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Revive Therapeutics Provides Update on Phase 3 Clinical Trial for Bucillamine in COVID-19 | TORONTO, April 11, 2022 ( GLOBE NEWSWIRE) -- Revive Therapeutics Ltd. ( “ Revive ” or the “ Company ”) ( OTCQB: RVVTF) ( CSE: RVV) ( FRANKFURT:31R), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to provide an update on the Company’ s U.S. Food & Drug Administration ( “ FDA ”) Phase 3 clinical trial ( the “ Study ”) ( NCT04504734) to evaluate the safety and efficacy of Bucillamine, an oral drug with anti-inflammatory and antiviral properties, in patients with mild to moderate COVID-19.
The Data Safety and Monitoring Board ( “ DSMB ”) are scheduled to meet this quarter to evaluate the current clinical and safety data to either make recommendations on the Study or advise on potentially halting the Study early due to positive efficacy based on other clinical outcomes evaluated such as the rate of sustained clinical resolution of symptoms of COVID-19. The Company believes that with the Omicron variant, including the BA.2 variant, being the dominant strain over the Delta variant and COVID-19 hospitalizations in the U.S. in decline, there is an urgent unmet need to treat symptom resolutions in addition to preventing hospitalizations. The Company has made efforts in determining the appropriate revised primary and secondary clinical endpoints for FDA consideration for potential Emergency Use Authorization. In parallel, the Company will continue enrollment activities in the U.S. and Turkey and is still targeting Q2-2022 to meet the enrollment goals.
“ With COVID-19 cases on the rise and the need for alternative oral treatments that is relevant to the current state of the disease, we believe that Bucillamine’ s anti-inflammatory and antiviral properties offers an alternative potential solution that is urgently needed globally to fight COVID-19 and allow for people to improve their quality of life, ” said Michael Frank, CEO of Revive.
The Company is not making any express or implied claims that its product has the ability to eliminate or cure COVID-19 ( SARS-2 Coronavirus) at this time. | business |
Biden, Modi to meet virtually Monday over Ukraine | Hi, what are you looking for?
US President Joe Biden and Indian Prime Minister Narendra Modi will hold a virtual summit Monday.
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Published
US President Joe Biden and Indian Prime Minister Narendra Modi will hold a virtual summit Monday, clouded by US frustration over New Delhi’ s neutral stance on Russia’ s invasion of Ukraine.
The South Asian nation has tried to walk a tightrope between maintaining relations with the West and avoiding alienating Russia, and has not imposed sanctions over the conflict.
New Delhi has raised concerns in Washington in particular by continuing to buy Russian oil and gas, despite pressure from Biden for world leaders to take a hard line against Moscow.
“ President Biden will continue our close consultations on the consequences of Russia’ s brutal war against Ukraine and mitigating its destabilizing impact on global food supply and commodity markets, ” Press Secretary Jen Psaki said in a statement on Sunday.
The call will take place at 11:00am ( 1500 GMT), the White House said.
The state-run Indian Oil Corp. has bought at least three million barrels of crude from Russia since the start of the invasion on February 24, in defiance of an embargo by Western nations.
Biden and Modi failed to reach a joint condemnation of the Russian invasion when they last spoke in early March at a meeting of the so-called “ Quad ” alliance of the United States, India, Australia and Japan.
And India abstained when the UN General Assembly voted last week to suspend Russia from its seat on the 47-member Human Rights Council over allegations that Russian soldiers in Ukraine engaged in war crimes.
– ‘ Shaky’ response –
The United States has already warned that any country that actively helps Russia to circumvent international sanctions will suffer “ consequences. ”
Yet this has not deterred India from working with Russia on a rupee-ruble payment mechanism to enable existing trade obligations in the wake of sanctions imposed on the Kremlin.
Biden said on March 21 that India was an exception among Washington’ s allies with its “ shaky ” response to the Russian offensive.
In the Cold War, officially non-aligned India leaned towards the Soviet Union — in part due to US support for arch-rival Pakistan — buying its first Russian MiG-21 fighter jets in 1962.
According to experts, Russia remains India’ s biggest supplier of major arms and India is also Russia’ s largest customer.
Russian Foreign Minister Sergei Lavrov, who met with Modi in New Delhi in early April, lauded India for its approach to the conflict, and in particular for judging “ the situation in its entirety, not just in a one-sided way. ”
Biden and Modi are also expected to talk about ending the Covid-19 pandemic, countering climate change, and bolstering security and democracy in the Asia-Pacific region, where India is seen as a critical counterweight to growing Chinese power.
The last confrontation between the Chinese and Indian militaries on the Line of Control, on the border of Tibet and the Indian region of Ladakh, flared up as recently as June 2020.
And on Thursday, India claimed to have thwarted a cyberattack launched by Chinese hackers against its power grid.
Secretary of State Antony Blinken and Defense Secretary Lloyd Austin will also hold a “ U.S.-India 2+2 Ministerial ” meeting Monday with Indian Minister of External Affairs Subrahmanyam Jaishankar and Minister of Defense Rajnath Singh.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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President Joe Biden will announce new measures cracking down on so-called `` ghost guns '' on Monday, with an executive order.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Ukraine crisis, inflation risks loom over ECB meeting | Hi, what are you looking for?
European Central Bank governors meet Thursday to ponder record-high inflation and economic uncertainty caused by the war in Ukraine.
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European Central Bank governors meet Thursday to ponder record-high inflation and fresh economic uncertainty caused by the war in Ukraine, with policymakers signalling a willingness to take action sooner rather than later.
At its last meeting in March, the ECB said it would accelerate the winding down of its bond-buying stimulus, with a view to ending the scheme in the third quarter.
An interest rate hike — the ECB’ s first in over a decade — would follow “ some time ” after that, it said.
But since then prices have continued to spiral, with costs for energy, commodities and food surging in the wake of the war in Ukraine, adding to fears that the conflict will stunt a post-Covid recovery.
The US Federal Reserve and the Bank of England have already announced their first rate hikes to combat price pressures, leaving the ECB looking out of step.
Inflation jumped to a record 7.5 percent in the euro area last month, well beyond the ECB’ s two-percent target.
Although no major policy changes are expected on Thursday, ECB chief Christine Lagarde’ s press conference will be scoured for clues of the bank shifting into more aggressive inflation-fighting mode.
“ In our view, policymakers are likely to bring forward their plans to raise interest rates, ” said Capital Economics in a client note, “ as inflation continues to surprise to the upside ”.
Lagarde tested positive for Covid-19 last week but is still set to chair the meeting and take part in the virtual press conference afterwards.
– ‘ Too late’ –
Central bankers use interest rate rises as a tool to tame inflation, but pulling the trigger too soon risks hurting economic growth.
The ECB’ s dilemma has been complicated by Russia’ s invasion of Ukraine and Western sanctions against Moscow, as the fallout from the upheaval to international trade and energy markets remains difficult to predict.
Minutes from the last ECB meeting revealed that many members of the 25-member governing council wanted “ immediate further steps ” to tackle inflation despite the darkening economic picture.
Some governors called for ending the bond purchases in the summer, opening the door to a rate hike in the third quarter.
The minutes showed that the ECB “ has become more hawkish ”, said ING bank economist Carsten Brzeski, describing those advocating for a tightening of monetary policy.
Joachim Nagel, the head of Germany’ s powerful Bundesbank central bank, is among several ECB members who have said they expect the first rate rises this year.
He has cautioned against “ acting too late ”.
– Gloomy consumers –
The ECB has for years maintained an ultra-loose monetary policy, pushing interest rates to historic lows to stoke growth and drive up below-target inflation.
It even set a negative deposit rate of minus 0.5 percent, meaning banks pay to park excess cash at the ECB.
It has also hoovered up billions of euros in government and corporate bonds each month to keep credit flowing in the 19-nation currency club. The massive stimulus is now being phased out, a move the ECB always said would come before any interest rate changes.
Capital Economics analysts said they now expect the ECB to raise the deposit rate as early as July, followed by two more hikes before the end of the year.
Lagarde recently warned that higher energy costs as a result of Europe’ s reliance on Russian oil and gas would worsen Europe’ s cost-of-living squeeze.
Households were becoming more pessimistic, she said, and could cut back further on spending.
“ The longer the war lasts, the higher the economic costs will be and the greater the likelihood we end up in more adverse scenarios, ” she said.
Lagarde, a former French finance minister, has urged European governments to help cushion the blow through fiscal policy.
France, Spain, Germany and other countries have already moved to ease the burden on households and companies, including through fuel tax cuts or subsidies for heating.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
O FMI precisa de mitigar o risco da transição climática by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | BEIJING – A mais recente avaliação científica realizada pelo Painel Intergovernamental sobre as Alterações Climáticas deixa perfeitamente claro que os custos da inacção perante o aquecimento global estão a aumentar rapidamente, e que serão desproporcionalmente suportados pelos países mais pobres e sem qualquer responsabilidade na origem do problema. Mas o que é frequentemente ignorado é que a própria acção climática também pode ter efeitos negativos imprevistos sobre o mundo em desenvolvimento.
Os académicos e os responsáveis pelos bancos centrais referem habitualmente dois tipos de riscos financeiros associados ao clima: os “ riscos físicos ” e os “ riscos de transição ”. Enquanto o risco físico é consequência dos aumentos da concentração de emissões, os riscos de transição podem emergir dos choques tecnológicos e da introdução das políticas e regulamentos climáticos em economias-chave.
Entre 1850 e 1990, os Estados Unidos foram responsáveis por 75% das emissões acumuladas de dióxido de carbono. Hoje, contribuem com cerca de 50%, enquanto a China, a Índia e outras economias emergentes respondem por uma quota cada vez maior. Dado este historial, os EUA e a Europa têm de agir de forma audaz para resolver o problema climático e de traçar o rumo a percorrer pelos emissores mundiais em crescimento mais rápido.
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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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Donal Lenihan: Seldom will a defeat be as celebrated by Munster | Munster's Shane Daly scores a try that may prove vital in keeping the province's hopes of progression alive in the Champions Cup.
Heading into a unique weekend of Heineken Champions Cup action, with advancement to the quarter-finals to be decided, for the first time by the aggregate score from back to back games, I suspect that the Bee Gees classic Stayin’ Alive best summed up the challenge for all the clubs left in the tournament.
Good news then from an Irish perspective with all four provinces still in contention to advance after the opening round of games. Ulster’ s dramatic win in Toulouse against the holders was the result of the round.
The vagaries of this new format meant the concession of a Romain Ntamack try in the last minute will have left a sour taste on the return flight to Belfast, despite the magnitude of their achievement, facilitated by a red card shown to Toulouse winger Juan Cruz Mallia 10 minutes into the game.
Carrying a 13 point aggregate lead into the return leg at the Kingspan would have been monumental. A six point deficit, from a Toulouse point of view, will have a far more manageable feel to it. Ulster must be raging that this round isn’ t a traditional one legged affair.
Connacht and Munster start next weekend's return legs five points in arrears, the big difference being that Munster have a home tie. They return from Exeter clear in the knowledge that they are more than capable of beating the Chiefs and overtaking that points differential.
Connacht’ s task, despite the magnificence of their attacking display in Galway, will be far more difficult at the Aviva Stadium against a Leinster side that will be more cohesive as they continue to reintegrate their returning internationals with the likelihood that Andrew Porter and Ronan Kelleher are set to return to action from their recent injuries.
How often does it happen that teams under pressure to perform are hit by a spate of injuries at their most inopportune time. That certainly appears to be the case for Munster. Attempting to put the damage of that punishing defeat to Leinster behind them, Johann van Graan’ s men could have done without losing so many key performers for their trip to Devon on Saturday.
While it was anticipated that Dave Kilcoyne, Tadhg Beirne and Andrew Conway would be out of contention for the mission to Sandy Park, losing their captain, Peter O Mahony, Gavin Coombes and Joey Carbery, on top of having to absorb the key lessons from the Leinster defeat made for a grim build up to this contest.
Things got even worse before kick off when Simon Zebo and reserve hooker Diarmuid Barron had to withdraw due to illness. In such challenging circumstances, for Munster to return to Limerick with just that five point margin to chase speaks volumes for the character within the group. That has never been called into question.
Munster’ s last trip to England for European action was even more challenging with 34 players ruled out after their disastrous maiden URC visit to South Africa. Munster performed heroically that day even if Wasps were equally ravaged by a mix of injuries and positive Covid cases.
Quite how Munster arrived at the break in this game only ten points in arrears, given the dominance enjoyed by Exeter throughout that period, was a testament to the visiting side's resilience, defensive nous and renowned doggedness.
It came at a cost however with the concession of ten penalties in that 40 minute period alone, all bar one conceded at the breakdown. It didn't help either that Munster’ s scrum was under pressure throughout this spell.
It was inevitable, with that level of continual infringement, that somebody would pay a cost. So it proved when Jack O'Sullivan, who had a fine game when introduced for Alex Kendellen after he failed a head injury assessment, was yellow carded four minutes before half time. No coincidence that Exeter’ s second try arrived two minutes later.
Munster’ s refusal to roll over in that second half was driven by a magnificent showing from their revamped back row where stand in captain Jack O'Donoghue and John Hodnett were outstanding. In all probability, neither would have started had O'Mahony and Coombes been fit for combat. In times of adversity like this, that is exactly what you want. | general |
The Nasdaq 100 drops again on inflation jitters | A Reuters consensus expects that U.S. consumer prices will rise to 8.5% in March year-on-year, due to higher energy prices.
Investors are also worried about the new wave of coronavirus in China. On the scale of the country's population, the contamination figures look very low. But the policy of systematic isolation is creating major disruptions, as more than 7,500 areas are closed, including major urban centers. The population is clearly impacted by the situation, which is causing shortages of certain medicines and food. Overnight, China's March consumer and producer price data exceeded expectations, adding to the negative sentiment. Chinese markets are paying the price this morning with heavy contractions in Shanghai and Hong Kong.
On Wall Street, many investors are talking about a `` Dudley moment ''. The economist and former Fed vice-chairman had warned in December 2020 that inflation would soar and that if the Fed was too slow to react, it would be forced to use brutal action to catch up. Obviously, Bill Dudley's scenario seems to be coming true and he is more listened to now than he was then. He now thinks that a recession is inevitable.
For Bank of America, the question is how long Atlas can withstand the pressure. Atlas is the American consumer, according to the bank. `` The Fed is belatedly addressing inflation and imbalances, but Atlas is being hit by inflation and soon by rates… ''
Economic highlights of the day:
No major indicators are expected today.
The dollar/euro remains unchanged at EUR 0.9185. The ounce of gold rallies to USD 1955. Oil is stabilizing with North Sea Brent just below USD 98.15 a barrel and US WTI light crude at USD 93.70. US 10-year debt yields rise to 2.77% over 10 years. Bitcoin rallies slightly to USD 41,100 a unit.
On markets:
* Twitter announced on Sunday that Elon Musk had rejected the proposal made to him to join the board of directors of the social network after becoming its first shareholder. In pre-market trading, the stock is down 4%.
* The global online retail giant Amazon on Friday called for a new vote by employees at a New York warehouse that approved the creation of the first union in the group's history. The company's management accuses the Amazon Labor Union of influencing the vote.
* Pfizer announced the appointment of David Denton, who currently serves as CFO of home improvement retailer Lowe's, to the position of CFO.
* Cyber security group Sailpoint Technologies announced Monday that it has been acquired by private equity firm Thoma Bravo in a deal valued at $ 6.9 billion. The stock jumped 29.5% in pre-market trading.
* Apple has launched production of the iPhone 13 in India, the U.S. group announced Monday, seeking to reduce its dependence on the Chinese supply chain.
* Warner Bros Discovery is set to debut on the Nasdaq on Monday after the completion of the merger between WarnerMedia, which includes AT & T's media operations, and Discovery. JP Morgan upgraded its coverage of AT & T to `` overweight, '' saying the U.S. company can now refocus on its telecommunications business.
* Goldman Sachs announced Monday that it has completed the acquisition of asset manager NN Investment Partners from NN Group for 1.7 billion euros.
* Curevac and GSK announced on Monday that they have signed a five-year contract with the German government to ensure the rapid supply of mRNA vaccines in the event of a public health emergency. CureVac is up 2.8% in pre-market trading.
Analyst recommendations: | business |
MMF musí zmírnit klimatická tranzitivní rizika by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | PEKING – Nejnovější vědecké hodnocení Mezivládního panelu pro změnu klimatu dává dostatečně najevo, že náklady spojené s nečinností v otázce globálního oteplování rychle stoupají a neúměrně zatíží chudší země, které za tento problém nenesou žádnou zodpovědnost. Přitom se však často přehlíží, že i klimatická akce samotná může mít nezamýšlené negativní dopady v rozvojovém světě.
Vědci a centrální bankéři obvykle uvádějí dva typy finančních rizik spojených s klimatem: „ fyzická rizika “ a „ tranzitivní rizika “. Zatímco fyzické riziko je výsledkem zvýšení koncentrace emisí, tranzitivní rizika mohou vyplynout z technologických šoků a ze zavádění klimatických politik a regulací v klíčových ekonomikách.
V letech 1850 až 1990 se Spojené státy a Evropa podílely na 75% kumulativních emisí oxidu uhličitého. Dnes přispívají asi 50%, přičemž Čína, Indie a další rozvíjející se ekonomiky získávají stále vyšší podíl. Vzhledem k této minulosti musí USA a Evropa podniknout smělé kroky k řešení klimatického problému, a vytyčit tak cestu, kterou budou moci následovat další rychle rostoucí emitenti z celého světa.
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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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Het IMF moet het risico van de klimaattransitie beperken by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | BEIJING – Uit de meest recente wetenschappelijke evaluatie van de Intergouvernementele Werkgroep inzake klimaatverandering blijkt overduidelijk dat de kosten van niet-optreden tegen de opwarming van de aarde snel oplopen, en onevenredig zwaar zullen drukken op de armere landen die niet verantwoordelijk zijn voor het veroorzaken van het probleem. Maar wat vaak over het hoofd wordt gezien, is dat klimaatactie zelf ook onbedoelde negatieve effecten kan hebben in de ontwikkelingslanden.
Wetenschappers en centrale bankiers hebben het meestal over twee soorten klimaatgerelateerde financiële risicoʼs: ʻfysieke risicoʼsʼ en ʻtransitierisicoʼs.ʼ Terwijl fysieke risicoʼs het gevolg zijn van een toename van de emissieconcentratie, kunnen transitierisicoʼs ontstaan door technologische schokken, en door de invoering van klimaatbeleid en -regelgeving in belangrijke economieën.
Tussen 1850 en 1990 waren de Verenigde Staten en Europa verantwoordelijk voor 75 procent van de cumulatieve kooldioxide-uitstoot. Vandaag zijn zij goed voor ongeveer vijftig procent, terwijl China, India en andere opkomende economieën een groeiend aandeel voor hun rekening nemen. Gezien deze geschiedenis moeten de VS en Europa doortastend optreden om het klimaatprobleem aan te pakken en een pad uit te stippelen dat de snelgroeiende emissielanden in de wereld kunnen volgen.
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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.
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El FMI necesita mitigar el riesgo de la transición climática by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | BEIJING – La última evaluación científica del Panel Intergubernamental sobre Cambio Climático deja sobradamente en claro que los costos de la inacción en materia de calentamiento global están aumentando rápidamente y recaerán desproporcionadamente en los países más pobres que no tienen ninguna responsabilidad en la generación del problema. Pero lo que muchas veces se pasa por alto es que la acción climática en sí misma también puede tener efectos negativos no deseados en el mundo en desarrollo.
Los académicos y los banqueros centrales suelen hacer referencia a dos tipos de riesgos financieros relacionados con el clima: “ riesgos físicos ” y “ riesgos de transición ”. Mientras que un riesgo físico es el resultado de incrementos en la concentración de emisiones, los riesgos de transición pueden surgir de shocks tecnológicos y de la introducción de políticas climáticas y regulaciones en economías clave.
Entre 1850 y 1990, Estados Unidos y Europa representaban el 75% de las emisiones de dióxido de carbono acumuladas. Hoy, contribuyen alrededor del 50%, mientras que China, India y otras economías emergentes representan un porcentaje cada vez mayor. Dada esta historia, Estados Unidos y Europa deben actuar con audacia para abordar el problema climático, trazando un sendero que puedan seguir los emisores de más rápido crecimiento del mundo.
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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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IMF必须降低气候转型风险 by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | 北京—政府间气候变化专门委员会的最新科学评估清楚地表明，在全球变暖问题上不采取行动的代价正在迅速上升，而对这个问题没有任何责任的较贫穷国家受到的影响畸重。但经常被忽视的是，气候行动本身也可能对发展中国家产生意想不到的负面影响。
学者和央行官员常常提到两种与气候相关的金融风险： “ 物理风险 ” 和 “ 转型风险 ” 。物理风险是排放浓度增加的结果，而转型风险可能源于技术冲击以及主要经济体引入气候政策和法规。
1850 年到 1990 年间，美国和欧洲占了累计二氧化碳排放量的 75% 。如今，它们贡献了约 50% ，而中国、印度和其他新兴经济体的占比越来越大。鉴于这段历史，美国和欧洲必须采取大胆行动来解决气候问题，为世界快速增长的排放国开辟道路。
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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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Stock Market Today: Dow Slips, Yields Rise, Oil Slides | Wall Street will be closely watching Tuesday's release of inflation data.
Angela Weiss/AFP/Getty Images
Stocks notched losses Monday, as bond yields continued to rise ahead of the start of earnings season.
At the close, the
Dow Jones Industrial Average
had declined 413 points, or 1.2%, while the
S & P 500
fell 1.7%, and the
Nasdaq Composite
dropped 2.2%.
While we often search for reasons for why the stock market is dropping, sometimes it’ s simple math. The yield on the benchmark 10-year U.S. Treasury yield has risen to 2.777% on Monday, and higher bond yields put pressure on valuations by reducing the “ equity risk premium, ” or the amount of extra return an investor should expect to get from stocks.
The math works like this. The S & P 500 had a price/earnings ratio of 19.35 at Friday’ s close. Flip the P/E to get the E/P, or earnings yield, in this case, 5.17%, subtract the rounded 2.78% 10-year yield, and you get an equity risk premium of 2.4%.
Now, compare that to the start of the year, when the 10-year traded at 1.5%, and stocks traded at 21.5 times earnings, or an earnings yield of 4.65%. That meant stocks, even at a higher valuation, offered 3.15% more than a Treasury, meaning that investors earned a higher risk premium, despite the S & P 500’ s higher P/E at the time.
READ MORE
Goldman, JPMorgan, Delta, and Other Stocks to Watch
All of this, of course, is because of the Federal Reserve, which is expected to aggressively raise interest rates this year and next as it battles historically high inflation. It may also be planning to begin “ quantitative tightening, ” or reducing its balance sheet, as early as its May meeting.
Last week, comments from a number of officials at the central bank and the minutes from the last Fed meeting suggested the Fed will move aggressively to tighten policy, with a sizable half-point interest rate hike expected soon.
“ Last week’ s unexpectedly aggressive pivot by several Fed officials, who are normally considered to be of a more dovish persuasion, [ has seen ] U.S. 10-year, 5-year, and 2-year yields hit their highest levels in over three years, ” said Michael Hewson, an analyst at broker CMC Markets.
In the spotlight this week will be a key U.S. inflation reading. The release Tuesday of the consumer-price index for March will be the last CPI data the Fed receives before its next meeting on monetary policy.
“ Wall Street is worried that inflation will eventually destroy all the growth potential that was supposed to happen this year, ” writes Edward Moya, an analyst at broker Oanda. “ Inflation may be peaking soon, but the war in Ukraine and now China’ s growing lockdowns will continue to drive supply chain issues. Weakness in consumer spending is emerging and that is why many stock traders are entering de-risking mode. ”
Also in focus is the start of the first-quarter earnings season. While just 15 companies in the S & P 500 will report results, they include major U.S. financial groups
JPMorgan Chase
( ticker: JPM) and
BlackRock
( BLK) on Wednesday, before
Citigroup
( C),
Morgan Stanley
( MS),
Goldman Sachs
( GS), and
Wells Fargo
( WFG) on Thursday.
Forecasts call for revenue for S & P 500 companies to climb 10.8% in the first quarter, and for earnings per share to rise a more modest 4.7%. However excluding financials, that picture looks brighter, notes
Credit Suisse
’ s
Chief U.S. Equity Strategist Jonathan Golub—with sales and profit expected to climb 12.3% and 14.5%, respectively.
Golub expects commentary to continue to emphasize high input costs, but when it comes to the full year, we probably won’ t see consensus figures fall too much: 2022 EPS estimates are up 2% year to date, with first-quarter expectations down 1.5%.
“ Estimates typically fall going into reporting season, as companies pre-announce, ” Golub writes. “ The fall in first quarter projections is less severe than the historical average of -4.2%, a positive harbinger. ”
The losses weren’ t limited to the U.S. The pan-European
Stoxx 600
had declined 0.6%, though Paris’
CAC 40
was up 0.1% after first-round election results showed President Emmanuel Macron with a greater lead than polls had suggested over far-right challenger Marine Le Pen. Stocks in Asia were broadly lower, with Hong Kong’ s
Hang Seng Index
slumping 3% amid fears of the Covid-19 outlook in China.
Oil prices dropped 3.5%, with futures for U.S. benchmark West Texas Intermediate crude down to just under $ 95 a barrel.
“ In Asia, a darkening Covid-19 outlook in China has prompted growth and consumption fears, sending Chinese equities and oil prices sharply lower today, ” said Jeffrey Halley, an analyst at broker Oanda.
Here are six stocks on the move Monday:
Twitter
( TWTR) rose 1.7% after CEO Parag Agrawal said Sunday that Elon Musk—the CEO of Tesla ( TSLA) who recently took a 9.2% stake in the social media group—
wouldn’ t be joining the Twitter board
, after all.
Nvidia
( NVDA) has fallen 5.2% after getting
cut to Neutral from Outperform
at Baird.
AT & T
( T) rose 7.7% as it starts to trade following its spinoff of Warner Media to Discovery, which will now trade as Warner Bros. Discovery ( WBD), and is up 1.3%. Warner Brother Discovery received three upgrades before the start of trading Monday.
Tesla
( TSLA) has fallen 4.8% even after its
China deliveries rose in March
.
Ericsson
( ERIC) declined 3.2% after the Swedish telecom group said that
it had suspended its business in Russia
and recorded a 900 million Swedish krona ( $ 95 million) impairment in the first quarter as a result.
Société Générale
( GLE.France) rose more than 5% in Paris trading after the French banking giant said it would divest from Russia with the sale of its Rosbank stake to Russian oligarch Vladimir Potanin.
Write to Jack Denton at
jack.denton @ dowjones.com
and Teresa Rivas at
teresa.rivas @ barrons.com | business |
МВФ необходимо снизить риск изменения климата by Xiaobei He, Irene Monasterolo and Kevin P. Gallagher | ПЕКИН – Последняя экспертная оценка Межправительственной группы экспертов по изменению климата совершенно ясно показывает, что последствия бездействия в борьбе с глобальным потеплением очень скоро лягут непосильным бременем на более бедные страны, не несущие ответственности за возникновение проблемы. При этом часто упускается из виду, что и сами меры по борьбе с изменением климата могут также иметь непреднамеренные негативные последствия для развивающегося мира.
Ученые и представители центральных банков обычно ссылаются на два типа финансовых рисков, связанных с изменением климата: « физические риски » и « риски переходного периода ». В то время как физический риск является результатом увеличения концентрации выбросов, риски переходного периода могут возникнуть в результате технологических потрясений и введения политики и правил в области климата в ключевых экономиках.
В период с 1850 по 1990 год на Соединенные Штаты и Европу приходилось 75% совокупных выбросов углекислого газа. Сегодня их доля составляет около 50%, а растущее количество выбросов углекислого приходится на долю Китая, Индии и других развивающихся экономик. Учитывая эти данные, США и Европа должны безотлагательно решать климатическую проблему, наметив путь, по которому должны следовать быстрорастущие мировые источники выбросов.
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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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Southwest Gas Holders Weigh In on Boardroom Fight with Icahn | The information you requested is not available at this time, please check back again soon.
Carl Icahn., Bloomberg
( Bloomberg) -- A large Southwest Gas Holdings Inc. shareholder came out in support of Carl Icahn’ s slate of director nominees, while a smaller investor accused the Las Vegas-based utility’ s board of entrenching itself in its boardroom battle with the billionaire.
Cohen & Steers Inc., which owns a 1.2% stake in Southwest, said in a statement it notified the company Monday that it intends to support Icahn’ s 10 nominees for the board at a meeting scheduled for May 12.
A representative for Southwest Gas wasn’ t immediately available for comment.
Another shareholder, Carronade Capital Management, also criticized the company’ s board Monday for fighting Icahn, who has offered to acquire the shares in the company that he doesn’ t already own for $ 82.50 apiece.
Carronade criticized Southwest for issuing $ 400 million in equity for less than what Icahn offered to pay. The equity raise was to help to finance its purchase of Questar Pipelines. Carronade also faulted the company for other measures enacted in the fight.
“ Southwest Gas’ s board’ s actions show that they have abdicated their duties to shareholders in order to further entrench themselves and management, including an asset purchase without any strategic logic, implementing an aggressive poison pill and commencing a substantial stock sale at a price more than 10% below a clearly superior and more shareholder-friendly proposal, ” Carronade Managing Director Andy Taylor said in an emailed statement.
Taylor, a former executive at activist investor Elliott Investment Management, declined to comment on the size of Carronade’ s investment.
Icahn, who owns a 4.3% stake in Southwest, has been locked in a months-long battle with the utility, criticizing its board and management for underperformance. Icahn has nominated a slate of directors to replace the entire board.
Southwest’ s board has rejected Icahn’ s takeover attempts. It has argued that the offer price “ fails to compensate Southwest Gas stockholders fairly for the upside potential inherent in their share ownership. ” The company also opposes his nominees.
Shares of Southwest rose 1% to $ 78.69 Monday in New York trading, giving the company a market value of $ 5.26 billion.
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 |
REFINERY NEWS ROUNDUP: Plants in China reduce April throughput | In this week's highlights: Oil markets to focus on monthly reports from OPEC and the International...
The NYMEX Henry Hub prompt-month contract burst through what has been an impassable resistance point...
Pacific Gas and Electric is telling customers to be prepared for potential power outages as strong...
Chinese refineries will slash throughput in April and lift oil product exports from initial plans to compensate for falling domestic demand due to COVID-19 lockdowns.
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As a result, 10 refiners from the 11 polled Sinopec and PetroChina refining sources said they have cut their April throughput by 30,000-100,000 mt from their initial planned volumes or plan to reduce.
These include Sinopec's 14 million mt/year Shanghai Petrochemical, which has been locked down since late March. It will lower throughput by 40,000 mt to 1.19 million mt in April. The neighboring 8 million mt/year Anqing Petrochemical plant has trimmed throughput several times since April 1 to get the current target of about 550,000 mt from an initial 650,000 mt.
Another neighbor, the 16 million mt/year private greenfield Shenghong Petrochemical has further delayed its startup, with no fixed commission schedule, given high oil prices coupled with weak product demand, according to a company source.
Down south in Guangzhou, oil product sales are also slow. The 13.2 million mt/year Sinopec plant has cut throughput by 40,000 mt from planned to 990,000 mt in April.
In eastern China's Shandong province, independent refineries have even cut their average utilization rates to 49.4% as of April 6, against 57.1% a month earlier, according to local information provider JLC.
In northeast China, three of PetroChina's refineries in Liaoning province have reduced their April throughput by 30,000-50,000 mt from original plans, according to sources with the plants.
Meanwhile, Russian crude imports by China's independent refiners slumped 44.4% year on year to a 10-month low of 1.5 million mt in March as a regular buyer ChemChina shut for maintenance its Huaxing Petrochemical. The volume is expected to fall further as a few independent refineries step away from Russian cargoes amid uncertainties in payment and shipping amid the ongoing Russia-Ukraine war and negative refining margins.
Japan's largest refiner ENEOS does not plan to sign any Russian crude oil import contracts following Russia's invasion of Ukraine, ENEOS Holdings Chairman Tsutomu Sugimori said March 22.
`` Following the Ukraine invasion, we have not signed any contracts [ for Russian crude ], '' Sugimori told an online press conference as the president of the Petroleum Association of Japan. `` We do not expect to import [ Russian crude ] for the moment. '' ENEOS, however, will receive a few ships carrying Russian crude cargoes until April from its purchase contracts signed prior to the invasion in February, Sugimori said.
Japan's second largest refiner Idemitsu Kosan has decided to suspend new Russian crude oil trades for imports amid uncertainty over payment and logistics disruptions, a company spokesperson told S & P Global Commodity Insights March 23.
Cosmo Oil, Japan's third largest refiner, does not currently procure Russian crude oil, and it does not have any plans to procure the barrels, a Cosmo Energy Holdings spokesperson said March 23.
Japanese refiner Taiyo Oil is currently seeking clarity about whether it can continue to lift term crude oil supply from Russia, which it relies on for 20% -30% of its crude procurement, amid uncertainty over payment settlements and shipping, a company spokesperson said April 4.
Meanwhile, Japan's Ministry of Economy, Trade and Industry revoked March 31 Taiyo Oil's safety inspection permission at its sole 138,000-b/d Kikuma refinery at Shikoku in western Japan following its violations of safety regulations.
Following the revocation, Taiyo Oil will now have to conduct a refinery maintenance program every year and get it approved by the local authorities until the company restores the permission, a METI official said.
Prior to the suspension of its safety inspection permission, Taiyo Oil planned to shut two crude distillation units at the Kikuma refinery over May 30-Aug. 17 for a large scheduled maintenance program that takes place every four years.
Separately, Japan's largest refiner ENEOS said March 28 it restarted the 170,000 b/d No. 2 crude distillation unit at the Kawasaki refinery in Tokyo Bay on March 25 after it was shut March 16 due to earthquake-led power outages.
ENEOS said April 4 that it plans to restart the distillation unit at the Sendai refinery in the northeast and the Chiba refinery in Tokyo Bay in mid-April.
At the Sendai refinery, all refining units were shut while all refining units at ENEOS's Chiba Refinery and the No. 2 crude distillation unit at the 247,000 b/d Kawasaki refinery, both in Tokyo Bay, were suspended.
In other news, China aims to develop renewables-based hydrogen and curb fossil fuel-based hydrogen production which currently dominates the nation's hydrogen supply, according to its hydrogen industry development plan. The development plan jointly released by China's top economic planner National Development and Reform Commission, or NDRC, and energy regulator National Energy Administration lays out high-level guidelines for its hydrogen supply chain from 2021 to 2035. China has already become the world's largest hydrogen producer with 33 million mt/year of supply, but 63.5% of this is produced from coal, 21.2% as industrial byproduct, 13.8% from natural gas and only 1.5% from water electrolysis that is not fully powered by renewables-based electricity, according to the China Hydrogen Alliance.
Quantitative targets are only set up until 2025, including building up 100,000-200,000 mt/year of renewables-based hydrogen production, realizing 1 million-2 million mt/year of CO2 emissions reduction and 50,000 hydrogen fuel cell vehicles or FCEVs by 2025, the report said.
By 2030, the plan aims to build up a more comprehensive supply system for clean hydrogen and enable broad applications of hydrogen in different sectors to support China's carbon peaking 2030 target.
By 2035, the plan expects to have a more sophisticated ecosystem for hydrogen, covering diverse applications in transportation, energy storage, industrial and other sectors. Renewables-based hydrogen will occupy a significantly increasing share in China's energy consumption mix and become an important backbone for the nation's energy transition, the plan said.
* * Japan's Cosmo Oil shut one of two crude distillation units at its 177,000 b/d Chiba refinery in Tokyo Bay after a fire at a furnace April 2, a company spokesperson said April 5. The fire broke out at around 6:15 pm local time ( 0915 GMT.) April 2, and the local fire department confirmed that it was put out at 11:45 pm, the spokesperson said. No one was injured, and it was not clear when Cosmo would be able to resume the CDU, the spokesperson said.
* * PetroChina's Yunnan Petrochemical refinery in southwestern Yunnan province, which shut its 4 million mt/year residual hydrogenation unit and some of its relative downstream facilities due to a blast in December, is fully back online.
* * ChemChina has shut for maintenance its Huaxing Petrochemical. Works started on March 15.
* * Sinopec Hainan plans to completely shut for nearly two months of scheduled maintenance March 15-May 10, and there will no oil products exports in April. The Hainan refinery plans to process 370,000 mt of crude oil in March, which would be equivalent to about 47% of its nameplate processing capacity, down from 102% in February.
* * PetroChina's Liaohe Petrochemical will shut for maintenance over April-June.
* * Sinopec's Yangtz Petrochemical is scheduled to shut the entire refinery for maintenance over March-April.
* * Sinopec's Tahe Petrochemical is scheduled to shut for maintenance from mid-March to late April.
* * Japanese refiner Taiyo Oil plans to shut two crude distillation units at its sole Kikuma refinery over May 30-Aug. 17 for scheduled maintenance, a company spokesperson said March 8. It will halt a 106,000 b/d No. 1 CDU and a 32,000 b/d No. 2 CDU. `` This will be a large-scale planned maintenance [ which is done ] every four years, and we plan to shut the No.1, the No. 2 CDUs and the [ 32,000 b/d ] RFCC at about the same time, '' the spokesperson said.
* * Japan's largest refiner ENEOS will decommission the sole 127,500 b/d crude distillation unit at its Wakayama refinery in western Japan in October 2023.
* * Japan's ENEOS will decommission the 120,000 b/d No. 1 CDU at its 270,000 b/d Negishi refinery in Tokyo Bay in October 2022. It will also decommission secondary units attached to the No. 1 CDU, including a vacuum distillation unit and fluid catalytic cracker. ENEOS will also decommission a 270,000 mt/year lubricant output unit at the Negishi refinery.
* * Sinopec plans to add a petrochemical plant to its Fujian refining complex as part of its phase two expansion plans, according to a company source. `` An ethylene plant will likely be added, '' said the source, without giving more details as the plans are still in early stage. The adding of the new chemical plant, will likely help lift the overall run rates at the refinery, sources said. On March. 8, Saudi Aramco and Sinopec said they would study possible capacity expansion at the Fujian refinery. The two companies will undertake a feasibility study looking into `` optimization and expansion of capacity '', Saudi Aramco said in a statement.
* * Chinese Sinopec's refinery Zhenhai Refining and Chemical has a 27 million mt/year refining capacity and a 2.2 million mt/year ethylene plant, after its phase 1 expansion project of 4 million mt/year crude distillation unit and a 1.2 million mt/year ethylene unit was delivered end-June. The company aims to grow its refining capacity to 60 million mt/year and 7 million mt/year of ethylene by 2030.
* * PetroChina's Guangxi Petrochemical in southern Guangxi province planned to start construction at its upgrading projects at the end of 2021, with the works set to take 36 months. The projects include upgrading the existing refining units as well as setting up new petrochemical facilities, which will turn the refinery into a refining and petrochemical complex. The project will focus on upgrading two existing units: the 2.2 million mt/year wax oil hydrocracker and the 2.4 million mt/year gasoil hydrogenation refining unit. For the petrochemicals part, around 11 main units will be constructed, which include a 1.2 million mt/year ethylene cracker.
* * Sinopec's Changling Petrochemical in central Hunan province plans to start construction for its newly approved 1 million mt/year reformer.
* * Japan's Idemitsu Kosan plans to start work on raising the residue cracking capacity at its 45,000 b/d FCC at Chiba.
* * Axens said its Paramax technology has been selected by state-owned China National Offshore Oil Corp. for the petrochemical expansion at the plant. The project aims at increasing the high-purity aromatics production capacity to 3 million mt/year. The new aromatics complex will produce 1.5 million mt/year of paraxylene in a single train.
* * Construction of a new 1 million mt/year coker at Chinese independent refinery Haiyou Petrochemical, in eastern Shandong, has been put on hold.
* * Sinopec's Jinling Petrochemical refinery in eastern China will build a new 600,000 mt/year VDU.
* * Private greenfield Shenghong Petrochemical has further delayed its startup, with no fixed commission schedule, given high oil prices coupled with weak product demand. The refinery initially planned to start up in end August, but this was postponed to end-December and then to January.
* * PetroChina has started constructing a low sulfur bunker fuel oil project with 2.6 million mt/year production capacity at its upcoming Guangdong Petrochemical. PetroChina targets to commission Guangdong Petrochemical by end-2022. The Guangdong plant is PetroChina's latest greenfield integrated refinery in southern China Jieyang city, featured with a 2.6 million mt/year aromatics unit and a 1.2 million mt/year steam cracker.
* * Saudi Aramco said it has `` taken the final investment decision '' to participate in the development of a major refinery and petrochemical complex in China which is expected to be operational in 2024. The complex will be developed by Huajin Aramco Petrochemical Company ( HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group. The decision is subject to finalization of transaction documentation, regulatory approvals and closing conditions. The project represents an opportunity for Aramco to supply up to 210,000 b/d of crude feedstock for the complex. The complex involves a 300,000 b/d refinery, 1.5 million mt/year ethylene-based steam cracker and a 1.3 million mt/year PX unit, S & P Global Commodity Insights has reported previously.
* * Honeywell said China's Shandong Yulong Petrochemical will use `` advanced platforming and aromatics technologies '' from Honeywell UOP at its integrated petrochemical complex. The complex will include a UOP naphtha Unionfining unit, CCR Platforming technology to convert naphtha into high-octane gasoline and aromatics, Isomar isomerization technology. When completed Yulong plans to produce 3 million mt/year of mixed aromatics. Shandong's independent greenfield refining complex, Yulong Petrochemical announced the start of construction work at Yulong Island in Yantai city at the end of October 2020. Construction was expected to be completed in 24 months. The complex has been set up with the aim of consolidating the outdated capacities in Shandong province. A total of 10 independent refineries, with a total capacity of 27.5 million mt/year, will be mothballed over the next three years.
Jinshi Petrochemical, Yuhuang Petrochemical and Zhonghai Fine Chemical, Yuhuang Petrochemical and Zhonghai Fine Chemical will be dismantled, while Jinshi Asphalt has already finished dismantling.
* * China's coal chemical producer Xuyang Group has announced plans to build a greenfield 15 million mt/year refining and petrochemical complex in Tangshang in central Hebei province.
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Lynas Rare Earths Looking to Raise Supply to Meet Market Growth -- Commodity Comment | Lynas Rare Earths Ltd. on Tuesday reported a rise in third-quarter rare-earths production and sales revenue. Here are some remarks from its quarterly operations report.
On neodymium-praseodymium demand:
`` Demand for Lynas products remained strong during the quarter, particularly for the NdPr product family in the magnet market segment. Lynas continues to receive many approaches from end users seeking to secure their raw material sourcing over the longer term and is engaged in productive discussions with a number of these end users. The market price for NdPr continued to strengthen during the March quarter and our customers continue to advise that demand for rare earths remains strong, particularly in automotive industry. The NdPr price has strengthened significantly over the past two years and the average daily price reached $ 145.4/kilogram ( ex-VAT) in February 2022, before moderating to $ 144.2/kilogram ( ex-VAT) in March 2022. We are focused on developing initiatives to increase supply to support continued market growth. ''
On the neodymium-iron-boron market:
`` The NdFeB market continued to record robust growth, despite many downstream industries dealing with a reduced workforce due to the Covid-19 pandemic and the global shortage of semi-conductors during the period. ''
On Lynas's production:
`` Record NdPr production of 1,687 [ metric tons ] was achieved during the quarter and total REO [ rare earth oxide ] production of 4,945 tons was achieved. We are particularly proud to have achieved over 600 tons of NdPr production in March for the first time since the pandemic began. This was achieved despite ongoing effects of Covid-19 in Malaysia and global logistics disruptions. Preventative maintenance continued across key processes and inventories of critical chemicals and reagents were strategically built up during this period. These actions will minimize supply risks and contribute to stable production despite continuing unpredictability in the external environment. ''
Write to Rhiannon Hoyle at rhiannon.hoyle @ wsj.com
( END) Dow Jones Newswires
04-11-22 1911ET | business |
Boris Johnson fined by police over partygate – what happens next? | After months of dodging the issue, it appears that British Prime Minister Boris Johnson did in fact break his own emergency laws during COVID restrictions.
The police have fined Johnson, his wife Carrie and – in a new twist to the story – Chancellor Rishi Sunak in relation to the partygate affair, which saw staff socialising in government buildings while the rest of the country was living under severe restrictions on their movements.
The prime minister and Chancellor of the Exchequer have today received notification that the Metropolitan police intend to issue them with fixed penalty notices.
In a video statement issued shortly after the announcement from the police, Johnson revealed that he has already paid the fine, which relates to a gathering on his birthday on June 19 2020 in the Cabinet Room of 10 Downing Street. He said he did not think, at the time, that it broke the rules.
A few weeks ago, when the police first announced it was investigating partygate, it really did look like Johnson’ s future was hanging in the balance. Since then a number of events, not least Russia’ s invasion of Ukraine, have shifted the political spotlight away from the prime minister’ s predilection for partying.
This fresh scandal is undoubtedly bad news that the prime minister could have done without. It is unprecedented to have the holders of the top two great offices of state – prime minister and chancellor – subject to police-mandated penalties.
It’ s not so much the fines that matter in this case, but the principles that have been broken to make the police fines necessary. This story of birthday cakes and Christmas quizzes has become a constitutional matter.
Ever since news first broke of government staff partying during the darkest moments of the pandemic, Johnson has consistently refused to admit that the law was broken. In recent weeks, he has been able to refer to an ongoing police investigation as cover for failing to engage with questions on the matter. He couldn’ t possibly comment, he insisted, before the official inquiries reach their conclusion.
The announcement that the prime minister is among dozens of people being fined removes that defensive shield, however. It now seems almost impossible for Johnson to claim that no criminality was committed. He may well be a politician with remarkable skills but surely it’ s beyond even his wily ways to somehow convince the public that a police fine is anything other than a very firm signal of criminal guilt.
It is at this point that the conventions written into the Ministerial Code come into play. This document sets out various expectations about the conduct of government ministers when in office, including – crucially in this case – the expectation that any minister who knowingly misleads parliament will be expected to resign.
Multiple government ministers have fallen foul of this rule over the years but it is yet to take down a prime minister.
Attention during the next hours and days is likely to turn almost exclusively to this point. The key question is whether on all of those occasions when the prime minister has previously denied that any rules were broken he was knowingly misleading parliament.
The prime minister has never spoken in parliament about the June 19 event specifically but has told MPs on several occasions that no rules were broken at other key moments – and often in terms that implied no rules were ever broken.
He has, for example, insisted to parliament that he believed one of the most controversial Downing Street gatherings to be a “ work event ” – suggesting that if rules were broken, he was an unwitting participant in the breach. Asked about a Christmas party in December 2020, he said “ all guidance was followed completely in No. 10 ”.
Both leave the prime minister on difficult ground. Nor has the Metropolitan Police ruled out issuing further fines in relation to events on dates other than June 19.
It is, in practice, highly unlikely that Johnson will admit to having lied. Saying sorry has never been his style, and an admission of treating parliament with such contempt is almost unthinkable.
Denial and detachment are by far the most likely responses.
Denial will come in the form of promoting a sense of confusion around whether the fines relate to rules, laws or regulations. Expect bluff and bluster until the wind has blown out of the issue – and perhaps another surprise trip to Ukraine.
Detachment will mean trying to shift the blame onto someone else. Johnson will continue to claim that he did not knowingly mislead the House and was simply following the essence of the advice that he himself received from officials and advisers. If he isn’ t willing to accept blame, there remain plenty of other staff among those being fined who can carry the can.
Is partygate going to be the issue that brings Johnson down? At the end of the day, ousting the prime minister would require a large number of Tory backbenchers to rebel and support a vote of no confidence in him. While there is embarrassment and frustration within his party, there does not appear to be an appetite for total capitulation. Not yet.
Bar all the noise and shouting, the partygate moment has probably passed. | business |
Les entreprises familiales ukrainiennes, au cœur de la résistance en temps de guerre | À l’ heure où les combats font encore rage, les entreprises familiales ukrainiennes affichent une capacité de résistance, d’ organisation, et un esprit de solidarité puisés dans leur culture de la résilience sans cesse renouvelée, voire renforcée à travers l’ histoire.
Selon la définition retenue au niveau de la Commission européenne, une entreprise, quelle que soit sa taille, est une entreprise familiale si la majorité des droits décisionnels ( directs ou indirects) appartiennent au ( x) membre ( s) de la famille qui a ou ont créé ou acquis le capital de l’ entreprise, avec au moins un représentant de la famille formellement impliqué dans la gouvernance de l’ entreprise.
Après avoir étudié les dynamiques de résilience des entreprises familiales, notamment ukrainiennes, pendant la crise du Covid-19 pour un travail de recherche ( prochainement présenté à l’ International Family Entreprise Research Academy Conference), je me suis livrée à une première analyse de leurs comportements et de leurs perspectives au cours des premières semaines endurées au sein d’ une nation en état de guerre.
En Ukraine, les entreprises familiales, généralement dirigées par la première et/ou la deuxième génération en raison de l’ histoire socialiste du pays, jouent un rôle prédominant dans l’ économie. Selon une étude de Lviv Business School ( en ukrainien), leurs dirigeants estiment que les valeurs et les objectifs stratégiques priment sur les facteurs matériels et financiers. La notion de la responsabilité envers des objectifs communs se retrouve notamment au cœur de leurs pratiques.
Ma collecte de données a été articulée autour de trois grandes questions. Comment ces entreprises contribuent-elles à l’ effort de résistance? Comment leur gouvernance favorise-t-elle le redéploiement de leurs activités? De quel soutien ont-elles besoin pour perdurer?
La force d’ un véritable « ukrainian spirit » semble ressurgir au cours de cette crise. Inscrit dans l’ ADN d’ une population dont les générations successives ont traversé des crises majeures au cours des dernières décennies, il s’ incarne aujourd’ hui dans la volonté des familles ukrainiennes à la tête des entreprises familiales de poursuivre leur activité économique et de continuer à croître en dépit de tous les défis.
Comme l’ illustre Rostyslav Vovk, le co-dirigeant de l’ entreprise Kormotech, fabricant de produits alimentaires pour chats et chiens, au cours de la troisième semaine du conflit « Nous avons eu hier une réunion stratégique. Nous devons être prêts pour le futur ».
Cet esprit s’ articule autour d’ un « rêve commun », expression reprise par les dirigeants que j’ ai interviewés, autour d’ une nation florissante et indépendante portée par ses familles et ses entreprises. À la clé, une résilience significative qui les anime et qui se renforce à travers les épreuves et les aléas de la guerre.
La résilience d’ une entreprise familiale se définit comme un processus dynamique déclenché lors de l’ avènement d’ une adversité qui est perçue comme un défi par les membres de la famille parce que représentant une menace pour l’ homéostasie ( ou l’ équilibre) du système, ce qui est le cas de la guerre en Ukraine aux yeux des familles entrepreneuriales ukrainiennes.
Ce processus de résilience se développe à travers une adaptation progressive à l’ adversité qui est facilitée par les capacités de l’ entreprise familiale en termes d’ absorption ( ressources), de renouvellement ( orientation entrepreneuriale), d’ appropriation ( récits et valeurs historiques) et de capital social ( voir mon article à ce sujet publié au Japon dans l’ ouvrage The Family Business Yearbook 2022 chez Hakutou Shobou Editions).
Cet « esprit ukrainien » est porté par les loyautés fortes qu’ entretiennent les membres des familles dirigeantes de ces entreprises entre eux et avec les parties prenantes et inversement.
Ces entreprises familiales ont, en effet, tissé au cours de leur histoire des relations intra-, inter-générationnelles, et partenariales qui trouvent dans cette crise leur véritable sens. Au centre, la famille représente un noyau dur autour duquel gravite et s’ organise un réseau de solidarités très fort. Et cela se vérifie sur le terrain.
L’ entreprise Kormotech révèle ainsi que leurs partenaires se sont très rapidement manifestés en apportant leur soutien. Selon son dirigeant:
Les organisations auxquelles ces entreprises sont affiliées se mobilisent également en soutien. The Family Business Network International, le plus grand réseau d’ entreprises familiales au monde présent dans 65 pays, s’ est positionné publiquement en soutien aux entreprises familiales ukrainiennes. Les membres du réseau se sont mobilisés pour participer aux efforts humanitaires à la hauteur de leur expertise et de leurs secteurs d’ activités.
À titre d’ exemple, l’ entreprise familiale Day Lewis Pharmacy au Royaume-Uni est venue à la rescousse dès la première semaine de guerre, contribuant à la collecte de médicaments, des équipements médicaux et de produits de première nécessité. Des réunions régulières permettent de tenir les membres du réseau informés, de partager les meilleures pratiques, et ainsi poursuivre cet effort de solidarité en temps de guerre.
Les dirigeants familiaux, quant à eux, sont très vite venus en soutien à leurs employés. D’ une part, ils les ont aidés à s’ organiser au niveau de leurs déplacements pour venir travailler dans l’ entreprise familiale tout en veillant à leur sécurité et, d’ autre part, ont contribué à l’ organisation des déplacements et de l’ hébergement des familles de leurs employés qui quittent le pays vers les pays limitrophes. Ils ont également mis leur hébergement à disposition des proches fuyant les autres régions plus impactées par la guerre.
Les entreprises familiales ukrainiennes ont par ailleurs poursuivi leurs actions sur le terrain patriotique en participant à la création et la promotion de fonds destinés à soutenir l’ armée dans son effort de guerre mais aussi à apporter de l’ aide aux populations affectées.
Ainsi, l’ ensemble des parties prenantes de ses entreprises familiales font bloc: le distinguo actionnaires, dirigeants, clients, fournisseurs, collaborateurs, communautés, gouvernement, disparaît. L’ unité voire la fusion de tous ces cercles est de mise pour s’ entraider et défendre leurs principes en vue de retrouver une homéostasie semblable à celle de l’ avant-guerre, ou une nouvelle homéostasie, qui puisse leur permettre de réaliser le rêve commun.
L’ agilité au cœur du modèle économique caractérise ces entreprises familiales faisant face aux enjeux de la guerre avec à la clé la gouvernance comme facilitateur. Elle permet de véhiculer les valeurs familiales de long terme, de promouvoir le capital patient et d’ apporter des compétences clés notamment en matière de gestion des risques, nécessaire en période de crise.
Spécialisée dans la production alimentaire à base de viande de porc, l’ entreprise familiale Barcom LLC située près de Lviv avec une chaîne de magasins à travers le pays, l’ illustre bien. Dès les premières semaines de guerre, l’ entreprise a été confrontée à des difficultés à la fois financières et d’ approvisionnement: nourrir les animaux et payer les marchandises dans le contexte d’ un système financier international et de crédit très perturbé.
Comme la majorité des entreprises familiales ukrainiennes, Barcom est une structure jeune et agile. Quoique récente, son expérience en matière de gouvernance lui a permis de rebondir de manière efficace lorsque l’ invasion de l’ Ukraine a été déclenchée.
Comme l’ explique son dirigeant, Oleg Baran, l’ entreprise a rapidement développé son dispositif de gestion des risques, initié lors de la pandémie du Covid-19, en l’ adaptant à la crise actuelle. La cartographie des risques, élargie et affinée, a donné lieu à des actions stratégiques à mettre en œuvre selon différents scénarios, du plus pessimiste au plus optimiste en termes d’ impact. L’ entreprise poursuit son activité en l’ adaptant graduellement en fonction de l’ évolution du contexte grâce à cette matrice de gestion des risques.
L’ entreprise a été ainsi capable de revoir rapidement son business model, au niveau des partenaires clés en matière de ressources financières et autres sources d’ approvisionnement, en vue de remédier aux difficultés liées au paiement et au financement et au maintien de l’ activité de production.
L’ entreprise Kormotech a également poursuivi son activité en revisitant son modèle économique. Elle a contribué à la création de Save Pets of Ukraine qui vise à sauver les chiens et les chats qui souffrent de la guerre. En seulement deux semaines, elle a livré plus de 93 tonnes de nourriture pour les animaux dans le besoin. Plus de 200 refuges ou volontaires ont reçu une aide humanitaire. En capitalisant sur les donations étrangères à travers la fondation, l’ entreprise alloue les produits nécessaires à la fondation qui lui permet de mener à bien sa mission. Ainsi, d’ une part l’ activité de l’ entreprise familiale se maintient et d’ autre part, elle permet de sauver des vies dans le monde animal.
L’ élan de solidarité avec l’ Ukraine a été également perceptible dans d’ autres entreprises familiales européennes, et ce dès les deux premières semaines de guerre. Certaines, comme Hermès, Ikea et Swarovski, ont très vite affiché publiquement leur soutien aux Ukrainiens et pris des décisions arrêtant – du moins temporairement – leurs activités de vente et/ou de production en Russie tout en affichant un soutien permanent à leurs équipes locales.
Les entreprises parfois moins exposées en Ukraine et en Russie, contribuent autrement. Par exemple, la banque anglaise C. Hoare & Co. a dressé une liste d’ organisations philanthropiques de confiance auxquels leurs clients peuvent avoir recours pour apporter de l’ aide aux Ukrainiens. Des entreprises familiales de taille intermédiaire ont aussi montré l’ exemple, comme Heppner où les collaborateurs ont initié une mobilisation solidaire et spontanée mettant à disposition le dispositif de transports logistiques pour acheminer l’ aide en Ukraine.
D’ autres organisations européennes dédiées aux entreprises familiales ont été également mobilisées. L’ Institut des entreprises familiales en Pologne a réuni les entreprises familiales lors d’ une conférence annuelle les 28-29 mars derniers et a invité des experts dont je fais partie à transmettre leurs connaissances pour les aider à faire face à ces temps d’ hostilités et de guerre.
En attendant, un peu moins de deux mois depuis le début de la guerre, ces entreprises continuent à montrer l’ exemple en tant qu’ organisations résilientes avec leur business modèle agile et imbriqué autour de loyautés développées et en développement au service des parties prenantes. | business |
Money is about to enter a new era of competition | Digital technology is poised to change our relationship with money and, for some countries, the ability to manage their economies.
Money is one of humankind’ s most remarkable innovations. It makes it possible to trade products and services across great geographic distances, between people who may not know each other and have no particular reason to trust each other. It can even be used to transfer wealth and resources over time. Without money, trade and commerce—all human economic activity, really—would be severely constrained in terms of time and space.
The privilege of issuing money is synonymous with economic power. So it should come as little surprise that history is replete with examples of currency competition, both within countries and between them. In China, home of the world’ s first paper money, currencies issued by private merchants and provincial governments competed for many centuries. Indeed, banknotes issued by governmental and private banks coexisted in China as late as the first half of the 20th century.
What finally, decisively ended this competition was the emergence of central banks, which were given the exclusive privilege of issuing legal currency and tasked with maintaining its stability. This shift happened quite early in Sweden; the world’ s oldest central bank, the Riksbank, was established there in the 17th century. In China, competition closed with the founding of the People’ s Bank of China in 1948, shortly before the formal creation of the People’ s Republic of China. Since the central banks stepped in, competition has been mostly international, with the relative value of currencies depending on the reputation and stability of the central banks issuing them.
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We now stand at the threshold of another era of upheaval. Cash is on the way out, and the digital technologies that are replacing it could transform the very nature and capabilities of money. Today, central-bank money serves at once as a unit of account, a medium of exchange, and a store of value. But digital technologies could lead those functions to separate as certain forms of private digital money, including some cryptocurrencies, gain traction. That shift could weaken the dominance of central-bank money and set off another wave of currency competition, one that could have lasting consequences for many countries—particularly those with smaller economies.
In ancient societies, objects such asshells, beads, and stones served as money. The first paper currency appeared in China in the seventh century, in the form of certificates of deposit issued by reputable merchants, who backed the notes’ value with stores of commodities or precious metals. In the 13th century, Kublai Khan introduced the world’ s first unbacked paper currency. His kingdom’ s bills had value simply because Kublai decreed that everyone in his domain had to accept them for payment on pain of death.
Kublai’ s successors were less disciplined than he was in controlling the release of paper currency. Subsequent governments in China and elsewhere gave in to the temptation of printing money recklessly to finance government expenditures. Such wantonness typically leads to surges of inflation or even hyperinflation, which in effect amounts to a precipitous fall in the quantity of goods and services that a given sum of money can buy. This principle is relevant even in modern times. Today, it is trust in a central bank that ensures the widespread acceptance of its notes, but this trust must be maintained through disciplined government policies.
To many, however, cash now seems largely anachronistic. Literally handling physical money has become less and less common as our smartphones allow us to make payments easily. The way in which people in wealthy countries like the United States and Sweden, as well as inhabitants of poorer countries like India and Kenya, pay for even basic purchases has changed in just a few years. This shift may look like a potential driver of inequality: if cash disappears, one imagines, that could disenfranchise the elderly, the poor, and others at a technological disadvantage. In practice, though, cell phones are nearly at saturation in many countries. And digital money, if implemented correctly, could be a big force of financial inclusion for households with little access to formal banking systems.
Cash still has some life in it. During the covid pandemic, even as contactless payments became more prevalent, the demand for cash surged in major economies including the US, presumably because people viewed it as a safe form of savings. Many states in the US have laws in place to make sure that cash is accepted as a form of payment, something that would protect people who can not or do not want to pay through other means. But consumers, businesses, and governments have generally welcomed the shift to digital forms of payment, especially as new technologies have made them cheaper and more convenient.
The decline of physical cash, once valued as the most definitive form of money, is but a small feature of the rapidly changing financial landscape, though. One of the most dramatic forces of change has been the rise of cryptocurrencies, which have shaken long-held precepts about money and finance.
Bitcoin, the cryptocurrency that started it all, may not have much of a role to play in this monetary future.
Bitcoin was designed to enable people to complete transactions pseudonymously ( using only digital identities rather than real ones) and without the intervention of a trusted third party such as a central bank or financial institution. In other words, anyone with a computer could conduct transactions—no credit card or bank account necessary. Coins are issued and transactions validated through a computer algorithm that runs autonomously; the identity of its creator remains unknown to this day.
This alternative method for securing digital currency could end crypto’ s energy consumption woes.
The timing of Bitcoin’ s introduction in early 2009, when the global financial crisis had decimated trust in governments and banks, could not have been better. But even as it gained in popularity, Bitcoin stumbled in its basic uses. The volatility of Bitcoin’ s value, with wild price swings from one day to the next, has made it an unreliable method of payment. Moreover, it turns out that the cryptocurrency does not guarantee anonymity—users’ digital identities can, with some effort, be connected to their real identities ( in some ways this is a good thing, as Bitcoin transactions that once fueled the dark web, where unsavory and illicit commerce is conducted, have fallen sharply). Today, Bitcoin and other cryptocurrencies like it have mostly become speculative financial assets, with little intrinsic worth and sky-high valuations that are not backed by anything other than investors’ faith.
A new generation of cryptocurrencies is emerging that promises to fix many of Bitcoin’ s flaws. Stablecoins, cryptocurrencies whose stable value comes from being backed by reserves of US dollars or other reputable fiat currencies, are proliferating. Stablecoins are billed as reliable, easily accessible digital payment systems that will make both domestic and international payments cheaper and quicker. However, unlike Bitcoin, which is fully decentralized, they require transactions to be validated by the issuing institution—which could be a bank, a corporation, or just an online entity. This means users must trust that institution to validate only legitimate transactions and hold adequate reserves, and regulators currently do not require independent verification of either of those actions. Thus, despite their laudable goal of meeting the demand for better payment systems, stablecoins have raised a raft of concerns.
Even with all these growing pains, the cryptocurrency revolution has expanded the frontiers of digital payment technologies and helped light a fire under central banks. Long viewed as conservative institutions resistant to major change, many are now entering the digital race.
Faced with the increasing irrelevance of their paper currencies, many central banks around the world are looking to issue their money in digital form. Major economies such as China, Japan, and Sweden are experimenting with central-bank digital currencies ( CBDCs), which in effect are just digital versions of the currencies they now issue as notes and coins. The Bahamas and Nigeria have already rolled out their CBDCs nationwide. Countries including Brazil, India, and Russia are in the process of initiating their own experiments.
Some countries see CBDCs as a way to broaden access to the formal financial system—even households without bank accounts or credit cards would gain access to a safe and inexpensive digital payment system. Other countries are pursuing CBDCs to increase the efficiency and stability of digital payment systems. Sweden’ s e-krona is being pitched as a backstop in case the payment system managed by private-sector companies, which might work perfectly well under most circumstances, should fail because of either technical problems or confidence issues.
CBDCs could also help maintain the relevance of central-bank retail money in countries where digital payments are becoming the norm. China, for example, is pursuing its digital renminbi at a time when two financial titans, Alipay and WeChat Pay, are striving to dominate the payment landscape.
CBDCs have many other advantages, too. They could bring certain types of economic activity out of the shadows and into the tax net ( unlike cash transactions, which often go unreported to tax authorities), reduce counterfeiting, and make it harder to use official money for illicit purposes such as money laundering, drug trafficking, and financing of terrorism. But they could threaten whatever minimal vestiges of privacy we still enjoy—after all, everything digital leaves a trace. Transactions using CBDCs are likely to be auditable and traceable, as no central bank would want to allow its money to be used for illicit transactions.
What will the world of money look like in five or 10 years’ time? We could envision a world where many people hold digital wallets with a mix of money in traditional bank accounts, stablecoins managed by private companies, and perhaps one or more CBDCs, moving them around depending on global conditions. Then again, no one knows how well stablecoins and CBDCs will coexist. Meta ( formerly Facebook), for example, had planned to roll out its own stablecoin. But the project was quashed by US regulators, who were concerned about Meta’ s objectives and about the possibility that the stablecoin could be used to finance illicit transactions within and across national borders.
The basic case for stablecoins as more efficient and easily accessible forms of digital payment could be undercut by CBDCs. For the moment, stablecoins seem to be holding their own—there were more than 30 in circulation as of March 2022, with a total value of about $ 185 billion. And there is the possibility that stablecoins built on top of large-scale commercial ecosystems such as Amazon’ s could gain significant traction as means of payment.At any rate, insofar as their stability depends on their being backed by fiat currencies, stablecoins are unlikely to become independent stores of value. In other words, they would be used primarily because they would be cheaper or more convenient means of payment.
However it plays out, the digital-currency revolution is going to have implications for the international monetary system. Take cross-border payments, which are inherently complicated because they involve multiple currencies, institutions using different technological protocols, and varying sets of regulations. All this makes international payments slow, expensive, and difficult to track in real time. Cryptocurrencies, which can be shared freely across borders, will reduce these impediments, enabling nearly instantaneous payment and settlement. Even CBDCs could ease the frictions if they are made available for use internationally and gain widespread acceptance.
More-efficient international payment systems will bring a host of benefits. For one thing, they will make it easier and cheaper for economic migrants to send remittances back to their home countries—a process that currently costs an average of 6% of the transaction amount, according to the World Bank. The estimated costs are even higher for remittances going to low-income countries, many of which depend on such inflows for a large share of national income.
In principle, financial capital will be able to flow more easily within and across countries to the most productive investment opportunities, raising global economic welfare—at least as measured by GDP and consumption capacity. But easier capital flows across national borders will also pose risks for many countries, making it much harder to manage their exchange rates and their economies.
The resulting challenges will be especially thorny for smaller and less developed countries.
National currencies issued by their central banks, particularly those currencies seen as less convenient to use or more volatile in value, could be displaced by private stablecoins and perhaps also by CBDCs issued by the major economies. This would result in a loss of monetary sovereignty: less prominent central banks would lose control over the circulation of money in their economies. The phenomenon of “ dollarization, ” wherein a trusted foreign currency supplants a volatile domestic currency ( long the bane of many Latin American countries), could be intensified by the proliferation of digital currencies. In places such as Iran and Turkey, we have already seen people use cryptocurrencies to get around restrictions on capital outflows when currencies were plunging in value, enabling them to spirit funds out of their countries and into safer investments abroad.
Even for the major reserve currencies, there are some shifts in store, though the long-standing dream of many governments around the world—knocking the US dollar off its pedestal as the dominant global reserve currency—will probably remain just that for the foreseeable future. Indeed, it is likely that stablecoins backed by the dollar will gain widespread acceptance relative to stablecoins backed by other currencies, indirectly increasing its relative prominence. But the digital renminbi is poised to gain traction as a method of payment, and even a gradual and modest increase in the renminbi’ s use, along with a rise in stablecoins, could reduce the importance of other reserve currencies, including the euro, the British pound sterling, the Japanese yen, and the Swiss franc.
When it comes to money’ s function as a medium of exchange, we can expect more competition between private and fiat currencies. In principle, this should lead to payments that are cheaper and quicker—benefiting consumers and businesses—while also motivating issuers, whether private or official, to exercise discipline in order to preserve the value of their currencies.
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But it is worth keeping in mind that technology can have unpredictable consequences. Rather than leading to a proliferation of private and official currencies that compete on a level playing field, the digitization of currencies could make economic power even more concentrated. If major currencies such as the dollar, the euro, and the renminbi are easily available worldwide in digital form, they might displace the currencies of smaller and less powerful nations. Digital currencies issued by large corporations, taking advantage of the companies’ already dominant commercial or social media ecosystems, might gain traction too. Unless they are quashed by governments, they could one day turn into independent stores of value by giving up their fiat-currency backing. This could create even more monetary instability if individual countries wound up having multiple issuers of money, with competing domestic currencies fluctuating in value relative to one another.
All that is certain is that the international monetary system is on the threshold of momentous change wrought by the digital revolution. It remains to be seen whether this ultimately benefits humanity at large—or exacerbates existing domestic and global inequities.
Eswar Prasad is a professor in the Dyson School at Cornell University, a senior fellow at the Brookings Institution, and author of The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance.
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Opinion: Larry Fink is only half-right about globalization's end. A new era of world trade is here and it will create U.S. jobs | When Russian President Vladimir Putin launched his war against Ukraine, most observers predicted the conflict would end quickly with a Russian flag flying over Kyiv. Just as projections about the conflict have been exaggerated, so too are those forecasting the demise of globalization as an after-effect.
In his
annual letter to shareholders
, BlackRock
BLK,
-1.59%
CEO Larry Fink declared the invasion, “ put an end to the globalization we have experienced over the last three decades. ” As the head of the world’ s largest asset manager,
Fink’ s argument
may reflect the conventional wisdom across boardrooms of many Western companies.
While recent events, including the COVID-19 pandemic, have highlighted the vulnerability of global supply chains, discarding globalization as the proverbial baby with the bathwater would be an overreaction and grave mistake. Instead, companies need to diversify their supply sources, complementing remote sources with nearby North American or European facilities.
Long before Putin’ s war, companies were already moving away from sourcing certain goods from a single-supply source. For example, Volkswagen
VOW,
-1.76%
VLKAF,
-3.08%
,
the world’ s second-largest automobile manufacturer, has been steadily increasing its investments in Europe and the U.S. in order to dilute its dependence on the Chinese market and
shore up its fragile supply chains
.
Last year, Intel
INTC,
-0.15%
,
the global leader in the semiconductor industry, reversed a decades’ long strategy of outsourcing chip manufacturing to Southeast Asia. It committed to invest $ 20 billion in two Arizona plants and $ 40 billion for manufacturing facilities in Western Europe to reduce dependence on the politically volatile Taiwan, producer of 61% of the world’ s semiconductor microchips.
Global companies have been waking up to the realization that price savings associated with offshore options are being offset by a host of factors, including long lead times resulting in large inventory costs or inferior service levels. Moreover, supply chains should be able to react quickly to changes in relative cost structures like labor and transportation costs, or the significance of each cost component, along with fluctuations in interest, currency rates and tariffs.
The cost of Chinese labor, for example, almost tripled between 2000 and 2016, while it barely moved in North America and Europe. The degree of automation, for example in the apparel industry, has greatly increased, reducing the importance of labor costs and hence the advantage of offshore facilities.
Recognizing this, this past decade has seen more U.S. companies move toward partial onshoring, a trend that the pandemic and Putin’ s war have only accelerated. Many companies, including
Adidas
ADS,
-3.43%
and Nike
NKE,
+0.05%
,
have opened “ speed factories, ” smaller North America based plants that supplement rather than substitute for large offshore facilities. Even the Chinese computer manufacturer Lenovo
992,
-0.77%
diversified its risks in 2013 by opening a facility in
North Carolina
.
Rather than betting on a single supply source, these and other companies are wisely applying a portfolio approach to supply sources, which provides them the ability to quickly alter supply channels in response to political, global health, and other volatilities. Colleagues and I showed exactly how this works in
recent
studies
, demonstrating that companies can reduce costs and better meet consumer demands by sourcing even just 20% of their volume from a second, closer supplier.
Thankfully, national industrial policies are reinforcing these trends. Less than a month after taking office, President Joe Biden
signed an executive order
calling for more resilient supply chains and built in redundancies. In August 2021, he signed an executive order on
preserving essential medicines
that divides, “ procurement requirements among two or more manufacturers. ” And most recently, Biden agreed to
boost U.S. sales of oil and gas to Europe
as a way to reduce the continent’ s dependence on Russian energy.
But executive orders have little long-term impact and are susceptible to the whims of changing presidential administrations. They must be paired with concrete legislative action. In June 2021, the U.S. Senate passed the Innovation and Competition Act ( USICA) by a
bipartisan 68-32 vote
. The bill included $ 52 billion for the CHIPS Act to assist domestic semiconductor production. The measure has since stalled in the U.S. House of Representatives, leading Intel to take its business to Western Europe instead.
Bringing overseas jobs back to the U.S. is not only good company policy, it also is good politics for officeholders on both sides of the aisle seeking re-election in these populist times. Global trends have highlighted the need to diversify global supply chains, and discerning companies have started acting accordingly. Now American leaders need to act to enable globalization’ s reform for the 21
st
century.
Awi Federgruen is the Charles E. Exley Professor of Management and Chair of the Decision, Risk and Operations Division of the Columbia University Business School.
More:
Larry Fink says globalization is over — Here’ s what it means for markets
Also read:
Prepare for a recession this summer, a bear market in real estate and a drop in stock prices, warns strategist David Rosenberg | business |
Only half of organizations reviewed security policies due to the pandemic: Study | Investment is expected to increase but existing cybersecurity strategies are lacking.
Charlie Osborne is a cybersecurity journalist and photographer who writes for ZDNet and CNET from London.
New research suggests that only half of organizations worldwide reviewed their cybersecurity policies when COVID-19 hit.
Every remote worker should consider a virtual private network to stay safe online.
The COVID-19 pandemic prompted a rapid shift to working from home. Whereas organizations would often have their employees in the office -- and, therefore, access to corporate resources was more centralized there -- the need to provide remote options also increased the potential attack surface.
Virtual private network ( VPN) usage is customary for remotely connecting to company systems. However, the pandemic prompted the more widespread use of personal PCs and handsets with varying levels of security -- and reliance on video conferencing tools and emails also caused headaches for security teams.
According to research published on Tuesday by the Ponemon Institute, on behalf of Intel, the global enterprise will spend roughly $ 172 billion on cybersecurity this year. However, only 53% of respondents said they refreshed their existing strategies due to the pandemic -- and this could indicate a disconnect between spending the cash and applying it correctly to the modern workplace.
When changes were made to existing policies, they were driven by factors including remote working demands, supply chain failures, increased cyberattack rates, and employee turnover.
In total, 59% of organizations surveyed in the research said their cybersecurity practices are `` innovative, '' at least when it comes to threat detection, followed by 51% who believe they are innovative in how technology investments are made.
The pandemic has created what could become a permanent hybrid workforce. Enterprise organizations have recognized this requires a shift in investments, with remote work, artificial intelligence ( AI), and automation becoming top priorities.
85% of respondents said that hardware & firmware-based security solutions are now a `` high '' or `` very high '' priority when it comes to security solution applications. In addition, 64% of those surveyed said that their companies were trying to boost security at the hardware level, with cloud, data centers, edge computing, and security operations centers ( SOC) in mind.
The integration of zero-trust strategies is also on the table for enterprise players. As the pandemic continues to impact businesses worldwide, 75% of survey respondents said they have an increased interest in adopting zero-trust access and privilege frameworks.
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Russia closes in on Mariupol as Putin strikes defiant tone | Hi, what are you looking for?
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Russian troops on Tuesday intensified a campaign to take the port city of Mariupol, part of an anticipated massive onslaught across eastern Ukraine, as President Vladimir Putin made a defiant case for the war on Russia’ s neighbour.
Moscow is believed to be trying to connect occupied Crimea with Russian-backed separatist territories Donetsk and Lugansk in Donbas, and has laid siege to the strategically located city, once home to more than 400,000 people.
Civilians were struggling to flee targeted zones, with Ukrainian President Volodymyr Zelensky condemning alleged mass rapes in areas previously occupied by Russian troops, including sexual assaults of small children.
As the fighting dragged toward its seventh week, the Ukrainian army fought desperately to defend Mariupol against the Russian offensive.
“ The connection with the units of the defence forces that heroically hold the city is stable and maintained, ” the Land Forces of Ukraine wrote on Telegram.
However, the Russian defence ministry said its army had thwarted an attempt to break the siege with “ airstrikes and artillery fire ” at a factory in a northern district of the city.
In his nightly address, Zelensky on Monday made another plea to his allies for more weapons to boost the defence of the city.
“ We are not getting as much as we need to end this war sooner. To completely destroy the enemy on our land… in particular, to unblock Mariupol, ” he said.
Zelensky has said he believes Russia has killed “ at least tens of thousands of people ” in the city.
With little hope of a quick end to fighting, Putin pledged Moscow would proceed on its own timetable with its military operation, rebuffing repeated international calls for a ceasefire.
“ Our task is to fulfil and achieve all the goals set, minimising losses. And we will act rhythmically, calmly, according to the plan originally proposed by the General Staff, ” Putin said during a televised press conference with Belarusian President Alexander Lukashenko.
He also dismissed as “ fake ” reports of the discovery of hundreds of dead bodies of civilians in the town of Bucha outside the Ukrainian capital Kyiv after the withdrawal of Moscow’ s forces.
Images taken by journalists on the ground, including AFP reporters, of bodies littering the streets of Bucha sparked worldwide outrage and calls for an investigation into possible war crimes.
Bucha Mayor Anatoly Fedoruk said on Tuesday that more than 400 people had been found dead so far and 25 women reported being raped, as the town prepares for the return of residents who fled the fighting.
“ What people will find in their homes is shocking, and they will remember the Russian occupiers for a very long time, ” he said.
Ukraine’ s border force said Tuesday that more than 870,000 people who fled abroad since the start of the war had returned to the country, including a growing number of women and children.
- ‘ Helping people’ –
However, heavy bombardment continued in the east as civilians were urged to flee ahead of an expected Russian troop surge in the region.
Russian forces are reinforcing around the Donbas region, notably near the town of Izyum, but have not yet launched a full offensive, US Pentagon officials said Monday.
They reported a Russian convoy had been observed heading for Izyum, an hour’ s drive north of Kramatorsk, saying it appeared to be a mix of personnel-carriers, armoured vehicles and possible artillery.
Putin insisted that Russia’ s own security was at stake in Donbas.
“ What we are doing is helping people — rescuing them on the one hand and on the other taking measures to assure Russia’ s security, ” he said.
Putin accused Ukraine of “ inconsistency on fundamental points ” which he said was slowing down talks on ending the war.
Kyiv admitted that ongoing talks with Russia to end the war were “ extremely difficult ”.
“ The Russian side adheres to its traditional tactics of public pressure on the negotiation process, including through certain public statements, ” Ukrainian presidential adviser Mykhaylo Podolyak said in written comments to reporters.
Meanwhile, the toll on towns previously occupied by Russian forces during their month-long offensive to take Kyiv was still coming to light.
Ukrainian prosecutors said Tuesday that six people had been found shot dead in the basement of a building outside the capital, the latest discovery fuelling allegations of Russian atrocities.
AFP on Monday saw the bodies of three men in civilian clothes exhumed from gardens in Andriivka, 33 kilometres ( 20 miles) west of Kyiv as relatives gathered to learn the fate of their kin.
The UN Security Council — which on Monday held a session on the plight of women and children in Ukraine — will hold another meeting next week on the humanitarian situation there, in a bid to keep pressure on Russia despite its veto power over the body, diplomats said.
– ‘ Rape and sexual violence’ –
Officials called for a probe into assaults against women during the conflict.
“ We are increasingly hearing of rape and sexual violence, ” Sima Bahous, director of the UN women’ s agency, told the Council. “ These allegations must be independently investigated to ensure justice and accountability. ”
Zelensky on Tuesday voiced anger about the repeated accounts of sexual violence against Ukrainians.
“ Hundreds of cases of rape have been recorded, including those of young girls and very young children. Even of a baby! ” he told Lithuanian lawmakers via video link.
More than 4.6 million Ukrainian refugees have now fled their country, the United Nations refugee agency said — 90 percent of them women and children.
The war has displaced more than 10 million people overall.
One of those was Tatyana Kaftan, just weeks away from giving birth to her first child, who spoke to AFP at an aid distribution point in the western city of Lviv.
Her husband, who is waiting to be called up to the army, stood by her side.
“ We left everything at home, ” said the 35-year-old travel agent, who drove with her husband all the way from Mykolaiv to escape Russian shelling.
“ We have nothing. ”
– Chemical weapons allegations –
Late Monday, Britain said it was trying to verify reports that Russia had also used chemical weapons in Mariupol.
Ukrainian lawmaker Ivanna Klympush said Russia had used an “ unknown substance ” and that people were suffering from respiratory failure.
But deputy defence minister Ganna Maliar said the purported chemical attack was more likely phosphorous munitions.
“ Officials conclusions will be made later, ” she told Ukrainian television.
As the war sent energy and food prices soaring, Oxfam warned that fallout from the conflict, growing inequality and Covid could force more than a quarter of a billion people into extreme poverty this year.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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Azerbaijan to ease some COVID restrictions | A number of COVID restrictions may be lifted in Azerbaijan, local media has reported.
Although Azerbaijan has taken some measures to mitigate the effects of the pandemic, some decisions are still in place.
The recent decline in COVID cases and the successful continuation of vaccination in the country also raises the question of lifting some of the bans.
MP Mushfig Mammadli, a member of the parliamentary health committee, said that the government can easily lift the requirement on wearing masks, as well as a number of restrictions, as the current situation requires.
The recent decline in infection rates and the number of active patients has led to the lifting of a number of restrictions, he added.
According to Mammadli, taking into account the initial measures carried out in Azerbaijan regarding the coronavirus pandemic, and the vaccination process in the world, some restrictions are expected to be lifted in the coming days, in particular, the requirement of wearing masks.
Azerbaijan registered 16 new COVID-19 cases in the past 24 hours, Operational Headquarters under the Cabinet of Ministers reported on April 11.
Some 19 patients have recovered and no patients have died in the reported period.
So far, 792,253 COVID-19 cases have been registered in the country. Some 782,351 patients have recovered, and 9,703 people have died. Currently, 199 people are under treatment in special hospitals.
Over the past day, 2,624 tests were conducted in Azerbaijan to reveal coronavirus cases.
In general, 6,746,085 tests have been conducted in Azerbaijan so far.
So far, some 13,549,308 COVID-19 vaccines have been provided to Azerbaijani citizens.
Azerbaijan is taking effective measures in the fight against coronavirus, and four types of COVID-19 vaccines out of nine existing have been imported to Azerbaijan.
Vaccination has been carried out in Azerbaijan since January 18, 2021, and it is still being carried out successfully. The epidemiological situation in Azerbaijan remains stable due to the active participation of the population in vaccination.
The nationwide vaccination is free and voluntary, and it is in accordance with the `` Vaccination Strategy Against COVID-19 in Azerbaijan for 2021-2022 ''.
The country began vaccinating citizens with China's Sinovac on January 18, AstraZeneca's Vaxzevria vaccine on May 3, Russia's Sputnik V on May 18, and Pfizer from the United States on June 7. From May 10, the country began offering COVID-19 vaccination to citizens over the age of 18.
Simultaneously, on August 9, Azerbaijan began issuing vaccination exemption certificates to citizens who have contraindications to coronavirus vaccines approved for use in the country. | general |
Met Gala 2022: Everything You Need to Know About Fashion's Biggest Event | It's time to dust off your glass slippers and head to the ball because the theme and dress code for the Met Gala 2022 have officially been announced — and this is one spectacle you don't want to miss.
Back in March, Vogue and the Metropolitan Museum of Art announced that just eight months since 2021's event, the Met Gala would return with a second installment under the grander theme of “ In America. ” Returning to its usual timing as the first Monday in May, the 2022 Met Gala will honor the theme of “ In America: An Anthology of Fashion, ” which the New York Times has classified as `` Guilded Glamour. ''
The star-studded event will be hosted by Anna Wintour, per usual, alongside an array of top Hollywood and fashion icons. Regina King, Blake Lively, Ryan Reynolds, and Lin-Manuel Miranda will serve as the 2022 co-chairs.
Ready to tune in to fashion's biggest night? Below is everything you need to know about the 2022 Met Gala.
Also commonly referred to as the Met Ball or Met Gala Ball, the annual Met Gala is a celebration of fashion honoring the Metropolitan Museum of Art's Costume Institute and its spring exhibit opening. Hollywood and fashion's top names are invited, all instructed to work with today's top designers to construct an ensemble that matches the chosen theme. The Met Gala also serves as a fundraiser for the MET and is all overseen by legendary Vogue EIC Anna Wintour.
The Met Gala is typically always held on the first Monday of May. Last year's festivity, with the theme “ In America: A Lexicon of Fashion, ” was postponed until September due to COVID-19 after various cancelation notices in 2020. The 2022 Met Gala will resume its normal calendar placement and is scheduled for May 2, 2022.
Yes and no. The actual Gala is a private event but viewers at home are always welcomed and encouraged to stream the Met Gala red carpet. While Vogue has yet to announce an official live stream, it typically is available to watch directly on the publication's website and many other Condé Nast brands, like Teen Vogue! Check back here for updated info as we approach the Met Gala date.
No specific time has yet been announced but last year the red carpet live stream started at 5:30 p.m. EST and guests ( like Rihanna) arrived until well late into the night so you can expect something similar this year too.
This year, the Met Gala will play off of 2021's “ In America ” theme with a new focus: “ An Anthology on Fashion. ” The NYT has referred to this as `` Guilded Glamour, '' meaning there will be no shortage of gold on the red carpet this time around. While last year's theme felt lackluster to many, this year's is sure to bring them — for lack of a better term — glamour.
On April 11, Vogue unveiled the dress code for the 2022 Met Gala and, as expected, is tightly linked to the theme. ( Now, whether attendees chose to honor the dress code or not is another story!)
According to Vogue's guidelines, the dress code is white-tie. “ The 2022 Met Gala will ask its attendees to embody the grandeur — and perhaps the dichotomy — of Gilded Age New York, ” the publication explained.
The 2022 Met Gala will be co-chaired by Regina King, Blake Lively, Ryan Reynolds, and Lin-Manuel Miranda. Additionally, also serving as advisors on the board are Anna Wintour, Tom Ford, and Adam Mosseri.
The guestlist for each year's Met Gala is kept secret until the stars arrive on the red carpet, so there's no way to know for sure who will be in attendance. However, based on past years, likely attendees will include some of the Kardashians, a few top political names, pop music's brightest stars, and, * fingers crossed *, Rihanna.
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Israel's COVID-19 caseload tops 4 mln | Israel's Ministry of Health on Monday reported 4,178 new COVID-19 cases, bringing the country's total infections to 4,000,602, Trend reports citing Xinhua.
The newly reported cases were the lowest in Israel since March 12, when 3,971 new cases were reported.
Meanwhile, 17 more people lost their lives to the disease, bringing the national death toll to 10,584.
The number of active patients in Israel stood at 41,034, with 256 remaining in serious conditions, according to the ministry's data.
Israel's COVID-19 reproduction number indicator, known as the R number, dropped to 0.72, compared to 1.43 in mid-March.
When the R number is greater than 1, the number of patients increases at an exponential rate and multiplies from time to time. Otherwise, it indicates the spread of the pandemic has been curbed. | general |
Turkey confirms 6,893 daily COVID-19 cases | Turkey reported 6,893 new COVID-19 cases, according to its health ministry, Trend reports.
The death toll from the virus in Turkey rose by 28, while 11,207 more people recovered in the last 24 hours.
A total of 182,216 tests were conducted over the past day, it said. | general |
China’ s Covid Outbreak Highlights Weak Lending as Borrowers Hold Back | The information you requested is not available at this time, please check back again soon.
Residents take part in a round of Covid-19 testing in a neighborhood placed under lockdown in Shanghai, China, on Tuesday, April 12, 2022. China hasn't budged in its opposition to living with the virus even in the midst of the country's worst outbreak, but its leaders are now pursuing an easier containment strategy in the uphill battle to tame the hyper-infectious coronavirus. Photogorapher: Qilai Shen/Bloomberg, Bloomberg
( Bloomberg) -- China’ s central bank is struggling to drive up lending in the economy despite cutting interest rates and giving banks a cash boost.
With a worsening Covid outbreak locking down mega cities Shanghai and Shenzhen, worries about jobs and incomes mean businesses and consumers are unwilling to take on more debt. Banks are reluctant to extend more loans too as a property downturn drives up bad debts and squeezes profits.
That creates a challenge for the People’ s Bank of China, which is set to diverge further with a tightening U.S. Federal Reserve by possibly cutting policy interest rates for a second time this year on Friday. Many economists also expect the central bank to reduce the amount of cash banks must hold in reserve, freeing up more money for lending.
Problem is, with restrictions to contain the spread of omicron amid China’ s ongoing Covid Zero strategy keeping consumers on edge, any new stimulus may end up being parked at banks rather than flowing through to the real economy.
“ Credit demand is so weak, but there is abundant liquidity in the interbank market and the banks are having trouble lending them out, ” said Helen Qiao, chief China economist at Bank of America. Since credit demand is very low, adjusting interest rates and cutting reserves isn’ t the most effective form of monetary policy for China, she said.
With monetary policies in the world’ s two biggest economies now headed in opposite directions, the traditional premium Chinese debt returns compared with U.S. Treasuries vanished for the first time since 2010. That may constrain the PBOC’ s policy options, for fears too much easing would spur money to shift out of the nation’ s markets.
China’ s leaders in early March set an ambitious GDP growth target of around 5.5% for the year. Since then, the war in Ukraine has pushed up energy costs, and virus outbreaks and shutdowns to contain infections have caused economists to cut their forecasts. The State Council, China’ s cabinet, has also pledged additional support.
Despite two reductions last year in the reserve requirement ratio -- the level of deposits lenders must lock away at the central bank -- and an interest-rate cut in January, China’ s credit impulse, a measure of the ratio of new credit to gross domestic product, decelerated sharply in 2021 and has yet to pick up significantly.
Latest figures show a pickup in credit in March, largely due to a ramp up in bond sales from local governments and a seasonal boost as companies accelerated borrowing after the Lunar New Year holiday. But mortgage growth and long-term corporate loans remained weak, suggesting ongoing caution.
Monetary policy transmission is a key issue for almost all central banks. The better the transmission is, the more willing the central bank would be to ease policy when necessary.
The demand in private sector in China has been weaker than before. It is a hurdle for the PBOC to maintain credit expansion.
The central bank has acknowledged it has a problem. At the end of March, the monetary policy committee promised to “ unclog ” the transmission system, the first time since late 2020 it’ s referred to the issue.
For Xu Gao, chief economist at Bank of China International, the key to getting credit flowing again lies in the property market, which remains under strain after Beijing tightened restrictions last year to curb runaway prices and debt.
“ The core problem is a lack of confidence, ” he said. “ Even if banks lowered mortgages rates, residents still don’ t dare to buy houses and take on mortgages because they fear the buildings won’ t be finished and delivered. ”
Even though the average corporate loan rate trended lower last year, the growth of new medium and long-term corporate loans -- reflecting companies’ fixed-asset investment demand -- slowed in the first three months of this year from last year. Long-term household loans, a proxy for mortgages, shrank for the first time ever in February and remain below the levels reached in previous years.
And rather than a lack of liquidity, banks are actually flush with cash. The rate on one-year interbank loans has been below the policy interest rate on the one-year medium-term lending facility since mid-2021, implying that it’ s cheaper for banks to borrow from each other than to take out low-cost loans from the PBOC.
Even with all that cash sloshing around, banks are saddled with low profitability and rising debt though, making them less willing to give out loans.
John Beirne, vice chair of research at Asian Development Bank Institute, said interest rate cuts from the central bank reduce the net interest margins for banks, and combined with high levels of risk aversion and fears of taking on more debt, rate cuts may not be passed through to borrowers.
The amount of bad loans rose to 2.85 trillion yuan in the fourth quarter of last year, up around 18% from two years ago before the pandemic, according to figures from the China Banking and Insurance Regulatory Commission. Even though the non-performing loan ratio declined to 1.73% in the October-December period from a recent peak of 1.96% in 2020, it was still well above the level of around 1% a decade ago.
The situation is likely worse at smaller banks. Net income at Guangzhou Rural Commercial Bank Co., for instance, plunged 28.4% last year, mainly because it made more provisions for asset impairment losses to “ enhance its ability to resist risks under the complex external environment and the epidemic, ” the lender said in its annual report. Credit impairment losses surged nearly 60% last year to 12.5 billion yuan ( $ 2 billion), it said.
A weaker monetary policy transmission means the PBOC may opt for only a small rate cut, a move that would be more about signaling supportive policy, said Jing Sima, a China strategist at BCA Research Inc.
“ Our view is that the PBOC has done its job, ” she said. “ More rate cuts won’ t do much to boost the real economy. ”
Rather it’ s regulatory policies that are preventing central bank measures from being more effective, she said. Strict financing rules imposed on the property sector, tighter regulation of the Internet sector and Covid Zero controls have all hurt private sector sentiment and borrowing demand, she added. | general |
Amazon workers made up almost half of all warehouse injuries last year | Amazon workers only make up a third of US warehouse employees, but in 2021, they suffered 49 percent of the injuries for the entire warehouse industry, according to a report by advocacy group Strategic Organizing Center ( or SOC). After analyzing data from the Occupational Safety and Health Administration ( OSHA), the union coalition found that Amazon workers are twice as likely to be seriously injured than people who work in warehouses for other companies.
The report considers “ serious injuries ” to be ones where workers either have to take time off to recover or have their workloads reduced, following OSHA’ s report classification ( pdf) of “ cases with days away from work ” and “ cases with job transfer or restriction. ” The data shows that, over time, the company has been shifting more toward putting people on light duty, rather than having them take time off. The report authors also note that Amazon workers take longer to recover from injuries than employees at other companies: around 62 days on average, versus 44 across the industry.
Amazon employees have said it’ s not the work itself that’ s particularly dangerous but rather the grueling pace the company’ s automated systems demand. Amazon actually had workers go slower in 2020 to help combat COVID-19, which accounts for the notably lower injury rates that year. But, as the report notes, the injuries increased by around 20 percent between 2020 and 2021 as the company resumed its usual pace — though the injury rates for 2021 were still lower than they were in 2019.
It’ s also worth noting that even with that slowed pace of work in 2020, Amazon has been criticized for how it treated workers in its response to COVID-19, especially in New York, where organizers were motivated to start working toward unionizing at the company’ s warehouses. New York Attorney General Letitia James has also filed a suit against Amazon, alleging it failed to protect workers and retaliated against them ( which included firing lead organizer Christian Smalls) after they spoke out.
Unfortunately, this study’ s results tell the same story we’ ve been hearing for years. Even with its reduced injury rates in 2020, Amazon workers were still hurt twice as often as other warehouse workers, according to SOC. Tuesday’ s report also shows that Amazon’ s human workers ( whom it’ s called “ industrial athletes ”) are more at risk for injuries when working at warehouses that have been automated — a fact Amazon knew years ago, according to internal documents. As CNBC points out, Amazon says it wants to become the safest place to work, but the company may need to overhaul its entire system to meet that goal.
In a statement emailed to The Verge, Amazon spokesperson Kelly Nantel says the jump in injuries from 2020 to 2021 was due to a slew of new workers:
We hired tens of thousands of additional people to help us meet the unforeseen demand from COVID-19 and people turning to Amazon to help them safely get products and supplies during the pandemic. Like other companies in the industry, we saw an increase in recordable injuries during this time from 2020 to 2021 as we trained so many new people – however, when you compare 2021 to 2019, our recordable injury rate declined more than 13% year over year. While we still have more work to do and won’ t be satisfied until we are excellent when it comes to safety, we continue to make measurable improvements in reducing injuries and keeping employees safe, and appreciate the work from all of our employees and safety teams who are contributing to this effort. ”
Update April 12th, 4:56PM ET: Added statement from Amazon. | tech |
Multiple-property holders own up to 41% of housing in some provinces: StatsCan | The information you requested is not available at this time, please check back again soon.
It will sell software called WeWork Workplace to help companies manage employees and office space.
If you’ ve ever wished for free upgrades in the theater, the genie is listening.
Developers responsible for building half of the new homes in the U.K. have committed more than 2 billion pounds ( $ 2.6 billion) to help fix safety issues.
China’ s lockdowns to contain the country’ s worst Covid outbreak since early 2020 have battered the economy, stalling production in major technology and financial hubs like Shenzhen and Shanghai, and halting spending by millions of people shut in their homes.
Hong Kong’ s sole candidate in next month’ s leadership vote is already near the threshold of support he needs to become the city’ s chief executive, the South China Morning Post reported.
New data from Statistics Canada shows multiple-property owners held between 29 and 41 per cent of the housing stock in Ontario, British Columbia, Nova Scotia and New Brunswick in 2019 and 2020.
The data from the Canadian Housing Statistics Program, which includes both residential and recreational holdings, reveals multiple-property ownership accounted for 41 per cent of Nova Scotia's housing stock, 39 per cent of New Brunswick's, 31 per cent of Ontario's and 29 per cent of British Columbia's.
Multiple-property owners totalled 22 per cent of all owners in Nova Scotia, 20 per cent in New Brunswick, 16 per cent in Ontario and 15 per cent in British Columbia.
Similar to many markets across Canada, Nova Scotia Finance Minister Allan MacMaster said the province has been dealing with tight housing supply and surging home prices.
That prompted Nova Scotia to introduce a new deed transfer tax and a property tax targeting non-resident homeowners in its provincial budget in late March. Both took effect April 1 and are aimed at giving Nova Scotians greater access to housing.
“ We know that it has an impact on other Canadians and we're conscious of that. We don't take any joy in that. But the fact remains it is very difficult. We are a province surrounded by coastline - it's a very desirable place to have a property and we need to look out for our residents who are having a tremendous, difficult time right now finding places to live, ” MacMaster said in a broadcast interview with BNN Bloomberg on Tuesday.
“ We're seeing the impact of people coming to the province and snapping up properties. They may be selling a property in southern Ontario, for instance, and being able to buy three properties for the same price as the one that sold, ” he said.
The Statistics Canada data show that the top 10 per cent of owners in [ Ontario, British Columbia, Nova Scotia and New Brunswick ] earn more than the bottom 50 per cent combined, with the top 10 per cent of owners in Ontario and British Columbia each earning yearly incomes above $ 125,000.
The same tranche of data also shows between 2018 and 2019 the number of first-time homebuyers increased by 17 per cent in New Brunswick, 9 per cent in Nova Scotia and 6 per cent in British Columbia.
The data's release comes less than a week after the federal government announced a slew of housing measures meant to make homes more affordable for first-time buyers and temporarily less accessible for non-residents. | general |
Kohl's, Guess and other consumer companies are facing off with activist investors. One expert says it's a signal of optimism | Kohl’ s Corp. once again responded to activist investors Macellum Advisors GP, LLC on Monday in a letter to shareholders laying out the skills and expertise of the company’ s board, which Macellum seeks to replace.
The letter is the latest in the ongoing battle between the department store retailer and Macellum, which owns about 5% of shares outstanding. The back and forth between the two groups has gone on for months, with Macellum accusing the company of
“ mismanaging ”
the business and Kohl’ s
KSS,
+0.85%
rebuking the criticism by pointing to steps it has taken to evolve, including a partnership with
beauty retailer Sephora
and an
ongoing relationship
with Amazon.com Inc.
AMZN,
+3.15%
Kohl’ s has also
rejected
takeover offers
, which Macellum has called out.
There are reports
of a new $ 9 billion offer from Franchise Group Inc.
FRG,
-0.05%
,
parent company to The Vitamin Shoppe and other businesses.
See:
Shoppers spent $ 2.8 billion more for the same amount of online goods in March versus February due to inflation, says Adobe
Kohl’ s is just one of a number of companies across the consumer space that has gotten the attention of activist investors lately. Certainly, activist investor activity in the consumer space isn’ t new. But right now, there are companies coming out of the pandemic in a strengthened position while others float somewhere in the middle of thriving and declining, like department stores, which were on a downward path prior to COVID but have seen some improvement more recently.
Macy’ s Inc.
M,
+4.37%
recently completed a strategic review after Jana Partners called for the department store to separate its brick-and-mortar business from its e-commerce business.
Macy’ s determined
that continuing on as a multichannel operation was the better option. Macy’ s shares have rallied nearly 55% over the last year.
Bed Bath & Beyond Inc.
BBBY,
-1.17%
settled with Ryan Cohen and RC Ventures
last month
after the activists criticized the company for its “ scattershot strategy. ”
The Wall Street Journal
reported in February that Alta Fox Capital Management LLC has pushed for changes at toymaker Hasbro Inc.
HAS,
+1.26%
,
including the possible spinoff of the Wizards of the Coast and Digital Gaming unit, which houses Dungeons & Dragons. It was announced
in January
that Hasbro had lost the license to sell the Disney Princess dolls to rival Mattel Inc.
MAT,
+1.13%
Cowen analysts wrote in a March report that there are some trends, like the growth of online grocery and e-commerce, premium pet food, and a focus on health and fitness, that will stick around once the pandemic comes to an end. This bodes well for companies like Target Corp.
TGT,
+1.07%
,
Walmart Inc.
WMT,
+2.60%
,
Nike Inc.
NKE,
+1.96%
and Freshpet Inc.
FRPT,
+3.63%
,
analysts say.
At the same time, these changing consumer behaviors are a “ historical bankruptcy driver ” to Fitch analysts. Fitch published a report on retail bankruptcy last week, finding that there was a decline in filings in 2021. But changing societal trends and strong competition are among the factors that have, in the past, been to the detriment of struggling brands.
While angry exchanges between a business and activist investors may seem like an unwelcome development for companies, all of this activist investor activity signals to Natalie Kotlyar, retail and consumer products industry leader at professional services firm BDO, that there is optimism for certain companies.
“ The group in the middle that has potential for success or a turnaround gets the activist attention, ” she told MarketWatch.
Companies are currently faced with hurdles that are out of their control, like sky-high inflation, supply chain disruption, and geopolitical upheaval, putting the response from business leaders in sharp focus.
Read:
U.S. inflation rate leaps to 8.5%, CPI shows, as higher gas prices slam consumers
“ In [ activist investors’ ] minds, I would imagine, they’ re there to help and assist management to rebound from the issues they’ re having, ” Kotlyar said.
“ It might not be the same strategy as management but there’ s still a vision for a turnaround. ”
The solutions being offered aren’ t all getting rave reviews.
“ Companies have spent a ton of time and effort to get e-commerce operations in alignment with bricks-and-mortar stores when it comes to marketing and customer experience because they know it is the best way to build customer loyalty and increase share of wallet, ” said Berna Barshay, retail expert with Empire Financial Research.
“ Why un-do all this work, work that was grounded in good corporate strategy… whether we are talking about Kohl’ s, Macy’ s, or any other company. ”
Also popular are leasebacks and other real estate strategies. In the short term, these sorts of moves could spark a jump in the stock, but might not be beneficial in the long term, Barshay said.
There are many reasons why activists target a company. In the case of Guess Inc.
GES,
+4.53%
,
Legion Partners aims to remove co-founders and directors Paul and Maurice Marciano after
multiple media reports
of sexual misconduct and assault, and, according to Legion, a failure to adequately address them. On Monday, Legion Partners issued another letter pushing back against materials released by the company and arguing that the brothers threaten the Guess brand, its reputation and its valuation.
Guess responded on Tuesday, calling the letter “ misleading ” and saying that Legion has created a “ massive distraction ” for the management team. And on Wednesday the company announced that it has sent a letter to shareholders discussing its transformation strategy and improved results. Guess expects fiscal 2023 revenue to reach $ 2.7 billion.
The apparel and accessories company is hosting its annual shareholders meeting on April 22.
“ There’ s a lot of dispersion between the strategies of U.S. activist investors. Some are looking for opportunities overseas, others are continuing to focus on their home market. Some are leaning into ESG activism, more are starting to revisit pushing companies to sell themselves, ” said Josh Black, head of activist insights at Insightia, which provides activist investor and governance data.
“ Overall, we think the uptick in board seats campaigns show that activists are starting to be more bullish after being fairly selective about their campaigns and demands during the pandemic. ”
And:
Levi Strauss shoppers are in a ‘ very good place’ despite inflation, company says
Black says that activist investors are trying to take advantage of the changes to the consumer landscape during the COVID-19 pandemic.
“ Activists understand the businesses, there is constant disruption, and there are often non-core assets that can be spun out or cash that can be redeployed, ” he said.
“ I think that has only increased in the last 18 months or so thanks initially to the upswing in consumer spending during the pandemic thanks to stimulus payments and excess savings and increasingly because of the impact on stock prices of supply chain challenges and fears that the opportunity to maximize gains is going to be fleeting. ”
BDO’ s Kotlyar forecasts that investor activism will calm once inflation and the other larger challenges facing consumer companies start to recede.
“ Once the survivors become successful or survivors disappear there will be no one to go after, ” she said. | business |
MADAGASCAR: Government security concerns behind hurried lifting of lockdown | Prospere Ventures chairman, Vikram Patil, both doctor and businessman, has already established secure contacts within the Malagasy government to help boost his mining prospects in the country. [... ]
Defence minister Richard Rakotonirina has been playing an increasingly important role in the government's response to the Covid-19 health emergency. The powers of the army, which is under his control, now look set to be considerably extended. [... ]
Justice minister Johnny Andriamahefarivo has repeatedly come under attack from his secretary general Herilaza Imbiky. The two are not short of subjects to fight about. [... ]
With its minister considering stepping down, the Madagascan army's support for Andry Rajoelina is waning even though it played a key role in his first election victory in 2009. [... ]
Businessmen Maminiaina Ravatomanga and Naina Andriantsitohaina are exasperated by the president's herbal cure for Covid-19 and are exploring other political avenues. [... ]
The Malagasy president has been making a show of his - relative - independence from the International Monetary Fund while the institution expresses its concerns over how slowly the government has been disbursing its Covid-19 emergency fund. [... ]
Senate President Rivo is the only leading politician who still stands up to President Andry Rajoelina. The ruling party has him in its sights. [... ]
Both Jesuits and FJKM Protestants have dismissed the Malagasy president's miraculous herbal remedy, a cure he is hoping will help him win back popularity. [... ]
Worried the country could be facing a deep social crisis, President Andry Rajoelina wants to whip the economy back into shape but he is having trouble convincing Madagascan businesses of his plan of attack. [... ]
Ever since the Madagascan president Andry Rajoelina, aka TGV, publicly urged Emmanuel Macron on 29 May 2019 during his visit to Paris ‘ to find a solution for dealing with the issue of the Scattered Islands and returning them to Madagascar ', [. [... ]
Amid behind-the-scenes manoeuvring, the telecommunications sector has become a battleground for competing commercial interests. Telecom Malagasy Mobile ( Telma), a subsidiary of Hassanein Hiridjee's Axian, is in the process of losing both its monopoly in the fibre optic market and its [. [... ]
Mamy Ravatomanga is seeking a business advantage by trying to muscle in on the operations of the Chinese telecoms giant Huawei. [... ]
Two recently promoted army officers have pulled out all the stops so that the President of the High Authority for the Transition ( HAT) Andry Rajoelina attends their investiture. [... ]
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MOROCCO: Mohammed VI treats himself to Al-Saud's palatial estate a stone's throw from the Eiffel Tower | Sanlam Pan Africa is entering the real estate investment market alongside one of the Moroccan specialists in this sector, which has been expanding rapidly in the Kingdom over the past two years. [... ]
The ICSID arbitration tribunal is due to settle a dispute between the state agency and Finetis, which operates the fibre optic network installed along motorways. The French group has close ties to the king's private secretary, Mounir al-Majidi, and his brother, the businessman Mahdi al-Majidi. [... ]
King Mohammed VI's younger sister has ceded her shares in the Sicopa cannery to the businessman close to the royal family. Fahmane remains in partnership with the princess in the Atlas Agrumes agricultural company. [... ]
French politician Rama Yade is now a lecturer at the Université Mohammed VI Polytechnique, founded by Office Chérifien des Phosphates ( OCP). [... ]
Finance Minister Mohamed Benchaâboun has secretly instructed his favourite investment banks, Upline Corporate Finance and Attijari Corporate Finance, to structure the €4bn Mohammed VI Investment Fund which aims to revive Morocco's economy in the wake of the Covid-19 pandemic. [... ]
The son of industry minister Moulay Hafid Elalamy has set up a real estate company in Paris and is exerting his influence on the family group by restructuring its management and Saham's activities. [... ]
King Mohammed VI's sister has injected 207m dirhams into Yamed Education 01, a company that invests in the high-potential market of university campuses and student accommodation. [... ]
The daughters of Morocco's agriculture minister Aziz Akhannouch have in recent months embarked on a range of e-commerce ventures, a move that will also boost their parents ' businesses. [... ]
Princess Lalla Hasna aimed high when choosing who would manage her real estate transactions in Paris: she turned first to central bank governor Abdellatif Jouahri, then his director of international relations Anis El Youssoufi. [... ]
The Royal holding company Al Mada is looking to team with Vinci to manage the country's second airport. The Covid-19 pandemic may hasten the deal. [... ]
The minister of the economy, in the face of the coronavirus pandemic and with plans to create an entity to manage the state's public holdings, is to launch a major audit to assess the technical and financial management of the kingdom's airports. [... ]
Mounir El Majidi, the king's private secretary and business manager, is building a business empire of his own through contracts with royal holding company Al Mada. His brother Mahdi El Majidi and his former aide Zouhair Fassi-Fehri are following his example. [... ]
The Les Arènes site, where Yamed and princesses Lalla Asmae and Lalla Hasna plan to build a Hilton hotel, was sold to them at an advantageous price by Crédit du Maroc, even though the bank had long planned to build a major complex there itself in Casablanca's most expensive district. [... ]
The hotel building, which will be situated in Casablanca's most exclusive district, will be partly owned by Princess Lalla Asmae and Princess Lalla Hasna. [... ]
Faced with the worst economic crisis of his reign, the king plans to refinance his private holding company Al Mada via a $ 500m bond issue. The main subscriber is likely to be mutual smallholders ' insurance group MAMDA-MCMA, which has already got him out of difficulty on several occasions in the past. [... ]
Mohammed VI's older sister Lalla Meryem has finally succeeded in ridding herself of her failed Baccarat Hotel project in Rabat's [... ]
Mohammed VI's sister, Lalla Meryem, is reorganizing her investment portfolio. According to our sources, her holding company, Unihold, has sold [... ]
Moulay Rachid, who like the rest of the royal family has extensive property interests, is planning to go into the development of industrial zones. He will do so with a more than solid partner in the form of Mohamed Adil [. [... ]
Africa Intelligence uses cookies to provide reliable and secure features, measure and analyse website traffic and provide support to the website users.Apart from those essential for the proper operation of the website, you can choose which cookies you accept to have stored on your device.Either “ Accept and close ” to agree to all cookies or go to “ Manage cookies ” to review your options. You can change these settings at any time by going to our Cookie management page.
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Asia markets open lower ahead of key US data | Hi, what are you looking for?
Most Asian markets opened lower Tuesday, after a weak lead from Wall Street and with eyes on key US inflation data later in the day.
By
Published
Most Asian markets opened lower Tuesday, after a weak lead from Wall Street and with eyes on key US inflation data later in the day.
Tokyo was down more than one percent, while Hong Kong dipped slightly into the red.
There were small gains in Taipei and Jakarta.
This followed a weak lead Monday from Wall Street and Europe, with sentiment souring on flat UK economic growth and expectations for another strong US inflation report, which will likely bring aggressive US interest rate hikes.
The US S & amp; P 500 fell 1.7 percent in the first trading day of the holiday-shortened week.
The government is set to release the US consumer price index for March on Tuesday, after inflation rose 7.9 percent over the 12 months to February, the biggest increase in 40 years.
Calling it the “ Putin price hike ” in reference to the economic ramifications of Russia’ s invasion of Ukraine, White House Press Secretary Jen Psaki told reporters: “ We expect March headline inflation to be extraordinarily elevated. ”
Economists are expecting annual US inflation to spike to nearly 8.5 percent, which would be the highest since late 1981.
“ What we’ re faced with this year is stagflation, ” Kathryn Rooney Vera, head of global macro research at Bulltick LLC, told Bloomberg Television. “ It’ s a very complicated environment that the Fed has found itself in ” and the market is pricing in potentially 50 basis points of hikes at each of the next two policy meetings, she added.
“ Risk assets are starting to respond to the relentless rise in yields with US equities falling sharply overnight as the US 10-year yield hit 2.79 percent, its highest in three years, ” said Tapas Strickland of National Australia Bank in a note.
All those concerns were weighing on the Tokyo market, Okasan Online Securities said in a note.
“ Investors will then likely refrain from making major moves ahead of the release of the March US consumer prices data later in the day. The market will likely lose a sense of clear direction ” until the data’ s release, the brokerage said.
Hong Kong’ s modest gains were fuelled by tech shares after China’ s approval of the first batch of new video game licences since July. That step may ease some of the worst concerns about Beijing’ s gaming-sector curbs.
Oil steadied, with Brent crude back just over $ 100 a barrel, after a tumble that erased most of the commodity’ s gains sparked by Russia’ s war in Ukraine. China’ s coronavirus outbreaks and mobility curbs are imperilling demand.
– Key figures around 0230 GMT –
Tokyo – Nikkei 225: DOWN 1.37 percent at 26,454.87 ( break)
Hong Kong – Hang Seng Index: DOWN 0.09 percent at 21,188.38
Shanghai – Composite: UP 0.03 percent at 3,168.00
Brent North Sea crude: UP 1.81 percent at $ 100.26 per barrel
West Texas Intermediate: UP 1.94 percent at $ 96.12 per barrel
Euro/dollar: DOWN at $ 1.0871 from $ 1.0882
Pound/dollar: DOWN at $ 1.3021 from $ 1.3029
Euro/pound: FLAT at 83.49 pence
Dollar/yen: UP at 125.40 yen from 125.37 yen
New York – Dow: DOWN 1.19 percent at 34,308.08 ( close)
London – FTSE 100: DOWN 0.67 percent at 7,618.31 ( close)
— Bloomberg News contributed to this report —
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
UK's Johnson, Sunak fined over 'Partygate ' | Hi, what are you looking for?
UK PM Boris Johnson and finance minister Rishi Sunak are to be fined for breaching Covid-19 lockdown laws.
By
Published
UK Prime Minister Boris Johnson and finance minister Rishi Sunak are to be fined for breaching Covid-19 lockdown laws in what has become known as the “ Partygate ” scandal, prompting calls on Tuesday for their resignation.
“ The prime minister and chancellor of the exchequer have today received notification that the Metropolitan Police intend to issue them with fixed penalty notices, ” a Downing Street spokeswoman said on Tuesday.
The announcement came after London’ s Metropolitan Police said they had issued more than 50 fines over the parties, without disclosing the number or identities of those being fined.
The leader of the opposition Labour Party, Keir Starmer, swiftly called for the two most senior members of the government to resign.
“ Boris Johnson and Rishi Sunak have broken the law and repeatedly lied to the British public, ” Starmer tweeted.
“ They must both resign. The Conservatives are totally unfit to govern. Britain deserves better. ”
The political storm following the revelations of a swathe of lockdown-busting parties in and around Downing Street now threatens to engulf Johnson once more.
He was left fighting for his political survival earlier this year after a number of lawmakers from his ruling Conservative Party withdrew their support for his leadership.
Bereaved families of victims of the Covid pandemic also called on Johnson to resign.
“ It’ s now indisputable that whilst bereaved families were unable to be at their loved ones’ sides in their last moments, or stood at their funerals alone, the people responsible for protecting us in Downing Street were partying and rule breaking en masse, ” said Matt Fowler, co-founder of Covid-19 Bereaved Families for Justice.
“ It’ s plain as day that there was a culture of boozing and rule breaching at the highest level of government, whilst the British public was making unimaginable sacrifices to protect their loved ones and communities. ”
London police are investigating claims that Johnson and government officials organised and attended at least a dozen boozy events in 2020 and 2021 that violated Britain’ s then-strict virus curbs.
“ The investigation into allegations of breaches of COVID-19 regulations in Whitehall and Downing Street continues to progress, ” the Met said in a statement on Tuesday.
“ We are making every effort to progress this investigation at speed. This includes continuing to assess significant amounts of investigative material, ” it added.
Johnson has already apologised for the parties, which included Christmas celebrations and a drink-fuelled gathering the evening before Prince Philip’ s funeral.
The prime minister, who initially denied any rule-breaking events had occurred in the complex where he lives and works, has consistently rejected personal wrongdoing.
But his opponents accused him of misleading parliament by insisting the Downing Street events were work-related and within the rules.
And the 57-year-old now faces renewed calls to explain why he attended social gatherings when his government was telling the public that they were illegal.
His office confirmed in February that Johnson had submitted his response to a police questionnaire on the matter but sources said he has not been interviewed in person by investigating officers.
Russia’ s invasion of Ukraine had eased the political pressure on Johnson, with the international crisis replacing “ Partygate ” in the daily headlines.
Johnson has sought to play a prominent role in the West’ s response to the war, hosting near-daily calls with Ukrainian President Volodymyr Zelensky and sending UK military aid to the eastern European country.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
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China’ s High-Yield Bond Market Losses Deepen: Evergrande Update | The information you requested is not available at this time, please check back again soon.
Unfinished apartment buildings at the construction site of a China Evergrande Group development in Beijing, China, on Thursday, Jan. 6, 2021. Evergrande is seeking to delay an option for investors to demand early repayment on one of its yuan-denominated bonds, in the latest sign of distress amid a broader real estate debt crisis. Photographer: Andrea Verdelli/Bloomberg, Bloomberg
( Bloomberg) -- China’ s offshore high-yield credit market has reached a critical juncture, falling back again in recent days after key metrics showed stress reaching record levels earlier in March.
Distress in the nation’ s $ 870 billion offshore debt market remained at the highest level, Bloomberg’ s China Credit Tracker shows. Losses deepened to a fresh low, while average yields on junk-rated debt, dominated by builders, rose to a new high of 24.9%. Rising defaults in the much-larger onshore market also spurred higher stress levels, according to the tracker.
Elsewhere, fourteen Chinese cities have loosened grips on home purchases in April, including some in the Yangtze River Delta that are popular among buyers. The easing of curbs comes as Chinese developer Sunac China Holdings Ltd. on missed its first payment since last year.
China’ s Credit Market Reaches Inflection Point on Rising Stress ( 8:15 a.m. HK)
Losses are among the worst ever. Borrowing costs are at a record high and big investors are cutting positions. Market concerns prompted vows for policy action in the middle of last month that helped spark a rally, but that rebound has been fading in recent days amid scant signs of policy details and as Covid lockdowns weigh on sentiment.
Already contending with a clampdown that triggered record defaults and dwindling home sales, developers need to shore up investor confidence in the embattled sector to sustain their recent rebound. Uncertainty persists about the scale of many property firms’ debt, with a number of them yet to release audited results for last year.
More Chinese Cities Ease Property Curbs: Securities Times ( 8:15 a.m. HK)
Fourteen Chinese cities have loosened grips on home purchases in April, including some in the Yangtze River Delta that are popular among buyers, suggesting more regions may follow suit, the Securities Times reports. Two districts in Nanjing removed limits against people from other cities buying homes there on Tuesday, while four cities in Hubei province reportedly lowered mortgage rates by as much as 56 bps, according to the newspaper
The loosening by Suzhou and Nanjing in the Yangtze River Delta, which has long been the barometer of China’ s housing market, indicates that more tier-2 cities may do the same, said Ding Zuyu, co-president of E-House ( China) Enterprise Holdings Ltd., a real estate firm, according to the report.
Hours after delivering the biggest interest-rate hike in 22 years in Canada, Tiff Macklem had a message for investors: There’ s no reason to worry about inflation getting out of hand.
Canada's big banks didn’ t waste much time following the Bank of Canada’ s lead, announcing Wednesday afternoon they will raise their prime rates half a percentage point to 3.2%, effective Thursday.
The Bank of Canada raised its interest rate by half a percentage point in its biggest hike in 22 years and said rates are poised to move significantly higher as it moves aggressively to wrestle inflation down from a three-decade high.
It’ s decision time for the people who control the fate of one of Canada’ s biggest-ever mergers. | general |
Oil settles at highest price in a week as China eases some lockdown restrictions in Shanghai | Oil futures climbed by more than 6% on Tuesday, with U.S. and global benchmark prices posting their highest finish in a week, as China somewhat eased its COVID-19 lockdown of Shanghai.
Price action
West Texas Intermediate crude for May delivery
CL.1,
+2.20%
CL00,
+2.20%
CLK22,
+2.20%
rose $ 6.31, or 6.7%, to settle at $ 100.60 a barrel on the New York Mercantile Exchange, following a decline of 4% on Monday. Front-month prices haven’ t settled above $ 100 since April 5, FactSet data show.
June Brent crude
BRN00,
-0.04%
BRNM22,
-0.04%
,
the global benchmark, added $ 6.16, or 6.3%, to $ 104.64 a barrel on ICE Futures Europe, the highest finish in a week. Brent on Monday closed below $ 100 for the first time since March 16.
May natural-gas futures
NG00,
+4.63%
NGK22,
+4.63%
rose 0.6% to $ 6.68 per million British thermal units.
May gasoline
RBK22,
+2.46%
rose 5% to $ 3.154 a gallon, while May heating oil
HOK22,
+2.89%
added 6% to $ 3.464 a gallon.
Market drivers
The recent pullback in crude prices, which on Friday saw a second consecutive weekly fall, has been blamed in part on a China’ s lockdown of Shanghai, with a population of more than 25 million due to a COVID outbreak. Reports of shortages of food and other necessities have been rising as the strict lockdown continued.
However, Shanghai on Tuesday
said it would lift some restrictions
on neighborhoods where no new infections had been reported over the past two weeks.
Read:
U.S. orders consular staff to leave Shanghai amid COVID lockdown
The news helped ease concerns around Chinese oil demand, offering a sort of “ light at the end of the tunnel trade, ” said Stephen Innes, managing partner at SPI Asset Management, in a daily note.
“
The easing of some lockdown restrictions in Shanghai offers a “ light at the end of tunnel trade, ” but oil bulls “ have fingers crossed that light isn’ t a Chinese COVID freight train at the other end of the tunnel. ”
”
— Stephen Innes, SPI Asset Management
However, “ oil bulls have fingers crossed that light isn’ t a Chinese COVID freight train at the other end of the tunnel, ” he said.
On Tuesday, the
Organization of the Petroleum Exporting Countries, or OPEC, lowered
its forecast for 2022 growth in oil demand to 3.7 million barrels a day, down 500,000 barrels a day from its previous forecast. The cut was “ mostly reflecting ” the organization’ s lowered 2022 economic outlook, OPEC said in its monthly report.
Separately, the
Energy Information Administration cut its forecast
for global consumption of petroleum and liquid fuels on Tuesday. It expects consumption to average 99.8 million barrels a day for 2022, down 800,000 barrels from the March forecast.
The government agency also reduced its 2022 price forecasts for WTI and Brent, bur raised its 2023 price forecasts for both grades.
Meanwhile, a coordinated release of crude oil by the U.S. and other countries from strategic reserves, announced last week, was also cited as a factor in the recent pullback for crude prices.
The Biden administration plans to allow high-ethanol content gasoline to be
sold during the summer
in an effort to help tamp down high fuel prices, according to senior administration officials. The decision would allow gasoline with 15% ethanol to be sold between June 1 and Sept. 15. Normally only 10% ethanol blend is allowed to be sold during that period to reduce smog.
Read:
Biden to allow more ethanol in effort to ease gas prices — here’ s what you need to know
Natural-gas futures extended their gain to
more than a 13-year high
, “ as large swaths of the northern U.S. and Southern Canada experience a prolonged winter, ” said Vinicius Romano, senior analyst at Rystad Energy, in a note. “ The elevated domestic and export demand from Europe has brought U.S. storages to a lower-than-average level at this time of the year sustaining such prices. ”
The monthly EIA report Tuesday forecasts an average 2022 U.S. natural-gas price of $ 5.23 this year, up 32% from the March forecast, with U.S. liquefied natural gas exports likely averaging 12.2 billion cubic feet a day for the year, up 25% from 2021.
The EIA’ s weekly petroleum supply report is due Wednesday. On average, analysts forecast a climb of 300,000 barrels in crude stocks for the week ended April 8, but also see supply declines of 800,000 barrels for gasoline and 1.5 million barrels for distillates, according to a survey by S & P Global Commodity Insights. | business |
The pros and cons of a workcation—should you lug your laptop when you travel? | This
article
is reprinted by permission from
NerdWallet
.
Workcations. Laptop luggers. These are the latest buzzwords for leisure travelers who benefit from remote work by taking more frequent and longer vacations. For better or worse, workcationing and laptop lugging are transforming both workplaces and the travel industry as new norms are established amid the COVID-19 pandemic.
Should you bring along your laptop to extend your next trip? Here are some pros and cons of mixing work and play on vacation.
What is laptop lugging?
The pandemic enabled a growing chunk of people to embrace
digital nomad life
. Yet for many,
working remotely
as a full-time traveler can be unrealistic. Instead, laptop lugging is a sort of “ digital nomad lite, ” providing many benefits of digital nomadism without requiring you to surrender your home base completely.
The trend largely took off in 2020, when hotels began offering “ work from anywhere ” packages with discounted rates and perks like meals, premium Wi-Fi, separate workspaces and sometimes child care. Similar packages are still around today, as vacancy rates continue to soar.
After all, weekday hotel demand in the top 25 U.S. travel markets during the first full week of February 2022 was only 76% of what it was in the comparable week of 2019, according to hospitality data analytics group STR.
How common is laptop lugging?
These days, 50% of people say they bring their work laptops on vacation, according to a December 2021 Expedia
EXPE,
+2.25%
survey of 14,500 working adults. The survey also found that 41% say they frequently join Zoom
ZM,
-3.99%
calls on vacation.
Laptop lugging becomes even more common during the holidays. According to Deloitte’ s 2021 holiday travel survey of about 6,500 Americans, laptop luggers planned two to four trips in the period from Thanksgiving 2021 to mid-January 2022. That’ s twice as many trips as the one or two trips planned among people who entirely disconnect on vacation.
Laptop luggers typically stay longer in their destinations, meaning more revenue for hotels. Deloitte’ s survey found that working travelers are twice as likely to increase their travel budgets from 2019 versus those who completely disconnect. Longer stays can also help hotels that have cut housekeeping services save even more money.
But while laptop lugging is good for travel operators, is it actually good for you and your employer?
Benefits of laptop lugging
Rather than the typical pre-pandemic five-day tropical vacation, laptop luggers might spend three weeks away. But on this trip, you might send messages before a sunrise surf session, after which you resume your usual 9-to-5 work grind. Evenings enable you to explore new neighborhoods and eateries without the pressure to cram every experience into just a few days.
Other laptop luggers might prefer frequent, shorter trips. They might return home to repack and refresh their laundry supply and then opt for
workcationing
from an Airbnb
ABNB,
-0.67%
for a change of scenery.
See:
Inside Airbnb’ s high-profile, if sometimes frustrating, effort to house Ukrainian refugees: ‘ I applaud Airbnb — as long as it works’
Given his role as CEO at virtual events company TeamBuilding, Michael Alexis is no stranger to supporting productivity anywhere in the world.
“ Being able to take a longer vacation and work during it means more time to recharge while expanding your travel options, ” Alexis says. “ If you only had one week off, flying internationally isn’ t practical. You lose at least two days to travel and may be jet-lagged the entire trip. With laptop lugging, you could stay as long as you like. ”
Problems with laptop lugging
While vacations theoretically reduce burnout, laptop lugging might increase it.
The inability to fully unplug could increase stress if you’ re constantly thinking about tomorrow’ s meeting or still checking emails every few hours. In fact, 61% of Americans say they don’ t consider workcations to be true vacations, Expedia’ s study found. And that’ s low compared with workers of other nationalities. Comparatively, 80% of Canadians don’ t see workcations as vacations.
Beyond burnout, laptop lugging can pose operational challenges. Time zones can become a scheduling mess, and employer policies may prohibit bringing equipment like a company-issued laptop abroad. Video calls that demand professionalism might not jibe with your vacation wardrobe.
Meanwhile, finding reliable and fast Wi-Fi may be difficult in some locations. Once you do find a signal, sending files over a public internet connection might bring about security issues. Plus, working at public spaces like coffee shops puts sensitive information at risk.
Also see:
The No. 1 reason American workers quit their job has nothing to do with the COVID-19 pandemic
Companies might have to rethink what’ s a vacation
Laptop lugging has its pros and cons, and some employees might benefit from the lifestyle more than others.
“ Companies need to shift their thinking away from trying to fit all employees into one format of vacation, ” says Kane Carpenter, a lead at employer branding consultancy Daggerfinn.
Also read:
Walt Disney World’ s latest attraction may appeal to its own workers: Affordable housing
Carpenter discourages companies from making blanket vacation policies, as some workers might benefit from a change of scenery, while others might find it distracting.
“ In a world of increasing flexibility and digitization, companies can look after their workforces where each individual is, ” he says. “ For individuals who like to take as much time off as possible and completely disconnect, no problem. For employees who like to be tuned in, it’ s important for companies to encourage breaks and time off, but to do so in a creative and supportive way. ”
Meanwhile, Alexis’ company has implemented policies to ameliorate issues.
“ The employee must have a clear distinction between work time and vacation time, ” he says. “ We’ ve had employees travel and claim that they’ re available via phone, which isn’ t intentional work time and doesn’ t meet expectations. ”
Among TeamBuilding’ s rules: Employees must clearly define work versus vacation hours, and work hours must entail a stable, reliable internet connection ( so shaky airplane connectivity likely wouldn’ t suffice). But Alexis says laptop lugging has generally been positive for his more than 100-person staff.
“ As long as employees manage time and productivity well, then we’ re happy to accommodate, ” Alexis says.
More From NerdWallet
5 Reasons to Be Optimistic About Your Summer Travel Plans
Travel Is Back, in Case You Missed It
How to Maximize Paying Taxes with a Credit Card for Points
Sally French writes for NerdWallet. Email: sfrench @ nerdwallet.com. Twitter: @ SAFmedia. | business |
Your guide to filing taxes in 2022: Tips and tricks | Filing taxes is plenty stressful, especially for those filers with complex tax filing needs. Let our guide help you to understand the tax filing process to make this trying time easier.
Rachel Presser is a former tax accountant turned game developer, writer, and small business consultant from The Bronx.
Marc Wojno has been a writer and editor in the financial field for more than two decades.
Tax season is often a stressful time for most people. It's especially true for taxpayers with complicated tax filing needs due to owning a business or having a significant amount of investments, among other situations.
From blockchain and bitcoin to NFTs and the metaverse, how fintech innovation is changing the future of money.
In 2021, much like 2020, we're also dealing with a global crisis that only occurs about once every 100 years: a pandemic that must be contained through both individual and institutional efforts. Because of COVID-19 and countless industries have been temporarily shuttered. Last year saw many state governments instituted closures of nonessential businesses that caused more than 10 million Americans to file for unemployment in March 2020.
Subsequently, the ordinary stress that taxpayers and tax professionals experience every January to April has been compounded by lockdowns, a strained healthcare system, economic devastation and adjusting to an awkward present and uncertain future. Under ordinary circumstances, you would need to file and pay your taxes due by April 18.
Tax professionals advise that you take advantage of this additional time to understand their tax situations better. Chris Cherico, Enrolled Agent and Founder of Cary, North Carolina-based Guardian Tax Solutions, found this to be the case for his clients. `` As devastating as the virus has been to the entire world, '' he said, `` I have found my clients are utilizing the downtime to understand the taxable implications of their decisions better. We have utilized video calls to stay in contact and go over key decisions they have made in their personal and business lives. ''
We 've compiled a thorough guide to help you understand the tax filing process to make this trying time easier.
See also: The income tax guide 2022.
You might not have to file a tax return depending on your income and other factors. Usually, before considering any tax benefits, your gross income for the year is the main determinant, but there are other situations where you may still need to file. The IRS has a filing requirements chart that explains gross income filing requirements based on age and filing status. You must file for single taxpayers under 65 if your gross income was at least $ 12,400. The IRS also has a tool that helps determine whether you must file a return.
For most employees, you will need to file if your total income exceeds your filing status's gross income filing requirement. For students and part-time workers likely to fall below this limit, you may not be mandated to file, but you still may want to in order to get a refund. Students and other people who are likely claimed as dependents on another person's taxes should consult this table on IRS.gov to determine if they are required to file a tax return.
There are some exceptions to the gross income filing requirement. The most common one is self-employment. If you have any self-employment income, such as freelancing, gig work or any `` side hustles, '' this income is usually reported on a 1099-MISC form. You may not receive a 1099-MISC form in some cases. Regardless, you need to file a tax return if your net income for the year ( income after self-employment related expenses) was at least $ 400.
There are other reasons you may need to file a tax return even if your income is below the gross income filing requirement, such as receiving the advance premium tax credit on marketplace health plans. This table on IRS.gov explains the other reasons you may still need to file, which are less common than self-employment and the premium tax credit.
If you are not a resident of the United States and file a 1040NR tax return, these rules only apply to your U.S.-sourced income. You don't have to include any foreign-sourced income in your gross income when determining whether or not you should file a tax return. The gross income filing requirement is still similar to that for U.S. citizens, although you can omit foreign-sourced income. However, there may also be tax treaties in place that you qualify for based on your country of residency, so you should check out this guide on IRS.gov to determine if you still must file a U.S. tax return.
If you want to prepare your own taxes, most people with income of $ 72,000 or less can use the Free File program. Free File vendors include TaxAct, 1040NOW, TaxSlayer, and other well-known tax software providers who also offer commercial versions if you're ineligible for Free File. If you live in a state that has an income tax, you should check which versions offer free state returns. Each vendor also imposes its own income and age limits.
If you want to file a paper return, the mailing address varies based on where you live and whether you're sending a payment or not. You can find the filing address directory here.
You can also work with an independent tax professional or tax filing service online without needing to go to a tax office. Today, most tax practices offer expedited and secure tax interviews and ways to electronically transmit your information if you can not mail your documents. If you don't have a recommendation for a tax professional through a friend or colleague, the IRS has a federal directory of tax professionals. You can also find a local tax expert through professional societies like the National Association of Tax Professionals and the National Association of Enrolled Agents.
On average, tax refunds show up within 21 days of filing your tax return. Paper checks will take longer, and direct deposit will be faster. Non-residents filing 1040NR tax returns typically face waits of 6 months or longer. You can use the Where's My Refund? tool on IRS.gov to track your refund.
These wait times are under normal circumstances, but they are likely to be twice as long in 2022 since IRS operations are currently fractured due to COVID-19.
If you have a balance due, payment processing speed depends on whether you use DirectPay, EFTPS ( Electronically Filed Tax Payment System), arrange withdrawal through your tax software or write a check. DirectPay is the quickest and easiest option to make federal tax payments since you do not need to create an account, unlike EFTPS. However, both EFTPS and DirectPay payments usually take two to five business days to debit your account. Your tax software may vary, but payments will typically process within one to two business days after the provider accepts your tax return.
After your income has been accounted for, deductions are the first tax break you need to compute. There are two types of deductions: adjustments ( above-the-line deductions) and below-the-line deductions. Anyone eligible for adjustments can claim them, but there are only two types of below-the-line deductions: standard and itemized. Most people have taken the standard deduction since the 2018 tax reform suspended, limited or eliminated several itemized deductions.
Deductions reduce your taxable income. However, adjustments can have a ripple effect on other tax benefits, which makes them more advantageous than below-the-line deductions. Business expense deductions for self-employed people also reduce the amount of self-employment tax that has to be paid, while below-the-line deductions only affect income tax.
Audits are not as common as the movies might have you believe. The IRS only examined 0.5% of tax returns in 2017, and just 25.2% of 2018's examinations were the `` field audits '' seen in the media. A letter from the IRS, even one asking for corrections or clarifications on your tax return, is not an audit. Examinations are usually cleared up with mail and phone correspondence and, if necessary, amended tax returns.
Se also: The income tax guide 2022.
Tax credits are more beneficial than deductions because they are dollar-for-dollar reductions of your tax bill. Non-refundable credits only shave off part of your tax bill to the extent that you have one, while refundable credits will be refunded to you regardless of whether you have a tax liability or not.
It has no bearing on how much taxes you had withheld; it's based on your assessed tax after all of your deductions.
The tax filing deadline has been extended until April 18, 2022. If you're able to, it would be wise to file your taxes sooner rather than later, even if you owe money. If you file before the deadline, you will not owe a late filing penalty and have time to figure out your options for payment plans. However, given the stressful time we are facing with massive job losses and hospitalizations, if you do not think you will have your taxes ready by April 18, you can file for an extension, which would give you until October 17, 2022.
The COVID-19 extension also applies to estimated tax payments that are normally due by April 18, but not any other estimated tax payments or other balances due.
Personal and business relief programs have been confusing to follow, but your tax professional can help. Ben Burke, Enrolled Agent and owner of Snappy Tax in Ocala, Florida, added, `` Client communications have been difficult because the information is changing every day and each state and lending institution has a different process to follow. Nevertheless, my team and I have published resource guides, hosted video conferences, and are staying on the phones to support the people who are the backbone of this economy during this difficult time. ''
Yes, the IRS has announced that a web-based Treasury form is coming soon that you can use if you did not file taxes before.
The web-based Treasury form should fix this if a payment doesn't show up in your bank account.
You will be able to apply for the relief check throughout 2020 if it doesn't automatically appear in your bank account and if you meet the income guidelines.
People who don't have valid Social Security numbers, anyone claimed as someone else's dependent, non-resident aliens and residents of U.S. territories ( e.g. Virgin Islands, Puerto Rico).
You might receive a letter at your last-used address. Be wary of COVID-19 and IRS scams. The IRS will only contact you by mail, never by telephone, email, text or social media.
Se also: The income tax guide 2022.
[ This article was originally published on The Simple Dollar in April 2020. It was updated in January 2022. ]
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Ukraine war fuels 'overlapping crises ': World Bank's Malpass | Hi, what are you looking for?
The Russian war on Ukraine has set off a chain reaction in the global economy with rising energy and food prices that will worsen poverty.
By
Published
The Russian war on Ukraine has set off a chain reaction in the global economy with rising energy and food prices that will worsen poverty and hunger and exacerbate debt concerns, World Bank President David Malpass said Tuesday.
Faced with these “ overlapping crises, ” the leader of the development lender urged advanced nations to keep markets open, removing trade barriers and reversing policies that concentrate wealth.
The war came as the global economy was trying to right itself following the Covid-19 pandemic, even as new lockdowns in China create uncertainty about the recovery.
“ Never have so many countries experienced a recession at once, suffering lost capital, jobs, and livelihoods. At the same time, inflation continues to accelerate, ” Malpass said at an event in Warsaw.
Speaking ahead of annual meetings next week of the World Bank and International Monetary Fund, Malpass pledged to help Ukraine rebuild following the war.
World Bank President David Malpass warns of poverty, malnutrition and debt distress as a result of the fallout of the war in Ukraine on top of the Covid-19 pandemic – Copyright AFP Wakil KOHSAR
The two global lenders have quickly rolled out aid for the country, and Malpass said the bank has secured donor support for $ 1 billion in funding under the concessional lending arm, as part of a $ 3 billion package, as well as $ 100 million for Moldova.
Beyond the immediate humanitarian crisis caused by the war that created a flood of refugees — four million fleeing into neighboring countries like Poland — “ supply constraints and disruptions, have fueled price increases and worsened inequality around the globe. ”
Ukraine is a key source of grain while Russia is a major producer of energy and fertilizer, and the war is “ creating sudden shortages of energy, fertilizer, and food, pitting people against each other and their governments, ” he said.
And an “ intense drought ” in South America is making the food situation worse.
“ For every one percentage point increase in food prices, 10 million people are expected to fall into extreme poverty, ” he said, adding “ Malnutrition is expected to grow. ”
Protestors in Peru have taken to the streets demand government action, as did people in Sri Lanka, where the government on Tuesday announced it was defaulting on its $ 51 billion in foreign debt.
Malpass has been sounding the warning about the growing debt burden in developing nations, and said the total “ has risen sharply to a 50-year high. ”
“ Most emerging market and developing economies are ill-prepared to face the coming debt shock, ” he warned.
The World Bank chief called on advanced countries to keep their markets open.
“ Most of the trade barriers protect the privileged at the expense of the rest of society, worsening inequality. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Activists in New York stage an anti-war protest as Russia's invasion of Ukraine reaches the one-month mark - Copyright AFP Ed JONESA Reuters message...
More than 4.6 million Ukrainians have now fled the war, the United Nations said Tuesday.
In an Albanian city once named for Soviet dictator Joseph Stalin, dozens of Soviet- and Chinese-made planes rust in the open air.
Russia has warned Finland and Sweden against joining Nato, arguing the move would not bring stability to Europe.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Veru gets a big Covid boost | Veru has shown that it is still possible to make huge gains off the back of Covid data. According to the company its microtubule inhibitor sabizabulin managed to cut the risk of death in high-risk hospitalised patients, sending the group’ s stock up 182% yesterday.
True, this is a niche in which many other drugs, including the monoclonal antibodies and Merck & Co’ s molnupiravir, have failed to make a mark. But there is reason to be cautious about Veru’ s claims, given its previous attitude towards data disclosure. And there is also the question of market size, given the various options available and the fact that vaccines have cut hospitalisation rates.
For now, Veru is only giving the headline findings from the pivotal study, which was stopped by its independent data-monitoring committee for “ overwhelming evidence of efficacy ” in the first 150 subjects enrolled.
Here, at least, the company appears to have gone one better than the likes of Synairgen and Kiniksa, which have seen their projects fail in the hospital setting in recent months.
The primary endpoint of the sabizabulin trial was the proportion of patients who died by day 60: 20% versus 45% in the sabizabulin and placebo arms respectively. This gave a relative reduction in death of 55% with a p value of 0.0029 in the intent-to-treat population, Veru said.
The exact population is relevant because Veru used a modified intent-to-treat analysis when it claimed a win in its 39-patient phase 2 Covid study, crucially excluding from the sabizabulin cohort a patient who had experienced respiratory failure. That trial primarily looked at the proportion of patients alive without respiratory failure; there was an intriguing reduction in deaths, a secondary endpoint.
The small numbers of patients in both studies could give investors pause. It will now be up to the FDA and regulators around the world to decide whether sabizabulin passes muster.
On Veru’ s side will be unmet need: the 45% mortality rate in the placebo arm attests that the patients enrolled in this study, who came from the US as well as Brazil, Colombia, Argentina, Mexico, and Bulgaria, were very sick indeed. And these patients were already receiving standard of care, including dexamethasone, Gilead’ s Veklury, anti-IL-6 antibodies such as Roche’ s Actemra and Jak inhibitors like Lilly’ s Olumiant.
Veru seemed to scotch any worries that these other treatments might have skewed results: during a conference call yesterday, company execs pointed to an even balance between the treatment and placebo groups in terms of background therapy, as well as age, sex and disease severity.
They did not give a breakdown of the different variants involved in the trial, saying these data were still being analysed, but added that Delta and Omicron were present in both study groups.
Veru believes that, by disrupting microtubules, sabizabulin perturbs the “ highways ” along which the coronavirus is transported within cells; this could make it a variant-agnostic therapy, the company reckons. The project is also being evaluated in cancer.
If Veru can get sabizabulin to market in Covid it will then have to worry about manufacturing and distribution. Execs did not rule out signing up a partner to help here, but this could be a daunting task for a small company.
Veru's task will be doubly difficult if Pfizer’ s Paxlovid can show a benefit in hospitalised patients in a new arm of the UK’ s Recovery trial. Veru’ s Mr Steiner made much of sabizabulin being a once-daily pill, versus Paxlovid’ s three-tablet, twice-daily regimen – but even big players have had trouble challenging Pfizer’ s dominance in Covid.
The table in this story has been updated to include the Activ 5 NIH studies. | general |
Full Video: Booking.com's Top Europe Executive at Skift Forum Europe 2022 | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
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Rashaad Jorden, Skift
April 12th, 2022 at 9:00 AM EDT
Booking.com is on track for a strong summer, but Carlo Olejniczak acknowledges his company faces fierce competition from rivals such as Airbnb. He explains his company's strategy in areas such as short-term rentals in the video.
Rashaad Jorden
Skift Forum Europe was held in London, England on March 24, 2022. Find out about future Skift events through the link below.
Learn More
Carlo Olejniczak, Booking.com’ s vice president and managing director of Europe, Middle East and Africa, addressed a wide range of topics in a conversation with Skift Executive Editor Dennis Schaal at Skift Forum Europe on March 24.
Like Expedia for Business President Ariane Gorin, Olejniczak expressed optimism that tourism in Europe would have a strong summer as bookings for the season were higher than at the same point in 2019. He also said his company has seen a surge in mobile bookings.
Watch the full video of the conversation, as well as read a transcript of it, below, to hear Olejniczak, among other things, touch on the travel trends he’ s observed as well as the importance of short-term rentals to Booking.com.
Schaal: I’ m back. Hi, Carlo. Thanks for being here.
Olejniczak: With pleasure. Hi everyone.
Schaal: Hey everybody here and online, please bail me out, put in some questions into the app. I can use all the help I can get. This guy’ s a tough interview. That’ s what I’ ve heard. So you guys had an announcement about Ukraine this week. I think it was earlier this week. What are you guys doing?
Olejniczak: So basically, what we have seen through all this tragedy and these terrible events that we have a lot of partners reaching out to us and we want to help. We have room that we want to give for free. And we knew that many people … We have 3.5 million refugees that are fleeing away from Ukraine and these people need to find a room. So what we have created is to build very quickly a technology platform to be able to have a dedicated section on the website where we can basically help refugees find a room. We have also worked very closely with the United Nations Refugee Committee to make sure that we can provide the support to really those people in need. So we have this product that is live since this Monday, and we have all our teams trying to source free supply or highly discounted rooms for the refugees.
Schaal: So that was a bit of a technical challenge, right? Because you guys do pay at the hotel. Was that part of the …
Olejniczak: Yes, because I mean, in this type of case, if you want to remove all fraudulent cases, you need to do it for booking without a credit card. But basically the idea was to find a quick solution to make it easy for people to find the rooms and to book them. So we even had one of the big chains reaching out to us 10 days ago, [ inaudible 00:02:13 ] we have all this rooms we want to give for free, but now we need to find a way to distribute them. So we said, “ Okay, we are building this platform. So you will be able to fill your supply here. ” Then the question for them was how to make sure that the rooms reach the right people. So by working with the United Nations Refugee Committee, we’ re able to make sure that we provide these rooms to the person in need, I would say.
Schaal: I see some people on booking.com, booking rooms in Ukraine as a way to donate to hosts with without the intention of staying. Are you encouraging that?
Olejniczak: No, we are not. What we’ re encouraging, we’ re encouraging people to make donations to the Red Cross if they want to help. I’ m not an expert, but when you pay for a service that you’ re not using, this could lead to some financial [ inaudible 00:03:00 ]. So this is not something that we’ re encouraging.
Schaal: Right. And it looked like for a few days or a week or something that you weren’ t going to close down operations in Russia and Belarus, but then you did. So what was going on there?
Olejniczak: So basically the situation is moving, has been moving very quickly every day. We have seen that many countries have imposed sanctions to Russia, whether it’ s the U.S., the UK, the EU. It’ s not always the same sanctions. So this led to many new restrictions, and then it became increasingly complex to do business in Russia. That’ s why we decided to suspend our travel services there.
Schaal: And what’ s the impact on the company?
Olejniczak: So if you look at these two markets, Russia and Ukraine as a destination, it’ s a very low single digit percentage of our business. As a booker market, it’ s a low single digit percentage of our business.
Schaal: I got it. So turning to what’ s what’ s ahead for the summer, summer travel season, I don’ t know if you heard Ariane from Expedia before. She was pretty optimistic about the summer travel season. How are you guys seeing it?
Olejniczak: Yeah, we see that people … And that’ s the positive things. And I think Wouter mentioned that as well. There’ s a lot of pent up demand. People just can’ t wait to travel. There is a very strong appetite to travel. As soon as lockdown disappears, restrictions are removed, people just book, very ready. So we have had very strong trends since the beginning of the year, since the very beginning of January for the summer. And when we currently look at the volume of bookings we have today on the books for the summer, we are higher than what it was in 2019. In Europe, it’ s a double digit growth versus 2019.
Schaal: Wow.
Olejniczak: Mainly France, UK, and Germany driving that growth. We see some nice travel corridors also developing. It’ s mainly country-to-country routes in Europe. The traditional ones, the Brits going to France or to Spain, or to Italy, the Germans to France and to Italy. And this is developing quite, quite fast. And what we have seen for the first time is it started in Q3 last year. We see international bookings going up during the crisis was mainly domestic. In Q3 and Q4 last year, the share of international bookings reached 33 percent. During Omicron in December, it went down to 23, back up to 40 percent in February, which was the highest share of international bookings that we have experienced since the beginning of the pandemic. And normally international mix is about over 50 percent.
Schaal: So I know in the beginning of the pandemic, Airbnb was talking about how the world of travel has changed for the long-term. Travel and living are blending. Glenn of Booking Holdings and Peter Kern of Expedia. Steve Kaufer of Tripadvisor. They were all arguing that things will back revert to “ normal ” eventually. Cities will come back. So are you seeing any these trends like work from anywhere or domestic travel or whatever? Are you still seeing this and do you think they will last?
Olejniczak: Yes. I think the … And this is something we were discussing with Remi, with the room yesterday. We see that some of the consumer behaviors have been accelerating by this crisis. So things maybe would’ ve happened in 10 years from now, but they have changed. And the big change is the use of tech, of the mobile device. Today people … You can consume from your apartment. You can go to the cinema and still stay at your place. You can order your meal in a restaurant and you can make bookings. So we see a very strong move towards the use of technology. Mobile, the share of mobile bookings is increasing a lot. In Q3, the share of mobile bookings were two-third of our total business, which is huge. When I joined Booking seven years ago, the mobile team was 10, 15 people. Today we’ re a mobile first company. So whatever we build is mobile first.
So this digitalization of let’ s say the consumer behaviors, of the travel behaviors is something that will last. Also, we see that people tend to go for longer stays. We have consumers, they are telling us that 50, 52 percent of consumers say that they want to basically extend a leisure trip into a business trip, into a leisure trip, or when they go on vacation, maybe they will book the place for one or two more weeks basically to work from the holiday place. We also see that people now, because you have done a lot of pleasure, sometime people, when they take a break, they also want to take a full break and do not work when they relax. So these are the changes that we see happening. Yes.
Schaal: So that surge in mobile bookings, that’ s good for Booking.com in terms of direct bookings, right? Because hopefully a lot of those are going through your app. You don’ t have to rely on your good friend Google as much?
Olejniczak: I mean, yeah. Like every company, we always try to drive direct business and reduce the cost of acquisition. Also, I mean our app in Q3 of this year, for the first time, has reached 100 million monthly active users, which is huge. It was a great achievement for us. We have been, in 2021, we have the first downloaded OTA app. And that’ s good because, that’ s very important because this is a good way to drive loyalty. Also to improve the level of service we deliver to our customers. If we know they’ re on the app, we have editors, we have [ inaudible ] editors, it’ s easy for us to involve [ inaudible ] from their travel experience.
Schaal: You mentioned while we were waiting that your employees are starting to return to the office in Amsterdam to a certain extent. So no more work from home?
Olejniczak: It’ ll be basically, it’ s going to be a hybrid way. So it’ s funny because traditional companies work from almost clearly a no-go for many companies in the travel industry. This crisis has really changed the mindset. We have seen that we can operate our business having 10,000 people working from home. And so we will not go back to basically pre Covid way of working. There is also, we see that you have emerging needs, new expectations from our employees where hybrid work environment, more flexible working patterns. And we are going to be doing in’ 22, a pilot, a hybrid work pilot at Booking where we will start … Basically create a hybrid way of working. So we will, as we always do at Booking, we’ ll test and learn. So we don’ t think that we will come up with the right solution from day one, but we will test, we will test the new things, but bringing more flexibility to the workforce. Yes.
Schaal: When it came to adapting to the long term stays, I felt like Booking.com was relatively slow to adapt to it. Airbnb was due doing it … long term stays. You could book for 30 days or more, maybe six months before Booking.com got to doing it. I tried to book a 30 day stay. I couldn’ t do it on Booking.com. Why did it take so long to adapt to that changing trend?
Olejniczak: So I was in charge of the recovery plan for booking, so when this crisis started. And what we have seen that many consumer behaviors changed, and we had to adjust our platform to basically be able to adapt to all these new changes. So it was much more hyper local travel. It was much more domestic. People were looking for … They were running away from urban centers, looking for beach, natural destinations. They wanted to have work friendly environments. And we also identified the trend for long stage. So basically we had to make all these changes at the same time and basically testing, learning, trying to understand what was working for the consumers. And this is how we have evolved our offering, I would say.
Schaal: Let’ s take an audience question here from [ Ruud 00:11:23 ]. I don’ t know if I’ m pronouncing that right. With Booking.com losing their best price guarantee option in countries like Switzerland due to changes in laws, will this be the end of the dominant role of Booking.com? Are your days numbered?
Olejniczak: I mean, yeah. I mean, the regulations in Europe change very fast. Whatever happens in Switzerland or in any country will always adapt to the changing legislation, adapt to it and try to keep delivering, I would say, the best value for our customers and for our partners.
Schaal: So speaking of regulations, so the EU is considering a digital markets act and the EU regulatories are … A year ago, or so she mentioned Booking.com and Google as potentially being labeled gatekeepers. And presumably there would be some regulatory curbs on Booking.com. So how do you view that? You of course agree that you’ re a gatekeeper for the hotel industry in Europe?
Olejniczak: No, we don’ t see us as a gatekeeper. And the reason why is that there is a lot of competition happening in Europe, currently. When a European consumer is making a booking, normally they will be using a dozen of websites to search and book their accommodation. Our partners, [ inaudible 00:12:54 ] in Europe on average will use six or seven different distribution channels. And even the more sophisticated, the bigger property even use more than that. We have numbered up to 130 travel websites in Europe. And if you look at our market share, then you will ask me, “ What is your market share? ”
Schaal: What is your market share?
Olejniczak: Yeah, that’ s a good question. Our market share in Europe is about 13 percent of hotel revenues.
Schaal: Right. But you do have a certain amount of power over hotel commissions and the hotel industry. There is a certain influence.
Olejniczak: I mean, we are a big contributor to the industry. Our commission over the past 20 years has remained flat in every market. So we think that … I mean, we’ re not against this regulation. We think that it should really focus more on the bigger players, and it should address competitive abuses. I think the key element as a gatekeeper is a company that monopolizes the access to a critical number of users. And we think that this is what the regulation should focus on.
Schaal: Sure. Here’ s a good audience question from Brett. Some European cities are looking to spread tourism away from city centers due to overcrowding and environmental impacts. Is Booking.com, actively working on product strategies to drive users to properties and experiences away from the city? I know Airbnb has done this with their flexible search. So what are you guys doing?
Olejniczak: Yeah, this is something that is embedded in the way we provide supply to our consumers. So for instance, what we have seen during the beginning of this crisis, we all assume that we will not have any issues in terms of availability, that the issue was the lack of demand. And the very smart data scientist decided to shrunk a little bit … To crunch the data and was looking at where do we have a short of supply and where we have a lot of demand? And at that time, we realized that there was a lot … The demand shifted to non so popular destinations, like beach destinations in the north of Germany or in the Netherlands. So basically we have started trying to better understand the intent of the consumer and show them the type of properties that are meeting their needs. So basically going away from the city center. So this is built in our product offering.
But I would like to insist on sustainability. I think sustainability, it has been mentioned this morning, is a key trend. And we feel that as a travel leader, we have a key role to play there. And when we ask our customers, “ Are sustainabilities important for you? ” 69 percent of our travelers are saying that they expect the industry to help them travel in a more sustainable way, or be able to book sustainable trips. 53 percent say that they will be willing to travel more sustainably moving forward.
So what we have done, what is our role in the marketplace, we have created a total sustainability program, which basically aggregates 30 official certifications and equal levels, plus 32 best practices to guide our consumers, but also our partners make more sustainable choices. And these 32 best practices cover five key elements, which are waste management, water management, environmental protection, energy consumption, and the support to local communities. All of this, the objective is to have a virtual circle where our bookers can book more and more sustainable properties, which will also increase the focus from our partners to invest more beyond sustainability. So this, we see something very key trend moving forward, and a key expectation from our travelers.
Schaal: So you’ re headquartered in Amsterdam. Amsterdam before the pandemic had a big over tourism problem. So would you ever consider, “ Okay, we’ re not going to take bookings in Amsterdam anymore because it’ s overcrowded. ”
Olejniczak: No, but what we have to offer, by expanding the supply that we have, we have 28 million listings on our platform. And over 6 million are basically short-term rental solutions. And this helps spread the tourism flows, the bookings, to basically less crowded areas. And so that’ s the type of role that we can play. Yes.
Schaal: Another good audience question, why didn’ t I think of this? From Richard, what effect do you expect from Google’ s most recent changes, more visibility for organic search results on Google maps, lowering the cost of listing on the platform, allowing more local information to be listed? Is the challenge intensifying?
Olejniczak: As I was explaining, we are in a very competitive market, so we have to adjust and this is part of it.
Schaal: So you were talking about trying to point demand to … Or demand is going to beach destination, and mountain locations and stuff like that. So how does your short-term rental strategy fit into those trends?
Olejniczak: So basically it’ s something that has been part of our strategy almost from the beginning. So today the vacation rentals is within about one third of our business, it’ s one fourth of our supply. So basically really the objective is to … We feel that this is a long-term trend. So this will continue to be very attractive to consumers. But we also feel that our bookers will skip booking hotels. They’ re just meeting different needs and different objectives. So basically developing this software is a way for us to grow our supply and to increase the attractiveness of our platform. At some point, if you want to drive … What we did pre pandemic, we are generating 1.5 million room nights on the platform every day. So if we want to keep developing this volume, you need to have the right offering, the right product offering for your customers. And I would say STR vacation rental is a key component of strategy.
What we want to do is we have managed to develop a very strong accommodation booking engine, but we feel that the travel experience is still very fragmented. It’ s not seamless. So our objective is at some point to integrate all the other verticals of the trip, like the accommodation, but also the transportation, the transfer, the attractions, all of this. And not basically just packaging them, the idea is to connect … To create a chain with links across all these components to make it easy for every consumer to travel and to book. And this is what we call … the internally inter connected trip it’ s really to connect all the [ crosstalk 00:19:59 ] key components-
Schaal: And externally.
Olejniczak: And externally. Yes. And to connect all the key elements of the travel, all of this facilitated by our app, our payment solution, and also supported by customized intelligence. What we see also is that artificial intelligence, machine learning moving forward will be physically important because it’ s a key enabler of hyper personalization, which we know is also a key customer expectation.
Schaal: Can Airbnb take comfort in the fact that you have so much going on? You’ re not just focused on short-term rentals, you’ re expanding flights, you’ re expanding attractions, you’ re in the middle of a couple of acquisitions. I mean, where does short-term rentals fit on your priority list?
Olejniczak: It’ s one of the top priorities. It’ s one of the … Yeah. I mean, we have key priorities which are going in the U.S. At the moment, maximizing demand and the recovery for our partners. I think that’ s very important, building the connected trip. But we see that the key component or the key foundational element of the connected trip is first the accommodation piece. And here the strategy is to have the widest selection, which is why STR element is a key component of the strategy or a key priority, I would say.
Schaal: Wouter talked before about … Wouter, you, that there wasn’ t a lot of discounting going on in the industry. So here’ s an audience question. And they’ re saying the current situation is causing huge pricing increases across the board. Will these pricing increases cause a panic in consumer confidence? Are people are going to sit home because the rates have gone up?
Olejniczak: No, basically what we have seen is that, I mean, there is a strong appetite for travel. It’ s a good poin that [ inaudible 00:21:46 ] was saying is before, and people just can’ t wait, but to book. And yes, we have seen an increase in the prices because I mean, the hoteliers and their revenue management system see the demand that is happening, they have forecasting tool, even if it’ s difficult to make a forecast today for the next six months. But basically, this is driving an inflation on the pricing, yes.
Schaal: So in recent years within Booking Holdings, which used to be called the Priceline Group, all we hear about is Booking.com, Booking.com, Booking.com. But Booking Holdings recently acquired Get A Room, and it’ s really going to be used for Priceline, for the Priceline partner network.
Olejniczak: Yeah
Schaal: So what’ s going on with that? Is that a potential to be a big business?
Olejniczak: I mean, yeah, basically the Get A Room integration is underway. It will be integrated within Priceline. And the objective is to grow our business in the U.S. and to help Priceline develop its B2B strategy partnership business, I would say,
Schaal: How do you see the competitive landscape in Europe? Is Airbnb gaining ground on you in Europe? Or is it too soon to tell because Europe is just opening up? And what about Hotel Direct? That seems to be going pretty strong. You’ re getting involved in flights, eDreams is growing at a fast pace.
Olejniczak: No, as I was saying, you have two things, you have a lot of competition happening. And in a way it’ s good because then we have to challenge ourself. We have to always come up with new products, new solutions basically, to [ inaudible 00:23:26 ] in on top or to beat up our competition. And in parallel, we see a very appetite from consumers, a lot of demand. And this demand we see, even though demand is currently higher than what it was in 2019. So this is very promising. And so, and our job is to basically keep capturing or maximizing our ability to get that demand. And by providing basically the connected trip … The idea is really to … the main objective is to lead to customer delight or customer satisfaction by removing all frictions.
And this is what [ inaudible 00:24:01 ] is doing when they operate their properties. If you make the experience seamless, you create repeat usage, repeat booking, you create loyalty. And what we’ re trying to do, and this is how we are going to breakthrough, is really by solving or removing all the frictions from the travel experience. We’ re not the only one trying to do so. I mean, major players are trying to do the same. So it’ s a little bit of race. But this is our vision, and we believe that this is going to help us maintain a competitive advantage. And also basically creating more value for the customers, but in the marketplace, not only the customer is important. It’ s also the partners. So by doing so, we can also create more value for the partners. So it’ s not one against the other. It’ s that we firmly believe that if we can more value for our partners, for the hoteliers, for all the accommodations, we can also create … This will create more value for the customers and will make our platform stronger.
Schaal: Maybe you could explain this question to me. In the service department segment, Booking.com is showing the difference between private and professionals … I didn’ t know you did that … facilitating a messaging option between guests and accommodations. Does Booking.com want to be Airbnb?
Olejniczak: That’ s a good question. I did not know about this, as well. I didn’ t know we were doing that.
Schaal: Oh, OK.
Olejniczak: It could be also that we do a thousand AB test every day on Booking, to understand what is really in line with what is meeting the customer needs. So it could be a test that is happening. But again, our objective is also to open up our STR supply. And at some point looking for what are the needs of a casual host versus a professional agency. They are not the same. And we are also looking into adapting our offering for this entrepreneur, for this [ inaudible 00:25:51 ] also, I would say.
Schaal: Excellent. Thank you, Carlo.
Olejniczak: Thank you very much.
Schaal: Awesome.
Olejniczak: Thank you, Dennis.
Schaal: Thank you.
Olejniczak: Thank you. | general |
Your pizza can already be delivered by a robot, but regulation is still in the oven | Both Barcelona and Madrid are running test pilots of autonomous delivery services to improve urban distribution – but regulatory roadblocks prevent rollouts.
Anna Solana has been writing about technology, business, and science since 1996.
In the urban logistics field, autonomous robots are finding their feet – or rather, their wheels.
This development makes sense: the COVID-19 crisis has boosted online sales and multiplied the number of vehicles delivering things. Our `` I want it all and I want it now '' behavior has worsened congestion in city streets, air quality, noise pollution, use of public land, and hastened the deterioration of sidewalks.
Of course, retail companies are also interested in finding innovative solutions to these challenges, as the last mile represents up to 40% of total transport costs. With global e-commerce sales jumping to $ 26.7 trillion last year and global spending on last-mile delivery set to reach $ 62.7 Bn by 2027, the opportunities for new advances are ripe.
In Barcelona, the Polytechnical University of Catalonia ( UPC) recently tested its Autonomous Delivery Device ( ADD), which has been designed, manufactured, and piloted in Catalonia. The six-wheel vehicle can carry a payload up to 100kg and has a range of 80 km – or around five hours of drive time.
The ADD is equipped with LIDAR sensors and a communications system that allows the robot to stay in touch with whoever's cargo it's carrying. So, if you were to order a pizza from a local ristorante, the ADD would send the hungry recipient a notification to confirm the order, along with a code, which can be used to access the vehicle and its tasty contents when it arrives – hopefully still hot.
Test runs of ADD have been a success. The vehicle has proven itself capable of getting from A to B in one piece and can quite comfortably navigate sidewalks up to 20cm ( 7.87 inches) tall and re-route itself, all while avoiding potential hazards and obstacles.
But test environments are not representative of real-world conditions. Laia Pagès, researcher at the Cooperative Automotive Research Network ( CARNET, which designed and developed ADD together with UPC) acknowledges that all parameters for the test were controlled. What's more, the area covered in the test was narrow – just 50 meters – and took place on the university campus.
Cities are, of course, much more complex – and unpredictable. Sidewalks are crowded by pedestrians – and often by bicycles and scooters too, contrary to local laws – and there are no lanes reserved for micromobility vehicles.
Weather is also an issue. `` When it rains, things are much more complicated, as sensors are going crazy, '' Pagès says. But `` it's worst in Northern countries when it snows. ''
Despite this, UPC and CARNET are optimistic that their autonomous delivery bot can make a positive impact. ADD is fully electric and was programmed to be used by night, when the city is calmer, meaning acoustic pollution is reduced and congestion can be avoided.
The ADD's rerouting system has also proved itself to be highly capable, meaning less chance of important deliveries ( or take-outs) going missing. Of course, night-time deliveries bring their own set of challenges, such as vandalism and thefts. However, Alberto Sanfeliu, a UPC professor and researcher who participated in the design of the ADD, says such issues are not a priority for now.
`` The main hurdle is that these kinds of vehicles are still not certified to co-exist and interact with other vehicles '', Sanfeliu tells ZDNet. It's precisely for this reason that the Dirección General de Tráfico ( DGT), the Spanish body responsible for road policy, is a partner on the project.
In Madrid, autonomous mobility provider Goggo Network is also testing an autonomous robot for last-mile deliveries.
Founded by entrepreneurs Martin Varsavsky and Yasmine Fage in 2018, the company has developed two autonomous delivery vehicles in the form of the Goggo Cart and the Goggo Bot, both of which have been successfully trialed on the streets of Las Rozas ( near Madrid) and hope to be a glimpse into the future of urban micromobility in Europe.
Like ADD, Goggo hopes to prove it can change the way goods deliveries are made in urban areas. But before it can, cities need to adapt regulations and establish exactly how autonomous robots can share space with other vehicles and pedestrians. Part of the problem is the layout of the cities themselves: in Spain, urban areas are very dense cities, and the use of public space is a contested issue.
CARNET's Laia Pagès hopes positive developments will come from further tests of ADD this year in Spain, Hungary and Germany within the framework of the LogiSmile project, which is funded by the European Institute of Innovation and Technology ( EIT) and began in January 2022 to promote more sustainable and habitable urban spaces.
SEE: Automation could make 12 million jobs redundant. Here's who's most at risk
UPC has designed a second ADD with slightly different characteristics and is hoping to establish a startup through which it can market its vehicles.
But regulation is no easy thing to tackle. The new Spanish Law on Traffic and Road Safety, which came into force on 21 March 2022, only establishes that it's legally binding to include the operating system and characteristics of an autonomous vehicle when registering it. As such, guidance remains thin – and complex.
Daniel Serra, director of Innovation Hub South at EIT Urban Mobility, points out that the regulation for scooters has taken 15 years because of the different layers of administration that need to be agreed before it passes through law. A European regulation for autonomous vehicles might be ready by 2025, Serra says. Meanwhile, the Spanish Ministry of Transport, Mobility and Urban Agenda is currently promoting sandboxes to test regulation.
Public acceptance will also play a decisive role in the fate of Spain's autonomous delivery ambitions. An important concern beyond technological problems – like sensors going haywire in the rain – is whether citizens will embrace their new, wheeled co-pedestrians.
To gauge public opinion, UPC is carrying out surveys to measure citizens ' acceptance of autonomous vehicles. What is clear, says Sanfeliu, is that these vehicles need to be `` secure, robust and predictable ''. If they can meet this criterion, the professor is confident that `` people will get used to them. ''
Goggo Network's Goggo Bot will be put through real-world testing in Madrid, Barcelona and Zaragoza later in 2022.
Fage points out that autonomous vehicles could provide critical in addressing a shortage of delivery drivers in Spain as e-commerce skyrockets, noting that delivery bots have already hit the roads in other countries that have been quicker off the mark, including the UK and US.
`` We must ensure that the same happens in Spain, '' she says.
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Cloud firm Sungard files for bankruptcy again | The Chapter 11 filing is the second in three years and comes shortly after the company's UK business went into administration.
Campbell is a journalist for ZDNet, covering technology's impact across the gamut of government, law, and regulation.
Cloud services provider Sungard Availability Services has filed another bankruptcy, three years after wrapping up its initial bankruptcy case.
In a statement, Sungard said it has filed for bankruptcy at the US Bankruptcy Court in Houston, Texas, and commenced similar proceedings for its Canadian subsidiary at an Ontario Court.
`` Like many companies, our business has been affected by challenges in our capital structure, driven by the global COVID-19 pandemic and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation, and reduction in demand for certain services, '' Sungard CEO Michael Robinson said.
With the latest bankruptcy filing, Sungard is now considering whether to sell its assets or convert existing debt into equity. Sungard currently has about $ 5 million in cash.
The filings will not affect Sungard's operations in Ireland, France, India, Belgium, Luxembourg, and Poland, the company said.
Microsoft is making big changes in certifying and scoring resellers. But so far, despite continued partner outcry, there have been no changes to the New Commerce Experience requirements.
Nikkei Asia is reporting the state-backed Tsinghua Unigroup will be imminently facing bankruptcy proceedings after a creditor requested the court take action.
Time will tell whether the decision determines Amazon's place in Indian retail and Reliance's ability to seal its position as the undisputed retail heavyweight champion.
Some 400 customers worldwide have been unable to access services including Jira and Confluence.
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No turning point yet for China property | Market participants looking for some respite from the woes of China’ s property sector are likely to be left disappointed — again.
Last Saturday, Zhenro Properties Group joined a growing list of Chinese real estate firms to have defaulted offshore, after not being able to pay interest on two dollar bonds within the grace period. The company is facing three more defaults this week, and another next month.
The news came after a relatively good run last week for the sector, when property stock prices surged earlier in the week and some bonds traded up, thanks to recent easing measures and expectations that upcoming maturities from some developers will get extended. Recently, more issuers have also repurchased or redeemed early their outstanding offshore bonds.
But the equities rally proved to be short-lived, and a sector-wide recovery failed to gain momentum.
While Zhenro was not able to avoid a default, it was not for lack of trying. The company had gone to great lengths to convince investors to participate in an exchange offer and consent solicitation, effectively extending the maturity and call dates for nearly $ 1.2bn of dollar and offshore renminbi bonds to March 2023. Domestically, the company extended a Rmb180m ABS.
Zhenro was also among the Hong Kong-listed Chinese developers that managed to publish its full year 2021 financial results on time.
This was when more than two dozen peers — including China Evergrande Group, Shimao Group Holdings and Sunac China Holdings — missing the bourse’ s March 31 deadline and had their stocks suspended from trading. Unsurprisingly though, Zhenro’ s results were not pretty. While it managed to achieve 97% of its annual sales target with a moderate 2.4% rise in revenue, its net profit slumped nearly 70% year-on-year.
The company said the “ unforeseen scale and duration ” of a lockdown in Shanghai, due to a resurgence in Covid-19 infections, added to the pressure from the already unfavourable environment in the real estate and financial markets, leading to its eventual defaults.
The challenges faced by Zhenro are not unique. Also, as it is only among the top 40 Chinese developers by equity sales, its defaults may not have caused as much noise as that of its bigger peer Evergrande. But its woes once again highlight the severity of the situation and uncertainties faced by the entire sector, despite positive signals on the policy front.
Last year, bankers and investors had pinned their hopes on Chinese regulators to come to the sector’ s rescue.
Fast forward a few months, Beijing has repeatedly voiced support for the market. It has lowered the benchmark lending rates, delayed the implementation of property tax, relaxed banks’ real estate loan requirements, encouraged state capital to acquire more property assets, and facilitated more bond sales from both financial institutions and developers. At the local government level, at least five dozen Mainland cities eased restrictions on property sales.
These steps, however, have not proven as effective as the market had hoped. Instead, the industry is still waiting for a turning point. The top 100 Chinese developers saw their January to March sales plummet nearly 50%, year-on-year, according to real estate information provider China Real Estate Information Corp.
The reality is that despite stabilising property prices and declining mortgage rates, the sector and the sentiment around it are still vulnerable to negative headlines, to headwinds such as Covid-19, signs of a slowing economy, and geopolitical tensions.
A sustainable rebound could still be triggered by more material relaxations from Beijing. Market-watchers hope that officially allowing developers to tap into pre-sale proceeds — the majority of which are required to be held in escrow accounts, making them inaccessible to cash-strapped firms — could be a gamechanger.
Until developers can get their hands on more cash, be it from pre-sale funds held in escrow or from recovering sales, their dark days are not over. Market participants should brace themselves for more tough times ahead. | business |
ICC TFG Hub - Page 2 of 5 | The pandemic and the ensuing disruptions in how the world produces, transports, stores, and consumes bulk commodities is placing physical inventory control and monitoring in the cross-hairs of revolutionary change.… read more →
While some in trade finance struggle with green fatigue, ITFA’ s Johanna Wissing isn’ t one of them.
Banks and fintechs have not always been the closest playmates, but ITFA’ s Andre Casterman is on a mission to help them work together.
Uniform Rules for Digital Trade Transactions ( URDTT) Version 1.0 released by the ICC, October 2021.
These are the first ICC universal rules for completely digital trade transactions using Internet protocols. The following are edited highlights.
In a world of shrinking supply chains and digital connectivity, the concept of identity is continuously evolving. Is digital identity going to be the panacea to the age-old problem of MSME access to trade finance?
In the wake of the ICC Uniform Rules for Digital Trade Transactions ( URDTT) due to publish next month in October, we explore the meaning of a digital trade transaction – underlying assumptions, regulatory framework and future expectations.
Has digital trade finally arrived with the ICC eRules guidelines? John Dunlop explains how this might be true.
Owing to the pandemic, eUCP Version 2.0 and eURC Version 1.0 rules created by the ICC have received increased interest over the past few months. There is a growing realisation by practitioners that paper documents are causing delays and disruption.
Eleonore Treu, Hugo Verschoren and Donald Smith, breakdown Letters of Credit and some of the prominent issues surrounding this instrument. Is there a need for a new “ Lite ” LC product? How to mitigate the complexity and discrepancies inherent to Letters of Credit?
In partnership with ICC Austria, Trade Finance Global’ s Editor, Deepesh Patel, hears from Kwabena Ayirebi from AfreximBank and Isaac Mahanke from Standard Bank about trade digitisation, compliance and risk in a post-COVID-19 world.
ICC Austria Talks trade with Trade Finance Global on an Africa focused panel on sustainable trade finance and its increasing importance.
Your morning coffee briefing from TFG. International Chamber of Commerce ( ICC) warns G7 leaders they risk imposing major costs to the global economy absent of a step-change in their approach to managing the Covid-19 pandemic. UN Trade Forum 2021 to explore how to ensure a COVID-19 economic recovery that protects the planet and promotes inclusive development.
Money laundering has become more visible in global trade over the past few years, and several organizations are trying to identify and prevent it.
Your Monday morning coffee briefing from TFG. FCI reports a drop in global factoring statistics in 2020, linked to a drop in trade volumes due to the pandemic. | general |
MOROCCO: Upline and Attijari secretly structure Mohammed VI's investment fund | The next Fès Sacred Music Festival, pillar of Morocan cultural soft-power, will take place at the French Senate on Tuesday. [... ]
Prime Minister Aziz Akhannouch, who was against the appointment of former Finance Minister Mohamed Benchaâboun as head of the central bank, has now moved him to a prominent diplomatic post. [... ]
After more than four years at the head of the European Bank for Reconstruction and Development ( EBRD) bureau in Tunisia, France's Antoine Sallé de Chou took over the bank's Moroccan branch on 1 September. [... ]
Co-owner of the powerful family holding company Holmarcom and former president of the employer's federation CGEM, Meriem Bensalah-Chaqroun has been appointed to the board of the cooperative Banque Centrale Populaire. She already serves on the boards of several foreign companies. [... ]
Later this month the royal holding company will present glowing 2020 figures at a shareholders ' annual general meeting, with unprecedented net profits and generous dividends. [... ]
Moroccan events guru Myriam Abikzer's agency Avant-Scène will be orchestrating the World Tourism Organization's annual meeting in November in Marrakech and is tipped to also oversee the World Bank and the IMF's get-together in 2022. [... ]
Morocco's star epidemiologist Jaâfar Heikel, who is very active in private healthcare, is taking advantage of Mohammed VI's drive to extend social security coverage by launching a firm specialising in the outsourcing of hospital care via public-private partnerships. [... ]
Having sold a Mauritian financial services company to the giant Maitland, South African national Brendon Jones has now set up a mixed entity, which both manages assets and sets up offshore companies. [... ]
Electrical work in Abidjan's Mohammed VI mosque will be completed by Electomar. The change of contractor comes several weeks after the building was supposed to have been finished. [... ]
Led by chairman Khalid Kabbaj, Morocco's FMVA vintage car association has just staged its first rally in the `` Moroccan Sahara '' with the declared aim of backing up Morocco's claim to sovereignty over the disputed territory. [... ]
The low-profile construction company Oulad Zerrad de Travaux Divers has won a contract to build the royal gendarmerie's Casablanca offices and is increasingly popular with the army. [... ]
Akdital Holding healthcare group, founded by Rochdi Talib, has set up a new subsidiary to develop partnerships with the Moroccan state. [... ]
The Royal holding company Al Mada is looking to team with Vinci to manage the country's second airport. The Covid-19 pandemic may hasten the deal. [... ]
Mohammed VI recently purchased the impressive Parisian property that previously belonged to a Saudi royal family member. [... ]
Finance minister Mohamed Benchaâboun is to take charge of the special fund for management of the coronavirus pandemic ( Covid-19) response [... ]
A year after Mohammed VI called before parliament for the launch of `` public-private partnerships ( PPP) in the social domain '', the national construction market leaders TGCC, Jet Contractors and SGTM, which rely heavily on public sector orders, are looking forward to [. [... ]
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Nirsal's latest N148 Billion Financing to boost Nigeria's Agricultural Sector | 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.
The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, ( NIRSAL PLC) has announced the disbursement of over N148 billion worth of finance and investments in the agricultural sector. The strategy seeks to boost the steady flow of funds to the country’ s agriculture ecosystem as the COVID-19 ( coronavirus) pandemic disrupted the flow of activities in the sector in 2020.In a statement, Aliyu Abdulhameed, Managing Director of NIRSAL noted that NIRSAL consistently worked to facilitate funding last year as people needed food for survival. According to Abdulhameed, “ the body facilitated over N148 billion in finance and investments for agriculture and agribusiness; aggregated over 3,000 Agro geo-cooperatives with 500,000 farmers on nearly 800,000 hectares of land. ” He further said that the NIRSAL, which is a wholly-owned corporation of the Central Bank of Nigeria) facilitated over N30 billion into the sector between January 2020 to date.In a recent report by the National Bureau of Statistics ( NBS), the significant role the Agriculture sector played in facilitating the sudden exit of Nigeria’ s economy from recession in the 4th quarter of 2020 alongside the telecommunications sector was highlighted. The sector is said to have contributed 3.42 percent of the 0.11 percent growth in Gross Domestic Product by the end of 2020. This reveals the importance of the country’ s one-time leading foreign earner.With the January 15, 1956 discovery of crude oil in commercial volume at the Oloibiri Oilfield in current Bayelsa State by Shell Darcy, Nigeria shifted its focus from the Agric industry. The country abandoned that sector in the hands of smallholder farmers and a few strong players and relied heavily on the oil sector.This reduced the capacity of the industry to generate much foreign revenue or evolve into the use of sophisticated technologies like its counterparts in the global market. It further resulted in the inability of the sector to provide enough food for the country as the government began to spend billions of naira for the importation of rice and other agro products.Nevertheless, the latest funding would create a significant impact on the growth of Nigeria’ s Agricultural sector as farmers and agric businesses would secure flexible loans to continue with production activities. The fund would strengthen the country’ s labour force as it would create a rise in the demand for more farm labourers and marketers of Agric products. Furthermore, the Nigerian economy gets to benefit more from this disbursement as it would ensure food security and generate foreign earnings.
Source: Ventures Africahttps: //venturesafrica.com/nirsal-latest-n148-billion-financing-to-boost-nigerias-agricultural-sector/ | tech |
MADAGASCAR: Consultations a-go-go at the presidency to find a successor to Ntsay as prime minister | Madagascan president Andry Rajoelina is continuing to rely on the same small group of individuals who were handling security questions before the mid-2021 attempted coup. He nevertheless launched a radical reorganisation of the army before the would-be putschists were arrested. [... ]
Siteny Randrianasoloniaiko is still a member of Andry Rajoelina's presidential majority in parliament, but he is a cause of concern for the head of state. Rajoelina worries that the man who recently became head of the African Judo Union may have his eyes on the presidency in the 2023 elections. [... ]
The meeting between Emmanuel Macron and Andry Rajoelina, due to take place on 27 August, promises to be electric. The Madagascan president's declared aim of retaking control of the Scattered Islands, currently administered by France, has resulted in a two-year standstill in bilateral relations. [... ]
Breaking, published on 06/02/21, 7.00 a.m. - Without a prime minister and under heavy pressure from the opposition, the Madagascan president has turned to his closest advisers to help him find a way out of the impasse. [... ]
The deepening but largely unacknowledged rift between President Andry Rajoelina and his omnipresent advisor, the businessman Maminiaina Ravatomanga, is having repercussions on the country's entire political apparatus as well as on key pillars of the economy. [... ]
Antananarivo's anti-corruption unit has secured the arrest of several former top managers at the national electricity supplier Jirama, including the man whom its current CEO Vonjy Andriamanga wanted to appoint as his number two. But the affair has also drawn in the consortium SMTP owned by the industrialist Danil Ismaël. [... ]
Despite a meeting between Ambassador Christophe Bouchard and President Andry Rajoelina, relations between Paris and Antananarivo remain frosty. [... ]
Close to the Minister of Education ejected from office earlier this month, Nandrasana Rasolo, Prime Minister Christian Ntsay's chief of staff, first learned of his dismissal by hearing the name of his successor. [... ]
Defence minister Richard Rakotonirina has been playing an increasingly important role in the government's response to the Covid-19 health emergency. The powers of the army, which is under his control, now look set to be considerably extended. [... ]
As Senate president Rivo Rakotovao totters in his seat, the Madagascan head of state is offering deals to all the senators interested in the post. He has also been talking, however, to his two rivals, Hery Rajaonarimampianina and Marc Ravalomanana. [... ]
With its minister considering stepping down, the Madagascan army's support for Andry Rajoelina is waning even though it played a key role in his first election victory in 2009. [... ]
The French diplomatic corps continues to feel uneasy over the Scattered Islands ( see here), and the visit of the French [... ]
Ever since the Madagascan president Andry Rajoelina, aka TGV, publicly urged Emmanuel Macron on 29 May 2019 during his visit to Paris 'to find a solution for dealing with the issue of the Scattered Islands and returning them to Madagascar ', [. [... ]
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A pioneer on the web since 1996, Africa Intelligence is the leading news site on Africa for professionals. | general |
MADAGASCAR: Rajoelina appoints advisor as head of his Covid remedy laboratory | Malagasy President Andry Rajoelina is not giving up on the potion that he claims can cure and prevent Covid-19, and has ordered his new public relations advisor to restore its battered reputation. [... ]
Until recently, President Andry Rajoelina had long advocated using the `` national remedy '' of an Artemisia-based infusion to protect against and cure Covid-19. Madagascar's bigwigs, meanwhile, are doing all they can to vaccinate their families. [... ]
Andry Rajoelina, cloistered at the Iavoloha Palace, relies on a hand-picked team to manage the country's affairs. They are chosen above all for their loyalty to the president, and appear more interested in public relations than in dealing with the important affairs of state. [... ]
Now that Madagascar's national social insurance fund has taken over Air Austral's stake in Air Madagascar, the national airline is preparing to appoint a new chief executive to bolster its freight activities and establish a partnership with Ethiopian Airlines. [... ]
Tensions between Madagascar's government and the consortium running the country's two main airports have been heightened by tax arrears going back for up to eight months. [... ]
As Senate president Rivo Rakotovao totters in his seat, the Madagascan head of state is offering deals to all the senators interested in the post. He has also been talking, however, to his two rivals, Hery Rajaonarimampianina and Marc Ravalomanana. [... ]
The idea of creating new towns was a promise first made by the ex-president Hery Rajaonarimampianina which Andry Rajoelina has [... ]
Africa Intelligence uses cookies to provide reliable and secure features, measure and analyse website traffic and provide support to the website users.Apart from those essential for the proper operation of the website, you can choose which cookies you accept to have stored on your device.Either “ Accept and close ” to agree to all cookies or go to “ Manage cookies ” to review your options. You can change these settings at any time by going to our Cookie management page.
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A pioneer on the web since 1996, Africa Intelligence is the leading news site on Africa for professionals. | general |
Crisis-hit Sri Lanka defaults on all foreign debt | Hi, what are you looking for?
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Sri Lanka defaulted on its $ 51 billion foreign debt Tuesday as the island nation grapples with its worst economic crisis in memory and widespread protests demanding the government’ s resignation.
Acute food and fuel shortages, alongside long daily electricity blackouts, have brought widespread suffering to the country’ s 22 million people in the most painful downturn since independence in 1948.
Public anger has flared in recent weeks with crowds attempting to storm the homes of government leaders and security forces dispersing protesters with tear gas and rubber bullets.
Sri Lanka’ s finance ministry said the country was defaulting on all external obligations, including loans from foreign governments, ahead of an International Monetary Fund bailout.
“ The government is taking the emergency measure only as a last resort in order to prevent further deterioration of the republic’ s financial position, ” a statement from the ministry said.
Creditors were free to capitalise any interest payments due to them or opt for payback in Sri Lankan rupees, the ministry added.
Sri Lanka’ s snowballing economic crisis began with an inability to import essential goods, after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.
The government imposed a wide import ban to conserve its foreign currency reserves and use them to service the debts it has now defaulted on.
Economists say the crisis has been made worse by government mismanagement, years of accumulated borrowing and ill-advised tax cuts.
Public frustration with the government is widespread, with long queues around the island nation forming each day to buy scarce supplies of petrol, gas and kerosene for cooking stoves.
Thousands of people were camped outside President Gotabaya Rajapaksa’ s seafront office in the capital Colombo in the fourth straight day of protests calling for him to step down.
– Rating downgrade –
International rating agencies also downgraded Sri Lanka last year, effectively blocking the country from accessing foreign capital markets to raise new loans and meet demand for food and fuel.
Sri Lanka had sought debt relief from India and China, but both countries instead offered more credit lines to buy commodities from them.
Official figures show that China and Japan, two key bilateral sovereign creditors, hold about 10 percent each of Sri Lanka’ s foreign debt while India’ s share is under five percent.
Just under half of Sri Lanka’ s debt is market borrowings through international sovereign bonds and other similar instruments.
Estimates showed Sri Lanka needed $ 7 billion to service its debt load this year, against just $ 1.9 billion in reserves at the end of March.
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Ethical hackers can attack any new artificial intelligence, or to strategize on how to use it for malicious purposes.
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FRANCE/MOROCCO: Abderrafie Zouitene to woo French senators at the Luxembourg Palace | Finance Minister Mohamed Benchaâboun has secretly instructed his favourite investment banks, Upline Corporate Finance and Attijari Corporate Finance, to structure the €4bn Mohammed VI Investment Fund which aims to revive Morocco's economy in the wake of the Covid-19 pandemic. [... ]
With its ability to sell fertiliser in the United States hampered by a federal investigation, phosphate giant OCP is responding to criticism point by point and has hired an army of lobbyists to promote its products to American farmers. [... ]
Negotiations on the contract to build the future Kénitra-Marrakesh-Agadir high-speed rail line are forging ahead. France, which has been negotiating for several months with transport minister Abdelkader Amara and finance minister Mohamed Benchaâboun, is optimistic about the chances of the [. [... ]
Is Chakib Benmoussa having problems? Contrary to a number of Moroccan media reports, the Moroccan ambassador in Paris was not [... ]
Africa Intelligence uses cookies to provide reliable and secure features, measure and analyse website traffic and provide support to the website users.Apart from those essential for the proper operation of the website, you can choose which cookies you accept to have stored on your device.Either “ Accept and close ” to agree to all cookies or go to “ Manage cookies ” to review your options. You can change these settings at any time by going to our Cookie management page.
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Airlines Will Need to Confront Rising Prices as Demand Spikes | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
Rajesh Kumar Singh, Reuters
April 12th, 2022 at 3:30 PM EDT
If fuel prices continue to rise in the next couple of months as they have been recently, airlines can kiss their hopes of a massive summer rebound goodbye because many travelers will only be willing to pay so much extra for flights.
Rashaad Jorden
Major U.S. airlines are enjoying the strongest travel demand in three years, yet investors will focus on how they are mitigating mounting inflationary pressures when they report quarterly earnings starting on Wednesday.
After a blip caused by the Omicron coronavirus variant, travel demand has roared back, with some airlines reporting the highest ticket sales in their history. U.S. passenger traffic has been averaging about 89% of the pre-pandemic levels since mid-February, according to Transportation Security Administration ( TSA) data.
But jet fuel prices in North America have gone up by more than 30% in the past month, since Western countries slapped sanctions on Russian exports. Carriers also must pay more to attract and retain talent in a tight labor market.
American Airlines, due to report first-quarter earnings on April 21, on Tuesday revised up estimates for jet fuel expenses. Overall, it projected costs in the quarter through March would be at least 16% higher than in the corresponding period of 2019.
The Texas-based carrier is tipped to report a loss of $ 2.42 per share for the quarter, according to Refinitiv data.
Soaring fuel costs have raised concerns among investors at a time when the airline industry has spent two years trying to recover from the downturn caused by COVID-19.
Fuel is the industry’ s second-biggest expense after labor, but major U.S. airlines do not hedge against volatile oil prices like most European airlines.
Instead, they typically look to offset fuel costs with higher fares. Airlines fares were up about 24% year-on-year in March, among the biggest contributors to a jump in U.S. consumer prices.
United Airlines Holdings has said it is passing along most additional fuel costs to customers. Its average fares are up more than 100% from a year ago, according to data from Cowen.
Delta Air Lines Inc, which will report its quarterly earnings on Wednesday, last month said it needed to raise ticket prices by about 10% each way to cover the fuel costs.
Historically, the U.S. airline industry has offset around 60% of changes in fuel expense with higher revenue, analysts at Barclays wrote in a note. As a result, demand needs to stay strong for sustainable profitability, analysts say.
Some are concerned that rising fares and higher inflation could dent travel spending.
Sheila Kahyaoglu, an analyst at Jefferies, said consumers might hit the brakes in the second half, making it tougher for airline revenues to rebound to 2019 levels.
( Reporting by Rajesh Kumar Singh; Editing by David Gregorio)
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This article was written by Rajesh Kumar Singh from Reuters and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to [ email protected ]. | general |
Sri Lanka halts debt repayment pending IMF bailout plan | Sri Lanka is suspending its repayment of foreign debt pending the completion of a loan restructuring programme with the International Monetary Fund ( IMF) to deal with the island nation’ s worst economic crisis in decades, the government said.
For the past few months, Sri Lankans have endured shortages of fuel, food and other essentials and daily power outages.
Most of those items are paid for in hard currency, but Sri Lanka is on the brink of bankruptcy, saddled with dwindling foreign reserves and 25 billion dollars ( £19 billion) in foreign debt, including bonds and government-to-government borrowings. Nearly seven billion dollars ( £5.37 billion) is due this year.
“ Sri Lanka has had an unblemished record of external debt service since independence in 1948, ” the ministry of finance said in a statement.
“ Recent events, however, including the effects of the Covid-19 pandemic and the fallout from the hostilities in Ukraine, have so eroded Sri Lanka’ s fiscal position that continued normal servicing of external public debt obligations has become impossible. ”
The ministry said the IMF has assessed Sri Lanka’ s foreign debt as unsustainable, and staying current on foreign debt repayment is no longer a tenable policy.
In addition to seeking help from the IMF, the government has turned to India and China for help in dealing with the shortages.
“ The government intends to pursue its discussions with the IMF as expeditiously as possible with a view to formulating and presenting to the country’ s creditors a comprehensive plan for restoring Sri Lanka’ s external public debt to a fully sustainable position, ” the ministry said.
Meanwhile, protesters camped out around the office of President Gotabaya Rajapaksa for a fourth day have demanded his resignation, with many people holding him responsible for the economic crisis.
Supporters of the protesters supplied drinking water and food, and Muslim protesters broke their Ramadan fasting at the site to share food with those around them.
Much of the anger expressed in weeks of protests has been directed at the Rajapaksa family, which been in power for most of the past two decades. | general |
Should tomosynthesis replace mammography for breast cancer screening? | A decade has passed since the first prospective trials showed that the mammography technology, digital breast tomosynthesis, increased the rate of cancer detection compared with digital mammography. 1 Ciatto S Houssami N Bernardi D et al. Integration of 3D digital mammography with tomosynthesis for population breast-cancer screening ( STORM): a prospective comparison study. Lancet Oncol. 2013; 14: 583-589 Google Scholar, 2 Skaane P Bandos AI Gullien R et al. Prospective trial comparing full-field digital mammography ( FFDM) versus combined FFDM and tomosynthesis in a population-based screening programme using independent double reading with arbitration. Eur Radiol. 2013; 23: 2061-2071 Google Scholar A large body of evidence, comprising prospective non-randomised studies and retrospective studies, 3 Marinovich ML Hunter KE Macaskill P Houssami N Breast cancer screening using tomosynthesis or mammography: a meta-analysis of cancer detection and recall. J Natl Cancer Inst. 2018; 110: 942-949 Google Scholar has since accumulated; however, evidence from randomised controlled trials is scarce. In The Lancet Oncology, Walter Heindel and colleagues report the results of the TOmosynthesis plus SYnthesised MAmmography Study ( TOSYMA), 4 Heindel W Weigel W Gerß J et al. Digital breast tomosynthesis plus synthesised mammography versus digital screening mammography for the detection of invasive breast cancer ( TOSYMA): a multicentre, open-label, randomised, controlled, superiority trial. Lancet Oncol. 2022; ( published online April 12.) https: //doi.org/10.1016/S1470-2045 ( 22) 00194-2 Google Scholar a multicentre trial embedded in the German population-wide mammography screening programme. TOSYMA is the largest of three randomised controlled trials providing evidence on breast tomosynthesis versus mammography screening. 4 Heindel W Weigel W Gerß J et al. Digital breast tomosynthesis plus synthesised mammography versus digital screening mammography for the detection of invasive breast cancer ( TOSYMA): a multicentre, open-label, randomised, controlled, superiority trial. Lancet Oncol. 2022; ( published online April 12.) https: //doi.org/10.1016/S1470-2045 ( 22) 00194-2 Google Scholar, 5 Hofvind S Holen AS Aase HS et al. Two-view digital breast tomosynthesis versus digital mammography in a population-based breast cancer screening programme ( To-Be): a randomised, controlled trial. Lancet Oncol. 2019; 20: 795-805 Google Scholar, 6 Pattacini P Nitrosi A Giorgi RP et al. A randomized trial comparing breast cancer incidence and interval cancers after tomosynthesis plus mammography versus mammography alone. Radiology. 2022; ( published online Feb 1.) https: //doi.org/10.1148/radiol.211132 Google Scholar Heindel and colleagues persevered with TOSYMA despite the COVID-19 pandemic stalling recruitment, resulting in a marginally lower sample size than planned in their adaptive design. 4 Heindel W Weigel W Gerß J et al. Digital breast tomosynthesis plus synthesised mammography versus digital screening mammography for the detection of invasive breast cancer ( TOSYMA): a multicentre, open-label, randomised, controlled, superiority trial. Lancet Oncol. 2022; ( published online April 12.) https: //doi.org/10.1016/S1470-2045 ( 22) 00194-2 Google Scholar
Digital breast tomosynthesis plus synthesised mammography versus digital screening mammography for the detection of invasive breast cancer ( TOSYMA): a multicentre, open-label, randomised, controlled, superiority trialThe results from this study indicate that the detection rate for invasive breast cancer was significantly higher with digital breast tomosynthesis plus s2D mammography than digital mammography alone. Evaluation of interval cancer rates in the follow-up study will further help to investigate incremental long-term benefits of digital breast tomosynthesis screening. Full-Text PDF | tech |
How Does the COVID-19 Prevention Drug Evusheld Work and Who Should Receive It? | While many immunocompromised and high-risk patients may benefit from AstraZeneca’ s Evusheld, drug distribution and access have been uneven.
The U.S. Food and Drug Administration granted emergency use authorization to AstraZeneca’ s COVID-19 antibody drug Evusheld on December 8, 2021. Infectious disease physician Patrick Jackson of the University of Virginia explains how it works, who’ s eligible and why some patients are having difficulties accessing it.
Evusheld is the first FDA-authorized drug to prevent COVID-19 in high-risk people who aren’ t adequately protected by vaccination alone. Data from a preliminary study that has not yet been peer reviewed showed Evusheld reduced the risk of symptomatic COVID-19 by 77% in unvaccinated high-risk adults.
When the immune system is exposed to a foreign protein – for example, by infection or vaccination – it produces antibodies in response to the potential threat. Evusheld is a combination of two antibodies, tixagevimab and cilgavimab, that bind to the spike protein of the virus that causes COVID-19 and prevent it from entering and infecting cells. Evusheld is a monoclonal antibody drug, meaning that it is made of mass-produced identical antibodies that originally came from a single type of white blood cell. Evusheld functions differently from antiviral drugs like molnupiravir, which work by stopping the virus from replicating within cells.
Tixagevimab and cilgavimab are versions of natural human antibodies that have been modified to last much longer in the body than they normally would. This allows Evusheld to provide COVID-19 protection for several months following a single dose. It is expected that Evusheld will need to be given about every six months to keep antibody levels high enough to be effective against the virus. Patients may need to keep getting Evusheld doses as long as there is a significant risk of COVID-19.
Evusheld is not intended to treat COVID-19, but to help prevent vulnerable patients from getting sick in the first place.
Monoclonal antibodies have a wide range of medical uses, including pregnancy tests and cancer treatment.
Evusheld can be used by people ages 12 and up who fall into two specific groups unable to receive the full benefit of COVID-19 vaccination.
The first group is people who are moderately to severely immunocompromised because of a medical condition or treatment. While most in this group get some protection from the COVID-19 vaccines, the immune systems of some may not be able to make enough protective antibodies on their own. This includes people receiving treatment for certain cancers, solid organ or stem cell transplant recipients and people with certain immune system disorders. People who take immunosuppressive medications, such as high-dose steroids and common autoimmune disease treatments, may also be eligible.
Evusheld is also authorized for the small number of people who had a severe reaction to the COVID-19 vaccines and can’ t receive the full recommended dose regimen. It is important to note that this does not apply to common mild reactions, such as pain at the injection site or mild fever. Most people who have rare allergic reactions to the COVID-19 vaccines can still safely receive additional doses, and should discuss their options with their doctor.
Evusheld is used to prevent COVID-19 before a person has been exposed to the virus. Currently it isn’ t approved to treat someone who is already sick with COVID-19 or to prevent an infection after recent exposure.
There are several COVID-19 treatments available for high-risk people who do become infected. Unpublished data that have not yet been peer reviewed suggest that Evusheld may have a role in COVID-19 treatment in addition to prevention, but using the drug in this way has not yet been authorized by the FDA.
Immunocompromised patients can bolster their protection against COVID-19 with both vaccination and monoclonal antibody drugs like Evusheld.
Evusheld is given at least two weeks after a patient’ s last vaccine dose. This is to ensure the vaccine has had enough time to establish its full protective effects. This recommendation may change as researchers learn more about how vaccines and monoclonal antibodies like Evusheld work together.
Generally, immunocompromised people who can get vaccinated and boosted for COVID-19 should do so in addition to taking Evusheld. While they may not be as strongly protected as others, vaccination is still likely to provide some benefit.
One significant shortcoming of monoclonal antibody drugs like Evusheld is that they are not all equally effective against different variants of the virus that causes COVID-19.
Evusheld entered clinical trials before the omicron variant dominated infections around the world. Lab studies have given conflicting results on how effective Evusheld might be against the omicron subvariants currently circulating in the U.S. It also isn’ t clear how well those lab studies predict real-world protection against COVID-19.
In response to this concern, the FDA recently doubled the authorized dose of Evusheld. The idea is that if the Evusheld antibodies are less effective against one of the omicron subvariants, more antibodies might still offer protection. Future variants may make Evusheld more or less effective.
Other than the vaccines, Evusheld is currently the only drug approved or authorized in the U.S. for the prevention of COVID-19.
Until recently, two other monoclonal antibody drugs, casirivimab-imdevimab and bamlanivimab-etesevimab, were used to prevent disease in people who were recently exposed to COVID-19. Unfortunately, these drugs are not effective against the omicron variant that is now the source of almost all U.S. COVID-19 cases.
Evusheld is currently authorized for use as a COVID-19 prophylactic in only certain groups of people.
Researchers are looking into whether another monoclonal antibody, sotrovimab, which is currently being used as a treatment for COVID-19 in certain U.S. regions that have not yet been overtaken by the BA.2 omicron subvariant, could also be used to bolster immunity in immunocompromised people.
There is no evidence that drugs like hydroxychloroquine or ivermectin are useful for preventing COVID-19.
The U.S. government has purchased hundreds of thousands of doses of Evusheld and is distributing these through state and territorial health departments. But that’ s far fewer doses than the 7 million or more immunocompromised people, or roughly 2.7% of American adults, who might benefit from this drug. While AstraZeneca has said there are more doses, it is unclear whether the U.S. plans to purchase more.
While some hospitals have had overwhelming demand, others have unused doses. Some hospitals have had to implement allocation systems to ensure that patients at highest risk are prioritized, and those policies are not standardized. The recent FDA decision to increase the standard Evusheld dose also means that supply won’ t be able to stretch as far.
Unfortunately, because Congress has failed to fund ongoing COVID-19 programs, this might further decrease the supply of Evusheld available to patients.
If you think you might benefit from Evusheld, talk to your doctor about whether you qualify. The doctor can write you a prescription.
Evusheld is administered as two injections during one session, and patients are observed for one hour to monitor for rare allergic reactions. Because of limited supply and these special monitoring requirements, Evusheld is given only at certain locations. Many state health departments have websites that let you look up nearby medical centers that have Evusheld. The federal government also has a treatment locator for Evusheld and other COVID-19 drugs, though this may not be completely up to date.
Written by Patrick Jackson, Assistant Professor of Infectious Diseases, University of Virginia.
This article was first published in The Conversation. | tech |
Driving a human-machine collaboration | Here’ s the scenario: A driver falls asleep at the wheel. But their car is equipped with a dashboard camera that detects the driver’ s eye condition, activating a safety system that promptly guides the vehicle to a secure halt.
That’ s not just an idea on the drawing board. The system, called Guardian, is being refined at the Toyota Research Institute ( TRI), where MIT Professor John Leonard is helping steer the group’ s work, while on leave from MIT. At the MIT Mobility Forum on Friday, Leonard and the head of TRI, Avinash Balachandran, presented an overview of their work.
The presenters offered thoughts on multiple levels about automation and driving. Leonard and Balachandran discussed particular TRI systems while also suggesting that — after years of publicity about the possibility of fully automated vehicles — a more realistic prospect might be the deployment of technology that aids drivers, without replacing them.
Anticipating that kind of future might make sense, “ instead of thinking about an all-or-nothing world, where it’ s full automation or exclusively human control, ” said Leonard, the Samuel C. Collins Professor of Mechanical and Ocean Engineering in the Department of Mechanical Engineering. “ Is there a sort of future where there’ s more of the blend of the best of human and machine? ”
Leonard walked the audience through the steps the Guardian system takes, from recognizing the lack of driver awareness, to taking over control of the vehicle, then ultimately reaching a point where — given an alert driver — the system no longer operates the vehicle itself.
“ Now guardian has stepped in; it’ s driving the car for you, ” Leonard said, showing the system at work on screen. “ And now it will offer at some point to give it back to you. ” He added: “ Our vision is that we can use some of the advanced techniques from automation to help human drivers more. ”
The presentation, titled “ Human-Centered Driving Research at Toyota Research Institute, ” took place online Friday before a public audience of over 200 people. The MIT Mobility Forum is a weekly series of talks covering all aspects of transportation. It is presented by the MIT Mobility Initiative, an Institute-wide effort to spur innovation and strategic thinking around the development of sustainable, accessible, and safe modes of transportation.
In his remarks, Leonard positioned himself as both an advocate of the auto industry’ s efforts to develop higher-technology vehicles, and a realist about the way those technologies will likely reach everyday life.
“ I’ ve been a bit of a skeptic of full automation in terms of the timelines. [ It ] is going to take a lot longer to have this sort of ubiquitous robotaxi fleet, whereby, you know, a teenager today would never need a drivers license or never need to have a real human Uber driver, because all cars would drive themselves autonomously, ” Leonard emphasized.
More likely, he suggested, “ We can expect multiple pathways and a longer time horizon than many have forecast for the rollout of that. ”
That said, Leonard and Balachandran both highlighted the sophistication of current technologies. Balachandran showed the audience a demo video of a TRI system that can help prevent crashes when a vehicle is drifting dangerously and about to leave the road due to inattention, bad conditions, or other factors.
That system is meant “ to amplify the human, to have better overall system performance. That includes things like safety, but also other elements that we think [ make driving ] pleasurable, ” Balachandran said, terming this kind of human-machine cooperation “ HCID, ” for human-centric, intelligent driving.
In the TRI video about dealing with drifting, a car navigates a winding test track with obstacles placed on the circuit as well. If a car is about to drift off the road, the system can quickly react and control the vehicle more effectively than many drivers would at a moment of crisis.
“ This gives us access to a capability that’ s much more outside what a regular driver could do, ” Balachandran said.
The event was hosted by Jinhua Zhao, associate professor of transportation and city planning in MIT’ s Department of Urban Studies and Planning, and director of the MIT Mobility Initiative.
Leading off the question-and-answer portion of the event, Zhao inquired about the relative challenges everyday safety issue on city streets, as opposed to refining the high-end car-handling abilities found in, say, Forumula One drivers.
“ When a lot of people think of uncertainty, they think of the uncertainty of the perception of the environment and the prediction of agents, ” Balachandran said. “ And that’ s true, [ it ] is a very difficult problem. ”
However, Balachandran added, a vehicle’ s ability to perform object recognition is “ a more defined kind of problem. … The dynamic uncertainty [ of driving maneuvers ] is actually a lot higher. ” In each domain, Balachandran observed, it is “ relatively easier to get to a 90 percent capability. It’ s very hard to get from 90 to 100 percent. ”
For his part, Leonard emphasized that the need for better traffic safety is a pressing one, given developments such as the increase in traffic fatalities per mile driven since the beginning of the Covid-19 pandemic.
“ The upsurge in traffic accidents and fatalities since Covid is just really heartbreaking, ” Leonard said. “ I’ m really disappointed … that we haven’ t found a way to use this advanced technology to make cars safer. And so I think that the human piece is critical. ”
And, while the vision of fully automated vehicles whizzing around on streets without any problems may be appealing, it seems quite likely that hundreds of millions of drivers will still be on the roads in the foreseeable future. An alternate vision, then, is helping those people drive as effectively as possible.
“ I believe deeply, personally, that we want to use this technology to help human drivers, ” Leonard said. | business |
Diligent Robotics Raises Over $ 30 Million in Series B Funding Round | Austin-based robotic automation company, Diligent Robotics, announced that it has closed over $ 30 million in Series B funding, bringing the total investment raised to date to nearly $ 50 million. Diligent Robotics develops socially-intelligent service robots and artificial intelligence solutions that enable robots to collaborate within and adapt to human environments.
The flagship product, Moxi, is a robot that performs delivery tasks for frontline healthcare teams. Stress and burnout have been a persistent problem in healthcare for years, creating a shortage of nurses and clinical staff. But over the past two years COVID-19 has accelerated this into a crisis moment, with projections of more than 1 million new nurses needed in the U.S. alone. More and more health systems are looking for automation to provide workforce augmentation at a critical time for this market.
Tiger Global, an investment firm focused on private and public companies in the internet, software, consumer, and financial technology sectors, led the Series B funding round. Diligent also maintains the support of existing investors, including True Ventures, DNX Venture, Ubiquity Ventures, E14 Fund, Next Coast Ventures, Boom Capital, Gaingels as well as additional commitments from new investors including Cedars-Sinai Health Ventures.
“ We are proud to have the full support of our past investors and welcome our new partners who joined during our Series B raise, ” said Dr. Andrea Thomaz, co-founder of Diligent Robotics. “ This new round of funding will help us scale the company to meet the incredible demand for our healthcare service robot. Thanks to the support of our investors and the Diligent team, we are focused on expanding automated support for clinical teams so nurses and clinicians can focus on tasks that matter most, patient care. ”
Founded in 2017, Diligent Robotics is the leading company in the social robotics space and the first to build a unique robot with social intelligence and mobile manipulation capabilities to help people in their work environments. In 2018, the company debuted Moxi, a collaborative robot assistant that assists clinical staff with routine, not-patient-facing tasks including fetching and delivering supplies, medications, or lab samples. Since launching and integrating into several healthcare systems, Moxi demonstrated improvement in overall clinical flows and gave care team members back valuable time to spend with their patients.
“ We started implementing Moxi into our clinical workflows in December and planned on going through a trial phase to determine if the technology would be helpful to our staff, ” said Cody Blankenship, Vice President Performance Improvement at Mary Washington Healthcare. “ Right away, we could see the impact Moxi made on the efficiency of our staff and how morale immediately increased. We were so impressed with what Moxi took off our team’ s hands, we chose to add even more robots to our fleet. ”
Moving from prototype to commercial deployment. Between 2018 and 2019, Diligent partnered with four health systems in Texas to complete a series of research trials. The team incorporated the learnings and demonstrated the commercial value of their robotic technology, incorporating direct feedback from care teams to shape how Moxi fits into clinical workflows today. The first commercial deployments of Moxi started in 2020.
Moxi utilization and use cases with initial customers. Diligent saw initial success with early customers as nurses quickly adopted Moxi into their workflows. As Moxi is joining more teams, Diligent sees a consistent need to support clinical staff to offload a diverse set of tasks that interrupt a nurse’ s day, including sending and picking up things from the lab, delivering teleboxes, managing the “ do not tube ” medications, picking up patient’ s personal items or transferring pumps or other light-weight equipment from unit to unit. Now that Moxi is fully deployed and integrated into a diverse set of health systems across the nation from multi-location systems to smaller community hospitals or large academic and research-focused health systems, the demand is skyrocketing. Chief Nursing Officers from all sizes of healthcare institutions want to understand robotic solutions and how Diligent can help their clinical staff during the nursing shortage crisis.
Began commercial organization build out. To support the high demand, Diligent quickly expanded their talented team across the entire business from operations, sales and engineering.
According to a report from Research and Markets, the global smart hospital market is estimated to be at $ 27.6 billion in 2021 and is expected to reach $ 82.89 billion by 2026, compounding at 24.6% annually.
“ Robotic automation technology will be the key to optimizing efficiency and productivity in health care operations, ” said Connie Lee, Partner, Tiger Global. “ As a leader in robotic technology, Diligent Robotics has been able to scale to meet demand while developing an impressive product that delivers tremendous value for its customers. We are excited to partner with Diligent Robotics as their positive impact on the healthcare system grows. ”
The funds raised during this round will help Diligent optimize supply chain and design teams for faster robot deployment. They will continue to enhance interoperability and drive purposeful integrations with existing hospital infrastructure, electronic health records and clinical communications, which will allow them to continue to meet the demands during the persistent nursing shortage. The team at Diligent is excited about the next chapter and how the Series B funding will be able to accelerate their plans.
“ Diligent Robotics’ participation in the Cedars-Sinai Accelerator program led to the exploration of our team testing this solution with our clinical teams, ” said Dr. David Marshall, Chief Nursing Executive at Cedars-Sinai in Los Angeles. “ Using the robot to relieve front-line health care workers from point-to-point delivery and retrieval tasks has been successful in our original launch. Staff members have told me that gives them more time for direct patient care. ” | tech |
ventureLAB Announces $ 2.5M from the Government of Ontario | Leading technology hub, ventureLAB, has announced a $ 2.5 million investment from the Government of Ontario to establish a MedTech-specific stream within its Hardware Catalyst Initiative ( HCI), Canada’ s only lab and incubator for hardware and semiconductor companies. The funding is part of the Ontario Together Fund, from the Ministry of Economic Development, Job Creation and Trade, and builds on a $ 9.7 million investment from the Government of Canada through the Federal Economic Development Agency for Southern Ontario ( FedDev Ontario). The timely investment will enable ventureLAB to support made-in-Ontario medical solutions and will strengthen Ontario’ s MedTech sector and technical capacity to fight COVID-19 and respond to future pandemics.
“ We immediately recognized the value in ventureLAB’ s new MedTech program because it ticks all of those boxes. If we want to move beyond COVID-19, and be better prepared for the next health emergency, we need to start building the foundation now. ”
Since opening in 2020, ventureLAB’ s Hardware Catalyst Initiative has supported 24 Ontario hardware and semiconductor companies that have raised millions of dollars in investment capital, created new jobs, and generated valuable intellectual property. To establish an IP-rich semiconductor industry in Ontario that will generate a wealth of economic and employment opportunities – and to meet the growing demand for homegrown hardware companies – the funding will expand the Hardware Catalyst Initiative’ s state-of-the-art testing and prototyping capabilities.
The funding will also be used to establish a MedTech-specific stream, with a new lab in Vaughan, Ontario, focused on the unique hardware and semiconductor needs of healthcare companies. By accessing HCI’ s network of 35+ global industry leaders – who have committed over $ 50 million in resources and mentorship – as well as ventureLAB’ s in-house experts with decades of designing, manufacturing, and go-to-market expertise, MedTech founders will experience accelerated commercialization time, reduced cost, access to deep sector expertise, and intensive growth capital. The two-year project will result in high-quality employment opportunities as well as a range of made-in-Ontario technologies, innovations, and intellectual property.
“ Hardware and semiconductors underpin virtually all modern devices, and as we navigate our new normal, they are especially key in healthcare technologies, along with other sectors critical to economic recovery and growth, ” explains Melissa Chee, President and CEO, ventureLAB. “ The Ontario Together Fund enables ventureLAB to create a MedTech-focused HCI stream and empower a new generation of founders that will innovate, scale, and commercialize IP-rich healthcare solutions — transforming the face of patient care in Ontario while also attracting and retaining the very best talent in the world. ”
Virtually every piece of technology used today requires semiconductors and sensors, including transformative healthcare solutions, life-saving medical devices, vaccine development, and products that help fight airborne viruses. COVID-19 highlighted numerous healthcare gaps, including operational inefficiencies, limited capacity to manufacture or secure PPE and ventilators, and challenges surrounding patient service delivery across the continuum of care.
“ The Ontario Together Fund is helping Ontario businesses to fully develop their ideas and innovate in our diverse life sciences sector, ” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “ Our government is proud to partner with innovative, homegrown companies like ventureLAB as they help make Ontario the home for next-generation medical technologies, jobs and intellectual property. ”
Vaughan is emerging as the epicentre of healthcare innovation in Canada and, as such, is the perfect host for ventureLAB’ s new MedTech lab. Vaughan is home to Cortellucci Vaughan Hospital, Canada’ s first smart hospital, and is leading a first-of-its-kind initiative, the Vaughan Healthcare Centre Precinct, which will bring further innovation and healthcare jobs to the region.
The new Hardware Catalyst Initiative MedTech lab will be located within Vaughan-based Sterling Industries to benefit from its resources, product development and production expertise. As an end-to-end contract manufacturer and assembler of medical devices and components, Sterling Industries is a proven industry leader with manufacturing facilities and distribution channels in the U.S. and Europe.
“ Establishing a thriving MedTech sector requires investing in technology, top engineering talent, and a commitment to providing resources and mentorship to emerging companies looking to scale, ” says David Van Slingerland, CEO, Sterling Industries. “ We immediately recognized the value in ventureLAB’ s new MedTech program because it ticks all of those boxes. If we want to move beyond COVID-19, and be better prepared for the next health emergency, we need to start building the foundation now. ”
“ I am pleased to welcome the announcement that ventureLAB will receive a $ 2.5 million investment through the Ontario Together Fund to help advance its innovative Hardware Catalyst Initiative. This significant funding contribution will help address a critical and immediate need for transformative healthcare solutions, ” says Mayor Maurizio Bevilacqua, City of Vaughan. “ Vaughan is proud to partner with ventureLAB on many city-building opportunities, including a first-of-its-kind initiative to transform the 82-acre parcel of land adjacent to Cortellucci Vaughan Hospital into the Vaughan Healthcare Centre Precinct. This unique partnership aims to pool and leverage our resources to bring healthcare, innovation and jobs to our growing community. I want to extend my sincerest gratitude and appreciation to Melissa Chee and her dedicated staff for their ongoing collaboration to ensure innovation is at the forefront of healthcare delivery. ” | tech |
AHF’ s Global Public Health Institute & GISAID Team Up on Genomic Sequencing | GISAID Vice President Ben Branda ( left) and AHF President Michael Weinstein at the MoU signing. ( Photo: Business Wire)
LOS ANGELES -- ( BUSINESS WIRE) -- The AHF Global Public Health Institute at the University of Miami and GISAID, the global data science initiative and primary data source of the coronavirus responsible for COVID-19, signed a Memorandum of Understanding yesterday, enabling increased collaboration on genomic sequencing ( GS) efforts in low- and middle-Income countries.
In addition to expanding GS capacity, the agreement between AHF and GISAID will foster high-level advocacy on the importance of GS to end the COVID-19 pandemic and leverage established educational programs offered by GISAID in support of the GS projects AHF is currently funding. The MoU was the first official cooperative measure between the two organizations.
“ The collaboration between AHF and GISAID will further advance the rapid sharing of genome data in places that need our support, ” says GISAID Vice President Ben Branda. “ One critical element is that we continue to incentivize researchers and governments alike, by giving them meaningful equity in the data they generate. GISAID is grateful for AHF’ s vision and financial support toward those joint efforts. ”
Since the first whole-genome sequences were made available through GISAID in January 2020, data submitters from 210 countries and territories have collectively contributed over 10 million SARS-CoV-2 genomes to GISAID. This monumental global effort enabled the development of lifesaving countermeasures to COVID-19 at unprecedented speed, including the first vaccines and diagnostic tests to detect SARS-CoV-2.
“ GISAID is a great representation of the type of cooperation and coordination that’ s been needed yet sorely lacking throughout much of the last two years. I’ m very pleased to inaugurate this relationship on behalf of AHF, ” said AHF President Michael Weinstein. “ Genomic sequencing, in general, is the early warning system that we need if we have additional surges from COVID-19 and other diseases. It’ s been our great privilege to fund 17 projects globally to help them scale up genomic sequencing in different places around the globe. ”
AIDS Healthcare Foundation ( AHF), the largest global AIDS organization, currently provides medical care and/or services to over 1.7 million clients in 45 countries worldwide in the U.S., Africa, Latin America/Caribbean, the Asia/Pacific Region and Europe. To learn more about AHF, please visit our website: www.aidshealth.org, find us on Facebook: www.facebook.com/aidshealth and follow us on Twitter: @ aidshealthcare and Instagram: @ aidshealthcare
The GISAID Initiative is a registered nonprofit association and involves public-private partnerships with governmental public-health and academic institutions across the world. GISAID is known for its expertise in facilitating rapid sharing of trusted data, gained during previous, significant outbreaks, including the 2009 swine influenza pandemic and the 2013 avian influenza outbreak in China. To learn more about GISAID, please visit: www.gisaid.org | general |
Cable & Wireless Charitable Foundation to Host Annual Spring Golf Classic at Miami Beach Golf Club | - event will support online access and learning opportunities for vulnerable communities in Latin America and the Caribbean
MIAMI -- ( BUSINESS WIRE) -- The Cable & Wireless Charitable Foundation ( CWCF) is excited to announce the return of its annual Spring Golf Classic. After a two-year hiatus resulting from the COVID-19 global pandemic, the Foundation’ s signature fundraising event returns on May 23-24th at the scenic Miami Beach Golf Club in Miami, Florida.
Funds raised will provide digital devices, internet safety training, and online connectivity for schools in vulnerable communities across the markets served by Cable & Wireless Communications, www.cwc.com, as well as provide emergency broadband relief for families living below the poverty line and support the Foundation’ s ongoing emergency disaster assistance in the region.
For more than a decade, the CWCF annual Spring Golf Classic, which raised well over $ 1 million from the last two outings, has supported the company’ s philanthropic and charitable efforts across Latin America and the Caribbean. “ I am so thrilled the Golf Classic is back and that we can again provide this enjoyable and relaxing opportunity for our donors and supporters to help us positively impact the communities we serve, ” said Noelle Smikle, Executive Director of the Foundation.
Golfers will enjoy a welcome reception at the Kimpton Surfcomber, Miami Beach, on Monday evening the 23rd, breakfast at the Miami Beach Golf Club on Tuesday morning the 24th before teeing off, and an awards dinner on Tuesday evening at The Penthouse on the Wharf.
Latham & Watkins is the Presenting Sponsor of the event; A & E Network, Anixter, Lorac Communications and Prodapt are Classic Sponsors. Access Sponsors include BBC Global News US and Cerillion.
Sponsorship opportunities for the event are still available:
PRESENTING SPONSOR USD $ 25,000
CLASSIC SPONSOR USD $ 10,000
ACCESS SPONSOR USD $ 5,000
For more information, please visit: https: //www.eventbrite.com/e/the-cable-wireless-charitable-foundation-spring-golf-classic-registration-97317105081
About C & W Communications
C & W Communications, a subsidiary of Liberty Latin America, is a full-service communications and entertainment provider and delivers market-leading video, broadband, telephony, and mobile services to consumers in more than 20 markets. Through its business division, C & W provides data centre hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C & W also operates a state-of-the-art submarine fibre network – the most extensive in the region.
For more information, please visit www.cwc.com. | general |
MyMD Pharmaceuticals’ Lead Compound MYMD-1 Demonstrates Superior Anti-inflammatory Effects over Top-Selling Therapies in a Pivotal Preclinical Model of Rheumatoid Arthritis | MyMD seeks to disrupt the $ 31 billion global market for rheumatoid arthritis ( RA) drug therapies with MYMD-1, which could potentially prove safer, more effective and better tolerated than current options
Submission of Investigational New Drug ( IND) application and protocols for a Phase 2 RA study planned for second half of 2022
Inhibition of Inflammation in Preclinical Model of Rheumatoid Arthritis ( 3) ( Graphic: Business Wire)
Inhibition of Inflammation in Preclinical Model of Rheumatoid Arthritis ( 3) ( Graphic: Business Wire)
BALTIMORE -- ( BUSINESS WIRE) -- MyMD Pharmaceuticals, Inc. ( Nasdaq: MYMD) ( “ MyMD ” or “ the Company ”), a clinical stage pharmaceutical company committed to extending healthy lifespan, today announced positive new preclinical study data demonstrating the potential effectiveness of MYMD-1 for the treatment of rheumatoid arthritis ( RA). MYMD-1 demonstrated a significantly greater anti-inflammatory effect than current TNF-alpha inhibitors on the market, the top three of which represent an estimated $ 31 billion market ( based on 2020 revenues) 1.
The comparative study of arthritis, using the CAIA model2, was conducted and analyzed by Charles River Laboratories International, a full-service contract research organization for drug discovery and development. Study results showed that MYMD-1 inhibited inflammation more effectively in the RA model by 30% and 70% of the top two marketed drugs, respectively.
“ We are excited about the impressive new data we are announcing today that shows a highly favorable comparison of our lead drug candidate MYMD-1 to the gold standard rheumatoid arthritis drug therapies currently on the market today. A small fraction of this enormous $ 31 billion market represents a highly attractive opportunity for MyMD, ” said Chris Chapman, M.D., President, Director and Chief Medical Officer of MyMD.
“ Utilizing the strong proof-of-concept and efficacy data from our pre-clinical model, we are preparing to submit to the FDA an Investigational New Drug ( IND) application for MYMD-1 as treatment for RA, along with protocols for a Phase 2 study, in the second half of this year. ”
In addition to the greater efficacy shown in the preclinical model of RA, we believe that MYMD-1 holds significant advantages over current anti-TNF-alpha therapies:
MyMD is currently conducting a Phase 2 clinical trial of MYMD-1 as a therapy for delaying aging and expanding healthy lifespan. The primary endpoint for the Phase 2 double-blind, placebo-controlled clinical trial is to achieve a reduction in circulating levels of TNF-alpha within 28 days of therapy.
In addition to aging and rheumatoid arthritis, MYMD-1’ s distinct action in regulating the immune system and treating chronic inflammation is being developed for the treatment of multiple sclerosis ( MS), diabetes, and inflammatory bowel disease.
About Rheumatoid Arthritis
Rheumatoid arthritis is a chronic autoimmune disease and an inflammatory form of arthritis. The disorder preferentially attacks the joints and is characterized by inflammation and bone erosion. In the progression of RA, joints are infiltrated by white blood cells that produce the pro-inflammatory cytokines TNF-alpha, IL-6 and IL-17. Rheumatoid arthritis is the most common form of autoimmune arthritis, affecting more than 1.3 million Americans4 and occuring at any age. Studies have determined that the number of people suffering from rheumatoid arthritis may rise to over 78 million by 20405.
About MYMD-1
Originally developed for autoimmune diseases, MYMD-1’ s primary purpose is to slow the aging process, prevent sarcopenia and frailty, and extend healthy lifespan. Because it can cross the blood-brain barrier and gain access to the central nervous system ( CNS), MYMD-1 is also positioned to be a possible treatment for brain-related disorders. Its mechanism of action and efficacy in diseases including multiple sclerosis ( MS) and thyroiditis have been studied through collaborations with several academic institutions.
MYMD-1 has shown effectiveness in pre-clinical and clinical studies in regulating the immune system by performing as a selective inhibitor of tumor necrosis factor-alpha ( TNF-α), a driver of chronic inflammation. Unlike other therapies, MYMD-1 has been shown in these studies to selectively block TNF-α when it becomes overactivated in autoimmune diseases and cytokine storms, but not block it from doing its normal job of being a first responder to any routine type of moderate infection. MYMD-1’ s ease of oral dosing is another differentiator compared to currently available TNF-α blockers, all of which require delivery by injection or infusion. No approved TNF inhibitor has ever been dosed orally. In addition, the drug is not immunosuppressive and has not been shown to cause the serious side effects common with traditional therapies that treat inflammation.
About MyMD Pharmaceuticals, Inc.
MyMD Pharmaceuticals, Inc. ( Nasdaq: MYMD), a clinical stage pharmaceutical company committed to extending healthy lifespan, is focused on developing two novel therapeutic platforms that treat the causes of disease rather than only addressing the symptoms. MYMD-1 is a drug platform based on a clinical stage small molecule that regulates the immune system to control TNF-α, which drives chronic inflammation, and other pro-inflammatory cell signaling cytokines. MYMD-1 is being developed to delay aging, increase longevity, and treat autoimmune diseases and COVID-19- associated depression. The Company’ s second drug platform, Supera-CBD, is being developed to treat chronic pain, addiction and epilepsy. Supera-CBD is a novel synthetic derivative of cannabidiol ( CBD) and is being developed to address and improve upon the rapidly growing CBD market, which includes both FDA approved drugs and CBD products not currently regulated as drugs. For more information, visit www.mymd.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and none of MyMD nor its affiliates assume any duty to update forward-looking statements. Words such as `` anticipate, '' `` believe, '' `` could, '' `` estimate, '' `` expect, '' `` may, '' `` plan, '' `` will, '' `` would '' and other similar expressions are intended to identify these forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: the timing of, and MyMD’ s ability to, obtain and maintain regulatory approvals for clinical trials of MyMD’ s pharmaceutical candidates; the timing and results of MyMD’ s planned clinical trials for its pharmaceutical candidates; the amount of funds MyMD requires for its pharmaceutical candidates; increased levels of competition; changes in political, economic or regulatory conditions generally and in the markets in which MyMD operates; MyMD’ s ability to retain and attract senior management and other key employees; MyMD’ s ability to quickly and effectively respond to new technological developments; MyMD’ s ability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others and prevent others from infringing on MyMD’ s proprietary rights; and the impact of the ongoing COVID-19 pandemic on MyMD’ s results of operations, business plan and the global economy. A discussion of these and other factors with respect to MyMD is set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed by MyMD on March 31, 2022. Forward-looking statements speak only as of the date they are made and MyMD disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.
1 https: //www.yahoo.com/now/abbvies-humira-still-number-1-224014673.html
2 Animal models of arthritis mimic many of the features of arthritis in humans and have been used successfully in establishing proof of concept for new treatment compounds. Of the animal models available, the murine Collagen Antibody-Induced Arthritis ( CAIA) model is modeled after RA, and is widely used because of the similar putative etiology to human disease. Moreover, microscopic changes associated with rheumatoid arthritis ( e.g., inflammation, bone erosion, and bone degeneration) are observed in CAIA control animals.
3 Predicted Humira response was calculated based on previous comparisons of Enbrel vs. Humira in the same CAIA model during a previous experiment by Charles River. | general |
PureTech Founded Entity Akili Announces American Journal of Psychiatry Publication of Data Demonstrating its Digital Therapeutic AKL-T03 Improves Cognitive Impairments in Adults w/ Major Depressive Disorder When Combined w/ Antidepressant Medication | AKL-T03 showed a statistically significant improvement in sustained attention compared to control intervention
AKL-T03 is built on the same technology engine as Akili’ s digital therapeutic EndeavorRx, which has been cleared by the U.S. Food and Drug Administration ( FDA) for use in children with ADHD ( see full indication below)
BOSTON -- ( BUSINESS WIRE) -- PureTech Health plc ( Nasdaq: PRTC, LSE: PRTC) ( “ PureTech ” or the “ Company ”), a clinical-stage biotherapeutics company noted that its Founded Entity, Akili Interactive Labs, Inc. ( “ Akili ”), a leading cognitive medicine company improving health through game-changing technologies, today announced that the American Journal of Psychiatry has published findings from the STARS-MDD clinical trial evaluating Akili’ s AKL-T03 digital therapeutic as a potential treatment for attention impairments in adults with major depressive disorder ( MDD) when used alongside antidepressant medication.
More than 16 million people in the United States are living with MDD.1 Despite the positive benefits of antidepressant therapy on mood, most pharmacologic treatments provide little or no benefit on cognitive impairments in patients with MDD.234 Many patients with MDD who have responded to antidepressant treatment continue to report cognitive challenges, including difficulties concentrating, decision making, slowed thinking, and forgetfulness, which have been shown to have an impact on daily activities, like education and work.5
The STARS-MDD study enrolled 80 adults, ages 25-55, who were stably treated with an antidepressant medication yet were still experiencing mild to moderate symptoms of depression as well as cognitive impairments. Patients were randomized 1:1 to AKL-T03 or a digital control designed to have an equal expectation of benefit. Results of the study demonstrated that the addition of AKL-T03 to antidepressant therapy significantly improved sustained attention in adults diagnosed with MDD compared to the control ( p=0.005), as measured by the Test of Variables of Attention ( TOVA), which is a computerized test cleared by FDA to assess attention deficits and evaluate the effects of interventions in ADHD.
The full text of the announcement from Akili is as follows:
The American Journal of Psychiatry Publishes Data Demonstrating Akili Interactive’ s Digital Therapeutic AKL-T03 Improves Cognitive Impairments in Adults with Major Depressive Disorder When Combined with Antidepressant Medication
AKL-T03 showed a statistically significant improvement in sustained attention compared to control intervention
AKL-T03 is built on the same technology engine as Akili’ s digital therapeutic EndeavorRx, which has been cleared by the U.S. Food and Drug Administration ( FDA) for use in children with ADHD ( see full indication below)
BOSTON, Mass – April 12, 2022 – Akili Interactive ( “ Akili ”), a leading cognitive medicine company improving health through game-changing technologies, today announced that the American Journal of Psychiatry has published findings from the STARS-MDD clinical trial evaluating Akili’ s AKL-T03 digital therapeutic as a potential treatment for attention impairments in adults with major depressive disorder ( MDD) when used alongside antidepressant medication.
More than 16 million people in the United States are living with MDD.1 Despite the positive benefits of antidepressant therapy on mood, most pharmacologic treatments provide little or no benefit on cognitive impairments in patients with MDD.234 Many patients with MDD who have responded to antidepressant treatment continue to report cognitive challenges, including difficulties concentrating, decision making, slowed thinking, and forgetfulness, which have been shown to have an impact on daily activities, like education and work.5
“ Society is facing a growing mental health crisis, with depression rates in the U.S. increasing about 20% during the pandemic. While mood symptoms are most often associated with MDD, equally concerning are the frequent associated cognitive impairments, ” said Richard Keefe, Ph.D., Professor of Psychiatry at Duke University Medical Center, and primary investigator of the study. “ More than ever, we need safe and effective ways to support these patients – new tools that can be easily and broadly accessed. Based on the results of this study, AKL-T03 has the potential to play a meaningful role in the treatment of MDD patients. ”
The STARS-MDD study enrolled 80 adults, ages 25-55, who were stably treated with an antidepressant medication yet were still experiencing mild to moderate symptoms of depression as well as cognitive impairments. Patients were randomized 1:1 to AKL-T03 or a digital control designed to have an equal expectation of benefit. Results of the study demonstrated that the addition of AKL-T03 to antidepressant therapy significantly improved sustained attention in adults diagnosed with MDD compared to the control ( p=0.005), as measured by the Test of Variables of Attention ( TOVA), which is a computerized test cleared by FDA to assess attention deficits and evaluate the effects of interventions in ADHD.
No treatment-related serious adverse events were reported, and two patients ( 5.5%) reported headaches following treatment with AKL-T03. Results from the STARS-MDD study were first presented at the 58th Annual Meeting of the American College of Neuropsychopharmacology ( ACNP) and are consistent with those of prior research of Akili’ s study of AKL-T01 in patients with MDD, published in Translational Psychiatry.6
“ Addressing cognitive impairments associated with depression has been an area of interest from healthcare professionals and companies over recent years, yet options remain limited for patients, ” said Anil S. Jina M.D., Chief Medical Officer of Akili. “ Akili’ s technology is designed to target specific neural networks related to attention function and this study demonstrates the important role it could play in the treatment of patients with cognitive dysfunction in depression. ”
AKL-T03 is an investigational medical device which has not been cleared by FDA. It is built on Akili’ s SSMETM technology engine, which is designed to address impairments in attention independent of disease. SSME presents specific sensory stimuli and simultaneous motor challenges designed to target the fronto-parietal cortex, an area of the brain which plays a key role in attention function. This is the same technology embedded in AKL-T01, which has been branded as EndeavorRx® and cleared by FDA to treat attention symptoms in children ages 8-12 diagnosed with ADHD ( see full indication below). AKL-T03 was adapted from AKL-T01 with a new game interface designed specifically for an adult patient population.
About STARS-MDD
The Software Treatment for Actively Reducing the Severity of Cognitive Deficits in Major Depressive Disorder ( STARS-MDD) study ( NCT03310281) is a randomized, double-blind, controlled study designed to assess the safety and efficacy of AKL-T03 versus an expectation-matched digital control intervention in an at-home setting. The study enrolled 80 adult patients between the ages of 25 and 55 with a confirmed diagnosis of MDD according to DSM-5 criteria and confirmed via the Mini International Neuropsychiatric Interview, version 7.0.2. Other key inclusion criteria included confirmation of a score between 14 and 22 on the 17-item Hamilton Depression Rating Scale ( HAM-D) during the screening phase ( day -28) and at baseline ( day 0) and a symbol coding T-score < 50 on the Brief Assessment of Cognition. Participants were required to have been on antidepressant medication for > 8 weeks prior to screening/baseline with a stable dosage for > 4 weeks prior to baseline. Patients were randomized 1:1 to AKL-T03 or a digital control, both of which were administered using Apple iPad mini 2 tablets. Participants in the AKL-T03 arm were instructed to complete five sessions, at least five days per week for six weeks, for a total of approximately 25 minutes of game-play per day. The software automatically locked after the five sessions were completed, to preclude excessive use of the intervention. Participants assigned to the control arm also were instructed to complete 25 minutes of game-play for at least five days per week for six weeks; this software also automatically locked after 25 minutes. The primary endpoint was a change from baseline in cognitive performance following AKL-T03 intervention compared with the control group, as measured by change in sustained attention using the TOVA reaction time to rare target stimuli, normalized by age and sex. The TOVA is a validated computerized continuous performance test of attention and inhibitory control. Change from baseline scores from the first half of the TOVA between day 0 ( baseline) and day 42 ( study exit) was compared between the two intervention groups.
EndeavorRx® Indication and Overview
EndeavorRx® is indicated to improve attention function as measured by computer-based testing in children ages 8 to 12 years old with primarily inattentive or combined-type ADHD, who have a demonstrated attention issue. Patients who engage with EndeavorRx® demonstrate improvements in a digitally assessed measure Test of Variables of Attention ( TOVA®) of sustained and selective attention and may not display benefits in typical behavioral symptoms, such as hyperactivity. EndeavorRx® should be considered for use as part of a therapeutic program that may include clinician-directed therapy, medication, and/or educational programs, which further address symptoms of the disorder. EndeavorRx® is available by prescription only. It is not intended to be used as a stand-alone therapeutic and is not a substitution for a child’ s medication. EndeavorRx associated adverse events in clinical trials included frustration ( 6.1%), headache ( 1.3%), dizziness ( 0.6%), emotional reaction ( 0.4%), nausea ( 0.4%), and aggression ( 0.2%). No serious adverse events were associated with its use. EndeavorRx® is recommended to be used for approximately 25 minutes a day, 5 days a week, over initially at least 4 consecutive weeks, or as recommended by your child’ s health care provider. To learn more about EndeavorRx®, please visit EndeavorRx.com.
About Akili
Akili is pioneering the development of cognitive treatments through game-changing technologies. Our approach of leveraging technologies designed to directly target the brain establishes a new category of medicine – medicine that is validated through clinical trials like a drug or medical device, but experienced like entertainment. Akili’ s platform is powered by proprietary therapeutic engines designed to target cognitive impairment at its source in the brain, informed by decades of research and validated through rigorous clinical programs. Driven by Akili’ s belief that effective medicine can also be fun and engaging, Akili’ s products are delivered through captivating action video game experiences.
On January 26, 2022, Akili entered into a definitive agreement to become publicly traded via a merger with Social Capital Suvretta Holdings Corp. I ( Nasdaq: DNAA), a special purpose acquisition company. The transaction is expected to close in mid-2022, subject to satisfaction of the closing conditions, after which Akili will be listed on the Nasdaq stock market under the new ticker symbol “ AKLI. ”
For more information, please visit www.akiliinteractive.com.
Additional Information and Where to Find It
In connection with the proposed business combination transaction between Social Capital Suvretta Holdings Corp. I ( “ SCS ”) and Akili, SCS filed a registration statement on Form S-4 ( as amended, the “ Registration Statement ”) with the SEC on February 14, 2022, which includes a preliminary prospectus and proxy statement of SCS, referred to as a proxy statement/prospectus. The Registration Statement has not yet become effective. When available, a final proxy statement/prospectus will be sent to all SCS shareholders. SCS will also file other documents regarding the proposed transaction with the SEC. SHAREHOLDERS OF SCS ARE ADVISED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by SCS ( when available) through the website maintained by the SEC at http: //www.sec.gov.
The documents filed by SCS with the SEC also may be obtained free of charge at SCS’ s website at https: //socialcapitalsuvrettaholdings.com/dnaa or upon written request to 2850 W. Horizon Ridge Parkway, Suite 200, Henderson, NV 89052.
Participants in the Solicitation
SCS and Akili and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from SCS’ s shareholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed transaction between Akili and SCS are contained in the proxy statement/prospectus. You may obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom. This press release may be deemed to be solicitation material in respect of the proposed transactions contemplated by the proposed business combination between Akili and SCS.
Forward-Looking Statements
This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Akili and SCS. These forward-looking statements generally are identified by the words “ believe, ” “ project, ” “ expect, ” “ anticipate, ” “ estimate, ” “ intend, ” “ strategy, ” “ future, ” “ opportunity, ” “ plan, ” “ may, ” “ should, ” “ will, ” “ would, ” “ will be, ” “ will continue, ” “ will likely result, ” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: ( i) the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the price of SCS’ s securities, ( ii) the risk that the proposed transaction may not be completed by SCS’ s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SCS, ( iii) the failure to satisfy the conditions to the consummation of the proposed transaction, including the adoption of the Merger Agreement by the shareholders of SCS and the satisfaction of the minimum cash condition, ( iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, ( v) the inability to complete the PIPE Investment, ( vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, ( vii) the effect of the announcement or pendency of the transaction on Akili’ s business relationships, operating results, and business generally, ( viii) risks that the proposed transaction disrupts current plans and operations of Akili or diverts management’ s attention from Akili’ s ongoing business operations and potential difficulties in Akili employee retention as a result of the announcement and consummation of the proposed transaction, ( ix) the outcome of any legal proceedings that may be instituted against Akili or against SCS related to the Merger Agreement or the proposed transaction, ( x) the ability to maintain the listing of SCS’ s securities on a national securities exchange, ( xi) the price of SCS’ s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which SCS plans to operate or Akili operates, variations in operating performance across competitors, changes in laws and regulations affecting SCS’ s or Akili’ s business, and changes in the combined capital structure, ( xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, ( xiii) the ability of Akili to successfully commercialize EndeavorRx® and continue to advance its clinical development pipeline, ( xiv) the ability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, ( xv) the evolution of the markets in which Akili competes, ( xvi) the ability of Akili to defend its intellectual property and satisfy regulatory requirements, ( xvii) the costs related to the proposed transaction, ( xviii) the impact of the COVID-19 pandemic on Akili’ s business, ( xix) Akili’ s expectations regarding its market opportunities and ( xx) the risk of downturns and a changing regulatory landscape in the highly competitive industry in which Akili operates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “ Risk Factors ” section of SCS’ s registration on Form S-1 ( File Nos. 333-256723 and 333-257543), SCS’ s annual report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 24, 2022, the Registration Statement on Form S-4, including those under “ Risk Factors ” therein, and other documents filed by SCS from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Akili and SCS assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Akili nor SCS gives any assurance that either Akili or SCS, or the combined company, will achieve its expectations.
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated to discovering, developing and commercializing highly differentiated medicines for devastating diseases, including inflammatory, fibrotic and immunological conditions, intractable cancers, lymphatic and gastrointestinal diseases and neurological and neuropsychological disorders, among others. The Company has created a broad and deep pipeline through the expertise of its experienced research and development team and its extensive network of scientists, clinicians and industry leaders. This pipeline, which is being advanced both internally and through PureTech's Founded Entities, is comprised of 25 therapeutics and therapeutic candidates, including two that have received both U.S. FDA clearance and European marketing authorization, as of the date of PureTech's most recently filed Half Year Report and corresponding Form 6-K. All of the underlying programs and platforms that resulted in this pipeline of therapeutic candidates were initially identified or discovered and then advanced by the PureTech team through key validation points based on the Company's unique insights into the biology of the brain, immune and gut, or BIG, systems and the interface between those systems, referred to as the BIG Axis.
For more information, visit www.puretechhealth.com or connect with us on Twitter @ puretechh.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are or may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation those statements that relate to AKL-T03, Akili’ s SSMETM technology engine, expectations around EndeavorRx, the proposed business combination agreement between Akili and Social Capital Suvretta Holdings Corp. I ( Nasdaq: DNAA) or matters related thereto, the competitive environment in which Akili operates, and Akili and PureTech's future prospects, development plans, and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties and other important factors that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risks, uncertainties and other important factors described under the caption “ Risk Factors ” in our Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC and in our other regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the Company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law and regulatory requirements, we disclaim any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
1 Anxiety and Depression Association of America 2 Keefe RSE, McClintock SM, Roth RM, Doraiswamy PM, Tiger S, Madhoo M: Cognitive effects of pharmacotherapy for major depressive disorder: A systematic review. J Clin Psychiatry 2014; 75 ( 8): 864-876. https: //doi.org/10.4088/jcp.13r08609 3 Knight MJ, Mills NT, Baune BT: Contemporary methods of improving cognitive dysfunction in clinical depression. Expert Rev Neurother 2019; 19 ( 5):431-443. https: //doi.org/10.1080/14737175.2019.1610395 4 McIntyre R, Harrison J, Loft H, Jacobson W, Olsen CK: The effects of vortioxetine on cognitive function in patients with major depressive disorder: A meta-analysis of three randomized controlled trials. Int J Neuropsychopharmacol 2016; 19 ( 10): pyw055. https: //doi.org/10.1093/ijnp/pyw055 5 Gonda X, Pompili M, Serafini G, Carvalho A, Rihmer Z, Dome P: The role of cognitive dysfunction in the symptoms and remission from depression. Ann Gen Psychiatry 2015; 14:27. https: //doi.org/10.1186/s12991-015-0068-9 6 Gunning F, Anguera J, Victoria L, Areán P: A digital intervention targeting cognitive control network dysfunction in middle age and older adults with major depression, Translational Psychiatry 2021. https: //www.nature.com/articles/s41398-021-01386-8
PureTech Public Relations publicrelations @ puretechhealth.com Investor Relations IR @ puretechhealth.com | general |
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The Chemours Company Announces Date for Thermal & Specialized Solutions Investor Webinar | The May 16 event will highlight the secular dynamics underpinning the decade of growth ahead
WILMINGTON, Del. -- ( BUSINESS WIRE) -- The Chemours Company ( “ Chemours ”) ( NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions, today announced that it will host an investor webinar on May 16, 2022, at 10 a.m. Eastern Daylight Time. The event will focus on the Thermal & Specialized Solutions segment highlighting secular dynamics, key business drivers, and strategic initiatives for growth. Presenters will include Mark Newman, President and Chief Executive Officer, Alisha Bellezza, President Thermal & Specialized Solutions, and Jonathan Lock, SVP and Chief Development Officer.
The event is open to the public and can be accessed via live webcast through the Chemours Investor Relations website, or via this link.
This event will also be accessible by teleconference by dialing 833-502-0453; conference ID: 2376625 ( inside the U.S.) or +1-778-560-2539; conference ID: 2376625 ( outside the U.S.).
A webcast replay will be available following the presentation via this link.
About The Chemours Company
The Chemours Company ( NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration, and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
For more information, we invite you to visit chemours.com or follow us on Twitter @ Chemours or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words `` believe, '' `` expect, '' `` will, '' `` anticipate, '' `` plan, '' `` estimate, '' `` target, '' `` project '' and similar expressions, among others, generally identify `` forward-looking statements, '' which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours ' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
INVESTORS Jonathan Lock SVP, Chief Development Officer and Investor Relations +1.302.773.2263 investor @ chemours.com | general |
Standard Chartered Finds ASEAN Focused Middle East Companies Are Upbeat on Regional Business Growth | Mohamed Salama, Head, Client Coverage, Head, Corporate, Commercial & Institutional Banking ( CCIB), MENA, and Head, CCIB, UAE, said: “ ASEAN is a fast-growing trade bloc with increasing economic and financial influence. As Middle East countries look to diversify their economies away from oil, regional businesses are exploring new avenues of investments and ASEAN has emerged as the preferred option due to multiple regional and country-level alliances. The region provides unparalleled trade and investment prospects across various sectors such as refinery and petrochemicals, real estate and infrastructure. ”
He added: “ ASEAN’ s focus on becoming future-ready in areas such as digital and renewable energy offers Middle East companies and investment firms’ ample opportunities to invest, develop and provide solutions to meet their sustainability goals. Given our unique global footprint, Standard Chartered has the right mix of local knowledge and expertise across all ASEAN markets to better help our clients leverage these potential opportunities and strive for continued success. ”
The report also revealed that access to the large and growing ASEAN consumer market ( 60 per cent), access to a global market enabled by a network of Free Trade Agreements ( 58 per cent) and diversification of production footprint ( 51 per cent) are regarded as the most important drivers for expansion into the region, according to senior executives of the surveyed Middle East companies. The Regional Comprehensive Economic Partnership ( RCEP) is also expected to attract more investments into the 10-nation bloc. All respondents agreed that the ratification of the RCEP agreement will lead to more investments from their company. Close to 70 per cent expect their company to increase investments by more than 50 per cent over the next 3-5 years.
Of the ASEAN markets targeted for growth, 69 per cent of survey respondents said they are focusing on expanding in Singapore to capture sales and production opportunities. This comes after the top choice of Malaysia ( 78 per cent) and is followed by Indonesia ( 67 per cent). Among the Middle East companies keen to tap Singapore for expansion opportunities, 94 per cent consider the city-state a major regional R & D / Innovation centre while 87 per cent of the surveyed executives view Singapore as a desirable hub location for regional procurement. The same number of respondents ( 87 per cent) agreed that Singapore is an ideal place to set up their regional sales & marketing headquarters.
The survey also showed Middle East companies recognising a wide range of risks within the region. The top three identified risks are the COVID-19 pandemic or other health crises ( 69 per cent), understanding of regional regulations ( 49 per cent) as well as geopolitical uncertainty and trade conflicts ( 47 per cent). Furthermore, the respondents agreed that adapting their business model to industry practices and conditions within ASEAN ( 64 per cent), sourcing funds and managing liquidity ( 56 per cent) and building relationships with suppliers and adapting supply chain logistics ( 51 per cent) are the most significant challenges in the next 6 to12 months.
To drive resilient and rebalanced growth in ASEAN and mitigate these risks and challenges, the survey respondents considered executing digital transformation programmes ( 60 per cent), driving sustainability and ESG ( Environment, Social and Governance) initiatives ( 53 per cent) and entering new partnerships / joint ventures to increase market presence ( 47 per cent) as the most important areas for their companies to focus on. To support their growth, these companies said they are seeking banking partners with foreign exchange hedging and comprehensive multi-currency settlement services ( 64 per cent), extensive trade financing services ( 58 per cent), and strong cash management capabilities ( 53 per cent).
Rino Donosepoetro, Vice Chairman, ASEAN & President Commissioner Indonesia, Standard Chartered, said: “ The Middle East and ASEAN enjoy increasingly close economic ties. In 2020 alone, Middle East companies invested $ 700million into ASEAN, a three-fold surge from 2017. We continue to see a growing number of opportunities for Middle East businesses in the region. Apart from being a destination for energy exports, ASEAN is emerging as a promising economic partner for Middle East companies’ expansion into growth sectors such as refining and petrochemicals, infrastructure and real-estate, renewable energy, retail and consumer goods, and digital infrastructure and services. As the only international bank with a presence in all 10 ASEAN markets, Standard Chartered is well-positioned to help our Middle East clients diversify into new non-oil sectors and leverage the tremendous opportunities the region has to offer. ”
Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.
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Drip Capital Records $ 150M Origination in March | PALO ALTO, Calif. -- ( BUSINESS WIRE) -- Drip Capital, Inc., a leading cross-border digital trade finance platform, is thrilled to announce that its monthly originations have crossed $ 150 million in March. It is the highest originations by the company in a single month since its inception in 2016.
The global fintech company provides working capital solutions to small and medium-sized businesses ( SMBs) in the U.S. and emerging markets like India and Mexico.
The global trade finance gap is estimated to be $ 3 trillion. The international trade community is witnessing one of its biggest challenges: high shipping costs, uneven recovery of world economies from the COVID-19 pandemic, and geopolitical tension leading to the global supply chain crisis. This has further stressed the cash-crunched SMBs, contributing to over 50% of international trade.
“ There is a growing demand for working capital among small businesses due to the ongoing supply chain crisis. Our robust underwriting model has helped us navigate the risks of cross-border transactions, providing timely credit to these businesses, ” Pushkar Mukewar, Co-Founder and CEO of Drip Capital, said while adding that “ Drip’ s clientele have appreciated its online and offline experience, giving them the confidence to expand their business. We will continue to capitalize on this opportunity and finance $ 10 billion worth of trade in the next 3-4 years. ”
The company leverages its proprietary machine learning-based risk assessment model and cloud technology to finance cross-border transactions, allowing SMBs to access working capital and invest in growth. The company has funded more than $ 2.6 billion worth of global trade. Since its inception, Drip Capital has worked with approximately 5,000 buyers and suppliers who collectively trade in 105 countries.
The company launched its buyer payable finance solutions for U.S. small businesses during the early days of the COVID-19 pandemic in 2020. The firm’ s U.S. business has grown four times year on year, and it added approximately $ 20 million to Drip’ s overall originations in March.
Speaking about the buyer finance program, Karl Boog, Head of the U.S. business at Drip Capital said, “ Our primary focus has been to solve existing and new problems the trade finance industry faces through technological-enabled solutions. The pandemic was a catalyst for an already constrained supply chain situation in the U.S. It made us focus on solving the working capital requirements for the importers in the U.S. Furthermore, as demand from retail customers grew during 2020, many SMEs needed working capital to service this spike, further underscoring the need for alternative financing solutions like Drip Capital provides. ”
Drip recently raised $ 175 million in fresh capital to unlock its next growth phase. The company aims to use the new funding to scale its business over the next few months. It will invest in products and technology and accelerate go-to-market in new geographies like South Asia and Latin America.
About Drip Capital
Drip Capital is a fintech company that is transforming global trade finance. It offers digitized trade financing solutions in markets like the U.S., India, and Mexico by providing SMB access to collateral-free working capital. | general |
KKR Appoints Pamela Alexander as Head of Corporate Citizenship | Pamela Alexander ( Photo: Business Wire)
Pamela Alexander ( Photo: Business Wire)
NEW YORK -- ( BUSINESS WIRE) -- KKR, a leading global investment firm, today announced the appointment of Pamela Alexander as Managing Director and Head of Corporate Citizenship, effective immediately. Based in New York, Ms. Alexander will oversee the development and execution of KKR’ s corporate citizenship and strategic philanthropy programs globally and will also serve as a resource on citizenship to KKR’ s portfolio companies.
Ms. Alexander joins KKR from Ford Motor Company, where she spent more than two decades in senior community development and government relations roles. Most recently, Ms. Alexander was Director of Community Development for the Ford Motor Company Fund ( the “ Ford Fund ”), the philanthropic arm of Ford Motor Company, where she directed and led community engagement for the United States. During her tenure at the Ford Fund, Ms. Alexander spearheaded the development of numerous signature community relations programs, including Driving Skills for Life, a national driving safety initiative for teens; HerImpact, which provides grants to emerging female entrepreneurs; Ford 1st Gen, an educational initiative aimed at increasing the graduation rates of first-generation college students; and Men of Courage, which recognizes the accomplishments of African-American men. Ms. Alexander also oversaw the Ford Fund’ s philanthropic response to COVID in the United States, which included a small business grant program, an emergency fund designed to assist college students with basic needs and technology, and support for first responders and frontline workers throughout the United States.
Ms. Alexander also serves on a number of nonprofit boards including the GRAMMY Museum Foundation, the Congressional Black Caucus Foundation, the NAACP Foundation, the Congressional Award Foundation and the Dean’ s Advisory Committee of the University of Michigan’ s School of Dentistry.
“ We believe that purpose and citizenship work hand-in-hand to drive performance and employee engagement. Our employees care deeply about their communities and we want to provide the best possible platform and resources for them to have a positive impact on the world around them, ” said Ken Mehlman, Partner, Global Head of Public Affairs and Co-Head of Global Impact at KKR. “ I am thrilled to welcome Pamela to our team and am confident that her impressive track record of driving impactful citizenship initiatives and building strong relationships with non-profits and community leaders will be invaluable to us as we continue to build out this platform for the benefit of our employees, investors, portfolio companies and their communities. ”
“ I am honored to be joining a company that shares my passion for community engagement and belief in the power that corporate citizenship can have in driving positive impact and empowering people and communities to reach their full potential, ” said Ms. Alexander. “ I look forward to building and expanding upon this important work through my new role at KKR and am excited for what’ s ahead. ”
`` As CEO of The King Center in Atlanta, Georgia, I have had the privilege of working with Pamela Alexander on many programs over the years and have witnessed her passion and success empowering people and communities, '' said Dr. Bernice A. King, the youngest daughter of Civil Rights icons, Dr. Martin Luther King Jr. and Coretta Scott King. `` I am excited to see her join the KKR team as Head of Corporate Citizenship, and know that together they will drive positive impacts and help build what my father called the ‘ beloved community’ around the world. ''
KKR launched its citizenship platform in 2016 to empower the Firm, its employees and its portfolio companies to help create healthier, more inclusive and more resilient communities around the world.
Most recently, the KKR’ s citizenship efforts have centered on KKR’ s Covid Relief Fund, a $ 50 million effort to support those most impacted by the pandemic and its resulting economic dislocation. The effort aims to do this globally through four key pillars: supporting portfolio company employees, engaging KKR’ s employees as leaders and change-makers, assisting small businesses and providing grants to leading nonprofits that support vulnerable communities, create pathways for workforce and education recovery, and help public servants and frontline workers. Since launching the Covid Relief Fund in 2020, KKR has provided funding to more than 150 nonprofit organizations in 17 countries and has supported 278 small businesses, 74% of which reported that receiving a grant from KKR made the difference in their ability to survive the pandemic. | general |
Maserati GranTurismo Folgore electric coupe | ► 2023 electric replacement for GranTurismo ► 800-volt architecture promises fast charging ► All-electric coupe first, cabrio could follow
Maserati has teased its first fully electric car at the Rome E-Prix 2022 – giving us a taste of the new battery-powered 2023 Maserati GranTurismo Folgore. It was driven by group boss Stellantis CEO Carlos Tavares and if you strip away the lightest of camo you get a very good idea of what the new e-Maser will look like at launch next year.
The company has already embarked on its grand electrification plan which, at least on the face of it, will make the company a Mediterranean alternative to Teutonic brands such as Porsche and Audi. The next-generation version of the GranTurismo will arrive in showrooms in 2023 to challenge the likes of the Porsche Taycan, Audi e-tron GT and Tesla Model S.
Unusually, Maserati has been quite candid with its plans. The company has been teasing the next GranTurismo for months now, circulating official images of camouflaged prototypes ( above) – which has certainly saved our spy photographers a job. It’ s also provided us with a good idea of the new car’ s styling ahead of its launch date.
The new GranTurismo’ s design is an evolution of the previous model’ s, sharing the classic long nose, short tail GT car shape. Its headlight shape and lumpy bonnet have been lifted from the MC20 supercar, but its wide front grille remains faithful to the old car. It will be built at Maser's Mirafiori plant in Italy.
You would hope so – but sadly not. Despite being so open about the GranTurmiso’ s design, Maserati hasn’ t issued many details about the car’ s electric powertrain. For now, the brand has only hinted that the system will have 'more than 50 percent more power ' than the old V8-engined model, which would place its power output around the 680bhp mark.
Next year will also see Maserati re-enter the world of racing after a 13-year hiatus, with the company recently securing a place on the 2023 Formula E grid. The brand plans to use the R & D from its racing programme to benefit the GranTurismo, claiming the car will 'offer cutting-edge technical solutions ' derived from its race car.
We haven’ t yet been told anything about the car’ s battery capacity – but, given its GT car brief, we’ re expecting it to be quite large to enable a long touring range. The GranTurismo’ s main rivals can cover around 300 miles on a single charge, which Maserati will have to match if it wants to be competitive.
However, Maserati has confirmed that the car will have an 800-volt electrical system, which promises ultra-fast charging speeds. Porsche uses a similar setup in the Taycan, and that car can take on 62 miles of range every five minutes when connected to a suitably powerful 270kW DC rapid charger. That works out as an 80 percent charge in just 20 minutes.
There are also some conventional spyshots of GranTurismo prototypes on the net which have exhaust tips poking out of their rear bumpers, suggesting Maserati isn’ t ready to abandon combustion power just yet. However, we expect the old model’ s 3.8-litre V8 engine won’ t make it through another round of European emissions regulations.
So Maserati could easily pinch the 3.0-litre V6 engine from the rear of the MC20 and drop it into the nose of the new GranTurismo, giving the next car improved performance and lower emissions in one fell swoop. When it’ s bolted into the supercar, the engine has a maximum output of 621bhp and 538lb ft of torque, although that’ ll probably be reduced for the GT to create some distance between the two sports cars.
Maybe. But Maserati is still hoping you’ d forgotten about that... In fact, this new model was thenb supposed to break cover in 2020, but several issues ( including the coronavirus pandemic and the merger of FCA and PSA into the Stellantis supergroup) conspired against Maserati and delayed the project again. Just be thankful it’ s happening at all!
The notion of a new GranTurismo was first floated back in 2014 with the Alfieri concept, but the project has been steadily evolving since then to take factors such as electrification into account. Maserati even toyed with the idea of giving its new sports coupe a plug-in hybrid powertrain, as shown by the official slide below.
| general |
VistaGen and AffaMed Complete Key Regulatory Submissions for PALISADE Global Phase 3 Clinical Trial for PH94B | Companies plan to initiate the global study of PH94B for the acute treatment of social anxiety disorder ( SAD) in the second half of 2022
Trial designed to support commercialization of PH94B in China and other markets outside the U.S.
SOUTH SAN FRANCISCO, Calif. & SHANGHAI -- ( BUSINESS WIRE) -- VistaGen Therapeutics, Inc. ( Nasdaq: VTGN) ( VistaGen) and AffaMed Therapeutics ( AffaMed) today announced they have completed regulatory preparations to initiate PALISADE Global, a Phase 3 clinical trial to evaluate the efficacy, safety, and tolerability of VistaGen’ s PH94B ( referred to by AffaMed as AM005) for the acute treatment of anxiety in adults with social anxiety disorder ( SAD), in the U.S. and China. The primary purpose of PALISADE Global, the design of which is based on VistaGen’ s ongoing PALISADE-1 and PALISADE-2 Phase 3 clinical studies of PH94B in the U.S., is to support potential commercialization of PH94B in China and other markets outside of the U.S.
VistaGen’ s recent submission of the PALISADE Global study protocol to the U.S. Food and Drug Administration ( FDA) under its existing PH94B Investigational New Drug ( IND) application in SAD and AffaMed’ s recent receipt of regulatory clearance of its Clinical Trial Application ( CTA) from the National Medical Products Administration ( NMPA) in China have cleared the way for initiation of PALISADE Global in the U.S. and China during the second half of 2022. The companies also anticipate initiating this Phase 3 study in Canada, Mexico, and South Korea. PH94B is an odorless, fast-acting neuroactive pherine nasal spray with a unique potential mechanism of action ( MOA) for the acute treatment of anxiety in adults with SAD. PH94B works differently than all therapies currently approved for the treatment of SAD by either the FDA or the NMPA.
“ We are very pleased with the substantial progress that our teams have made toward initiating PALISADE Global in two of the world’ s largest pharmaceutical markets, ” said Shawn Singh, Chief Executive Officer of VistaGen. “ AffaMed’ s clearance from the NMPA affirms our belief that AffaMed is the right partner for PH94B in China, and we remain confident in our collaboration as we advance this important late-stage clinical program for PH94B for the acute treatment of anxiety in adults with SAD. VistaGen remains committed to transforming the treatment of anxiety disorders for the millions of individuals worldwide who need better, safer, and faster-acting therapeutics in their journey toward mental health wellness. ”
“ NMPA’ s clearance to begin the PALISADE Global Phase 3 trial is a tremendous milestone in advancing our product portfolio targeting neurological and psychiatric indications. I’ m very proud of the dedication of our teams to bring forward a new treatment option for the rapidly growing number of individuals in China, South Korea, and Southeast Asia living with SAD, ” said Dr. Dayao Zhao, Chief Executive Officer of AffaMed. “ We appreciate VistaGen’ s essential work in the U.S. under its PH94B IND application with the FDA. We thank the NMPA for recognizing the importance of this Phase 3 study and rapidly expediting the approval of our CTA. We look forward to dosing participants later this year. ”
In June 2020, VistaGen Therapeutics entered into a strategic licensing and collaboration agreement with AffaMed Therapeutics for the clinical development and commercialization of PH94B in China, South Korea, and Southeast Asia.
To date, health authorities in the U.S. and China have not approved any medications for acute ( as-needed) treatment of anxiety in adults with SAD. SAD is commonly treated in the U.S. with certain antidepressants approved by the FDA, which have a slow onset ( several weeks) and limited therapeutic benefits. Benzodiazepines, which are not FDA-approved for the treatment of SAD, are prescribed for off-label use. Both antidepressants and benzodiazepines have known side effects and safety concerns that may make them unattractive to many individuals affected by SAD.
About PALISADE Global PALISADE Global is a randomized, multi-regional, multi-center, double-blind, placebo-controlled Phase 3 clinical trial that replicates VistaGen’ s clinical trial design for its PALISADE-1 and PALISADE-2 Phase 3 studies of PH94B currently underway in the U.S. PALISADE Global will encompass clinical sites in the U.S., China, Canada, Mexico, and South Korea with a target enrollment totaling approximately 208 randomized adult subjects. Michael Liebowitz, M.D., a Columbia University psychiatrist, former director and founder of the Anxiety Disorders Clinic at the New York State Psychiatric Institute, director of the Medical Research Network in New York City, and creator of the Liebowitz Social Anxiety Scale ( LSAS), is serving as the clinical trial’ s principal investigator.
The design of the PALISADE-1, PALISADE-2 and PALISADE Global Phase 3 studies is substantially similar to the public speaking component of a peer-reviewed published Phase 2 study of PH94B for the acute treatment of anxiety in adults with SAD. In that Phase 2 study, PH94B was observed to rapidly reduce anxiety ( within 15 minutes) in response to a public speaking challenge ( p=0.002). VistaGen and AffaMed plan to begin enrolling participants in PALISADE Global during the second half of 2022, with topline results anticipated in mid-2024. PALISADE Global is a study separate from PALISADE-1 and PALISADE-2, which are currently underway and designed to support VistaGen’ s PH94B New Drug Application ( NDA) submission to the FDA, should the studies be successful. The PALISADE Global trial, if successful, is primarily intended to support regulatory submissions for potential approval in China and certain other markets outside of the U.S.
About PH94B ( AffaMed AM005) VistaGen’ s PH94B is a first-in-class, rapid-onset ( approximately 15 minutes) pherine nasal spray being evaluated for the treatment of SAD in adults. Pherines are odorless, synthetic neuroactive steroids that bind to distinct receptors on chemosensory cells in the nasal passages and can impact the limbic amygdala without systemic uptake. Designed to be administered intranasally at microgram doses, the unique potential mechanism of action ( MOA) of PH94B is fundamentally differentiated from all current anti-anxiety medications, including benzodiazepines. PH94B’ s proposed MOA does not involve either direct activation of GABA-A receptors or binding to neuronal receptors in the central nervous system ( CNS). Rather, PH94B’ s proposed MOA involves binding to peripheral neurons in the nasal passages, thereby limiting the transport of molecules to the circulatory system and minimizing systemic exposure, suggesting that PH94B has the potential to achieve rapid-onset anti-anxiety effects without requiring systemic uptake or causing benzodiazepine-like side effects and safety concerns. Currently, PH94B is not approved by the FDA, the NMPA, or any other regulatory agency for use in patients outside clinical studies. Separate from PALISADE Global, VistaGen is currently evaluating PH94B in Phase 3 clinical studies and a long-term safety study that, if successful, will support VistaGen’ s PH94B NDA submission to the FDA. The FDA has granted Fast Track designation for the development of PH94B as a potential treatment for SAD.
About Social Anxiety Disorder ( SAD) Social anxiety disorder affects as many as 23.7 million Americans and 188 million worldwide, including at least 11.3 million in China.1,2,3 According to the National Institutes of Health, SAD is the third most common psychiatric condition after depression and substance use in the United States. SAD can interfere with going to work, attending school, and a wide variety of common, everyday social and performance situations. Currently, there are no rapid-onset medications approved by the FDA or NMPA for the acute treatment of SAD.
About VistaGen VistaGen ( Nasdaq: VTGN) is a late clinical-stage, neuro-focused biopharmaceutical company striving to transform the treatment landscape for individuals living with anxiety, depression and other CNS disorders. The Company is advancing therapeutics with the potential to be faster-acting, and with fewer side effects and safety concerns, than those that are currently available. VistaGen’ s lead candidates are targeting multiple forms of anxiety and depression. They belong to a new class of drugs known as pherines, which are odorless, neuroactive steroids that bind to distinct receptors on chemosensory neurons in the nasal passages and can impact the limbic amygdala without systemic uptake or direct activity on CNS neurons in the brain. VistaGen’ s lead asset, PH94B, is a nasally administered spray currently in multiple Phase 3 trials in the U.S., with results anticipated in 2022. Should ongoing Phase 3 studies be successful, PH94B has the potential to be the first FDA-approved, fast-acting, acute treatment of anxiety for adults with social anxiety disorder. With an experienced leadership team and a steady flow of near- and long-term potential milestones, VistaGen is passionate about transforming mental health care and redefining what is possible in the treatment of anxiety and depression. Connect at www.VistaGen.com.
About AffaMed AffaMed Therapeutics is a clinical stage biopharmaceutical company focused on developing and commercializing transformative pharmaceutical, digital and surgical products that address critical unmet medical needs in ophthalmological, neurological and psychiatric disorders for patients in Greater China and around the world. The leadership team at AffaMed Therapeutics has gained deep industry expertise and an extensive track record in high-quality discovery, clinical development, regulatory affairs, business development, manufacturing, and commercial operations at leading multi-national biopharmaceutical companies in China and globally. To conform with product portfolio naming convention, AffaMed refers to PH94B as AM005 in its materials.
1. Kantar Health. September 2020. National Health and Wellness Survey ( NHWS), 2020. [ US ]. Malvern, PA.
2. Stein, D.J., Lim, C.C.W., Roest, A.M. et al. The cross-national epidemiology of social anxiety disorder: Data from the World Mental Health Survey Initiative. BMC Med 15, 143 ( 2017).
3. Frost & Sullivan. January 2022. Global Market Study of CNS and Opthalmic Treatment Market, 2022. Shanghai, China.
Forward Looking Statements This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve known and unknown risks that are difficult to predict and include all matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of words such as “ may, ” “ could, ” “ expect, ” “ project, ” “ outlook, ” “ strategy, ” “ intend, ” “ plan, ” “ seek, ” “ anticipate, ” “ believe, ” “ estimate, ” “ predict, ” “ potential, ” “ strive, ” “ goal, ” “ continue, ” “ likely, ” “ will, ” “ would ” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by VistaGen, its management and VistaGen’ s partners, are inherently uncertain. The Company’ s actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties relating to delays in launching, conducting and/or completing ongoing and planned clinical trials, both in the U.S. and internationally, including delays due to the impact of the ongoing COVID-19 pandemic; fluctuating costs of materials and other resources required to conduct the Company’ s ongoing and/or planned clinical and non-clinical trials; market conditions; the impact of general economic, industry or political conditions in the U.S. or internationally; adverse healthcare reforms and changes of any applicable laws and regulations; manufacturing and marketing risks, which may include, but are not limited to, unavailability of or delays in delivery of raw materials for manufacture of the Company’ s CNS drug candidates due to the ongoing COVID-19 pandemic or otherwise; inadequate and/or untimely supply of one or more of the Company’ s CNS drug candidates to meet demand; entry of competitive products; and other technical and unexpected hurdles in the development, manufacture and commercialization of the Company’ s CNS drug candidates; and the risks more fully discussed in the section entitled `` Risk Factors '' in the Company’ s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and in the Company’ s most recent Quarterly Report on Form 10-Q for the quarter ended December 31, 2021, as well as discussions of potential risks, uncertainties, and other important factors in our other filings with the U.S. Securities and Exchange Commission ( SEC). The Company’ s SEC filings are available on the SEC’ s website at www.sec.gov. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release and should not be relied upon as representing the Company’ s views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements, other than as may be required by law. If the Company does update one or more forward-looking statements, no inference should be made that the Company will make additional updates with respect to those or other forward-looking statements.
Media For VistaGen Chantal Allan Sam Brown Inc. chantalallan @ sambrown.com ( 805) 242-3080
For AffaMed Glacier Qin Associate Director, Public Relations Glacier.qin @ affamed.com +86 ( 21) 5250 8611 | general |
U.S. government reduces presence in tormented megacity Shanghai amid COVID surge | BEIJING ( AP) — The U.S. has ordered nonemergency government staff to leave Shanghai, which is under a tight lockdown to contain a COVID-19 surge.
Many residents in the city of 26 million have been confined to their homes for up to three weeks as China maintains its “ zero-COVID ” strategy of handling outbreaks with strict isolation and mass testing.
But people living under the restrictions have described an increasingly desperate situation, with families unable to leave their homes or obtain food and daily necessities, while people who test positive for the coronavirus have been forced into mass quarantine centers where conditions at times have been called crowded and unsanitary.
Authorities on Tuesday said another 23,342 people in Shanghai tested positive for the virus over the previous day, just 994 of whom displayed symptoms. Total infections have topped more than 200,000 in the latest wave, although no additional deaths have been reported.
The megacity’ s population exceeded 24 million in 2021, according to U.S. government data.
Audio and video posted on social media depicted a city whose residents have been plunged into frustration and anguish.
Context:
Shanghai eases 2-week shutdown, letting some residents out
Futures Movers:
Oil bounces as China eases Shanghai lockdown somewhat
The State Department said the order announced late Monday is an upgrade from the “ authorized ” departure advisory last week that made the decision voluntary. The order covers nonemergency U.S. government employees at the consulate in Shanghai and their family members. Consular officers will remain on duty at the consulate.
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Beijing responded angrily to last week’ s voluntary departure advisory, with Foreign Ministry spokesperson Zhao Lijian saying China was ‘ strongly dissatisfied with and firmly opposed to the U.S. side’ s groundless accusation against China’ s epidemic response.’
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“ Our change in posture reflects our assessment that it is best for our employees and their families to be reduced in number and our operations to be scaled down as we deal with the changing circumstances on the ground, ” the announcement said.
The State Department also issued a series of advisories for Americans in Shanghai, including that they ensure they have a “ sufficient supply of money, medication, food, and other necessities for your family in the event of sudden restrictions or quarantine. ”
China’ s government and the entirely state-controlled media are growing increasingly defensive about complaints over the COVID-19 prevention measures.
Beijing responded angrily to last week’ s voluntary departure advisory, with Foreign Ministry spokesperson Zhao Lijian saying China was “ strongly dissatisfied with and firmly opposed to the U.S. side’ s groundless accusation against China’ s epidemic response. ”
In that announcement, the State Department advised Americans to reconsider traveling to China due to “ arbitrary enforcement ” of local laws and COVID-19 restrictions, particularly in Hong Kong, Jilin province and Shanghai. U.S. officials cited a risk of “ parents and children being separated. ”
See:
Food supply in peril amid current Shanghai lockdown, as U.S. citizens are warned against travel to China
Despite that, and indications the hardline policy is being dictated by head of the ruling Communist Party Xi Jinping, China has rejected any notion that its response is political in nature. Xi has demanded social stability above all else in the runup to a key party congress later this year at which he is expected to bestow on himself an unprecedented third-term as party leader.
Shanghai authorities also say they have secured daily supplies for residents, following complaints about deliveries of food and other necessities being unavailable or inadequate to demand.
Shanghai says it will gradually lift some restrictions on neighborhoods where no new infections have been reported over the past two weeks. Residents will be able to travel around their districts but not meet in groups. Others will be restricted to their immediate neighborhoods.
MarketWatch contributed. | business |
Sunnova Aligns with TCFD and Expands GHG Accounting in Second ESG Report | ( Graphic: Business Wire)
( Graphic: Business Wire)
HOUSTON -- ( BUSINESS WIRE) -- Sunnova Energy International Inc. ( `` Sunnova '') ( NYSE: NOVA), a leading U.S. residential energy service provider, today announced the release of its second annual Environmental, Social and Governance ( ESG) report, which highlights the critical steps the company took in 2021 to advance its ESG management through rigorous and transparent reporting of sustainability performance.
The report contains several key highlights of Sunnova’ s ESG progress, including:
“ The last year has been pivotal for the evolution of sustainability with a growing awareness of and interest in ESG issues, ” said Kelsey Hultberg, Executive Vice President, Chief of Staff and ESG Steering Committee Chair at Sunnova. “ Our focus in 2021 was on strengthening the foundation we built in our first year of reporting while continuing to strategically integrate ESG into our business with a look towards the future. ”
“ This year we tackled three main goals: we conducted our inaugural materiality assessment to align on a multitude of ESG topics with our employees, vendors, investors, community partners and other stakeholders; we developed multi-year ESG goals to commit ourselves to continuous improvement in areas of strategic importance; and we conducted our first climate risk assessment in alignment with the Taskforce on Climate Related Financial Disclosure ( TCFD) recommendations and integrated it with our annual Enterprise Risk Management ( ERM) process. ”
Inaugural ESG Goals:
In 2021, Sunnova formalized its ESG goals, which seek to drive progress on the ESG priority areas for the company, as determined by its first ESG materiality assessment.
Sunnova plans to:
For more information about our ESG strategy, please see our 2021 ESG Report and the ESG section of our website.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’ s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as `` may, '' `` will, '' `` should, '' `` expects, '' `` plans, '' `` anticipates, ” “ going to, ” `` could, '' `` intends, '' `` target, '' `` projects, '' `` contemplates, '' `` believes, '' `` estimates, '' `` predicts, '' `` potential '' or `` continue '' or the negative of these words or other similar terms or expressions that concern Sunnova’ s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our ESG goals, and other statements regarding the future. Sunnova’ s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, supply chain uncertainties, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and manage our dealer and strategic partner relationships, the ability to successfully integrate the SunStreet acquisition, the ability of Sunnova to implement its plans, forecasts and other expectations with respect to SunStreet's business and realize the expected benefits of the acquisition. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’ s filings with the Securities and Exchange Commission, including Sunnova’ s annual report on Form 10-K for the year ended December 31, 2021. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
About Sunnova Sunnova Energy International Inc. ( NYSE: NOVA) is a leading energy service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com.
Environmental, Social and Governance ESG @ sunnova.com | general |
Through the looking glass: AIR 78 is out now! | In this edition: Perth Airport's new baggage screening systems, the Russia-Ukraine war's impact on aviation, and more.
By Peter Nilson
Aviation has had a very uncertain month. As the war in Ukraine continues, routes and operations have, understandably, been disrupted. A combination of sanctions against Russia and airspace restrictions against EU and NATO members leads to a complicated situation for operators, passengers, and manufacturers alike.
Whether you are on an iPad, desktop or smartphone, you can read the magazine for free online. In this issue, we look at the impact that this conflict will have on the tourism and aviation industries, not just in the regions in conflict but also further afield. In tandem, we also find out how the Covid-19 pandemic has affected long-haul flights, and how this has in turn had a knock-on effect on emissions.Elsewhere, we learn about some of the newest developments in Australia when it comes to security and baggage handling. We profile Perth Airport’ s new CT scanning technology being rolled out across all baggage screening points, as part of the country’ s new Aviation Recovery Framework policy.We also profile the new digitalised baggage handling system being put in place by Vanderlande at the under-construction Western Sydney Airport, which is reportedly the most advanced system in Australia.As well as all of this, we learn about UK Research and Innovation’ s new project to fund innovation in the aviation sector, how LiDAR technology can improve airport security, and how digital signage can improve airports.
For this, and more, read on. Don’ t forget to follow us @ Airport Mag as well.
Peter Nilson, editor
Related
Perth Airport is on track to upgrade and modernise its baggage screening systems across all airport terminals with A $ 13m of investment. Frankie Youd profiles the new technology.
The aviation sector was still recovering from the Covid-19 pandemic when it was hit by numerous challenges related to the Ukraine-Russia war. Sofia Karadima investigates.
First the pandemic, now the war. Long-distance flying was not expected to recover until 2024, but now the wait could be longer. As a result, aviation emissions are decreasing. Dave Keating investigates.
Western Sydney Airport has contracted Vanderlande Industries Australia, a subsidiary of Toyota, to design, build and maintain its tote-based baggage handling system. Jasleen Mann finds out how the bespoke baggage system will work.
The aviation industry is undergoing change, and Future Flight Challenge has been created to facilitate innovation. Frankie Youd speaks to Simon Masters, Innovate UK deputy director, to find out more about the challenge ahead, as well as what projects the programme is currently working on.
A recent cyberattack attempted to crash the website of Bradley International Airport, but luckily it did not impact operations.
Distributed denial-of-service, or DDoS, attacks have been an increasing problem when it comes to cybersecurity. However, this is not the only type of threat that airports have to deal with.
We find out what airports need to keep in mind when it comes to cybersecurity. | general |
CarMax used-car sales fall on dwindling consumer confidence | CarMax Inc. said it sold fewer used vehicles in its fiscal fourth quarter as a result of faltering consumer confidence and affordability issues, though revenues from those sales grew nearly 33 percent because of a surge in average retail selling prices.
The company said net earnings for the quarter that ended Feb. 28 slipped 24 percent to $ 159.8 million. Revenue during the quarter surged 49 percent to $ 7.7 billion.
The number of used vehicles sold by CarMax fell 5.2 percent to 194,318 in the fiscal fourth quarter. Same-store used-vehicle unit sales also fell 6.5 percent from the year-earlier period.
CarMax shares fell as results missed analyst estimates. As of 1:11 p.m. EDT, CarMax shares slipped 6.9 percent to $ 96.03.
Sustained high vehicle prices and economic uncertainty pushed some customers away. In fact, the average price of a used car rose nearly 40 percent — or by $ 8,300 — to about $ 29,312 in the quarter, the Richmond, Va.-based company said.
`` Right after we saw the [ omicron ] COVID surge, we started seeing a lack of consumer confidence, '' CarMax CEO Bill Nash said during a Tuesday quarterly earnings call with analysts and investors. `` From an affordability standpoint, you 've got interest rates going up, inflation, the Ukraine-Russia war … there's just a lot weighing on the consumer right now. ''
However, CarMax's combined retail and wholesale vehicle sales rose to 343,413, up 11.3 percent from the year-earlier period. The company fared better on the wholesale end: It reported 149,095 wholesale vehicle sales in the quarter, up 44 percent.
The consumer price index tracking used vehicles fell 3.8 percent in March compared with February, according to the Bureau of Labor Statistics. That's the second straight monthly decline for the category, although prices are still 35 percent higher than they were a year ago.
CarMax also dealt with higher expenses in the quarter, which grew 22.5 percent to almost $ 621 million. The company said it spent more on its technology platforms, Edmunds consolidation and advertising, and it saw additional costs stemming from appraisal buys, new stores, customer experience centers and compensation increases.
The company reported total gross profit of $ 711 million in the quarter, up about 11 percent year-over-year. Retail used-vehicle gross profit fell 0.2 percent to $ 426.6 million due to a combination of CarMax’ s used-vehicle sales volume declining and profit per vehicle sold rising $ 109 to $ 2,195.
Total wholesale vehicle gross profit jumped 73 percent to $ 177.5 million in the quarter. Profit per vehicle rose $ 201 to $ 1,191.
CarMax said other gross profit fell 3.8 percent to $ 106.9 million as its service margins declined due to fewer used vehicles being sold and COVID-19 affecting its technician staff and reconditioning abilities.
CarMax’ s selling, general and administrative expenses as a percent of gross profit were 87.3 percent in the quarter, compared with 79 percent in the year-earlier period.
Results from the company's earnings report include:
Q4 net earnings: $ 159.8 million, compared with $ 209.9 million in the year-earlier period.
Q4 net revenue: $ 7.7 billion, up 49 percent from a year earlier.
Fiscal year net earnings: $ 1.15 billion, compared with $ 746.9 million in the year-earlier period.
Fiscal year net revenue: $ 31.9 billion, up 68.3 percent from a year earlier.
CarMax ranks No. 1 on Automotive News ' list of the top 100 retailers ranked by used-vehicle sales, with retail sales of 832,640 used vehicles in 2020.
Bloomberg contributed to this report. | general |
Inflation Hits a 40-Year High -- and Businesses Ponder the R-Word | While the cost of capital remains relatively inexpensive and consumers keep their foot on the pedal of the economy, the recent inflationary surge will likely drive the Federal Reserve to act to cool the economy. The big question: Can the Fed apply the brakes without slowing the economy into a recession?
In March, inflation rose 8.5 percent, a 40-year high, according to the latest reading of the Labor Department's consumer price index, or CPI. Meanwhile, groceries surged 10 percent in March from a year ago, while food overall rose 8.8 percent. Used-car prices are more than 35 percent higher than they were a year ago, dropping slightly since January, and nationally a gallon of gas is currently hovering at around $ 4, up 18.3 percent in March and nearing a record set in 2008.
While economists expect inflation to have peaked in March, the pace should level off or fall only gradually. What's more, the broad-based uptick in prices may prompt a more aggressive response from the Fed, whose job it is to tamp down on inflation -- which, in this case, is spurred by global supply chain issues, another Covid-19 wave, and the Russian invasion of Ukraine. After broadcasting a more moderate slate of six rate increases this year, Fed Chair Jerome Powell is now widely expected to support a more robust rate hike, or 50 basis points, compared to the low-end of the range, at its May meeting. The Fed boosted the benchmark federal funds rate ( the interbank lending rate) by a quarter percentage point in March, the first rate increase since 2018.
The Fed's action is liable to be both good and bad for small businesses, which have already survived a punishing two years amid the pandemic. It could be good in the sense that higher rates could throw cold water on overheated prices in volatile segments, including energy and food, for instance. But it could also be bad, in the sense that an overreaction from the Fed could kill demand and inadvertently send the country hurtling toward recession. While the latter could indeed tamp down on inflation, it would also imperil the economy's growth and lead to layoffs.
Ratcheting up the hikes a few basis points doesn't alarm Robert Litan, an economist and nonresident senior fellow at the Brookings Institution, a nonpartisan think tank in Washington, D.C. He notes, though, that the U.S. would be hard-pressed to escape this inflation cycle without any collateral damage, no matter how slowly the Fed hikes rates.
`` In my memory, the Fed has successfully only once engineered a soft landing from an inflationary spike, and that was in 1993-1994, '' says Litan, who will be 72 years old next month. `` That, to me, says the odds are 50 percent -- if not higher -- that we're going to have a mild recession at some point. ''
For businesses already contending with supply chain chaos and attendant higher materials and shipping costs, the prospect of slowing down the economy is grave. `` When the pandemic started, we saw slight delays in projects, '' says 41-year-old Chris Doyle, the president and CEO of Billd, the Austin-based materials financing platform for contractors. `` I think this year is super critical... there will be a lot of businesses that don't last. ''
Of course, slowing down the relentless price hikes would be a welcome result of the Fed's actions. Doyle notes that commercial contractors have been seeing prices surge 50 percent to 100 percent for everything from lumber to steel, as reams of building products are on three-day pricing indexes -- meaning that suppliers recalibrate prices every three days.
In preliminary findings from an industry report conducted by Billd, Doyle notes that 75 percent of contractors said the volatility and increase in material prices negatively impacted their business in 2021, while 88 percent expect conditions to negatively impact their business in 2022.
He worries that continued price increases would eventually cut into sales. For instance, a home or property owner could push off a renovation. What's more likely, he says, is that contractors end up eating the higher costs and eventually start to curtail less-profitable projects. `` If you don't have folks going out of business, you 'll see them being very selective about the work they take, '' says Doyle, noting that the labor crisis is hitting the construction industry particularly hard. `` That will have a reverse effect where it's not just a labor shortage, it's a business shortage. ''
Businesses are attempting to diversify and get crafty, naturally. As for Billd's clients, Doyle says the smart ones are introducing variable pricing into their contracts, so they're not locked into a number, knowing that number may tick higher.
Jeff Neal, the 37-year-old founder of Lancaster, Pennsylvania's Critter Depot, a seller of bugs used for animal feed, says he recently expanded the product line to include egg-laying hens, which have been a growing source of sales, while sales overall have slowed 25 percent from a year ago. He's also attempting to market an existing product -- Black Soldier Fly Larvae -- as a composting worm, with the goal of getting homesteaders to bite: `` They haven't gotten [ us ] out of the hole, but they're definitely providing some much-needed support, and an additional [ revenue ] provide [ r ] we can offer in the future, as well. ''
`` We had to get innovative, '' says Neal. He notes that the cost of his business's shipping materials -- including tape, boxes, and egg cartons -- have increased 30 percent, while the feed mills that produce the material his bugs eat have raised prices 40 percent. Neal adds that the business's energy costs have also spiked and a couple of employees have asked for raises.
While Critter Depot has not yet raised prices, Neal says he's considering it. As are a lot of businesses. `` We know that inflation is hitting consumers, '' he says. `` Our concern is that by raising our prices, we're going to miss out on sales that we need. ''
It adds up, says Doyle. A sales slump, while still reeling from higher costs, for too long a period can be too great for some companies, he says: '' It's putting the pressure on the small businesses, who are the ones doing the work... These are the entrepreneurs that are building our country. '' | business |
Spotify’ s Podcasting Architect Will Be Leaving Company | The information you requested is not available at this time, please check back again soon.
The Spotify logo on a smartphone arranged in Saint Thomas, U.S. Virgin Islands, on Saturday, Jan. 29, 2022. Spotify Technology SA outlined steps it will take to halt the spread of misleading information about Covid-19 on its audio-streaming service in an attempt to quell a growing controversy over its support for the podcast host Joe Rogan. Photographer: Gabby Jones/Bloomberg, Bloomberg
( Bloomberg) -- The architect of Spotify Technology SA’ s podcasting strategy, including the signing of controversial commentator Joe Rogan, is leaving the company after almost five years, according to people with knowledge of matter.
Courtney Holt will depart Spotify in the coming weeks and take on a yearlong advisory role, according to the people, who asked not to be identified discussing a personnel matter. Julie McNamara, head of U.S. studios and video, and Max Cutler, head of new content initiatives, will split Holt’ s responsibilities, the people said.
Under Holt, Spotify pushed hard into the field, with acquisitions including the podcast networks Gimlet, Parcast and the Ringer. He also helped push through high-profile deals with Barack and Michelle Obama and Rogan.
But the business also had growing pains. Prince Harry and Meghan Markle’ s Archewell Audio has yet to debut its first podcast, more than a year after their deal with Spotify was announced, while the Obamas’ Higher Ground is reportedly shopping for a new deal. Last week, Lydia Polgreen, managing director of Gimlet Media, said she is leaving for a role at the New York Times.
The company also battled controversy when some musical artists began pulling their works from the service in protest over racial comments and alleged Covid-19 misinformation from Rogan, Spotify’ s top podcasting personality. Dawn Ostroff, Spotify’ s head of content and advertising business, brought in McNamara, a TV veteran, to lead the U.S. studios and video in September.
Holt doesn’ t come from a programming background. He joined Spotify in 2017 after stops at the YouTube network Maker Studios, the social network MySpace and Universal Music Group. His plans to leave were reported earlier Tuesday by the Ankler. | general |
The Daily Chase: Markets react to U.S. inflation report; One-on-one with David Dodge | The information you requested is not available at this time, please check back again soon.
U.S. inflation surged the most since December 1981 last month. The year-over-year jump of 8.5 per cent was a tick higher than the 8.4 per cent that economists anticipated. Excluding food and energy, the consumer price index rose 6.5 per cent. But it seems a bit ridiculous to ignore those key household cost inputs, particularly as both have been propelled higher by Russia’ s attack on Ukraine. The White House is trying to get ahead of that by announcing an emergency waiver is in the works to tap into ethanol to boost fuel supply this summer. We’ ll point out here the new fund manager survey from Bank of America shows optimism about global economic growth is at an all-time low.
The former Bank of Canada governor joins us this afternoon to set the scene for what’ s expected to be the central bank’ s first half-point rate hike in 22 years when its policy announcement is released tomorrow. We’ ll assess the case for that move, and what might prompt the bank to surprise in either direction. Dodge is scheduled to speak with Andy at 3:20 p.m.
The 10-year U.S. treasury yield jumped above 2.8 per cent this morning for the first time since late 2018, though it subsequently pulled back. West Texas Intermediate has been up as much as 3.65 per cent this morning, nearly retracing yesterday’ s losses. It’ s tough to disaggregate the trigger, but I see there’ s hope for stimulus in China ( possibly a rate cut) after Premier Li Keqiang called for a “ sense of urgency ” among policymakers to shore up the economy amid COVID restrictions. And in a year that hasn’ t been kind to the U.S. homebuilder trade ( Toll Brothers and Lennar have both lost more than 1/3 of their value), we’ ll point out the price of lumber slid almost seven per cent yesterday. | general |
Adolescent drug overdose deaths rose exponentially for the first time in history during the COVID pandemic -- ScienceDaily | This is the first time in recorded history that the teen drug death rate has seen an exponential rise, even though rates of illicit drug use among teens are at all-time lows, said lead author Joseph Friedman, an addiction researcher and M.D. and Ph.D. candidate at the David Geffen School of Medicine at UCLA.
`` Drug use is becoming more dangerous, not more common, '' Friedman said. `` The increases are almost entirely due to illicit fentanyls, which are increasingly found in counterfeit pills. These counterfeit pills are spreading across the nation, and teens may not realize they are dangerous. ''
The study is published in JAMA.
The researchers used the CDC WONDER ( Centers for Disease Control and Prevention Wide-Ranging Online Data for Epidemiologic Research) database to calculate drug overdose deaths per 100,000 population for adolescents aged 14 to 18 years that occurred from January 2010 to June 2021.
They found 518 deaths, or a rate of 2.4 per 100,000, among adolescents in 2010, and a steady rate of 492 deaths ( 2.36 per 100,000) each subsequent year through 2019. In 2020, there was a sharp increase to 954 deaths ( 4.57 per 100,000), rising to 1,146 deaths ( 5.49 per 100,000) in early 2021.
Broken down by ethnicity and race:
A small number of individuals were from racial/ethnic groups that were not listed in the paper, or simply had missing racial/ethnicity details, which accounts for the discrepancy between the totals for deaths and rates and the racial/ethnic breakdown.
Fake versions of prescription drugs such as Xanax, Percocet and Vicodin, whose strength can fluctuate, also contributed toward the increase in overdose deaths, Friedman noted.
`` Teens urgently need to be informed about this rising danger, '' Friedman said. `` Accurate information about the risk of drugs needs to be presented in schools. Teens need to know that pills and powders are the highest risk for overdose, as they are most likely to contain illicit fentanyls. Pills and powders can be tested for the presence of fentanyls using testing strips, which are becoming more widely available. ''
In addition, education and access to naloxone, which can reverse overdoses, are needed in schools and places frequented by teens, he said.
The findings are limited by some factors. Among them, the observational nature of the study's design can not establish causality, race and ethnicity may have been incorrectly assigned, 2021 results were provisional and included scaled values from January to June, and there were small numbers in some of the groups studied. Also, the role of suicidal ideation, social isolation and other factors unique to the pandemic could not be established.
The UCLA Medical Scientist Training Program, the National Institute on Drug Abuse ( K01-DA050771), and the Korein Foundation funded this research.
Study co-authors are Chelsea Shover, Dr. Helena Hansen, and Dr. David Schriger of UCLA; Morgan Godvin of the Local Public Safety Coordinating Council in Portland, Oregon; and Joseph Gone of Harvard University. | science |
Macron Brought Jobs to Lens But Le Pen’ s Taking the Votes | The information you requested is not available at this time, please check back again soon.
The former mining site and wider town of Lens, from Heap 74a, on April 2. Photographer: Anita Pouchard Serra/Bloomberg, Bloomberg
( Bloomberg) -- When Emmanuel Macron visited France’ s former mining heartland in February, he came with what he called a moral obligation to show people the state would improve their lives.
The economic situation in Lens, the president told a gathering of local officials, had already gotten better with a sharp decrease in unemployment, less poverty, state investment in housing, and fewer people claiming the most basic level of welfare support. “ For our citizens here who have sometimes had doubts, have sometimes been angry, and with good reason, I want us to restore the meaning of keeping your word, ” Macron said.
But if Lens alone elected the French president, it wouldn’ t be Macron.
On paper Macron should be popular in Lens, where unemployment stood at 10.2% at the end of last year, down from more than 14% when he took office. Yet from the town’ s market stalls to its cafes and factories, people aren’ t talking about his successes — their prime concern is the cost of living as prices rise, an issue his nationalist nemesis Marine Le Pen has focused on resolutely.
Le Pen won a majority in the runoff in Lens in 2017 and came out ahead of Macron here in the first round of this year’ s presidential vote on Sunday. The town is a microcosm of industrial France, mirroring many parts of the country where he has struggled to loosen her grip. Although bringing new jobs to the French heartland has provided some political benefit — he did close the gap with Le Pen in regions with the greatest unemployment declines — it wasn’ t enough to put him ahead in those areas.
“ Even people benefiting from new jobs are affected by the problem of purchasing power, ” said Remy Belval, the chief of public affairs at TT Plast, a maker of recycled plastic bags. “ The value you get out of work in financial terms isn’ t obvious. To work, you need a car, and gas, and childcare, that costs money. ”
Hoping to preempt the risks as the election approached, Macron sent 100-euro handouts dubbed “ inflation compensation ” to 38 million people last year and has earmarked around 25 billion euros ( $ 27 billion) for measures including a cap on gas and electricity prices. The government’ s efforts have kept French prices from rising as fast as in most European countries, but Le Pen is betting it’ s not enough to reassure people. She promises more radical steps such as slashing sales taxes on some basic goods as well as on fuel — a key issue for voters in rural areas.
Polls already show it will be a much closer runoff ballot on April 24 than last time, when Macron defeated Le Pen in the second round with a margin of more than 30 points.
Beyond France, Le Pen’ s resilience is a cautionary tale for governments of advanced economies faced with forces seeking to sweep away established political orders and lead a retreat from the globalized economy.
Thomas Michaud, who works in a factory making plastic containers and bottles, says any benefits from job gains haven’ t trickled down to people like him. “ In Lens we don’ t feel it. ” Instead, Macron’ s legacy is protecting the ultra-rich, he says, while Le Pen has stepped into a political space vacated when people lost faith in Socialism. “ That doesn’ t mean these people are racist, it’ s because they’ ve had enough and want to see something change. ”
Macron headed straight to northern France on the first day of campaigning between the two rounds of the election, visiting three towns where Le Pen led on the first day of voting. He said that while his program is solid, he’ s open to discussing it and even watering down his planned pension reform.
“ People don’ t believe in promises any more, ” Macron said in Denain, 30 miles east of Lens. “ People’ s lives need to change concretely, more quickly. ”
All-but flattened in WWI and heavily bombed in WWII, Lens’ heyday came with the revival of the coal industry during three decades of economic expansion in France known as the Trente Glorieuses.
The legacy of that period is physically inescapable in the slag heaps dominating the town’ s horizons and the long rows of squat, redbrick houses built for miners and their families. The demise of mining left an equally palpable social and economic legacy as the cradle-to-grave care of an all-encompassing industry disappeared almost overnight.
The area today is a Unesco world heritage site, which the organization describes as bearing testimony to the “ quest to create model workers’ cities. ” The heaps are a tourist destination, used by local sports enthusiasts to test their abilities to walk, run or cycle up and down the steep inclines. “ After the mines closed there has always been difficulty transitioning to a new époque, ” said Sylvain Robert, mayor of Lens and president of the broader district that includes Lievin.
Lens’ beating heart is right at the center of town: the Bollaert-Delelis stadium, home-ground of football team Racing Club de Lens. Known by the nickname Blood and Gold, the team’ s history is closely woven with that of the mines and to this day the supporters chant Les Corons, a song lamenting the coal mining heritage.
“ The football club, it unites everyone. It’ s the people, whether you are rich or not, white collar or not, everyone agrees, ” said Muriel Beaurepaire, the landlady of the supporters’ bar, Chez Muriel. “ Thankfully there’ s that. It’ s the only positive thing. ”
Steel, automotive and textile factories took up some of the slack in the job market when the pits closed, but without a plan for the future, unemployment remained above the national average and those industries later declined. Efforts to structure training for new sectors and to prepare workers for a competitive labor market are only just bearing fruit 30 years later, according to Robert, the mayor.
On the campaign trail handing out leaflets calling for “ five more years, ” Macron’ s industry minister and local resident Agnes Pannier-Runacher says the improvement in labor markets is directly attributable to reforms of the last five years to simplify administrative procedures and give firms more flexibility to hire and fire. Still, she admits change won’ t be felt overnight and compares the people of Lens to workers in the U.S. rust belt who feel the pain of decades of factory closures and job cuts and distrust for globalization.
“ People here need a bit of time to feel the difference, ” Pannier-Runacher said. “ When new businesses open up it’ s no thanks to politicians, when they close it’ s the fault of politicians. ”
The company Liberty Durisotti, based in the neighboring municipality Salumines, has been on the front lines of mining community’ s battle to find a new economic path.
Started in the 1950s by two brothers, the firm repaired buses that transported the wives of miners to and from textile factories north of Lens before specializing a decade later in customizing commercial vehicles produced by regional automakers. It has survived the highs and lows of the car industry that forced two rounds of painful job cuts in 2010 and 2013 before being bought by British group Liberty House in 2019.
Government support helped the company through lockdowns of the Covid pandemic, but it’ s harder to start up than it was to hit pause, Chief Executive Officer Francois Loor says. This year is shaping up to be a tough one, as global supply difficulties mean large parts of the auto industry are in forced hibernation. His objective is to preserve the jobs of 200 employees on the site and start re-hiring when the storm passes.
“ I am viscerally attached to the staff of this company and I’ m not alone, ” Loor said. “ All the people of the north have notions of human and societal values that go well beyond grand speeches or business plans. ”
National Rally lawmaker Emmanuel Blairy is campaigning for Le Pen in Lens, where he played as a child with friends in the industrial wasteland now home to an outpost of Paris’ Louvre museum. He says workers still don’ t have security and struggle to make ends meet.
“ Both my grandfathers were miners and told their sons never to follow them into the pits, but at least they didn’ t have a problem with spending power, ” Blairy said. “ Now, the end of the month comes at the beginning of the month. ”
On the almost deserted market in Lens, industry minister Pannier-Runacher talks about the measures with stallholders, reminding them of cuts to residency taxes and advising them to shop around when they fill up their cars to ensure they benefit from a rebate Macron introduced when oil prices surged recently.
On one butcher stand, a woman called Chantal who didn’ t want to give her last name, says inflation is heating up too quickly, forcing her to raise prices. It all comes back to spending power.
“ People are buying much less, ” she said.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint
Unused to volatility, young investors may dread a downturn. Here's how to prepare | general |
Hong Kong’ s Lee Already Near Threshold To Win Vote, SCMP Says | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Hong Kong’ s sole candidate in next month’ s leadership vote is already near the threshold of support he needs to become the city’ s chief executive, the South China Morning Post reported.
Former Chief Secretary John Lee said Tuesday he’ d received more than 700 nominations from the 1,454-member committee of mostly Beijing loyalists that picks the city’ s leader. That number far outstrips the 188 votes needed to stand in the May 8 election, the newspaper reported. Lee is expected to formally hand in his nomination this morning.
Lee, 64, stepped down from his government post last week to run for the job of his outgoing boss, Chief Executive Carrie Lam. He has spent recent days rallying support in back-to-back meetings with voters from the election committee’ s five sectors and members of the city’ s political parties.
The nomination period for the chief executive vote ends this weekend, with former police officer Lee expected to remain the only candidate with Beijing’ s blessing.
Hong Kong’ s next leader will face pressure to restore business confidence, address the city’ s affordable housing crisis and craft a pandemic policy that both satisfies the international business community and shows loyalty to Beijing’ s Covid Zero strategy.
Lee vowed to protect the city’ s status as a global financial center and maintain its competitiveness as he formally kicked off his campaign on Saturday. “ Hong Kong must maintain its character of being an international metropolis, ” he said at a press briefing, without outlining specific policy plans.
Enacting Hong Kong’ s own security law, Article 23, will be one of his priorities if elected, Lee said Tuesday. The bill mandated under the city’ s mini-constitution bans sedition and the theft of state secrets, but has been on ice since 2003 when it triggered mass street protests. Beijing has effectively quelled dissent by imposing its own national security law on the city in 2020.
The next chief executive will take office July 1, the halfway mark in Beijing’ s 50-year pledge to preserve the city’ s liberal financial and political systems, which has already been eroded substantially since pro-democracy protests in 2019. No chief executive has so far managed to complete two full terms, as they struggle to satisfy both China’ s demand for control and citizens’ expectations for greater freedom.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint
Unused to volatility, young investors may dread a downturn. Here's how to prepare | general |
Study Shows 74 Percent of Introverts Don't Want Full-Time Remote Work. They Want This Instead. | As masks come down and Covid restrictions ease, offices are opening their doors to employees again -- for some as an option, others as a requirement. There's been a lot of ink spent on the pros and cons of these hybrid work policies, much of which touches on three key considerations: safety, productivity, and employee preference.
That last one is a sticky wicket. The convenience of remote work has been a boon for many employees, happy to ditch long commutes and spend more time with kids and family at home. But there's another piece of the puzzle: The natural inclinations of introverted employees versus extroverts.
At first blush, you 'd expect the extroverts to be clamoring for in-office, in-person work. That's not what Myers-Briggs discovered in a recent study detailed in The Wall Street Journal. In fact, they found something quite different: 82 percent of extroverted workers would prefer a hybrid work model, with 15 percent actually preferring full-time remote work. Self-described introverts, on the other hand -- a whopping 74 percent of them -- said they wanted to be in the office at least part-time.
CEOs and people leaders who are navigating our new normal should see a lesson here, namely that employee preferences aren't as black and white as management would like.
As one introverted employee, quoted in the article, noted: `` At the end of the day, I want to be home by myself, but it doesn't mean you can't crave other people's company. '' Indeed, as Myers-Briggs's head of thought leadership, John Hackston, noted, the takeaway here is that new work models shouldn't be all or none -- or even as highly regulated as some managers would want. The control should land with employees.
The study is instructive on another level. Beyond the formal in-office/at-home work policies now being drafted and implemented, companies creating culture from the ground up should understand that inclusivity includes those of varying introverted and extroverted tendencies -- and that each employee's comfort level for engagement can be mapped on a scale, not bucketed into either/or categories.
At the end of the work day, culture -- in many ways being reborn as companies reconfigure in our ongoing digital transformation -- must be organic, not forced. Much as a CEO or leader may want meaningful relationship-building on an ongoing basis ( both internally and with outside communities and partners), the way there can not be forced. The better tack is to model healthy relationship-building at the top, to live the values that champion team members and community, and to share personal vision for growth and engagement.
Forcing introverts to engage in a specific way or extroverts to back off is a no-go. Leave room for those on the social engagement scale to find their own cultural fit as you model inclusivity in whatever working model best fits with your business needs. | business |
Moderna's CEO Says There Is Power in Resilience | Moderna became a household name thanks to its work with messenger RNA that led to one of the most effective vaccines against Covid-19. But success didn't come easily for the Cambridge, Massachusetts-based biotech company.
Speaking at a recent Harvard Business Review leadership conference, Moderna CEO Stéphane Bancel revealed that one of the biggest challenges for Moderna was manufacturing, given that prior to the pandemic, the company had never distributed a product.
Modena's faced its fair share of roadblocks, ranging from safety problems in past years to criticism over the company's focus on vaccines. Vaccines are a loss-leader, one former manager said, anonymously, in a 2017 article from Stat News.
Despite these struggles, Moderna is now one of the heroes of the pandemic. During the HBR conference, Bancel explained how the company persevered despite being the underdog in the race to create a Covid-19 vaccine.
His advice? First, know who you are. He also recommends bringing on a strong leadership team that feels confident enough to challenge the boss to make sure the company is on the right track. That hedges against a company embracing any type of echo chamber.
`` We have blind spots and we're all biased, so you want to make sure you have a true team, '' he explains, adding that a company doesn't prosper when there's a CEO charging ahead by themselves.
Most importantly, Bancel emphasized that if a company understands its purpose and believes in the work that it does, then all that's left is `` to put your head down and do the work, '' he says.
`` We knew what we were doing and we knew [ Moderna ] was going to be either a gigantic company or bankruptcy, '' he says. `` We never stopped because the mission was to help as many people as we could with science. '' | business |
‘ They said we need to give them money’: My husband’ s family wants him to pay for a new car — and they call ME a gold digger! How do we stand up to them? | Dear Quentin,
I am a stay-at-home mom. My husband is a police officer and is mandated to work between 10 and 16 hours a day. Our oldest child is a sophomore in high school. She is a straight-A student with a lot of extracurricular activities. Our son is in elementary school; he struggles with school and needs tutoring outside of school. Our bills cost $ 4,000 to $ 5,000 a month.
Yesterday, we received a call from my husband’ s sister stating that his parents’ car had broken down. She point-blank asked if we could give them a car. We have two cars, which are both financed, and my daughter has a car that is paid off for when she gets her license. If we couldn’ t give them a car, they said, we need to give them money. My husband and I said, “ No. ”
Neither one of my in-laws held a job for very long. Their children have always bailed them out. For example: When my husband and I moved in together, I was called a gold digger. I had a good job and health insurance. My husband confessed that he paid everything from rent to their groceries. If his family needed money, they would scream, cry and yell at him until he gave in.
My husband vented to me about how his family controlled or spent his money when he lived with them. He went out to the gym, and when he came back he said he wasn’ t upset anymore. I am worried that he is going to use any extra money from his paycheck for his parents. I am also worried that they will try and take the car away from my daughter. How do I protect what little assets my kids and I have?
Any thoughts would be great.
Lost in Pa.
Dear Lost,
Your husband has taken the first step. He said no, he felt the wave of guilt at refusing his family’ s demands and anger at them for asking, and he took the time and space to process the rock ( you, his family and his limited resources) and the hard place ( a family of origin that is not used to hearing the word “ no ” and even less used to taking it as a final answer). But he did it.
Your husband must now navigate this new territory. Stick to your guns and respond to demands with the same statement. Families are essentially an ecosystem where members cooperate to uphold shared beliefs and values and, unfortunately in this case, financial demands. That can lead to some members putting undue pressure on others. If they do, refer them to the policy you and your husband have agreed upon.
Putting boundaries in place does not mean that your husband can not assist his parents in other ways. That may include helping them organize documents such as wills, life insurance and end-of-life directives; putting in place a budget; deciding whether or not they need to downsize their home; and naming a healthcare proxy, durable power of attorney and executor.
“
Families are essentially an ecosystem where members cooperate to uphold shared beliefs and values and, unfortunately in this case, financial demands.
”
You may need to enlist the help of a mediator through
Mediate.com
or the
Academy of Professional Family Mediators
, which offer online listings, to come to a shared understanding. It’ s your husband’ s duty to do what he feels willing and able to do for his parents and siblings. Any help, financial or otherwise, must always be compatible with his own financial and emotional health.
The feasibility of any of this depends on how capable your husband’ s family is in building and maintaining some semblance of self-sufficiency, and whether they can accept help without crossing the boundaries your husband puts in place. You have your own bills, responsibilities, children and plans for the future. You and your husband need to continue putting those priorities front and center.
The angst your husband feels now is that tug of war between his old life and sense of responsibility, and his new life and responsibility to you and your children. You must be prepared to stand united without fear of angry reprisals. The sooner you both agree on just how much time and money you can give to his family of origin — and it may be that you have no extra funds — the easier it will become.
You have a right to build a life for yourselves. The most important obligation you have is to each other.
Yo
u
can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell @ marketwatch.com, and follow Quentin Fottrell on
Twitter.
Check out
the Moneyist private Facebook
group, where we look for answers to life’ s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.
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‘ We’ ve been left out in the cold’: My mother named my sister beneficiary of her estate, but wrote a letter wishing to divide it among her 3 children. What now?
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‘ We’ re concerned this woman may persuade him to leave his house to her’: My father, 85, moved in with a female friend. How do we stop her taking his money?
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‘ She had a will, but it was null and void’: My friend and her sister are fighting over their mother’ s life-insurance policy and bank account. Who should win out? | business |
Thoma Bravo Doubles Down On Cybersecurity With $ 6.9B Buy Of SailPoint As Identity Management Remains Hot | Thoma Bravo’ s $ 6.9 billion agreement to buy Austin, Texas-based SailPoint reflects not just a booming interest in the identity management sector but also the private equity giant’ s ravenous appetite for cybersecurity.
It was only about a year ago when Okta made huge waves in ID management by announcing its intent to buy Bellevue, Washington-based Auth0 in a $ 6.5 billion stock deal—one of the largest cybersecurity M & A deals in years.
That deal only highlighted the increasing popularity of managing identification and authentication—especially as more companies moved their systems to the cloud and employees needed to access networks from phones, tablets and their own personal computer.
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That trend was only accelerated by the COVID-19 pandemic, which forced many to not just work at home, but also to move their personal and consumer lives to the internet. Increasing incidents of hacking—be it domestically or related to issues around Russia’ s invasion of Ukraine—have only put a brighter spotlight on managing identity.
Investors also have taken note, as funding into VC-backed identity management companies jumped last year, according to Crunchbase numbers. In 2020, about $ 1.4 billion in funding came into the sector. That number jumped to $ 3.7 billion last year.
Numbers so far this year are down—only about $ 400 million has been invested to date—however there have been some large rounds that have minted unicorns, including:
The SailPoint deal also shows Thoma Bravo’ s fixation on growing its cybersecurity portfolio. Just last year, the firm grabbed headlines when it bought email and messaging security provider Proofpoint for $ 12.3 billion. That was added to previous deals for cyber companies like Barracuda Networks and Sophos.
Paying a large price tag for SailPoint may indicate the firm is not done in the realm of security.
Illustration: Dom Guzman
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily. | tech |
A Pavilion That Unites Upcycling Materials, Automated Manufacturing and Virtual Reality |
The construction industry has experienced severe changes in recent decades. Historically, it counted on abundant labor and a false notion that natural resources were infinite, but nowadays the sector has struggled to find innovations that will allow it to become more sustainable, especially considering its enormous impact and importance in the world. In addition, the recent Covid-19 pandemic changed several factors and dynamics, demanding creativity from designers to overcome challenges. In some cases, the design process itself became subject to changes. The S'Winter Station project, developed by students and teachers of Ryerson University's Department of Architectural Science, is one of these examples which relied on existing visualization and manufacturing technology for its completion.
The project was developed as the result of a competition, the Winter Stations 2022 International Design Competition, to reimagine Toronto's lifeguard stations during the winter months, when they are not typically used. The theme of this edition was resilience and this project was one of the 6 finalists. According to the designers, “ The intention of S’ winter Station is to express the resilience of the surrounding beach and the Canadian public as a dynamic transition between summer and winter. ”
According to the project description, sent by the team:
“ The forces of nature are relentless. Like the falling snow of the sky and the shifting sands of the beach, the pavilion embraces local wind, snow, and sun conditions. Following these identified directions of force, the pavilion’ s wings embody movement by harnessing snow and mitigating strong winds. Beach towels have been formed into dynamic concrete panels with variable apertures. These panels control the amount of light and snow allowed to enter, while also creating unique views outwards. Together, the panels and wings protect users and encourage them to engage with their surroundings. Where the lifeguard station, beach towels, and marine ropes are more frequently used in the summer, the pavilion achieves resilience by employing these objects in the winter. The pavilion acts as a shelter for the community where winter conditions are celebrated by harnessing and adapting to natural forces. ”
Technically, the project comprises a 13-meter length pavilion created using two distinct elements: the box frame and the concrete textile coating.
The structure consists of 270 CNC ( Computer Numerical Control) cut pieces made out of baltic birch plywood, mounted on modules and hoisted to erect the structure, fitted to the existing lifeguard station. Textile concrete pieces were used to fill these modules, inspired by an activity developed at a children's camp, in which children created flower pots from beach towels covered in concrete. Ariel Weiss, leader of the project, points out that “ Rather than creating flower pots, the design team chose to create a responsive and sculptural cladding. Using four unique aperture conditions, sectional pieces of a conical mold were cut out of MDF on a CNC router and assembled into large molds for the towels to form over. After fabricating the conical molds, beach towels were then organized into four unique aperture sizes and different circular holes were cut into the center of each type of towel. These towels were then dampened with water and saturated with a concrete sand mix. After saturation the towels were placed on top of the molds and left to dry for two days. Throughout the drying process the concrete towels were covered and continuously sprayed with water in order to ensure a stronger cure. With four unique aperture conditions, a total of 150 panels were created, cataloged, stacked, and shipped to site for installation. ” The massification of this process in the construction sector could possibly be a solution to textile waste. Clothing and textile materials are notoriously hard to recycle, with around 85% of it being sent to landfills or burned in the United States alone.
Another innovation occurred in the process of prototyping and manufacturing the pavilion. As the team began fabricating the pavilion during the COVID-19 lockdown, the they took advantage of various digital tools, alternate realities, and visualization techniques in order to ensure the pavilion was feasible and effective. While conventional modeling and visualization techniques were also used, the team used VR with Quest 2 in order to walk through the pavilion in real-time. In all stages of the project, the team also used AR with Hololens 2 in order to develop the pavilion and visualize it at a 1:1 scale. Weiss mentions that “ Virtual reality was absolutely essential to the design and fabrication of this project. During the schematic design of the project both virtual and augmented reality were considerably used as a visualization tool in order to walk through the pavilion in real time. Because the design team was tasked with designing the pavilion during a COVID-19 lockdown, virtual and augmented reality were perfect tools for visualizing form and scale. This let us actually experience the design before creating it, and it informed a lot of decisions during the design process. ”
Ariel Weiss also indicated that “ Where a unique textile-concrete panel might take 3-4 days to fabricate, using augmented reality the team was able to manipulate hundreds of digital panels on top of physical models instantaneously. Beyond prototype models, augmented and virtual reality was also used in order to refine errors that might’ ve occurred during the design process. 1:1 scale models were projected in conjunction with physical space in order to test feasibility. In this example we learned that some cladding panels were actually impossible to install given their position. ”
The three-dimensional visualization, therefore, transcends the rendering, constituting a key component for an increase in process efficiency. Although on a reduced scale, this project shows interesting possibilities regarding the upcycling of materials and, above all, innovative methods of drawing, prototyping and construction.
This article is part of the ArchDaily Topics: The Future of Architectural Visualizations, proudly presented by Enscape, the most intuitive real-time rendering and virtual reality plugin for Revit, SketchUp, Rhino, Archicad, and Vectorworks. Enscape plugs directly into your modeling software, giving you an integrated visualization and design workflow.
Every month we explore a topic in-depth through articles, interviews, news, and projects. Learn more about our ArchDaily topics. As always, at ArchDaily we welcome the contributions of our readers; if you want to submit an article or project, contact us. | tech |
France’ s Macron faces angry voters as he fights for second term | Facing a tougher-than-expected fight for re-election, French President Emmanuel Macron has hit the campaign trail at last – and it is not always proving welcoming.
But he is not shying away from angry voters, instead engaging in lively, sometimes confrontational debates.
Since he and far-right nationalist rival Marine Le Pen qualified on Sunday for France’ s April 24 presidential run-off, Mr Macron has seemed eager to go in the field to explain his policies and try to convince people to hand him a second term.
On Tuesday, he was asked hard questions during a visit to the eastern city of Mulhouse.
“ Why didn’ t you help the poorest? ”
“ Why do hospitals suffer from shortages of beds and shortages of health workers? ”
“ How can you propose to push back the retirement age from 62 to 65 when so many people are jobless? ”
The 44-year-old leader appeared determined to explain his policies at length – but sometimes grew impatient when people kept contradicting him.
Before Sunday’ s first-round presidential vote which had 12 candidates, Mr Macron skipped most campaign activities, focusing his time at the Elysee Presidential Palace on diplomatic efforts to end Russia’ s war in Ukraine.
Domestic critics decried the perceived lack of debate in France’ s presidential campaign.
Now the role of candidate has taken over.
Mr Macron is considered the favourite by the polls, but Ms Le Pen appears to have significantly narrowed the gap from 2017, when he trounced her in the same presidential run-off.
On Monday, Mr Macron went to an economically depressed region in northern France that is considered Ms Le Pen’ s stronghold.
The next day, he visited the eastern cities of Mulhouse and Strasbourg, where far-left candidate Jean-Luc Melenchon, who came in third on Sunday, got a majority of the first-round vote.
Upon his arrival in Mulhouse, Mr Macron literally ran towards the small crowd waiting for him.
He met some supporters, but also angry, discouraged workers from a nearby public hospital who came to challenge him.
“ We are exhausted, ” some nurses told him. “ Improve our working conditions! ”
A 61-year-old healthcare worker said he worked for 30 years and but is earning only 1,885 euros ( £1,560) a month.
“ I am not thinking about myself. I am thinking of my children, my grandchildren, ” he said, explaining his vote.
Mr Macron mentioned changes his government had made amid the Covid-19 pandemic, including a small salary increase for hospital workers.
“ Have your earnings been increased? ” he asked.
“ We don’ t feel the impact of it, ” the man answered.
Another healthcare worker asked him about hospitals “ losing beds ” as the pandemic is still going on.
“ I know, that is the challenge we are facing, ” Mr Macron acknowledged, explaining that the issue is about a lack of trained hospital staff, a situation amplified in a region where many French seek work in neighbouring Germany and Switzerland where wages are higher.
“ Two years ago, I made commitments… and the salaries were increased. And 183 euros ( £152) per month, you can’ t say that’ s nothing, ” Mr Macron insisted.
Another big obstacle repeatedly came Mr Macron’ s way: his planned pension changes.
Mr Macron wants to raise the minimum retirement age from 62 to 65, which he argues is needed so France can keep financing the pensions. | general |
Why so much of the world won’ t stand up to Russia | WHEN THE leaders of the world’ s two biggest democracies held a virtual meeting on April 11th, Narendra Modi, India’ s prime minister ( no. 1) approvingly quoted President Joe Biden ( no. 2) back to himself: “ Democracies can deliver, ” Mr Modi declared. But when it came to the war in Ukraine, just what it was that democracies should be delivering went unspecified. Both men worried about the plight of Ukrainian civilians. Although Mr Biden left no doubt whom he blamed for their suffering, Mr Modi sounded less certain. Rather than point a finger at Russia, he called for “ an independent inquiry ” into the horrors reported from the Ukrainian town of Bucha.
India is perhaps the most inconvenient of the serial abstainers from the West’ s campaign to punish Vladimir Putin, Russia’ s president, for invading Ukraine. But it is far from alone. In Asia, the Middle East, Africa and Latin America, even longtime allies and clients of America are rebuffing its entreaties to impose sanctions on Russia or merely to criticise it.
Few countries have been as brazen as Pakistan, which, under its since-ousted prime minister, Imran Khan, signed a trade deal with Russia shortly after the United Nations voted on March 2nd to deplore the invasion and demand that Russia withdraw. But many are refraining from either openly criticising or penalising Russia, owing to commercial incentives, ideological commitments, strategic ambitions or simple fear. Turkey, for example, has economic reasons to cling to the sidelines—it buys 45% of its gas from Russia—but it also has citizens endangered by the war. On March 13th Turkey’ s foreign minister announced he was negotiating with Russia to extract dozens of Turkish residents from the Ukrainian city of Mariupol, which was being crushed to rubble by Russian bombs. A month later, many remain trapped.
For its part, India has a number of reasons to avoid antagonising Russia: its tradition of neutrality in global conflict, its strategic priority of confronting China, its dependence on Russian military equipment. As an added incentive, democracy itself may argue for staying on the fence: “ pulling the lion’ s tail ” by refusing America or Britain plays well with the domestic audience. For all these reasons, when asked why India will not ally with America in this democratic cause, the mandarins who run its deep state and shape its foreign policy respond with looks of cynical scorn.
It is tricky to gauge the degree to which countries resisting Russia’ s isolation might undermine the sanctions regime organised by the West. But considered as a bloc, the 40 countries that opposed or abstained from the UN resolution condemning the invasion will probably matter more in terms of geopolitics than economics. Together they account for a quarter of the world’ s GDP and 20% of its exports. Yet they are not very important to the Russian economy. Their median GDP per person is about a third of the global average, suggesting they may not muster demand for much more than the quarter of Russian exports they already consume. And they lack the capacity to provide the more sophisticated goods and services Russia once bought from the West.
On the surface, Russia has had several lonely weeks at the UN. The invasion struck so egregiously at the organisation’ s foundation— ” the principle of the sovereign equality of all its Members, ” as the charter reads—that nations rallied to support not just the first resolution but a second criticising Russia for menacing civilians. The first passed with the support of 141 of the 193 member states, the second with that of 140. Last week the UN’ s members went beyond mere exhortation by kicking Russia off the Human Rights Council. It was only the second time any country had been ejected ( after Libya in 2011) and the first time for a member of the Security Council. Russia, which had warned before the vote that even abstaining would be seen as an unfriendly act, announced afterwards that it was leaving the council. “ You do not submit your resignation after you are fired, ” retorted the Ukrainian ambassador, Sergiy Kyslytsya.
But the margin on the vote was far narrower: 93 to 58, with 24 abstentions. Support for Ukraine in much of the world is thin, diplomats caution, as is the patience of abstainers, which could curdle into opposition. The pattern of abstentions speaks in part to concerns that sanctions on Russia are driving up food and energy prices. A European diplomat summarising their view says, “ Two elephants are fighting, and the little guys get hurt. ” He continues, “ There’ s a big attack from many sides on sanctions being the problem, not the aggressor in this war. That’ s something we have to push back on constantly, and it’ s coming from everywhere, including the Indias and Pakistans of the world. ”
A related objection is that the West is obsessing over a European conflict that is not a true global concern, while downplaying or ignoring conflicts and human-rights abuses elsewhere. To these critics, a self-righteous inconsistency on questions of international law is a hobgoblin of great powers. “ There’ s a good deal of what you might call geopolitical whataboutism, ” says Richard Gowan of the International Crisis Group ( ICG), a think-tank.
In recent years, the reluctance of rich countries to invest in mitigating climate change and the slow and uneven distribution of COVID-19 vaccines had already reinvigorated the Non-Aligned Movement, the organisation of states that professed neutrality during the cold war. “ There’ s been an underlying trend that I’ ve observed around the UN in the last couple of years, which is that a lot of the countries from the global south have been increasingly co-ordinated in articulating criticisms of the West, ” Mr Gowan says. These countries, he continues, “ have been feeling more a sense of unity and common purpose than was the case in much of the post-cold war era. ”
Particularly across the Middle East, and in Turkey, the West’ s concern for Ukraine’ s sovereignty is seen as self-serving and hypocritical, partly in light of America’ s war in Iraq and the NATO-led bombing of Libya in 2011, which toppled its dictator, Muammar Qaddafi. The warm European welcome granted to Ukrainian refugees, compared to that accorded Syrian refugees, prompts eye-rolling. These sorts of concerns are of long standing among Arab states. What has been surprising is the degree to which even American clients have felt free to act on them.
Some diplomats were stunned when Iraq’ s ambassador to the UN abstained from the resolution condemning the invasion, citing his country’ s “ historical background ”, in an apparent jab at the American invasion to which he may owe his job. Even Saudi Arabia and the United Arab Emirates ( UAE), despite having only weak ties to Russia, have assessed more cost than benefit in standing with the West. They do not want to antagonise a crucial partner that has co-operated with OPEC to prop up oil prices. Moreover, they see a chance to send a signal. They want more help from America dealing with problems in their backyard, such as the missiles and drones fired from Yemen and the Iranian-backed militias spreading mayhem from Beirut to Baghdad. “ If you’ re not there for us, we won’ t be there for you, ” an Arab official says. In the Middle East, only Israel and Libya voted to boot Russia off the Human Rights Council; the abstentions by the Gulf states were a particular disappointment to Western diplomats.
Russian propaganda in the region feeds grievances against the West. Russia’ s state-run media, such as the Arabic service of the network RT or the Turkish edition of Sputnik, are popular, and its foreign ministry has a cadre of diplomats who, unlike their Western counterparts, speak Arabic fluently. “ Every time I turn on the television, there’ s a Russian making the case for the war, ” says a Western ambassador in Jordan. While the big Arabic channels, which have reporters on the ground in Ukraine, have not shied away from recounting the war’ s horrors, their coverage is often interspersed with pro-Russian or anti-Western takes. Last month Sky News Arabia, based in the UAE, ran a segment about how “ duplicitous ” Western countries were trying to “ demonise ” Mr Putin.
The enemy of my frenemyWith the exception of Russian fellow travellers such as Cuba, Nicaragua and Venezuela, Latin American countries supported the first two UN resolutions condemning Russia for the war. But several, including Brazil and Mexico, balked at kicking Russia off the Human Rights Council, and there is little appetite in the region for joining the sanctions regime. Signalling independence from the West is an old game in Latin America, where some states seek to balance American power in the Western hemisphere “ by laying out the red carpet for US adversaries ”, as Benjamin Gedan of the Wilson Centre, a think-tank, puts it. In early February Argentina’ s president, Alberto Fernández, endorsed this strategy when he sat down for lunch in Moscow with Mr Putin as Russian forces massed to invade Ukraine. Referring to the International Monetary Fund, Mr Fernandez told him, “ I am determined that Argentina has to stop being so dependent on the Fund and the United States, it has to open the way to other countries, and Russia has a very important place there. ”
Since the invasion, Russia has been at pains to encourage that attitude. In late March Sergei Lavrov, the foreign minister, remarked that certain countries “ would never accept the global village under the command of the American sheriff ”. Citing Argentina, Brazil and Mexico among others, he added, “ These countries do not want to be in a position where Uncle Sam orders them to do something and they say, ‘ Yes, sir.’ ” On April 5th Russia added Argentina to its list of 52 “ friendly countries ” with whom it will restart direct flights. Still, Argentina, the current president of the Human Rights Council, voted to remove Russia.
Brazil’ s strongman president, Jair Bolsonaro, has made no secret of admiring Mr Putin and his “ masculine qualities ”. Mr Bolsonaro also happened to pay a visit to Moscow in February, and hailed the two countries’ relationship as a “ more-than-perfect marriage ”. It is a marriage fertilised, apparently, by fertiliser. Though Brazil joined in condemning the invasion, Mr Bolsonaro has since said he can not cut ties with Russia because of the “ sacred ” importance to Brazil of imported fertiliser, more than a fifth of which comes from Russia. Mr Bolsonaro now says Brazil will remain neutral in the conflict, a position in harmony with his political opponents and, polling suggests, the public. Similarly, Mexico, despite having condemned the invasion, has a long-held policy of non-intervention and a habit of shrugging off events far beyond its borders. It doesn’ t help that President Andrés Manuel López Obrador shows little concern for democracy. He is also playing to his leftist party, elements of which set up a friendship group with Russia following the invasion.
It is in Africa that Russia has found the most outright sympathy. Almost half of African countries—25 of 54—abstained or stayed away from the first UN vote. The history of colonialism makes some reluctant to throw support behind what is seen as a Western cause. But others are acting out of growing affinity with Russia. That is true of South Africa, the other big democracy to shrug off the West’ s call for unity. It has abstained in all the UN votes.
In southern Africa many countries see Russia as the successor of the Soviet Union, which armed and trained the guerrilla armies that fought colonial powers and segregationist regimes. Such nostalgia partly explains South Africa’ s swerve towards Russia during the presidency of Jacob Zuma, from 2009 to 2018. But South Africa’ s relationship with the West was also strained by the bombing of Libya. In 2015 leading figures in the African National Congress published a foreign-policy paper lamenting the collapse of the Soviet Union because it had “ altered completely the balance of forces in favour of imperialism ”, meaning America and the West.
Arms across the seaMr Zuma’ s departure from office—he is now on trial for corruption—has not cooled the ANC’ s ardour for Russia. President Cyril Ramaphosa mouths Kremlin talking points, arguing that NATO is responsible for the conflict because of its eastward expansion. He has also criticised Western sanctions on Russia. One reason may be pecuniary. Although overall trade between the countries is puny, Russia is South Africa’ s second-largest market for apples and pears and its fourth largest for citrus fruit. Even as Russian-flagged ships were being turned away from European and American ports, the Vasiliy Golovnin, a freighter, docked in Cape Town on April 4th. South Africa is also reportedly pursuing a $ 2bn-a-year deal to buy gas from Gazprom, a Russian state-owned energy firm.
In other parts of Africa, support for Russia reflects its success in spreading influence by selling weapons or supplying mercenaries. Russian guns-for-hire have been seen in five of the 17 African countries that abstained on the first UN vote: the Central African Republic, Madagascar, Mali, Mozambique and Sudan. Many more of the abstentions or no-shows are buyers of Russian arms. These include Algeria, Angola, Sudan and Uganda, according to data collected by the Stockholm International Peace Research Institute, a think-tank. Eritrea, a gulag state, was among the five countries in the world that voted with Russia on March 2nd.
As the conflict grinds on, the West will increasingly confront the question of how aggressively to use its own leverage to prod fence-sitters onto their feet. Some countries might be encouraged to see an opportunity to repair relations with the West. That could be the case with Pakistan, particularly now that Mr Khan has been ousted in a no-confidence vote. Trade with Russia is meaningless to Pakistan, and its armed forces, which tend to call the shots, are showing signs of discomfort with their country’ s deep and growing dependence on China.
General Qamar Bajwa, the commander-in-chief, has lately sounded surprisingly conciliatory to the West. In a speech on April 2nd he nudged China to fix its border troubles with India, and then said that Russia’ s “ aggression ” against Ukraine could not be condoned and “ must be stopped immediately ”. He also noted the war showed how a smaller country could defend itself by having stronger morale and making clever use of simple technology—an allusion to Pakistan’ s struggle with India, its larger neighbour.
The West has even greater leverage with India. All told, Russia, with a GDP just over half of India’ s, accounts for barely 1% of India’ s trade. Trade with the West is of vastly greater importance, as are India’ s ties to America via people-to-people exchanges. Under a law authorising sanctions against countries making “ significant transactions ” with Russia, America placed sanctions on China in 2018 and Tukey in 2020 for buying the S-400 missile defence system. India has bought the same system, but the Biden administration has so far danced away from the question of whether it will apply the same standard in this case. Meanwhile, India is not merely refraining from criticising Russia but increasing its purchases of Russian oil.
Mr Biden’ s strategy is clearly to woo India rather than pressure it, an approach that appeared to yield little fruit after the meeting on April 11th. Pressed at a news conference afterward as to why India was not moving to reduce any dependence on Russia, Subrahmanyam Jaishankar, the minister of external affairs, sarcastically thanked reporters for their “ advice and suggestions ” and then shot back, “ Believe me, we have a decent sense of what is in our interest and know how to protect it and advance it. ”
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Can Mark Wahlberg Really Get $ 87.5M for His Beverly Hills Estate? | Mark Wahlberg is departing from his Beverly Hills, CA, home. The sumptuous spread was just listed for a whopping $ 87.5 million, according to TMZ.
The actor scooped up the North Beverly Park property in 2009 for a mere $ 8.25 million. He then tapped architect Richard Landry to design a lavish European-style manor. Landry has worked with a number of celebrities on megamansions and has designed homes for Tom Brady and Gisele Bundchen.
In a 2015 profile, Landry recalled his collaboration with Wahlberg: “ When he called me, he said, ‘ Richard, I’ ve been following you for years. I’ m so glad now you can do my house.’ ”
Landry added, “ What a nice guy. We had so much fun. ”
Priced to sell?
It’ s quite the spread, but will the price fly?
“ I do think the property will set a record for Beverly Park when it sells, ” says
Cara Ameer
, an agent with Coldwell Banker licensed in California and Florida.
Wahlberg has “ amassed a tremendous amount of equity over a little more than a decade, especially over the last two years with the rapid acceleration of values during the pandemic real estate boom, ” says Ameer.
And COVID-19 also plays a part in this mansion’ s appeal, according to Ameer. With this property, you don’ t ever really need to leave the grounds.
“ Like many luxury celebrity estates, it is a megacompound designed to be the ultimate hangout, or a secluded retreat when you need it to be, ” she adds. “ It checks all the boxes for the wealthy mogul who wants a self-contained estate. ”
But will a buyer pay $ 87.5 million? That’ s what Wahlberg wants to find out.
The asking price was aspirational for
Sylvester Stallone
‘ s mansion, which was in the same gated community. It was listed for
$ 110 million
in February 2021, and eventually sold to
Adele
for
$ 58 million
.
Perhaps Stallone’ s bold move inspired Wahlberg.
“ With that price, I think Wahlberg is testing the market at this point, ” says
Arvin Haddad
with The Agency, who also opines on luxury real estate on
TikTok
. “ Sometimes great sales in the neighborhood motivate people who are not really sellers to put it out there. ”
While the Wahlberg estate is undoubtedly huge, it “ lacks views, ” notes Haddad. “ What it does have going for it is 30,000 square feet. It’ s truly a compound. He has all the bells and whistles that some of the [ other ] properties didn’ t have. ”
Let’ s take a look inside.
Ritzy residence
Located in the gated community of North Beverly Park, the 6.2-acre lot is anchored by a 30,000-square-foot estate with 12 bedrooms and 20 bathrooms.
Mark Wahlberg’ s Beverly Hills, CA, home
Realtor.com
The mansion opens with a two-story entry and double staircases. Highlights include a living room with multiple sets of French doors, a two-story library/office, a home theater, a wine cellar, and a huge gym.
Entry with double staircases
Realtor.com
Living room
Realtor.com
Dining room
Realtor.com
Two-story, wood-paneled office
Realtor.com
Double-island kitchen
Realtor.com
Home theater
Realtor.com
The landscaped grounds include huge lawns, a five-hole golf course, a tennis court, a grotto pool, and a guesthouse.
Pool
Realtor.com
While there’ s no denying Wahlberg’ s estate is ultraspectacular, is the sky-high price justified?
Maybe not. An equally grand property just down the block from Wahlberg’ s estate was sold last year at auction for $ 51 million. It was asking $ 160 million.
“ It’ s more in the $ 60 million range, ” says Haddad. But when it comes to luxury real estate pricing, “ crazier things have happened. ”
This story was originally published on Realtor.com. | business |
Million-Dollar Homebuyers in U.S. Getting Cheaper Mortgage Rates | The information you requested is not available at this time, please check back again soon.
Single-family houses in Palm Beach, Florida, U.S., on Wednesday, April 7, 2021. Purchase contracts for single-family houses priced at $ 10 million or more surged 306% in March from a year earlier, the biggest gain since the pandemic started, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report. Photographer: Marco Bello/Bloomberg, Bloomberg
( Bloomberg) -- Mortgage rates are skyrocketing in the U.S., just not so much for the rich.
The average for a 30-year fixed jumbo mortgage was 4.48% last week, compared with 4.95% for a conventional loan, the widest advantage for high-end borrowers in data from Bankrate.com going back to 1998. That’ s a reversal from early in the pandemic, when jumbo rates were about half a percentage point higher than costs for smaller mortgages.
Jumbo loans are above the conforming limit of $ 647,200 in most areas and above $ 970,800 in expensive markets like San Francisco and New York City.
The pandemic has sent rates on a roller coaster ride -- at first making loans for pricier homes more expensive when mortgage markets froze after Covid lockdowns, and now turning them into a relative bargain. Unlike conventional loans, jumbo mortgages are not as tied to the ups and downs of the secondary market because lenders typically keep them on their books and use them to attract wealthy customers and sell them on other services.
Big mortgages are becoming more important, especially in expensive areas of the country where $ 1 million is little more than the price of entry.
“ If there’ s a silver lining for homebuyers that find themselves taking bigger loans as home prices have soared, it’ s that jumbo mortgage rates are actually lower, ” said Greg McBride, chief financial analyst at Bankrate.com. “ It’ s another indication of the uniqueness of this mortgage market. ”
The Bank of Canada is widely expected to hike its key lending rate by half a percentage point Wednesday, bringing its overnight rate to one per cent.
Realtors and economists alike see a shifting tide after Canada’ s home prices surged by more than 50 per cent over the past two years.
U.S. consumer prices rose in March by the most since late 1981, evidence of a painfully high cost of living and reinforcing pressure on the Federal Reserve to raise interest rates even more aggressively.
Former Bank of Canada Governor David Dodge suggested on the eve of the central bank's policy decision that there's no time to waste if Governor Tiff Macklem wants to `` break the psychology '' of runaway prices. | general |
Comparable neutralisation evasion of SARS-CoV-2 omicron subvariants BA.1, BA.2, and BA.3 - The Lancet Infectious Diseases | The SARS-CoV-2 omicron ( B.1.1.529) variant has rapidly become globally dominant, displacing the previously dominant delta ( B1.617.2) variant. The viral spike ( S) protein is the key target of the neutralising antibody response, and the omicron variant harbours more than 35 mutations in the S protein, which allow highly efficient evasion from neutralising antibodies.1Hoffmann M Krüger N Schulz S et al.The omicron variant is highly resistant against antibody-mediated neutralization: implications for control of the COVID-19 pandemic.Cell. 2022; 185: 447-456Google Scholar In keeping with these findings, the omicron variant efficiently spreads in populations with a high percentage of convalescent or vaccinated individuals.2Altarawneh HN Chemaitelly H Hasan MR et al.Protection against the omicron variant from previous SARS-CoV-2 infection.N Engl J Med. 2022; ( published online Feb 9.) https: //doi.org/10.1056/NEJMc2200133Google Scholar, 3Collie S Champion J Moultrie H Bekker LG Gray G Effectiveness of BNT162b2 vaccine against omicron variant in South Africa.N Engl J Med. 2022; 386: 494-496Google Scholar
The three main subvariants of the omicron variant are BA.1, BA.2, and BA.3. Initial data suggest that BA.2 might have a growth advantage over BA.1,4Mahase E COVID-19: what do we know about omicron sublineages?.BMJ. 2022; 376: o358Google Scholar posing a rapidly increasing threat to health systems. The omicron subvariants display remarkable differences regarding S protein mutations, particularly with respect to the N-terminal domain and the receptor-binding domain ( appendix pp 2–3), which are known to harbour key epitopes of neutralising antibodies.5McCallum M De Marco A Lempp FA et al.N-terminal domain antigenic mapping reveals a site of vulnerability for SARS-CoV-2.Cell. 2021; 184: 2332-2347Google Scholar, 6Piccoli L Park YJ Tortorici MA et al.Mapping neutralizing and immunodominant sites on the SARS-CoV-2 spike receptor-binding domain by structure-guided high-resolution serology.Cell. 2020; 183: 1024-1042Google Scholar Here, we compared BA.1, BA.2, and BA.3 for sensitivity to neutralisation by antibodies induced by infection and vaccination, using pseudoviruses as a model system, which adequately mirrors SARS-CoV-2 neutralisation by antibodies.7Schmidt F Weisblum Y Muecksch F et al.Measuring SARS-CoV-2 neutralizing antibody activity using pseudotyped and chimeric viruses.J Exp Med. 2020; 217e20201181Google Scholar
We analysed particles harbouring the S protein of B.1—which is identical to the wildtype strain apart from the D614G mutation—and S proteins of BA.1, BA.2, and BA.3. We first examined neutralisation by antibodies from convalescent patients, who were infected during the first ( February to May, 2020) and second ( December, 2020, to February, 2021) waves of COVID-19 in Germany ( appendix pp 2–3, 4–6). Neutralisation of particles bearing the B.1 S protein ( B.1pp) was robust, whereas neutralisation of BA.1pp and BA.3pp was at least 32-times less than B.1pp ( BA.1 p=0·0020; BA.3 p=0·0020). Neutralisation of BA.2pp was also diminished, but the reduction was less pronounced than that measured for the other omicron subvariants ( 9·2-times less than B.1pp; p=0·0020).
Analysis of neutralisation by antibodies induced by double vaccination with BNT162b2 ( BNT) yielded similar results as neutralisation with antibodies from convalescent patients ( appendix pp 2–3). Particles harbouring the S proteins of BA.1 and BA.3 showed 17-times lower neutralisation than B.1pp ( BA.1 p=0·0020; BA.3 p=0·0020), whereas neutralisation of BA.2pp was 9-times reduced ( p=0·0020). Triple BNT vaccination induced a more potent antibody response, and only modest evasion of neutralisation was seen for particles bearing omicron S proteins ( BA.1 2·5-times, p=0·0039; BA.2 1·9-times, p=0·012; BA.3 2·4-times, p=0·0039; appendix pp 2–3). Finally, neutralisation by antibodies induced in fully vaccinated ( three vaccine doses) individuals with breakthrough infection during the fourth wave in Germany ( October, 2021, to January, 2022, dominated by the delta variant) was most potent and neutralisation of particles bearing omicron S protein was 9–12-times less efficient than B.1pp ( BA.1 p=0·0020; BA.2 p=0·0039; BA.3 p=0·0039; appendix pp 2–3). However, no significant differences were observed between BA.1pp, BA.2pp, and BA.3pp ( appendix pp 2–3).
Our results show that all presently circulating omicron subvariants evade neutralisation by vaccine-induced antibodies with comparably high efficiency, suggesting that increased antibody evasion is not the reason for the current expansion of BA.2 in several countries.4Mahase E COVID-19: what do we know about omicron sublineages?.BMJ. 2022; 376: o358Google Scholar, 8Lyngse FP Kirkeby CT Denwood M et al.Transmission of SARS-CoV-2 omicron VOC subvariants BA.1 and BA.2: evidence from Danish households.medRxiv. 2022; ( published online Jan 30.) ( preprint).https: //doi.org/10.1101/2022.01.28.22270044Google Scholar Since currently available vaccines provided robust protection against early omicron isolates circulating in South Africa from Nov 15 to Dec 7, 2021,3Collie S Champion J Moultrie H Bekker LG Gray G Effectiveness of BNT162b2 vaccine against omicron variant in South Africa.N Engl J Med. 2022; 386: 494-496Google Scholar which was likely to be BA.1, our results suggest that this protection should extend to all omicron subvariants.
SP acknowledges funding from Bundesministerium für Bildung und Forschung ( BMBF; grant numbers 01KI2006D, 01KI20328A, 01KX2021), the Ministry for Science and Culture of Lower Saxony ( grant numbers 14-76103-184, MWK HZI COVID-19), and the German Research Foundation ( DFG; grant numbers PO 716/11-1, PO 716/14-1). MSW received unrestricted funding from Sartorius, Lung research. H-MJ received funding from BMBF ( grant numbers 01KI2043, NaFoUniMedCovid19-COVIM 01KX2021), Bavarian State Ministry for Science and the Arts, and DFG through the research training groups RTG1660 and TRR130, the Bayerische Forschungsstiftung ( Project CORAd), and the Kastner Foundation. GMNB acknowledges funding from the German Center for Infection Research ( grant number 80018019238) and a European Regional Development Fund ( Defeat Corona, grant number ZW7-8515131, together with AD-J). All other authors declare no competing interests.
Download.pdf ( 1.78 MB) Help with pdf files Supplementary appendix | tech |
Chine: flambée Omicron, Shanghai au balcon | De notre correspondant à Pékin,
Pudong confiné, Pudong qui se plaignait de ne pas toujours avoir assez à manger, mais Pudong très partiellement libéré. Explosion de joie hier soir, lundi 11 avril dans les quelques communautés de quartiers de l’ est de Shanghai concernées par cet allègement du confinement, d’ abord dans 3 districts, puis dans 15 autres, ce mardi 12 avril.
# Shanghai au temps du # Covid19 un quartier de # Pudong # déconfiné 🥳 🎈 🎊 ce soir # Chine pic.twitter.com/y3ZwYC9REC
Sur les réseaux, les cours de résidences auraient presque un air de boîte de nuit, et des voitures tournent au pied des immeubles sur un vieux tube de la chanteuse taiwanaise Jolin Tsai chanté à tue-tête des fenêtres. « Le soleil ne se couchera jamais », -ça ne s’ invente pas- entonné par des confinés qui n’ ont pas vu le jour depuis des jours.
À chaque fois que les grands ensembles urbains se retrouvent sous cloche, les fenêtres parlent en Chine.
Et les balcons deviennent théâtres d’ expression et lieux de revendications. On l’ avait constaté avant le Covid-19 à Hongkong pendant les manifestations de 2019. Mais le phénomène s’ est accéléré au début de la pandémie. On se souvient des « Jia You Wuhan! », « Allez Wuhan! » à l’ hiver 2020 pour encourager l’ ensemble des agents mobilisés contre le virus.
Local residents staying at home shout “ Cheer up Wuhan '' to each other through windows. Wuhan residents now minimize going out to avoid coronavirus infection. pic.twitter.com/aLOOClr1uh
La tonalité a toutefois radicalement changé, deux ans après, pour le confinement de la capitale économique chinoise. Les manifestations de mécontentement des habitants inondent les réseaux sociaux, même si elles sont vites censurées. « Nous voulons manger, nous souhaitons travailler, nous voulons être libres! », rageaient ainsi à la fin du mois dernier, les habitants du complexe de Minhang face aux pénuries alimentaires.
Les mots clés « chercher à manger à Shanghai » sont alors censurés et les consignes arrivent par hauts parleurs.
3月29日，上海闵行区，有小区居民聚集在小区公众范围叫口号， “ 我们要吃饭、我们要上班、我们要自由。 ” # 觉醒 # 自由 # 革命 pic.twitter.com/MnQ6v9d1S1
Un rappel à l’ ordre jusqu’ aux fenêtres des contestataires: « Contrôlez votre désir de liberté. N’ ouvrez pas les fenêtres et ne chantez pas » scandent les drones grimpant jusqu’ aux derniers étages. Un conseil que donnaient déjà les médias d’ état il y a deux ans, demandant aux populations d’ éviter d’ aller au balcon, pour ne pas risquer d’ y voir grimper ou tomber le virus des voisins.
As seen on Weibo: Shanghai residents go to their balconies to sing & protest lack of supplies. A drone appears: “ Please comply w covid restrictions. Control your soul’ s desire for freedom. Do not open the window or sing. ” https: //t.co/0ZTc8fznaV pic.twitter.com/pAnEGOlBIh
Peine perdue! Les chants et les slogans sont aussitôt revenus. On a l’ impression que les tours de verres et de bétons se parlent. L’ impression aussi avec l’ écho d’ entendre le chant des baleines dans la nuit shanghaienne alors que ce ne sont que les fenêtres qui parlent.
What the?? This video taken yesterday in Shanghai, China, by the father of a close friend of mine. She verified its authenticity: People screaming out of their windows after a week of total lockdown, no leaving your apartment for any reason. pic.twitter.com/iHGOO8D8Cz | general |
Investors Own Nearly a Third of Homes in Major Canadian Markets | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- People who own more than one home account for about a third of the housing stock in some of Canada’ s biggest markets, new government data show, highlighting how the nation’ s real estate boom may also be heightening inequality.
Multiple-property owners accounted for 31% of all homes in Ontario as of early 2020 and almost the same share in British Columbia, a report from Statistics Canada said Tuesday. In the smaller east coast provinces of Nova Scotia and New Brunswick, the share was about 40%, the data show.
A 50% rise in home prices over the last two years has made the cost of housing a political issue in Canada, prompting Prime Minister Justin Trudeau to make home affordability a centerpiece of his government’ s 2022 budget.
But with the supply of houses for sale still near record lows, prices at record highs, and interest rates set to rise, the barriers for new buyers appear to be getting more entrenched. In British Columbia, the top 10% of owners control 29% of the total value of residential properties in the province.
While Trudeau’ s budget focused on curbing the role of professional investors and foreign owners in the housing market, the new government data suggest the majority of multiple-property owners are just individuals or families already living in Canada. Most own just two properties -- usually single-family detached houses -- and are usually located in the same area, suggesting most are buying the second property for rental income not recreation.
Because the figures are from the period prior to the Covid-19 pandemic, they may underestimate multiple homeowners’ current role in the market. More recent data from the Bank of Canada showed multiple-property owners have increased their share of home purchases in that time, while first-time buyers represented a smaller share of the market.
The new data on multiple-property owners is part of a program started by the government in 2017 to get a better picture of the real estate market after prices exploded in Toronto and Vancouver.
With rental markets also extremely tight in Canada’ s major cities, the value of these types of investors has been debated by policy makers -- they essentially turn ownership stock into rental. But while the new government report said it could not determine what impact such investment had on house prices, it did conclude there was an impact on the market.
“ Owners seeking additional properties contribute to increased competition in already tight real estate markets, ” the report said. This makes “ it more difficult for prospective homeowners to purchase a home. ” | general |
Xangai flexibiliza lockdown contra Covid e chineses comemoram liberdade nas janelas | Stéphane Lagarde, correspondente da RFI em Pequim
Ao longo desses mais de dois anos de pandemia de Covid-19, a cada vez que um lockdown foi imposto na China, as janelas e sacadas viraram verdadeiros canais de expressão. No início da crise sanitária, em fevereiro de 2020, quando Wuhan foi palco de um rígido confinamento, os moradores entoavam cantos para agradecer e motivar os cidadãos que trabalhavam no combate ao vírus.
No entanto, mais de dois anos após o início da pandemia e com as restrições persistindo, `` a voz '' das janelas mudou de tom. Os gritos de descontentamento dos confinados invadiram as redes sociais chinesas, ainda que rapidamente censurados. Em Xangai, capital econômica da China, a população se uniu para tirar o sono das autoridades: boa parte das barulhentas manifestações contra o lockdown ocorrem à noite.
`` Queremos comer, queremos trabalhar, queremos ser livres '', diziam moradores do complexo de Minhang, em Xangai, quando as novas medidas anticovid entraram em vigor, no final de março. Diante da repetição dos protestos, o regime chinês bloqueou algumas expressões como `` busca por alimentos '' na internet. Para tentar controlar o descontentamento, drones circulam pelos bairros, entoando mensagens sonoras como: `` Por favor, colabore com as restrições anticovid. Controle seu desejo de liberdade ''.
As seen on Weibo: Shanghai residents go to their balconies to sing & protest lack of supplies. A drone appears: “ Please comply w covid restrictions. Control your soul’ s desire for freedom. Do not open the window or sing. ” https: //t.co/0ZTc8fznaV pic.twitter.com/pAnEGOlBIh
A tentativa do regime chinês de acalmar a revolta, no entanto, não parece ter convencido a população.
Cantos, frases de protesto e até gritos viraram a trilha sonora noturna de Xangai nestas últimas semanas de confinamento. O autor de um dos vídeos que viralizou mostra um complexo residencial em plena histeria, comenta: `` se o lockdown continuar, haverá problemas ''.
What the?? This video taken yesterday in Shanghai, China, by the father of a close friend of mine. She verified its authenticity: People screaming out of their windows after a week of total lockdown, no leaving your apartment for any reason. pic.twitter.com/iHGOO8D8Cz
Na segunda-feira ( 11), a cidade começou a permitir a saída de casa de moradores de três distritos com baixa incidência do vírus. Nesta terça-feira, as restrições foram aliviadas em outros quinze distritos.
Em um deles, Pudong, os moradores não esconderam a felicidade em poder sair de casa. Acostumados com esse canal de expressão, foram para as janelas também para festejar.
Nas redes sociais, os chineses compartilharam imagens das comemorações. Corredores dos prédios se transformaram em pista de dança, enquanto uma célebre música da cantora taiwanesa Jolin Tsai ecoou a todo volume pelo distrito. `` O sol não vai se por nunca '' foi cantada em coro pelos confinados que não puderam sair de suas casas durante vários dias.
# Shanghai au temps du # Covid19 un quartier de # Pudong # déconfiné 🥳 🎈 🎊 ce soir # Chine pic.twitter.com/y3ZwYC9REC
Apesar da flexibilização que teve início na segunda-feira, a maioria dos moradores da capital econômica da China continua em lockdown. | general |
Bank of Canada needs to hike 'very smartly ' to tame inflation: Dodge | The information you requested is not available at this time, please check back again soon.
Former Bank of Canada Governor David Dodge suggested on the eve of the central bank's policy decision that there's no time to waste if Governor Tiff Macklem wants to `` break the psychology '' of runaway prices.
In order to bring inflation back to the bank's target of two per cent ( within a band of one to three per cent), Dodge said Canada will need some help from fiscal and structural policies, but `` he ( Macklem) himself is going to have to move interest rates up, and move them up very smartly. ''
Inflation has been steadily marching higher in Canada, like in other countries, as a series of supply-related shocks have hit the economy. First, as the pandemic walloped global supply chains. And, more recently, Russia's invasion of Ukraine has sent commodity prices surging and raised concern about food security.
Statistics Canada's most recent consumer price index showed inflation surged 5.7 per cent year-over-year in February. That was the highest since August 1991. By contrast, the annual rate of inflation was just 2.2 per cent in February 2020, just before the novel coronavirus fully took hold in this country.
Several economists raised the spectre of inflation expectations becoming unmoored earlier this month when the Bank of Canada released a pair of surveys showing a broad view that prices aren't expected to come down any time soon. The Business Outlook Survey revealed that 70 per cent of business leaders who responded said they anticipate inflation will be more than three per cent over the next two years. And a survey of consumers indicated average Canadians expect inflation will be 5.07 per cent over the next year.
Dodge, who served as governor from February 2001 to January 2008, said it's crucial for the bank to move `` very expeditiously '' to get its main policy rate back to neutral, which is viewed as a Goldilocks level that neither stimulates nor restricts the economy and allows for stable prices. There is no pre-defined level for neutral. In its January Monetary Policy Report, the Bank of Canada estimated neutral was at the midpoint of a range from 1.75 to 2.75 per cent.
`` Whether that is ( hiking) 50 points a session, whether it's 75 then 50, or whatever -- I can't comment on, but it's quite clear that if we're going to break the psychology that inflation is gon na go up and up and up, the bank has something to do here and that is to get those rates up fairly smartly, '' he said.
Markets and economists are widely anticipating the Bank of Canada will raise its main policy rate to 1.0 per cent from 0.5 per cent on Wednesday, which would be the first half-point move higher by the bank since May 2000.
A hike of that magnitude will be foreign to a whole generation, and the prospect of that degree of tightening, plus additional hikes in the months to come, has stirred some concern about how highly indebted households will manage and is seen as a potential trigger for a cooling in red-hot housing markets.
`` I 'm old enough to remember times when they raised it by 100 points in one go. So the word aggressive depends on your vantage point. '' | general |
Persistent symptoms after the first wave of COVID-19 in relation to SARS-CoV-2 serology and experience of acute symptoms: A nested survey in a population-based cohort - The Lancet Regional Health – Europe | BackgroundMany patients report persistent symptoms after COVID-19. Our aim was to determine whether some of these symptoms were more associated with past SARS-CoV-2 infection compared to other conditions.MethodsThis prospective survey was nested in CONSTANCES, a randomly selected French population-based cohort, started in 2012. All participants being followed-up by internet completed 2 questionnaires during the first wave of the pandemic focusing on the acute symptoms of their COVID-19-like illness. Serological tests for SARS-CoV-2 were then performed ( May-Nov 2020). Between December 2020 and January 2021, participants completed a third questionnaire about symptoms that had lasted more than 2 months. Participants were classified into four groups according to both European Center for Diseases Control ( ECDC) criteria for COVID-19 ( ECDC+ or ECDC-) and serological SARS-CoV-2 test results ( Sero+ or Sero-). To compare the risk of each persistent symptom among the groups, logistic regression models were adjusted for age, sex, educational level, comorbidities, and the number of acute symptoms declared during the first wave of the epidemic. A mediation analysis was performed to estimate the direct effect of the infection on persistent symptoms and its indirect effect via the initial clinical presentation.FindingsThe analysis was performed in 25,910 participants. There was a higher risk of persistent dysgeusia/anosmia, dyspnea and asthenia in the ECDC+/Sero+ group than in the ECDC+/Sero- group ( OR: 6.83 [ 4.47–10.42 ], 1.69 [ 1.07–2.6 ] and 1.48 [ 1.05–2.07 ], respectively). Abdominal pain, sensory symptoms or sleep disorders were at lower risk in the ECDC+/Sero+ group than in the ECDC+/Sero- group ( 0.51 [ 0.24–0.96 ], 0.40 [ 0.16–0.85 ], and 0.69 [ 0.49–0.95 ], respectively). The mediation analysis revealed that the association of the serological test results with each symptom was mainly mediated by ECDC symptoms ( proportion mediated range 50–107%).ConclusionA greater risk of persistent dysgeusia/anosmia, dyspnea and asthenia was observed in SARS-CoV-2 infected people. The initial clinical presentation substantially drives the association of positive serological test results with persistent symptoms.FundingFrench National Research Agency
Many patients report persistent symptoms after COVID-19. Our aim was to determine whether some of these symptoms were more associated with past SARS-CoV-2 infection compared to other conditions.
This prospective survey was nested in CONSTANCES, a randomly selected French population-based cohort, started in 2012. All participants being followed-up by internet completed 2 questionnaires during the first wave of the pandemic focusing on the acute symptoms of their COVID-19-like illness. Serological tests for SARS-CoV-2 were then performed ( May-Nov 2020). Between December 2020 and January 2021, participants completed a third questionnaire about symptoms that had lasted more than 2 months. Participants were classified into four groups according to both European Center for Diseases Control ( ECDC) criteria for COVID-19 ( ECDC+ or ECDC-) and serological SARS-CoV-2 test results ( Sero+ or Sero-). To compare the risk of each persistent symptom among the groups, logistic regression models were adjusted for age, sex, educational level, comorbidities, and the number of acute symptoms declared during the first wave of the epidemic. A mediation analysis was performed to estimate the direct effect of the infection on persistent symptoms and its indirect effect via the initial clinical presentation.
The analysis was performed in 25,910 participants. There was a higher risk of persistent dysgeusia/anosmia, dyspnea and asthenia in the ECDC+/Sero+ group than in the ECDC+/Sero- group ( OR: 6.83 [ 4.47–10.42 ], 1.69 [ 1.07–2.6 ] and 1.48 [ 1.05–2.07 ], respectively). Abdominal pain, sensory symptoms or sleep disorders were at lower risk in the ECDC+/Sero+ group than in the ECDC+/Sero- group ( 0.51 [ 0.24–0.96 ], 0.40 [ 0.16–0.85 ], and 0.69 [ 0.49–0.95 ], respectively). The mediation analysis revealed that the association of the serological test results with each symptom was mainly mediated by ECDC symptoms ( proportion mediated range 50–107%).
A greater risk of persistent dysgeusia/anosmia, dyspnea and asthenia was observed in SARS-CoV-2 infected people. The initial clinical presentation substantially drives the association of positive serological test results with persistent symptoms.
Research in context Evidence before this studyTo identify existing studies on post-acute symptoms due to SARS-CoV-2 infection, we searched PubMed from January, 2020 to December 20, 2021. We used the following search string: ( COVID-19 [ title/abstract ] OR SARS-CoV-2 [ title/abstract ]) AND ( ( long-term [ title/abstract ] AND complications [ title/abstract ]) OR ( ( persistent [ title/abstract ] OR persistence [ title/abstract ]) AND symptoms [ title/abstract ])) OR ( long-covid [ title/abstract ]) OR ( long-hauler [ title/abstract ]) OR ( post-covid condition [ title/abstract ])). We took into account observational studies that described cohorts of outpatients or studies that compared persistent symptoms between individuals with COVID-19 and with other conditions.Most of the literature described cohorts of patients with no comparison groups. Other studies comparing patients with COVID-19 and uninfected individuals were performed in populations that had access to testing during the first wave of the pandemic, thus creating a selection bias. These studies suggested associations between persistent symptoms and a history of COVID-19, but may have been confounded by severity of the acute illness, age, sex, or comorbidities. In addition, there were no studies comparing individuals from the general population who received serological tests or PCR in a research context. Added value of this studyThis population-based cohort study included 25910 individuals divided in 4 groups defined by the symptoms they presented during the first wave of the pandemic and by their serological status for SARS-CoV-2 infection. All individuals received serological tests and prospectively completed questionnaires. We compared the risk of presenting with several persistent symptoms 7 to 8 months after the first wave of the pandemic in France. We used adjusted logistic regression models to compare the risk of having each of the symptoms between the groups. This showed that individuals in all groups had a similar risk of having at least one symptom. However, dysgeusia/anosmia, dyspnea, and asthenia were more frequent in individuals with a history of COVID-19. Some symptoms were more frequent in other groups ( sleep disorders, abdominal pain, sensory symptoms). Implications of the available evidenceThis study shows that persistent symptoms are common in the general population, irrespective of COVID-19 history. Individuals with a history of COVID-19 have however an increased risk of persistent dysgeusia/anosmia, dyspnea and asthenia. Acute clinical presentation is a strong determinant of these long-term symptoms. This should prompt policy makers to develop holistic management strategies for patients with post-COVID-19 conditions as well as for other patients with similar complaints. Promoting therapeutic and preventive strategies that reduce the symptoms of the acute phase of the disease could have an effect on the post-COVID symptoms.
To identify existing studies on post-acute symptoms due to SARS-CoV-2 infection, we searched PubMed from January, 2020 to December 20, 2021. We used the following search string: ( COVID-19 [ title/abstract ] OR SARS-CoV-2 [ title/abstract ]) AND ( ( long-term [ title/abstract ] AND complications [ title/abstract ]) OR ( ( persistent [ title/abstract ] OR persistence [ title/abstract ]) AND symptoms [ title/abstract ])) OR ( long-covid [ title/abstract ]) OR ( long-hauler [ title/abstract ]) OR ( post-covid condition [ title/abstract ])). We took into account observational studies that described cohorts of outpatients or studies that compared persistent symptoms between individuals with COVID-19 and with other conditions.
Most of the literature described cohorts of patients with no comparison groups. Other studies comparing patients with COVID-19 and uninfected individuals were performed in populations that had access to testing during the first wave of the pandemic, thus creating a selection bias. These studies suggested associations between persistent symptoms and a history of COVID-19, but may have been confounded by severity of the acute illness, age, sex, or comorbidities. In addition, there were no studies comparing individuals from the general population who received serological tests or PCR in a research context.
This population-based cohort study included 25910 individuals divided in 4 groups defined by the symptoms they presented during the first wave of the pandemic and by their serological status for SARS-CoV-2 infection. All individuals received serological tests and prospectively completed questionnaires. We compared the risk of presenting with several persistent symptoms 7 to 8 months after the first wave of the pandemic in France. We used adjusted logistic regression models to compare the risk of having each of the symptoms between the groups. This showed that individuals in all groups had a similar risk of having at least one symptom. However, dysgeusia/anosmia, dyspnea, and asthenia were more frequent in individuals with a history of COVID-19. Some symptoms were more frequent in other groups ( sleep disorders, abdominal pain, sensory symptoms).
This study shows that persistent symptoms are common in the general population, irrespective of COVID-19 history. Individuals with a history of COVID-19 have however an increased risk of persistent dysgeusia/anosmia, dyspnea and asthenia. Acute clinical presentation is a strong determinant of these long-term symptoms. This should prompt policy makers to develop holistic management strategies for patients with post-COVID-19 conditions as well as for other patients with similar complaints. Promoting therapeutic and preventive strategies that reduce the symptoms of the acute phase of the disease could have an effect on the post-COVID symptoms.
Post-covid-19 condition is potentially an emerging issue in the Covid-19 pandemic. Months after the acute illness caused by SARS-CoV-2 infection, clinical symptoms may persist whether or not the acute phase required hospitalization.1Nehme M Braillard O Alcoba G et al.COVID-19 Symptoms: Longitudinal Evolution and Persistence in Outpatient Settings.Ann Intern Med. 2021; 174: 723-725Google Scholar, 2Petersen MS Kristiansen MF Hanusson KD et al.Long COVID in the Faroe Islands - a longitudinal study among non-hospitalized patients.Clin Infect Dis. 2020; ( published online Nov 30) https: //doi.org/10.1093/cid/ciaa1792Google Scholar, 3Huang L Yao Q Gu X et al.1-year outcomes in hospital survivors with COVID-19: a longitudinal cohort study.Lancet. 2021; 398: 747-758Google Scholar, 4Nehme M Braillard O Chappuis F Courvoisier DS Guessous I. Prevalence of Symptoms More Than Seven Months After Diagnosis of Symptomatic COVID-19 in an Outpatient Setting.Ann Intern Med. 2021; 174: 1252-1260Google Scholar The main persistent symptoms are asthenia, pain, dyspnea, cognitive complaints, and dysgeusia/anosmia.5Wanga V Chevinsky JR Dimitrov LV et al.Long-term symptoms among adults tested for SARS-CoV-2 - United States.MMWR Morb Mortal Wkly Rep. 2021; 70 ( January 2020-April 2021): 1235-1241Google Scholar Other symptoms such as neurological or digestive complaints have also been described.6Tran V-T Riveros C Clepier B et al.Development and validation of the long covid symptom and impact tools, a set of patient-reported instruments constructed from patients’ lived experience.Clin Infect Dis. 2021;: ciab352Google Scholar The pathophysiology of these persistent symptoms is poorly understood. Except for dysgeusia/anosmia, these persistent symptoms are not specific to SARS-CoV-2 infection but may be related to other conditions, or the consequence of changes in behavior, wellbeing, or access to care due to the pandemic. In this context, characterizing the phenotypes represented by the association of these persistent symptoms in persons with ( versus without) SARS-CoV-2 past infection has rarely been studied. Therefore, to better understand the persistent symptoms after COVID-19, it is important to determine whether some of these symptoms are more specifically associated with SARS-CoV-2 infection than with other conditions.7Mahase E. Covid-19: What do we know about ‘ long covid’?.BMJ. 2020; 370: m2815Google Scholar
The aim of this study using extensive data from a large population-based cohort study was to compare the risk of each persistent symptom depending on serological status for SARS-CoV-2 and depending on the history of acute symptoms during the first pandemic wave.
This survey is nested in the French CONSTANCES population-based cohort8Zins M Goldberg M team CONSTANCES The French CONSTANCES population-based cohort: design, inclusion and follow-up.Eur J Epidemiol. 2015; 30: 1317-1328Google Scholar which includes approximately 200,000 adults aged 18 to 69 at inception. Since 2012, participants have been selected from the French adult population affiliated with the National Fund for Health Insurance according to a random sampling scheme stratified for age, gender, socioeconomic status and region of France to be representative of the source population, and have been followed by repeated yearly questionnaires and linked by administrative databases. CONSTANCES is also one of the three adult cohorts that is involved in the SAPRIS-SERO ( `` Santé, Pratiques, Relations et Inégalités Sociales en population générale pendant la crise COVID-19 '' - Serology) survey, whose aim is to quantify the cumulative incidence of SARS-CoV-2 infection in the French population using the dried blood spot ( DBS) test for anti-SARS-CoV-2 antibodies.9Carrat F de Lamballerie X Rahib D et al.Antibody status and cumulative incidence of SARS-CoV-2 infection among adults in three regions of France following the first lockdown and associated risk factors: a multicohort study.Int J Epidemiol. 2021; 50: 1458-1472Google Scholar In this specific COVID-19 survey, 66,848 CONSTANCES participants being followed-up by internet were asked to complete two self-administered e-questionnaires between April 6, 2020, and June 15, 2020. Variables included socio-demographics, comorbidities, COVID-19 diagnosis, and a detailed collection of 12 acute symptoms present in the participants during the 15 days before each questionnaire. These two questionnaires were used to classify participants according to whether or not they experienced a COVID-19-like illness during the first wave of the epidemic, but also to evaluate the number of acute symptoms experienced during the initial episode. Between May 4, 2020, and November 30, 2020, DBS was also collected. Then, between December 2020 and February 2021, a third follow-up internet questionnaire including questions on clinical symptoms was completed by the participants. Overall, 35,852 participants completed the first 2 questionnaires, had a serology performed and were eligible for this survey on persistent symptoms.
Ethical approval and written or electronic informed consent were obtained from each participant before enrolment in the original cohort. The SAPRIS-SERO study was approved by the Sud-Mediterranée III ethics committee ( approval # 20.04.22.74247) and electronic informed consent was obtained from all participants for DBS testing.
Participants were considered “ Sero+ ” or “ Sero- ” if the serological test was positive for SARS-CoV-2 infection. COVID-19-like illness during the first pandemic wave was defined according to the European Centre for Disease Prevention and Control ( ECDC) case definition. Participants were considered “ ECDC+ ” if they reported at least one of the following symptoms that lasted at least 3 days: dysgeusia/anosmia, dyspnea, fever, and cough in at least one of the two first questionnaires.10Case definition for coronavirus disease 2019 ( COVID-19), as of 3 December 2020. European Centre for Disease Prevention and Control. https: //www.ecdc.europa.eu/en/covid-19/surveillance/case-definition. Accessed 4 April 2021.Google Scholar Other acute symptoms included headache, unusual asthenia, myalgia, joint pain, runny nose, nausea/vomiting, diarrhea and skin problems.
The seropositive and seronegative status was defined by IgG results against the spike protein of the virus ( i.e., optical density ratio ≥1.1 and < 0.7, respectively) using the ( Euroimmun®, Lübeck, Germany) test.9Carrat F de Lamballerie X Rahib D et al.Antibody status and cumulative incidence of SARS-CoV-2 infection among adults in three regions of France following the first lockdown and associated risk factors: a multicohort study.Int J Epidemiol. 2021; 50: 1458-1472Google Scholar In case of indeterminate results ( i.e., optical density ratio ≥0.7 and < 1.1), an in-house microneutralization assay to detect neutralizing anti-SARS-CoV-2 antibodies was performed. Participants with neutralizing antibody titers ≥40 were also considered to be seropositive. Most seropositive participants were assumed to have been infected during the first wave of the pandemic, between February 2020 and May 2020.
We selected all seropositive and seronegative participants who completed the follow-up questionnaire excluding participants who reported a diagnosis of COVID-19 after the serological test. There were 4 groups of participants: the ECDC+/Sero+ group defined by ECDC symptoms and seropositivity to anti-SARS-CoV-2 antibodies; the ECDC+/Sero- group defined by ECDC symptoms and seronegativity; the ECDC-/Sero+ group defined by the absence of ECDC symptoms, seropositivity and no history of COVID-19 reported on the third questionnaire; and the ECDC-/Sero- goup defined by the absence of ECDC symptoms, seronegativity and no history of COVID-19 reported on the third questionnaire ( see supplementary appendix p 1).
To identify persistent symptoms, we used symptoms reported in the third questionnaire. The list of symptoms was based on symptoms described in the literature on “ post-covid-19 syndrome ” and “ long-covid ”.6Tran V-T Riveros C Clepier B et al.Development and validation of the long covid symptom and impact tools, a set of patient-reported instruments constructed from patients’ lived experience.Clin Infect Dis. 2021;: ciab352Google Scholar It explored dysgeusia/anosmia, cardiothoracic symptoms ( cough, thoracic pain, palpitations), pains ( backpain, arthralgia, myalgia, headache), digestive disorders ( nausea, diarrhea, constipation, abdominal pain), and others symptoms that were frequently associated with long-covid ( asthenia, fever, cognitive complaints, cranial nerves abnormalities, sensory disorders, talk abnormalities, auditory disorders, dizziness, sleep disorders, skin disorders).
Persistent symptoms were defined as those that began after March 2020, lasted at least two months, and were still present at the time of the third questionnaire.
Because our goal was to compare persistent symptoms according to infection assessed by SARS-CoV-2 serological status and to highlight the specific association with past infection in patients with a history of acute symptoms during the first pandemic wave, the risk of presenting each persistent symptom was compared between Sero+ and Sero- groups, and between ECDC+/Sero+ and ECDC+/Sero- groups. Comparisons involving ECDC-/Sero+ and ECDC-/Sero- are presented in the supplementary appendix ( ECDC-/Sero+ VS ECDC-/Sero-; ECDC+/Sero+ VS ECDC-/Sero-). Groups were compared using t-test for continuous variables and Chi-square test for qualitative variables. Univariable and multivariable logistic regression models were performed to estimate the strength of association ( odds-ratio ( OR)) between each persistent symptoms ( the dependent variable) and the group ( independent variable). Multivariable OR estimates were adjusted for sex, age, educational level, comorbidities lasting more than 6 months and the number of symptoms reported during the first wave of the pandemic ( aOR). Indeed, persistent symptoms seem to be epidemiologically associated with the number of acute symptoms in hospitalized patients and in outpatients with COVID-19.11Ghosn J Piroth L Epaulard O et al.Persistent COVID-19 symptoms are highly prevalent 6 months after hospitalization: results from a large prospective cohort.Clin Microbiol Infect. 2021; 27 ( 1041.e1-e4) Google Scholar,12Sudre CH Murray B Varsavsky T et al.Attributes and predictors of long COVID.Nat Med. 2021; ( Published online March 10) https: //doi.org/10.1038/s41591-021-01292-yGoogle Scholar All tests were two-sided and P < 0.05 was considered statistically significant.
We also used longitudinal data for the 10 symptoms that were collected in all questionnaires to compare the persistence of each of these symptoms between Sero- and Sero+ participants.
We finally conducted a mediation analysis for all persistent symptoms associated with the serological status in univariable analysis. In this analysis, we assumed that a part of the association of the serological status on persistent symptoms was mediated by the acute symptoms caused by the infection; in other words, the acute symptoms are supposed to be in the causal pathway between the infection and the persistent symptoms and can not be considered as a confounding factor ( Figure 1).Figure 1Concept and design of the mediation analysis for the association of SARS-COV-2 infection with persistent symptoms. ( 1) Total effect model ( 2) Basic mediation model ( 3) Full mediation model used in the study.Show full captionThe mediation analysis allows us to evaluate the part of the direct and indirect effect ( 2) in the total effect ( 1).The full model ( 3) took also into account the interaction between the exposure and the mediator ( b and d) and was adjusted on confounding factors. We calculated the total effect ( TE= a+b+c+d), the direct effect of the exposure ( a+b: natural direct effect, NDE) and the indirect effect mediated by the ECDC symptoms ( c+d: natural indirect effect, NIE). The proportion mediated is represented by NIE/TE. The proportion due to interaction is NDE/TE.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
The mediation analysis allows us to evaluate the part of the direct and indirect effect ( 2) in the total effect ( 1).
The full model ( 3) took also into account the interaction between the exposure and the mediator ( b and d) and was adjusted on confounding factors. We calculated the total effect ( TE= a+b+c+d), the direct effect of the exposure ( a+b: natural direct effect, NDE) and the indirect effect mediated by the ECDC symptoms ( c+d: natural indirect effect, NIE). The proportion mediated is represented by NIE/TE. The proportion due to interaction is NDE/TE.
Mediation analysis has been widely used in social and medical sciences.13Robins JM Greenland S. Identifiability and exchangeability for direct and indirect effects.Epidemiology. 1992; 3: 143-155Google Scholar, 14Robins JM Mark SD Newey WK. Estimating exposure effects by modelling the expectation of exposure conditional on confounders.Biometrics. 1992; 48: 479-495Google Scholar, 15Pearl J. Direct and indirect effects.in: Proceedings of the Seventeenth conference on Uncertainty in artificial intelligence, San Francisco, CA, USA Morgan Kaufmann Publishers Inc., 2001: 411-420Google Scholar, 16Valeri L VanderWeele TJ. Mediation analysis allowing for exposure-mediator interactions and causal interpretation: theoretical assumptions and implementation with SAS and SPSS macros.Psychol Methods. 2013; 18: 137-150Google Scholar, 17Vanderweele TJ Vansteelandt S. Odds ratios for mediation analysis for a dichotomous outcome.Am J Epidemiol. 2010; 172: 1339-1348Google Scholar It relies on a set of regression equations to model the relationships between the dependent variable, the mediator and the independent variable, while allowing adjustments for confounding factors.
We analyzed the association of past infection ( defined by the SARS-CoV-2 serology result) on persistent symptoms, mediated by the initial clinical presentation, defined by ECDC status. The “ effect ” of past infection status can thus be direct, not passing through the initial symptoms, or indirect, passing through the initial clinical presentation.
We estimated the direct and indirect effect by calculating the following parameters: 16Valeri L VanderWeele TJ. Mediation analysis allowing for exposure-mediator interactions and causal interpretation: theoretical assumptions and implementation with SAS and SPSS macros.Psychol Methods. 2013; 18: 137-150Google Scholar,17Vanderweele TJ Vansteelandt S. Odds ratios for mediation analysis for a dichotomous outcome.Am J Epidemiol. 2010; 172: 1339-1348Google Scholar-The natural direct effect ( NDE), defined as the effect of a positive serology versus a negative serology on the probability of persistent symptoms when the ECDC status is negative. The NDE includes an interaction effect of serology with ECDC status which is not mediated; -The natural indirect effect ( NIE), defined as the effect of ECDC positive versus ECDC negative on the probability of persistent symptoms when the serological status is positive. The NIE includes an interaction effect of serology with ECDC status which is mediated; -The total effect ( TE) defined as the overall effect of serology on persistent symptoms, which is the product of NDE and NIE, when they are calculated as adjusted OR ( aORTE=aORNDEx aORNIE).-The proportion of the total effect that was mediated using the formula on the risk difference scale, ( 100xaORNDE x ( aORNIE -1) / ( aORTE -1)) -The proportion of the effect due to interaction ( see Figure 1).
For each persistent symptom, the estimation of direct and indirect effects was based on two logistic models. A first logistic model predicted the probability of persistent symptom according to serological status, ECDC status, an interaction term between these two covariates, and the confounding factors. The second model predicted the probability of ECDC status according to serological status and the confounding factors. Direct and indirect aOR estimates were deduced from these two logistic models ( formulas can be found in Ref 16Valeri L VanderWeele TJ. Mediation analysis allowing for exposure-mediator interactions and causal interpretation: theoretical assumptions and implementation with SAS and SPSS macros.Psychol Methods. 2013; 18: 137-150Google Scholar.). All the mediation models were adjusted on age, sex, and comorbidities. Confidence intervals for estimates were calculated using bootstrap with 10 000 replicates.
Statistical analyses were performed using R software 4.0.5. Mediation analysis was performed using the CAUSALMED procedure in SAS 9.4.
The sponsor of the study had no role in study design, data collection, data analysis, data interpretation, or writing of the report. The corresponding author had full access to all data in the study and had final responsibility for the decision to submit for publication.
Overall, 29,438 of 35,852 ( 82%) eligible participants completed the follow-up questionnaire. After excluding those whose serology was indeterminate or who reported a diagnosis of COVID-19 after serology, 25,910 ( 72%) participants were classified into one of the four groups of interest ( see supplementary appendix p 1).
Participant characteristics according to the presence of at least one persistent symptom reported through the follow-up questionnaire are summarized in Table 1. All variables were statistically different between the groups declaring no persistent symptom and the group declaring at least one persistent symptom. However, the most important difference was in the number of acute symptoms presented during the acute phase of the epidemic ( 70.1 and 50.2% declared no acute symptoms in the group having no persistent symptoms and in the group having at least one persistent symptom, respectively). The median time between completion of the first questionnaire and the third follow-up questionnaire was 242 days [ IQR:238–251 ]. Overall, 4028 ( 15.5%) participants experienced COVID-19-like illness during the first wave and 1022 ( 3.9%) participants had a positive SARS-CoV-2 serology. Overall, 6643 ( 25.6%) reported having at least one persistent symptom in the follow-up questionnaire ( in those participants, the median number ( IQR) of persistent symptoms was 1 ( 1-2)).Table 1Main characteristics of participants, serological status ( Sero) and experience of COVID-19-like illness during the first wave ( ECDC) according to the presentation of at least one persistent symptom in the follow-up questionnaire.All participantsAt least one persistent symptom lasting more than 2 months - 12/2020-02/2021NoYespN = 25910N = 19267N = 6643Mean age ( SD) 49.5 ( 12.9) 48.9 ( 13.0) 51.1 ( 12.2) < 0.0001Sex ( female) 13299 ( 51.3%) 9509 ( 49.4%) 3790 ( 57.1%) < 0.0001Educational level < 0.0001Other294 ( 1.13%) 222 ( 1.2%) 72 ( 1.1%) Under high school diploma7027 ( 27.1%) 5109 ( 26.5%) 1918 ( 28.9%) Under graduate degree9948 ( 38.4%) 7326 ( 38.0%) 2622 ( 39.5%) Post graduate degree8641 ( 33.4%) 6610 ( 34.3%) 2031 ( 30.6%) At least one Comorbidity⁎⁎Missing value: n=227 ( 0.9%).6989 ( 27.2%) 4541 ( 23.7%) 2448 ( 37.3%) < 0.0001Groups < 0.0001ECDC-/Sero-21354 ( 82.4%) 16393 ( 85.1%) 4961 ( 74.7%) ECDC-/Sero+528 ( 2.0%) 423 ( 2.2%) 105 ( 1.6%) ECDC+/Sero-3534 ( 13.6%) 2170 ( 11.3%) 1364 ( 20.5%) ECDC+/Sero+494 ( 1.9%) 281 ( 1.5%) 213 ( 3.2%) Number of acute symptoms⁎⁎⁎missing value n=1229 ( 4.7%). < 0.0001016054 ( 65.0%) 12919 ( 70.1%) 3135 ( 50.2%) 15085 ( 20.6%) 3484 ( 18.9%) 1601 ( 25.7%) 21926 ( 7.8%) 1206 ( 6.5%) 720 ( 11.5%) 3753 ( 3.1%) 427 ( 2.3%) 326 ( 5.2%) 4 or more863 ( 3.50%) 405 ( 2.2%) 458 ( 7.3%) Groups were compared using t-test for continuous variables and Chi-square test for qualitative variables. Missing value: n=227 ( 0.9%). missing value n=1229 ( 4.7%). Open table in a new tab
Groups were compared using t-test for continuous variables and Chi-square test for qualitative variables.
The association between SARS-CoV-2 serological status and each persistent symptom is presented in Table 2. At least one persistent symptom was present in 318 ( 31.1%) and 5926 ( 24.7%) participants in the Sero+ and the Sero- groups, respectively ( P < 0.0001). Dysgeusia/anosmia, dyspnea, palpitations, asthenia, and cognitive complaints were positively associated with a positive serology in multivariable adjusted models, while abdominal pain or skin disorders were negatively associated. The association was strong for persistent dysgeusia/anosmia ( with an aOR of 8.98 ( 95% CI 6.03–13.28)), while it was weak for other symptoms with aOR ranging from 1.82 ( 95% CI 1.20–2.68) for dyspnea to 0.42 ( 95% CI 0.21–0.74) for abdominal pain.Table 2Persistent symptoms lasting more than 2 months according to serological results.Sero-Sero+ORpaOR * aOR were adjusted for sex, age, educational level, comorbidities lasting more than 6 months and the number of symptoms declared during the first wave of the pandemic. OR odds-ratio; aOR: Adjusted odds-ratio; CI: confidence interval.pN = 24888N = 1022 [ 95% CI ] [ 95% CI ] Number of persistent symptoms ( med [ IQR ] 0 [ 0-2 ] 0 [ 0-1 ] -- -- At least one persistent symptom5926 ( 24.7%) 318 ( 31.1%) 1.33 [ 1.16-1.52 ] < 0.00011.04 [ 0.90-1.21 ] 0.57Dysgeusia/anosmia101 ( 0.4%) 65 ( 6.4%) 16.67 [ 12.08-22.85 ] < 0.00018.98 [ 6.03-13.28 ] < 0.0001Cardiothoracic complaintsCough178 ( 0.7%) 14 ( 1.4%) 1.93 [ 1.06-3.21 ] 0.0190.90 [ 0.46-1.64 ] 0.76Dyspnea235 ( 0.9%) 39 ( 3.8%) 4.16 [ 2.91-5.8 ] < 0.00011.82 [ 1.20-2.68 ] 0.004Thoracic pain172 ( 0.7%) 21 ( 2.1%) 3.01 [ 1.85-4.65 ] < 0.00011.27 [ 0.73-2.10 ] 0.38Palpitations195 ( 0.8%) 22 ( 2.2%) 2.79 [ 1.74-4.25 ] < 0.00011.40 [ 0.82-2.30 ] 0.20PainsBackpain1531 ( 6.2%) 63 ( 6.2%) 1 [ 0.77-1.29 ] 0.990.79 [ 0.59-1.04 ] 0.11Arthralgia1790 ( 7.2%) 65 ( 6.4%) 0.88 [ 0.67-1.12 ] 0.310.90 [ 0.67-1.18 ] 0.45Myalgia834 ( 3.4%) 40 ( 3.9%) 1.17 [ 0.84-1.6 ] 0.330.91 [ 0.62-1.30 ] 0.61Headache356 ( 1.4%) 28 ( 2.7%) 1.94 [ 1.29-2.81 ] 0.00081.01 [ 0.63-1.54 ] 0.97Digestive complaintsNausea56 ( 0.2%) 3 ( 0.3%) 1.31 [ 0.32-3.54 ] 0.650.68 [ 0.16-1.95 ] 0.53Diarrhoea155 ( 0.6%) 8 ( 0.8%) 1.26 [ 0.57-2.4 ] 0.530.61 [ 0.26-1.27 ] 0.22Constipation374 ( 1.5%) 16 ( 1.6%) 1.04 [ 0.6-1.67 ] 0.870.78 [ 0.42-1.33 ] 0.39Abdominal pain390 ( 1.6%) 12 ( 1.2%) 0.75 [ 0.4-1.27 ] 0.320.42 [ 0.21-0.74 ] 0.006Other complaintsAsthenia694 ( 2.8%) 86 ( 8.4%) 3.2 [ 2.52-4.02 ] < 0.00011.43 [ 1.08-1.86 ] 0.01Cognitive complaints590 ( 2.4%) 57 ( 5.6%) 2.43 [ 1.82-3.19 ] < 0.00011.27 [ 0.91-1.74 ] 0.15Fever23 ( 0.1%) 2 ( 0.2%) 2.12 [ 0.34-7.17 ] 0.310.64 [ 0.09-2.72 ] 0.60Cranial nerves abnormalities16 ( 0.1%) 0 ( 0.0%) -- -- Auditive disorders455 ( 1.8%) 12 ( 1.2%) 0.64 [ 0.34-1.08 ] 0.130.66 [ 0.33-1.18 ] 0.20Sensory disorders491 ( 2.0%) 14 ( 1.4%) 0.69 [ 0.39-1.13 ] 0.170.62 [ 0.33-1.05 ] 0.10Talk abnormalities54 ( 0.2%) 4 ( 0.4%) 1.81 [ 0.55-4.42 ] 0.250.80 [ 0.18-2.48 ] 0.73Dizziness160 ( 0.6%) 13 ( 1.3%) 1.99 [ 1.07-3.38 ] 0.0171.40 [ 0.69-2.60 ] 0.31Vertigo13 ( 0.1%) 0 ( 0.0%) -- -- Sleep disorders2589 ( 10.4%) 103 ( 10.1%) 0.97 [ 0.78-1.18 ] 0.740.83 [ 0.66-1.04 ] 0.11Skin disorders607 ( 2.4%) 17 ( 1.7%) 0.68 [ 0.4-1.06 ] 0.120.50 [ 0.28-0.82 ] 0.01 aOR were adjusted for sex, age, educational level, comorbidities lasting more than 6 months and the number of symptoms declared during the first wave of the pandemic. OR odds-ratio; aOR: Adjusted odds-ratio; CI: confidence interval. Open table in a new tab
At least one persistent symptom was reported in 213/494 ( 43.1%) ECDC+/Sero+ participants, 1334/3534 ( 37.7%) ECDC+/Sero- participants, 105/528 ( 19.9%) ECDC-/Sero+ participants and 4961/21,354 ( 23.2%), ECDC-/Sero- participants ( p < 0.0001).
More than 80% of the symptoms reported during the first wave of the pandemic disappeared before the follow-up questionnaire, regardless of the serological result, with the exception of dysgeusia/anosmia and asthenia in the seropositive group ( 59/246 ( 24%) and 75/354 ( 20.3%), respectively -Supplementary Appendix p 5). Dysgeusia/anosmia, asthenia and persistent thoracic pain were still more frequent at the follow-up in seropositive participants than in seronegative participants who experienced these symptoms during the first wave.
Table 3 presents the association between serological status and each persistent symptom in participants who reported a COVID-19-like illness during the first wave of the pandemic ( ECDC+). Dysgeusia/anosmia, dyspnea, and asthenia were positively associated with a positive serology while abdominal pain, sensory complaints, and sleep disorders were negatively associated. The association appeared strong only with dysgeusia/anosmia ( aOR= 6.83 ( 95% CI 4.47–10.42)).Table 3Persistent symptoms lasting more than 2 months according to the presence of ECDC symptoms during the first wave of the pandemic and to the serological results.ECDC+/Sero-ECDC+/Sero+ORaOR * aOR were adjusted for sex, age, educational level, comorbidities, and the number of symptoms at the acute phase. OR odds-ratio; aOR: Adjusted odds-ratio; CI: confidence interval.N=3534N=494 [ 95% CI ] p [ 95% CI ] pAt least one persistent symptom1364 ( 38.6%) 213 ( 43.1%) 1.21 [ 1-1.46 ] 0.051.14 [ 0.91-1.42 ] 0.25Dysgeusia/anosmia65 ( 1.8%) 64 ( 13.0%) 7.94 [ 5.54-11.39 ] < 0.00016.83 [ 4.47-10.42 ] < 0.0001Cardiothoracic complaintsCough118 ( 3.3%) 13 ( 2.63%) 0.78 [ 0.42-1.35 ] 0.410.70 [ 0.33-1.31 ] 0.29Dyspnea134 ( 3.8%) 35 ( 7.1%) 1.93 [ 1.32-2.81 ] 0.00081.69 [ 1.07-2.60 ] 0.02Thoracic pain85 ( 2.4%) 19 ( 3.9%) 1.62 [ 0.95-2.63 ] 0.061.15 [ 0.61-2.06 ] 0.65Palpitations74 ( 2.1%) 16 ( 3.2%) 1.57 [ 0.87-2.64 ] 0.111.23 [ 0.63-2.26 ] 0.53PainsBackpain356 ( 10.1%) 38 ( 7.7%) 0.74 [ 0.52-1.04 ] 0.100.78 [ 0.52-1.15 ] 0.22Arthralgia364 ( 10.3%) 48 ( 9.7%) 0.94 [ 0.68-1.27 ] 0.691.02 [ 0.69-1.46 ] 0.92Myalgia206 ( 5.8%) 28 ( 5.7%) 0.97 [ 0.63-1.43 ] 0.890.82 [ 0.49-1.31 ] 0.42Headache119 ( 3.37%) 23 ( 4.66%) 1.40 [ 0.87-2.17 ] 0.151.11 [ 0.64-1.85 ] 0.69Digestive complaintsNausea17 ( 0.5%) 0 ( 0.0%) -- -- Diarrhoea51 ( 1.4%) 6 ( 1.2%) 0.84 [ 0.32-1.82 ] 0.680.61 [ 0.21-1.48 ] 0.31Constipation75 ( 2.1%) 7 ( 1.4%) 0.66 [ 0.28-1.35 ] 0.300.38 [ 0.11-0.99 ] 0.08Abdominal pain126 ( 3.6%) 11 ( 2.2%) 0.62 [ 0.31-1.10 ] 0.130.51 [ 0.24-0.96 ] 0.05Other complaintsAsthenia260 ( 7.4%) 70 ( 14.2%) 2.08 [ 1.56-2.74 ] < 0.00011.48 [ 1.05-2.07 ] 0.02Cognitive complaints190 ( 5.4%) 45 ( 9.1%) 1.76 [ 1.24-2.45 ] 0.00111.47 [ 0.98-2.16 ] 0.06Fever17 ( 0.5%) 2 ( 0.4%) 0.84 [ 0.13-2.94 ] 0.820.68 [ 0.10-2.84 ] 0.64Cranial nerves abnormalities9 ( 0.3%) 0 ( 0.0%) -- -- Sensory disorders126 ( 3.6%) 7 ( 1.4%) 0.39 [ 0.16-0.78 ] 0.020.40 [ 0.16-0.85 ] 0.03Talk abnormalities22 ( 0.6%) 4 ( 0.8%) 1.30 [ 0.38-3.42 ] 0.631.00 [ 0.21-3.41 ] > 0.99Auditive disorders107 ( 3.0%) 9 ( 1.8%) 0.59 [ 0.28-1.12 ] 0.140.62 [ 0.25-1.32 ] 0.26Dizziness45 ( 1.3%) 10 ( 2.0%) 1.60 [ 0.76-3.07 ] 0.181.54 [ 0.65-3.35 ] 0.30Vertigo7 ( 0.2%) 0 ( 0.0%) -- -- Sleep disorders556 ( 15.7%) 56 ( 11.3%) 0.68 [ 0.51-0.91 ] 0.010.69 [ 0.49-0.95 ] 0.02Skin disorders136 ( 3.9%) 13 ( 2.6%) 0.68 [ 0.36-1.16 ] 0.180.61 [ 0.29-1.15 ] 0.15 aOR were adjusted for sex, age, educational level, comorbidities, and the number of symptoms at the acute phase. OR odds-ratio; aOR: Adjusted odds-ratio; CI: confidence interval. Open table in a new tab
Other comparisons between groups defined according to a COVID-19-like illness during the first wave and serological status are presented in supplementary appendix ( p 6). Of note, there was no difference in any of the persistent symptoms between ECDC-/Sero+ and ECDC-/Sero- participants except for palpitations which appear to be more frequent in seropositive than in seronegative participants ( aOR: 2.67 ( 95% CI 1.15, 6.22), p = 0.02).
The mediation analysis is presented on Table 4 and was performed for dysgeusia/anosmia, cough, dyspnea, thoracic pain, palpitations, headache, asthenia, and cognitive complaints.Table 4Mediation analysis. Estimates of direct and indirect effect for persistent symptoms associated with the serological status.SymptomsTotal effectaOR * Estimates are adjusted for age, gender and comorbidities and interaction are taken into account ( reference interaction and mediated interaction). NDE: natural direct effect; NIE: natural indirect effect; aOR: Adjusted odds-ratio; CI: confidence interval. [ 95% CI ] NDEaOR * Estimates are adjusted for age, gender and comorbidities and interaction are taken into account ( reference interaction and mediated interaction). NDE: natural direct effect; NIE: natural indirect effect; aOR: Adjusted odds-ratio; CI: confidence interval. [ 95% CI ] NIEaOR * Estimates are adjusted for age, gender and comorbidities and interaction are taken into account ( reference interaction and mediated interaction). NDE: natural direct effect; NIE: natural indirect effect; aOR: Adjusted odds-ratio; CI: confidence interval. [ 95% CI ] Proportion mediated% [ 95% CI ] Proportion due to the interaction% [ 95% CI ] At least one persistent symptom1.57 [ 1.34-1.83 ] 1.05 [ 0.88-1.23 ] 1.50 [ 1.34-1.69 ] 92 [ 68-131 ] 55 [ 20-85 ] Dysgeusia/anosmia21.24 [ 14.81-29.28 ] 6.87 [ 4.72-9.70 ] 3.09 [ 2.60-3.47 ] 71 [ 65-75 ] 92 [ 83-97 ] Cough2.22 [ 1.14-3.69 ] 0.91 [ 0.40-1.82 ] 2.45 [ 1.46-3.46 ] 107 [ 45-310 ] -12 [ -440-61 ] Dyspnea4.16 [ 2.83-5.83 ] 1.83 [ 2.65-2.80 ] 2.28 [ 1.70-3.02 ] 74 [ 54-93 ] 54 [ 16-77 ] Palpitations3.15 [ 1.82-4.85 ] 1.37 [ 0.69-2.41 ] 2.30 [ 1.50-3.38 ] 83 [ 51-127 ] 58 [ -10-90 ] Thoracic pain2.89 [ 1.72-4.41 ] 1.95 [ 0.98-3.35 ] 1.48 [ 1.05-2.30 ] 50 [ 6-101 ] 25 [ -59-80 ] Headache1.90 [ 1.20-2.72 ] 1.03 [ 0.57-1.67 ] 1.84 [ 1.31-2.74 ] 96 [ 48-239 ] 62 [ -36-134 ] Asthenia3.05 [ 2.36-3.91 ] 1.62 [ 1.19-2.19 ] 1.88 [ 1.53-2.32 ] 70 [ 51-88 ] 58 [ 29-80 ] Cognitive complaints2.42 [ 1.76-3.22 ] 1.40 [ 0.94-1.99 ] 1.73 [ 1.36-2.25 ] 72 [ 45-105 ] 57 [ 14-92 ] ECDC status is used as the mediator variable. Estimates are adjusted for age, gender and comorbidities and interaction are taken into account ( reference interaction and mediated interaction). NDE: natural direct effect; NIE: natural indirect effect; aOR: Adjusted odds-ratio; CI: confidence interval. Open table in a new tab
ECDC status is used as the mediator variable.
The aOR for NDE were in the range of those found in previous analyses with an aOR of 6.87 ( 95% CI 4.72–9.70) for dysgeusia/anosmia ( aOR) and lower aORs > 1 for dyspnea and asthenia. All aOR for NIE were > 1, meaning that the experience of ECDC symptoms was associated with persistent symptoms in those with positive serology. The effect of positive serology on each symptom was mainly mediated by ECDC symptoms ( proportion mediated range 50–107%) with a high proportion of the effect due to a positive interaction between serology and ECDC symptoms in all symptoms except cough.
This population-based study quantifies the prevalence of persistent symptoms and examine symptoms according to ECDC COVID-19-like illness criteria and SARS-CoV-2 serological status. The results confirm the high prevalence of persistent symptoms in this population, especially in participants who experienced ECDC symptoms during the first pandemic wave. The mediation analysis showed that persistent symptoms associated with a seropositive status are mainly driven by the acute symptoms during the first pandemic wave.
Some of these persistent symptoms were more frequent in participants with ECDC+/Sero+ than in the other groups, independently of the number of acute symptoms. It confirmed the importance of dysgeusia/anosmia, dyspnea, and asthenia in persistent symptoms.12Sudre CH Murray B Varsavsky T et al.Attributes and predictors of long COVID.Nat Med. 2021; ( Published online March 10) https: //doi.org/10.1038/s41591-021-01292-yGoogle Scholar,18Lund LC Hallas J Nielsen H et al.Post-acute effects of SARS-CoV-2 infection in individuals not requiring hospital admission: a Danish population-based cohort study.Lancet Infect Dis. 2021; ( Published online May 10) https: //doi.org/10.1016/S1473-3099 ( 21) 00211-5Google Scholar,19Blomberg B Mohn KG-I Brokstad KA et al.Long COVID in a prospective cohort of home-isolated patients.Nat Med. 2021; ( Published online June 23) https: //doi.org/10.1038/s41591-021-01433-3Google Scholar The risk of having the other symptoms that have been suggested as related to “ long covid “ were similar or higher in ECDC+/Sero- than in ECDC+/Sero+. This suggest that these persistent symptoms are common and are often not specific to the causative agent. During the first wave of the epidemic in France in 2020, viruses other than SARS-CoV-2 were circulating.20Le Hingrat Q Bouzid D Choquet C et al.Viral epidemiology and SARS-CoV-2 co-infections with other respiratory viruses during the first COVID-19 wave in Paris, France.Influenza Other Respir Viruses. 2021; 15: 425-428Google Scholar Furthermore, the lack of specificity of most symptoms or their combinations to the post-covid condition emphasizes the importance of studying post-infectious states. Chronic post-viral fatigue ( CMV, EBV, HIV) is a known but poorly explained phenomenon related to a persistent inflammatory state, a latent infection, a particular psychological context, or functional disorders. It has been suggested that persistent symptoms are driven by the initial intensity of the disease as well as other multidimensional and indirect factors.21Figueroa JD Brennan PM Theodoratou E et al.Distinguishing between direct and indirect consequences of covid-19.BMJ. 2020; 369: m2377Google Scholar This is in line with another study based on the CONSTANCES cohort which shows that, except for dysgeusia/anosmia, a self-reported infection of SARS-CoV-2 was associated with persistent physical symptoms regardless of the result of serological tests.22Matta J Wiernik E Robineau O et al.Association of self-reported COVID-19 infection and SARS-CoV-2 serology test results with persistent physical symptoms among french adults during the COVID-19 pandemic.JAMA Intern Med. 2021; ( Published online Nov 8) https: //doi.org/10.1001/jamainternmed.2021.6454Google Scholar Our results are complementary to these, by classifying individuals according to their symptoms in the acute phase rather than a classification according to the diagnosis, which may be affected by the beliefs of the patient and/or the doctor. Here we demonstrated that some symptoms are more associated with SARS-COV-2 infection, especially in case of symptomatic acute symptoms. However, it is interesting to note that the individuals with asymptomatic SARS-CoV-2 infection were like ECDC-/Sero-, except for having a higher risk of palpitations. These results should be considered with caution, although cardiac consequences in asymptomatic or mild infections have been suggested.23Rajpal S Tong MS Borchers J et al.Cardiovascular magnetic resonance findings in competitive athletes recovering from COVID-19 infection.JAMA Cardiology. 2021; 6: 116-118Google Scholar
Unlike in other results in the literature evaluating outpatients with covid-19, the median number of persistent symptoms was low. This could be due to the population-based design of the present study. Most of the studies published in the literature were performed in specific populations ( e.g. population with access to a PCR test during the first wave, healthcare workers) or in individuals who used the healthcare system for symptoms.12Sudre CH Murray B Varsavsky T et al.Attributes and predictors of long COVID.Nat Med. 2021; ( Published online March 10) https: //doi.org/10.1038/s41591-021-01292-yGoogle Scholar,19Blomberg B Mohn KG-I Brokstad KA et al.Long COVID in a prospective cohort of home-isolated patients.Nat Med. 2021; ( Published online June 23) https: //doi.org/10.1038/s41591-021-01433-3Google Scholar,24Nehme M Braillard O Alcoba G et al.COVID-19 Symptoms: longitudinal evolution and persistence in outpatient settings.Ann Intern Med. 2020; ( Published online Dec 8) https: //doi.org/10.7326/M20-5926Google Scholar, 25Havervall S Rosell A Phillipson M et al.Symptoms and functional impairment assessed 8 months after mild COVID-19 among health care workers.JAMA. 2021; ( Published online April 7) https: //doi.org/10.1001/jama.2021.5612Google Scholar, 26Al-Aly Z Xie Y Bowe B. High-dimensional characterization of post-acute sequalae of COVID-19.Nature. 2021;: 1-8Google Scholar This suggests that the intensity and the number of acute symptoms, which are associated with persistent symptoms, might have been higher in these previous studies than in the general population.11Ghosn J Piroth L Epaulard O et al.Persistent COVID-19 symptoms are highly prevalent 6 months after hospitalization: results from a large prospective cohort.Clin Microbiol Infect. 2021; 27 ( 1041.e1-e4) Google Scholar,12Sudre CH Murray B Varsavsky T et al.Attributes and predictors of long COVID.Nat Med. 2021; ( Published online March 10) https: //doi.org/10.1038/s41591-021-01292-yGoogle Scholar The follow-up in the present survey was also longer. Thus, certain symptoms might have disappeared over time.
Persistent symptoms are known to be associated with the acute disease.12Sudre CH Murray B Varsavsky T et al.Attributes and predictors of long COVID.Nat Med. 2021; ( Published online March 10) https: //doi.org/10.1038/s41591-021-01292-yGoogle Scholar Here, we take the analysis a step further by quantifying the direct impact of SARS-CoV-2 infection on symptom persistence and its indirect effect, mediated by the symptoms present at the initial phase of infection. Interestingly, it appears that the effect is mainly indirect for all symptoms, even for those that are not included in the ECDC's definition. This strong mediation effect underlines the importance of symptoms developed during the initial episode on the risk of presenting persistent symptoms. In addition, the association of persistent symptoms with serology was higher in case of initial ECDC symptoms except for cough. Thus, it can be speculated that all interventions reducing the intensity and/or the number of symptoms of the acute phase of the disease might have an impact on the incidence of post-covid persistent complaints. If this is the case, the individual benefit of vaccination could be enhanced even in people at low risk of severe COVID-19, as already suggested.27Antonelli M Penfold RS Merino J et al.Risk factors and disease profile of post-vaccination SARS-CoV-2 infection in UK users of the COVID Symptom Study app: a prospective, community-based, nested, case-control study.The Lancet Infectious Diseases. 2022; 22: 43-55Google Scholar
The strength of this study relies in its design, which was based on a large sample from the general population followed prospectively, thus allowing comparison of different groups of individuals. SARS-CoV-2 infection was evaluated by serological tests in all individuals. Data were not collected through the healthcare system, making the reported symptoms more representative of those perceived by the general population than in previous studies using healthcare databases.18Lund LC Hallas J Nielsen H et al.Post-acute effects of SARS-CoV-2 infection in individuals not requiring hospital admission: a Danish population-based cohort study.Lancet Infect Dis. 2021; ( Published online May 10) https: //doi.org/10.1016/S1473-3099 ( 21) 00211-5Google Scholar,26Al-Aly Z Xie Y Bowe B. High-dimensional characterization of post-acute sequalae of COVID-19.Nature. 2021;: 1-8Google Scholar
This work has certain limitations. First, symptoms were self-declared and were not evaluated with specific scales. Also the declarations may have differed depending on the recent medical history, especially during the pandemic where participants were more apt to believe that they had had COVID-19.22Matta J Wiernik E Robineau O et al.Association of self-reported COVID-19 infection and SARS-CoV-2 serology test results with persistent physical symptoms among french adults during the COVID-19 pandemic.JAMA Intern Med. 2021; ( Published online Nov 8) https: //doi.org/10.1001/jamainternmed.2021.6454Google Scholar In addition, we could not separate persistent symptoms related to an infection ( COVID-19 or other) from those related to otherwise poor health or a change in access to health care. Moreover, the possibility of serology misclassifications can not be excluded.9Carrat F de Lamballerie X Rahib D et al.Antibody status and cumulative incidence of SARS-CoV-2 infection among adults in three regions of France following the first lockdown and associated risk factors: a multicohort study.Int J Epidemiol. 2021; 50: 1458-1472Google Scholar,22Matta J Wiernik E Robineau O et al.Association of self-reported COVID-19 infection and SARS-CoV-2 serology test results with persistent physical symptoms among french adults during the COVID-19 pandemic.JAMA Intern Med. 2021; ( Published online Nov 8) https: //doi.org/10.1001/jamainternmed.2021.6454Google Scholar
However, the fact that difference in the risk of anosmia is high between ECDC+/Sero+ and ECDC+/Sero- suggest that the prevalence for SARS-COV-2 infection is likely to be highest in participants with both positive serology results and ECDC symptoms declared during the first phase of the pandemic. Although this is one of the largest surveys on persistent symptoms after Covid-19 first pandemic wave, the number of individuals with this condition remained low in relation to the marked heterogeneity of the number and types of symptoms. Thus, we might have been unable to detect associations between the less frequent symptoms and COVID-19. We compared COVID-19 ( ECDC+/Sero+) consequences to those of COVID-Like illness ( ECDC+/Sero-). We assumed that this latter group was heterogenous. The consequences of COVID-19 need to be compared with other upper respiratory infection. A recent survey compared the consequences of COVID-19 and influenza in hospitalized patients.26Al-Aly Z Xie Y Bowe B. High-dimensional characterization of post-acute sequalae of COVID-19.Nature. 2021;: 1-8Google Scholar Although it showed that the burden of COVID-19 was greater, the comparison was performed between two different periods, and did not take into account the possible influence of the pandemic on other factors that could affect health and the health system. Finally, some symptoms following acute infection may not have been reported by participants - particularly if they appeared late after the initial two questionnaires were collected. In any case, this will only reinforce the fact that most of the effect of infection on persistent symptoms is mediated by the symptoms experienced in the acute phase.
In conclusion, there is an increased risk of persistent anosmia/dysgeusia, dyspnea, and asthenia in individuals with a history of COVID-19. Persistent symptoms are mainly driven by the acute phase of the disease. Further studies are needed to determine the origin of these persistent symptoms which could be associated with various pathophysiological causes that could also interact, from an inappropriate inflammatory response to a persistent functional disorder.
OR and FC take responsibility for all aspects of the reliability and freedom from bias of the data presented and their discussed interpretation. OR and EW accessed and verified all the data. OR designed the study; EW, MG, FC, MT, GS, and MZ acquired the data; OR performed statistical analysis. All authors contributed to the interpretation of data and to the design of the questionnaires. OR, EW, CL and FC drafted the article. All authors have read and approved the final manuscript.
The Constances cohort benefits from a grant from the French National Research Agency [ Grant Number ANR-11-INBS-0002 ]: It is supported by the Caisse Nationale d'Assurance Maladie ( CNAM), the French Ministry of Health, the Ministry of Research, the Institut national de la santé et de la recherche médicale. CONSTANCES and is also partly funded by MSD, AstraZeneca, Lundbeck and L'Oreal.
The SAPRIS-SERO study was supported by Agence Nationale de la Recherche, # ANR-10-COHO-06, Santé Publique France: N°20DMIA014-0, Fondation pour la Recherche Médicale ( # 20RR052-00), Inserm ( Institut National de la Santé et de la Recherche Médicale), # C20-26.
Data from this study are protected by health data regulations from the French National Commission on Informatics and Liberty ( Commission Nationale de l'Informatique et des Libertés, CNIL). Data can be made available upon reasonable request to the steering committee of the CONSTANCES cohort study. While French law forbids providing free access to raw data; access could be provided by the steering committee after legal verification of the use of the data. The informed consent form are available in French on the CONSTANCES website.
OR reports personal fees and non-financial support from ViiV healthcare, Gilead, MSD. CL reports personal fees and non-financial support from Boehringer Ingelheim, Janssen-Cilag, Lundbeck and Otsuka Pharmaceutical, outside the submitted work. The other authors declare that they have no competing interest.
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Persistent symptoms after SARS-CoV-2 infection: Long-term implications for health and quality of lifePeople who have been infected with SARS-CoV-2 may suffer persistent symptoms after infection such as fatigue, dyspnea dysgeusia/anosmia, asthenia, brain fog and insomnia. These persistent symptoms can last for weeks or months, and their negative impacts can be as worrying as the risk of contracting SARS-CoV-2 infection itself. Full-Text PDF Open Access | tech |
Rent control measures can lead to landlord apathy to maintenance | Rents in Ireland have risen by 74% in the last 11 years, according to the European Commission. File Picture.
Rent stabilisation measures can be beneficial to tenants under pressure from escalating costs, but can also lead to maintenance and upkeep apathy from landlords and owners, new research has shown.
Analysis from the Economic and Social Research Institute ( ESRI) and the Department of Housing looked at rent pressure zones ( RPZs) in Ireland, which are areas where rents can not exceed general inflation.
They are usually `` in parts of the country where rents are highest and rising, and where households have the greatest difficulty finding affordable accommodation '', according to the definition of the Residential Tenancies Board ( RTB).
Rent stabilisation is generally defined by online financial website Investopedia as `` a form of insurance for tenants against unreasonable rent increases '', as well as protecting against wrongful evictions, and longevity for tenants.
ESRI researchers looked at international examples of similar zones to RPZs, while also examining how they have worked in Ireland since first being introduced in late 2016 up until just before the Covid-19 pandemic, when the maximum allowable rent increase was 4%.
There is a clear economic rationale for price stabilisation mechanisms under certain economic conditions, the researchers said.
However, internationally, the benefits of these schemes have been shown to accrue to existing tenants and these measures come with supply-side health warnings: they have been shown to lower investment and maintenance in buildings and lower overall rental supply in certain cases, '' they stated.
`` This often affects potential new tenants. '' | general |
Forget the great resignation, it's time for the great lifestyle change | Pandemic or no pandemic, for performance psychologist Gerry Hussey and pharmacist turned health coach Miriam Kerins Hussey, there was always a plan to live abroad.
Raising twin toddlers trilingual
Liz Costigan Fleury's move to Malaga means her twin boys will be trilingual and the cost of living will be 30% cheaper.
Swapping in Spain for Dublin this March, was both a no-brainer and the realising of a dream, for yoga teacher Liz.
`` My husband Seb was offered a job in Malaga and living abroad has always been a dream of ours. We did a lot of travelling before the boys were born and since their arrival and because of Covid we haven't done a lot, '' explains Liz.
Her twin boys, who turn 3 in May, are already bilingual speaking both English and French, and now enrolled in preschool in Spain means they 'll be adding Spanish to their linguistic repertoire too.
But how easy was it to uproot toddlers from a tight family network in Ireland?
`` We 've been really lucky, the company that Seb works for has helped us a lot in terms of moving. We had a relocation company helping us find a house, and they helped us with actually moving our stuff from Ireland to over there, so a lot of the nitty-gritty hard work we have been assisted with.
`` Myself and Seb went over for two nights a couple of weeks ago and visited one house and one Montessori. We had already seen them online and had really fallen in love and hoped they 'd work out and they did, '' explains Liz.
The move sounds simultaneously simple and idyllic, but it was actually the pandemic that helped turn the key on the decision to go.
`` Covid played a huge role in it. Well, number one it shows how precious life is and how fast time goes and how important it is we do live our lives because we really don't know what's around the corner. And that's true, that's not just an airy-fairy way of thinking about it. ''
The spin instructor and yoga teacher said that while the pandemic hit her livelihood it also opened up opportunities virtually, and it means she can now stay in touch with her following no matter where she is in the world.
`` Also my business has been impacted in a negative way by Covid, but it also transferred online too. Now I can bring that over to Spain, I 'll be able to teach classes from over here and without Covid I would be severing the link with my community in Ireland somewhat, '' she explains.
Business and lifestyle aside, when they crunched the numbers the move to Malaga means their living and housing costs have just come down by 30%.
`` We love Ireland and we will be back and I 'm just trying to focus on the opportunity and adventure of it and the sunshine, '' says Liz.
Finding accommodation in Dublin is like The Hunger Games
As a cancer survivor Vicky McGrath was rebuilding her life after Covid. However, a lack of sunshine and extortionate Dublin rents made her and her partner think twice about where they would locate themselves post-pandemic.
`` We were away in Hvar ( Croatia) in September ( 2021) and both of our moods were just so good. I was like: 'Imagine we just escaped for a few months. ' My partner kind of felt the same and we talked about it. We were talking about it like it was a dream and then we said: 'Why don't we just do this? '
`` We made the decision at the end of October and then I told my work and it just felt like the right thing to do. It felt like a reset. That was the why - life on hold with my illness and then lockdown and then just the cost of living in Ireland and the weather in the winter time, '' explains Vicki.
Vicki and her partner landed in Lisbon at the end of January and found an apartment with a wrap-around terrace for 30% cheaper than what they had been looking at in Dublin.
`` We found a place on Airbnb for a long stay in this gorgeous area in Lisbon, Santos. We booked that for the first month and then we were like no we love it here we want to stay.
`` We have a fabulous terrace, a big double bedroom with the doors out to the terrace, all the rooms lead out to this terrace. It works out at €800 a month plus all your electricity, Wifi, everything is included.
`` Whereas in Dublin for a one-bed, it was between €2,000 and €2,500 plus all your bills. We're saving so much. The cost of living is so cheap, '' says Vicki.
Getting two coffees at home in the morning came to roughly €8, whereas in Lisbon they're getting two coffees and two custard tarts for €4. Lunch, in a place just off the main thoroughfare, cost them €9 in total recently - that included two pork fillet sandwiches on traditional baps, two bottles of water and a ginger ale.
And double their lunch bill is how much it cost them to get out there in the first place - their flights were €20 each.
The couple's plan was to stay there until May, as Vicki has a follow-up oncology appointment in Ireland, but now they 've had a taste of Iberian life the hope is to make it a long-term move.
Has Covid been a motivation of sorts?
`` There is never a good time so why not do it now? If you're to buy over here it is a 20-30% deposit but the cost of the apartments for where we are, a nice one-bed, is €220,000. ''
`` I saw in the Irish Times this tiny, tiny cottage off the canal in Dublin and it was €495,000. I saw a tweet that said trying to find an apartment in Dublin is like the Hunger Games, '' she adds.
And would she buy out there and set down roots?
`` If my friends and family were over here it would be the perfect situation but it's only a two-hour flight ''.
`` I realise I have a global audience ''
Pandemic or no pandemic, for performance psychologist Gerry Hussey and pharmacist turned health coach Miriam Kerins Hussey, there was always a plan to live abroad.
However, Covid took so much online, including their business Soul Space, that living abroad became a reality quicker than they had imagined.
`` One of the reasons I set up my own business was freedom, '' says Gerry.
`` The second reason was to give ourselves 'project sunshine ', where we 'd go away a few months a year. In Ireland we have a lack of vitamin D, so the plan was always there to move. Covid really just sped it up. It made us get our business online, but living abroad was something we always wanted to do, '' adds Gerry.
Gerry and Miriam and their toddler son made the move to Portugal in August 2021, and returned home to Ireland just before the New Year.
Now after a taste of the lifestyle, they're going to make living abroad part of their lives permanently.
`` Will we live in Ireland forever? If I 'm asking honestly, probably not. There is something about sunshine, there is something about waking up to a blue sky, and the impact of a blue sky for anyone, like me, who had mental health issues, '' says the psychologist.
In order to make the most of the blue skies, Miriam and Gerry made sure that their time in Portugal wasn't all sedentary screen time.
`` You get into the practicalities straight away. We found a gym, the local tennis courts, we built a little community and made sure we were getting out of the house meeting people.
`` We would work from 10am to 3pm because we said: 'We're not just here just to work '. We had early morning walks on the beach, picnics on the beach and meeting lots of other like-minded people, '' says Gerry.
Gerry had already pivoted pre-pandemic from a `` safe pensionable job '' to doing the work he is in now. However, the pandemic took him away from spending 25 hours a week driving to get to speaking events. The virtual aspect of his work has given him `` confidence '' in the feasibility of the online business model as well as living and working abroad. So too has something else.
Gerry's best-selling book 'The Power Within ' was published the summer before he went away, and it's since been published in more than 50 countries.
For someone reading this and feeling worlds apart from Gerry's mindset and life, what would he say?
`` Create a vision board, ask yourself what's the lifestyle you want? '' says Gerry.
And for someone who would never dare create a vision board what's a good question to ask yourself?
`` People have stories about why things wouldn't work. Write down 10 reasons why it would work or ask yourself: 'If it had to make this work, how would I make it work? ' ''
`` There was no part of me that was able to go back to the PhD ''
The decision to make a major pivot happened on the cusp of the pandemic for Kate Horgan. She went from doing a PhD in plant genetics in Trinity College Dublin in January 2020, to working for Dogs Trust by March 2020.
`` I came back from holidays, walked into the lab and I burst out crying. I just said: ' I can't be here ', '' said Kate.
It was January 2020, she was now more than a year into her PhD, something she had won prestigious funding for, and she was also just home from visiting her sister in Australia. The time out gave her major pause for thought, something she hadn't done between her undergraduate degree in Trinity and starting the PhD.
`` My competitive nature was let's go get a PhD, my end goal was to be a researcher. It was definitely more head oriented than heart oriented.
`` The first 12 months were quite fun, but then I got into second year and every experiment I tried, nothing was working. There was imposter syndrome, '' she says.
But on the day in January 2020, when she said no more, it would be a few months before she 'd figure out her next move.
`` Initially I took a week off, and that became two weeks. Then I went to the mental health support in Trinity, and they were great, like fabulous. I was able to get six months to decide: 'Do I want to go back to the lab or not? '
`` I was so burnt out, and I took a break until March, then the pandemic kicked off, '' says Kate.
She had been looking for a part-time job that she would also enjoy — enter Dogs Trust. She's never looked back.
`` I loved it from the get-go, working with animals, working with people, I am a people person. I wasn't able to cope with being by myself all day, but I knew that about myself before the PhD.
`` As soon as I came here ( Dogs Trust) I was able to shine, '' says Kate.
The pivot was supported by her family, boyfriend and understanding professor.
`` There was no part of me that was able to go back to the PhD. And to anyone who is now in a similar position I would say: 'People have quit whatever you are doing before, the world won't end '. ''
`` I am so much happier now. I get to work with dogs and people every day and make a difference. But I encourage anyone to seek out a mental health professional if you need one ''.
`` I booked a one-way flight to Portugal in March 2021 ''
There was a time, not too long ago, when Sarah Shannon would sneak out of her corporate law office with a yoga mat under her coat. Now she lives in Portugal where she hosts `` wild and free '' women's yoga retreats.
But Sarah had pivoted pre-pandemic, leaving her corporate life behind to teach yoga and meditation full-time in Dublin.
However, by November 2020, she was feeling the effects of many months of online teaching.
`` I 'm teaching for a year and a half and the pandemic hits, so it was back to the drawing board. I wasn't too worried. You realise when you pivot once, you can pivot twice.
`` But by November 2020, I 'm feeling the effects of online teaching and living on my own. I remember saying to myself: 'This isn't what I pictured, this isn't what I wanted my life to feel like '. | general |
Biden to allow more ethanol in effort to ease gas prices -- - here's what you need to know | President Joe Biden was in corn state Iowa Tuesday to announce he’ ll suspend a federal rule preventing the sale of higher ethanol blend gasoline this summer as one way to possibly bring down prices at the pump.
Such action will send a mixed message, however. This move, while pushing biofuels, has implications for even greener efforts meant to wean the U.S. from gasoline. Biden has prided himself on layering climate change considerations into most policy and has pushed for legislation — which has since stalled in a narrowly divided Congress — to make it easier for Americans to drive electric vehicles
TSLA,
+1.13%
and add solar
ICLN,
-1.14%
to their homes.
All this comes as some question the likelihood of Biden’ s pledge
to halve total greenhouse gas emissions by the end of the decade
, a promise in line with plans from other wealthy nations.
What did Biden announce?
The Biden administration plans
to temporarily allow gasoline with 15% ethanol to be sold between June 1 and Sept. 15
. Normally only a 10% ethanol blend can be sold during that time period, according to current regulations. A 15% blend creates smog in warm months that violates the Clean Air Act, although the ethanol industry says the regulation is out of date given new formulations of E15.
“ The President is committed to doing everything he can to address the pain Americans are feeling at the pump as a result of Putin’ s Price Hike, ” the White House said in a statement. “ The administration’ s strategy to spur the development of homegrown biofuels is critical to expanding Americans’ options for affordable fuel in the short term and to building real energy independence in the long term by reducing our reliance on fossil fuels. ”
“
Senior administration officials predicted that adding in the higher-blend ethanol could save drivers 10 cents a gallon off current prices.
”
What is ethanol?
Ethanol, which is made from corn, falls under the broad umbrella of biofuels, a small category but one that could find increased investment as the globe works to replace traditional fossil fuels.
Under the 2005 federal Renewable Fuel Standard, ethanol is required to be blended into billions of gallons of gasoline
RB00,
+1.33%
each year. Most gasoline sold in the U.S. is
blended with 10% ethanol
.
Representatives from the Poet bioprocessing plant in Menlo, Iowa, where Biden toured Tuesday, said any “ air quality ” or “ smog ” claims are a result of outdated regulations. E15 has a lower vapor pressure than E10. The regulations were set 30 years ago, when blending beyond 10% had yet to be envisioned — locking E15 out of the summer market, they said. In fact, fuel volatility and evaporative emissions
continue to decrease
when ethanol fuel blends increase beyond E10.
In 2019, President Trump allowed E15 to be sold year-round in what was seen at the time as a nod to farmers that had been hurt by his trade war with China. A court later overruled Trump on E15.
Biofuels are not 100% clean energy, but do emit less than traditional sources. But their expansion remains a major sticking point. A
2018 report
from the Government Accountability Office noted “ limited effect, if any, on greenhouse gas emissions. ”
Corn states and their lobbies do still want to see more biofuels in the mix.
Can savings at the pump be expected?
Allowing fuels with a higher ethanol content will lessen reliance on oil
CL00,
+1.36%
and its byproducts, such as gasoline, proponents say. Ethanol gas is cheaper. Plus, when drivers have more options, costs tend to fall. Senior administration officials predicted that adding in the higher-blend ethanol could save drivers 10 cents a gallon off current prices.
But, not everyone agrees. Higher ethanol blending can sometimes raise prices on refiners. Corn prices, like oil and other commodities, have also seen
sharp increases this year
because of Russia’ s invasion of Ukraine.
Read:
Why a plug-in hybrid might be your best choice
Compared with E10 gas, there is limited infrastructure to sell E15 gasoline because not all wholesalers and retail gas stations are willing to invest in a product that can not be sold year-round.
Stations are not required to sell E15, but some have started offering E15 due to state and federal incentives for upgrading equipment and better profit margins when compared with regular gasoline, the Energy Department site says. E15 is available in 30 states at just over 2,300 stations. That’ s only a fraction of total stations in the country.
Plus, while major oil firms
XOM,
+2.09%
CVX,
+2.08%
are collecting strong profits during this jump in price, their expansion into greener alternatives has favored wind, solar and hydrogen. There is no promise they will embrace expanding biofuels.
Why are gas prices high anyway?
Gasoline has been one of the routine expenses that’ s surging within a rebounding economy since the worst of the COVID-19 shutdown.
The rate of U.S. inflation topped 8% in March for the first time in four decades, a report out Tuesday showed. The consumer price index jumped 1.2% last month, driven by the higher cost of gasoline, food and housing,
the government said.
The related measure that strips out energy and food wasn’ t as hot. Still, rising prices are outstripping the fastest wage gains in four decades and surveys show inflation is the public’ s biggest worry.
Read:
U.S. inflation rate leaps to 8.5%, CPI shows, as higher gas prices slam consumers
The same report showed the cost of gasoline surged 18% in March and accounted for more than half of the increase in the cost of living last month. The average cost of a gallon of regular gas in the U.S. rose to as high as $ 4.32 in March from $ 3.61 in the prior month. In some parts of the country prices even topped $ 7 a gallon. Last year at this time, prices were just $ 2.86 a gallon in some areas.
On top of the inflationary recovery, add in geopolitical ripples across the globe, primarily as major energy producer Russia attacked its neighbor Ukraine and much of the world gave up on oil and natural gas from the rogue nation. World energy markets felt the shortfall, and prices went up.
Read:
‘ Putin’ s price hike’: Bad news for commuters and summer road trippers: Gas prices just soared at a rate not seen since 1981
What about Biden’ s climate legacy?
The president has shown his willingness to take steps that favor fossil fuels, at least in the short run, particularly as the Russian attack on Ukraine has driven up oil and gas prices when inflation is already an issue.
Biden announced last month an unprecedented plan to draw 1 million barrels of oil per day from the U.S. Strategic Petroleum Reserve through the summer and he has allowed the continuation of domestic drilling expansion.
Opinion:
Biden needs a win, but drawing down the U.S. oil stock is a bad idea
Biden’ s Republican challengers say now is the time to push for more U.S.-based oil, natural gas
NG00,
+1.51%
and gasoline. Democrats, excluding some in energy-rich states such as Sen. Joe Manchin of West Virginia, say there’ s never been a better time to push homegrown wind, solar and other options.
Environmental groups have been frustrated that what sound like stop-gap measures during a crisis will only slow a transition to cleaner energy and put the U.S. off its emissions targets.
“ Only a tiny fraction of American gas stations currently have access to ethanol-heavy gas in the first place. But more importantly: Biden’ s move to double-down on production from the pollution-plagued ethanol industry is driving us deeper into the hole of dirty fossil fuel mixtures, ” said Mitch Jones, managing policy director for advocacy Food & Water Action. | business |
BNN Bloomberg's closing bell update: April 12, 2022 | The Bank of Korea raised its key interest rate on Thursday, brushing aside concerns about a leadership vacuum and global risks to the economy as the board focused instead on resuming its struggle against escalating inflation.
Chinese President Xi Jinping says his government will stick to its zero-tolerance approach to Covid even as public anger simmers in Shanghai and economic costs mount.
Singapore’ s central bank tightened monetary policy settings, furthering the global fight against inflation that threatens the recovery of consumer and business activity from the pandemic.
Oil steadied after a two-day surge as the fallout from Russia’ s invasion of Ukraine continued to ripple through a tight global market.
Consensus is building among Tokyo market watchers that the yen can extend losses past its 20-year low to 130 per dollar in coming months, before it steadies.
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Peak inflation? What's next for U.S. as markets debate hottest CPI in more than 40 years. | The first 8% -plus inflation rate in over four decades is igniting renewed debate in financial markets over whether the U.S. has already reached the height of its feverish spell in price gains.
Broadly speaking, Tuesday’ s
consumer price index
report, showing annual headline inflation jumping to 8.5% in March, was enough to give both sides of the argument some ammunition. One camp cites the report’ s finer details, like a tame 0.3% monthly core measure that kicks out food and energy, to reach the conclusion that inflation has likely peaked. The other side sees room for price gains to keep going further as the result of non-U.S. factors, like China’ s COVID-19 shutdowns and Russia’ s war in Ukraine.
The financial market’ s initial reaction to the CPI report was to focus on the positives, which suggest inflation may start to ease: U.S. stocks
DJIA,
-0.26%
SPX,
-0.34%
COMP,
-0.30%
rallied before giving up their gains in the afternoon, while most Treasury yields edged lower as investors factored in prospects that inflation could fall. Investors and traders appeared less concerned about the hot headline number, driven by higher gas and energy prices, and were more focused on the monthly core gauge, which came in at a below-expected 0.3% and was helped by a drop in the cost of used cars.
This wouldn’ t be the first time the monthly core gauge has fallen off in the past year only to be overshadowed by a soaring annual headline rate down the road: The monthly core measure also fell off from last July to September, hovering at or below 0.3%, just as the then-year-over-year headline rate of 5.3% -5.4% was about to keep jumping for months to come.
“ We are witnessing history right in front of our eyes today, ” Rick Rieder, BlackRock Inc.’ s
BLK,
-1.59%
chief investment officer of global fixed income, wrote in a note. “ Predicting where we would have been today several months ago would have been next to impossible, particularly given some of the exogenous shock to the system we’ ve witnessed. ”
“ We are witnessing inflationary conditions that would have seemed like fantasy ( or, more rightly, nightmare) merely a few months ago, ” Rieder said. “ Indeed, today’ s CPI report portrayed some very daunting numbers of much higher prices than a year ago, and the report displayed little prospect of decline in the near-term. ”
Here is a rundown of the views held by financial-market participants and economists, derived from their research reports and emails on Tuesday:
Inflation Has Probably Peaked
“ There’ s not much to like in today’ s CPI figures, ” said Matt Peron, director of research at Janus Henderson Investors. “ The best you can say is that core CPI came in lower than expected at ‘ only’ 6.5% ” on a year-over-year basis.
“ That might give some relief to markets which were preparing for the worst, ” Peron said. “ The key now is whether inflation has peaked, and if so, at what pace will it decline. While this reading probably locks in a more aggressive Fed action near-term, there is some reason to believe that CPI will decline enough by year-end to avoid the most severe Fed action. Indeed, that would be our ‘ mid-cycle slowdown’ scenario, which remains our base case by a thin margin. ”
Though inflation likely peaked in March and gasoline/food prices could stabilize in the next few months, “ high inflation will be with us at least through the summer because increases in other prices, especially shelter and services, will be sticky, ” said Robert Frick, corporate economist with Navy Federal Credit Union. “ So far, though, Americans continue to spend, and are playing catchup in categories such as restaurants and travel with plenty of savings and low household debt overall. ”
“ Rent inflation appears to be easing a bit, and the buildup of retail inventories is finally dampening goods inflation. Those are positive developments which increase the odds that inflation has in fact peaked, ” said Jefferies economists Aneta Markowska and Thomas Simons. However, “ while today’ s report is encouraging, the Fed is a long way away from claiming victory and will have to remain in inflation-fighting mode. ”
Inflation Has Room to Run
“ The drivers of inflation are changing, but price increases are still running historically high, ” said Bill Adams, chief economist for Comerica Bank. “ Even with durable goods inflation moderating, overall price increases are going to get worse before they get better … The surge in energy prices will ripple across the economy in coming months and push inflation in other categories of goods and services higher. Food prices in particular are at risk of continued rapid increases because of Russia and Ukraine’ s roles as global grain and fertilizer suppliers. ”
“ The March report shows some moderation in core CPI, month over month. However, we expect continued price pressure due to the lockdowns in China as the supply chain struggles to normalize, ” said Mace McCain, president and chief investment officer at Frost Investment Advisors. “ We believe the high headline numbers will keep the Fed on the path of rate increases and the reduction in the balance sheet that has been clearly communicated. We’ re hoping the moderation of core inflation will allow the Fed to eventually pause near the neutral rate at end of the year and possibly avoid pushing the United States into a recession. ”
Inflation “ has not yet peaked because expectations are looking more entrenched, ” said Ben Emons, managing director of global macro strategy at Medley Global Advisors. He cited one indicator which he says shows “ the median 1-year ‘ prediction’ of inflation is running at 8 percent. ” | business |
Elaine Loughlin: People dying on transplant waiting lists need a new organ donation law | Today, 600 people have their lives on hold as they wait for that one call.
For this group and their families, social distancing, mask wearing, and handwashing was all part of the routine long before Covid was ever mentioned.
Some of this group really only get a four-day week as three days are set aside for long car journeys and dialysis. Add medication, check-ups, oxygen and hospital stays, constant clinic appointments, blood tests, and ever-present worry to the mix, and you get a fair idea of the limits put on their existence.
When you are on the organ transplant list, that call becomes your life.
This column could have been copied and pasted from last year, because as we approach Organ Donation Awareness Week, yet another year has gone by with no action taken on a bill that would introduce a soft opt-out system of organ donation in this country.
Ireland was to the fore when it first committed to soft opt-out, an approach that automatically assumes a person is in favour of donating their organs unless they state otherwise, but which also gives families the right to have the final say in the matter.
It's a system that would make another difficult decision easier for families at a time of extreme pain, but as other countries have shown, it would also increase the number of people who receive lifesaving heart, lung, liver, kidney, and pancreas transplants each year.
It's something that has apparently been a `` priority '' for Government for many years now, and yet other countries have pressed ahead to announce and enact the opt-out system in the intervening period.
Back in May 2019, when then Heath Minister Simon Harris published general scheme of a Human Tissue ( Transplantation, Post-Mortem, Anatomical Examination, and Public Display) Bill, he referenced the late senator Fergal Quinn who had introduced a similar Private Members Bill more than a decade before.
`` Senator Quinn was a committed advocate for organ donation. While it has taken some time, I think that the publication of the Human Tissue ( Transplantation, Post-Mortem, Anatomical Examination, and Public Display) Bill and the commencement of drafting work, is a fitting tribute to him at this time, '' Mr Harris noted in citing the 2008 bill.
This time last year, this column highlighted the estimated 240 people, or an average of 30 each year, who have died waiting for an organ transplant since the then government launched a consultation process with the view to introducing soft opt-out organ donation.
Taking averages, that figure now stands at 270 people — mothers, fathers, sons, daughters, aunties, uncles, friends, and colleagues — who never made it to the top of the list.
Like other areas, Covid has had a severe impact on the number of transplants carried out. There were 63 deceased donors in 2020 and 64 in 2021, this was down from a yearly average of 85 in the five years up to 2019.
There were also 35 living donors, down from a pre-pandemic five-year average of 43. These generous donations translated into 203 transplants last year, but again this is a reduction from the five-year average of 284 between 2015 and 2019.
The pandemic has simply exposed the vulnerability of the national organ donation and transplant programmes, according to the Irish Kidney Association.
The fragility of the transplant service hit home in November of last year when a patient was called for a transplant, but this operation did not proceed at the Mater Hospital, due to the unavailability of an intensive care unit ( ICU) bed.
The pressure on ICU capacity has been described as `` substantial '' by Professor Jim Egan, director of Organ Donation Transplant Ireland ( ODTI), who wrote in his 2020 annual report that `` the demands around organ donation underscored the ICU bed capacity infrastructure deficit ''.
`` Furthermore, the provision of specialised transplant surgical services was under threat from unscheduled acute care in the three major acute hospitals providing transplant services, '' he stated.
This underpins the need to ringfence national transplant programmes to sustain them during waves of unexpected unscheduled care demands. ''
Campaigners, including Irish Donor Network chairperson and Cystic Fibrosis Ireland CEO Philip Watt have also been calling for ringfenced ICU beds and a dedicated theatre for lung and heart transplants, which, unlike the passing of legislation, could be rolled out relatively quickly with the proper resources and staffing.
`` When an organ becomes available, they can call seven or eight people for the one organ to see who the best match is, people can often be called several times, '' said Mr Watt.
They have to be ill enough to need it and well enough to survive the operation, so we only have a narrow window really.
`` There is no doubt that there are people now dying on the waiting list waiting for an organ transplant. I think one of things that certainly could help with that is a dedicated operating theatre in the Mater, for example, for heart and lung transplants. ''
Of course, it's difficult to improve any service when you don't know where your starting point is.
The introduction of an annual audit that would provide detailed data and analysis of donations across individual hospitals nationwide would provide invaluable information on where improvements could be made.
“ We need more clarity about the reasons why more transplant operations are not taking place in Ireland, '' said Irish Kidney Association Carol Moore.
For example, was the decline in 2020 and 2021 due to a lack of ICU beds in the donor or transplant centres, or were all suitable donor families approached? ''
It can be tough conversation to have, but the reality is you are three times more likely to need a transplant than to be an organ donor.
In the absence of legislation for a soft opt-out system, campaigners will yet again be encouraging the public to have 'the chat ' with their families as national organ donation week kicks off on April 23.
Someday the long-awaited Human Tissue Bill will hopefully be signed into law. Until then, the 600 people on the list are reliant on # ShareYourWishes hashtags and the generosity of grieving families.
Politics headlines through history
1912
April 14: The Belfast-built Titanic sank. As word of the disaster began to reach land, the Cork Examiner reported that `` news received shortly before going to press makes it only too probable that one of the most appalling disasters in the history of the sea has to be recorded ''. The article detailed conflicting reports that the ship had sank and other indications that her watertight compartments held so well that she was able to make for Halifax, accompanied by several liners.
1972
April 12: The country ground to a halt on the first day of an ESB strike. In Leinster House, politicians were forced to work by candlelight. `` Some people, [ not me ] of course, subscribe to the popular belief that Dáil deputies are mostly 'in the dark ' anyway, '' wrote Anthony Ring in the Examiner as he reported on how candles were drafted in to Leinster House.
1980
April 17: In a short single-column piece on the front page, it was reported that Ireland's search for alternative energy was taking a `` significant step forward '' with `` the simple planting of a tress at Bord na Mona's Clonsast peat works ''. `` It will mark the beginning of a major Irish-EEC experiment in producing electricity from biomass, '' it stated. The report also plugged a four-part Cork Examiner series that aimed to examine `` how Ireland plans to generate energy from nature's alternative power supplies — the wind, waves, the sun, and plants ''.
2004
April 17: The author of the Hanly Report on reform of the health system said `` all sorts of politics '' were being played ahead of the local elections. David Hanly had recommended that emergency department and acute services at both Ennis and Nenagh hospitals should be transferred to Limerick Regional Hospital. However, with Fianna Fáil under pressure ahead of local and EU elections, it was announced that eight doctors would be appointed to the emergency departments in both hospitals.
What to look out for
The Dáil and Seanad are on Easter recess this week and next, with TDs resuming business on April 26. However, there will still be some business happening in Leinster House this week as a number of committees are scheduled to meet. | general |
Verint Announces Compliance Recording for Zoom, Streamlining | Verint, the Customer Engagement Company, announced the availability of its new compliance recording integration with Zoom. This integration will help heavily regulated businesses centrally capture, retain, analyze, and retrieve communications from Zoom Phone and Zoom Meetings scenarios – including voice calling, video meetings, and screen sharing. Verint’ s Compliance Recording native integration with Zoom helps organizations leverage the latest digital collaboration channels while enabling compliance with industry regulations and international banking standards.
“ For decades, traditional on-premise PBX systems were used to support the compliance requirements in regulated markets. UCaaS and cloud-based collaboration solutions are increasingly replacing these traditional systems for this purpose ”
“ For decades, traditional on-premise PBX systems were used to support the compliance requirements in regulated markets. Today, UCaaS and cloud-based collaboration solutions are increasingly replacing these traditional systems for this purpose, ” says Verint’ s John Bourne, senior vice president, global channels and alliances. “ The new Verint Compliance Recording integration with Zoom now enables organizations in heavily regulated sectors to capture, archive, analyze and retrieve interactions in one platform. ”
Verint provides a comprehensive range of compliance capture capabilities allowing businesses to fully control their recording policy down to a user or group level. For over 10 years, Verint has supplied hundreds of customer organizations worldwide with sophisticated compliance capabilities supporting leading UC, trading turret, mobile, and IP telephony platforms. Its solution framework has been at the forefront of meeting new compliance challenges through a combination of secure compliance technology, powerful automation, and an open approach to ease integration and boost data intelligence.
“ The COVID-19 pandemic has accelerated the extensive adoption of mobile and unified communications ( UC). This is the case even for organizations that traditionally operate under stringent regulations, such as those in financial services, investment firms, public sector and healthcare, ” said Gary Sorrentino, Deputy CIO, Zoom. “ Verint’ s integration with Zoom Phone and Zoom Meetings enables us to help businesses adopt the latest communication technologies while meeting strict regulatory demands. As the world is moving toward hybrid-working, allowing regulated users to communicate beyond traditional voice platforms is a must and increases the competitive advantage for regulated organizations. ” | tech |
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