicating superior efficacy of psilocybin therapy versus escitalopram ( Fig. 3d). Moreover, we confirmed the statistical significance of this contrast within the smaller neuroimaging sample included in the present analyses after testing for an arm × time point analysis of variance interaction on BDI scores ( F3,123, 4.47; P = 0.005). FDR-corrected pairwise comparisons relative to baseline were significantly different at 2 weeks ( mean difference, −8.73; t41 = −3.66, 95% CI −13.55 to −3.91, P = 0.002, d = 0.98), 4 weeks ( mean difference, −7.79; t41 = −2.69, 95% CI −13.62 to −1.95, P = 0.013, d = 0.77) and at 6 weeks ( mean difference, −8.78; t41 = −2.61, 95% CI = −15.58 to −1.97, P = 0.013, d = 0.75), all favoring the psilocybin arm.
Reconfirming our primary hypothesis ( Fig. 5a, b) and replicating analyses on the open-label trial data, brain network modularity was significantly reduced at the trial’ s primary end point, 3 weeks after psilocybin therapy ( mean difference, −0.39; t21 = −2.20, 95% CI −0.75 to −0.02, P = 0.039, d = 0.47). Moreover, for the psilocybin condition, post-treatment decreases in brain network modularity significantly correlated with improvements in depression symptom severity at this primary end point ( r20 = 0.42, P = 0.025, one-tailed).
a, Significant decreases in brain network modularity ( normalized Q), indicating greater brain network integration following psilocybin therapy ( t21 = −2.20, 95% CI −0.75 to −0.02, P = 0.039, d = 0.47). The solid and dotted lines on the distributions represent the mean and median, respectively. Individual patient data are represented and connected with solid lines between sessions that are rendered with color if modularity decreased between sessions. b, Post-treatment change in brain modularity significantly correlated with the treatment response primary end point ( BDI, baseline − 6 weeks) ( r20 = 0.42, P = 0.025, one-tailed). c, Significant correlations between increased dynamic network flexibility and the psilocybin primary end point treatment response ( BDI, baseline − 6 weeks) are colored ( white, P > 0.05; * survives FDR correction). The EN exhibited the largest correlation ( r20 = −0.76, 95% CI −0.90 to −0.50, P = 0.001). d–f, The equivalent analyses of brain network modularity in the escitalopram arm did not show significant session differences ( d), relationship to individual treatment response ( e) or network flexibility ( f). n = 22 independent psilocybin arm samples are displayed in a–c and n = 21 independent escitalopram arm samples are displayed in d–f. DN, default mode network; DA, dorsal attention; EN, executive network; LI, limbic; SM, somatomotor; SN, salience network; VS, visual.
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Notably, there was no significant interaction between treatment arm and scanning session on network modularity ( F1,41 = 2.719, P = 0.107); however, there was evidence that the reduction in network modularity and its relationship to depression severity may be specific to the psilocybin arm. Namely, in the escitalopram group ( Fig. 5d, e), network modularity did not change from baseline ( mean difference, 0.01; t20 = 0.07, 95% CI −0.35 to 0.33, P = 0.95, d = 0.02) and there was no significant correlation between changes in modularity and changes in BDI scores ( r19 = 0.08; P = 0.361, one-tailed).
The specific changes in network recruitment observed 1 d after psilocybin therapy in the open-label trial were not replicated at 3 weeks in this DB-RCT ( Supplementary Information). However, the faster fMRI scanning protocol adopted in the DB-RCT generated twice as much temporal data per scanning session ( Methods). This provided the rare opportunity to examine changes in the dynamic flexibility of brain networks following psilocybin therapy.
The metric known as ‘ dynamic flexibility’ indexes how often brain regions change their community allegiance over time, during the course of an fMRI scan33,34 ( Methods). Reduced functional dynamics have been previously associated with depression symptomology14. In an exploratory analysis, post-psilocybin therapy changes in network flexibility were correlated with changes in BDI score ( Fig. 5c). After FDR correction, increased EN dynamic flexibility strongly correlated with greater symptom improvement at the 6-week primary end point for the psilocybin arm ( r20 = −0.76, 95% CI −0.90 to −0.50, P = 0.001). Strong correlations that survived FDR correction were also observed when combining regions from the EN with other lateral frontoparietal networks, such as the SN and dorsal attention network ( Fig. 5c). Critically, there were no significant correlations between changes in BDI scores and changes in dynamic flexibility in the escitalopram arm ( Fig. 5f).
In light of growing evidence for the antidepressant efficacy of psilocybin therapy26, the present findings advance our understanding of its possible underlying brain mechanisms. Across two trials, decreased brain modularity was observed and correlated with improvements in depressive symptomatology. Moreover, this antidepressant action may be specific to psilocybin therapy, as no changes in modularity were observed with the conventional SSRI antidepressant, escitalopram.
Research into the acute brain action of psychedelics has revealed well-replicated changes in global brain function that are somewhat consistent with those observed here ( an increased repertoire of inter-regional and between-network functional connectivity ( FC) 29,30,31). A previous analysis of ours had suggested some contrasting changes in the architecture of spontaneous brain function 1 d following psilocybin treatment for depression relative to what has been observed during the acute psychedelic state itself: spatially expanded DMN FC ( 1 d after treatment for TRD) versus acute DMN ‘ disintegration’ 25. However, others have reported evidence of increased inter-network FC 1 week and 1 month after psilocybin treatment35, as well as 1 d after ayahuasca, including increases in DMN-SN FC in healthy volunteers36. These findings are consistent with the present study, but here we show robust and reliable evidence that increases to global brain network integration accompanies the antidepressant efficacy of psilocybin therapy.
The present modularity metrics may be more sensitive indices of the antidepressant action of psilocybin than previously applied time-averaged within-network and between-network FC analyses25. Indeed, they may bear relevance to other FC metrics applied to acute-state psychedelic fMRI data29,30 where a general picture of increased global FC and a broadened dynamic state space has emerged28. In this context, the results could be understood as a ‘ carryover’ effect resembling brain dynamics associated with the acute action of psychedelics, albeit at an attenuated level and in a specific population ( depressed patients). To show robustness to analytical method, we also carried out more traditional mass-univariate analyses and these yielded consistent findings ( Supplementary Figs. 3 and 4). However, an advantage of network modularity is its capacity to elegantly summarize global changes in the brain’ s functional network organization37.
Previous research on resting-state activity in depression has found heightened network modularity correlating with symptom severity17,38. Additional work implies heightened within-DMN FC and elevated FC between limbic regions such as the amygdala, and high-level cortical regions correlates with ruminative symptoms in depression12,39. Taken together, a model emerges of abnormally modular spontaneous brain function in depression that is effectively remediated by psilocybin therapy. According to various findings, the FC energy landscape or state space in depression can be described as abnormally constricted, paralleling the narrow, internally focused, ruminative quality of mood and cognition in the disorder11. In contrast, psilocybin seems to increase the brain’ s ability to visit a broader state space, both acutely and after psilocybin therapy in patients who are depressed, as shown here. Moreover, this ‘ liberating’ action of psilocybin is paralleled by subjective reports of ‘ emotional release’ 40,41 as well as subacute increases in behavioral optimism9, cognitive flexibility42 and psychological flexibility after taking a psychedelic drug43. Indeed, heightened emotional responsiveness may be specific to psilocybin therapy versus SSRIs26.
It is plausible that this putative liberating effect of psilocybin on cortical activity occurs via its direct agonist action on cortical 5-HT2A receptors, dysregulating activity in regions rich in their expression. We surmise that chronic escitalopram does not have the same effect on brain modularity due to its more generalized action on the serotonin system and predominant action on inhibitory postsynaptic 5-HT1A receptors, which are richly expressed in limbic circuitry27,44.
Beyond the global decrease in network modularity after psilocybin, we observed functional changes in DMN, EN and SN dynamics that are consistent with neurobiological models of depression45. These high-order transmodal networks house the highest density of 5-HT2A receptors, the principal action site for serotonergic psychedelics22,23. Higher-order networks are implicated in the acute action of psychedelics, where they show reduced modularity and increased communication with regions ordinarily outside of their community limits29,30,31.
The EN and SN have been associated with tasks requiring cognitive flexibility such as learning and task switching18,19,46,47; impaired functioning of these networks have been reported in depression14,17 and other disorders exhibiting cognitive inflexibility such as autism spectrum disorder48 and obsessive–compulsive disorder49. Our results suggest that decreased modularity or increased flexibility of these networks following psilocybin therapy is a key component of its therapeutic mechanism of action. We did not formally assess cognitive flexibility in the clinical trials reported here but we did observe improvements in general cognitive functioning after psilocybin treatment in the DB-RCT, as well as treatment-specific improvements in ‘ emotional avoidance’ ( an inversion of the related construct ‘ psychological flexibility’ 26).
It should be noted that psychological processes that do not reliably relate to brain modularity changes may have played a role in the main clinical outcomes of this study, and an inability to discount such factors precludes the making of confident inferences that drug alone was the main causal determinant of the imaging outcomes or, indeed, that decreased modularity is sufficient for response to psilocybin therapy. Nevertheless, the changes observed in the neuroimaging data were consistent with previous brain imaging research regarding the acute action of psychedelics and are plausible in light of evidence of elevated modularity and abnormal functioning of higher-order networks in depression12,17,38,39,50.
Successful phase III DB-RCTs will be required to achieve licensing for psilocybin therapy, but pragmatic trials may better address questions regarding treatment practicability, specificity and optimization51. Given the emerging research into psychedelic therapy, it is important for large-scale trials to establish the generalizability, reliability and specificity of psilocybin’ s antidepressant response. For example, it is likely that efficacy will depend on symptom severity, depression subtypes and comorbidities, as well as other key pharmacological and extrapharmacological factors52. For brain imaging studies, we would recommend network modularity analyses such as those employed here. fMRI datasets are complex, burdensome and susceptible to noise, contributing to the challenge of detecting reliable biomarkers. Simplifying composite measures, such as network modularity, combined with a research domain, symptoms-based approach to psychological phenomena, may be a particularly productive way forward37,51.
It should be noted that the present study’ s findings do not support baseline modularity as a predictor of response to psilocybin therapy. Patients with a range of baseline modularity values showed modularity reductions after treatment with psilocybin; however, the present results do suggest that the early-phase modularity change is predictive of the long-term treatment response to psilocybin therapy.
It is noteworthy to consider the potentially confounding effects of head motion when interpreting fMRI data. Here, a robust fMRI preprocessing pipeline was employed alongside strict head motion criteria for patient inclusion. To examine robustness to motion, an analysis of head motion was conducted and is available in the Supplementary Information. These analyses bolster the present findings, as there was no evidence that head motion differed between sessions or treatment arms or that it correlated with network modularity. The fMRI data were collected with an eyes-closed protocol, which has some advantages; however, it would be compelling if these findings were replicated in data acquired with an eyes-open protocol. In-scanner sleep can be more likely during eyes-closed fMRI, which is a particular disadvantage53. In-scanner sleep can not be ruled out here. However, the head motion analyses make it unlikely that sleep was a confounding factor. Furthermore, a self-reported visual analog scale of time spent asleep and ‘ sleepiness’ were acquired immediately after all scan runs in study 2. An analysis of these data is available in the Supplementary Information. Critically, ratings of in-scanner sleep or sleepiness were low and did not differ between treatment arms or scanning session.
This study’ s primary hypothesis was confirmed and replicated despite substantial differences between the design of the two trials. Baseline depression severity was significantly greater in the open-label trial. Furthermore, the open-label trial post-treatment fMRI scan was only 1 d after DD2 and was recorded with a 12-channel head coil and a 2-s repetition time ( TR). In contrast, the DB-RCT post-treatment scan was conducted 3 weeks after DD2 and was recorded with a 32-channel head coil and a 1.25-s TR.
Acknowledging these differences between the trial designs serves to strengthen the validity of the main findings, as they were robustly replicated; however, the lack of replication in the finer-grained cartography analyses limits the network-specific inferences. A supplementary analysis ( Supplementary Information) did confirm that baseline depression severity correlated with within-DMN connectivity and between-network DMN-EN and DMN-SN connectivity, as has been previously reported12,17,38,39,50; however, in the DB-RCT, we did not replicate the entirety of the changes in network cartography that were observed in the open-label trial. Given that the observed network effects directly follow predictions from the depression literature, it may be that they are more pronounced in more severe cases, such as those included in the open-label TRD trial. Alternatively, it may be that these effects are only detectable in a short-term, subacute phase after psilocybin therapy and not, for example, 3 weeks later. Parsing the relative contribution of baseline severity and time since treatment will be an important feature of future clinical trials with neuroimaging, ideally with larger samples and repeated scanning sessions.
Dynamic analyses can be challenging to conduct. To be sufficiently powered, time series need to be of sufficient length to be split into multiple time windows that are themselves sufficiently long to compute reliable FC measures, and previous research guided our selection of parameters54,55. Collecting sufficient fMRI data in patient cohorts can be challenging, but given the appeal of dynamic analyses, efforts are underway to facilitate and improve them54. It should be noted that a sufficiently broad window of time was used to estimate Pearson correlation FC; however, ongoing work is required to better understand how to capture the most functionally meaningful dynamic data.
With these caveats entered, it should be emphasized that the inferences from both cartography analyses converged on the brain’ s higher-order networks. In particular, the DB-RCT analyses showed robust correlations ( r~0.8) between increased higher-order network flexibility and psilocybin’ s treatment response, and this converges with the open-label trial as well as previous research14.
In summary, depression is a major public health problem associated with huge burden and cost. Here, we identify a robust, reliable and potentially specific biomarker of response to psilocybin therapy for depression. Our results may help to explain why psilocybin therapy holds promise as a new treatment option in psychiatry.
The trial designs ( Fig. 1) and main clinical outcomes of the open-label31 ( gtr.ukri.org: MR/J00460X/1) and DB-RCT32 ( clinicaltrials.gov: NCT03429075) trials have been previously published. Both trials were conducted at the National Institute for Health Research Imperial Clinical Research Facility and received Imperial College London Sponsorship, NHS research and Imperial college Joint Research and Compliance Office ethical approval, Health Research Authority and Medicines and Healthcare products Regulatory Agency approval. This work was conducted under a UK Home Office Schedule 1 Drug Licence. All participants provided written informed consent. Participants were not financially compensated.
For both trials, eligibility required a general practitioner-confirmed diagnosis of unipolar MDD ( 16+ on the 21-item Hamilton Depression Rating scale). The open-label trial had the additional criteria of TRD, as defined by no improvement despite multiple courses of antidepressant medication ( mean = 4.6 ± 2.6 past medications; range, 2–11) 39. Patients were asked whether they had previous experience of using psychedelics. In the open-label trial, 25% had previous experience. Similarly, in the DB-RCT, 31% of patients in the psilocybin arm and 24% in the escitalopram arm had previous experience.
Exclusion criteria were immediate family or personal history of psychosis, risky physical health condition ( physician-assessed), history of serious suicide attempts, positive pregnancy test and MRI contraindications. The DB-RCT had the additional exclusion criteria of SSRI contraindications or previous escitalopram use. Of note, treatment resistance was neither an inclusion or exclusion criterion in the DB-RCT. All eligible patients undertook telephone screening interviews, provided written informed consent and their mental and physical medical histories were thoroughly evaluated.
Nineteen patients with TRD were recruited to the open-label trial and attended a 1-d pre-treatment baseline session that included eyes-closed resting-state fMRI and clinical assessment ( Fig. 1a). This was followed by two psilocybin therapy DDs, separated by 1 week. A low dose of psilocybin ( 10 mg) was orally ingested on DD1 and followed by a high dose ( 25 mg) on DD2. The follow-up fMRI and clinical assessment occurred 1 d after DD2. Patients attended an on-site clinical assessment at 1 week after DD2 and completed further clinical assessment electronically at 3 and 6 months. Of the 19 patients with TRD, 16 were retained ( mean age, 42.75 years; s.d. = 10.15, 4 female) for the present analysis after 3 were excluded due to excessive fMRI head motion ( Fig. 2a).
Of the 59 MDD patients recruited to the DB-RCT, a random number generator allocated 30 to the psilocybin arm and 29 to the escitalopram arm ( Fig. 1b). The final imaging samples for this investigation were n = 22 for the psilocybin arm ( mean age, 44.5 years, s.d. = 11.0, 8 female) and n = 21 for the escitalopram arm ( mean age, 40.9 years, s.d. = 10.1, 6 female) ( Fig. 2b). Patients attended a pretreatment baseline eyes-closed resting-state fMRI. DD1 consisted of either 25 mg psilocybin ( psilocybin arm) or a presumed negligible 1 mg psilocybin ( escitalopram arm) dose. All patients were informed that they would receive psilocybin but were blind to the dosage. DD2 occurred 3 weeks after DD1 and was a duplicate dosage. There was no dosage crossover. Beginning 1 d after DD1, patients took daily capsules for 6 weeks and 1 d in total. For both conditions, one capsule per day was ingested for the first 3 weeks and two thereafter. Capsule content was either inert placebo ( microcrystalline cellulose in the psilocybin arm) or escitalopram in the escitalopram arm, 10 mg for the first 3 weeks and 2 × 10 mg ( 20 mg) total thereafter.
BDI-1A scores were used to assess depression severity in both studies. This patient-rated measure captures a broader range of symptoms, with an additional focus on the cognitive features of depression, compared with other measures such as the QIDS-SR-16 ( ref. 40). BDI was preregistered as a primary outcome measure in the open-label trial ( gtr.ukri.org MR/J00460X/1) and was measured at baseline and 1 week, 3 months and 6 months after DD2. For the DB-RCT, BDI was measured at baseline and 2, 4 and 6 weeks after DD1. BDI was a secondary outcome measure for this DB-RCT ( ClinicalTrials.gov NCT03429075) and was used here to test for a replication of the effects observed in the open-label trial.
Brain imaging was performed on a 3T Siemens Tim Trio at Invicro. Anatomical images were acquired using the Alzheimer’ s Disease Neuroimaging Initiative, Grand Opportunity ( ADNI-GO56) recommended MPRAGE parameters ( 1-mm isotropic voxels; TR, 2,300 ms; TE, 2.98 ms; 160 sagittal slices; 256 × 256 in-plane field of view; flip angle, 9 degrees; bandwidth, 240 Hz per pixel; GRAPPA acceleration, 2).
In both studies, eyes-closed resting-state fMRI data were collected with T2 * -weighted echo-planar images with 3-mm isotropic voxels. In study 1, a 12-channel head coil was used to acquire 240 volumes in ~8 min: TR, 2,000 ms; TE, 31 ms; 36 axial slices; flip angle, 80 degrees; bandwidth, 2,298 Hz per pixel; and GRAPPA acceleration, 2). In study 2, a 32-channel head coil was used to acquire 480 volumes in ~10 min: TR, 1,250 ms; TE, 30 ms; 44 axial slices; flip angle, 70 degrees; bandwidth, 2,232 Hz per pixel; and GRAPPA acceleration, 2).
Imaging data were preprocessed via a custom in-house pipeline composed of tools from the FMRIB Software Library57, Analysis of Functional NeuroImages ( AFNI) 58, Freesurfer59 and Advanced Normalization Tools60 packages. Patients were excluded if either fMRI scan contained > 20% of volumes with a framewise displacement > 0.5 mm.
Specifically, the following preprocessing stages were performed: ( 1) removal of the first three volumes; ( 2) de-spiking ( 3dDespike, AFNI); ( 3) slice time correction ( 3dTshift, AFNI); ( 4) motion correction ( 3dvolreg, AFNI) by registering each volume to the volume most similar, in the least-squares sense, to all others; ( 5) brain extraction ( BET, FSL); ( 6) rigid body registration to anatomical scans ( BBR, FSL); ( 7) nonlinear registration to the 2 mm Montreal Neurological Institute ( MNI) brain ( Symmetric Normalization, Advanced Normalization Tools); ( 8) scrubbing, using a framewise displacement threshold of 0.5 mm, scrubbed volumes were replaced with the mean of the neighboring volumes; ( 9) 6 mm full width at half maximum Gaussian spatial smoothing ( 3dBlurInMask, AFNI); ( 10) 0.01 to 0.08 Hz band-pass filtering ( 3dFourier, AFNI); ( 11) linear and quadratic de-trending ( 3dDetrend, AFNI) and ( 12) voxelwise nuisance regression with the six realignment motion regressors and three tissue signal regressors ( Ventricles, Freesurfer, eroded in 2 mm space), draining veins ( FSL’ s CSF minus Freesurfer’ s Ventricles, eroded in 1 mm space) and local white matter ( WM) ( FSL’ s WM minus Freesurfer’ s subcortical gray matter structures, eroded in 2 mm space). Regarding local WM regression, AFNI’ s 3dLocalstat was used to calculate the mean local WM time series for each voxel, using a 25-mm radius sphere centered on each voxel.
Following the preprocessing, a functional atlas was used to separate the cerebral cortex into 100 regions of interest ( ROIs) 61. FC between each pair of ROIs was calculated with a Pearson correlation coefficient between each pair of mean signal ‘ time courses’ ( representing fluctuations in neural activity over time). This resulted in an N × N FC matrix, with each element representing the connectivity strength between a pair of ROIs. Positive values were retained and Fisher-transformed to z scores. This procedure was repeated independently for each patient and scan ( baseline and post-treatment).
The community structure or segregation between the brain’ s functional networks, was measured by summarizing each FC matrix with a common Louvain-like community detection algorithm62 where the objective is to maximize the extent to which brain areas can be separated into nonoverlapping communities or modules. The modularity quality function score, Q63, tends to be high when the brain exhibits a high segregation between its functional networks ( such as strong clusters of FC within brain networks/communities with weak FC to the rest of the brain).
This approach has been commonly applied to fMRI data to characterize how brain function adapts in a number of contexts55. Here, modularity, Q63, was defined in the standard way by:
where Aij represents the weight of FC ( correlation) between ROI i and j, γ is the structural resolution free parameter ( set to 1) and \ ( \frac { { k ik j } } { { 2m } } \) is the expected null FC defined with \ ( k i = \mathop { \sum } \nolimits j { A { ij } } \) as the total FC across all connections with ROI i ci is the community to which ROI i is assigned, \ ( \delta \left ( { c i, c j } \right) \) is the Kronecker δ function and equals 1 if ROI i and j belong to the same community and 0 otherwise64 and \ ( m = \frac { 1 } { 2 } \mathop { \sum } \nolimits { ij } { A { ij } } \) is the total FC of the network.
To allow valid comparisons between patients and scans, the modularity scores were generated 100 times and the partition with the largest modularity score was normalized by the mean modularity generated from 100 randomly rewired ( shuffled) FC matrices65. This common procedure was applied to account for the nondeterministic and near-degenerate partitions ( solutions with differing but similar optimality) generated by Louvain algorithms and to account for modularity scores relating to the total sum of FC within the network66. This process was repeated independently for each patient and scan.
The community detection procedure generates a community assignment to each ROI. We used these labels to determine the extent to which ROIs were recruited to the functional network that they typically ‘ belong to’, as defined by healthy adults ( such as DMN regions should reliably form communities with each other).
First, we created an allegiance matrix, P33, which represented the probability that two regions i and j were assigned to the same community across the 100 iterations of the modularity algorithm, defined here as:
where O = 100 as the number of partitions. For each partition, \ ( a { i, j } ^ { k, o } \) equals 1 if regions i and j belong to the same community.
Using the allegiance matrix, we then summarized how often ROIs either formed communities with ROIs from the same functional network ( network recruitment) or formed communities with ROIs between different networks ( between-network integration) across the partitions33. These functional cartography measures were then normalized against the mean values from 1,000 randomly shuffled ROI network assignments to account for differences in the number of regions in each network55. Finally, network recruitment and between-network integration scores were averaged at the network level using seven predefined cortical networks61.
The short TR used in the fMRI protocol of study 2 generated approximately twice the number of time points, and this afforded an additional analysis of dynamic flexibility. Multilayer modularity estimation34 was conducted using a N × N × T matrix of 30 volume-sliding windows ( 37.5 s of real time) with 50% overlap. This window size is typical for estimating dynamic FC with fMRI54. For each patient and scan, multilayer modularity, QML, was estimated 100 times from each N × N × T FC matrix by:
where \ ( \mu = \frac { 1 } { 2 } \mathop { \sum } \nolimits { ijl } { A { ijl } } \) is the total FC of the multilayer network, and \ ( m l = \frac { 1 } { 2 } \mathop { \sum } \nolimits { ijl } { A { ijl } } \) is the total FC of layer l, Aijl is the FC between ROI i and j at layer l, \ ( \frac { { k { il } k { jl } } } { { 2m l } } \) is the expected null FC at layer l. The two free γ and ω structural and temporal resolution parameters are used to scale the number of communities and strength of inter-layer edges, respectively. As is typical for fMRI modularity analyses, both were set to 1 ( refs. 33,55).
The multilayer modularity estimation generates an N × T matrix where each element represents the community assignment of each ROI at each layer ( time window). From this, the flexibility metric, f, can be simply calculated as the number of times an ROI changes its community allegiance, given the number of observations33:
Flexibility scores close to 0 represent rigid ROIs whose community allegiance is stable across time, scores close to 1 represent flexible ROIs whose community allegiance regularly changes ( highly flexible). Network level flexibility scores were defined by the average flexibility of ROIs assigned to the given network.
Further information on research design is available in the Nature Research Reporting Summary linked to this article.
All requests for raw and analyzed data and materials are promptly reviewed by R.C.H. and D.J.N., chief investigator and principal investigator, respectively, on the original work. Patient-related data not included in the paper were generated as part of clinical trials and may be subject to patient confidentiality. Source data are provided with this paper.
All analyses and data visualizations were conducted in MATLAB R2020a. Codes for generating each data figure are available at https: //github.com/rdaws/psilodep.
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R.E.D. was supported by an Engineering and Physical Sciences Research Council PhD scholarship at the Imperial College London Centre for Neurotechnology ( EP/L016737/1). The research was carried out at the National Institute for Health Research/Wellcome Trust Imperial Clinical Research Facility. The open-label trial was funded by a Medical Research Council clinical development scheme grant ( MR/J00460X/1). The DB-RCT was funded by a private donation from the Alexander Mosley Charitable Trust, supplemented by Founders of Imperial College London’ s Centre for Psychedelic Research.
The Computational, Cognitive and Clinical Neuroimaging Laboratory ( C3NL), Imperial College London, London, UK
Richard E. Daws & Christopher Timmermann
Centre for Neuroimaging Sciences, Kings College London, London, UK
Richard E. Daws
Centre for Psychedelic Research, Division of Academic Psychiatry, Imperial College London, London, UK
Christopher Timmermann, Bruna Giribaldi, James D. Sexton, David Erritzoe, Leor Roseman, David Nutt & Robin Carhart-Harris
Invicro London, Hammersmith Hospital, London, UK
Matthew B. Wall
Department of Metabolism, Digestion and Reproduction, Faculty of Medicine, Imperial College London, London, UK
Matthew B. Wall
Clinical Psychopharmacology Unit, University College London, London, UK
Matthew B. Wall
Psychedelics Division, Neuroscape, Department of Neurology, University of California, San Francisco, CA, USA
Robin Carhart-Harris
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This study was designed and planned by R.C.-H. and D.N. and conducted by B.G., M.B.W., D.E. and L.R. The specific analysis was designed by R.E.D. and C.T. The analysis was conducted and visualized by R.E.D. The manuscript was drafted by R.E.D., C.T. and R.C.-H. All authors contributed to the interpretation of the study results and revised and approved the manuscript for intellectual content. The corresponding author ( R.E.D.) attests that all listed authors meet authorship criteria and that no others meeting the criteria have been omitted.
Correspondence to Richard E. Daws.
R.C.H. reports receiving consulting fees from Entheon Biomedical and Beckley Psytech; B.G. received consulting fees from SmallPharma; D.E. received consulting fees from Field Trip and Mydecine; D.N. received consulting fees from Algernon and H. Lundbeck and Beckley Psytech, advisory board fees from COMPASS Pathways and lecture fees from Takeda and Otsuka and Janssen plus owns stock in Alcarelle, Awakn and Psyched Wellness. The other authors declare no competing interests.
Nature Medicine thanks David Hellerstein, Jared Van Snellenberg and the other, anonymous, reviewer ( s) for their contribution to the peer review of this work. Primary Handling Editor: Jerome Staal, in collaboration with the Nature Medicine team.
Publisher’ s note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Supplementary Figs. 1–4 and Tables 1 and 2.
Data plotted in Supplementary Fig. 1.
Data plotted in Supplementary Fig. 2.
Data plotted in Supplementary Fig. 3.
Data plotted in Supplementary Fig. 4.
BDI scores ( one tab per trial).
Modularity ( Q) baseline and post-treatment, BDI and DMN, EN and SN integration scores ( open-label trial).
Modularity ( Q) baseline and post-treatment, BDI and 7 × 7 network correlation coefficients and P values for each arm ( DB-RCT).
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Daws, R.E., Timmermann, C., Giribaldi, B. et al. Increased global integration in the brain after psilocybin therapy for depression. Nat Med ( 2022). https: //doi.org/10.1038/s41591-022-01744-z
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DOI: https: //doi.org/10.1038/s41591-022-01744-z
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From $ 25,000 to $ 1.5 billion in five years: How this ride-sharing unicorn defied all expectations | Everyone's heard of Uber; fewer will have heard of Swvl, the Middle East's latest tech unicorn and the first to be listed on the Nasdaq exchange.
Damian Radcliffe is a digital analyst, journalist, and researcher with 20 years of experience.
Ride-sharing firm Swvl recently became the MENA's first unicorn to appear on the Nasdaq exchange.
Five years ago, a then 24-year-old Mostafa Kandil and two school friends decided to pour their entire life savings, $ 25,000, into creating a startup. Today, that business, with Kandil as its CEO, employs more than a thousand people around the world and has gone public.
Swvl, an Egypt-born, UAE-based mass-transit app, was born out of two formative experiences CEO Mostafa Kandil had early in his career. It's the Middle East's latest tech unicorn, and the first to list on the Nasdaq exchange.
The first, he recounted, involved the challenge of commuting from Cairo to his family home in Ismailia. Although only 90 minutes away, `` I would go to the station, and I would wait for the bus, '' Kandil recalls, adding that there was no fixed or published timetable. `` So you wait for four, five, six hours, the bus comes, [ and then ] it has to be full for it to move. ''
Ride-sharing is one potential solution to this type of issue. Kandil previously launched Careem – MENA's popular online ride-hailing service, which was acquired by Uber for $ 3.1 billion at the start of 2020 – in Istanbul and seven other cities across the Middle East and Pakistan.
Nevertheless, Kandil says these types of services are `` extremely unaffordable '' for many people, even for shorter journeys.
The idea for Swvl came in the midst of an Egyptian travel ban on Russian flights.
In 2015, a plane carrying Russian holidaymakers from Sharm el-Sheikh to St Petersburg crashed, killing 224 passengers. Islamic State claimed responsibility and Moscow banned direct flights to Egypt.
Russian tourists had been a common sight, especially in the resorts along the Red Sea. But Kandil noticed that all the high-end, privately owned buses that had previously been shuttling around sightseers were sudden empty.
Swvl partners with microbusinesses to lease under-used private vehicles.
To address the dual issue of long wait times and underutilized bus capacity, Kandil and his co-founders set about mapping transportation habits and needs, identifying potential use cases and price points. They also recorded the volume of private vehicles used solely to transport students and tourists, noting that, for much of the day, these vehicles were not being used.
The team hypothesized that if other driving jobs could be accommodated around these obligations then, aside from fuel, there wouldn't be a lot of incremental costs to the driver and the vehicle owners, while at the same time `` significantly increasing the earnings of that driver, '' Kandil says.
As with Uber and other transport stalwarts of the digital economy, Swvl doesn't own the vehicles their customers use. Instead, they partner with microbusinesses, like the owners of the 100,000 private minibuses Kandil estimates operate in Cairo.
Launched in 2017, Swvl's app enabled users to book rides on buses and vans with fixed routes, stations, times, and prices. Kandil says the app began `` growing like crazy, '' with user numbers doubling or tripling every few months.
The team soon realized that Cairo wasn't the only city beleaguered by mass-transit issues, and so Swvl began looking into other potential markets like Mexico City, Indonesia and Karachi, where they could launch a solution.
To help address domestic demand and the potential for expansion, Careem – as ZDNet reported in 2017 – was an early investor ( to the tune of $ 500k), and the company secured a further $ 8 million in 2018, followed by $ 42 million in a Series C round two years later.
The coronavirus crisis thew a curveball at many industries. However, for Swvl, the early phase of the pandemic acted as a catalyst for growth.
`` We initially had kind of a big blow-up in the business, '' Kandil explains, remarking how in many of the primary markets in which they operate, `` not a lot of people can afford to stay at home. ''
The company initially offered free transportation for those who needed it. `` We see ourselves as the frontline workers basically, '' Kandil says, adding that the move generated `` huge goodwill. ''
`` A lot of these users basically came to try the service because this was the only option in the city. ''
Having sampled Swvl, users stuck with them. By Q2 of 2021, the company had rebounded from COVID and started expanding beyond MENA.
They `` sparked '' with the special purpose acquisition company ( or SPAC) Queens Gambit, CFO Youssef Salem told ZDNet, announcing a business combination in summer 2021, and plans for a public listing as a result of the merger. The development valued Swvl at $ 1.5 billion.
`` It fits perfectly with our mission of affordable and reliable transport for all, '' Salem says. `` It's an all-women SPAC, which fits with the majority of our customers, especially on the older age group, being female who really value that safe transport to work and school. Unfortunately, harassment cases have been high. And hence safe transport [ solutions ] is a key enabler for work and education. ''
Alongside deepening the experience on their board, last year Swvl took controlling stakes in the Spanish transportation platform Shotl and South American firm Viapool, which operates in Argentina and Chile. Earlier this month, they acquired German mobility software startup door2door.
The company now operates in more than 100 cities and 20 countries across Latin America, Europe, Africa, and Asia, providing in-city transport, intracity transfer, B2B and B2G ( business-to-government) services. They took more than 32 million bookings in 2021 and work with 240 institutional clients, including Alibaba and Unilver, through Swvl Business. Swvl aims to drive $ 1 billion in annual revenues by 2025.
Moving forward, electrification is a key focus, says Salem. He cites a new partnership with the Nigerian startup Moove. `` We're going to be starting with 500 electric buses across all markets, and then look to scale up significantly, '' he says.
`` Swvl is an operating system for mass transit. Wherever there is mass transit globally, we want to be powering it whether by fulfilling our own transport through a marketplace, by software as a service, or basically being at the heart of it. ''
Indonesia's GoTo makes stock market debut with $ 1.1B IPO
McDonald's keeps making customers angry. But will they like this?
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Veru’ s Novel COVID-19 Drug Candidate Reduces Deaths by 55% in Hospitalized Patients in Interim Analysis of Phase 3 Study; Independent Data Monitoring Committee Halts Study Early for Overwhelming Efficacy | -- Sabizabulin Treatment Showed Statistically Significant and Clinically Meaningful 55% Reduction in Deaths Compared to Placebo in Moderate-Severe Hospitalized Patients ( p=0.0029) -- -- Sabizabulin Oral Daily Dosing was Well Tolerated with a Similar Safety Profile Compared to Placebo -- -- Company to Meet with FDA to Seek Emergency Use Authorization -- -- The Company will Host a Conference Call at 8:00 am ET to Discuss Results and Planned Next Steps --
MIAMI, April 11, 2022 ( GLOBE NEWSWIRE) -- Veru Inc. ( NASDAQ: VERU), an oncology biopharmaceutical company, today announced positive efficacy and safety results from a planned interim analysis of the double-blind, randomized, placebo-controlled Phase 3 COVID-19 clinical trial evaluating oral sabizabulin 9 mg versus placebo in 150 hospitalized COVID-19 patients at high risk for Acute Respiratory Distress Syndrome ( ARDS). The Independent Data Safety Monitoring Committee unanimously recommended that the Phase 3 study be halted early due to efficacy, and they further remarked that no safety concerns were identified.
The Phase 3 COVID-19 study is a double-blind, randomized, placebo-controlled Phase 3 clinical trial evaluating oral, once-a-day dosing of sabizabulin 9 mg versus placebo in approximately 210 hospitalized moderate to severe COVID-19 patients ( ≥WHO 4) who were at high risk for ARDS and death. Patients were randomized in a 2:1 ratio to the sabizabulin treatment group versus placebo. Patients in both treatment groups were allowed to receive standard of care including remdesivir, dexamethasone, anti-IL6 receptor antibodies, and JAK inhibitors. The trial was conducted in the United States, Brazil, Colombia, Argentina, Mexico, and Bulgaria. COVID-19 infections treated in the study included the Delta and Omicron variants. A planned interim analysis was conducted in the first 150 patients randomized into the study. The primary efficacy endpoint was the proportion of patients that died by Day 60.
Clinical Efficacy and Safety ResultsThe prespecified primary endpoint was death at or before day 60. Sabizabulin treatment resulted in a clinically and statistically meaningful 55% relative reduction in deaths ( p=0.0029) in the intent to treat population. Placebo group ( n=52) had a 45% mortality rate compared to the sabizabulin-treated group ( n=98) which had a 20% mortality rate. The secondary efficacy endpoints are still being analyzed at the time of this release.
Sabizabulin treatment was well tolerated in this patient population with no clinically relevant safety observations in the sabizabulin treated group compared to placebo.
The Company plans to meet with FDA to discuss next steps including the submission of an emergency use authorization application. As previously disclosed, the FDA granted Fast Track designation to the sabizabulin COVID-19 clinical program in January 2022, which the Company hopes will help streamline the emergency use authorization process.
The Company has scaled up manufacturing processes to produce commercial drug supply to address anticipated drug needs following potential FDA authorization.
The Company has been in discussions with BARDA and other US government agencies in an effort to secure an advance purchasing agreement of drug product for the U.S. “ This study represents a significant milestone in the global fight against COVID-19 as sabizabulin is the first drug to demonstrate a clinically and statistically meaningful reduction in deaths in hospitalized patients with moderate to severe COVID-19, ” said Mitchell Steiner, M.D., Chairman, President and Chief Executive Officer of Veru. “ We strongly believe that sabizabulin, with its dual anti-viral and anti-inflammatory properties which demonstrated positive efficacy and safety results in the Phase 3 COVID-19 study, can be that greatly needed oral therapy for hospitalized moderate to severe COVID-19 patients, ” Dr. Steiner continued.
“ What makes these findings more relevant is that the pharmacological activity of sabizabulin is independent of COVID-19 variant type. Pending upcoming discussion with FDA, this treatment option may be made available soon so we can be ready for when the next clinically important wave of COVID infections comes, ” said Gary Barnette, PhD, Chief Scientific Officer of Veru.
“ We expect new COVID-19 variant infections and new challenges in the treatment of hospitalized patients, particularly as the country heads into the fall and winter seasonal cycle. With the results of this Phase 3 COVID-19 study, we now have a treatment option for the sickest hospitalized COVID patients, ” said Alan Skolnick, M.D., Principal Investigator with HD Research, who conducted this Phase 3 COVID-19 study at Memorial Hermann Memorial City Medical Center in Houston TX. “ We have battled this pandemic for almost two and a half years now. A 55% reduction in deaths in hospitalized patients is tremendously meaningful to patients, their families, doctors, nurses, hospital staff and the communities they serve, ” added Dr. Skolnick.
Event DetailsThe Company will host a conference call today at 8:00 am ET to discuss the positive efficacy and safety results from the interim analysis and next steps. Interested parties may access the call by dialing 1-800-341-1602 from the U.S. or 1-412-902-6706 from outside the U.S. and asking to be joined into the Veru Inc. call. The call will also be available through a live, listen-only audio broadcast via the Internet at www.verupharma.com. Listeners are encouraged to visit the website at least 10 minutes prior to the start of the scheduled presentation to register, download and install any necessary software. A playback of the call will be archived and accessible on the same website for at least three months. A telephonic replay of the conference call will be available, beginning the same day at approximately 12 p.m. ( noon) ET by dialing 1-877-344-7529 for U.S. callers, or 1-412-317-0088 from outside the U.S., passcode 5820166, for one week.
About Veru Inc.Veru is an oncology biopharmaceutical company with a principal focus on developing novel medicines for the management of breast and prostate cancers.
The Company’ s late-stage breast cancer development portfolio comprises enobosarm, a selective androgen receptor targeting agonist, and sabizabulin, a cytoskeleton disruptor.
The Company has determined that patients who have ≥ 40% androgen receptor nuclei staining by immunohistochemistry in their breast cancer tissue, a measure of AR expression, are most likely to respond to enobosarm. Consequently, Veru is developing a companion diagnostic test to determine a patient’ s androgen receptor expression status and has partnered with Roche/Ventana Diagnostics, a world leader in oncology companion diagnostic tests, which will develop and, if it is approved, commercialize the AR companion diagnostic test.
Veru’ s late-stage prostate cancer portfolio comprises sabizabulin, VERU-100, a long-acting GnRH antagonist, and zuclomiphene citrate, an oral nonsteroidal estrogen receptor agonist.
In addition, sabizabulin, which has dual antiviral and anti-inflammatory effects, has completed a Phase 3 COVID-19 clinical study for the treatment of hospitalized moderate to severe COVID-19 patients ( WHO 4) who were at high risk for ARDS and death. The Phase COVID-19 clinical study was stopped early for positive efficacy following a planned interim analysis. The Company is seeking an emergency use authorization.
Forward-Looking StatementsThe statements in this release that are not historical facts are “ forward-looking statements ” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release include statements regarding: whether and when the Company will meet with FDA or receive an emergency use authorization or any approval from FDA for sabizabulin for certain COVID-19 patients; whether and when sabizabulin will become an available treatment option for certain COVID-19 patients; whether the Company will have sufficient supply of sabizabulin to meet demand, if an emergency use authorization or other approval is granted; whether the Company will secure any advance purchase agreement with the U.S. government; whether the current and future clinical development and results will demonstrate sufficient efficacy and safety and potential benefits to secure FDA approval of the Company’ s drug candidates and companion diagnostic; whether the drug candidates will be approved for the targeted line of therapy; the anticipated design and scope of clinical studies and FDA acceptance of such design and scope; whether any regulatory pathways, including the accelerated Fast Track designations, to seek FDA approval for sabizabulin, enobosarm or any of the Company’ s drug candidates are or continue to be available; whether the expected commencement and timing of the Company’ s clinical studies, including the Phase 3 ENABLAR-2 study, the sabizabulin monotherapy Phase 2b clinical study for 3rd line treatment of metastatic breast cancer, the Phase 2 registration clinical study for VERU-100, and the development of the companion diagnostic will be met; when clinical results from the ongoing clinical studies will be available, whether sabizabulin, enobosarm, VERU-100, zuclomiphene, and ENTADFI will serve any unmet need or, what dosage, if any, might be approved for use in the US or elsewhere, and also statements about the potential, timing and efficacy of the rest of the Company’ s development pipeline, and the timing of the Company’ s submissions to FDA and FDA’ s review of all such submissions; whether any of the selective clinical properties previously observed in clinical studies of sabizabulin, enobosarm, VERU-100 or other drug candidates will be replicated in the current and planned clinical development program for such drug candidates and whether any such properties will be recognized by the FDA in any potential approvals and labeling; whether the companion diagnostic for enobosarm will be developed successfully or be approved by the FDA for use. These forward-looking statements are based on the Company’ s current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to: the development of the Company’ s product portfolio and the results of clinical studies possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical studies and the ability to enroll subjects in accordance with planned schedules; the ability to fund planned clinical development; the timing of any submission to the FDA and any determinations made by the FDA or any other regulatory authority; the possibility that as vaccines become widely distributed the need for new COVID-19 treatment candidates may be reduced or eliminated; government entities possibly taking actions that directly or indirectly have the effect of limiting opportunities for sabizabulin as a COVID-19 treatment, including favoring other treatment alternatives or imposing price controls on COVID-19 treatments; the Company’ s existing products and any future products, if approved, possibly not being commercially successful; the effects of the COVID-19 pandemic and measures to address the pandemic on the Company’ s clinical studies, supply chain and other third-party providers, commercial efforts, and business development operations; the ability of the Company to obtain sufficient financing on acceptable terms when needed to fund development and operations; demand for, market acceptance of, and competition against any of the Company’ s products or product candidates; new or existing competitors with greater resources and capabilities and new competitive product approvals and/or introductions; changes in regulatory practices or policies or government-driven healthcare reform efforts, including pricing pressures and insurance coverage and reimbursement changes; the Company’ s ability to successfully commercialize any of its products, if approved; risks relating to the Company's development of its own dedicated direct to patient telemedicine and telepharmacy services platform, including the Company's lack of experience in developing such a platform, potential regulatory complexity, and development costs; the Company’ s ability to protect and enforce its intellectual property; the potential that delays in orders or shipments under government tenders or the Company’ s U.S. prescription business could cause significant quarter-to-quarter variations in the Company’ s operating results and adversely affect its net revenues and gross profit; the Company’ s reliance on its international partners and on the level of spending by country governments, global donors and other public health organizations in the global public sector; the concentration of accounts receivable with our largest customers and the collection of those receivables; the Company’ s production capacity, efficiency and supply constraints and interruptions, including potential disruption of production at the Company’ s and third party manufacturing facilities and/or of the Company’ s ability to timely supply product due to labor unrest or strikes, labor shortages, raw material shortages, physical damage to the Company’ s and third party facilities, COVID-19 ( including the impact of COVID-19 on suppliers of key raw materials), product testing, transportation delays or regulatory actions; costs and other effects of litigation, including product liability claims; the Company’ s ability to identify, successfully negotiate and complete suitable acquisitions or other strategic initiatives; the Company’ s ability to successfully integrate acquired businesses, technologies or products; and other risks detailed from time to time in the Company’ s press releases, shareholder communications and Securities and Exchange Commission filings, including the Company’ s Form 10-K for the fiscal year ended September 30, 2021 and subsequent quarterly reports on Form 10-Q. These documents are available on the “ SEC Filings ” section of our website at www.verupharma.com/investors. The Company disclaims any intent or obligation to update these forward-looking statements.
Investor and Media Contact: Samuel FischExecutive Director, Investor Relations and Corporate CommunicationsEmail: veruinvestor @ verupharma.com
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Landowners have begun denying access to one of America’ s premier trail systems. And they don't want to talk about it.
On an early spring day in 2020, innkeeper Jim O'Reilly looked wistfully out over his property along Darling Hill Road in Lyndonville, Vermont. At the same time in 2019, O'Reilly had been planning to clear his fields in time for NEMBAfest, an annual gathering of 4,000 fat-tire enthusiasts sponsored by the New England Mountain Bike Association.
The 2020 edition of NEMBAfest was canceled even before COVID-19 forced Vermont to shut down to out-of-state visitors. The underlying reasons for that cancellation persist, which is why the festival may not return anytime soon.
“ There's a huge sense of loss. And financial loss, ” said O'Reilly at the time, estimating his Wildflower Inn suffered an $ 85,000 hit. “ As far as the emotional loss, we loved NEMBAfest. We had a blast. ”
O'Reilly was being diplomatic, revealing his optimistic soul and his love of a good time. But he was clearly troubled by the problems that have descended, along with the thousands of mountain bikers, on the pioneering Kingdom Trails.
The non-motorized, multi-use trails that meander through and around O'Reilly's property in this serrated corner of the Green Mountain State—the glorious Northeast Kingdom—have been an increasingly popular draw over the past quarter century. For many mountain bikers, Kingdom Trails are the gold standard, a sinewy Shangri-La of more than 100 miles of undulating, serpentine routes running along open fields and looping through hardwood forests. They’ re also a model of community synergy and cooperation, crisscrossing the properties of 104 private landowners. Each landowner granted access, free of charge, for the area's greater good.
But late in 2019, without warning, three landowners announced they were banning bikes —and only bikes—from 12 miles of trails located on roughly 450 acres. That decision not only strangled several popular riding loops, but also sent a jolt through mountain biking circles. Many feared a domino effect of additional land closures.
Carrie Tomczyk describes herself as “ a wife, a mother, and a mountain biker. ” Her father opened the original Village Sport Shop in Lyndonville, and a grandfather once owned the former Darion Inn just up the road.
“ I 'm passionately attached to the Kingdom Trails and the Burke community, ” said Tomczyk, referring to the entire area. “ This is just shocking, and devastating. ”
John Worth, the original architect of the Kingdom Trails, was equally blunt.
“ It's heartbreaking, ” he said in early 2020.
So what went wrong? Well, it’ s complicated. It wasn’ t a lack of cash: The economic promise that garnered support for the Kingdom Trail Association ( KTA) came to fruition, with the network delivering a windfall of more than $ 10 million annually, said former KTA executive director Tim Tierney ( who served from 2003 to 2017). O'Reilly was an early advocate of that vision, the trails, and mountain biking. But NEMBAfest, once an unfettered celebration, was now considered part of the problem.
“ NEMBAfest had gotten out of hand, ” Worth says. “ In the last couple of years, I started worrying about the impact on the trail system. ”
Still, many locals, including Worth, see NEMBAfest as a symptom of a larger disease. Kingdom Trails, they say, simply became too popular, too big. Soon, more holiday weekends during the summer and fall became huge draws.
“ As the popularity ( of the trails) increased, the NEMBA craziness spilled into other weekends, ” says Doug Clarner, a recreational rider, owner of the Burke Bike Barn in East Burke, and KTA board member and chairman of its newly formed Landowner Advisory Committee. “ It wasn’ t just NEMBAfest, but 4th of July was crazy, and Canadian Thanksgiving was crazy, and Canadian Victoria Day was crazy, Labor Day was crazy, and Canadian Construction Holiday was crazy.
“ We suddenly had six weekends that felt like NEMBAfest, and it just starts to wear on you, ” he says. “ Your whole summer just gets eaten up. ”
The Canadian factor can’ t be minimized. An estimated 35 to 45 percent of Kingdom Trail visitors come from Quebec, just north of the border. “ Canadians are used to big provincial parks, and that's what they think this is, ” said Tierney. Those provincial parks are managed by the government, unlike Kingdom Trails’ s private land. “ So we have to educate the users that Kingdom Trails is not the same. ”
Yet Canadians aren't the sole culprits. Residents and KTA officials emphasize that stateside visitors are guilty of disregarding KTA's rules as well.
“ Kingdom Trails has to sell its code of conduct, ” said a local rider. “ You just can't have them sign a waiver and assume everyone who has ridden Kingdom Trails understands the rules. ”
That code of conduct—dubbed the Ride with Gratitude program—reads much like the Skier’ s Responsibility Code adopted by every New England ski area. That code asks riders to respect the trails, care for other trail users, be a good example, and help to protect nature. Riders agree to that code when they sign for their trail pass.
The reasons for the bike bans aren't entirely clear, since those landowners haven't commented publicly, and KTA officials haven't pushed for an explanation. Clarner knows the people who closed their properties to bikes, and said they’ re good citizens. They believe in the Kingdom Trails, he said. They just needed a break “ They’ re saying, ‘ Just don’ t talk to us for a couple of years. We’ ve made a decision, and stop bothering us,’ ” Clarner said. “ I totally get that. ”
There are credible accounts that the landowners were concerned with the sheer number of cyclists, and angered over several trailside dust-ups. In one instance, out-of-town mountain bikers accosted a landowner while she was riding her horse. On her property.
The closures are particularly thorny for the KTA, given the strategic location of those properties. They span some of the most popular routes along Darling Ridge, from the West Branch to the East Branch of the Passumpsic River. As a result, riders have been pushed onto Darling Hill Road, creating more congestion on a gravel road that residents already complain is overcrowded.
What's left in the wake of the storm is a cautionary tale, a reminder that even paradise has tricky crossroads that need to be navigated. But the past two years have also provided a proverbial silver lining in the form of a genuine response from the KTA.
Even the pandemic has proved serendipitous. Most in the bicycle business credit COVID-19 with robust sales, as more people sought some sense of sanity by getting outdoors. But the pandemic also curtailed travel, especially to strict states like Vermont that limited out-of-state visitors in 2020 and early 2021. Having fewer cyclists helped calm the roiling waters at the Kingdom Trails.
“ Obviously people are upset, because their favorite trails are gone, but the landowners [ who banned bikes ] did a good thing for the trail network, ” Clarner says. “ At the end of the day, they opened up a lot of eyes. ”
More than 30 years ago, Worth came to the Kingdom to attend Lyndon State College ( now Northern Vermont University). He never left, becoming part owner of East Burke Sports. An avid mountain biker during the sport's nascent years, Worth and friends started carving “ stealth ” routes that tied into the winter cross-country trails at the Darion Inn Ski Touring Center on Darling Hill.
“ I was marking up cartoon maps, or photocopying topo maps and penciling in trails, ” Worth said. “ The word was getting out, and that was making me nervous. I was worried landowners were going to find trails on their property and shut it down. ”
Enter Doug Kitchel, a local politician and former Burke Mountain Resort owner who employed Worth as a ski patroller. “ Doug always had a vision of East Burke being this four-season recreational hub, but he could never figure out how to make that happen in the summer, ” Worth says. “ He heard about this mountain bike system, when he was in his early 70s. He tried to convince me to contact all the landowners and form a nonprofit trail association. ”
Worth doubted landowners would sign on. “ But Doug said, ‘ I 'll go talk to every landowner for you.’ And he did, ” he says. “ He knocked on every door, and got all the permissions. ”
Warren Coleman, a former Vermont Trail Alliance lawyer, said the tradition of landowners uniting for the common good has deep roots in Vermont, especially in sparsely populated regions. “ The spirit always was, this is not a competition between different landowners and business owners, ” Coleman says. “ They knew they all collectively did better when everyone was doing well. ”
“ Obviously people are upset, because their favorite trails are gone, but the ( landowners who banned bikes) did a good thing for the trail network. ”
“ That's still an attitude that persists and pervades their work up there, because it is so rural and so remote, ” he says. “ It's the kind of place where you have to rely on your neighbors. ”
That esprit de corps, though, has limits, and Kingdom Trails have tested them. When Kitchel was first getting those trail permissions in the early 1990s, mountain biking was barely on anyone's radar. “ The sport was just taking off when Kingdom Trails was born in 1994, ” says Karen Wilson, who attended Lyndon State with Worth and now lives in nearby Kirby.
“ Everyone was jazzed to have this amazing playground in our backyard, and I don't think anyone knew just how popular it would become, ” says Wilson. “ As more people came, it helped fuel the local economy and most people saw this as a good thing. ”
Tierney thought KTA would inspire similar networks throughout New England.
“ The problem is that the Kingdom Trails is still the jewel of the crown. So mountain bikers keep coming here, ” he says.
Tierney credited CJ Scott, KTA's trails director, with the network's consistent quality. But even Scott was alarmed by KTA's popularity.
“ In the past five years, you could really tell it was starting to get busy, ” he says. “ A busy day use to be when the East Burke Sports ' parking lot was full [ about 30 cars, max ]. Now, a busy day is just crazy. ”
Current Kingdom Trails executive director Abby Long saw challenges on the horizon when she came on board in early 2018. She quickly applied for a US Department of Agriculture grant to assess the trail system's capacity.
“ I noticed the issues coming to a head right away, ” Long said in 2020, noting that downtown East Burke was inundated with mountain bikers. “ It was a trend that was brewing for a few years. ”
From its inception, the Kingdom Trails was charged with a dual purpose – offering recreational opportunities and jump-starting the local economy. The KTA delivered on both, even if a few feathers got ruffled.
“ Knowing the Vermont culture, there would always be rumblings, ” says Tierney. “ There would always be people who would never identify with someone riding a bike uphill in the woods.
“ On the other hand, I could convince them, over time, that this was a good thing for an economy transitioning away from agricultural and forestry, ” he says.
The KTA was tied so closely to the region's economy that Tierney served as president of the local Chamber of Commerce. The trail fees collected—now $ 20 for adult day passes, $ 75 for a season-long membership ( with discounts for local residents) —kept KTA's coffers full. The millions that KTA brings to the local economy—a 2016 Vermont Trails and Greenways Council study estimated that overnight users spent $ 1,317 per party of three per multi-day visit—represents an enormous benefit.
But part of the current KTA conundrum is that the number of trail users exceeded expectations. Even Worth, who is still a member of KTA's Trail Advisory Committee, says today's trail network “ is exactly what I was envisioning, ” but acknowledged: “ I didn't think it would ever become this successful. ”
There are legitimate questions whether the KTA and local communities can continue to support the numbers the network attracts.
“ There would always be people who would never identify with someone riding a bike uphill in the woods. ”
While Worth believes the trails, which stretch into nearby Kirby, Lyndonville, and East Haven, are expansive enough to accommodate large numbers, Scott admitted many popular routes have suffered. “ I 've certainly seen the trails physically impacted, ” he says. “ Anytime you open the gates from May 1 to October, and have 140,000 people ride a trail, no matter how well it's built, it's going to change. ” He also noted that economic factors have sometimes trumped sound trail practices. The KTA initially adhered to a “ closed when wet ” policy to protect trails.
“ Then we realized that businesses were really counting on us, and people were canceling reservations because the trails were closed, ” says Scott. “ So we changed the dial to keep the trails open and work on maintenance. But we have to find a better balance of conserving the natural resources. ”
Longtime mountain bike advocates know you can try to educate the masses, but a few bad actors will always find their way onto the trails.
“ We have to look within ourselves, ” says Tom Seymour, who works at the Village Sport Shop Trailside. “ There's a certain element of hooliganism in our sport. ”
Across the Northeast, mountain bikers have fought for trail access. They’ ve had to prove they belonged, showing they could be good stewards. For a while, Kingdom Trails miraculously dodged any disagreements. In 2008, Tierney commissioned a study to determine the level of acrimony toward mountain bikers. “ There were no conflicts. Nothing, ” he says.
Those findings may have lulled KTA officials into a false sense of security just as the numbers started growing exponentially. If a single mountain biker out of 100 misbehaves, that's manageable. Apply 1 percent to 100,000, and you potentially have a thousand riders who don't believe the rules apply to them.
Since 2020, the KTA's marketing budget has shifted to educating visitors via videos, better signs, and making sure the trail etiquette is front and center so riders understand they need to act responsibly. There is even an on-trail ambassador program in place.
That ambassador crew, says Long, consists of 12 paid staff members who greet visitors, educate them about the KTA’ s code of conduct, and hold riders responsible when they witness questionable behavior out on the trail.
If Vermonters don't like you, don't expect them to explain why. They 'll just stop talking to you. So it makes sense that when the landowners took that decisive action, they did so without warning.
According to Clarner and others, the ban highlights the need for KTA officials to anticipate issues before they reach a boiling point.
“ People who aren't making money ( from the trails) aren’ t as tolerant, ” Hansbury says. “ Imagine, they're not making money, they're not a mountain biker, and they 've lived here their entire life. And all of a sudden you 've got 150,000 new visitors each summer. ”
Likewise, Long told property owners that the KTA issuing a simple “ thank you ” isn't enough. “ We want to start engaging them more, and have them help guide us, ” she says. “ We committed to have more consistent public forums, which were landowner-specific. There wasn't that outlet for them before. ”
One new landowner, Georgia Gould, a US Olympian who won a bronze medal at the 2012 London Summer Games, has been impressed with the outreach.
“ Everyone I 've met really has a deep respect for the landowners, ” says Gould, a board member of the KTA who also serves on the Trail Advisory Committee. “ Most of them have lived here a really long time, and they realize how unique this is.
“ There's no place else like this in the country, ” she says. “ I was struck by the pain that people felt, that they let ( the trail conflicts) happen. From my perspective, they 've really been fully accepting of the responsibility. ”
While the majority of the Kingdom Trails cross private property, the landowners legally can not be compensated for allowing trail access.
“ The whole reason trails can even exist in Vermont is because landowners are protected under Vermont state statute for liability, ” Long says. “ People can recreate on private land and the landowner can't be held liable if something were to happen. The Catch 22 is that landowners are not allowed to be compensated. ”
Worth, Tierney, and Long all said the KTA has always been willing to mitigate any impact for landowners. The key is that any work done must specifically address the trails to avoid being construed as “ compensation. ”
Some landowners, such as O'Reilly at the Wildflower Inn, profit indirectly by renting rooms and offering dining to visitors ( as well as ancillary enterprises, like leasing space to a bike shop, brew pub, and Kingdom Cycling & Experiences outfitters). However, other landowners chafe at the idea of allowing access without compensation.
Several neighboring states, like Massachusetts and Maine, allow tax savings if landowners permit recreational use, Tierney says. Vermont doesn't have an equivalent program. A tax break wouldn't be a panacea, O’ Reilly says, “ but it certainly would help. ”
Though the pandemic put any legislative action on ice for 2020 and ‘ 21, Long says COVID-19 encouraged state politicians to recognize the importance of outdoor recreation for mental, physical, and emotional well being. As a result, she expects legislators to pick up the cause in 2022.
“ Riders will always love the trails and the businesses will always love the influx of people. But the real challenge is the happiness of the community as it relates to thousands of visitors. ”
KTA's comprehensive study launched shortly after the bike ban was announced, and was completed in April 2021. It confirmed many of the trail network’ s shortcomings. Participants weighed in on how often they used the trails, how they described the trail network and its relationship to the community, what amenities they 'd like to see, the businesses they patronized, where they accessed the trails, and how they got to the trailheads. | general |
Veru Shares Higher; Covid-19 Drug Candidate Reduces Deaths by 55% in Hospitalized Patients | Veru Inc. shares were 34% higher at $ 5.81 premarket Monday after the oncology biopharmaceutical company said its Covid-19 drug candidate reduces deaths by 55% in hospitalized patients in an interim analysis of a Phase 3 study.
The Independent Data Safety Monitoring Committee unanimously recommended that the Phase 3 study be halted early due to efficacy and said no safety concerns were identified, Veru said.
Sabizabulin treatment showed a 55% reduction in deaths compared with a placebo in moderate to severe hospitalized patients, the company said.
Veru said it plans to meet with the U.S. Food and Drug Administration to discuss next steps, including submission of an emergency use authorization application. The FDA granted fast track designation to the sabizabulin Covid-19 clinical program in January.
Write to Michael Dabaie at michael.dabaie @ wsj.com
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.
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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 |
Twitter Staff ‘ Super Stressed’ Over Musk Board Chaos on Day Off | The information you requested is not available at this time, please check back again soon.
People cross the street in front of the Twitter Inc. headquarters in San Francisco, California, U.S., on Wednesday, June 9, 2021. California officials plan to fully reopen the economy on June 15, if the pandemic continues to abate, after driving down coronavirus case loads in the most populous U.S. state., Bloomberg
( Bloomberg) -- Twitter Inc. employees were scheduled to have Monday off, for the company’ s monthly “ day of rest. ” But Elon Musk made it hard not to think about work.
Musk, the billionaire who disclosed this month he’ d become the largest individual Twitter shareholder, backed away from a plan to join the company’ s board over the weekend. Days earlier, Chief Executive Officer Parag Agrawal had laid the groundwork for a friendly relationship by inviting Musk to join the board. The company was so confident he’ d accept that it listed Musk as a board member on its investor relations website. Agrawal also organized a question-and-answer session with Musk and employees this week.
For some employees, the reversal signaled chaos: Musk was going to keep tweeting his critiques of Twitter to more than 80 million followers on the site, without any requirement to act in the best interests of the company. The Q & A was canceled.
In his announcement late Sunday, Agrawal framed Musk’ s surprise decision as good for Twitter, but warned of “ distractions ahead. ”
The whiplash is overwhelming, employees said. The vibe among workers at Twitter is “ super stressed, ” with employees “ working together to help each other get through the week, ” some said, asking not to be named discussing internal company details.
In recent days, Musk has tweeted product ideas from eliminating advertising for members of Twitter’ s subscription service to turning part of its San Francisco headquarters into a homeless shelter. Without a board seat, there are no longer restrictions on how many shares he can buy, or on his tweeting; one employee expressed concern that Musk was “ just getting started, which is unfortunate. ” Multiple workers described the situation as a “ sh-t show. ”
Some Twitter staffers had mixed feelings about attending the ask-me-anything session with Musk anyway. It might have clarified whether Musk had plans to be friendly or hostile with his stake, but it could also have raised further questions about how to react to his whims.
“ Musk’ s immediate chilling effect was something that bothered me significantly, ” Rumman Chowdhury, a director on Twitter’ s AI research team, posted on the social media site.
Meanwhile, Musk’ s fans on Twitter have chimed in to be critical of the product, following his lead. “ Twitter has a beautiful culture of hilarious constructive criticism, and I saw that go silent because of his minions attacking employees, ” Chowdhury said.
Musk’ s sudden change of heart over the board seat also ignited speculation about his end game. By not joining the board, Musk, who owns just more than 9% of the company, is no longer subject to a standstill agreement that would have capped his stake at 14.9%.
“ This decision by Elon does not bode well for Twitter, ” because he could increase his stake while posting increasingly antagonistic things about the platform, said Matt Navarra, a social media consultant. “ Twitter thought having Trump on the platform was tough. Elon Musk is going to be a corporate nightmare. ” | general |
Issue 8 Trade Insights from TFG - Page 2 of 2 | Welcome to Trade Finance Global. Browse and read the latest news, stories and educational insights from the world of trade and receivables finance. Stay up to date with the latest products, services and innovations in the market, bought to you by the Trade Finance Global team.
Lenders are being asked to allocate more capital than ever to manage risks and seize opportunities, as the world strives to achieve net zero carbon emissions by 2050.
After another year of disruption for much of the global economy in 2021, one sector that has emerged mostly unscathed – except for one high-profile collapse – is supply chain finance.
Speaking to Trade Finance Global, Pillow said she has overseen major changes as head of communication at ITFA, not just in the way the association presents itself, but also in terms of its reach and scope.
Almost two weeks have passed since the retirement of the world’ s most important number: the London Interbank Offered Rate ( LIBOR).
EBRD’ s Rudolf Putz discusses his experience delivering trade finance to emerging markets during the COVID-19 pandemic, and how EBRD is looking to a greener future.
In the commodities super cycle that has emerged out of the COVID-19 pandemic, few resources have seen as much volatility as liquified natural gas ( LNG).
Like many products within trade finance, trade credit insurance has endured serious volatility during the last 12-18 months, thanks to the COVID-19 pandemic.
Baris Kalay, head of trade and supply chain finance for Europe, Middle East, and Africa ( EMEA) at Bank of America, caught up with TFG’ s Deepesh Patel at ITFA’ s Annual Conference held in Bristol, England. | general |
Remember the tiny house movement? How’ s that working out? | This article is reprinted by permission from
NextAvenue.org
.
When my husband, Dale and I moved in 2007 to our 480-square-foot lake cabin in the Ozark Mountains, we had no idea we would accidentally become trend setters. Our original plan was to build another 1,000-square-foot home and use the cabin as my office and a guesthouse.
Then the 2007-09 recession hit. Dale was laid off and we learned during that winter we could live pretty comfortably in a tiny house. We did build a separate 320-square-foot studio to use as my workspace and a guesthouse for friends and family.
In 2009, I decided to start writing about living small. I created the blog, Living Large in Our Little House, and ultimately
wrote a book
by the same name.
When Dale died in 2018 and I tried to decide what my life would be going forward, I lost touch with those involved in what had become the Tiny House Movement.
“ We’ re still here, ” says Kent Griswold, 63, who lives in Bend, Ore., and is the founder of the Tiny House Blog, which is believed to be one of the first blogs about tiny houses. “ The movement hasn’ t stopped growing, it’ s just not in the public eye as much anymore. ”
Related
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As mortgage rates surge higher, these home buyers are being pushed out of the market
People are still finding big satisfaction in living small
John Olafson, 60, and his wife, Staci, 53, live with their black Lab mix, Samson, in 450 square-feet in Shelton, Wash. They raised their children about 100 miles away in Bothell, Wash. and took an RV trip to the Shelton area.
“ We finally found this property and used it as a weekend and vacation home for several years, ” says Olafson.
This 237-square-foot ecological living module was on display at the United Nations Plaza in New York City in 2018, and was constructed primarily from locally-sourced, bio-based renewable materials.
Getty Images
When they moved from a 1,300-square-foot home in 2015, the couple’ s original plan was to use the smaller home as a guesthouse and build a larger home.
“ Nine months into retirement, I learned I had throat cancer, ” says Olafson. “ We decided just to make the smaller home as nice as it could be. ”
Olafson described the cabin, which was originally built as a 12×20 picnic shelter that was eventually enclosed and expanded with a bath and bedroom, as a shell.
“ It had harvest gold appliances and we were in the middle of our DIY remodeling when I got sick, so we had to hire to get it done, ” says Olafson.
Olafson says that, similar to my situation, outbuildings, a separate shop for his wife’ s arts and crafts hobby, and a bunkhouse that their grown children and grandchildren use, make living small doable.
“ We don’ t have room for entertaining, but we have a pavilion where we can entertain in warm months, ” says Olafson.
Visitors crowd to see tiny houses at an exhibition in Arlington, Texas in 2017.
istock
Art Laubach, organizer of the
Colorado Tiny House Festival
and owner of Einstyne Tiny Homes, says the festival has grown from builders showing 28 homes the first year in 2018 to 55 to 65 homes in the following years.
“ We were hoping to have more builders after COVID this year, but they were all just too busy, ” he explains.
Laubach says due to the pandemic, which has made people re-evaluate what is important, retirees, mature widows and single women are driving much of the demand today.
“ Anytime the economy is down, alternative living options go up and when things are unstable, people are looking for a more stable way to live, ” he says.
Griswold agrees, but says instead of just the novelty of people looking for tiny homes on wheels, which really drove the movement during the 2007-09 recession, people are looking at other ways to live small.
“ The camper van movement, which really has been around since the’ 60s, is making a big comeback. People are also building tiny homes on foundations to get around code restrictions, ” Griswold says.
Also see:
My wife and I need to sell our ‘ starter home’ of 40 years because we can’ t handle stairs. When is a good time to buy a new one?
Codes are an ongoing problem for tiny homes
There are many upsides to tiny homes, such as lower costs, but the big downside is code restrictions. Several years ago, Connie Howe, 68 and her husband, Ken, 70, built a park model tiny home outside of Olympia, Wash. Park Model homes are transportable, but are designed for long term or even permanent placement. When the Howes retired, they decided they wanted to live on the ocean and began looking for property.
Although their home was custom built and had a beautiful design, they couldn’ t find a jurisdiction that would allow their home.
“ We just wanted to move with our home, ” says Howe. “ We didn’ t want to sell it. We are very happy here, but I do still miss that home. ” The couple ended up purchasing an oceanside condo.
These small-scale energy-neutral prefab tiny houses in the Netherlands were built during the pandemic. The houses cost around 120,000 euros and qualify for mortgages.
Getty Images
While some jurisdictions in the West where wildfires have ravaged whole regions are becoming more lenient with codes, Laubach, who is also the president of the Colorado Tiny House Association, says the organization holds an “ Elected Official Day ” to speak with officials about codes as they relate to tiny homes.
“ Tiny homes on wheels or park models are thought of as RVs, but many jurisdictions are starting to think of them as Accessory Dwelling Units ( ADUs). Still, the code problems can get frustrating for people, ” says Laubach.
Don’ t miss:
The housing market is so hot, a burnt-out Bay Area home just sold for $ 1 million in cash
I decided to stay
When I was able to evaluate my own circumstances, the only downside, really, is the remoteness of my tiny cabin. The land and eventually, our tiny house, was our dream. Once I found ways to make it My Little House, I decided I’ m still right where I want to be.
Kerri Fivecoat-Campbell is a full-time freelance writer and author living in the Ozark Mountains. She is the founder and administrator for the public Facebook page, Years of Light: Living Large in Widowhood and a private Facebook group, Finding Myself After Losing My Spouse, dedicated to helping widows/widowers move forward.
This article is reprinted by permission from
NextAvenue.org
, © 2022 Twin Cities Public Television, Inc. All rights reserved.
More from Next Avenue:
Will Tiny-House Communities Help Middle-Class Homebuyers?
The 5 Hidden Costs of Living in the Country
15 Tiny Houses to Let Your Loved One Live By You | business |
Cequence Security Announces Partnership with Software AG | Cequence Security, the industry leader in API security, announced a strategic partnership with Software AG, the software pioneer of a truly connected world. The integration of API Security Platform with Software AG’ s webMethods Gateway will establish an end-to-end API security solution for enterprise security teams.
“ Our goal has always been to empower our customers to become truly connected and secured enterprises, ” said Jason Johns, Head of Global Alliances and Channels at Software AG. “ We’ ve been doing this for over 50 years, but the era of digital transformation brought about by COVID-19 has highlighted the market need for a solution that protects against attacks targeting API vulnerabilities, attempts to commit fraud or access to sensitive information. Our partnership with Cequence Security will offer that robust API security protection that the industry has been lacking. ”
APIs are now the cornerstone of applications, allowing organizations to adopt a more iterative development methodology where applications are released and updated with greater frequency. The Software AG webMethods Gateway allows customers to centrally manage their APIs, enforce access control and prevent volumetric traffic spikes. The Cequence API Security Platform complements and extends the webMethods capabilities with holistic API attack surface area discovery, misuse and attack detection and is the only solution available that natively mitigates API attacks in real-time.
Historically, organizations have relied on their perimeter security services to protect their APIs. This trend has changed: over 80% of the attacks Cequence Security blocked between July and December 2021 were targeting APIs. This integration will give security teams more visibility into the use of security features available as part of the webMethods Gateway, and more insight into the requests targeting their APIs, enabling them to find and stop threats before they impact the business.
“ We are very excited to partner with Cequence Security to better address the growing need for enhanced API security in today’ s digital business climate. Their comprehensive API security platform combines visibility and risk assessment to protect and prevent sophisticated attacks. Together with Software AG’ s API management capabilities, our new partnership with Cequence Security will help organizations discover and better protect their APIs against all types of threats. ” – Suraj Kumar, General Manager API, Integration & Microservices, Software AG
“ Research has shown a drastic uptick in data breaches and attacks targeted at APIs over the past year, and our mission is to give enterprises an easy button for all things API security-related through strategic integrations, ” said Larry Link, President and CEO of Cequence Security. “ We’ re thrilled to partner with Software AG to extend their capabilities and carry out our dual mission to enable enterprises to successfully grow their revenue without the fear of API attacks. ” | tech |
U.S. Economy Now ‘ Facing Rocky Waters,’ Biden Aide Deese Says | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- President Joe Biden’ s top economic adviser said that the U.S. may see some difficulties as it contends with elevated inflation and further supply-chain challenges stemming from Covid lockdowns in China and the Russian invasion of Ukraine.
“ We are facing a lot of uncertainty, we are facing rocky waters right now, ” the director of Biden’ s National Economic Council, Brian Deese, said on Bloomberg Television’ s “ Balance of Power with David Westin. ” At the same time, “ the United States is probably better positioned than any other major economy to navigate effectively through them, ” he said.
The Biden administration has worked to improve the processing of containers at key ports -- a key bottleneck in the supply chain during the pandemic -- and released petroleum reserves to combat surging gasoline prices, Deese noted.
This U.S. legislation is a game changer: Curaleaf executive chairman
U.S. democratic senators to unveil draft cannabis reform bill on Wednesday: Report | general |
Talent Firm Has Uphill Climb In $ 150M Virus Insurance Appeal | United Talent Agency urged a California state appeals court Monday to revive allegations that two Chubb Group subsidiaries wrongfully rejected claims for more than $ 150 million in COVID-19-related losses, though two justices indicated they agree with hundreds of other rulings that tossed similar suits.During a videoconference hearing, UTA's counsel, Kirk Pasich of Pasich LLP, acknowledged that more than 700 decisions have been issued in COVID-19 insurance disputes — the majority of them in favor of insurers — since the COVID-19 outbreak forced U.S. businesses to shut their doors in March 2020.However, he argued that UTA's case against New Jersey-based... | general |
College drop-out rates continue to decline as just 9% of students do not progress beyond first year | Non-progression rates are high in information and communication technology at 15%.
The rate of third-level students dropping out after just one year of their course has fallen again.
New data from the Higher Education Authority ( HEA) shows that just 9% of students do not progress beyond first year, down from 12% a year ago.
The trend has continued downward in the last decade, when 16% of students did not carry on beyond their first year.
First year students in 2019/20 were the first to be impacted by Covid-19 during the academic year, however, the HEA has said it will require more years of data before it can fully understand how the pandemic has impacted progression rates in higher institutions.
The area that saw the largest non-progression rate is services ( including hair and beauty, hospitality, defence, or hygeine), where 16% of students do not carry on beyond first year, although, services also saw the biggest improvement as its non-progression rate stood at 22% in 2018/19.
Non-progression rates are also high in information and communication technology ( 15%) and engineering, manufacturing and construction ( 13%).
Education has the lowest non-progression rate, with only 3% of students not progressing past first year.
Males have a higher non-progression rate than females, at 11% for men and 7% for women, however, when comparing like for like students of different genders, the progression gap reduces. | general |
April Supreme Court Session Will Be Closed To Public | The U.S. Supreme Court will maintain its current COVID-19 protocols this month through what is typically the final oral argument session of the term, once again limiting those present to attorneys, court staff and press. Since the fall, the justices have been hearing cases in person, but they have closed the proceedings to members of the public. The court has instead continued its practice of livestreaming audio from arguments, which it began at the outset of the pandemic. Those protocols will remain in place for the two-week oral argument session beginning Monday, April 18, and ending on Wednesday, April 27.... | general |
Google Says Online Puppy Sales Scam Harms Its Reputation | Google filed a lawsuit Monday in California federal court against a man who's allegedly using Google services in a scheme to sell puppies that customers never receive, saying he's breaching Google's terms of service and harming its reputation in the process.A man in Cameroon is being sued by Google in California federal court for allegedly using Gmail and other Google services to operate a non-delivery scam offering puppies for sale. ( Court Documents) The defendant, Nche Noel Ntse of Cameroon, is taking advantage of an increase in online shopping and a surge in puppy sales during the COVID-19 pandemic to prey... | general |
Dr. Fauci warns: Don't 'pooh-pooh ' COVID because of low hospitalizations, as new daily cases and deaths extend increases | Washington, D.C. leads with 76% surge in new cases in past 2 weeks, followed by 8 states with more than 50% increases
A new rise in COVID-19 cases may have already begun, and while U.S. officials have expressed concern about the potential for another surge, they 've stopped short of recommending new protocols and restrictions, at least for now.
Hospitalizations remain at the lowest levels since around the time the pandemic began, suggesting the severity of cases has been reduced as more people get vaccinated, the daily average for deaths has ticked higher for a second-straight day.
Dr. Anthony Fauci, the White Houses chief medical advisor, said over the weekend on ABC's `` This Week '' that COVID-19 is not going to be eradicated, so Americans will have to live with some degree of the virus in the community.
But he warned people not to just accept the fact they will get the virus, because although data suggests the currently dominant and `` highly transmissible '' omicron subvariant BA.2 appears to be less severe, especially for those who are vaccinated, it can still cause significant illness and lead to long COVID.
`` We don't want to pooh-pooh getting infected, '' Fauci said, according to the `` This Week '' transcript.
`` I think people sometimes say, well it's OK to get infected. No, it's not, because there are things like long COVID and there are sometimes people, even though they don't require hospitalization... they get significantly ill, '' Fauci added.
`` That's not something to pooh-pooh. ''
The seven-day average for new cases rose for a third-straight day to a four-week high of 31,205 on Sunday, according to a New York Times tracker. It has increased 3% over the past two weeks, with more than half of U.S. states seeing cases rise over that period.
Washington, D.C. led the way with a 76% jump in cases over the past two weeks, helped by the dozens of attendees of the Gridiron Club dinner who tested positive for COVID-19, including House Speaker Nancy Pelosi ( D-Calif.), Attorney General Merrick Garland and Valerie Biden, President Joe Biden's sister. Read MarketWatch's `` Coronavirus Update '' column.
After the nation's capital, eight U.S. states have seen the daily average of cases surge by more than 50% in the past two weeks, and about one-third of the states have seen cases rise by more than 25%. Pacing the pack is Rhode Island at 68%, followed by New Jersey at 67% and New York at 60%.
Dr. Ashish Jha, who President Biden named the new White House COVID-19 response coordinator last month, said on NBC's `` Today '' on Monday that he was `` not overly concerned '' about the recent rise in cases, because they are coming off very low infection numbers and because hospitalizations are at the best levels since the pandemic started.
`` We 've got to be careful, but I don't think this is a moment where we have to be excessively concerned, '' Jha said.
The daily average of COVID-19-related hospitalizations was 15,058 on Sunday, according to NYT data, down 18% from two weeks ago and the lowest number since April 1, 2020. Meanwhile, 10 states have seen hospitalizations increase over the past two weeks, led by Vermont at 89% and New Hampshire at 24%.
The daily average for deaths was 570, down 28% from two weeks ago, but up two-straight days from an eight-month low of 554 on April 8. The states with the highest number of deaths per 100,000 were Tennessee at 0.83 and Arizona at 0.81.
Dr. Fauci said despite the increase in cases, he doesn't feel the need to recommend wearing face masks in indoor settings, given that overall numbers remain low, particularly given the reduced severity of the current variant, but that doesn't mean his recommendation won't change.
`` [ R ] ight now we're watching it very, very carefully, '' Fauci said on `` This Week. '' `` And there is concern that it's going up. But hopefully we're not going to see increased severity. ''
And when Dr. Jha was asked Monday on `` Today '' whether mask mandates for public transportation and airports should be extended, as they are currently set to expire on April 18, he said that would be up to the Centers for Disease Control and Prevention ( CDC), which should provide an update to protocols in the next few days. He did say, however, and extension is not out of the question.
`` This is a CDC decision, and I think it is absolutely on the table, '' Jha said.
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 |
Battered Small-Cap Stocks Are Poised for a ‘ Relief Rally,’ Wells Fargo Says | The information you requested is not available at this time, please check back again soon.
The New York Stock Exchange ( NYSE) reflected in a puddle in New York, U.S., on Monday, Aug. 23, 2021. U.S. futures rose Monday along with stocks in Europe as concerns about China's wealth crackdown faded and traders took advantage of last week's selloff to pick up equities at favorable valuations. Bonds declined as demand for havens eased. Photographer: Michael Nagle/Bloomberg, Bloomberg
( Bloomberg) -- U.S. small-cap stocks have been down so long it looks like up to Wells Fargo.
The Russell 2000 Index, the benchmark gauge for small-cap stocks, has tumbled more than 18% from its record close on Nov. 8, putting it on track to sink back into a bear market, or a drop of 20% from its peak. Rising borrowing costs have pressured shares of small companies, which are typically heavily indebted and tend to have less-diversified business lines.
But the scale of the drop may help spur a “ relief rally, ” Wells Fargo strategists led by senior equity analyst Christopher Harvey wrote in a note to clients.
In 2008, the Russell 2000 suffered a loss of 34% during the height of the global financial crisis, Wells Fargo data show. The index is on pace for an annualized loss of a 35% in 2022, which suggests that the market has “ already priced-in substantial recession fear, ” according to analysts at the bank. “ Better-than-feared ” earnings could end up lifting the shares.
“ Analysis of early reporters, conversations with analysts and clients and balance sheet strength imply investors’ worst fears are unlikely to materialize during earnings season, ” the Wells Fargo strategists wrote.
To be sure, Fed officials signaled they plan to reduce the central bank’ s massive bond holdings more rapidly than they did last decade, triggering a steady upward move in interest rates. That will further tighten credit across the economy as the Fed raises rates to fight the hottest inflation in four decades.
Small-cap stocks, which are tied to the health of the U.S. economy, historically bottom before broader markets bounce higher. Fundamentals for small caps “ remain strong and relative valuations have bottomed out near 2020 lows, ” which could create an opportunity for them to rebound should sentiment recover, according to Bloomberg Intelligence.
Read: U.S. Small Caps Looking to Revenue for Strength
“ Revenue growth will be the primary driver of any advance now that the monetary-policy training wheels are coming off, and consensus forecasts a relatively favorable backdrop, especially in the middle of 2022, ” BI Chief Equity Strategist Gina Martin Adams and Equity Strategist Michael Casper wrote in a research note. “ The Russell 2000’ s fate over the next year will rely heavily on the Fed successfully combating inflation without squelching economic growth. ”
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
California Public-School Enrollment Drops for Fifth Year in Row | The information you requested is not available at this time, please check back again soon.
Students wearing protective masks listen during a lesson at an elementary school in San Francisco, California, U.S., on Monday, Oct. 5, 2020. San Francisco officials said the city has approved 20 schools for reopening out of the total 60 reopening applications that have already been submitted. Photographer: David Paul Morris/Bloomberg, Bloomberg
( Bloomberg) -- Enrollment in California’ s public school system shrank for a fifth consecutive year, with the pandemic intensifying declines in the most-populous U.S. state.
Total enrollment for students grades K-12 in the 2021-22 school year fell 1.8% to roughly 5.9 million, a drop of more than 110,000, according to data released Monday by the California Department of Education. The largest drops occurred in grades one, four, seven, and nine, while kindergarten and 12th grade reported increases.
Covid-19 has played a large part in an exodus of students in school districts across the country. In California, home to some of the strictest virus-mitigation measures, pandemic disruptions played a “ large part ” in the enrollment drop-off, the education department said. It predicted declines will continue.
Large urban districts accounted for roughly a third of the student decreases. State officials are approaching families of chronically absent students in an effort to lure them back.
Initially, some experts expected U.S. school rosters to bounce back once in-person instruction returned. Continued declines, like those reported in California, pose a risk to the longer-term health of the education system and could put fiscal pressure on schools.
Typically, student headcounts factor into school budget formulas, but districts in California won’ t be penalized for falling enrollment this academic year because of a state law enacted during the pandemic.
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
California Refinery Work Delayed by Strike May Boost Fuel Prices | The information you requested is not available at this time, please check back again soon.
Chevron workers strike outside the company's refinery in Richmond, California, U.S., on Thursday, March 24, 2022. Chevron Corp. plans to operate its California refinery `` normally '' amid a worker strike that began just after midnight on Monday, potentially limiting the impact on gasoline prices in the state., Bloomberg
( Bloomberg) -- Chevron Corp.’ s plan to move major maintenance at its San Francisco Bay-area refinery to June from April because of an ongoing labor strike may further exacerbate already-high California fuel prices.
Retail gasoline prices in California led the national rally to a record high in February, and have clung close to that level while prices in the rest of the U.S. have cooled. Gasoline averaged $ 5.763 a gallon in California on Monday, down by 0.7% from month-ago levels, according to data from auto club AAA. By contrast, the national average has fallen by 5% over the past month.
The summer driving season kicks off with the Memorial Day holiday at the end of May. The turnaround at Chevron’ s Richmond refinery will start in mid-June and last about 45 days, eating up a chunk of the prime time to sell gasoline.
The timing of the turnaround, which includes the sole crude unit at the 245,300 barrel-a-day refinery, highlights California’ s vulnerability to any hiccups in gasoline production. Chevron may also have to import feedstocks for the refinery that could be used to make fuel while its crude unit is down, never an easy feat for the isolated California market, said Robert Campbell, head of oil products research at London-based consultancy Energy Aspects.
Chevron doesn’ t comment on day-to-day operations, spokesman Tyler Kruzich said.
Shopify announced a number of proposed changes to its governance and share structure on Monday.
An analyst who covers Canada’ s banks is warning of choppy waters ahead and is urging clients to take a more defensive approach as economic uncertainty threatens to send shares sharply lower.
Crude oil prices fell to their lowest level since before the Russian invasion of Ukraine as a spike of COVID-19 cases in China pulled down the energy sector and Canada's main stock index to start the trading week.
Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the U.S. Federal Reserve. | general |
Type 2 diabetes: Symptoms, causes and treatment | Live Science is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more
By Rachael Rettner Contributions from Natalie Grover published 11 April 22
Type 2 diabetes is a condition characterized by high blood sugar ( glucose) levels.
The most common form of diabetes, type 2 diabetes is a chronic disease whose defining factor is high blood sugar, or glucose.
Glucose is a critical source of energy for the body's cells. When someone eats food, any of the sugars in that food ultimately enters the blood; then, the pancreas releases the hormone insulin, which guides the blood glucose into cells. That step is essential to keeping the body’ s cells fueled and also maintaining a healthy level of glucose in the blood.. However, in people with type 2 diabetes, the pancreas doesn't produce enough insulin and/or the body doesn't use that insulin efficiently.
The result is an elevated level of glucose in the blood, which, over time, can lead to a host of serious complications, including heart disease, kidney disease and eye disease.
More than 37 million people in the U.S., or roughly 1 in 10, have diabetes, according to the Centers for Disease Control and Prevention ( CDC) ( opens in new tab); of those, about 90% to 95% have type 2 diabetes.
In addition, about 96 million people in the U.S., or about 1 in 3, have prediabetes, in which blood sugar levels are high but not high enough for a person to be diagnosed with type 2 diabetes, per the CDC. This condition puts them at risk for diabetes, heart disease and stroke, but most are unaware they have it.
Type 2 diabetes is linked to both genetic and lifestyle factors. Risk factors include having prediabetes, being overweight, engaging in less than 150 minutes of exercise a week and being older than 45, the CDC says. The disease also tends to run in families and occurs more often in African American, Hispanic/Latino American Indian and Alaska Native populations.
Why these factors raise the risk of the chronic disease is unclear. One possible link, according to the National Institute of Diabetes and Digestive and Kidney Diseases ( opens in new tab), involves extra weight, particularly around the waist. Extra fat has been linked to insulin resistance, in which the body does not use insulin efficiently to regulate blood sugar. Though researchers aren’ t certain the mechanism behind this link, according to the American Diabetes Association ( opens in new tab), that extra fat could lead to inflammation, physiological stress or other changes in the body’ s cells that ultimately cause insulin resistance. Notably, however, type 2 diabetes can also develop in people who are not overweight or obese, mostly in older adults.
Early symptoms of type 2 diabetes include increased thirst, urination and hunger; fatigue; blurred vision; tingling extremities; and slowly healing sores or skin infections, according to the National Library of Medicine ( opens in new tab). But these symptoms often appear gradually over the course of years and can be so mild that they are missed. Sometimes, there are no symptoms at all.
Unexplained weight loss can also be a symptom of type 2 diabetes, said Dr. Minisha Sood, an endocrinologist at Northwell Health in New York. This symptom can sometimes be confusing to patients, because diabetes is associated with obesity and too much weight gain. And although this is true, type 2 diabetes can lead to weight loss, mostly through a decrease in `` water weight, '' she said.
`` When blood sugar exceeds a certain level … the body has to eliminate that sugar somehow, '' Sood said. This is done mostly through the kidneys, and the body also gets rid of water along with the sugar. `` Patients end up losing a lot of water, '' she said.
The long-term complications of type 2 diabetes include heart attack, nerve and kidney damage, blindness, erectile dysfunction and dementia, according to the Cleveland Clinic ( opens in new tab). For instance, having too much glucose in your blood can lead to eye diseases such as diabetic retinopathy, which affects blood vessels in the retina and is the leading cause of blindness in the U.S.; glaucoma, which in the case of diabetes can result from damage to blood vessels in the front of the eye that ultimately causes fluid build-up and damage to the optic nerve; cataracts, which tends to develop more readily in someone with diabetes, possibly due to deposits of glucose in the eyes ' lenses, according to Medline Plus ( opens in new tab).
Although these complications may seem varied, there is a common link. `` Glucose can be toxic to blood vessels, '' Sood said, and damage to blood vessels over time causes some of these serious conditions.
COVID-19, the disease caused by the coronavirus SARS-CoV-2, can also be more serious in individuals with diabetes compared with people who don’ t have diabetes. For instance, research published April 23, 2020 in the Journal of Infection ( opens in new tab), suggested people with diabetes were 3.7 times more likely to have a severe case of COVID-19 or to die from it as compared with individuals with no underlying health conditions. That research was based on a review of 13 relevant studies.
There is also preliminary research suggesting that COVID-19 can cause both type 1 diabetes and type 2 diabetes. In a study based on information from two health databases, researchers found that individuals younger than 18 were more likely to be diagnosed with diabetes more than 30 days after a COVID-19 infection compared with individuals not infected with the disease, researchers reported online Jan. 14, 2022 in the CDC journal Morbidity and Mortality Weekly Report ( opens in new tab). Diabetes diagnoses in these COVID-19 patients were 166% and 31% greater compared with non-COVID-19 individuals, respectively for the two databases.
Some people learn they have type 2 diabetes through routine blood testing — for example, when a doctor checks blood glucose levels during an annual exam, or for diabetes screening, Sood said.
The American Diabetes Association recommends screening for all adults age 45 and older, as well as in the following groups, the Mayo Clinic reported ( opens in new tab):
Though normal blood sugar levels can vary among individuals, there are certain ranges that are considered `` normal. '' For instance, fasting blood sugar ( the amount of glucose in the blood at least eight hours after a meal) is between 70 and 100 milligrams per deciliter ( mg/dL), according to the World Health Organization ( WHO) ( opens in new tab). Most people's blood glucose levels rise after they eat. According to the American Diabetes Association ( ADA), the normal blood sugar range two hours after someone eats is generally less than 140 mg/dL.
According to the ADA, a person can be diagnosed with diabetes if they meet one of these criteria:
Given that a family history of type 2 diabetes raises the risk of developing the condition, people who fall into that category should talk to their doctor about being screened, Sood said.
`` If it's screened for, and identified early, changes can be implemented that could prevent progression of the disease, and complications, '' Sood told Live Science.
To manage type 2 diabetes, doctors recommend changes to your diet. Eating a healthy including smaller portion sizes; increased intake of high-fiber foods, such as fruits, non-starchy vegetables and whole grains; and fewer calories — and getting regular exercise, the Mayo Clinic says ( opens in new tab).
Doctors also may prescribe insulin, other injectable medications, or oral diabetes medicines, such as metformin, to address the high blood sugar. Metformin works by both reducing the amount of glucose produced by the liver and increasing the body’ s sensitivity to insulin ( to become less insulin resistant), according to the diaTribe Foundation ( opens in new tab). Patients are typically given blood sugar targets and are advised to check their glucose levels periodically.
For people who have obesity and type 2 diabetes and who also have trouble controlling their blood sugars with these treatments, weight loss surgery, also called bariatric surgery, can be a last resort option, according to the National Institute of Diabetes and Digestive and Kidney Diseases. However, the long-term results of this surgery are still being studied.
In 2016, the U.S. Food and Drug Administration approved the use of an `` artificial pancreas '' that automatically tests blood glucose levels periodically and releases insulin accordingly, Live Science previously reported.
For people who are diagnosed with type 2 diabetes and have weight issues, Sood recommends they lose at least 5% to 10% of their current body weight. If lifestyle changes don't work well enough to get a person's blood sugar levels under control, then doctors generally prescribe medications to complement those changes, she said.
Type 2 diabetes is a progressive disease. New research now suggests that in some cases patients can go into remission, in which their blood sugar levels fall into normal range. Sustained weight loss has proved to be especially successful.
For instance, in the Diabetes Remission Clinical Trial in the U.K., researchers placed individuals with type 2 diabetes on a calorie-restrictive diet for a year, they reported Oct. 2, 2018 in the journal Cell Metabolism ( opens in new tab). Out of the 58 patients that stuck with the trial, 69% reached blood glucose levels ( measured with the A1C test) that were in the non-diabetic range, meaning they would be classified as “ in remission, ” after they had lost weight; at the end of the 12 months, 64% showed non-diabetic blood glucose levels, the researchers reported. On average, those who responded to the treatment lost 35.7 pounds ( 16.2 kilograms).
In another study, detailed in 2019 in the journal The Lancet Diabetes & Endocrinology ( opens in new tab), researchers looked at 300 people in the U.K. with type 2 diabetes. The study is still ongoing, but so far, it's shown encouraging results. In the study, half of the participants stopped taking their diabetes medications and started on a diet replacement formula, after which food was gradually reintroduced; the other half of the participants received standard diabetes care. Two years later, more than a third ( 36%) of the people with type 2 diabetes who took part in the weight management program were in remission.
However, remission does not mean the diabetes is `` cured. '' That's because blood glucose levels constantly change and if a person were to regain lost weight or revert back to lifestyles that were impacting those levels, their sugars could go back up again to diabetic levels, according to the National Institute of Diabetes and Digestive and Kidney Diseases ( opens in new tab).
This article is for informational purposes only and is not meant to offer medical advice.
This article was updated on April 11, 2022, by Live Science Contributor Natalie Grover.
`` Type 2 Diabetes, '' National Institute of Diabetes and Digestive and Kidney Diseases https: //www.niddk.nih.gov/health-information/diabetes/overview/what-is-diabetes/type-2-diabetes # diagnose ( opens in new tab)
`` Mean fasting blood glucose, '' World Health Organization https: //www.who.int/data/gho/indicator-metadata-registry/imr-details/2380 ( opens in new tab)
`` Symptoms & Causes of Diabetes, '' National Institute of Diabetes and Digestive and Kidney Diseases https: //www.niddk.nih.gov/health-information/diabetes/overview/symptoms-causes # type2 ( opens in new tab)
`` Type 2 Diabetes '' Centers for Disease Control and Prevention https: //www.cdc.gov/diabetes/basics/type2.html ( opens in new tab)
`` Prediabetes – Your Chance to Prevent Type 2 Diabetes, '' Centers for Disease Control and Prevention https: //www.cdc.gov/diabetes/basics/prediabetes.html ( opens in new tab)
`` Understanding A1C, '' American Diabetes Association https: //www.diabetes.org/a1c/diagnosis ( opens in new tab)
`` Diabetes: An Overview, '' Cleveland Clinic https: //my.clevelandclinic.org/health/diseases/7104-diabetes-mellitus-an-overview ( opens in new tab)
`` Type 2 diabetes, '' The Mayo Clinic https: //www.mayoclinic.org/diseases-conditions/type-2-diabetes/diagnosis-treatment/drc-20351199 ( opens in new tab)
`` Insulin, Medicines, & Other Diabetes Treatments, '' National Institute of Diabetes and Digestive and Kidney Disease https: //www.niddk.nih.gov/health-information/diabetes/overview/insulin-medicines-treatments ( opens in new tab)
`` Achieving Type 2 Diabetes Remission through Weight Loss, '' National Institute of Diabetes and Digestive and Kidney Disease https: //www.niddk.nih.gov/health-information/professionals/diabetes-discoveries-practice/achieving-type-2-diabetes-remission-through-weight-loss ( opens in new tab)
`` Durability of a primary care-led weight-management intervention for remission of type 2 diabetes: 2-year results of the DiRECT open-label, cluster-randomised trial, '' 2019 The Lancet https: //www.thelancet.com/journals/landia/article/PIIS2213-8587 ( 19) 30068-3/fulltext ( opens in new tab) | general |
Экономика развития движется вперед by Dani Rodrik | КЕМБРИДЖ – В основе экономики развития лежит идея “ продуктивного дуализма ”. Экономисты, основавшие область экономики развития, такие как нобелевский лауреат Карибского бассейна У. Артур Льюис, отмечали, что экономики бедных стран разделены на узкий “ современный ” сектор, использующий передовые технологии и гораздо более крупный “ традиционный ” сектор, характеризующийся крайне низкой производительностью.
Дуализм долгое время считался определяющей чертой развивающихся стран, в отличие от развитых стран, где предполагалось, что передовые технологии и высокая производительность превалируют во всей экономике. Это обозначило экономику развития как отдельную отрасль дисциплины, отдельную от традиционной неоклассической экономики.
Политика развития, в свою очередь, традиционно сосредоточена на преодолении неравенства в доходах, образовании, здравоохранении и жизненных возможностях в более широком смысле. Ее задача заключалась в преодолении продуктивного дуализма с помощью новых институциональных механизмов, которые изменили бы работу рынков и расширили доступ к производственным возможностям.
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Writing for PS since 1998 195 Commentaries
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Dani Rodrik, Professor of International Political Economy at Harvard University’ s John F. Kennedy School of Government, is President of the International Economic Association and the author of Straight Talk on Trade: Ideas for a Sane World Economy ( Princeton University Press, 2017).
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it is good to see that a mainstream economist starts talking reality, for a change.Reality is that the world population growth in the last 50 years is putting enormous pressures on all resources. What it means is that there is a relentless downward pressure on living standards in the developed countries and an invisible lid on the development for the developing countries. Markets translate these factors into inequality and the political systems translate this inequality into political resentment and instability.Likewise, population growth is responsible for greater susceptibility of populations to climate fluctuations. It is not carbon dioxide, but much greater population that creates huge crisis in response to the same drought or flood.Likewise, uneven population growth, concentrated in poorer countries, creates growing migration pressures. Not climate crisis. Wars are a factor, but wars do not happen without a reason. The answer, if there is one, is to put the problem in the open. For reasons that I do not fully understand the political and the economist class likes to talk about everything except this elephant in the room. We need substitutes for scarce resources. The technologies that give us alternatives need to be developed and the discussion needs to be how to develop them as fast as possible. Redistribution has it's place but you can't redistribute what you don't have. For instance, we need `` green new deal '' of some kind not because of the climate crisis, but because dependence on the fossil fuels is a dead end. Maybe politicians think that people are not able to handle the truth? Try them. If you don't, assorted demagogues will give them the truth of their own. It is the other guy that takes something away from you. A Jew, a Muslim, a different skin color, the works. War seems always to be the answer that demagogues have in mind and today it may very well be war with nukes on day one.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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'Our lobsters are gold plated now ': Atlantic Canada lobster exports, prices soar | The information you requested is not available at this time, please check back again soon.
An employee weighs lobster in Shediac, N.B., on Wednesday, September, 22, 2021. For many, summer in the Maritimes would not be complete without fresh lobster. But locals and tourists alike will have to shell out more than usual for the crustaceans as prices reach historic highs., THE CANADIAN PRESS/Christopher Katsarov
But locals and tourists alike could have to shell out more for the crustaceans as prices reach historic highs.
`` Our lobsters are gold-plated now. Prices have been the highest in commercial history, '' says Stewart Lamont, managing director of Tangier Lobster Co. Ltd, a live lobster exporter on Nova Scotia's eastern shore.
When the pandemic hit, export and restaurant industry demand plummeted. The shore price of lobster — the amount fishers get at the wharf from buyers — sunk as low as $ 4 dollars a pound.
`` There was an initial glut of lobsters on the market at the start of the lockdown but then it spun back the other way, '' says Colin Sproul, president of the Bay of Fundy Inshore Fishermen's Association.
Sales of live and processed lobster rebounded following the first wave of COVID-19.
Prices started to go up with demand and have continued climbing since.
Canadian lobster exports reached a staggering $ 3.26 billion last year, beating the previous record of $ 2.59 billion, set in 2019, by more than 25 per cent.
With many consumers saving money during the pandemic and limited travel or restaurant dining, the crustacean long considered a luxury item for special occasions became a top seller in the U.S.
`` Americans bought lobster during the pandemic like they never did before and that drove up demand and price, '' says Geoff Irvine, executive director of the Lobster Council of Canada.
While processed lobster — meat and tails — was in high demand in the U.S., sales of live lobster increased in Asia.
`` There is unlimited demand in Asia for Canadian lobster, '' Sproul says. `` It's a top quality product and we have a good trade relationship. ''
Strong demand, coupled with smaller catches in winter months, sent shore prices spiralling as high as $ 19.50 a pound.
“ The highest wharf price that I 've ever heard of for lobster in my life was a few weeks ago at $ 19.50 a pound, '' Sproul says.
Prices have since dropped to around $ 14.50 this week and could ease further during the spring lobster fishery.
The opening of several lobster fishing areas across Atlantic Canada in the coming weeks is expected to boost supply.
Thousands of extra fishing boats will hit the water setting traps. Also, landings — the catch or total weight of lobsters trapped and sold — increase in warmer spring weather as well.
The added supply should rein in prices, Lamont says.
`` We're playing with fire when we pay prices that can not be passed on to the market, '' he says of the record lobster prices.
If prices climb again to $ 20 a pound and stay there, some restaurants and grocery stores may stop selling the crustaceans altogether, Lamont says.
`` We have visitors come to Nova Scotia from all over the world to experience our seafood but at the current prices it's really not accessible, '' he says. `` We could start to see lobster taken off menus. ''
Irvine with the lobster council says strong lobster prices and exports benefit the region's economy.
Still, he admits it can be pricier for locals to pick up a boiled lobster at Sobeys for supper.
`` It is challenging for people in Atlantic Canada if they want to buy lobster because we’ re exporting so much at high prices, '' Irvine says. `` It may be tough for local people here to be able to afford it... but our goal is to maximize the economic value. ''
But Lamont says shore prices that approach $ 20 a pound are unsustainable.
`` We have this concept of the poor fisherman from 50 years ago but fishermen today are earning incomes that are extraordinary, '' he says.
Tales of lobster fishers drawing half-million-dollar incomes and fishing towns inundated with shiny new trucks abound.
But the reality is fishers are also facing crushingly high inflation — on top of hefty debt many take on to join the lucrative industry, experts say.
Mounting fuel and labour costs, big loans on boats, licences and other equipment and ongoing maintenance all eat into high shore prices, they say.
`` For a lobster boat that holds about 10,000 litres of fuel, you're looking at a fill up as high as $ 18,000, '' Sproul says. `` Wages are also high because it's a very demanding job and there's a component of danger. ''
High operating costs are in addition to the upfront cost of joining the fishery, which can hit as much as $ 5 million once a licence, boat and lobster traps are tallied, he says.
Meanwhile, the cost of bait used in lobster traps is expected to increase after Fisheries and Oceans Canada announced the closure of the Atlantic mackerel and commercial bait fisheries on the East Coast, citing concerns that dwindling stocks have entered a `` critical zone. ''
`` The biggest source of bait has just been eliminated from the industry, '' Sproul says. `` We 'll have to import bait and it will cost us more. ''
Higher bait costs is just one of several factors could affect prices, Irvine says.
Inflation, uncertainty with spiking COVID-19 cases and the potential impact of the Russian invasion of Ukraine on shipping and demand could all influence lobster prices, he says.
`` The big question on everyone's mind is what's going to happen when all the seasons open up here in the next month. We expect the market to stay good but there's a lot of variables. ''
This U.S. legislation is a game changer: Curaleaf executive chairman
U.S. democratic senators to unveil draft cannabis reform bill on Wednesday: Report | general |
Asia Pacific Reinforced Thermoplastic Pipes Market is | April 10, 2022 20:00 ET | Source: FACT.MR FACT.MR
United States, Rockville, MD, April 10, 2022 ( GLOBE NEWSWIRE) -- The Reinforced Thermoplastic Pipes market revenues were estimated at US $ 2.8 Bn in 2020 and is anticipated to grow at a CAGR of 12.7% from 2021-2031, according to a recently published Fact.MR report. By the end of 2031, the market is expected to reach US $ 3.6 Bn.
Emerging well activities and rising investments in water and wastewater systems are likely to bolster the global sales of the reinforced thermoplastics pipes market in the forthcoming decade. Furthermore, end use industries are looking to leverage lightweight, durable and corrosion resistant piping material, which will significantly broaden expansion prospects in the forthcoming decade.
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Major end-use industries such as oil and gas were among the first ones to venture into reinforced thermoplastic pipe applications in large-scale manufacturing processes.
Over the past half-a-decade, extensive investments in oil & gas projects have been undertaken across regions. Irreplaceable and extensively used refined products have spiked demand for oil & gas across regions, cascading the effect to the global demand for reinforced thermoplastic pipes.
According to IEA, planned investments in upstream oil and gas have been slashed under pressure from the collapse in oil prices and demand. However, it long term market conditions appear largely optimistic.
The potential to withstand extreme conditions increases the lifetime of oil pipelines, and the ability to control the operating costs, lead time, compliance, ease of installation, maintenance costs, total costs of ownership, has made it a popular choice in the oil and gas industry over the years.
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Prominent manufacturers of RTP are taking bold steps to expand their businesses globally. For instance, technological advancements, mergers and acquisitions, rising investments in R & D activities.
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Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Cosmetic Chemicals Market Analysis- The worldwide cosmetics sector is booming, as customers increase their expenditure on personal care items as their disposable incomes rise. The large consumption of organic cosmetics is projected to have a significant impact on future cosmetic chemicals sales prospects. Consumers are intentionally weaning away from inorganic cosmetic products in favor of natural alternatives as worries about sustainability grow. Major cosmetics companies are attempting to offer 100 percent organic goods, which is driving growth in the skincare and haircare products market.
Avobenzone Market Forecast- Avobenzone, like other FDA-approved compounds, can absorb UV rays over a wider range of wavelengths than many other sunscreen agents. Avobenzone is used in the production of the most common sunscreen agent, avobenzone. It is only used in the beauty and personal care business because to the limited range of applications. The Covid-19 epidemic has had a detrimental impact on every sector of life and industry around the world. Several restrictive factors, such as a lack of manpower, non-operational manufacturing facilities under lockdown, scarcity of materials, financial restrictions, and others, are affecting the worldwide avobenzone market.
Physical Vapor Deposition Market Growth- Physical vapor deposition processes are becoming more popular as cost-effective electromagnetic shielding for lightweight components become more common. Physical vapour deposition of photovoltaic devices is allowing continued adoption of solar energy by production units and customers alike. The growing number of Internet of Things ( IoT) -enabled smart gadgets necessitates the device's ability to efficiently record, store, and transport data. As a result, as more people use smart devices and IoT products, the demand for physical vapor deposition on memory components in these smart products will grow.
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Contact: Mahendra SinghUS Sales Office:11140 Rockville PikeSuite 400Rockville, MD 20852Email: sales @ factmr.com Tel: +1 ( 628) 251-1583 | general |
Many Covid-19 testing sites are shutting down due to fewer cases and less demand | Some testing sites have been open for almost two years, many seeing hundreds or even thousands of people a day. Now, home tests are more readily available, and demand for testing sites is falling.
Sarah Henderson, director of the Public Health Services Division of the Haywood County Health and Human Services Agency in North Carolina, says most states will see closures soon, if they haven't already.
`` We were seeing an excess of 100 patients at our testing site in the first few days [ of January ], which doesn't sound like a lot, but our community is very small, '' Henderson said. `` The last couple of weeks, we have seen single digits every day. I certainly won't speak for other counties, but I think we're probably heading in that direction where if they're not closing down, they're decreasing hours and staff. ''
Henderson cited the difficulty of keeping sites staffed as a big part of the decision. Federal funding for Covid-19 has been depleted, leaving many states with no money to keep their testing sites running. Many are operated through a third party, such as Quest Diagnostics or Nomi Health. They provide staff and the means to conduct free on-site tests.
However, with federal money running out, these sites are becoming very expensive for the states who are responsible for them.
Palm Beach County, Florida, Mayor Robert Weinroth spoke about closures in his county on Twitter in mid-March, announcing that with federal funding `` exhausted, '' all noncommercial facilities will close.
States across the US, including Texas, Delaware, Washington and Massachusetts, are also closing sites. In January, the Delaware Health and Social Services announced on Twitter that all state service center testing is canceled, and multiple testing sites are closed. Texas closed its Pflugerville site in March after it was open for less than two months.
Henderson believes home tests also play a part in the closures across the country. As home testing becomes more popular and with the government offering hundreds of millions of free tests through the US Postal Service, the number of people utilizing on-site testing has decreased.
`` We're also in a different place where a lot of the employers and your school systems who were initially requiring tests from a provider are now accepting those home tests, which is good for everybody involved because it doesn't put unnecessary strain on the health care system, either, '' Henderson said.
She says Americans should be `` cautiously optimistic '' about the future, as this is not the first time the country has attempted to get ahead of the pandemic. Testing sites began closing in the spring of 2021, when numbers started falling. However, many were forced to reopen as case numbers rose significantly because of the Delta variant.
`` In public health, we're excited to get back to some sort of normalcy, whatever the new normal may be. But we watched those numbers. We also realize that while test positivity rate is down, we also think about how many people are actually testing, '' Henderson said. `` So we also worry that there's a higher positivity rate out there that we just can't put our finger on. ''
Speaking on CNN's `` New Day '' on Monday, White House Covid-19 Response Coordinator Dr. Ashish Jha said `` one of the costs '' of home tests is that there may not be as clear a picture of the number of infections.
Asked by CNN's John Berman about whether the country is getting an accurate look at cases and whether the case load could be much higher, Jha first said that he was a `` huge fan '' of home tests and that he thinks it's great that people have testing at home.
`` This is why it's really important to also look at hospitalizations, '' he said. `` If we were to see a huge spike in cases, we 'd also see that eventually trickle into hospitalizations. We're not seeing that; hospitalizations right now are at the lowest level since March of 2020. That's good news.
`` So, no doubt home tests means we miss some cases, but that said, I think we 've got other metrics we're tracking, as well. ''
The importance of testing
But will closing testing sites have troubling consequences? The message from public health experts is clear: While the end of the pandemic appears to draw closer, victory is not guaranteed.
Mara Aspinall is the managing director of the Health Catalysts Group, which provides data and analytics to health care organizations in order to improve the quality of care for patients. She thinks education is the key to preventing another dire situation like when the Omicron variant caused a huge spike in hospitalizations.
`` We have to be doing education, because some states are closing sites because nobody's showing up for testing. So it's not closing the site that's the issue, '' Aspinall said. `` It's the fact that we need to educate people on the importance of testing. Testing is only one aspect of the bigger issue, which is encouraging testing for essential workers, for people working and interacting with the vulnerable, elderly and the unvaccinated. ''
Testing matters now more than ever. Although the Omicron coronavirus variant is 59% less likely to lead to hospital admissions than the previous Delta variant, its subvariant BA.2 accounts for more than 72% of cases in the US. With 13 states reporting cases trending upward, many public health officials are worried about what's just over the horizon.
It's almost impossible to get an accurate look at where things stand without a thorough testing program.
`` I think it will leave us to repeat the mistakes that we made such a short time ago, which is underestimate the virus, '' Aspinall said. `` Yeah, we all desperately want this to be over, but prematurely... saying it's over and stopping funding for testing and for treatment is destined to be a problem. I think we have to hope for the best but prepare for the worst. ''
A Health Catalysts Group newsletter that tracks Covid testing says it has been only 100 days since every state recorded its first Omicron case. `` It feels like we have been to hell and back, '' the newsletter says.
The ever-changing nature of the virus is why many sites that are now closing are prepared to reopen if needed.
`` The hardest part is getting [ a testing site ] started, '' Henderson said. `` You know, it's finding a vendor that that can meet the needs of our community, it's finding the employees you know that can staff that testing site. So building that initial relationship is kind of over and done now. So yeah, I think that it would be very easy for us to reopen our site if we needed to. ''
Where to get tested
Even as some sites close, tests are still widely available. Commercial testing locations are still, for the most part, open. Places including CVS Pharmacy and Walgreens are offering free Covid tests. Health centers also provide testing, and you can find those locations and more at the US Department of Health and Human Service's website.
Every household in the US can also get two free sets of four testing kits through the federal government at covid.gov. They are rapid antigen tests that provide results within 30 minutes. | business |
Premarket stocks: Oil prices tumble as economies show sign of strain | A version of this story first appeared in CNN Business ' Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.
Crude futures are tumbling yet again, sinking nearly 3%. After nearing $ 140 a barrel in early March and topping $ 120 as recently as two weeks ago, Brent futures have fallen in nearly a straight line and now sit just a hair above $ 100. US oil hasn't sniffed $ 100 a barrel for nearly a week.
What happened? The global economy is catching up to high prices, and investors are getting a case of the butterflies.
Shanghai and other Chinese cities remain on lockdown, as Covid cases surge. That means millions of people aren't driving or flying in the world's second-largest oil-consuming country.
Not helping matters: China's consumer prices rose 1.5% in March, led higher by ( what else) fuel and food prices.
`` A surge in Covid cases... and rise in oil prices amid the Russia-Ukraine conflict dimmed the overall growth outlook for China, '' said Gargi Rao, Economic Research Analyst at GlobalData.
Meanwhile, the risk of recession is rising in other major economies. The UK economy is in neutral, growing just 0.1% in February, as construction and manufacturing went into reverse, according to the Office for National Statistics. That was below economists ' expectations and a worrisome outcome: The post-Omicron return to normal life had been expected to give the UK economy a boost. Now, war in Ukraine and a spiraling cost-of-living crisis threaten to send it in the wrong direction.
Stagnant economic growth and rising inflation can be a toxic combination, hurting central banks ' abilities to get prices under control. If they raise rates too high or too fast, policymakers risk plunging the economy into a recession.
What else: So bad economic vibes are weighing on oil. But that's not the only reason prices are falling.
Western countries have committed to unleash an unprecedented 240 million barrels of emergency oil on the market in the coming months. The Biden administration is releasing a million barrels a day from the US Strategic Petroleum Reserve for the next six months. Other countries are contributing another 60 million barrels from their stockpiles as part of a drawdown coordinated by the Paris-based International Energy Agency.
The IEA said Russia could be forced to cut its production by 3 million barrels per day, starting this month, as it struggles to find buyers after invading Ukraine.
`` The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction, '' said Giovanni Staunovo, strategist at UBS, in a note to investors Monday morning. `` Some of the market tightness caused by the self-sanctioning of Russian crude buyers — either in fear of future sanctions or for reputational reasons — should ease. ''
Still, the market is finely balanced, and OPEC+ nations have so far refused to pump more oil. American oil companies, remembering the financial toll taken when prices collapsed during the early days of the pandemic, have also been reluctant to open the spigots again.
UBS slashed its near-term oil forecast by $ 10 a barrel, but it still predicts Brent will bounce back to $ 115 a barrel by June.
In other words: high oil prices are here to stay. Unless the bottom falls out of the economy.
Surging prices are tipping countries over the edge
Remember the 2011 Arab Spring? People across North Africa and the Middle East fought for freedom and social justice. But they also took to the streets because food prices were surging.
Inflation is back, and so is social unrest. Over the past week, protests erupted across the world, from Sri Lanka and Pakistan to Peru. Economists have long been concerned that surging prices in at-risk nations could lead to violence.
Pakistan's parliament ousted Prime Minister Imran Khan from office Sunday after double-digit inflation eroded what little support he had left. At least six people have died in recent anti-government protests in Peru sparked by rising fuel prices.
Food prices rose sharply in the run-up to the Arab Spring protests. The Food Price Index from the United Nations ' Food and Agriculture Organization hit a then-record 131.9 in 2011. That index hit 159.3 in March, up almost 13% from February.
The war in Ukraine and sanctions on Russia aren't helping. Ukraine is a major exporter of wheat, corn and vegetable oils, and prices of those goods have surged over the past month as Russia's invasion has prevented much of that supply from leaving the country.
That's particularly hurting the countries that are already struggling with food insecurity and hunger issues. Forty percent of wheat and corn exports from Ukraine go to the Middle East and Africa, according to Gilbert Houngbo, head of the International Fund for Agricultural Development.
Wall Street just can't quit Russia
You 'd think by this point Russia would be taboo for traders. But Russian bonds continue to trade furiously, my colleague Nicole Goodkind reports.
Russian bonds have quickly become junk-rated after the country invaded Ukraine and became a global pariah. Yet speculators have grown intrigued by their bargain-basement prices and high yields, according to Philip M. Nichols, an expert on Russia and social responsibility in business and a professor at the University of Pennsylvania's Wharton School.
`` There's a lot of speculators that are buying up these bonds that have been severely downgraded, '' Nichols said.
Buying Russian sovereign debt remains legal, Nichols said, if highly risky. There's no guarantee Russia will pay its bondholders back, and the cost to insure Russian bonds is astronomically high.
Just in: S & P slapped Russia with a `` selective default '' rating on Friday.
Yet those risks haven't stopped some Wall Street investors — nor has the fact that Russia has been committing atrocities in Ukraine. And even if investors want out of risky bets on Russia, they still have to sell to someone who does.
Who's facilitating those trades? US financial institutions like JPMorgan Chase.
`` This is Wall Street, '' said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research. `` It doesn't surprise me that they saw some sort of a loophole they could exploit to make money. ''
JPMorgan representatives say they are acting as middlemen, simply looking to aid clients.
Up next
The US Consumer Price Index, a closely watched inflation report, will be released Tuesday morning. | business |
Coroner calls for State review of Covid response after death of 17-year-old Sally Maaz | Sally Maaz was diagnosed with a congenital heart defect and underwent a number of surgeries and procedures during her life.
A coroner has asked the Government to establish a review of the State's response to the Covid pandemic following the death of a young Mayo student at the healthcare facility during the height of the first wave of Covid in the spring of 2020.
Patrick O’ Connor recorded a verdict of death by natural causes at the conclusion of the inquest into the death of 17-year-old Leaving Cert student Sally Maaz, from Carrowreagh, Ballyhaunis.
Mr O’ Connor had heard evidence from over 20 witnesses at a two-day hearing at the old courthouse in Swinford in February.
The inquest heard that shortly after her birth in Syria in 2002, Ms Maaz was diagnosed with a congenital heart defect and underwent a number of surgeries and procedures during her life. She was admitted to MUH on April 14, 2020, suffering from shortness of breath and severe lower back pain. She was later diagnosed with a pulmonary embolism, MRSA, and high potassium levels.
After initially testing negative for Covid-19, she tested positive on April 19 and passed away on April 24.
At yesterday’ s resumed hearing, Mr O’ Connor ruled that Sally had died from Covid-19 and made five recommendations for MUH.
He has asked the Government to establish an expert group to review the manner in which the State, through its various agencies and entities, particularly the Department of Health and the HSE, dealt with the Covid pandemic in Ireland, `` with a view to learning lessons and ensuring that the State is adequately and properly prepared for any further pandemic, of whatsoever nature, that may have to be dealt with in the country ''.
Mr O'Connor has also called on Mayo University Hospital ( MUH) and the Saolta Hospital Group to `` take careful note and learn such lessons as are appropriate from the evidence adduced at this inquest which has been fully and clearly documented in the transcript of both days of the hearing by stenographers ''.
In addition, he has asked that appropriate communication and notification in writing take place between the medical clinicians on the handover of care, by them to others, of any patient at MUH.
The coroner has also called on the hospital to put in place clear lines of responsibility for the care of patients by all clinical staff. | general |
Microfibrillated Cellulose Fiber Market Forecast Analysis 2031 | Find market research and analysis that is reliable and actionable. A comprehensive business intelligence repository that covers established as well as evolving market trends.
Fact.MR’ s industry-wide market research solutions are comprehensive. We go beyond one sector, and analyze the market from various perspectives.
Wood is made up of a cellulose matrix of fibril bundles, which are made of smaller elements known as microfibrils. The crystalline nature of cellulose microfibrils are maintained through processes of electrospinning, homogenizing, ultrasonication, grinding, and cryo-crushing, allowing for superior mechanical properties. The unique characteristics of microfibrillated cellulose ( MFC) fiber makes it a highly-sought-after material in multiple end-use industries.
Efforts by food, paper, and packaging industries, in particular, towards sustainability, is increasing the scope of adoption for MFC fiber with objectives of better barrier properties, strength, and degradability. Niche applications ranging from construction to agriculture set positive prospects for the industry in the long term.
The report by Fact.MR gives a detailed outlook of the microfibrillated cellulose ( MFC) fiber market in 20+ high growth markets, where Europe leads the way as far as demand is concerned. It also dives deep into the effect that the COVID-19 pandemic has had on this space, and what trends are expected in the years ahead.
From 2016 to 2020, the microfibrillated cellulose fiber market has reflected strong growth, expanding at around 12%. The industry has been moderately fragmented. Also, the packaging sector has particularly witnessed stronger growth in high-income regions, with Europe and the United States accounting for higher production in comparison to the Middle East & Africa and Latin America.
Fact.MR has forecasted the global MFC fiber market to rise at close to 14% CAGR from 2021 to 2031. Growing popularity of sustainable packaging in food, cosmetics, and pharma sectors, and the lightweight, high-strength physical characteristics of MFC fiber are likely to aid growth, with relatively strong demand from the paints and coatings sector.
With the threat of climate change and environmental degradation, sustainability initiatives have driven up demand for MFC. The primary benefit of using microfibrillated cellulose is that it can bolster strength and reduce the weight of fiber materials in a sustainable manner, by generating end products with reduced material volumes, without compromising on performance.
For example, as per a Weidmann report, the incorporation of 1% of MFC can account for up to 20% product performance improvements. MFC fibers allow a material with higher strength and rigidity in comparison to glass or carbon fiber, while being lighter simultaneously. MFC also provides superior moisture and oxygen barrier properties. MFC can be used in the form of nanocomposites, film, and paper coatings. The report also states oxygen transmission rates of 4 to 10 mL/m2day, and a moisture transfer rate as low as 0.4 g/m2day for MFC-based films.
Finally, MFC can be extracted from plant waste, thus reducing costs. In addition, manufacturing MFC has gone through numerous changes, with advances in optimization efforts in recent years. New mechanical processes, sources, and material treatments are gaining interest for operations on an industrial scale. WEIDMANN Fiber Technology, for instance, produces MFC for engineered applications, and also offers expertise associated to MFC properties and uses.
Microfibrillated cellulose is a renewable commodity, and has a number of applications. MFC fiber is projected to play key roles in bolstering paper-based products. It is increasingly gaining interest as a substitute to plastic, and thickening agents in paint and coating products.
Microfibrillated cellulose has also gained increased attention in research for forestry industrial applications. MFC has special characteristics and can find use aside from conventional chemical cellulose pulp sources. Production of MFC from thermomechanical pulp ( TMP) is fairly new, and is expected to generate key growth opportunities.
The long-term prospects of the microfibrillated cellulose fiber market largely remains very positive. However, the sector will face obstacles, potentially limiting growth of the industry. For example, lack of adequate knowledge or expertise in terms of the structure, characteristics, and components associated with MFC is a challenge for market expansion.
Pricing is also expected to remain an issue in terms of production, and concerns over cost-effectiveness arising from raw material supply chains, complexity of production, and issues with long-term storage are problems that market players will have to deal will in over the coming years.
As per the Fact.MR report, North America is the second-largest regional market for MFC fiber, and the United States is projected to account for more than 90% of the region’ s market share by the end of the projection period.
According to the environmental protective agency ( EPA), in 2018, around 32 million tons of corrugated boxes were recycled from close to 34 million tons of overall recycling volumes. The recycling rate for corrugated boxes was 96.5 percent. Further, as per the 2020 American Coatings Association ( ACA) Sustainability Report, 11 states in the country enacted laws to establish detailed sustainable paint and coating adoption programs under their jurisdictions.
Also, currently, dietary fiber intake, on an average among adults in the United States, accounts for approximately 15 grams a day, which is around half the recommended amount. Growing levels of health awareness and consumption of fortified processed foods in the country have been noted as per a study by the University of California San Francisco. These trends are key factors that are likely to bode well for the future of the microfibrillated cellulose fiber industry in the U.S.
In Europe, according to the Fact.MR report, Nordics is the largest and fastest-growing market for microfibrillated cellulose fiber, accounting for close to half of the region’ s share by the end of the assessment period. Norway is the leading country in the region, estimated to account for a little less than half of Nordics share.
The European Council of the Paint, Printing Ink, and Artist’ s Colors Industry has indicated that, Europe’ s green building space has quadrupled, surpassing 700 million sq. mts. in 2017. The EU’ s construction production regulations on sustainable constructions are expected to have a positive impact on environmental product declarations, which bodes well for MFC fiber adoption.
Returnable packaging systems have been a part of Norway’ s businesses since the early 1900s. However, refillable glass and PET packaging was stopped in 2014. New processes are supported through systems of reverse vending machines, allowing consumers to recycle packaging, while gaining nominal monetary returns from the effort. Also, lower taxes for higher recycling in the country will generate opportunities for players to leverage in the long term.
China is currently the largest microfibrillated cellulose fiber market in the Asia Pacific excluding Japan market, and is the fastest-growing regional market in the world, expected to progress at over 19% CAGR through the projection period.
The Chinese government has issued standards to promote sustainable packaging materials in its billion-dollar logistics industry, as it looks to reduce waste in a country where millions of packages are delivered to consumers every day. In January 2020, the National Development and Reform Commission ( NDRC) issued a fresh ban on the usage of plastic products that include non-degradable plastic bags, single-use plastics, and packaging plastics.
As the largest producer of pigments in the globe, China is a key influencer in the global paints and coatings industry, as per a study by Oxford Academic. Water-based coatings and paints in the country accounted for more than 40% of its overall production in 2018. These are key factors that will influence developments in the MFC fiber industry in the years to come.
Microfibrillated cellulose is widely used for 2 major areas of application, including barrier films and as a performance enhancer, in roles such as strengthening agents, rheology modifiers, and thickening agents. Demand for MFC as a performance enhancer accounted for major market share, at more than US $ 66 Mn in 2020. Scope of application in food, pharmaceuticals, and personal care products is a key driver behind demand. However, barrier film applications are reflecting a faster rate of growth on the back of sustainability initiatives in the packaging sector.
MFC fiber finds use in a wide range of end-use industries, including paper production, personal care, packaging, paints & coatings, and food. Packaging industry applications hold the lead, with a market share of close to 40% through the assessment period.
Microfibrillated cellulose has been found to be a natural performance enhancer for bio-based packaging material formulations, enabling superior durability, while also meeting international food safety standards, making it essential for the paper and packaging industry.
The microfibrillated cellulose fiber market is moderately fragmented in nature, owing to the presence of major regional players. Leading manufacturers are largely invested in research and development and product launch strategies, aimed towards expansion of portfolios and expanding the scope of application for microfibrillated cellulose fiber.
The global microfibrillated cellulose fiber market is likely to derive growth from packaging applications in the food, personal care, and pharmaceutical sectors, reflecting an impressive CAGR of around 13% through 2031.
Europe is expected to be the leading market for microfibrillated cellulose fiber products, driven by strong revenue growth in the EU-4.
The COVID-19 pandemic has moderately affected growth in the industry. Lockdown restrictions through 2020, especially in terms of food packaging, has hurt demand from the food service sector.
Prominent microfibrillated cellulose fiber manufacturers include Borregaard, Daicel FineChem Ltd., SAPPI, Norkse Skog, Cellu Comp Ltd, FiberLean Technologies Ltd., Weidmann Fiber Technology.
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China jobs crisis? Top regulator says tech is booming | In a rare, direct response by a top government agency to fears of a jobs crisis, the Cyberspace Administration of China said Friday that the country's 12 tech giants hired more workers than they lost in the past nine months. It cited recent `` heated public discussion '' about reports of `` large scale layoffs '' at the large internet companies.
The CAC said it had recently spoken with A-list tech companies such as Alibaba ( BABA), Tencent ( TCEHY), Bytedance, JD.com ( JD), Pinduoduo ( PDD), and Ant Group. At these companies, 216,800 people had left their jobs between July and mid-March, while 295,900 people were hired during the same period, the survey found.
`` The total employment at the companies has increased steadily, '' the CAC said in a statement. They had recorded strong growth in some new businesses, with their revenues `` repeatedly hitting new highs, '' it added.
`` They are full of confidence in future development, `` the CAC said.
The CAC statement paints a more upbeat picture than recent earnings statements from some of those companies, as well as comments from other government officials on the health of the wider labor market. It also contrasts with the reluctance of the tech companies themselves to respond to reports of job losses.
In recent weeks, international media outlets have reported that China's tech sector is facing its worst job losses since the government launched a crackdown to rein in its most powerful companies in late 2020.
The once-freewheeling industry was long the main source of well-paid employment in China, but companies such as Alibaba and Tencent are now reportedly preparing to shed tens of thousands of employees to reduce operating costs. Both have repeatedly declined to comment.
Some of the biggest players in Chinese tech — Alibaba, Tencent, and Pinduoduo — have all reported their slowest revenue growth on record, and their share prices have halved since regulatory crackdown began.
Private job surveys also indicate that jobs are being lost across the economy, and in tech in particular. Analysts predict that job losses will likely get worse, because the tech sector slump is happening at the same time as the crisis in real estate and related sectors, which account for about 30% of China's GDP.
Nevertheless, while the CAC is sounding upbeat about tech jobs, other top government officials are painting a much bleaker picture about the health of the labor market.
Hu Chunhua, China's vice premier, on Friday called for `` all-out efforts '' to stabilize employment.
`` Affected by the Covid outbreak and other factors, the employment situation is complex and severe now, '' Hu told representatives from companies and government departments, according to state-owned Xinhua.
He urged the executives to stabilize and expand employment, while government officials must solve the problems faced by businesses in a timely manner.
Just days earlier, Premier Li Keqiang stressed the importance of keeping employment stable and helping small businesses survive the difficult times.
The economy is facing `` new downward pressures '' amid renewed Covid outbreaks and rising global food and commodity prices, Li said last Wednesday at a key government meeting.
`` Some businesses have been severely impacted, and some have even stopped production or closed business, '' he said. `` We must increase rescue efforts and provide employment guarantees in response to their difficulties. ''
The Chinese government has set a GDP growth target of 5.5% for 2022. But the World Bank and some investment banks have recently warned that the damage caused by China's zero-Covid policy to the economy is growing. | business |
Ist Wettbewerb immer gut? by Diane Coyle | CAMBRIDGE – Fragt man Ökonomen, ob Wettbewerb immer eine gute Sache ist, wird die Antwort ein entschiedenes „ Ja “ sein. Immerhin fördert der Wettbewerb das, was der verstorbene William Baumol die „ Innovationsmaschine “ der modernen Marktwirtschaft genannt hat.
Durch Wettbewerb spornen sich Unternehmen gegenseitig an, ihren Kunden zu dienen und mehr zu verkaufen – durch Preisnachlässe, stärkere Leistung oder innovative Produkte. Dass sich in den beiden letzten Jahrhunderten die Gesundheit und Lebensqualität derart verbessert hat, ist den Innovationen zu verdanken. Und die Welt braucht noch mehr Kreativität, um drängende Herausforderungen zu bewältigen – wie den Umstieg auf kohlenstoffarme Energie und Transportmittel oder die Entwicklung neuer Impfstoffe und Medikamente, um die nächste Pandemie oder Welle antimikrobialer Resistenz zu bewältigen.
Wettbewerb ist natürlich nicht der einzige Innovationstreiber: Auch öffentlich finanzierte Forschung und staatliche Regulierung sind entscheidend. Aber beim Wettbewerb zwischen den Unternehmen geht es darum, wie brillante Ideen, die der Gesellschaft dienen, für alle zugänglich gemacht werden können. Dass mehr Wettbewerb mit höherer Produktivität verbunden ist, ist weitgehend erwiesen. Weniger ermutigend ist, dass der Wettbewerb in den Vereinigten Staaten und anderen Industriestaaten laut Studien mit der Zeit zurückgegangen ist.
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Diane Coyle, Professor of Public Policy at the University of Cambridge, is the author, most recently, of Cogs and Monsters: What Economics Is, and What It Should Be ( Princeton University Press, 2021).
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Those who are convinced that a free market economy is what brings prosperity to all should also acknowledge that competition is the essence of the enterprise culture and that it alone fosters innovation, wealth creation and the winning mindset.For an economic system that relies on voluntary exchange between buyers and sellers and seeks to deliver goods and services to everyone at a price they are willing to pay, vigorous competition among vendors on the basis of a level playing field is absolutely essential.This philosophy is as true for the market in defence equipment as it is for the market in consumer goods and services.To this end, the government has made it absolutely clear, time and again, that it would like to see the competitiveness of the defence industry improved significantly, both in the domestic market and globally, so that the UK can pay its way in the world post-Brexit.But the reason why this constant badgering is not yielding any results is because defence contractors, on whom the government has become totally reliant for all its military equipment needs, are competition-averse – not least, because they are staffed ( from the very top to the bottom) by people who were previously in the pay of the State where they never had to face any competition and consequently, have no experience whatsoever of what it is like to “ feel the heat ” of competitive market forces.This total dominance of the payroll has come about because the last several decades has seen the transfer of tens of thousands of people in the pay of the State to the private sector via the “ revolving door ”, largely due to the resounding success of the policy instituted by Defence Secretaries of all political persuasions – to encourage for-profit organisations in receipt of government defence contracts to take-on people who are just about to come off the public payroll.This mass migration would explain why the workforce, at every level of the hierarchy within defence contractors’ organisations ( right across the full spectrum of defence engineering businesses, government outsourcing contractors and foreign-owned entities, large and small) is now made-up entirely of people who were previously in the pay of the State.To add to this blunder, the government is inviting precisely these sorts of people into its policy-making forums in Whitehall to try to get a handle on what has gone wrong with defence procurement, because its own civil servants are not up to the job. So, it will come as no surprise that these unpaid advisers, seconded from the defence industry and treated as “ one of us ” will never bring themselves to prescribe more competition as the medicine to the ills suffered by defence equipment manufacturers.And yet, it is the government’ s policy to procure equipment for the Armed Forces through fair and open competition. It confirms this stance in its most recent policy statement on defence procurement expressed in the Defence Industrial Policy published in December 2017, where it says ( on page 23): “ We strive to provide our Armed Forces with the capabilities they need at the best value for money, obtaining this through open competition in the global market, wherever possible. Competitive tension is the greatest driver for innovation, productivity and earning power in any economy. ” However, those lower-down the hierarchy underneath the governing elite, including the administrative elite and military top brass, who are hostile towards competitive markets have fought tooth and nail to prevent this policy from being fully implemented, which would explain why only 42% of new MoD contracts by value were placed via open competition in 2016/17, down from 64% in 2010/11. Reinforced by fierce opposition from vested interests outside Whitehall, there seems little chance of it being applied anytime soon.So long as defence contractors carry on with the practice of recruiting only people who were previously in the pay of the State, they will continue to be allergic to competition. @ JagPatel3
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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Round Corrugated Box Market Forecast, Trend Analysis & Competition Tracking - Global Review 2018 to 2026 | Find market research and analysis that is reliable and actionable. A comprehensive business intelligence repository that covers established as well as evolving market trends.
Fact.MR’ s industry-wide market research solutions are comprehensive. We go beyond one sector, and analyze the market from various perspectives.
Round corrugated box has been gaining increasing demand as a packing material of choice, as it is cost-effective and provides sustainable packaging solutions. These boxes provide a stable cushion for range of products, keeping the items safe for transportation, shipping, and handling. The demand for round corrugated box is likely to grow in tandem with growth in the number of e-commerce sites. Further, rising scope of application in the packaging of gifts, cosmetic, food, garments, and healthcare products will possibly be one of the key factors influencing the development of round corrugated box market.
The round corrugated box market is likely to witness a significant growth in the coming years, owing to shifting consumer preferences towards new and unique design of packaging material along with flexibility to protect various types of products. In addition, emerging trends of digital printing in corrugated applications that offers the ability to personalize the unboxing experience have driven small- and mid-size brands to attract sales and excitement on social media. This in turn is expected to accelerate the growth of round corrugated box market. Further, increasing use of round corrugated box for primary as well as secondary packaging in different end-use industries may complement the market expansion.
Round corrugated boxes are protective packaging solutions that offer protection to fragile or vulnerable products by keeping them in a fixed position inside the outer case. Round corrugated boxes are used as an addition to the existing case to create stability for the product. Moreover, round corrugated boxes are used for optimal protection as they are designed in such a way that they do not jeopardise the protection of the product. They help reduce 30% of the packaging weight.
Thus, they ensure that the final packaging of the product meets the requirement of producers as well as consumers. Round corrugated boxes are mainly made from solid board or cardboard. The outer coating and surface treatment of round corrugated boxes is done with material finish of white, brown, or poly coat.
There are a number of factors that are considered while making round corrugated boxes, such as bending, buckling, compression, and collapse, among others, to make them suitable for loads of up to 1000kg. These round corrugated boxes are also used for online retail companies owing to the fact that they provide protective packaging. Therefore, the outlook for the growth of the global round corrugated box market is expected to be largely positive during the forecast period.
The global round corrugated box market is anticipated to grow in the next ten years and beyond due to the backdrop of the growth of the global sustainable packaging market. Round corrugated boxes are manufactured using a variety of materials to suit various applications and markets. In addition, manufacturers of round corrugated boxes also offer custom services. Round corrugated boxes are 100% recyclable and are made from renewable sources, which makes them environment friendly and eliminates the need for polystyrene or plastic protective packaging.
One of the key trends observed in the market is the flexibility of these boxes to protect multiple products. Moreover, round corrugated boxes are multipurpose, which makes them suitable for retail-ready packaging, transport, consumer, and display packaging and ensures reduction in transit damage as the main product is well fixed during transit. Matte lamination ( glossy lamination and varnish) on round corrugated boxes is also one of the factors expected to fuel the round corrugated boxes market during the forecast period.
In spite of the positive outlook for growth, there are certain factors that are expected to hamper the growth of the global round corrugated boxes market during the forecast period. Awareness about the advantages of round corrugated boxes needs to be spread to boost the demand for these products.
The online retail market plays an import role in driving the market for round corrugated boxes. Due to the convenience they provide to the customers, the e-commerce market, which includes online shopping, is progressively gaining preference. Online retailers are adopting various types of corrugated boxes, including round corrugated boxes and containers that provide suitable protection to the products, as they are effective packaging solutions.
With consumers demanding increased product sustainability, protection, and efficient labelling & branding, as well as rising competition, effective packaging has become one of the key necessities for businesses in the e-commerce sector. Local and small vendors are operating e-commerce platforms to reach out to consumers on a large scale. This, combined with excellent shipping services by e-commerce vendors, is expected to drive the need for efficient packaging, which is anticipated to boost the demand for round corrugated boxes.
The global round corrugated box market is expected to witness lucrative growth during the forecast period. The APEJ region is expected to drive the global round corrugated box market due to the growing construction and retail sector in the region, especially in countries such as India and China. The North America and Western Europe regions are expected to witness average growth in overall round corrugated boxes market.
Eastern Europe and Latin America regions are expected to register high growth in the global round corrugated box market in the next decade, due to the growing demand and consumption of the round corrugated boxes. MEA is expected to observe average growth. Japan is expected to witness sluggish growth during the next decade due to the usage of different technology and alternatives in the region.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
The pricing analysis of the global round corrugated box market has been done on the basis of the material types by arriving at an average selling price of a product type that varies over a wide range of brands, designs, quality and various technological features.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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WHO closely watching as China grapples with its worst Covid surge | The World Health Organization on Monday said it is monitoring a major surge in Covid cases in mainland China, an outbreak that local officials have attributed to the more contagious omicron BA.2 subvariant.
Dr. Kate O'Brien, director of WHO's immunization and vaccine program, said the agency is in contact with public health authorities in China about its Covid resurgence. WHO officials said they need to monitor the effectiveness of regional lockdowns and the country's vaccines, but said it doesn't have enough information to make an assessment yet.
`` We will continue to follow that situation as it continues to emerge and as they're responding to the situation so that we can understand the nature of the cases, underlying vaccination status and other components there, '' O'Brien said during a press briefing from the organization's Geneva headquarters.
The remarks come as the country grapples with its worst Covid outbreak since the virus was discovered in Wuhan over two years ago. Though low by most countries ' caseloads, mainland China reported 1,184 new, symptomatic and 26,411 asymptomatic Covid cases on Sunday — the most cases recorded in a single day so far, according to its National Health Commission.
To contain the outbreak, Beijing has reinstituted lockdowns in some parts of the country and put into place online learning for some students, especially in Shanghai where more than 26,000 cases were reported Sunday.
Almost all of Shanghai's 26 million residents remain in lockdown about a week after a two-phase shutdown in the city was supposed to end. The citywide lockdown involves orders to work from home and the suspension of ride-hailing and public transit.
It is a part of China's zero-tolerance Covid policy of using regional lockdowns to contain outbreaks, which helped the country rebound from the initial wave of the pandemic in early 2020.
Dr. Alejandro Cravioto, chair of WHO's Strategic Advisory Group of Experts on Immunization, said it `` would be important '' to see whether such lockdowns are fully effective in containing the latest outbreak, especially with the rapid spread of BA.2 in the country. The subvariant is more transmissible than the original Covid strain, though its infections are primarily mild or asymptomatic.
Cravioto added that WHO lacks sufficient information on the Covid vaccines being administered in China.
The group has most recently reviewed data on an mRNA vaccine developed by CanSino Biologics, a clinical-stage vaccine company in China, according to a WHO press release. However, Cravioto's group `` will not issue any recommendations until such time as the product is listed by WHO for emergency use, '' the press release said.
`` Until we really see the data coming out, we won't be able to make any further comments, '' Cravioto said, referring to the effectiveness of China's severe lockdown measures.
CanSino Biologics has yet to be administered to Chinese citizens. The vaccine developer said last week its mRNA vaccine has been approved by China's medical products regulator to enter clinical trials.
Covid vaccines already administered in China have been updated to fight against omicron and other strains, Chinese officials said last month, according to Bloomberg. China's vaccines are inactivated, meaning they work by using dead or weakened viruses to produce an immune response.
Preliminary lab studies have found that vaccines developed by Chinese companies Sinovac Biotech and Sinopharm offer less protective antibodies against omicron than mRNA vaccines from Pfizer and Moderna, Bloomberg reported.
As of April 5, 88.5% of China's population has received at least one dose of a Covid vaccine, according to Our World In Data. | business |
Cosmetic Chemicals Market Size, Trends & Forecast, 2021-2031 | Find market research and analysis that is reliable and actionable. A comprehensive business intelligence repository that covers established as well as evolving market trends.
Fact.MR’ s industry-wide market research solutions are comprehensive. We go beyond one sector, and analyze the market from various perspectives.
According to Fact.MR’ s cosmetic chemicals market insights, revenue surpassed US $ 21 Bn in 2020. Overall analysis shows that cosmetic chemical sales are anticipated to be valued at over US $ 30 Bn by 2031, expanding nearly 1.5X across the assessment period. Cosmetic chemicals for skincare & haircare products comprise over 30% of global demand.
Analysis of cosmetic chemical demand from 2016 to 2020 reveals a historical growth rate of under 5% CAGR, with overall expansion of the cosmetics & personal care industry majorly driving growth, as consumers augmented spending amid surging disposable incomes.
The market closed in at nearly US $ 20 Bn in 2019, reaching slightly over US $ 21 Bn by 2020. Initial recessionary downswings ushered by the COVID-19 pandemic in the form of reduced cosmetic sales amid store closure and production cycle disruptions temporarily suspended growth prospects.
However, as infection curves flatted since Q4 2020, industrial production activities have resumed across major markets. Therefore, Fact.MR’ s cosmetic chemicals demand outlook forecasts an expansion of above 6% CAGR by 2031.
The global cosmetics industry is posting significant gains, expanding at a noteworthy rate across several regions. Being valued at nearly US $ 400 Bn as of 2019, the industry has seen several prolific developments- from the introduction of organic beauty products to incorporation of smart technology across the supply chain.
Furthermore, as disposable incomes augment, consumers are inclined to spend more on beauty and personal care. This trend is increasingly evident across several emerging economies, mostly across Asia, Africa and Latin America. This increase in cosmetics popularity is widening cosmetic chemicals demand outlook for the future.
Fact.MR’ s cosmetic chemicals industry research reveals that the global landscape is being characterized by continuous R & D activities related to product innovation. Key manufacturers are emphasizing on incorporating sustainable formulations derived from natural ingredients.
These natural raw-materials are free from any artificial additives, a trend which is expected to be the USP of all leading cosmetic chemical manufacturers in forthcoming years. As consumers increasingly demand brand transparency, cosmetic companies ensure that ingredient details reassure users about the absence of harmful additives.
Despite making headways, sales of cosmetic chemicals are anticipated to experience significant bottlenecks in the future. A major growth restraint is compliance with tough regulatory requirements by individual countries.
For instance, although China appears to be a promising market, their regulations keep changing, rendering it difficult for manufacturers to keep pace. At times, registration procedures often become burdensome.
Like other countries, China only allows sales of products declared safe for use. This approval often takes a lot of time, thus limiting expansion prospects.
Analysis of cosmetic chemicals landscape across the U.S estimated a value share of nearly US $ 6 Bn as of 2020. Ever expanding diversity in the beauty & personal care segment is attributed as the primary growth accelerator for cosmetic chemicals across the country.
A major trend pervading the U.S cosmetics industry is growing transparency requirements with respect to ingredients listing. As Yeildify puts it, clean beauty is becoming a rising buzz across the industry since 2018.
With the FDA Ban 11 prohibiting incorporation of synthetic substances like bithinol and chloroform, brands are increasingly incorporating eco-friendly material, prompting increased production of organic cosmetic chemicals on a large-scale.
Insights into cosmetic chemicals market in China estimates a market size of almost US $ 7 Bn by 2031, growing at a CAGR of almost 9%. China’ s cosmetics market represents one of the most opportunistic in the world, with retail sales rising 4.2% year-on-year, according to the National Bureau of Statistics.
As per its estimates, cosmetics retail for H1 2019 registered Y-o-Y expansion exceeding 13%, largely ascribed to increased cosmetics spending by consumers amid surging disposable income. Hence, major manufacturers are setting up base across China.
This trend is motivating production of high-quality, environmentally compliant and safe cosmetic chemicals, subject to intense scrutiny from various domestic regulatory authorities.
The cosmetic chemicals industry survey reveals that haircare & skincare applications constitute bulk of overall demand, accounting for over 30% revenue as of 2019. Expected CAGR for the upcoming decade is approximately 5% for this segment.
Rising demand for face creams, body lotions, sunscreens, shampoos, conditioners and other haircare products is spurring adoption of advance grade cosmetic chemicals in recent years. Consumers are increasingly tilting towards organic products amid heightening sustainability concerns.
As per Fact.MR’ s cosmetic chemicals industry research, emollients, film-formers & moisturizers are expected to record above 6% CAGR to reach approximately US $ 11 Bn by 2031. Sales are strong, owing to their moisture retention properties, thereby softening the skin.
Emollients, film-formers & moisturizers are widely deployed across products such as body lotions, face creams, skin moisturizers and lipsticks. These emollients are commercially available in natural as well as synthetic forms. These include olive oil, coconut oil, beeswax and lanolin.
Prominent players manufacturing cosmetic chemicals majorly emphasize on introducing new product offerings, especially skincare products, made from organic and inorganic substances. Additionally, they also undertake mergers & acquisitions and collaborations while seeking regulatory approvals.
In 2020, sales of cosmetic chemicals surpassed US $ 21 Bn.
Cosmetic chemicals market insights, demand is expected to top US $ 30 Bn by 2031, expanding at almost 6% CAGR.
Sales of cosmetic chemicals increased at just under 5% CAGR from 2016 to 2020.
Increased tilt towards natural and organic ingredients is yielding major revenue pools for key cosmetic chemical manufacturers.
Increased spending on cosmetics by consumers is primarily widening sales for cosmetic chemicals.
The U.S., China, Japan, Canada, and Germany markets are expected to expand at a CAGR of 5% each by 2031.
In 2019, North America generated over 1/3 of cosmetic chemical global revenue.
The market for cosmetic chemicals in Latin America is poised to expand at a CAGR of nearly 7%.
Australia, India, and South Korea are expected to be the most lucrative markets in Asia for cosmetic chemicals, together reaching over US $ 4 Bn valuation.
Cosmetic chemicals for haircare & skincare products are likely to remain top selling, yielding 30% revenue.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Yes, you can request a sample, and it will be sent to you through an email.
Your personal details are safe with us. Privacy Policy *
by Fact.MR, a division of Eminent Research and Advisory Services | general |
Mask mandate: Philadelphia reinstates indoor mandate as Covid-19 cases rise | The city is the first major US metropolitan area to bring back masking requirements after a slew of cities and states dropped restrictions as cases began trending downward in January.
The city will move to its second level of Covid-19 restrictions, which requires Philadelphians to wear masks in all indoor public places, including schools, businesses, restaurants and government buildings.
`` Starting today, I 'm asking all businesses and institutions in Philadelphia to dig up those old masks-required signs and start hanging them in your windows, '' Bettigole said in a news conference.
Monday's case count is more than 50% higher than it was 10 days ago, Bettigole said, noting the number of people hospitalized is still low. The city is now averaging 142 cases per day.
`` By wearing masks consistently, we can continue to go about our daily lives and continue to take part in the life of our city without contributing to increasing transmission of Covid-19, '' Bettigole said.
Last week, city health officials announced they were considering a mask mandate and recommended people start wearing masks in indoor public spaces even though the city was at the `` Level 1: All Clear '' restriction level. In order to remain at Level 1, the city's Covid-19 metrics must meet two or more requirements: new daily cases must stay below 100 average new daily cases, hospitalizations must be below 50 and cases must have `` increased by less than 50% in the previous 10 days. ''
The city has now surpassed Level 1 requirements, though Bettigole believes masking precautions could prevent cases from increasing to previous levels.
`` I suspect that this wave will be smaller than the one we saw in January, '' she said. `` But if we wait to find out and to put our masks back on, we 'll have lost our chance to stop the wave. ''
On March 2, the city moved to its lowest `` All Clear '' level, which dropped the indoor mask mandate. At the time, major cities and states across the US were dropping their mandates.
Many states see cases rise
Nationally, cases are trending upward in more than half of states, though case numbers are still relatively low. Averaging around 34,000 new cases per day, the daily case rate in the US remains one of the lowest since mid-July.
It's expected that Covid-19 case numbers will rise and fall over the course of the pandemic, White House Covid-19 Response Coordinator Dr. Ashish Jha told CNN's New Day Monday, and said the Centers for Disease Control and Prevention's guidance about what actions to take is in the right place.
`` In terms of what to do about it, we really want to be guided by the CDC on this, '' Jha said. `` The CDC policy is right on this and that's what I 've been following for months, and that's what we should be doing. ''
According to the CDC, the Covid-19 community level for Philadelphia County -- where the city of Philadelphia is located -- is low. In such communities, CDC urges people to stay up-to-date on Covid-19 vaccinations and get tested if they have Covid-19 symptoms, but it does not suggest wearing masks.
Jha also said the CDC will share a scientific framework this week for the federal transportation mask mandate set to expire April 18. The federal mandate requires masks on public transportation such as planes, trains, buses and hubs like airports and bus terminals.
On NBC's Today Show Monday, Jha said extending the federal transportation mask mandate is `` absolutely on the table, '' adding the CDC will make a decision based on the scientific framework it is creating. | business |
Global Food Service Disposables Industry | Abstract: What ` s New for 2022? -Global competitiveness and key competitor percentage market shares -Market presence across multiple geographies - Strong/Active/Niche/Trivial -Online interactive peer-to-peer collaborative bespoke updates -Access to our digital archives and MarketGlass Research Platform -Complimentary updates for one yearGlobal Food Service Disposables Market to Reach $ 79.7 Billion by 2027 Amid the COVID-19 crisis, the global market for Food Service Disposables estimated at US $ 54.2 Billion in the year 2020, is projected to reach a revised size of US $ 79.7 Billion by 2027, growing at a CAGR of 5.7% over the analysis period 2020-2027. Plates, one of the segments analyzed in the report, is projected to record a 6.9% CAGR and reach US $ 27.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cups & Glasses segment is readjusted to a revised 5.7% CAGR for the next 7-year period. The U.S. Market is Estimated at $ 14.5 Billion, While China is Forecast to Grow at 7.3% CAGR The Food Service Disposables market in the U.S. is estimated at US $ 14.5 Billion in the year 2020. China, the world ` s second largest economy, is forecast to reach a projected market size of US $ 14.5 Billion by the year 2027 trailing a CAGR of 7.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 5.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4% CAGR. Trays & Containers Segment to Record 4.2% CAGR In the global Trays & Containers segment, USA, Canada, Japan, China and Europe will drive the 3.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US $ 6.4 Billion in the year 2020 will reach a projected size of US $ 8.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US $ 11.6 Billion by the year 2027, while Latin America will expand at a 4.7% CAGR through the analysis period. Select Competitors ( Total 129 Featured) - Airlite Plastics Co. Anchor Packaging Inc. Biopac India Corporation Ltd. Carlisle FoodService Products Cascades Incorporated D & W Fine Pack LLC Dart Container Corporation DOpla S.P.A Eco-Products, Inc. Georgia-Pacific LLC Gold Plast Spa GreenGood USA Huhtamaki Oyj International Paper Lollicup USA, Inc. Packnwood Pactiv LLC Sabert Vegware WestRock Company WinCup WNA, Inc.
Global Food Service Disposables Market to Reach $ 79.7 Billion by 2027 Amid the COVID-19 crisis, the global market for Food Service Disposables estimated at US $ 54.2 Billion in the year 2020, is projected to reach a revised size of US $ 79.7 Billion by 2027, growing at a CAGR of 5.7% over the analysis period 2020-2027. Plates, one of the segments analyzed in the report, is projected to record a 6.9% CAGR and reach US $ 27.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cups & Glasses segment is readjusted to a revised 5.7% CAGR for the next 7-year period. The U.S. Market is Estimated at $ 14.5 Billion, While China is Forecast to Grow at 7.3% CAGR The Food Service Disposables market in the U.S. is estimated at US $ 14.5 Billion in the year 2020. China, the world ` s second largest economy, is forecast to reach a projected market size of US $ 14.5 Billion by the year 2027 trailing a CAGR of 7.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 5.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4% CAGR. Trays & Containers Segment to Record 4.2% CAGR In the global Trays & Containers segment, USA, Canada, Japan, China and Europe will drive the 3.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US $ 6.4 Billion in the year 2020 will reach a projected size of US $ 8.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US $ 11.6 Billion by the year 2027, while Latin America will expand at a 4.7% CAGR through the analysis period.
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EU pushes Ireland to outlaw opioid that is 500 times more potent than morphine | Isotonitazene is 500 times more potent than morphine, and has slightly greater potency than fentanyl - the drug that killed legendary musician Prince. File photo: iStock
Ireland has been asked by the EU to explain why a synthetic opioid drug said to be 500 times more potent than morphine has not been outlawed, as directed by the bloc two years ago.
Doctors and public health experts have increasingly sounded the alarm in recent years about isotonitazene, an opioid analgesic that is not medically authorised.
The opioid epidemic has become a scourge on American society in recent years, with nearly 100,000 deaths attributed to it in the first 12 months of the Covid-19 pandemic, Centers for Disease Control and Prevention ( CDC) data shows.
As of April 4, 2022, national forecasts predict 400–4,300 new # COVID19 hospitalizations will likely be reported on April 29. More: https: //t.co/Xys80ZGlxV. pic.twitter.com/V5AFTamRDw
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Oil slides on release of strategic reserves and China lockdowns | In this article
Oil prices dropped by more than $ 2 a barrel on Monday after a second straight weekly decline on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent crude for June delivery was down $ 2.97, or 2.9%, at $ 99.78 a barrel. U.S. West Texas Intermediate crude lost $ 3.32, or 3.4%, to trade at $ 94.96.
Bank of America maintained its forecast for Brent crude to average $ 102 a barrel for 2022-23, but it cut its summer spike price to $ 120. Swiss investment bank UBS also lowered its June Brent forecast by $ 10 to $ 115 a barrel.
`` The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction, '' said UBS analyst Giovanni Staunovo.
International Energy Agency ( IEA) member nations will release 60 million barrels over the next six months, with the United States matching that as part of its 180 million barrel release announced in March.
The moves are aimed at offsetting a shortfall in Russian crude after Moscow was hit with heavy sanctions over its invasion of Ukraine, which Moscow describes as a `` special military operation ''.
The release of Strategic Petroleum Reserve ( SPR) volumes equals 1.3 million barrels per day ( bpd) over the next six months and is enough to offset a shortfall of 1 million bpd of Russian oil supply, JP Morgan analysts said.
The European Union's executive is drafting proposals for a possible EU oil embargo on Russia, the foreign ministers of Ireland, Lithuania and the Netherlands said on Monday, though there is still no agreement to ban Russian crude.
The market has also been watching developments in China, where authorities have kept Shanghai, a city of 26 million people, locked down under its `` zero tolerance '' policy for COVID-19. It was announced that Shanghai will start easing lockdowns in some areas from Monday.
`` Fears are rising now that if China's Omicron wave spreads to other cities, its zero-COVID policy will see mass extended lockdowns that negatively impact both industrial output and domestic consumption, '' said OANDA senior market analyst Jeffrey Halley.
UBS analyst Staunovo said that demand for oil will be affected in China - the world's biggest oil importer - by pandemic-driven mobility restrictions and in Russia by international sanctions.
Fuel demand in India, the world's third-biggest oil importer and consumer, rose to a three-year high in March, with petrol sales hitting a record peak.
U.S. President Joe Biden will hold a virtual meeting with Indian Prime Minister Narendra Modi on Monday, the White House said, at a time when the United States has made it clear it does not want to see an uptick in Russian energy imports by India. | business |
Philadelphia reinstates indoor mask mandate | With Covid-19 cases slowly rising, Philadelphia is bringing back its indoor mask mandate for public places, schools and day cares.
Philadelphia announced Monday that, on April 18, masks must be worn again indoors, unless vaccine status is checked.
`` Simply put, that means that we're reintroducing the mask mandate in Philadelphia, '' said Health Commissioner Cheryl Bettigole at an afternoon press conference.
Philadelphia made the mask mandate move with daily case counts and hospitalizations ticking above its own self-imposed benchmarks in recent days.
There were an average of 142 new cases in Philadelphia in recent days, and 46 people are currently hospitalized with Covid-19.
The School District of Philadelphia had already planned on requiring masks as students return from spring break on April 18. This new mandate means all schools and day cares in the city must also follow suit.
The move means the city didn't even have two months without indoor masking requirements. The city had given the `` all clear '' and dropped its previous mask mandate on March 2. | business |
67% of Americans have no estate plan. Here's how to get started on one | The Covid-19 pandemic has increased Americans ' awareness of the need to have a will, living trust or other similar end-of-life document prepared.
Yet only about 33% of Americans have put these plans in place, according to a new survey from senior living referral service Caring.com. That means that 67% are leaving what happens to them and their assets in case of disability or death up to others, including the state.
The biggest reason why: They just haven't gotten around to it, according to 40% of survey respondents. Meanwhile, 33% said they don't have enough assets to pass on to their loved ones, 13% said the estate-planning process is too costly and 12% said they do not know how to get a will.
Notably, people who have had a serious case of Covid-19 are 66% more likely to engage in estate planning compared to those who have not, according to Caring.com.
Moreover, 41% of those ages 18 to 34 see greater need for a will or other estate-planning documents following the onset of the pandemic.
Still, there's room for improvement, said Jim Rosenthal, CEO of Caring.com, noting only 48% of people who had a severe case of Covid have an estate plan in place.
`` Even with the big scare of potential impending death, people still don't run out and take care of what's not that challenging to take care of, '' Rosenthal said.
Importantly, you do not need to have a lot of assets in order to decide where you want the assets you do have to go when you die, or to stipulate your preferences for your end-of-life or other care should you become incapacitated.
The first step is to become as informed as possible and consider consulting a financial advisor, Rosenthal said. For those with fewer assets, online resources may help them plan. However, in order to make sure any do-it-yourself documents count as official, you may want to get them notarized.
Caring.com's online survey was conducted Dec. 21-23 and included 2,644 adults ages 18 and over. | business |
Stocks making the biggest moves midday: AT & T, Nvidia, SailPoint Technologies and more | In this article
Check out the companies making headlines in midday trading Monday:
AT & T — Shares of AT & T jumped 7.5% after the telecom giant announced that it closed its transaction with Discovery to spin off its WarnerMedia business. The combined company is called Warner Bros. Discovery. It began trading on the Nasdaq on Monday under the new ticker symbol WBD. JPMorgan also assigned an overweight rating to AT & T.
Nvidia — Nvidia's stock fell 5.2% after Baird downgraded the chipmaker to neutral from outperform, citing concerns about order cancellations driven in part by a slowdown in consumer demand for PCs.
SailPoint Technologies — The cybersecurity company saw shares soar 29.2% after announcing Monday it will be acquired by private-equity firm Thoma Bravo for $ 6.9 billion, or $ 65.25 per share. The all-cash deal is expected to close in the second half of 2022.
Occidental Petroleum — Energy stocks were among the top decliners in the S & P 500, as oil prices dropped amid fears Covid lockdowns in China would depress global demand. Occidental Petroleum and Diamondback Energy fell 6.3% and 4.9%, respectively, while APA slid 4.5%. ConocoPhillips lost 4.9%.
Microsoft, Apple — Shares of tech giants were lower Monday as the 10-year Treasury yield climbed to its highest level since January 2019. Microsoft lost 3.9%, while Alphabet dipped 3.4%. Apple and Meta Platforms declined 2.6% and 2.6%, respectively.
Coinbase — Shares of the cryptocurrency services company fell 4.4% as the price of bitcoin dropped to its lowest level since March amid a broader sell-off in risk assets. Coinbase's stock price is tied closely to the price of bitcoin since so much of its revenue being derived from trading fees.
KeyCorp — Regional bank stocks advanced as rates climbed. Regions Financial rose 1.9%, and Zions Bancorporation added 0.5%. KeyCorp, which was also upgraded by Wells Fargo, gained about 0.4%.
JetBlue — Shares of the airline gained 1.1% after the company said it's cutting back its summer schedule in an effort to avoid flight disruptions, as it works to ramp up hiring this summer to meet a surge in travel demand.
— CNBC's Yun Li, Jesse Pound, Samantha Subin and Hannah Miao contributed reporting. | business |
Crude oil plummets below $ 100 a barrel as global demand slows | Last week, the International Energy Agency announced that US allies will deploy 60 million barrels from stockpiles, bolstering the 180 million-barrel release announced previously by US President Joe Biden.
Global oil prices resumed their declines as China’ s largest Covid-19 outbreak in two years heightens concerns about demand from the world’ s biggest crude importer. Brent crude dropped plummeted $ 4.22 to below $ 98.60 a barrel, touching the lowest level since late February.
Virus cases are rising in Shanghai, with millions under lockdown and no clarity on when restrictions will be lifted. The uptick in cases has disrupted port operations and prompted some refiners to trim crude-processing rates.
Oil has given up most of the gains seen since Russia invaded Ukraine in late February following a tumultuous period of trading. However, there appears to be in recent days diminishing concerns about undersupply and, so far, there’ s no sign that Russian crude exports are starting to crumble. | general |
Oil drops, Brent crude falls below $ 100 as China lockdowns spark demand fears | Oil prices slid Monday, falling to the lowest level since February and building on two straight weeks of declines as lockdowns in China sparked demand fears.
International benchmark Brent crude fell 4.18% to end the session at $ 98.48 per barrel, the first settle under $ 100 since March 16. West Texas Intermediate crude futures declined 4.04% to settle at $ 94.29. During the session the contract traded as low as $ 92.93, a price not seen since Feb. 25.
`` The spread of Covid in China is the most bearish item affecting the market, '' said Andy Lipow, president at Lipow Oil Associates. `` If [ Covid ] spreads throughout China resulting in a significant number of lockdowns, the impact on oil markets could be substantial. ''
China is the world's largest oil importer, and the Shanghai area consumes roughly 4% of the country's crude, according to Lipow.
The potential hit to demand comes as the supply side of the equation has been front and center given Russia's role as a key oil and gas producer and exporter.
Last week the International Energy Agency announced that its member countries would release 120 million barrels from emergency stockpiles, of which 60 million barrels would be from the U.S. The announcement followed the Biden administration saying it would release 180 million barrels from the Strategic Petroleum Reserve in an effort to alleviate soaring prices.
WTI fell 1% last week while Brent declined 1.5%, with both contracts posting their fourth negative week in the last five.
Oil prices have been on a roller-coaster ride since Russia invaded Ukraine. WTI briefly traded as high as $ 130.50 on March 7, the highest level since July 2008. The contract has fallen nearly 30% since. Brent meantime spiked to $ 139.13 in March.
Part of the move is thanks to fears over what a disruption in Russian supply would mean for an already tight market. The IEA previously predicted that three million barrels per day of Russian oil output was at risk.
Traders also attributed oil's wild swings to non-energy market participants exchanging contracts as a way to hedge against inflation, among other things.
Still, Wall Street firms were quick to point out that tapping emergency oil stockpiles will alleviate the price spike in the near-term, but doesn't address the fundamental issues in the market.
`` [ S ] ome of the market tightness caused by the self-sanctioning of Russian crude buyers — either in fear of future sanctions or for reputational reasons — should ease, '' UBS wrote in regards to the emergency releases.
`` But it will not fix the the oil market's structural imbalance resulting from years of underinvestment at a time of recovering global demand, '' the firm added. | business |
L'économie du développement se déplace vers le Nord by Dani Rodrik | CAMBRIDGE – Au cœur de l'économie du développement se trouve l'idée du `` dualisme productif ''. Les économistes qui ont fondé le domaine de l'économie du développement, comme l'économiste caribéen, lauréat du prix Nobel, W. Arthur Lewis, ont noté que les économies des pays pauvres sont divisées entre un secteur `` moderne '' de petite taille, qui utilise des technologies avancées, et un secteur `` traditionnel '', beaucoup plus vaste et caractérisé par une productivité extrêmement faible.
Le dualisme a longtemps été considéré comme la caractéristique principale des pays en développement, contrairement aux pays développés, où les technologies de pointe et la productivité élevée étaient censées prévaloir dans l'ensemble de l'économie. Cela a fait de l'économie du développement une branche distincte de la discipline, séparée de l'économie néoclassique conventionnelle.
Les politiques de développement, quant à elles, se sont traditionnellement concentrées sur l'élimination des disparités de revenus, d'éducation, de santé et, plus généralement, des opportunités dans la vie. Sa tâche consistait à surmonter le dualisme productif par le biais de nouveaux arrangements institutionnels qui devaient modifier le fonctionnement des marchés et élargir l'accès aux modes de production.
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Writing for PS since 1998 195 Commentaries
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Dani Rodrik, Professor of International Political Economy at Harvard University’ s John F. Kennedy School of Government, is President of the International Economic Association and the author of Straight Talk on Trade: Ideas for a Sane World Economy ( Princeton University Press, 2017).
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it is good to see that a mainstream economist starts talking reality, for a change.Reality is that the world population growth in the last 50 years is putting enormous pressures on all resources. What it means is that there is a relentless downward pressure on living standards in the developed countries and an invisible lid on the development for the developing countries. Markets translate these factors into inequality and the political systems translate this inequality into political resentment and instability.Likewise, population growth is responsible for greater susceptibility of populations to climate fluctuations. It is not carbon dioxide, but much greater population that creates huge crisis in response to the same drought or flood.Likewise, uneven population growth, concentrated in poorer countries, creates growing migration pressures. Not climate crisis. Wars are a factor, but wars do not happen without a reason. The answer, if there is one, is to put the problem in the open. For reasons that I do not fully understand the political and the economist class likes to talk about everything except this elephant in the room. We need substitutes for scarce resources. The technologies that give us alternatives need to be developed and the discussion needs to be how to develop them as fast as possible. Redistribution has it's place but you can't redistribute what you don't have. For instance, we need `` green new deal '' of some kind not because of the climate crisis, but because dependence on the fossil fuels is a dead end. Maybe politicians think that people are not able to handle the truth? Try them. If you don't, assorted demagogues will give them the truth of their own. It is the other guy that takes something away from you. A Jew, a Muslim, a different skin color, the works. War seems always to be the answer that demagogues have in mind and today it may very well be war with nukes on day one.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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Oil futures: Brent drops below $ 100/b on IEA stock release, China lockdowns | Crude oil futures Monday were in retreat, extending the downwards trend of the last two weeks as the IEA-coordinated stock release and Covid-linked mobility restrictions in China continue to weigh on prices.
Front-month June ICE Brent futures were trading at $ 98.32/barrel ( 1800 GMT), compared to Friday’ s settle of $ 102.78/b, but off the day's low of $ 97.57/b.
At the same time, May NYMEX WTI was trading $ 94.34/b, versus Friday’ s settle of $ 98.26/b.
The impact of the record IEA release, primarily from the US, continues to be felt across oil markets, although a number of analysts have said the shot of additional barrels will not provide a long-term solution to the structural deficit.
`` Even though this is the biggest release of oil from the US strategic reserve since it created in 1980, it will fail to ultimately change the fundamentals in the oil market, '' said ANZ commodity strategist Daniel Hynes, adding that the release would likely delay further increases in output from key producers.
Meanwhile, China’ s worsening Covid outbreak and extended lockdowns are driving a temporary contraction in fuel demand, especially on transport fuels.
China’ s largest city, Shanghai, entered into its third week of lockdowns, which in turn is causing a log jam for shipping traffic around Shanghai, the world’ s largest port.
The city reported 24,944 new infections on Sunday, setting a record for the ninth consecutive day and lifting the total to almost 180,000 cases since the current outbreak began in early March.
Swiss-based investment bank UBS Monday cut its June Brent forecast by $ 10/b while increasing its December outlook by the same amount.
However, uncertainty over Russian exports is keeping the market on edge as signs of reduced exports start to emerge, including data showing a decline of around 5%.
Diesel and jet markets are expected to remain in a state of heightened volatility, as the drop in Russian exports is being felt on a global level rather than just in Europe. | general |
Oil futures: Prices continue slide on IEA stock release, China lockdowns | Quantum Commodity Intelligence – Crude oil futures in Asian trading hours Monday were easing, extending the downwards trend of the last two weeks as the IEA-coordinated stock release and Covid-linked mobility restrictions in China continue to weigh on prices.
Front-month June ICE Brent futures were trading at $ 101.10/barrel ( 0130 GMT), compared to Tuesday’ s settle of $ 102.78/b.
At the same time May NYMEX WTI was trading $ 96.64/b, versus Tuesday’ s settle of $ 98.26/b.
The impact of the record IEA release, primarily from the US, continues to be felt across oil markets, although a number of analysts have said the shot of additional barrels will not provide a long-term solution to the structural deficit.
“ Even though this is the biggest release of oil from the US strategic reserve since it created in 1980, it will fail to ultimately change the fundamentals in the oil market, '' said ANZ commodity strategist Daniel Hynes, adding that the release would likely delay further increases in output from key producers.
Meanwhile, China’ s worsening Covid outbreak and extended lockdowns is driving a temporary contraction in fuel demand, especially on transport fuels.
China’ s largest city, Shanghai, entered into its third week of lockdowns, which in turn is causing a log jam for shipping traffic around Shanghai, the world’ s largest port.
Uncertainty over Russian exports, however, is keeping the market on edge as signs of reduced exports start to emerge, including data showing a decline of around 5%.
Diesel and jet markets are expected to remain in a state of heightened volatility, as the drop on Russian exports is being felt on a global level, rather than just in Europe. | general |
Denver over Dubai: U.S. airports dominate rankings of world's busiest last year | U.S. airports made up eight of the 10 busiest hubs around the world last year, according to new rankings released Monday, as a jump in domestic leisure travel displaced some of the world's bustling international hubs during the Covid pandemic.
Delta Air Lines hub Hartsfield-Jackson Atlanta International Airport, the world's busiest before the pandemic, maintained its top spot on the Airport Council International's 2021 preliminary ranking, with 75.7 million passengers last year. American Airlines-dominated Dallas/Fort Worth International Airport ranked second with 62.6 million passengers.
Denver International Airport vaulted to third place last year with 58.8 million people, up from eighth place in 2020 and 16th in 2019. Orlando International Airport in Florida jumped to seventh place with 40.3 million people —a big improvement after ranking 27th in 2020 and 31st in 2019.
The rankings show how international travel remained subdued last year even though some countries, including the U.S., loosened pandemic travel restrictions. While U.S. airports topped the ranking, passenger traffic was down across the board. ACI estimates airlines carried 4.5 billion people last year, down 50% from 2019 but up 25% from 2020.
Domestic U.S. leisure travel has been a bright spot in the pandemic for the country's airlines, though executives have said they expect at least trans-Atlantic travel demand to be strong this spring and summer. Renewed lockdowns in China have cast doubt on a resurgence in demand there, however.
In 2019, airports in Beijing, Dubai and Tokyo ranked second, third and fifth on the list, respectively. Dubai continued to top international passenger traffic rankings last year. The other two hubs didn't make the cut.
Here are the 2021 rankings ( with 2019 rankings in parentheses): | business |
Jim Cramer says he would buy Hershey stock now and down on the ‘ next inflation scare’ | CNBC's Jim Cramer on Monday advised investors to pick up stock of Hershey for their portfolios.
`` Hershey's the most consistent growth stock in a group where safety's first, and you know what they say, safety never takes a vacation. I would buy some here, then wait to buy more if the stock gets hit the next time we have an inflation scare, '' the `` Mad Money '' host said.
Hershey stock rose 0.09% to $ 223.93 on Monday, reaching a new 52-week high of $ 226.45 earlier in the day. The company beat Wall Street expectations in their fourth quarter earnings.
`` One of the best kept secrets of this market is how well this company, this simple confectionary maker, has done in the era of inflation. Put simply, Hershey is the best performer in the group by any measure, but it's never talked about, '' Cramer said.
Hershey has diversified its brand portfolio in recent years, acquiring Pirate's Booty, SkinnyPop-parent Amplify Snack Brands and most recently Dot's Pretzels last year. `` These were the perfect pick-ups as Covid hit the nation and turned us all into stay-at-homers who snack, '' Cramer said.
He also praised Hershey's `` awesome pricing power, '' which he said gives the company an edge over competitors struggling with skyrocketing raw costs and helps boost Hershey's sales growth and gross margin.
The company said in its 2021 fourth quarter question-and-answer call that they expect `` more pricing in the first half of the year '' as well as `` tougher '' gross margins, but expect gross margins to slowly improve as the company gets closer to the fourth quarter of 2022.
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Avobenzone Market Forecast & Global Industry Analysis 2030 | Find market research and analysis that is reliable and actionable. A comprehensive business intelligence repository that covers established as well as evolving market trends.
Fact.MR’ s industry-wide market research solutions are comprehensive. We go beyond one sector, and analyze the market from various perspectives.
Sun emits energy to Earth in two ways: one is the visible light that we can see, the other is infrared radiation because of which we feel the heat and last are the UV radiations. These UV radiations can not be seen or felt by us, yet they are harmful to live beings. Most of the radiations do not reach the surface of Earth due to the presence of ozone that protects from the UV rays.
Sunscreens protect the skin from the harmful effects of the sun. Prolonged exposure under the UV rays might cause skin cancer, sunburns, skin reactions and premature ageing. Sunscreens comprise of active ingredients that either absorb sun’ s UV radiation or by reflecting the radiation. Chemicals like Avobenzone, aminobenzoic acid, oxybenzone and others are the active chemicals used in the sunscreens.
Avobenzone is a chemical sunscreen agent that prevents direct radiation from sunscreen and protects the skin from UVA and UVB rays. Avobenzone is also oil-soluble which allows its usage in the sunscreen, as it can easily combine with other active ingredients. Ultraviolet rays are responsible for the premature ageing, skin cancer and signs of solar elastosis. Avobenzone has an absorption spectrum of a maximum of 357 nm and absorbs into the skin as soon as it is applied in order to block the UV rays.
Avobenzone is the FDA approved chemical like other chemicals and able to absorb ultraviolet rays over a wider range of wavelengths than many other sunscreen agents. Avobenzone is converted as the formula for the dominant sunscreen agent manufacturing Industries. Due to less number of applications, it is only using in beauty and personal care industry. Avobenzone’ s limited uses as a chemical allow it convention in only beauty and personal care, making it vulnerable to more research and development owing to its unknown benefits.
Despite its usage in sunscreens, Avobenzone breaks down in sunlight in 30 minutes because of which the manufacturers have to add stabilizing chemicals like octocrylene, homosalate or octisalate. There has been a history of allergic occurrences caused by the chemical’ s stabilizer octocrylene. The limitations of avobenzone do not restrict to only skin allergies but also the cases of hormone disruption were noticed after the breakdown of the chemical. The free radicals released in the skin accelerate the ageing process and also increase the risk of cancer.
Avobenzone, as the chemical used for blocking the UVA rays in combination with its stabilizers, has a popular alternative in the market. Zinc oxide, an important mineral used in physical or mineral sunscreens is proved to cause no side effect and is also coral safe. With the increasing concern for marine life among the population, the emerging mineral sunscreens are garnering huge favour and acceptance from the users. Dermatologists are convincing patients to adopt mineral sunblocks that reflect UV rays instead of avobenzone sunscreens that may cause serious health issues.
Covid-19 pandemic has negatively affected every aspect of life and Industries globally. The global avobenzone market is also affected due to several restraining factors such as unavailability of man force, non-operational manufacturing units in lockdown, scarcity of materials, financial constraints and others. Due to lower demand in the cosmetic sector in lockdown, several sunscreen ingredient markets are shuttered in certain regions. There was sluggish demand for the sun protection products in North America and some countries of Europe.
However, in countries like Indonesia, China, Japan and some Asian countries the demand for avobenzone remained intact. This was encountered due to the elevating awareness of the use of sunscreens indoors and especially in front of desktops or laptops while working from home. Furthermore, it was also observed that shifting of consumer’ s preference towards natural ingredients may also affect the CAGR of avobenzone market on a large scale.
Manufacturers are now strategizing in a way of adjusting purity levels with external solvents in order to save costs, although not compromising the health of customers. Considering the covid-19 market, Fact.MR gives the detailed global market analysis of avobenzone market.
“ During the forecast period, the avobenzone is geared to expand positively. However, sales are foreseen to witness a decline in 2020 due to the effects of the COVID-19, but the prospects of resumption of manufacturing operations continue to boost the avobenzone market ”
Health care and personal care industries are using the products of avobenzone chemical to protect skin from toxic agents like other inorganic chemicals. UVA rays are harmful rays which attack directly from the sun and later responsible for the skin cancers, early ageing and wrinkles etc. With the increasing diseases and inorganic chemicals, avobenzone is changed as the alternative for the chemicals with fewer side-effects. With the changing global trends, these chemicals come into market under various brand names by key players.
North America and Europe collectively claim for over half Avobenzone Market: Region-wise Outlookof the avobenzone market share. North America’ s avobenzone market may witness an increase because of the growing per capita spending on cosmeceutical products. U.S manufacturing and supply markets are also increasing by their technological advancements and market strategies. The U.K is the highest producer of skin care products in the market by its historic achievements and long-lasting career.
East Asia’ s avobenzone market is set to rise in the forecast period, owing to the increasing demand for products with anti-ageing and anti-tan properties. The increasing concern of diseases and illness caused by the exposure under the sun is the key decisive factor for the growth of avobenzone in the Middle East and African regions. However, these regions occupy a minimal share of the mentioned market. Key players are targeting the customers by considering all the seasonal markets globally.
The global key players of avobenzone market have entered into the markets by their remarkable success and the global history. Abcam, Adina, Underwriters Laboratories ( UL), Chromservis s.r.o., Dermtek Pharmaceuticals Ltd and LGC Limited are some of the key manufacturers in the avobenzone markets. A blend of organic and inorganic strategies is witnessed in the market as players have come up with capacity expansion and acquisitions at the same time.
The rise in the per capita spending on cosmetics and beauty products in the regions of East Asia and South Asia markets has led to major demand in the production of sunscreens with avobenzone. Moreover, the presence of key players in the European regions depict the popularity of avobenzone in the anti-tanning products, marking its growth among the users during the forecast period.
The research report presents a comprehensive assessment of the avobenzone market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The avobenzone market report provides analysis and information, according to market segments such as geographies, product type, material type and end-use.
The avobenzone market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The Phase change material report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The avobenzone market report also maps the qualitative impact of various market factors on market segments and geographies.
The global avobenzone market is bifurcated into three major segments: Available purity, Application, Companies and global split.
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Krispy Kreme is pegging its doughnut prices to a gallon of gas | Every Wednesday from April 13 through May 4, Krispy Kreme will sell a dozen original glazed doughnuts for the price of a gallon of regular gas. Each week, the chain will use Monday's national average gas price to set the promotional cost for its doughnuts.
Gas prices have been soaring recently in part because of the war in Ukraine, prompting the Biden Administration to release gas from the strategic petroleum reserve to lower prices.
On Monday, AAA put the national average at $ 4.11 per gallon. So on Wednesday, a dozen original glazed Krispy Kreme doughnuts will cost $ 4.11. That a good deal: A dozen original glazed would typically go for at least $ 10 at Krispy Kreme.
The doughnut chain often ties its promotions to topical events. Last year, for example, it gave customers who had been vaccinated against Covid-19 free doughnuts. In January, after the Red Cross said it was experiencing the worst blood shortage in over a decade, Krispy Kreme gave away doughnuts to blood donors.
With those promotions, Krispy Kreme was trying to `` encourage folks to take advantage of a kind offer from us to do something good for others, '' Dave Skena, Krispy Kreme's chief marketing officer, told CNN Business. In this case, `` we're just trying to help [ people ] get through the week. ''
It's also a way to keep Krispy Kreme top of mind for consumers, and tempt new customers with a taste of the brand's signature sweet.
Why Krispy Kremes gives away its signature doughnuts
When Krispy Kreme gives away free doughnuts, it usually offers up the original glazed doughnut, rather than other flavors or specialty items.
The original glazed is `` our most popular doughnut, '' said Skena. `` It's what's kept us in business for 85 years. ''
So why give it away for free ( or cheap)?
`` It's the brand experience we really want [ people ] to have, '' said Skena. In other words, Krispy Kreme wants to make the best possible first impression on customers who may be trying Krispy Kreme out because of a promotion.
Plus, the original glazed is relatively simple to produce.
`` It is easier to make them '' than more complicated flavors like Oreo or birthday cake doughnuts, said Skena. `` We can make more of them faster. When we create these big peaks in demand, we need to be able to make a lot of doughnuts quickly. ``
That will especially come in handy if, for example, the price of oil suddenly dips and more people want to take advantage of the promotion. Krispy Kreme is ready for that possibility, Skena said.
`` If gas prices plummeted over the next four weeks, even though it wouldn't be as 'good ' for us, we 'd be so happy to sell people two-dollar doughnuts. '' | business |
Warner Bros Discovery CEO David Zaslav looks to channel Bob Iger | In this article
Hollywood is about to get a jolt of emotional intelligence.
David Zaslav, longtime chief executive officer of Discovery, is now officially CEO of Warner Bros. Discovery — the culmination of a merger announced last May. The newly combined company began trading on the Nasdaq on Monday using its new ticker, WBD. The shares were little changed at $ 24.45 in late-morning trading Monday.
Zaslav is not new to the media scene. He has run Discovery Communications as its CEO since 2006. Before that, he ran NBCUniversal's cable and domestic television unit. ( Disclosure: Zaslav helped found CNBC.) Through the years, he's made headlines for his outsized compensation.
But he's never been a Hollywood executive. Most of Discovery's programming is reality TV or nature-focused, such as its `` Shark Week '' slate. Zaslav has spent most of the last year on an all-consuming `` listening tour '' of Hollywood, preparing himself for running a company that includes Warner Bros. studio and HBO, the homes of Batman and `` Game of Thrones, '' respectively.
While his lack of experience may concern some investors, his unique combination of experience in veteran media CEO and novice Hollywood executive roles may be the perfect recipe for the times, said Lloyd Blankfein, former Goldman Sachs CEO who has known Zaslav for more than a decade. Blankfein worked directly with Zaslav when Discovery hired Goldman to finance its merger with Scripps in 2017.
`` It may be the right time for a new man because the industry is changing so rapidly, '' Blankfein said. `` In most contexts, experience is a great virtue. In a rapidly evolving industry, too much experience can be a liability. David is a fairly unique combination — an old media type that's also a fresh face. ''
Zaslav wasn't available to comment for this story.
Zaslav has a chance to step into a role previously held by people such as former HBO chief Richard Plepler and ex-Disney CEO Bob Iger: the gregarious, high-EQ chief executive who can connect to Hollywood talent as a human being as much as a businessman.
Zaslav's naturally inquisitive and modest personality should be a good fit for Hollywood, even though it can be a cold place for outsiders, said Tom Freston, the former Viacom CEO who has been friends with Zaslav for more than two decades.
`` He doesn't have the creative chops of Iger and Plepler, but what he's got is very high EQ, '' said Freston. `` He's not going to come in as an all-knowing guy. He has tremendous interpersonal skills. ''
The timing for Zaslav's ascension couldn't be better for grooming Hollywood talent. While Netflix leaders Reed Hastings and Ted Sarandos are veterans, Disney, Amazon, NBCUniversal and Paramount Global have all gone through leadership changes at the top in recent years. Unlike Iger, Disney CEO Bob Chapek isn't known for his people skills. Outgoing WarnerMedia CEO Jason Kilar has acknowledged he didn't do a great job communicating his decision to move all of his company's 2021 films to HBO Max on the same day they hit theaters during the coronavirus pandemic.
Still, Zaslav needs to be cognizant of allowing executives who are already at WarnerMedia to control their divisions, said Freston. While Zaslav may want to take lunches with every Hollywood creator in Los Angeles ( Zaslav moved to LA specifically to ingratiate himself with the entertainment community), he will need to make sure he doesn't unintentionally alienate Casey Bloys, HBO and HBO Max's chief content officer, and Toby Emmerich, who runs the Warner Bros. film studio.
`` My advice to him has been, meet as many people as you can, but you don't want to disenfranchise Toby and Casey and the others who report to him, '' said Freston. `` Agents are going to be all over him. He's going to have to figure out a way to set up a barrier where it doesn't look like he's shutting everybody off, but he also empowers his people to make decisions rather than overrun them. ''
Zaslav also risks getting bogged down in Hollywood minutia rather than focusing on running his company, which has some significant structural issues. The new Warner Bros. Discovery will have $ 55 billion in debt, and that will likely result in coming job losses that could hurt company morale. WarnerMedia has already absorbed several rounds of job losses and executive shake-ups that have negatively affected culture. One of Zaslav's big tasks will be to remake a creative culture for a division that's been run by a phone company since 2018.
Zaslav also needs to convince Wall Street that his company's streaming strategy can compete with Netflix and Disney+ on a global stage. He hasn't defined what that strategy is yet, and he 'll need to balance that with a legacy cable network business that is slowly dying but still brings in billions of dollars each year.
`` Iger did it successfully with Disney, '' said former Vanity Fair editor Graydon Carter, a longtime friend of Zaslav's. `` David's going to want to be front and center in Hollywood for the few months or maybe the first year. This is a new administration, and he's the head of that administration. Then, I 'd imagine he 'll take a step back because he's got a lot of things to get done, and this company has a lot of things that need to be fixed. ''
Zaslav is known as a connector of big personalities.
One of the first things friends bring up about him is his ability to intimately connect with people, even when surrounded by others. For years, Zaslav threw large parties for hundreds of people at his house in the Hamptons on Long Island, New York. He 'd go out of his way to invite people from finance, technology, media and other industries to mingle and network — and listen to famous musicians such as Diana Ross, Rod Stewart and Earth, Wind & Fire, who he 'd hire to perform at his house.
`` He 'll get food trucks outside. One year I went home with a full pizza in a box, '' Freston said. `` He's a modest guy, but throwing a party like those was a generous act on his part that maybe signaled his ambitions. ''
He also makes a point to send unusually high-quality Discovery-themed swag to all sorts of people in the media and entertainment industry every year. Friends say they're frequently surprised to receive fleece vests, Bombas socks, popcorn makers and other plush stuffed animals in the mail each year in Discovery gift baskets for holidays and special events.
`` He's the male Jackie O., '' said Carter, referring to the late first lady Jacqueline Kennedy Onassis.
`` He's one of the most popular people I 've ever met in my life. He probably wishes there was a fourth meal in the day so he can meet even more people, '' Carter added. `` He's like one of the guys who started Hollywood. He's comfortable out there. ''
Beyond Hollywood, Zaslav will have to earn trust with his own people. One former WarnerMedia executive said the biggest thing Zaslav can do is cheerlead. Letting Warner employees, including top executives, know that their work is appreciated and understood can be even more important than adding his own insight.
WATCH: ' I think the opportunity is outside the U.S. ' Michael Nathanson says of Warner Bros. Discovery
| business |
صندوق النقد الدولي بحاجة إلى تخفيف مخاطر التحول المناخي by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | يُبين أحدث تقييم علمي أجرته الهيئة الحكومية الدولية المعنية بتغير المناخ بوضوح أن تكاليف التقاعس عن اتخاذ إجراءات حاسمة بشأن مكافحة ظاهرة الاحتباس الحراري تتزايد بسرعة، مما قد يُلحق أضرارًا بالغة بشكل غير متناسب بالبلدان الفقيرة التي لا تتحمل أي مسؤولية عن التسبب في هذه المشكلة. ولكن ما يتم تجاهله غالبًا هو أن العمل المناخي نفسه قد يُخلف أيضًا آثارًا سلبية غير مقصودة في البلدان النامية.
عادة ما يُشير الباحثون ومحافظو البنوك المركزية إلى نوعين من المخاطر المالية المتعلقة بالمناخ: `` المخاطر المادية '' و `` مخاطر الانتقال ''. تنتج المخاطر المادية عن الزيادات في تركيز الانبعاثات، بينما تنشأ مخاطر الانتقال عن الصدمات التكنولوجية ودمج سياسات وأنظمة مناخية في الاقتصادات الرئيسية.
وفي الفترة ما بين عامي 1850 و 1990، شكلت الولايات المتحدة وأوروبا 75٪ من إجمالي انبعاثات ثاني أكسيد الكربون. واليوم، يساهم البلدان بحوالي 50٪، في حين تُمثل الصين والهند وغيرهما من الاقتصادات الناشئة نسبة متزايدة. وفي ضوء هذه الحقائق، يتعين على الولايات المتحدة وأوروبا اتخاذ خطوات جريئة لمعالجة مشكلة المناخ، ورسم مسار تتبعه البلدان المسؤولة عن إصدار الانبعاثات السريعة النمو في العالم.
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Writing for PS since 2022 1 Commentary
Xiaobei He is Deputy Director of the Macro and Green Finance Lab at the National School of Development at Peking University.
Writing for PS since 2022 1 Commentary
Irene Monasterolo, Professor of Climate Finance at the EDHEC Business School and EDHEC-Risk Institute, is a visiting research fellow at the Boston University Global Development Policy Center.
Writing for PS since 2011 12 Commentaries
Kevin P. Gallagher is Professor of Global Development Policy at Boston University and Director of the Boston University Global Development Policy Center.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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| general |
California Corporate Diversity Law Ruled Unconstitutional | In a disappointing blow to all DEI professionals, a California law known as AB 979 has been ruled unconstitutional by a judge in the state.
The law was designed to increase representation of underrepresented communities ( including individuals who self-identify as Black, African American, Hispanic, Latino, Asian, Pacific Islander, Native American, Native Hawaiian, Alaska Native, gay, lesbian, bisexual or transgender).
In announcing his decision to block the state law from legally continuing, Los Angeles Superior Court Judge Terry Green said that even though diverse boards may be beneficial to corporations and good for business, the state has no business trying to mandate this diversity into existence and should have sought out other means to try and achieve their goals, including mandatory disclosure requests.
“ If demographically homogeneous boards are a problem, then heterogenous boards are the immediate and obvious solution, ” Green wrote in his decision. “ But that doesn’ t mean the Legislature can skip directly to mandating heterogenous boards. ”
In other words: even if we know lack of diversity is a problem, the state can’ t mandate rules to address that issue. But how did we get to this point?
On September 30, 2020, California Gov. Gavin Newsom signed Assembly Bill ( AB) 979 into state law. Controversial even at the time between people of varying political beliefs, the bill stated that all publicly held corporations headquartered within the state would be required to diversify their boards of directors with individuals from underrepresented communities by December 31, 2021.
Specifically, the law required that corporations with five directors must have at least two female directors and those with six or more directors must have at least three directors who were women.
The bill also stated that, by the end of the 2021 calendar year, these same corporations must have one director from an underrepresented community.
With the ongoing COVID-19 pandemic at its peak at the time, the California law went into effect, and the country still reeling from the tragic murder of George Floyd, the push for change in the country at the time the bill was approved was at an all-time high. While signing the bill into law, Gov. Newsom said it was imperative for minorities to have a voice on the boards of powerful corporations — and that’ s what he hoped this bill could help to bring about.
“ When we talk about racial justice, ” he said, “ we talk about empowerment, we talk about power, and we need to talk about seats at the table. ”
On the same day that Gov. Newsom signed AB 979 into law, the conservative activist group Judicial Watch filed a lawsuit claiming the state’ s newly enacted corporate diversity law was unconstitutional and violated the idea of equal protection for all under federal law. The group also claimed that the law violated California’ s Constitution because it required corporations to have a specific number of directors based upon race, ethnicity, sexual preferences and transgender status.
In counter filings, the Associated Press wrote that in responding to the lawsuit, lawyers for the State of California also challenged the Plaintiffs’ legal standing in the case and argued that AB 979 did not violate the California Constitution and that the measure didn’ t “ discriminate against, or grant preferential treatment to, any individual or group of the basis of race, sex, color, ethnicity, national origin of public employment, public education, or public contracting. ”
While the new law was being fought over in the courts, California businesses quickly began working to meet its requirements. A report issued at the start of 2022 by the California secretary of state’ s office revealed that approximately 42% of the more than 700-plus publicly held corporations within the state were already in compliance with the law’ s requirements.
Still, despite the state’ s arguments and the impressive process the law had already helped to bring about, Judge Green ultimately decided the law did go against the state’ s constitution. In a 24-page decision, he wrote that California lawmakers did not provide enough statistics about discrimination and its effects to support their position, or to illustrate why the law was necessary or beneficial. He also said that they did not explore alternative “ identity-neutral ” methods for selecting board members such as requiring board members to be selected publicly.
Judicial Watch President Tom Fitton said in a statement that the decision was “ one of the most important civil rights decisions in recent memory. ” He added that the California court system had “ declared unconstitutional one of the most blatant and significant attacks in the modern era on constitutional prohibitions against discrimination. ”
While representatives for California have yet to publicly state whether they will appeal Judge Green’ s decision, or what they hope will happen next with AB 979, the law isn’ t the only corporate diversity measure in the state currently being litigated against.
In 2018, then-California Gov. Jerry Brown approved another Senate bill, AB 826, which also impacted board diversity for California-based corporations. This law required that all publicly held corporations in the state bolster female representation on their board of directors and required that each of these corporations appoint at least one board member who identified as a woman by the end of 2019.
Expanding on that, the law then required that by the end of 2022, boards with five directors must have at least two women while six directors or more must have at least three members who are women. Fines for failing to comply with the mandate were hefty: $ 100,000 for first-time violations and $ 300,000 for subsequent violations.
Watch also has a lawsuit pending against AB 826 right now and is hoping that it too will successfully be overturned. However, even though it has existed for just a couple of years, and despite that pending lawsuit, AB 826 does appear to be working. The nonprofit group Cal Partners Project has reported that female representation on boards has increased by more than 14% in the last two years, rising from 15.5% to 29.6%, largely as a result of that law alone.
Even with diversity initiatives regularly under attack, DEI supporters know there will always be a need for diversity, equity, inclusion and representation, and one rule being overturned will not stop corporations from focusing on this as well as sustainability initiatives that plug into their ESG strategies.
In the short term, industry experts believe Judge Green’ s ruling will likely cause some turmoil in corporate boardrooms, according to corporate news site Chief Executive.
Many companies in the state have started following the law and adding women and underrepresented groups to their corporate boards, so Judge Green saying the law is illegal could create negative feelings between board members about the need for diversity.
Chief Executive added that this could lead to “ heated debates over whether to slow or discontinue diversity efforts ” started in the last few years, but board and management teams will likely come together to successfully confirm a company’ s ultimate position on diversity and inclusion and their overall importance to the success of the business.
Originally published at newsroom.cigna.com. Cigna ranked No. 33 on The DiversityInc Top 50 Companies for Diversity list in 2021. The world has certainly changed in the last two years: A pandemic. Social isolation. Job loss. Illness. Death. An uncertain economy. All of these things have taken a toll on the…
Originally published at adp.com. ADP ranked No. 8 on The DiversityInc Top 50 Companies for Diversity list in 2021. This Women’ s History Month offers an opportunity for companies to examine their policies, programs and approaches to engaging the women within their ranks and celebrating their accomplishments. Here are some valuable…
Originally published at abbott.mediaroom.com. Abbott ranked No. 4 on The DiversityInc Top 50 Companies for Diversity list in 2021. Abbott and the Local Initiatives Support Corporation ( LISC) announced a $ 37.5 million initiative to provide diverse small businesses with the tailored growth capital, loans and support they need to compete, grow and…
Originally published at mastercard.com. Michael Froman is the Vice Chairman and President of Strategic Growth at Mastercard. Mastercard ranked No. 5 on The DiversityInc Top 50 Companies for Diversity list in 2021. Across the world we continue to watch the devastating events unfolding in Ukraine. The people of Ukraine have…
Originally published at thehersheycompany.com. The Hershey Company ranked No. 10 on The DiversityInc Top 50 Companies for Diversity list in 2021. The African Union ( AU) has declared 2022 to be the Year of Nutrition. With high levels of malnutrition in Africa, the AU is committed to strengthening resilience in nutrition and…
Originally published at southerncompany.mediaroom.com. Southern Company ranked No. 20 on The DiversityInc Top 50 Companies for Diversity list in 2021. Southern Company launched a campaign on LinkedIn called “ Mother Earth is Hiring ” today, highlighting hundreds of thousands of environmental job and volunteer opportunities currently available across the U.S. The showcase page works…
Originally published at raytheonmissilesanddefense.com. Supporting those who protect us: That’ s what motivates people who pitch in at The Greater Boston Food Bank Veterans Market in Newton, Massachusetts on the third Friday of every month. Things are tough right now. A fifth of American households going hungry includes someone who…
Originally published at home.kpmg. Andrés Jiménez is a Forensic Partner of KPMG Colombia. KPMG ranked No. 16 on The DiversityInc Top 50 Companies for Diversity list in 2021. There are innumerable steps that can be taken at a local, regional and international level to mitigate and even halt the effects…
Originally published at about.kaiserpermanente.org. Kaiser Permanente is a Hall of Fame company. For the fourth consecutive year, Kaiser Permanente has been named one of the World’ s Most Ethical Companies by the Ethisphere Institute, an independent group that monitors business ethics. Kaiser Permanente is 1 of 135 honorees worldwide, and 1 of…
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…
The experience of # women and professionals of color reveals that the triggers of and solutions to impostor syndrome… https: //t.co/icEKPW9HpS April 10, 2022
@ 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 | general |
Oil dives 4%, below $ 100 on China lockdowns, reserves release plan | U.S. West Texas Intermediate ( WTI) closed at its lowest since Feb. 25, the day after Russian forces invaded Ukraine, an action Moscow calls a `` special military operation. ''
Brent futures fell $ 4.30, or 4.2%, to settle at $ 98.48 a barrel, while WTI crude fell $ 3.97, or 4.0%, to settle at $ 94.29. It was the lowest close for Brent since March 16.
Fuel consumption in China, the world's biggest oil importer, has stalled with COVID-19 lockdowns in Shanghai, analysts at the Eurasia Group consultancy said. Shanghai, China's financial center, started easing lockdowns in some areas on Monday despite reporting a record of more than 25,000 new COVID-19 infections.
`` Even when the restrictions in Shanghai are lifted, China's zero-Covid policies will likely remain a drag on demand, '' Eurasia Group said, noting Shanghai lockdowns likely reduced China's overall oil consumption by up to 1.3 million barrels per day ( bpd).
To help offset a shortfall in Russian crude after Moscow was hit with sanctions, IEA member nations, including the United States, will release 240 million barrels of oil over the next six months.
The release of Strategic Petroleum Reserve ( SPR) volumes equals 1.3 million bpd over the next six months, enough to offset a shortfall of 1 million bpd of Russian oil supply, analysts at JP Morgan said.
`` The ( SPR) release will be the largest of all time, and has already broken the back of the WTI price curve, '' said Robert Yawger, executive director of energy futures at Mizuho, noting the spreads were sliding toward contango.
Contango signals an oversupplied market. It is when prices for later-dated months are higher than the front-month.
In contrast, when concerns about supply shortages were high in early March, the WTI curve was in what Yawger called `` super-backwardation '' with each month at least $ 1 a barrel below the prior month through November 2023.
Adding pressure to crude prices, the U.S. dollar was on track to strengthen for an eighth straight day against a basket of other currencies. A stronger dollar makes oil more expensive for holders of other currencies.
In a move that could tighten global oil supplies, the European Union's ( EU) executive is drafting proposals for an embargo of Russian oil, although there was still no agreement to ban Russian crude.
The Organization of the Petroleum Exporting Countries ( OPEC) told the EU that sanctions on Russia could create one of the worst-ever oil supply shocks and it would be impossible to replace those volumes. OPEC signaled it would not pump more oil.
U.S. President Joe Biden and Indian Prime Minister Narendra Modi held talks on Monday as Washington pushed its Asian ally to support its response to Russia's invasion.
India, the world's third-biggest oil importer, has increased purchases of Russian crude in recent months because Moscow has been forced to sell its oil at a steep discount since invading Ukraine.
Fuel demand in India rose to a three-year high in March, with petrol sales hitting an all-time peak.
( Additional reporting by Bozorgmehr Sharafedin in London, Florence Tan and Isabel Kua in Singapore and David Gaffen in New York; Editing by David Goodman, Mark Potter, Will Dunham and David Gregorio)
By Scott DiSavino | business |
Il Fmi deve mitigare il rischio di transizione climatica by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | PECHINO – L’ ultima valutazione scientifica del Gruppo intergovernativo sui cambiamenti climatici rileva con estrema chiarezza che i costi dell’ inazione sul riscaldamento globale stanno aumentando rapidamente e ricadranno in modo sproporzionato sui paesi più poveri che non hanno alcuna responsabilità per aver causato il problema. Ma ciò che spesso viene trascurato è che la stessa azione per il clima può avere effetti negativi non intenzionali anche nei paesi in via di sviluppo.
Studiosi e banchieri centrali di solito fanno riferimento a due tipi di rischio finanziario correlato al clima: “ rischi fisici ” e “ rischi di transizione ”. Mentre il rischio fisico è il risultato dell’ aumento della concentrazione delle emissioni, i rischi di transizione possono emergere da shock tecnologici e dall’ introduzione di politiche e regolamenti climatici nelle economie chiave.
Tra il 1850 e il 1990 gli Stati Uniti e l’ Europa hanno rappresentato il 75% delle emissioni cumulative di anidride carbonica. Oggi contribuiscono per circa il 50%, mentre Cina, India e altre economie emergenti rappresentano una quota crescente. Visti i precedenti, gli Stati Uniti e l’ Europa devono agire con coraggio per affrontare il problema climatico e tracciare un percorso che possa essere seguito dagli emettitori mondiali in rapida crescita.
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Cryptocurrencies and blockchain-based technologies are here to stay. But what will their next chapter look like?
Join us for our live virtual event, Finance 3.0, to hear the world’ s leading experts discuss how to maximize the benefits and mitigate the risks of the burgeoning new crypto industry.
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Writing for PS since 2022 1 Commentary
Xiaobei He is Deputy Director of the Macro and Green Finance Lab at the National School of Development at Peking University.
Writing for PS since 2022 1 Commentary
Irene Monasterolo, Professor of Climate Finance at the EDHEC Business School and EDHEC-Risk Institute, is a visiting research fellow at the Boston University Global Development Policy Center.
Writing for PS since 2011 12 Commentaries
Kevin P. Gallagher is Professor of Global Development Policy at Boston University and Director of the Boston University Global Development Policy Center.
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Before Russian President Vladimir Putin’ s attack on Ukraine, Europe’ s recovery from the damage wrought by the COVID-19 pandemic was solidifying. But now European policymakers have exactly zero control over whether their economies ' rebound continues.
For 40 years, the United States has made a point of not saying whether it would defend Taiwan against a Chinese invasion, an approach that proved effective in deterring rash action by China and by pro-independence Taiwanese. But now that circumstances have changed, so, too, must America's strategy.
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New mechanisms needed for debt stress as poor countries hit by surging prices -IMF | `` The war in Ukraine is adding risks to unprecedented levels of public borrowing while the pandemic is still straining many government budgets, '' Vitor Gaspar, director of the International Monetary Fund's fiscal affairs department, and Ceyla Pazarbasioglu, the IMF's strategy chief, wrote in a new blog.
`` With sovereign debt risks elevated and financial constraints back at the center of policy concerns, a global cooperative approach is necessary to reach an orderly resolution of debt problems and prevent unnecessary defaults. ''
Spikes in food and energy prices were hitting low-income countries particularly hard, and they may need more grants and highly concessional financing. Countries should undertake reforms to improve debt transparency and strengthen debt management policies to reduce risks.
About 60% of low-income countries were already in, or at risk of, debt distress, the authors said. Rising interest rates in major economies could lead to widening spreads for countries with weaker fundamentals, making it more costly for them to borrow.
The credit crunch was exacerbated by declining overseas lending from China, which is grappling with solvency concerns in the real-estate sector, COVID-19 lockdowns and problems with existing loans to developing countries, they said.
Actions taken by major economies were insufficient, they said, noting that a freeze in official bilateral debt payments adopted at the start of the pandemic had ended, and no restructurings had been agreed under a framework set by the Group of 20 industrialized nations.
Options were needed for a broader range of countries, now not yet eligible for debt relief.
`` Muddling through will amplify costs and risks to debtors, creditors and, more broadly, global stability and prosperity, '' they wrote. `` In the end, the impact will be most sharply felt by those households that can least afford it. ''
( Reporting by Andrea Shalal; Editing by Peter Graff)
By Andrea Shalal | business |
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