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China: Covid lockdowns are causing chaos in the world's biggest car market |
Factories shut down
, new model launches delayed and sales plunging. China's huge car market has been thrown into disarray by the country's latest Covid surge, with
stringent lockdowns
across several cities hitting vehicle production.
China's worst Covid outbreak in two years has prompted authorities to ramp up the country's zero-Covid policy, locking down
several major cities and tens of millions of people
.
The strict lockdown measures in places such as Shanghai and Jilin province have forced automakers to shut down manufacturing and risk delayed shipments at a time when global demand for vehicles is strong.
Volkswagen's
(
VLKPF
)
factories in Shanghai and Changchun, the provincial capital of Jilin, have been shut for weeks, the company said on Monday.
Lockdowns in Shanghai and other Chinese cities pose a growing threat to the economy
`` Due to the current Covid situation, production in our factories in Changchun ( since mid-March) and Anting/Shanghai ( since April 1) is currently on hold, '' Volkswagen said in a written response to CNN Business. `` This is currently causing a delay in production. ''
Read More
The company added that it will compensate for the production stoppages
`` if the situation eases in the near future, '' through extra shifts and other measures. `` At present, we are assessing the situation from day to day, '' it added.
Toyota
(
TM
)
has also closed its factory in Changchun for nearly a month.
`` Due to the travel restrictions in Changchun, the impact on supplier operations, and the perspective of ensuring the safety and security of employees and all related parties, Toyota has been suspending operations at the Changchun plant from March 14 onwards, '' a company spokesperson told CNN Business.
Tesla
(
TSLA
)
has halted production at its Shanghai factory since the city imposed a lockdown on March 28, according to
Reuters.
The company didn't respond to a request from CNN Business for comment.
Employees make checks at an inspection line during a media tour of the Nio Inc. production facility in Hefei, Anhui province, China, on Friday, Dec. 4, 2020.
Nio
(
NIO
)
, a Chinese electric vehicle maker, said Saturday that it had suspended production because of Covid-related disruptions.
`` Since March, due to the pandemic, the company's supplier partners in several places including Jilin, Shanghai and Jiangsu suspended production one after the other and have yet to recover, '' the company said in a statement. `` Consequently, Nio has halted car production, '' it said, adding that the company will postpone deliveries of its EVs to users.
It's not just individual manufacturers. The Beijing auto show, one of the industry's largest global gatherings, has been postponed until further notice due to the recent surge in Covid cases. The event was originally scheduled to be held from April 21 to April 30.
`` We will pay close attention to the development of the pandemic, '' Secretariat of Auto China said in a post on its official WeChat account on Saturday, adding that it will announce new dates in due course.
Tesla unable to restart Shanghai production on Monday
That means several new car launches will be delayed. Chinese EV makers Nio, XPeng, and Li Auto have previously said they would unveil new models at the Beijing autoshow.
The Covid restrictions have also taken a toll on the country's car sales.
Auto sales in China plunged 12% in March from a year ago, reversing a 19% increase in February and ending two straight months of growth, data from the
China Association of Automobile Manufacturers showed on Monday.
The association attributed the decline to the recent surge in Covid cases.
The pandemic has been great for electric car sales
Monday's data showed one bright spot, however — China's demand for
electric vehicles
remains strong.
About 455,000 new energy vehicles, including hybrids and pure EVs, were sold in March, up 122% from a year ago, according to separate data from the China Passenger Car Association.
Tesla's China sales were particularly strong, ranking first among pure-electric brands.
The company delivered 65,814 China-made vehicles in March, with the majority of those sold in the Chinese market. That number was up 85% from a year ago.
BYD
(
BYDDF
)
, meanwhile, sold the most new energy vehicles in China, delivering 104,878 units in March. Among them, 53,664 were pure-electric models.
Tesla didn't immediately respond to a request for comment about its March sales numbers. | general |
Over a quarter of a billion more people could be living in extreme poverty by end of the year- Oxfam |
Roughly a quarter billion more people could be living on less than $ 1.90 a day by the end of this year due to Covid-19, rising global inequality and the shock of food price increases that have been supercharged by the war in Ukraine, a new report by Oxfam has found.
The report projected that rising global food prices alone will push 65 million more
people into extreme poverty in 2022. That's in addition to the
198 million extreme poor the World Bank
predicted earlier this year, pushing the total expectation to 263 million. The number at risk of crashing into such levels of poverty is equivalent to the combined populations of the UK, Germany, France and Spain.
`` Without immediate radical action, we could be witnessing the most profound collapse of humanity into extreme poverty and suffering in memory, '' said Gabriela Bucher, Oxfam International's executive director.
People affected by war wait to receive free meals provided by a charitable kitchen in the Mseek area on April 02, 2022 in Sana ' a, Yemen.
`` This terrifying prospect is made more sickening by the fact that trillions of dollars have been captured by a tiny group of powerful men who have no interest in interrupting this trajectory, '' she added.
The report also states that `` entire countries are being forced deeper into poverty '' as Covid-19 has depleted their financial reserves and they are pushed into austerity measures.
Read More
Were enough governments willing to increase taxes on the richest, starting with a 2% annual wealth tax on millionaires and 5% on billionaires, it would be enough to `` lift 2.3 billion people out of poverty, make enough vaccines for the world, and deliver universal healthcare and social protection for everyone living in low- and lower middle-income countries, '' the report said.
`` We reject any notion that governments do not have the money or means to lift all people out of poverty and hunger and ensure their health and welfare. We only see the absence of economic imagination and political will to actually do so, '' Bucher said. | general |
Mapping ESG Practices and Carbon Risk in 48 Countries ' Stock Markets | Despite being home to several sustainability leaders, the U.S. ' overall ranking is dragged down by a few companies with high ESG risks.
The market and political turmoil brought about by Russia's invasion of Ukraine has provoked much discussion on sustainable investing, especially around values-based exclusions ( military contractors and fossil fuels, above all). However, as Morningstar's director of sustainability research for the Americas Jon Hale put it, such critiques are unsupported by the data. For the most part, these claims reflect a total lack of understanding of the diversity of the field.
One of the economic lessons to emerge from this conflict concerns the risk in investing in countries where politics can strongly condition free economic activity and where corporate governance is affected by rules set by the person in charge. In the end, when it comes to investing in autocratic countries such as Russia, the normal rules of picking stocks and bonds can be rendered irrelevant overnight.
Despite all the challenges of the moment, the long-term case for environmental, social, and governance investing remains encouraging. The fact that ESG screens led to resilience during the pandemic-driven market turmoil, owing to the relationship between sustainability and attributes like corporate quality and financial health, supports the view that ESG risk is material.
So, from a geographical point of view, how do countries around the world compare on this front? According to the latest edition of the Morningstar Sustainability Atlas, European countries -- particularly those in the north -- lead the pack in ESG practices. These nations have always been ahead of the curve on ESG, but a few other countries also feature exceptionally strong sustainability profiles. Financial advisors and asset managers can use this data to identify countries with the greatest ESG investment opportunities and most significant risks.
The Morningstar Sustainability Atlas uses the constituents of Morningstar country indexes to examine the sustainability profiles of 48 country-specific equity markets. The company-level scores are sourced from Sustainalytics, which is a Morningstar company whose metrics also power the Morningstar Sustainability Rating for funds.
Here, we explore some key findings about the ESG practices of countries around the world.
As with previous editions of the Sustainability Atlas, the Netherlands continues to have the world's most sustainable stock market.
Behind the Netherlands, Finland overtakes France for second place in the rankings. This is primarily due to big companies like Nokia ( NOK), a leader within the global technology hardware industry, and Sampo, another important name in the insurance services ' sector.
France falls to third place. Important French constituents like global producer and distributor of luxury goods LVMH, electrical equipment supplier Schneider Electric, and personal-care company L'Oréal are classified as ESG leaders in their industries.
Particularly noteworthy is Belgium, which rebounds from 18th place in 2021 to fifth place this year, thanks to the excellent performance of KBC Group. At the same time, Taiwan slips from fifth to 11th place. Spain loses two positions to eighth place, while Sweden climbs from seventh to sixth place.
Hong Kong ranks fourth and is the most sustainable non-European market. Insurance company AIA Group -- by far the biggest name within the benchmark -- combines low risk exposure with strong management.
The United States ranks 16th out of 48. U.S. companies like Apple ( AAPL), Microsoft ( MSFT), Berkshire Hathaway ( BRK.A), and Nvidia ( NVDA) are considered leaders from a sustainability point of view; on the other hand, the Sustainalytics ESG Risk Ratings for big names such as Amazon.com ( AMZN), Meta ( FB), and Exxon Mobil ( XOM) are classified as High. This is attributable in most cases to the companies ' involvement in controversies.
For example, Amazon's disruptive expansion has led to rapid growth but has drawn intense scrutiny from regulators, governments, and competitors for potential breaches of antitrust laws and anticompetitive behavior. The coronavirus pandemic indicated more systemic occupational health and safety issues, particularly among the warehouse employees, who were exposed to poor safety measures during the pandemic's early stages.
At the same time, Meta continues to face multiple lawsuits and fines over privacy violations and its data usage practices, suggesting gaps in management's controls.
China lands at the bottom of the fourth quintile, ranking 39th out of the 48 markets, and losing nine positions compared with last year. Internet giant Tencent is the biggest name within the index, followed by Alibaba ( BABA). Both companies hold a Medium ESG Risk Rating and have a concerning involvement in controversies.
Another important consideration is climate change. Despite the progress made at COP26 -- the 2021 United Nations Climate Change Conference—with several new pledges for adaptation funding, developed nations are still failing to meet their $ 100 billion-per-year climate financing commitment made in 2009. At the same time, world leaders met to finalize the rules needed for the Paris Agreement and resolve issues from the last conference.
Climate change might threaten companies ' physical assets or business models. They may be affected by policy or regulation aimed at lowering greenhouse gas emissions, their fossil fuel assets may be stranded, or changing popular perception may damage their brands. We use the Morningstar Portfolio Carbon Risk Score to assess the degree to which corporate value is at risk from the transition to a low-carbon economy.
Western European markets like the Netherlands, Switzerland, Denmark, France, Belgium, and Spain carry the lowest levels of carbon risk. The U.S. also scores very well, ranking fifth out of 48. A low level of the American stock market value is at risk from the transition to a low-carbon economy because of its technology and healthcare tilt and minimal exposure to energy and utilities.
On the flip side is Pakistan, with nearly 60% of its market cap in energy, utilities, and basic-materials stocks. It consequently has the world's highest Portfolio Carbon Risk Score. Also carrying significant Portfolio Carbon Risk Scores are energy-heavy markets Saudi Arabia, Czech Republic, and Qatar. The full set of rankings is shown in the map below.
Important Note: In light of the Russian invasion of Ukraine and the resulting sanctions issued by the U.S., European Union, and United Kingdom, Morningstar moved the Russia equity market from emerging-markets status to unclassified. This took effect at the rebalance after the market close on March 18, 2022, when all Russia equity securities, including ADRs and GDRs, were removed from the Morningstar Global Markets and Morningstar Target Market Exposure index families at a price of zero. This reflects the fact that many investors outside of Russia can no longer trade these securities. Consequently, the Russian equity market was not taken into consideration for this analysis.
Valerio Baselli does not own ( actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’ s editorial policies.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Inflation and weak business and international travel are hurdles for major U.S. airlines as earnings season kicks off | The top 3 U.S. airlines report first-quarter results in the coming days, with investors hoping to see more signs of a recovery in international and business travel, which have lagged domestic and leisure air travel, amid concerns that inflation headwinds could lead travelers to stay home.
Delta Air Lines Inc. ( DAL) is the first out of the gate, reporting its first-quarter numbers on Wednesday before the bell.
Analysts polled by FactSet expect Delta to narrow its adjusted quarterly loss to $ 1.26 a share, compared with an adjusted loss of $ 3.55 a share in the first quarter of 2021, and report sales of $ 8.8 billion, which would be a 52% rise from $ 4.2 billion a year ago.
Earlier Tuesday, American Airlines Group Inc. ( AAL) injected some hope that the major U.S. airlines could report a better-than-expected first quarter.
American boosted its sales expectations for the quarter, telling investors it expects quarterly revenue to be $ 8.89 billion, which would be down 16% from the first quarter of 2019.
That is `` marginally positive '' as compared with the company's previous projection of a 17% decline, said analyst Stephen Trent with Citi. Trent expected quarterly revenue of around $ 8.77 billion.
American's unit costs excluding fuel were `` also a little better than expected, '' he said.
American Airlines is slated to report its first-quarter results on April 21. The FactSet consensus calls for an adjusted quarterly loss of $ 2.41 a share on sales of $ 8.8 billion, which would compare with a loss of $ 4.32 a share on sales of $ 4.0 billion in the year-ago period.
Delta, American and United Airlines Holdings Inc. ( UAL) are still waiting for a full recovery in their business and international travel, said Peter McNally with Third Bridge.
`` The leisure travel in the U.S. is definitely back... that is the part of the market that has recovered, '' McNally said. Third Bridge does not expect a complete recovery for business and international travel until 2024, McNally said.
Operational costs are another worry, McNally said. `` Costs are running well above '' 2019 levels, he said.
See also: U.S. airlines may find domestic travel acting as a cushion against the omicron variant, analysts say
United Airlines is expected to report its first-quarter results on April 20, with FactSet consensus forecasting an adjusted loss of $ 4.25 a share on sales of $ 7.7 billion. That would compare with an adjusted loss of $ 7.50 a share on sales of $ 3.2 billion in the first quarter of 2021.
On the plus side, their earnings reports are likely to show that the omicron variant of the coronavirus was not a big hurdle for air travel in the quarter, McNally said.
Analysts at B. of A. said in a recent note they expect `` an upbeat earnings season '' for U.S. airlines, given that strong pricing power has emerged and leisure travel remains healthy.
Moreover, revenue outlooks for the second quarter could surprise on the upside, the analysts led by Andrew Didora, said in a note to clients.
Delta is likely to be `` bullish on summer demand, '' the analysts said. Delta, alongside Southwest Airlines Co. ( LUV) and Alaska Air Group Inc. ( ALK), are the top airline picks for the B. of A. analysts, who rate these airlines ' stocks a buy.
The B. of A. analysts warned that the market could see a slight pullback due to inflation fears.
`` Near term, consumers are facing inflationary headwinds and if these persist over a longer time horizon, we could see a pullback on discretionary spend such as travel, '' they said. `` We think a slowdown in consumer spend is the biggest risk to airline stocks. ''
Shares of the top 3 U.S. air carriers are seeing red for the past 12 months, but are roughly in line with the broader losses for the industry.
American Airlines stock is off 26% in the last 12 months, while Delta and United stocks are down 21% and 24%.
That compares with a decline of 23% for the U.S. Global JETS ETF ( JETS), and contrasts with a 7.3% advance for the S & P 500 index.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Nick Maggiulli: 'The Biggest Lie in Personal Finance ' | The author and blogger discusses the value of growing income, the cash v. bonds conundrum, and how a portfolio can diversify human capital.
Listen and subscribe to Morningstar’ s The Long View from your mobile device.
Our guest on the podcast today is Nick Maggiulli. He is the author of a new book called `` Just Keep Buying: Proven Ways to Save Money and Build Your Wealth. '' He is also the author of OfDollarsAndData.com, a blog focused on the intersection of data and personal finance. In addition, he is COO and data scientist for Ritholtz Wealth Management. He graduated from Stanford University with a degree in economics.
“ Go Big, Then Stop, ” by Nick Maggiulli, ofdollarsanddata.com, July 27, 2021.
“ The Biggest Lie in Personal Finance, ” by Nick Maggiulli, ofdollarsanddata.com, Feb. 4, 2020.
“ The 9 Best Income Producing Assets to Grow Your Wealth, ” by Nick Maggiulli, ofdollarsanddata.com, Sept. 15, 2020.
“ Just 5 Years Can Change Your Life, ” by Nick Maggiulli, ofdollarsanddata.com, Dec. 28, 2021.
“ We Begin our Lives as Growth Stocks, but end our Lives as Value Stocks, ” by Nick Maggiulli, ofdollarsanddata.com, Nov. 24, 2020.
“ How to Spend Money, ” by Nick Maggiulli, ofdollarsanddata.com, Dec. 3, 2019.
“ Dollar-Cost Averaging vs. Lump Sum: The Definitive Guide, ” by Nick Maggiulli, ofdollarsanddata.com, Feb. 25, 2020.
“ How Often Does Dollar-Cost Averaging Fail? ” by Nick Maggiulli, ofdollarsanddata.com, June 29, 2021.
“ We Are All Investors Now, ” by Nick Maggiulli, ofdollarsanddata.com, July 20, 2021.
“ The Yield Curve Just Inverted…Now What? ” by Nick Maggiulli, ofdollarsanddata.com, April 5, 2022.
“ How to Save for a Big Purchase, ” by Nick Maggiulli, ofdollarsanddata.com, Nov. 17, 2020.
“ In Defense of Global Stocks, ” by Nick Maggiulli, ofdollarsanddata.com, July 6, 2021.
“ Why Investing Like Your Neighbors Isn’ t as Dumb as It Seems, ” by Nick Maggiulli, ofdollarsanddata.com, Feb. 1, 2022.
“ Why You Shouldn’ t Pick Individual Stocks, ” by Nick Maggiulli, ofdollarsanddata.com, April 6, 2021.
“ Why Market-timing Can Be So Appealing, ” by Nick Maggiulli, ofdollarsanddata.com, Jan. 28, 2020.
“ When Does Market-timing Work? ” by Nick Maggiulli, ofdollarsanddata.com, May 7, 2019.
“ Ask Yourself Why, ” by Nick Maggiulli, ofdollarsanddata.com, March 28, 2018.
Christine Benz: Hi, and welcome to The Long View. I 'm Christine Benz, director of personal finance and retirement planning for Morningstar.
Jeff Ptak: And I 'm Jeff Ptak, chief ratings officer for Morningstar Research Services.
Benz: Our guest on the podcast today is Nick Maggiulli. Nick is the author of a new book called `` Just Keep Buying: Proven Ways to Save Money and Build Your Wealth. '' He is also the author of OfDollarsAndData.com, which is a blog focused on the intersection of data and personal finance. In addition, Nick is chief operating officer and data scientist for Ritholtz Wealth Management. He graduated from Stanford University with a degree in economics.
Nick, welcome to The Long View.
Nick Maggiulli: Thanks, Christine, for having me on.
Benz: Well, we're thrilled to have you here. So, you're chief operating officer and data scientist for Ritholtz Wealth Management. Most people probably have some familiarity with what a chief operating officer does. But what does the role of data scientist entail?
Maggiulli: It's interesting because not many RIAs, registered investment advisors, have data scientists at their firms because it's just such a new thing, the data science, in general. But some of the stuff I was doing early on for the firm was just basically answering business questions with data -- we call this business intelligence. Data science is a very broad field. It goes from everything from data infrastructure, on how you build out servers and all that, machine learning, to just even simple charts, graphs, things like that, just to answer questions. Ultimately, what you're trying to do is organize information and answer questions to the best of your ability.
So that means I 'm trying to figure out what type of leads are most likely to convert into prospects, which can then become clients? There might be certain factors that we know about the leads. And I 've done certain types of analyses, creating models to look into that. Or what's going on with attrition, or what's going on with how our clients are investing money -- all sorts of questions that we can look and see. And that's just getting aggregated statistics, all sorts of stuff. It's any sort of business question. It's always evolving. We may look into something, and then say, “ Actually we don't need to look into that anymore. ”
One of the things, as you may or may not know, our firm does content marketing. So, I have a blog, Josh Brown has a blog -- he is on CNBC. They have a YouTube channel with 100,000 subscribers. There's a podcast. There's so much stuff we do. I 'm also analyzing content data to see where the viewer is coming from, how is that leading to leads, and all sorts of stuff like that. So, there's a lot of things where we're just looking at information trying to answer best we can.
Ptak: You just referenced the fact that many of the people, many of your colleagues at Ritholtz, have public personas. You're blogging, you're appearing in the media, and so on. How do you balance that part of your job with serving client needs?
Maggiulli: Most of my week-to-week is working on stuff and operations in the firm. I still have a full-time job. That's why I 'm only putting out like one blog post a week. I don't have time to be doing podcasts -- like have a podcast where I 'm creating the content every week or TV appearances, things like that. I don't have that time yet given all the operational things we're trying to do, because we're growing so much. So, for me, most of my time is being spent on that. And that's why I still consider my blog Of Dollars And Data, the book, all that, that's a side hustle. Even though it is kind of related to my main job, it's a secondary thing, because the firm does come first, and I have to spend a lot of time there.
Benz: We want to talk about your book, `` Just Keep Buying. '' A key thesis of the book and really a theme that runs throughout your work is the virtue of saving as much as you can in the early years of the investing journey. Most people listening are no doubt familiar with this concept of getting started as soon as you can. But can you provide an example, perhaps with data, to illustrate why you think this is so important?
Maggiulli: Yes, I think this is an important idea for two reasons. First, all of your listeners already know and you’ ve heard this thousand times before -- compounding, compounding returns. So, that's one reason, just the mathematics of compounding -- earlier payments are going to grow to larger amounts than later payments, all else equal, assuming a similar growth rate over time. That's pretty obvious at this point for a lot of your listeners.
The thing which may be a little less obvious, the second point is that this is a behavioral point, is that compounding is easy, but saving money is hard. What do I mean by that? It's much harder to save money and raise your income and change spending, whatever you're doing to save money, than it is to compound your money. Because literally, compounding, you just put it in the market and wait obviously. Obviously, that doesn't mean that there's going to be times when the market crashes and you're going to want to second guess yourself and things like that. But generally, it's much easier to compound money than it is to save money, in my opinion. The market does the compounding for you.
So, when you combine those two points together, the compounding grows money more, the earlier you do it, and then the second point, which is the behavioral point, that it's much easier to compound money earlier; it's nicer to just save earlier. That's just a very obvious thing. So, from a behavioral thing, it's easier. And then, mathematically, it's easier as well. And the example I like to give, if you were to save the same amount of money every year -- it doesn't matter whether you save $ 1,000 a year or $ 10,000 a year -- and invest that every single year for 40 years earning, let's just say, 7% a year. After 40 years has passed, half of your portfolio value of the final value came from the first 10 years of contributions. So, think about that. The first 10 years is half of your final product, and the next 30 years is the other half. So, that's why saving early is so important. Because if you saved $ 10,000 a year, compounding at 7% a year for 40 years, whatever that grows to in the end -- it's probably like $ 1 million something -- those first 10 years, that's half of the final value. And so, people don't realize that. But that's why saving early is so important. I think that example really illustrates it.
Ptak: In the book, you discuss what you call the biggest lie in personal finance. What is it, the biggest lie in personal finance?
Maggiulli: I think the biggest lie in personal finance is that you can grow your wealth by just cutting your spending. You can just cut your way to having a lot of wealth. And I think, generally, if you look at the data, it's just not true. Yes, of course, if you're someone who has high income, you have very, very high spending, then it's very possible for you to do that. But most people, they don't have a high enough income to grow their wealth. It's not their spending that’ s the issue. I was looking at data from the Bureau of Labor Statistics, and people in the bottom 20% or the bottom 40% of households, there's not much to cut. I actually show the numbers in the book. If you're spending $ 800 a month on rent, or $ 900 a month on rent, how much you're going to cut there? There's not enough wiggle room for them to grow their wealth just based on cutting spending. And so, I think it's a lie, because generally, it doesn't work for most people most of the time, which means the solution is to grow your income.
I 'm not saying growing your income is easy, but that's the path out. And if you actually look at the data as well, savings rate and income are highly correlated, positively correlated. People generally with more income, save more, and that's true as you go further and further up the income spectrum. So, that one piece of information alone kind of proves my point. And of course, you're going to say “ Well, I know a rich guy that doesn't save anything. ” Those are the exceptions. “ I know a celebrity that blew all their wealth. ” You can name like five or 10 celebrities that went bankrupt. I can name every other celebrity that didn't. That's the difference. It's very seductive to use these stories and examples of people that went broke. And I 'm not saying they don't exist. But at the same time, I have so many more examples on the other side. I don't know anything about, for example, The Rock, or Oprah, or any of these people and their money mindset and how they spend money. But I do know that they all have high income. That's the one thing I know with certainty. I think that's the main point I 'm giving up there.
Maggiulli: I would put these into two different camps. Your main hustle thing and then there’ s side hustle stuff. In main hustle, which is like climbing the corporate ladder. I 'm one of those people that I 'm not against 9-to-5s, you shouldn't do that, you should be your own boss and all that. And I 'm not against the people that do that, either. But I think a lot of people, a lot of millionaires out there got there by working a 9-to-5 job and getting experience and doing that. We all don't need to be entrepreneurs and run our own businesses. So, I think there's a lot to just building your skills and becoming valuable in a company and slowly making more money over time. I think that's definitely a way to do it.
The other options, which are all like side hustles, is do you sell your time and expertise? That's one idea. Do you sell a product or service of some sort, something that's not always linked to your time, but maybe it's linked your time initially. But over time, as you get more efficient at it, you can sell it for less time. There's the idea of teaching people, doing online courses, things like that. I 've seen people make some good money making a product in that way. I think those are the biggest ones you can look at.
And then, the last way to grow your income I’ d say in addition is buying income-producing assets. So, the whole idea of creating these income streams, and those are great and all, but you ultimately want to take that money from those income streams and then invest it in income-producing assets that start paying you more. So, that's things that will pay you dividends or any sort of cash returns, cash yields, things like that. So, I think, ultimately, the short runways to increase income are all based on your labor and work you do, whether it's selling products, teaching, things like that, selling your time. But in the long run, to raise your income, you're going to have to invest in income-producing assets. And I think that's the ultimate way to build wealth.
Ptak: I wanted to go back to something you mentioned before. It was that first 10 years example, it accounting for 50%, essentially, of what's ultimately built up over time. And as we know, sometimes life and circumstances can intrude, and people aren't able to put away savings to the extent that they might want. And so, listening to that, they might conclude, “ Oh, my God, I 'm screwed. I wasn't able to tuck money away in my first 10 years. ” So, what are the implications for say, my longer-term financial and retirement security? What do you say to try to assuage concerns like those?
Maggiulli: It's not that you're screwed. There's so many factors here. I would need a little bit more information. If you have zero dollars in retirement savings, and you're 60 years old, I can't make that math work. Unless you have some really high-paying job that you can save enough in five years or something, you plan to retire at 65 or 67, then it's going to be very tough. I 'm not going to sugarcoat it. For certain people, it is going to be very difficult to do things like that. You may just have to lower your lifestyle. But that's not true for everyone. I didn't save in the first 10 years doesn't mean you're screwed. It just means you have to save more in the intervening years, or maybe just work a little longer. All else equal, assuming you want that same lifestyle.
I don't think it's like, “ Oh, they're screwed. ” There's still time. There's still time for people to do things. And I think the thing I would focus on then is not worrying about, “ I don't have as much money invested. ” It's like, “ What can I do to raise my income? Maybe this is like a gift. I realized I wasn't optimal in the past. But what can I do now to improve my future? ” And maybe the fact that you didn't save then is now causing you to work harder or think more about how to do this in such a way such that you raise your income. So, it's not always a bad thing that you 've made mistakes. I made a bunch of mistakes. And if I hadn't made those mistakes, I wouldn't be behaving better now. So, I don't think we need to always look at mistakes just like it's a massive failure, because we learn from that, and that might make you better in the future. So, I think that's the thing to focus on is how can you be better instead of beating yourself up for messing up.
Benz: You 've said that we begin our lives as growth stocks but end our lives as value stocks. Can you talk about that?
Maggiulli: Yes. That's a funny little story. So, basically, there's some data that showed that early on in people's lives and when you're in your early 20s, you have a lot of expectations for yourself. You imagine how your life is going to be in the future, in your 30s, 40s, and so on. And a lot of people have very high expectations, but unfortunately, a lot of these expectations don't always get met. So, I say, earlier in our lives, we're like growth stocks, because we believe like a growth stock -- there's a lot of future belief in high growth, high earnings. We have a lot of expectations. And a lot of times growth stocks can do very well. But usually at some point, if that growth stops happening, if we don't meet those high, very high expectations, those prices generally fall. And so, what happens, there's like a revalue, and you learn that actually, all these crazy things I thought were going to happen, didn't necessarily happen.
However, we end up over-correcting as we get older. So, we start to beat down ourselves so much that we think things aren't going to get better. And that's kind of this midlife crisis thing people hear about where they don't feel as good about their lives and stuff. And so, then we become, what I call, value stocks. Because over time, as we start to beat ourselves down, we think life is not going to be as good in the future. But then, we're surprised. There are some positive surprises. And that's kind of how value stocks tend to perform is yes, they're beaten down badly, but there are times when there's these positive upside surprises that end up allowing them to generate some return.
So, that's the history of how value has beaten growth. I don't know if that's going to be true in the future. But you can think of that thinking and apply it to your life. And you 'll see there's a lot of people -- like when you're 22 years old, the world is your oyster, so to speak, and you can become anything. But as you get older, you realize you can't do this, you can't do that, or maybe that path is not open for you. And so, you just think of your life that way. That's why I use that story. And it was my story as well. I thought by the time I was 30, I wanted to have half a million dollars by the time I was 30. Because Buffett had $ 1 million at 30. I 'm like, I 'm not Buffett. And I didn't even adjust for inflation. I think at the time his million was like 9 million. So, I was like I can take Buffett's million, cut it in half, I think that's doable. I didn't even make that. I would say the goal wasn't super, super high, but it was decently high, and I still didn't even make it to that. So, I was beating myself up. But it's OK. That's how life is. Don't beat yourself up so much. Sometimes that happens. It's a very natural feeling. And I think the reason that blog post did well, and why I included it in the book, is because a lot of people feel that way. We have dreams about our future, and they don't always come true. And that's fine. You can keep working at it because things can get better in the future. I feel like I 'm much better off than I was at 30 despite the fact it's only been a few years.
Ptak: Mindful spending is a big topic for you. How can people ensure that whatever spending they're doing aligns with their life goals and what makes them happy versus just spending to keep up with friends and neighbors?
Maggiulli: I think this is probably one of the hardest questions to answer simply because as an individual it's one of the hardest questions to answer, because you have to know yourself. This is something that philosophers have been debating for centuries -- know thyself. If you know what you really want out of life, then your finances become so much easier. If you know, “ I 'm OK spending a lot of money in these areas, and I 'm not OK with spending money in these areas, ” then that's really helpful. But a lot of people don't know. They think, “ Oh, if I could just travel the world all the time, then I would be happy. ” And then maybe you do that for a few weeks, and then it loses its luster, and you realize, “ Maybe that's not what's going to make me happy. ” Or whatever it is. People have these idealized fantasies of what's going to make them happy with their spending. And a lot of people just don't know. Sometimes it takes trial and error to get there. But you got to just figure that out.
And so, for me personally, I 'm very OK spending a lot of money at restaurants, but I don't spend a ton on clothing; I don't have a car. There's a lot of things in my life where I 'm not going to spend a lot of money on a lot of these areas. But when I go to restaurants, I enjoy that. I like food. I would consider myself a foodie. I live in New York City. So, this is a great city for that. So, I 'm very aligned with where my spending is. And some would say my spending at restaurants is exorbitant, and it probably is relative to most people. But that's what I like; that's my thing. And so, find your thing. If your thing is nice watches, that's fine. Do that. If your thing is fancy cars, do that. Just figure out what your thing is and spend it in a way that you like, that aligns with your values and what you care about. And so, for me, it's experiences.
Benz: One thing I like about the book is that it includes these helpful rules of thumb for thinking about your money. And you talk about what you call the two times rule as a way to spend money guilt-free. Can you talk us through that?
Maggiulli: So, the 2x rule is a way to escape any sort of spending guilt you might have. I 'll give you an example. Let's say I was going to go to a nice sushi tasting, and I was going to take a date there, and it's going to be like $ 200 a person or something like that. That's very expensive for a dinner. If I want to do this nice thing, maybe I 'm going to spend this $ 400, like I already budgeted for. At the same time, I 'm going to take another $ 400 and I 'm going to invest it in income-producing assets of some sort, stocks, bonds, whatever. I invest it in some way. Or I can take that other $ 400 and donate it. So, there's a lot of things. The 2x rule is if you're going to spend X dollars, save 2x, and then take half of that and invest it or donate it and take the other half and spend it. So, whether it's like, I need to buy a nice pair of dress shoes that are $ 200. Then, I 'm going to save $ 400 and then $ 200 goes in the market, $ 200 goes to the shoes, whatever. There's a bunch of different ways you can do this. And what's the splurge? Every person is different. For some people the splurge is $ 100. For other people, it's going to be $ 10,000 or even $ 50,000. I don't know; every person is different. So, whatever you consider a splurge is a splurge. So, this is a way where you can say, I 'm not going to feel guilty about spending this money because I 'm now taking that money and investing in my future or donating to a good and so on.
Ptak: I think another rule of thumb, useful rule of thumb, that you have is something you 've called the hourly wage test. A balance we're all trying to strike is money versus time. And I think you 've noted that the hourly wage test is a way to approach whether something is worth your time or better off outsourced. Can you talk about that?
Maggiulli: So, when I think about, “ Should I do this activity or should I outsource it to someone else? ” I start to think about how much time is it going to take me to do this, and then on top of that, what else could I be doing? What’ s my opportunity cost and my time? So, if my opportunity cost is, let's just say, it's writing a blog post. And from ads and affiliate deals, whatever, I make $ 500 on a blog post, and it takes me 10 hours. So, let's say, my hourly rate is $ 50 an hour. After tax I 'm making $ 35 an hour. So, if that's my after-tax rate for that thing, $ 35 an hour, I 'm saying, should I do my laundry or should I pay someone else $ 20 to do my laundry? And so, in one of those obvious cases, if it takes me, let's say, an hour to do laundry, but it only cost me 20 bucks to have someone else do it, I would rather just pay someone else because I can create $ 35 or I can have someone else do it for $ 20. You can see the logic there. Plus, I hate folding laundry, but that's a separate discussion. So, I would pay somebody just to fold the laundry; I could do the rest. So, that's the kind of thinking -- is this something where I could just outsource? And I would outsource it. So, that's why I like using laundry services because in terms of my time, I could be writing a blog post, I could be doing something else that's a little bit more productive.
I don't think about that every single moment in my life. If you start to do that, you're going to beat yourself up about everything you do. You can't watch a TV show because I could be making more money. You don't want to get into that space. But if it's something you don't enjoy doing, and you want someone else to do it, I think there's arguments to be made for something like that.
Benz: One word that seems to come up a lot in your work, in the book and on your blog, is optionality, that money buys us optionality. Can you discuss what that word means to you and why it's so important?
Maggiulli: To me, I think, optionality is just having more choices. And more choices are always a good thing. I think there are cases where it's not. If anyone has read Barry Schwartz's `` The Paradox of Choice, '' what they find is, as you have too many choices, it's actually more difficult to make a decision. So, I believe in optionality up to a point. But what money allows you to do, it gives you optionality in the sense of, “ Maybe I can do this. I can do my own venture, or I can take a job that maybe doesn't pay me as much, but I enjoy it more. ” There are all sorts of ways that money can help with optionality in terms of whether it's on the spending side, on the income side, with your career, with lifestyle things. There are all sorts of ways optionality can be helpful.
Obviously, at some point, I think too much optionality can be bad. So, for example, I think a lot of people -- this is a hot take I have -- if you just gave them $ 100 million, and they just never had to work again, I think there would be a decent number of people who would probably get depressed because they would have no purpose in life. Those people that already know, “ If I had $ 100 million, I 'd do XYZ, ” they know. They would probably be great with $ 100 million. But there's a lot of people out there that would probably lose their sense of purpose and it 'd be bad for them. That's too much optionality. If you don't ever have to work again, that could be necessarily bad for some people's psychology. So, I think it's thinking about getting some optionality that allows you to do a little bit more, but not so much that you're overwhelmed and can't make a decision basically.
Ptak: You have a section in the book on buying a home versus renting. What are the key factors that people should keep in mind as they approach that decision?
Maggiulli: I think there's three big ones. The first one is, how long you're going to be there. And my rule, I say, is roughly you have to be there 10 years for it to make sense if you're going to own versus renting. That's one thing. The second thing is what's the stability of your financial and personal life? If you're single now and you plan on buying a home, but you might have a family in a few years, then it's very likely you're going to have to sell that home and upgrade, unless the home already has a sufficient size to support a family of your desired size. So, that's the next thing is, how stable is everything in your life? That matters a lot. Because I think if you don't have stability, it's really tough to take on a 30-year fixed, a lot of debt, and making payments, and then you have instability, whether that's in your personal life or in your financial life. I think that matters a lot.
And then, lastly, can you afford it? There's different metrics people use for affording it. I think you should be able to put down 20% down payment. I don't think that means you have to put down 20%, but you should be able to. There's a big distinction there. Because I think people that can put down 20% are probably decent at saving money and financially responsible enough. But I 'm not saying that that means that the optimal choice is for you to put down 20%. You can put down less, and I can understand why someone might want to put down less and just take out more debt if rates are low, or they just don't want to lock up so much money in an illiquid asset like real estate. That makes sense.
And the other way to look at affordability is debt/income ratio. I think the qualified mortgage to have that is like 43% max debt/income ratio. So, something like that. Obviously, there's different metrics you can use for that. I 'm not sure what's the perfect metric, but let's just say 40%. So, as long as the debt/income ratio, your debt payment per month is less than 40% of your gross income. That's probably a good thing. Those are the three factors I 'd say: affordability, stability in your life, and then how long you're going to be there are probably the most important things. Because I think almost everyone across the spectrum, especially as incomes go higher, homeownership rates go up. So, even people are like, “ I 'm going to rent for life. ” A lot of these people end up owning, too, because you lock up your housing costs. You don't have to go to the free market every year and get the rent and pay the rent, pay the market rent every year. I think there is something to that especially if there's inflation. Like, right now, inflation is 8%. People who bought homes in 2019, as long as they 've seen their income grow with inflation, they're doing very well right now because inflation is high, and their payment is not moving at all. But guess what, I 'm a renter, and my rent is moving with inflation. So, I know the downsides of not owning.
Benz: There's been this stampede effect in the housing market where it seems like there's scarcity that's a mindset. And then, with the threat of rising interest rates, I think you 've got a lot of first-time homebuyers feeling some pressure to lock in a home purchase. Do you think that there's potentially risks to making decisions in this kind of environment where things feel a little bit frenetic?
Maggiulli: There's always risks to making a decision anytime. Because you never know the future. At the end of the day, I don't think people should market-time too much. When you're buying a home, it's kind of like buying an individual stock in the sense that it's not a diversified portfolio. You have idiosyncratic, individual risk with the individual property, or with an individual stock. So, I understand with individual securities, market-timing matters a lot more than it does for, let's say, a diversified portfolio. So, that's why I usually don't tell people to market-time. But I kind of understand why they do for things like this. I have friends right now that sold a place in Seattle, and they're just waiting right now. They're just waiting, waiting, waiting and say, “ I think this can't last and prices are going to come down, and then I 'll get something. ” I 'd tell them, “ That's true, that could happen. At the same time, prices could just go up a bit more, and then just stay flat for a long time. ” And so, you don't really know at the end of the day.
I think it's really tough to say, “ OK, I 'll wait till the dust settles, ” because there's always a reason to sell. One of my colleagues, Michael Batnick, he's always saying, there are many reasons to sell. There's this is a great chart that shows the U.S. stock market over time up into the right, and he puts a point throughout on the chart of every single time that there's been something happening -- a war, or pandemic, or whatever is happening in the world -- there's always a reason to sell, there's always a reason to wait till later. And so, obviously, sometimes those reasons are accurate, but a lot of the times, the market keeps going up anyway. So, I 'm not necessarily saying that's going to happen here with real estate, but it could happen. There's nothing stopping real estate prices from going higher, unfortunately. Obviously, it can't go up forever, just rising at this rate, at this pace forever. But the question of whether you should take that too much into account, I think you probably should, because no one knows the future.
Ptak: I wanted to turn to investing in markets. You 've written a lot about dollar-cost averaging versus lump-sum investing. And I think you concluded that getting the lump sum invested is usually the better course of action. But doesn't that whole discussion obscure the fact that most of us have no choice but to dollar-cost average because our investable assets come in dribs and drabs through our earnings?
Maggiulli: I think the issue here is more about definitions. It's a definitional issue. When we say dollar-cost averaging, there's actually two definitions for dollar-cost averaging, which is why this is so confusing. The first definition, which you referenced, is just like lump sum versus dollar-cost averaging. That definition is when, let's say, you sold a house, and you have $ 100,000 in extra equity. Or you sold one house, bought another, and you have extra money, or you got an inheritance, or you sold your business, whatever. Let's say, you have $ 100,000 to invest. You have two options. Or there's probably more than two. But basically, let's say, there's two options. You can lump-sum it, which is take that $ 100,000 and put it into, let's say, the stock market or a 60-40 portfolio today. Or you can take that $ 100,000 and slowly, what I call, average in. I don't like saying dollar-cost averaging there because I 'll explain in a second. I only use that for the second definition. So, I like to say average in. You take that 100 grand, and you slowly go into the market over the next year. I call that averaging into the market. And in the book, I say “ average in ” for that.
The second definition of dollar-cost averaging is actually original. And I think the first time it was used in print, referenced was Benjamin Graham saying, “ Oh, yeah, just buy over time, you're dollar-cost averaging. ” So, the one you're talking about, Jeff, with regards to our 401 ( k), putting money in every two weeks. That's what I call dollar-cost averaging. But if you really think about it, relative to the first definition, you're really making these little lump sum payments over time. You're getting these little lump sums from your check and you're putting them in. So, really, all this breaks down to, just invest as soon as you have the money to invest. And so, with your 401 ( k), it's not like you're getting paid, and then you're like, “ I 'm going to take 4% of my paycheck, and I 'm going to put it into the market over the next six weeks. ” No, you put it in as soon as you get paid. So, that's what's important. And so, lump sum versus DCA or average in, as I call it, the average-in method, that's really about investing as soon as you can. And when you're putting money in in dribs and drabs, as you say, over time, you really are putting it in as soon as possible. So, you're doing the same thing. Those are consistent. When I when I say dollar cost average in, I 'm referring to just buying over time and lump summing or investing as often as possible. So, I hope that clears up the confusion there.
Benz: It does. You 've talked about the role of nonportfolio factors, such as the industry where someone works, as potentially being influential in terms of how they should invest their portfolios. Can you discuss that concept and perhaps share some examples of how human capital should influence financial capital?
Maggiulli: Of course. I think this is a newer idea. And I think it's going to be something that's going to take off a lot more in the coming years -- this kind of gets into direct indexing, custom indexing stuff, which we can talk about. But basically, if you work in the oil industry, and let's say you work for Exxon, and Exxon is giving equity. From a risk perspective, it probably makes sense for you to down-weight oil and down-weight your employer, because if something were to happen with the oil industry -- oil prices go negative in March 2020, or whatever, something like that -- you could be adversely affected. Not only is your financial portfolio down, but maybe your job is at risk now.
I think the key there is to have a portfolio that has different risk characteristics than your income. You can even think of your income. I think this is like CFA material -- you can think of your income from your employer as a bond payment that you're receiving. And so, you worked your labor, and then you get paid a bond payment. So, if you're getting that bond payment from Exxon every two weeks, do you want to own also the equity of Exxon or the equity of Exxon's competitors? Maybe not, maybe you want to down-weight that a little bit. And so, I think in the future, we're going to be able to do that. As technology gets better and better, you're going to be able to create… Imagine creating an index of the S & P 500, but just down-weight all the oil companies and up-weight everything else as a result. So, there's a lot of math there and ways you can do that. But that's how I think about it, is look at your human capital and skills and where you're getting your income from, and maybe adjust your investment portfolios so you're not over-leveraged in a certain area. I am not doing this, unfortunately, because I work in financial services and literally 97% of my assets are in financial securities, one or another. I don't own anything physical. Everything I own is like paper-based, stocks, bonds, REITs.
It's interesting for me to say, this is going to be important, and I probably should do that at some point. But I write about this stuff. I can't say, “ Go invest in stocks, ” but optimally, it's probably better for me to own more gold or something. So, I have to live like that because of what I 'm doing with my life. I 'm talking about my investments, I have to live that. And so, I can not be investing differently and inconsistent with what I 'm telling other people to do. I do think, though, that adjusting your investments with your capital makes sense. I just don't think think it 'd be consistent for me to say, “ Go buy the S & P 500, ” and then I own very little S & P 500. So, I think in my case, I 'm doing something a little different than that. But, generally, I 'd recommend that.
Ptak: This year has been a bit unusual in that both stocks and bonds have fallen at the same time, which bucks the conventional wisdom that high-quality bonds will diversify stock exposure. Given that, should investors be worried that stocks and bonds could become more closely correlated in the future?
Maggiulli: I 'm not as worried about that. I can't remember the exact number, I think it's something like negative 0.3, that's like the long-term correlation between stocks and bonds. So, it's negative, which means when stocks go down, bonds generally go up. But it's not negative 1. So, it's not like every time stocks drop, bonds go up. It is negative, and it's slightly negative. But because of that, that means there can be periods like this period now, where stocks and bonds decline together. Let's just say that bonds and stocks had zero correlation, that would just mean stocks fall and you have no idea what's going to happen to bonds. So, the negative, let's say, 0.3 or whatever that estimate is, it says, generally, bonds will help you out when stocks are falling, but that's not always true.
And it also changed over time. Even during March 2020 during the COVID crash, there were days when stocks and bonds declined together. But for the most part, bonds kind of held their value and increased a little bit despite having some crash days. So, I 'm not as worried about that. Obviously, it's tough right now. Yields are coming back up. So, bonds are now actually creating some income when they weren't really creating much before. But obviously, inflation is high as well. So, it's tough to be a bond investor now, and I understand that, but I still own bonds. I still own some bonds. And I think it's prudent for anyone who is trying to control risk to own some bonds. I know it's not great. It's not a great situation we're in right now. But we don't really have many other choices if you want to control some risk.
Benz: One thing I wrestle with is the bonds versus cash decision. What is the case for holding bonds versus just holding cash?
Maggiulli: I think you get some income. So, let's say, cash is paying zero. Bonds are, let's say, the 10-year right now is paying close to 2.5%. So, if inflation is 8%, your cash earned a negative 8% real return; your bonds earned a negative 5.5% real return. So, you just lose less. That's basically it. You're going to lose less money over time by being in bonds over cash, that's it. Of course there's still risk with bonds that's not there in cash. So, over very short time periods, if you know you're going to need the money, and I discuss this in the book, if you're saving up for a big purchase or something, I recommend using cash. Especially if you're below three years for sure, use cash, but anything beyond that, you want to have some bonds.
Ptak: Another quandary is deciding whether and how much to invest ex-U.S. It's probably difficult to convince U.S. investors to do so because performance has been much worse outside of the U.S. than it has been stateside, generally speaking. What's your thinking on how investors should approach that question, the U.S. versus non-U.S. question for their portfolios?
Maggiulli: So, I understand that since, let's say, 2010 the U.S. has basically crushed international markets where the international -- you're saying developed or emerging -- send very well. But look what happened from 2000 to 2010. It's the opposite story. I 'm not saying that that's going to happen again. I have no clue. We can't know the future. But for me, having too much U.S. exposure, and then something happens in the U.S. -- let’ s say if U.S. underperforms international markets, it's going to hurt really bad as a U.S. investor, because not only are you probably feeling the effects economically, like just in your job, but on top of that your portfolio is getting hit.
So, the scenario now where if you're, let's say, half of your equity exposure is to developed and emerging markets and half is to U.S., that's not great, because you didn't make as much if you were just a U.S. investor. But at the same time, like in the flip scenario, in a scenario where emerging or developed does really well and the U.S. doesn't, you're much better off than the people who are all U.S. And I 've heard arguments, “ You don't even need international stocks because the U.S. companies are basically everywhere. ” I 've heard that before. At the end of the day, I still think it's prudent to have some international exposure. And I believe it. And you don't have to. Remember, there's a lot of ways to get rich. I talked about this in the book. There's no right answer to this. I know people that are rich that just do real estate, like physical real estate. I know people that are rich that just do stocks. I know people that are rich that do REITs. There's so many different ways you can put together a portfolio that works for you. And I don't think obsessing over the small details matters as much as people think. It's just about owning income-producing assets, and on average, you should do well. And you have to be diversified. You can't put all your money into Russian stocks and hope for the best. As long as you're diversified and you’ re just buying over time, I think you 'll probably be fine.
Benz: I wanted to ask about target-date funds as a simplification tool for young investors. How do you feel about them?
Maggiulli: I don't get into this specific topic in the book. But the general idea is it's fine. I have no problem with target-date funds. I don't think it really matters that much, especially for younger investors. And you are saying, “ Why would you say that, Nick? ” Because for a younger investor -- and this is like what I talk about in the first chapter of the book -- there's something called the save invest continuum, and it's basically when you're young and you have very few investable assets, your asset allocation does not matter. You're saying, “ Why? How is that true? ”
Let's say you have $ 1,000 to your name. Let's say your target-date fund, let's say it's going to get a 10% return, which is a little high, but I just want to make the math easy. So, let's say, you have $ 1,000 invested to your name, your target-date fund gets you 10% return. That's a $ 100 investment return in a year. If you're a young person out there, and let's say you have friends and you go out to a bar or something, you could easily spend $ 100. Let's say you spend $ 50 in the night, and you do that twice. That's your entire investment returns gone from you going out two times in a year. So, if you really think about it, what's more important -- looking at your spending and how you're saving money early on, or your investment returns? And the answer for most young people most of the time, it's going to be their savings and their income and their career.
I would say, just set some asset allocation that makes sense for you, and then don't worry about it too much. And as you get older and have a lot more money invested, then you need to focus more on how you're investing that money. Because once you have $ 100,000, that's very different than when you have $ 1,000 invested. I think that's the main thing I would say is, should I be in a target date, or should I do this? I used to obsess over that stuff, too. Should I have 10% bonds, 15%? It didn't matter. Ultimately, it didn't matter. I spent all this time, but it's cool, because I was into it, but at the same time, it didn't matter. I should have spent more time learning how to program in R or some other programming language or learning some other skill than doing that. If I could go back, I would have done things a little differently. Not that I have major regrets or anything. But just saying it's one of those things where I realized I was not behaving optimally. I think a lot of people obsess over it when they don't need to, especially young people, that is.
Ptak: At the same time, you think most individual investors should steer clear of individual stock investing, if I 've got that right. Why is that?
Maggiulli: There's two arguments for this. The first one is the one that probably most of your listeners have already heard, which is individual stock-pickers, active managers -- whatever you want to call them -- they generally don't beat the market, especially after fees. So, basically, what that means is, the message is, if you're going to try and pick individual stocks, you're probably not going to outperform the S & P 500, especially over multiple years. There's these reports that come out, the SPIVA reports, basically show no matter which market you look at over a five-year period, somewhere between 60% and 80% of active managers, stock-pickers, can't beat their benchmarks after fees. So, if they can't do it and they have teams of analysts, all these resources, what chance do you have? That's the traditional argument.
I talk about that argument in the book, but it's not my main argument. The real argument for why I say people shouldn't pick individual stocks for the bulk of their holdings. If you want to pick individual stocks with 5% of your portfolio, a small amount of money and do it, that's fine. You want to do it for fun, whatever, that's fine. I have no problem with that. I think that's prudent if you're doing that. I don't think it's that crazy or anything. So, this is where people were like, “ The bulk of my wealth is in individual stocks. ” My argument to them is what I call the existential argument, which is, how do you know that you're good at picking stocks? How do you actually know? Because with almost every endeavor in life you can identify a skill pretty quickly. If myself and LeBron James went on to the basketball court, and you didn't know who LeBron James was, and we started playing, it would be obvious within five minutes that I don't know what I 'm doing; he does, I 'm getting crushed. Anyone could tell you that. A basketball coach could look at that. Even people that don't even know basketball could tell you that. Others can identify skill really easily. Same thing with computer programming. If I went up against the best computer programmer, you would know that this person understands computer programming better than I do, or better than someone that doesn't know computer programming. You can identify skill easily.
With stock-picking, that's not true. You and I can go pick stocks. And just because you did better does not mean you're a better stock-picker. You could have gotten lucky. Or I could have gotten unlucky or vice versa. And so, there was a study that basically found -- I referenced in the book -- and it was just like looking at mutual funds and are there any actual stars? Are there people that are actually really good at doing this? And they found there's about 10% of people that we can identify their skill.
So, let's just do this little thought experiment. Let's say, 10%, we can identify their skill, the top 10%. The bottom 10%, let's say, we can also identify their skill, but they're bad, they're really, really bad. That means that we can identify the top 10; we can identify the bottom 10. That means the middle 80% we can't identify. That means four out of five stock-pickers have no idea if they're good. And how long are they going to have to do this game for, play this game of stalking before they know? One year, three year, or five year? You don't know. All you have to do is get one really good pick, and it could just be enough returns to make you beat the market; you got lucky. You got an Amazon in 2000 or 2003 or whatever. You were buying somewhere near the bottom. You bought Amazon and it just did so well that it didn't matter all your other picks. You just got lucky.
That's the argument I 'm going to give out. Do you want to look at yourself in the mirror every day and not really know if you're adding value to something? Because I don't have that issue. I think a lot of people don't have that issue. They know, “ When I do this, it creates value because it does this thing. ” I think it's really tough for people to realize, “ Am I actually good at this? ” For me, personally, I would beat myself up a lot, not knowing if I 'm actually creating any value in something. And so, when I tell people, “ Don't pick individual socks, ” it's not for the performance of them or anything. That's a great argument itself. Are you going to be good at it? And even if you are good, what if you start to underperform? Baird did a study -- all the best managers underperform at some point. So, even if you start to underperform, you're going to question, “ Have I lost my touch, or maybe is this normal, like a lull in performance? ” So, you're going to beat yourself up. It's a psychological game. It's really, really tough to do that. And I think it's really tough mentally to play that game. So, that's why I don't recommend it, because it's just tough for a lot of people.
Benz: You referenced that considerations around asset allocation for young investors was probably pretty overrated and maybe a misuse of time. Can you think of another completely overrated debate in the realm of personal finance or investing?
Maggiulli: This is what I 've written probably the most on is market-timing. I think there's so much -- not even articles I 've written. I 've just read other stuff from other people who do thought experiments like what if you bought the lowest point in the year versus the highest point; bought at the bottom versus the peak? How much of a difference does that make over 30 years? And they find it's basically irrelevant. You keep doing that every year. More important thing is that you keep buying and that the market that you're buying or the investment you're investing in is going up over time. And so, most equity markets generally go up. Of course, there's exceptions like Japan, Russia, Greece, Spain from 1973 to 1983. I know all of them. I 've spent so much time studying all the failures -- I have to know these. So, yes, there are exceptions to this rule. But as long as your investments are going up to the right, market-timing doesn't really matter. That's completely overrated. Yet somehow people still obsess over it. No matter what, you look at all the data, people still feel like they want to get a good price, they're like, “ I want to get the best possible price. ” And I get that. We're bargain-hunters. But at some point, you 've to be like, “ This is silly. ” It's not going to when the market is 2 times higher in like 10, 20, 30 years or whatever it is.
Ptak: How about the flip side? What's underrated? I know that you think maybe the focus on cutting spending is overrated. And the corollary to that is that maybe maximizing income is underrated. What else is underrated?
Maggiulli: I think another thing that's underrated -- and I 've kind of touched on this earlier in our conversation -- is knowing yourself, knowing what you really want to do with your financial life. Why are you saving all this money? Why are you doing all this? And I think that is the ultimate question. And it's not a financial question necessarily, but it affects your finances. I think a lot of people end up just going through the motions, and they're saving all this money and they don't know why. And that's why even in the book one of the hat tricks I have is, you probably need to save less than you think because you end up having all these people who reach retirement -- only one in six retirees based on this data I 've seen are pulling down principal. That means five in six are just living off Social Security and their dividends, if they have dividends. So, most people aren't even spending their money down. So, what was the point of all of this.
You start to wonder -- I 'm not saying you have to spend all your money down. I 'm not saying that either. People say, “ I 'll bequest ” or “ I want to give more to my children. ” I get that. But I think at some point, you realize, like, “ I 've ended up saving so much money. Why did I do this? ” There are so many people out there who ended up working extra hard, maybe neglecting their families possibly just to earn more money, and then at the end of the day, it's like, why? That was not necessary. So, I 'm having people question that; just question a lot of the premises we have in society and the messaging that's out there. And of course, I want people to raise their income, but at the same time, know why. Don't just raise your income just to raise your income. If you're like, “ I don't need to raise my income. ” Well, then, don't.
For example, here's something that I did recently. I run ads on my blog. I 've since gotten rid of in-content ads on the blog because they're annoying. And yes, I 'm going to lose a little bit of money from that. But I can get 70% of my earnings and still keep people who are reading my work very happy. And I 'm willing to take that because I 'm not so desperate, like I need that extra money, that I 'm willing to upset readers and possibly lose people. I value people's time so much. And I talk about that in the book -- I value people's time so much that I don't want to do that. So, figuring out what do you really care about and what matters and what doesn't, that's what I would say to focus on.
Benz: Maybe you can talk about your go-to reading items and podcasts each week. We 'll assume it's a given that all of the Ritholtz-related podcasts and blogs are on your list. But what else?
Maggiulli: I mostly read blogs, or I 'll read podcast transcripts. And the reason for that is I 'm just trying to be very efficient with my time. And I mostly do writing and I don't listen to many podcasts. I will here and there, if there's a guest I like, I follow them and see what they're on here and there. And the reason I do that, I think a lot of my philosophy is, what is the highest-quality information I can get out there? And if you think about the amount of time put into writing generally is just so much higher than it is for anything else, any other medium. Let's say I write a blog post, it's 1,000 words, and it takes me 10 hours. So, I 'm writing 100 words per hour. I 've easily in this podcast spoken more than 100 words in maybe a couple of minutes. So, I 'm not saying that those words aren't useful or helpful. But a lot of this stuff, it's not going to be as refined and thought through as well as me sitting down and writing every single answer. So, because of that I think there's just higher-quality information in writing across the board because people have to really, really think about everything. It’ s easy to misspeak; it's very hard to miswrite because you 'll know and be like, “ Oh, I didn't want to say that. ” You can fix it. So, I think that's the big thing there.
I 'll give a shout out to one guy. I read Morgan and all these people that everyone knows. I wanted to give a shout out to people who are kind of up and coming. So, Kyla Scanlon, she's really good. I read her stuff. You can check her out. She's also on TikTok and a bunch of other stuff, but Kyla is good. And then, Jack Raines. He's an up-and-coming blogger as well. I recommend those two. They're up and coming. They're young. They're doing very well. They're crushing it. So, I 'd recommend it if you guys are into that type of stuff, check out their content. See if you 'd like that.
Maggiulli: You just read a lot. I think that helps. You always have to find new ideas, find how people are thinking about ideas. How do you write once a week for five years and do that? Don't you run out of ideas? And, yeah, there are times when I’ m like, what should I write about? And I have to just think about different things. But the more information you consume, and really high-quality information, it's just naturally going to create sparks. You can imagine you're building a fire, and what you're doing is you're taking all this potential energy, which is like information that you 've read over the years -- these are like the wood. You're putting it there. And then, once you read something, you create a spark, and then that fire starts over that idea. So, that's kind of what I do. I try just to read a lot of stuff. And I 'm reading all over the place. It's not always financial stuff. It could be nonfinancial things as well, like biology or status or what have you. But I think reading is the key to that, at least for me. Every person is different. Some like podcasts, because you can sit back and just enjoy. And a lot of people that have been on podcasts have thought about these ideas a lot, too. So, I think there are efficient ways of using those as well. I happen to be a visual learner. So, I just have to read almost everything.
Benz: Well, Nick, this has been such an illuminating conversation. We really appreciate you taking time out of your schedule to be with us today.
Maggiulli: Of course. Thank you both for having me on, Christine and Jeff. Really appreciate that.
Benz: Thank you for joining us on The Long View. If you could, please take a moment to subscribe to and rate the podcast on Apple, Spotify, or wherever you get your podcasts.
You can follow us on Twitter @ Christine Benz.
Ptak: And @ Syouth1, which is, S-Y-O-U-T-H and the number 1.
Benz: George Castady is our engineer for the podcast and Kari Greczek produces the show notes each week.
Finally, we 'd love to get your feedback. If you have a comment or a guest idea, please email us at TheLongView @ Morningstar.com. Until next time, thanks for joining us.
( Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis, or opinions, or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.)
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Read our editorial policy to learn more about our process. | business |
Student loan payments aren't due until Sept. What you need to know | The U.S. Department of Education has extended the payment pause on federal student loans for the sixth time since the pandemic began more than two years ago.
This time, borrowers have been told they won't have to resume paying their bills until September. So, here's what borrowers need to know.
Despite improvements to the economy since the pause on federal student loan bills was first announced in March 2020, President Joe Biden has said it remains too early to ask borrowers to begin paying again.
`` We are still recovering from the pandemic and the unprecedented economic disruption it caused, '' Biden said, in an April 6 statement announcing the latest pause.
Meanwhile, the latest delay is being announced as deliberations around student loan forgiveness are still ongoing at the White House.
Biden is under tremendous pressure to reduce some of the country's $ 1.7 trillion in outstanding education debt. Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., are pushing him to cancel $ 50,000 per borrower.
Here's a look at more stories on how to manage, grow and protect your money for the years ahead.
Nearly 66% of likely voters are in support of the president forgiving student debt, with more than 70% of Latino and Black voters in favor, a recent poll found.
White House chief of staff Ron Klain said last month the administration wanted to come to its decision on loan forgiveness before turning payments back on.
`` The president is going to look at what we should do on student debt before the pause expires, or he 'll extend the pause, '' Klain said on the podcast `` Pod Save America '' in early March.
Because the payment pause has been extended so many times, experts say borrowers are unlikely to take the latest announcement of bills resuming in September too seriously.
`` What's a borrower to believe or plan for anymore when the government keeps changing its mind? '' said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers.
And this time, the payments are scheduled to start back up again just a few months before the midterm elections, which many observers have said could trigger troubling headlines for Democrats and lower turnout at the polls for the party.
`` I can't see them restarting repayment two months before an election, '' said higher education expert Mark Kantrowitz.
Interest will remain suspended on federal student loans in the Direct program. During the break, borrowers have saved nearly $ 200 billion, the Federal Reserve has found.
Yet holders of Federal Family Education Loans and private student loans are not covered by the policy, meaning their debt will continue to grow with interest.
Borrowers who can afford to pay may opt to take advantage of the temporary suspension of interest to pay down their student debt's principal. But there are exceptions to that strategy, experts warn.
If you're pursuing public service loan forgiveness or are on an income-driven repayment plan, it's a bad idea to continue making payments, experts say.
That's because the months of the payment pause count toward the eventual debt forgiveness these programs lead to — whether or not you're paying, and so any money you direct to your loans during this reprieve just reduces the amount of forgiveness for which you 'll eventually be entitled.
What's more, the Covid-19 pandemic has taught us how important it is to have a healthy savings account to fall back on, according to experts. People should try to build up at least six months ' worth of emergency savings, they say.
With interest rates on most federal student loans at zero, it can also be a good time for people to make progress paying down more expensive debt. The average interest rate on credit cards is currently more than 16%.
However, you should make sure you have enough in your emergency savings account before you address credit card debt, said Ted Rossman, an industry analyst at Creditcards.com.
That's because your credit limit shouldn't be relied on as a safety net.
`` Many people had their credit card limits cut unexpectedly over the past year as lenders got especially worried about risk, '' Rossman said. | business |
COVID-19 Test Supplier Ordered To Return $ 2M To Retailer | A Massachusetts federal judge on Tuesday ordered a Chicago couple to return $ 2 million allegedly pilfered from a private equity-backed bulk retailer under a contract for COVID-19 antigen rapid test kits.U.S. District Judge Indira Talwani entered a preliminary injunction forcing Henry Leong and Thanhchi Thi Nguyen to immediately transfer the funds to the court. The order came a day after Bulk MRO Industrial Supply Inc., whose investors include Y Combinator and Bain Capital, sued Leong, Nguyen and their companies Glove King LLC and Atlantic Capital Lending Ltd.According to the complaint, Bulk MRO inked a $ 19 million deal in January... | general |
Mapping The Top Trials To Know In The Opioid Litigation Wave | Opioid crisis lawsuits against major companies in the pharmaceutical supply chain are heating up in large numbers, producing a byzantine brew of battles in courts all across America.The swirl of suits, initially concentrated in hard-hit regions, has become virtually ubiquitous, reflecting the overdose epidemic's pervasive reach. After the cases began pouring in in 2017, they steadily gained energy as threshold legal issues were resolved, and the first trial happened in 2019.But much of the energy stayed bottled up when COVID-19 shuttered courthouses just as some of the most advanced opioid cases were ready for trial. Simultaneously, the coronavirus pandemic was making... | general |
Indicted Mass. Judge Says Feds ' Bias Revealed In ACLU Suit | A Massachusetts state court judge facing an obstruction charge for allegedly letting an immigrant evade custody argued Tuesday a `` small but devastating '' cache of documents unveiled in a suit brought by the ACLU shows federal prosecutor's `` political bias. `` Judge Shelley Joseph argued in May 2020 the U.S. Department of Homeland Security and U.S. Immigration and Customs Enforcement harbored a politically-motivated animus towards her, and that the government should have to turn over evidence of their alleged bias.The motion has been on hold amid the COVID-19 pandemic and an unsuccessful mid-case appeal by Judge Joseph to get the First Circuit to... | general |
Is it too late for vaccine equity in Africa? — Quartz Africa | As countries across the world are easing or removing their covid-19 restrictions to open their economies and return to a normal life, countries in Africa are increasingly following suit, despite low vaccination rates.
A few weeks back, the WHO raised concern over the increasing number of African countries rolling back covid-19 measures. “ It is a matter of concern that nearly half of all countries in Africa have stopped tracing the contacts of cases, ” said Dr Matshidiso Moeti, WHO Regional Director for Africa.
Only 22 countries now have a ban on mass gatherings dropping from 41, a year ago, while 7 out of 21 countries in a survey no longer require people exposed to the virus to be quarantined, according to the WHO.
That same week, South Africa and Nigeria eased their covid-19 rules on travelers’ requiring a PCR test. South Africa also eased its rules on masks and gatherings. Kenya eased its rules on masks, public vehicles capacity, and quarantine. The unfortunate thing is that even long before rules on travel, masking, and social distancing had been eased, in many parts of Africa, people barely complied with existing rules or rules were barely enforced—many had long moved on.
There are concerns about African countries lowering their guard while region has the lowest proportion of vaccinated people.
Since the fourth wave in December last year, there has been a drop in the number of new cases reported in Africa. In South Africa, there has been a 6% decrease in the last seven days ( compared to the previous seven days) and 1,346 cases reported in the last 7 days. In Nigeria, a 20% decrease and 20 cases, and 12% and 11 cases in Kenya, according to WHO covid-19 dashboard as of Apr. 11.
Also, Africa has reported the lowest number of covid-19 cases and deaths of all regions. Apart from six African countries including Tunisia, South Africa, and Seychelles that have reported the highest death rates: 241, 169, and 166 confirmed covid-19 deaths per 100,000 people respectively as of Apr. 11, African countries have reported less than 100 compared to 295 in the US and 250 in the UK, according to WHO. These low numbers have contributed to the belief in these countries that the virus is not a big threat.
“ The pandemic isn’ t over yet and the preventive measures should be eased cautiously with health authorities weighing the risks against the anticipated benefits. Lifting the public health measures does not mean lifting the foot off the pedal of pandemic vigilance, ” warned Dr Moeti.
The low number of confirmed cases and deaths in the continent is partly due to the low testing rate. While high-income countries have done more than 1,000 tests per 1,000 people as of Apr. 8, the majority of African countries have done less than 200.
Nigeria, the continent’ s most populous country has done only about 23 tests per 1,000 people since the beginning of the pandemic and has confirmed about 1.5 covid-19 deaths per 100,000 people, compared to Tunisia, South Africa, and Namibia that have done 380 – 400 tests per 1,000 people and are among the top four African countries with the most confirmed deaths per 100,000 people.
“ We should not throw off every measure as many of them have done in other regions. We should look at our situation and plan accordingly ”, said Oyewale Tomori, a professor of virology and member of WHO technical advisory group on covid-19 vaccine composition. “ If we look at the rate of vaccinations, most people in other regions are vaccinated, but most people here are not and may still be vulnerable to the disease. ”
Despite the high vaccination rate in Europe, last month, the WHO regional director for the Europe region, Dr Hans Kluge, reportedly blamed the recent increase in the daily reports of new cases in European countries on pandemic restrictions being relaxed too soon in the countries.
Oyewale Tomori advised that African authorities should make decisions based on the epidemiology of the disease in their countries and not what others are doing. “ As long as that level of our vaccination is low. As long as the disease is still around, I would say there should be mandatory testing for anybody coming into the country, whether the person is fully vaccinated or not. Masks should remain mandatory in any place where there is a possibility of transmission, ” he said.
The increase in new cases in Europe has been linked to the recent spread of the more contagious Omicron subvariant known as BA.2. The subvariant now represents more than 21% of sequenced cases worldwide and 86% of sequenced cases in South Africa. | tech |
Cities are turning empty office buildings into apartments — Quartz | Business districts have a vacancy problem. The white-collar workers around the US who fled city centers at the start of the pandemic haven’ t all come back yet. Even as some large employers like Google and Apple start to roll out back-to-office policies, it’ s looking like many of them may never return.
More US companies are embracing remote or hybrid work and shrinking their office footprint, according to poll data from Gallup. As a result, office buildings in major US cities are experiencing the highest vacancy rate for downtown offices in roughly 30 years.
In the top 10 US metro areas, downtown vacancies are 4% higher on average compared to pre-pandemic levels. In sprawling Texas cities like Houston and Dallas where office construction boomed despite a surplus of outdated buildings, offices sat empty even before the pandemic. Today, more than two years into the pandemic, roughly a quarter of downtown offices are vacant.
Covid-19 accelerated the trend of US workers needing less office space as the nature of American white-collar work has changed. As companies have used strategies like desk sharing and installing collaborative workspaces to use space more efficiently, the number of square feet needed per white-collar worker has steadily declined in recent decades.
That’ s likely to continue. Even as business districts start to recover, Gallup estimates that 37% of current office space in the US is likely to be abandoned as workers switch to remote work. That could slash cities’ tax revenue and economic activity. A study of eight cities from the Institute on Taxation and Economic Policy found that lost tax revenue from commercial properties could lead to budget deficits of between 5% and 7%.
Faced with millions of square feet of vacant office space, cities are exploring new uses by converting office buildings. Some are targeting new condos and apartments, taking advantage of the prime location of many office buildings to increase the supply of dense housing. Other cities are creating industrial space, capitalizing on the e-commerce boom that has put a premium on warehouses. These efforts to repurpose and repopulate downtowns have the potential to upend assumptions about how to design cities.
Urban offices are especially attractive for e-commerce companies. Because they’ re already situated closer to where people live, they’ re an ideal solution to last-mile delivery problems, despite increasing heavy truck traffic and other industrial activity near people’ s homes. Amazon and other retailers have started scooping up warehouses in formerly industrial neighborhoods that are now residential.
Building warehouses up ( not out) was already a common practice in dense places like Tokyo and Singapore. The trend is finally coming to the US as developers transform obsolete offices and retail spaces into warehouses, mostly for e-commerce goods. In 2016, warehouse industry giant Prologis built a multistory warehouse in Seattle, a first for the US. Warehouses have been converted from former office buildings in suburban Chicago and Somerset, New Jersey.
More are planned as Amazon and other e-commerce sellers scramble for more space to meet increased demand for goods from online shoppers. In 2021, typical rent prices for warehouse space in the US and Canada rose 18% from a year prior.
Converting office buildings into condos and apartments has also been common for decades, but almost all of these redevelopments happened on a case-by-case basis. Developers got approval for a few high-profile conversions they believed would be profitable, such as iconic art deco offices in downtown Los Angeles converted to apartments in the early 2000s and the Trump International Hotel and Tower in Manhattan, previously the Gulf and Western office building.
But now, cities, often at the urging of the real estate industry, are exploring approving conversions on a larger scale. In March, New York Governor Kathy Hochul and Mayor Eric Adams have both expressed interest in converting office buildings in Midtown Manhattan to apartments. Hochul’ s state budget proposal included a proposed revision to residential building law that would make it easier to convert office space. At a public hearing in March, Eric Adams’ planning chief Dan Garodnick said the administration was looking into conversions as a potential solution to create more affordable housing in the city. New York’ s city council passed a law in 2022 requiring the city to “ study options and make recommendations ” for commercial buildings that could be converted to apartments.
A 2021 study found that converting just 10% of the area’ s buildings could create 14,000 new apartments. A similar study of Los Angeles County conducted in April 2022 found that hotel and office conversions could add upwards of 72,000 units to the area’ s housing supply.
The issue is that no two buildings are the same, and not all are easily converted to residences, explains Dr. Tracy Hadden Loh, a fellow at Brookings Institute Metro program. Office buildings often aren’ t built with the right light and space requirements necessary to meet building code standards for living spaces like bedrooms. “ A lot of these obsolete offices have weird dark spaces inside, and that means adapting them is tricky because different cities have different building code requirements, ” says Loh.
This means that conversion projects can get expensive quickly. One study ( pdf) of adaptive reuse projects in California found that they tended to be more expensive than new construction, and tended to encounter unexpected expenses in the building process. The redevelopment of one office building in San Francisco involved having to almost entirely rebuild the structural frame to bring it up to earthquake codes, and redo the facade because it didn’ t have windows that opened.
That means mass conversion of office buildings won’ t happen on their own, says Matt Vance, senior economist and head of Multifamily Research at CBRE. A combination of factors needs to come together to make these conversions profitable for developers: an attractive location and floorplan, favorable zoning laws, and up-front financing of the deal.
Vance argues local governments must help identify and finance these conversion projects. “ In some ways, it seems inevitable that we’ ll need to rely on a public-private partnership system, ” says Vance. “ [ Partnerships ] could make sense if they can bring people back into these areas of the city [ that are now business districts ], and give them a residential option and retail amenities that today’ s renters are looking for. ”
Momentum for conversions is growing. A report from RentCafe found that in 2021, US cities saw more than 150 apartment conversion projects, and 41% of those were from former office buildings. In all, roughly 7,400 apartment units were created from office conversions in 2021, more than six times the number of units created a decade earlier.
Adapting buildings to meet demand for how people want to use them will be a necessary part of the way cities adapt to the future. “ There will be cities in the future, and those cities aren’ t going to be filled with the haunted ghosts of empty office buildings, ” says Loh. | tech |
Boris Johnson has been fined for partying during lockdown — Quartz at Work | Boris Johnson, the UK prime minister, and his next-door neighbor Rishi Sunak, the chancellor of the exchequer, have both been fined by London’ s police for attending parties during one of the UK’ s coronavirus lockdowns—under strict rules they themselves drafted and enforced on the general public—the government confirmed today.
The fines are a huge embarrassment.
Johnson originally denied attending any parties, but details have been emerging for months of multiple gatherings held at his residence, Number 10 Downing Street, and in other government offices, during the UK’ s most strict lockdown period which came into force in March 2020, with several different phases in the subsequent two years.
Inevitably, Johnson has been called on to resign. No other British prime minister in the modern era has been punished for breaking the law, however minor the offense, either because they didn’ t do so or—perhaps more likely—because they weren’ t held to account for it. But with CEOs often now brought down by their actions, today’ s fines are another indication that major public figures can no longer so easily flout rules with impunity.
During the strictest period in the UK most people were not allowed to leave their homes for any reason other than an hour of daily exercise, and all non-essential gatherings—including weddings and funerals—were banned.
At one Downing Street party on April 16, 2021, eyewitnesses said that around 30 revelers danced and drank at No.10 until late in the night. The next day, the Queen was pictured sitting alone in Westminster Abbey to mourn the death of her husband Prince Philip, because gatherings were still illegal. The photo has been used as evidence against the government ever since.
One partygoer even took a wheeled suitcase to a local shop so that they could bring back enough alcohol for all the guests, an attendee said.
Heads of state, and company leaders, have historically seemed to be above the law, their private rule-breaking covered up by cohorts of willing assistants, while law enforcement turns a blind eye. But it seems the public, investors, and shareholders, are increasingly unhappy about rules that apply to “ ordinary people ” being broken those with money, power, or influence.
As Forbes noted in 2019, after four CEOs lost their jobs in just one week, “ The days of imperious, dictatorial CEOs who rule by fear and intimidation, backed by board of directors packed with ‘ yes men’ and cronies, may be soon over. ”
Whether Johnson and Sunak’ s time in power will end now is still in question. The leader of the UK opposition, Keir Starmer, immediately called for Johnson’ s resignation.
Their culpability, however, is not in question. Both men partied during a lockdown they themselves decided to impose, and have been fined using a mechanism they themselves signed off. The irony isn’ t lost on the British people and it’ s unlikely that Johnson and Sunak paying small fines will appease the anger of those who went through the pain of isolation while the country’ s leaders spared themselves that hardship. | tech |
Rising inflation has impacted cooking oil spends in Indian homes — Quartz India | India’ s central bank may have been slow to acknowledge rising inflation but consumers are feeling the heat.
Prices of edible oils have risen steadily over the past two years, with brief periods of respite because of the government’ s interventions. On the whole, households report that prices of everyday kitchen oils like sunflower, mustard, and soybean have risen by 50% -70% since before the covid-19 pandemic, according to a survey conducted by community-led social media platform LocalCircles.
Among the 21,000 respondents surveyed across India, a large majority reported a change in their spending pattern due to this.
The Indian government has tried to curb the rising prices of such oils by cutting import duties and taxes. However, due to global factors like the Russian invasion of Ukraine, prices have continued to rise. India, for instance, relies heavily on sunflower oil imports from Russia and Ukraine.
India’ s retail inflation likely rose to a 16-month high of 6.35% in March, apparently fuelled by rising food prices, according to a Reuters poll of economic analysts. Things like lemons are now retailing in New Delhi at 300 rupees ( $ 4) per kg, more than five times their average price.
This is forcing Indians to rethink their everyday expenses.
Inflation is mostly being driven by fuel prices and supply chain issues, forcing Indian households to consider cheaper alternatives.
Nearly a third of the respondents to the LocalCircles survey said they now use lower quality edible oils. | tech |
Tech Down as Flight from Growth Sectors Continues — Tech Roundup | Shares of technology companies fell as traders continued rotating out of the sector, wary of rising inflation and interest rates.
Some of the issues that led the bull market in stocks during the pandemic are now giving back large chunks of those gains, as anticipation of Federal Reserve interest-rate increases triggers a re-evaluation of the sector.
More factories in and around Shanghai, including two run by Apple supplier Pegatron, are halting production because of extended Covid-19 lockdowns in the region, adding to pressure on the global supply chain.
Shares of Facebook parent Meta Group fell for the sixth-straight session, its longest losing streak since 2019.
Yelp said it would offer employees and their dependents financial assistance through their insurance if they need to travel out-of-state for abortion care, joining other tech employers such as Apple in the initiative.
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Regent chair by Connection | designed to give the user a chance to escape the distractions of an open-plan workplace.
forms part of the firm's `` Resimercial '' collection launched since the coronavirus pandemic, which is defined by soft fabrics, warm colour palettes and natural materials like those commonly found in the home.
It is intended to be a statement piece with a high back and wraparound wings.
, the Regent has a warm and inviting look.
The product is an update to Connection's Mae chair aimed to better suit the current-day workplace with a more homely aesthetic.
A complementing footstool is also available.
Dezeen Showroom offers an affordable space for brands to launch new products and showcase their designers and projects to Dezeen's huge global audience. For more details email
Dezeen Showroom is an example of partnership content on Dezeen. Find out more about partnership content | business |
`` We must take the rapid action needed to accelerate vaccination. '' | “ Thank you for the opportunity to address you today. We congratulate the UK on its Presidency and appreciate convening, with the UAE, the Council to recognize the importance of accelerating progress in COVID-19 vaccination as a key milestone towards ending this pandemic.
“ Just over 1 million cases of COVID-19 were reported to WHO in the last 24 hours - the pandemic is still far from over. We have safe and available vaccines that can protect against death and severe illness caused by COVID-19 and help avoid the next variant and there is an urgency, with over six million lives having been lost to date, to raise COVID-19 vaccination in countries that did not have this opportunity in 2021. The next six months are critical.
“ More than 11.1 billion doses of COVID-19 vaccines have been administered globally and 124 of the 194 WHO member states have vaccinated more than 40% of their population. 51 countries have reached more than 70% of their population. However, this is only 11% in low-income countries. 83% of the population in WHO’ s Africa region and 51% in its Eastern Mediterranean region, which includes Afghanistan, remain unvaccinated.
“ In 2022, we must take the rapid action needed to accelerate vaccination. The window of opportunity is gradually closing. We risk losing the momentum and failing on vaccine equity.
“ The COVID-19 Vaccine Delivery Partnership is focused, amongst others, on 34 countries which were at 10% or less full vaccine coverage and face the biggest challenges to increasing vaccination coverage. The goal is to vaccinate all adults and adolescents – starting with the elderly, healthcare and other frontline workers and those with underlying health conditions who are at the highest risk from COVID-19.
“ 19 of the 34 countries identified for concerted support by the Delivery Partnership are included in the Global Humanitarian Overview for 2022.
“ We know there are many competing health, humanitarian and economic priorities in these countries. We must therefore use every opportunity to bundle or integrate COVID-19 vaccination with other health and humanitarian interventions and leverage these investments for the longer term strengthening of health systems.
“ In many countries, COVID-19 vaccination is being integrated with measles campaigns and, in complement, with maternal health and routine immunization. COVID-19 vaccination is being used to strengthen cold chain, health management information systems and to train and provide incentives to health workers, including the surge required.
“ With strong political leadership, country coordination and planning, and implementation of mass vaccination campaigns, countries can quickly pick up their vaccination rates and coverage. Since January 2022, the number of countries with a full population vaccination coverage rate at or below 10% has dropped from 34 countries to 18 countries currently.
“ We have just wrapped up a mission in Ethiopia where their rounds of campaigns have increased vaccination coverage from 4% in January to just over 20% now – including in some of the conflict affected areas. We also agreed to bundle COVID-19 vaccination efforts with an upcoming measles and vitamin A campaign and to focus on the vaccination of IDPs using the single dose Johnson & Johnson vaccine.
“ In the Central African Republic, strong community engagement through focus group discussions, TV and radio spots with leaders and influencers, and young people being mobilized has led to almost 19% of the population being vaccinated.
“ I am speaking to you now from the Democratic Republic of the Congo where this week we will be meeting the government and key partners to better address the urgent bottlenecks to expanding vaccination coverage across this country of nearly 100 million people. We know Risk Communications and Community Engagement is a key component to success so we will be working with in-country partners to support clear communications to increase demand and work to improve convenient access to vaccination.
“ In humanitarian settings, from Afghanistan to Yemen, addressing low vaccination rates requires integrating with humanitarian priorities, working with humanitarian partners and a sustained, country-by-country effort to identify and overcome the primary obstacles to increasing vaccination rates among the populations affected by natural disasters, conflict and socio-political instability.
“ We recognize the significance of the Humanitarian Buffer, a mechanism established within the COVAX facility to ensure access to COVID-19 vaccines for high-risk and vulnerable populations living in humanitarian settings. As of today, two applicants have successfully received vaccine doses via the Humanitarian Buffer -- the Ministries of Health in Iran and Uganda -- but the partners are committed to make it a more user friendly, easily accessible mechanism to ensure that humanitarian populations not included in national vaccination plans, microplanning, or the implementation process can equally benefit from vaccination.
“ The COVID-19 Vaccine Delivery Partnership and partners -- UNICEF, WHO, GAVI, the World Bank, the Africa CDC and others -- are providing concerted support to all these countries, mobilizing political engagement, providing flexible funding ( $ 21 million in last two months), strategic advice and technical assistance. We are lining up partners behind one country team, one plan and one budget to put countries at the center and reduce their transaction costs.
`` First, continue your strong support and actions to implement Resolutions 2532 and 2565 with a particular focus on ensuring countries continue to prioritise COVID-19 vaccination.
`` Second, with appreciation for the US $ 4.8 billion in pledges made at the COVAX AMC summit co-hosted with Germany, turn these commitments into support for lower-income countries’ COVID-19 vaccination needs, with a priority on delivery systems. Flexible, agile funding is vital and these investments can last beyond the pandemic.
`` Third, advocate for and help guarantee full, safe and unhindered access, in line with International Humanitarian Law -- including protecting humanitarian corridors -- as a means to getting vital supplies of vaccines and other essential equipment for the delivery of COVID-19 vaccinations to populations in need and ensure the safety of health and humanitarian personnel administering vaccines in humanitarian settings.
`` Fourth, advocate across government, and work with UN country teams and partners to ensure strong national vaccination planning that addresses the needs of all populations living within the national territory, regardless of nationality, migration or refugee status.
`` Fifth, engage in the important conversations on the global health emergency architecture and advocate for strong governance and an investment in the basics of primary health care as a key element of future pandemic preparedness.
UNICEF works in some of the world’ s toughest places, to reach the world’ s most disadvantaged children. Across more than 190 countries and territories, we work for every child, everywhere, to build a better world for everyone. | general |
Biden waiving ethanol rule in bid to lower gasoline prices | President Joe Biden is visiting corn-rich Iowa on Tuesday to announce he 'll suspend a federal rule preventing the sale of higher ethanol blend gasoline this summer as his administration tries to tamp down prices at the pump that have spiked during Russia's war with Ukraine.
Most gasoline sold in the U.S. is blended with 10% ethanol. The Environmental Protection Agency will issue an emergency waiver to allow widespread sale of 15% ethanol blend that is usually prohibited between June 1 and Sept. 15 because of concerns that it adds to smog in high temperatures.
Senior Biden administration officials said the move will save drivers an average of 10 cents per gallon at 2,300 gas stations. Industry groups say most of those stations are in the Midwest and the South, including Texas.
Biden is to announce the move at a biofuel company in Menlo, west of Des Moines. Iowa is the country's largest producer of corn, key to producing ethanol.
The waiver is another effort to help ease global energy markets that have been rocked since Russia invaded Ukraine. Last month, the president announced the U.S. will release 1 million barrels of oil per day from the nation's strategic petroleum reserve over the next six months. His administration said that has helped to slightly reduce gas prices lately, after they climbed to an average of about $ 4.23 a gallon by the end of March, compared with $ 2.87 at the same time a year ago, according to AAA.
Members of Congress from both parties, as well as industry groups, had urged Biden to grant the E15 waiver.
`` Homegrown Iowa biofuels provide a quick and clean solution for lowering prices at the pump and bolstering production would help us become energy independent once again, ″ said Iowa Republican Sen. Chuck Grassley. He was among nine Republican and seven Democratic senators from Midwestern states who sent Biden a letter last month urging him to allow year-round E15 sales.
The trip will be Biden's first as president to Iowa, where his 2020 presidential campaign limped to a fourth-place finish in the state's technologically glitchy caucus.
After bouncing back to win the Democratic nomination, Biden returned for a rally at the Iowa state fairgrounds four days before Election Day 2020, only to see Donald Trump win the state by 8 percentage points.
Biden heads back to the state at a moment when he's facing yet more political peril. He's saddled with sagging approval ratings and inflation at a 40-year high while his party faces the prospect of big midterm election losses that could cost it control of Congress.
The president also planned to promote his economic plans to help rural families struggling with higher costs, while highlighting the $ 1 trillion bipartisan infrastructure law enacted last fall. The law includes money to improve internet access, as well as for modernizing wastewater systems, reducing flooding threats and improving roads and bridges, drinking water and electric grids in sparsely populated areas.
`` Part of it is showing up in communities of all sizes, regardless of the results of the last election, '' said Jesse Harris, who was a senior adviser to Biden's 2020 campaign in Iowa and directed get out the vote and early voting efforts for Barack Obama's presidential campaign in 2008.
Harris said most presidents who visit Iowa typically go to the state's largest cities. Hitting an area like Menlo, part of Guthrie County, which backed Trump over Biden by 35 percentage points in 2020, `` does speak to the importance the administration places on infrastructure broadly but also infrastructure in rural and smaller communities. ''
The Biden administration plans to spend the coming weeks pushing billions of dollars in funding for rural areas. Cabinet members and other senior officials will travel the country to help communities get access to money available as part of the infrastructure package.
`` The president is not making this trip through a political prism, '' White House press secretary Jen Psaki said. `` He's making this trip because Iowa is a rural state in the country that would benefit greatly from the president's policies. ''
Still, administration officials have long suggested that Biden travel more to promote an economy that is rebounding from the setbacks of the coronavirus pandemic. The number of Americans collecting unemployment has fallen to the lowest levels since 1970, for example.
But much of the positive jobs news nationally has been overshadowed by surging gas, food and housing prices that have pushed consumer inflation to 7.9% over the past year ending in February. That's the sharpest spike since 1982. Inflation figures for March, due out Tuesday, are likely to bring more bad news for the Biden administration.
`` Maybe a trip back to Iowa will be just what Joe Biden needs to understand what his reckless spending, big government policies are doing to our country, '' Iowa Republican Party Chairman Jeff Kaufmann said in a statement.
After Iowa, Biden will visit Greensboro, North Carolina, on Thursday.
Psaki blamed Russia's war in Ukraine for helping to drive up gas prices and said the administration expects the consumer price index for March to be `` extremely elevated '' in large part because of it.
The EPA has lifted seasonal restrictions on E15 in the past, including after Hurricane Harvey in 2017. The Trump administration allowed for selling E15 in the summer months two years later but had the rule struck down by a federal appeals court. | business |
China LNG Imports Take Hit as Covid Lockdowns Bite | Growth in Chinese gas demand is sputtering as a fresh wave of Covid-19 lockdowns coincides with exceptionally high LNG spot prices, hitting imports. But with consumption expected to pick up once lockdowns ease, buyers continue to sign up for new term volumes.
Around 193 million Chinese citizens — 25 million of them in Shanghai — are now under full or partial lockdown. That's almost one in seven of the population and accounts for 22% of GDP, Nomura Securities estimates.
Industry insiders say the lockdowns will hit gas demand. Consumption normally increases by 3% year on year in March and April, but has declined over the past three weeks. A Chinese LNG trader says many businesses have closed and factory orders have dropped. Supply chains are already being disrupted.
An analyst with a Western major estimates that weekly gas demand has fallen by 1% -2% year on year. Industry and power generation have been most affected, particularly in the south and east around Shanghai and Shenzhen, he says.
Official data show total gas imports fell 3.8% year on year to 19.86 million tons in January and February. LNG imports sank 8.7% to 12.68 million tons, although cheaper pipeline imports rose 6.3% to 7.18 million tons. Domestic production increased 6.7% to 37.2 billion cubic meters. Kpler shiptracking data show LNG imports in March sliding 19% year-on-year to 4.73 million tons.
Even before the lockdowns, businesses were suffering because of higher prices. Average nationwide domestic ex-factory LNG prices hit 8,200 yuan per ton ( $ 24.80 per million Btu) earlier this month, up from 5,115 yuan/ton in early January. But that's still lower than Asian spot prices — currently around $ 30 per million Btu — making it unprofitable to procure spot cargoes. The surge has squeezed gas users’ profits and many factories, such as ceramic producers, have slashed operating rates, FGE analyst Ken Kiat Lee says.
Last year, economic recovery spurred 12.7% growth in China’ s gas demand to 372.6 Bcm ( 36 billion cubic feet per day). LNG imports soared 18.2% to 78.9 million tons, turning the country into the world's No. 1 buyer.
This year looks very different. Wood Mackenzie reckons demand growth will slow because of economic pressures and high spot prices. Analysts expect spot LNG imports to drop due to increases in contracted supply and a ramp-up in Russian piped gas, now the most competitive import source. “ China’ s room for LNG import growth will shrink to zero or even negative in 2022 and will only grow by 2.5 million tons in 2023, ” Wood Mackenzie Research Associate Jing Jing Du says.
Still, overall consumption should continue to increase as the government has set a GDP target of 5.5% for 2022 — compared with 8% in 2021 — meaning industrial activity must ramp up. The analyst with the Western major reckons that could boost consumption by 20 Bcm-30 Bcm this year.
As coal-to-gas switching continues, new Chinese buyers recently committed to more than 8 million tons per year of long-term LNG supply from as-yet unsanctioned North American projects. That maintains the momentum from 2021, when China accounted for the bulk of long-term contracting activity as buyers grappled with super-high spot prices. Woodmac expects buying to continue as there is still uncontracted LNG demand in China’ s gas balance which will widen after 2025.
Many buyers are second-tier players that had problems sourcing LNG for their own terminals from China's state giants. According to FGE, around 100 million tons/yr of regasification capacity is under construction and should come on line by the mid-2020s.
The dealmaking has delighted suppliers. “ It’ s amazing, ” says a source with a seller. He adds that the Chinese have been much bolder committing to big volumes than other Asian buyers facing demand uncertainties caused by possible nuclear restarts and energy transition pressures.
As the first buyers from the unsanctioned Lake Charles, Rio Grande and Mexico Pacific projects, Chinese firms likely secured attractive discounts. They also clearly prefer supply priced off US gas hubs such as the Henry Hub and West Texas Waha hub, which have been less volatile than the Japan Korea Marker ( JKM).
Guangdong-based Foran Energy said last month it would pay 120 million yuan ( $ 19 million) to terminate a 300,000 ton/yr JKM-linked short-term contract signed with BP in 2021 as domestic pipeline prices were lower. It signed a Henry Hub-linked deal with China's Sinochem for supplies starting in January 2023.
ENN was the biggest Chinese buyer in the first quarter, signing up for 4.2 million tons/yr from Lake Charles and Rio Grande. It may have concerns over a 600,000 ton/yr contract for supply from Russian Novatek's Arctic LNG 2 signed in January, before the Ukraine invasion. Arctic LNG 2 was planned to have three trains, but partner TotalEnergies ' decision not to invest more in Russia makes the second and third trains less likely. The ENN contract did not specify which train would provide the LNG. | general |
Remote Employees With 2 Jobs Pose New Risks To Cos. | The COVID-19 pandemic has brought about many changes affecting our lives, including where, when and how we work.While some businesses are beginning to require employees to return to the office, others have decided to permanently operate remotely or in a hybrid environment. Remote work can reduce operational overhead expenses and, in some instances, increase worker productivity and efficiency.However, businesses should keep in mind some potential pitfalls when deciding whether to remain or go remote, not the least of which is the increased risk that a full-time remote employee might accept an additional full-time remote position with another company or,... | general |
Conversational AI explodes to fulfill CX gap | To further strengthen our commitment to providing industry-leading coverage of data technology, VentureBeat is excited to welcome Andrew Brust and Tony Baer as regular contributors. Watch for their articles in the Data Pipeline.
COVID-19 has led to a dramatic acceleration in the adoption and implementation of digital transformation initiatives. Nowhere was this more obvious than in customer experience ( CX). Organizations have been quick to adopt new technologies such as chatbots powered by artificial intelligence ( AI) to fulfill customer expectations of timely response to queries and problem resolution.
> > Read more in the Data Pipeline < <
Chatbots are an example of how AI can be used to augment human capabilities, providing a convenient way for customers to interact with organizations 24/7. In the customer service context, they can provide an efficient and cost-effective way to handle large volumes of customer inquiries. This frees up human agents to focus on more complicated queries. With the increase in customer demand for digital channels during COVID-19, organizations that have invested in chatbots have been able to scale customer support and address prospect queries.
In the customer service world, “ automation ” has been a dirty word. The customer wants to talk to a human being, not a machine. Employees bristle at the thought of being replaced by an automated system. However, as voice search, smart speakers and voice assistants gain adoption and acceptance, automation is becoming indispensable for providing an excellent CX.
Conversational AI allows customers and employees to get the answers they need quickly and easily, without having to wait on hold or jump through hoops. On the back end, total-experience automation brings all of your customer, product and employee data together in one place. This makes it easy to track customer journeys, spot areas for improvement and deliver consistently accurate responses to queries. In today’ s customer-centric world, total-experience automation is essential for providing an outstanding CX and employee experience ( EX).
Conversational AI allows human-like conversations between users with websites, applications and devices via texts, voice and commands. The five most important elements that come together to make conversational AI a reality are the following:
When all components are in place, the conversational AI experience can tap into many of the aspects that make the human language such a versatile and rich communication medium.
Total-experience automation is an approach to CX and EX that involves automating conversations across platforms on the front end and integrating with enterprise systems on the back end. The goal of total-experience automation is to provide a more seamless, efficient and personalized CX and EX by using conversational AI to automate interactions. The challenge is to improve the quality of the experience while managing costs in an era of exploding data, channels, customer expectations and employee turnover.
To do this, businesses need to have a robust back-end infrastructure in place that can connect customer data from various sources and enable real-time communication between front- and back-end systems. By doing so, they can provide a more cohesive CX and empower employees to focus on higher-value tasks. In addition, total-experience automation can help businesses reduce costs by automating low-value, repetitive tasks such as forecasting demand and mitigating supply chain disruptions.
Yellow.ai is leading the way in conversational AI by providing a highly efficient interface with stakeholders. They currently have more than 1,200 customers across financial services, retail, energy, education and gaming including Unilever, P & G, Schlumberger, Roche and Amazon.
The core of the front-end is multilingual. It supports more than 100 languages across more than 35 text and voice channels including WhatsApp, Google Business Messages, Apple Chat, Instagram, Messenger, Viber, WeChat, Alexa, Telephony and others
The platform is built on a proprietary NLP engine. The Natural Language Understanding ( NLU) and NLP engine compound the self-learning of the Dynamic AI Agents through multifactorial intent recognition, effective engagement and on-point resolution – all in real-time and with 98% accuracy.
The predictive/AI layer predicts the future conversation or allows third-party tools to predict conversation and manage workflow. This enables end-users to place orders which in turn allows partners to use data feeds to build models for future predictions with little data or feature engineering.
Diaggio has a bartender assistant that helps bartenders make cocktails and concurrently helps with demand management using predictive analysis.
Asian Paints customer interactions create real-time predictions of inventory needs.
American Shipping customers place orders and get status updates throughout the shipping, transportation and delivery process which is used to predict shipping demand.
AI and automation have the capability to ingest and analyze huge amounts of information and data in milliseconds.
Yellow-ai provides an interface between the customer and backend systems. It skips over the front office while also supplying an NLP interface. Dynamic AI agents uniquely learn from all human-answered queries to rapidly decrease future AI-to-human hand-offs, achieving 60% automation in the first 30 days of go-live.
Humans have emotional and empathetic abilities. While Yellow.ai doesn’ t try to synthesize that, it does have the ability to bring in humans at the right point of the interaction. This creates training points to improve the models.
For example, when it comes to complex conversations that need empathy, the end-user is looking for human intervention. As for a customer looking for details on COVID-19 protocols, they want to connect with a human. This is also true for conversations that might involve customers at risk of churning or high-value transactions. The key to overcoming these challenges and creating an effective conversational AI strategy is to enable seamless handoff to human beings, thereby, leveraging the collaborative intelligence of humans and AI.
The more seamless and successful these transitions become, the faster we’ ll see the adoption and acceptance of conversational AI chatbots in all industries.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership. | tech |
Airfare surged 20% over pre-pandemic levels as inflation hit vacations | Airfare is surging as higher fuel prices and strong travel demand drive up the cost of flights.
Consumers spent $ 8.8 billion on domestic U.S. airline tickets last month, up 28% compared with March 2019, before the Covid pandemic, while fares surged 20%, according to data from the Adobe Digital Economy Index that was published Tuesday. Bookings only rose 12%.
Higher fares are one of the latest examples of inflation, which is hitting consumers at gas stations, supermarkets and in the housing market.
Airline executives have been confident that they could pass along the bulk in the surge in jet fuel to travelers, who so far appear willing to shell out more for travel after two years of Covid lockdowns. Benchmark U.S. Gulf Coast jet fuel settled at $ 3.2827 a gallon on Monday, up nearly 50% from the start of 2022 and more than double a year ago, according to Platts.
Delta Air Lines will kick off airline reporting season before the market opens on Wednesday and company executives will provide an outlook on travel demand, cost and fares.
For travel from June through August, online spending is up 8% compared with 2019, and bookings are up 3%, according to the Adobe data, which track bookings at the biggest six U.S. airlines ' platforms. | business |
Vine’ s latest vid makes motorists wheelie angry; ‘ Stop built-in car dependency’: Labour Party under fire for calls to clamp down on Just Stop Oil protesters; Wout van Aert banned from Strava; Unusual Zwift setups + more on the live blog | Like this site? Help us to make it better.
I promise that will the last of the ‘ wheelie’ puns…
Turns out most of our readers were shocked and appalled by Jeremy Vine’ s video of the trickster cyclist, wheelieing his way around London.
Though they were mostly appalled because they can’ t execute a wheelie of that beauty themselves:
I could wheelie like that when I was a teenager.
The fact that I can't now I 'm in my 50s is obviously the fault of modern bikes. Can't ride ‘ em no handed either.
Personally, I think it's appalling. And that is in no way due to embarrassment that I can't do a wheely. Not even when cycling on Wheely Down Road in Hampshire. Oh no.
In the first lockdown I tried for a while to learn to wheelie. To my chagrin, I failed. Got quite close eventually, the trick is making yourself lean back, but the mental effort of forcing myself to do that was too much for me.
Others were less than impressed by some drivers’ reaction to the footage online, particularly the predictions that showboating cyclists would wreak ‘ carnage’ on the capital:
I wonder how many motorists would be KSI 'd by a wheelying cyclist?
But one car might have been scratched, and we all know that's far more important than the life of a human being.
The carnage bit seems to have been edited out of JV's video, and it seems to be missing from all the news sites... AP must be shitting themselves that they have missed a story about * carnage * in London...
One from the comments section today:
Back from the shops and I was held up as I could not turn off the main road into the junction due to two chatting drivers, one in a lorry.
Must have been held up for over nine seconds. Will they get a NIP?
For those of you scratching your heads, here’ s the original bizarre story of the cyclist handed a notice of intended prosecution for holding up a van driver for nine - yes, nine - seconds while filming a phone-using motorist:
> Police intend to prosecute helmet cam cyclist for holding up van driver – for nine seconds
A cargo bike hire scheme is set to launch in the London districts of Tooting, Clapham Junction and Battersea.
The Community Cargo Bikes scheme will be operated by bike provider Peddle My Wheels and supported by Wandsworth Council. For up to £5 an hour, locals will be able to rent the bikes for up to two hours a day.
Residents are asked to register their interest in the scheme at the Peddle My Wheels website.
This guy transported a 9-metre flagpole by bicycle for 55 kilometers, after their buddy complained that it can't be done with a car. # MeanwhileInFinland # Finland https: //t.co/wOoWozBnOe
— Pekka Tahkola 🇺🇦 ( @ pekkatahkola) April 11, 2022
File this one away for the next time anyone tries to argue that bikes are no good for transporting things…
Anthony Delaplace takes his first win in 10 years, 8 months, 12 days. La Poly Normande in 2011 and Paris-Camembert today. Delaplace proves that hard work is rewarded sooner or later. 👍 # ParisCamembert pic.twitter.com/HiCVbNvFPV
— ammattipyöräily ( @ ammattipyoraily) April 12, 2022
Anthony Delaplace is in his 13th year as a pro rider. He just took his 2nd pro win, 11 years after his 1st. That's got to feel good.
Watch out for him in 2033.
— Daniel Lloyd ( @ daniellloyd1) April 12, 2022
A serial bike thief stole a doctor’ s bike as he battled to save the lives of patients in intensive care during the Covid pandemic.
Dr Aiden Turner was working a 14-hour shift at the Royal Victoria Infirmary in Newcastle in June 2021 when 26-year-old Callum Graylish stole his Specialized bike. Graylish had a number of previous convictions for stealing bikes ( out of 95 in total) and would go on to steal two more high value bikes that summer on the grounds of Newcastle University.
In a victim impact statement, Dr Turner said he used the bike to commute to work so lost out financially as a result of the theft.
“ On that day I had been due to finish work at 8.30pm but stayed on an extra hour to help out. It had been a hard, busy day and coming out to find my bike had been stolen was very demoralising, ” he said.
Graylish was sentenced last week to 16 months in prison after pleading guilty to three counts of theft and one of possessing the so-called ‘ zombie drug’ spice with intent to supply.
A post shared by Tony Martin ( @ tonymartin procyclist)
A few weeks ago we reported that Tony Martin ( Norfolk’ s finest, according to Twitter’ s UK Cycling Expert) was auctioning the silver medal he won at the 2012 London Olympics to raise money to help children and their families in Ukraine.
Today the 36-year-old retired German pro announced that nutritional supplements brand FitLine was the highest bidder, donating €35,000 to charity Wir Helfen Kindern for the medal – before promptly returning it back to the former Jumbo-Visma rider.
“ Even though I was absolutely fine with donating it, this massively generous gesture makes me speechless, ” Martin said on Instagram.
“ I really want to thank FitLine for the big support of my charity project and also for giving me back the chance to show my Olympic silver medal to my grandchildren one day. ”
Last week, Germany’ s 1997 Tour de France winner Jan Ullrich also raised €40,000 for children in Ukraine by auctioning off his yellow Pinarello from the following year’ s controversial ‘ Festina Tour’, where he was beaten in dramatic fashion by Marco Pantani.
A post shared by Jan Ullrich ( @ janullrichofficial)
It's 20 degrees, the sun is out, the PM and ( bonus) the chancellor have been fined for breaching their own lockdown rules and I am going out for the year's first ride on my summer bike. So, overall, it's going OK today.
— Michael Hutchinson ( @ Doctor Hutch) April 12, 2022
It’ s lashing down where I am, but the sentiment remains.
Surely it's time for Boris to - as they say - get on his bike now?
Thank you to the students from the Lycée Horticole de Raisme, the work going into the cobbles is not easy! 👏🏻
Merci aux élèves du Lycée Horticole de Raisme dont le travail de préparation des secteurs pavés est précieux! 👏🏻 # ParisRoubaix pic.twitter.com/tp5xRAHN9a
— Paris-Roubaix ( @ Paris Roubaix) April 12, 2022
Definitely beats eating last night’ s pizza and watching Jeremy Kyle anyway [ insert your own up-to-date daytime TV reference here ] …
A Bristol cyclist had her bike stolen from ‘ right in front’ of her just hours before she was set to travel to France for a cycling holiday with her partner and son.
Katharine Barker, her partner Henry and eight-year-old had travelled to Portsmouth on Saturday to board a ferry to Saint-Malo for a long-awaited, covid-postponed bike holiday.
As Katharine waited outside a local shopping centre on Commercial Road with the family’ s three bikes, a thief “ suddenly ” appeared from behind her, grabbed her Canyon bike ( fitted with panniers which included her son’ s new cycling shoes), and rode off.
“ He came from out of nowhere, it all happened in a flash, ” Katharine told The News.
“ I wasn’ t close enough to grab him so I screamed out. But it wasn’ t very busy because it was about 5pm and the shops were closing.
“ It felt worse because I literally saw it happen in front of me and I couldn’ t stop it. ”
Katharine says she contacted the police immediately but was told there was little they could do.
She described the thief as a slim, young man in his late teens or early 20s, who was wearing grey trousers and a black cap.
“ I don’ t think I will get my bike back but it’ s important to raise awareness about this to prevent it happening to others, ” she added.
“ Maybe I was being naive, but I didn’ t expect my bike to be taken from right in front of me. ”
Her partner Henry told road.cc: “ We’ re all pretty gutted and it’ s put a massive downer on what was meant to be a really enjoyable holiday ”.
Anyone with information about the robbery can contact Hampshire Police on 101 quoting 44220139919 or by submitting information via the police’ s website.
Wout van Aert is back on his bike and training again *, after a bout of Covid ruled the Belgian champion out of the Tour of Flanders last week.
However, there’ s bad news for fans who religiously scour Strava to keep up to date with the power numbers and heart rate of their favourite pros.
Van Aert’ s Jumbo-Visma team have warned him not to publish any of his training rides on the app, in order “ to prevent speculation ” about a return to racing at this Sunday’ s Paris-Roubaix.
After a scintillating start to the season which saw him win Omloop Het Nieuwsblad, a Paris-Nice stage and the E3 Saxo Bank Classic, Van Aert’ s hopes for a maiden Ronde win in the Belgian tricolour were dashed when he contracted Covid in the days before a race he was due to enter as the red-hot favourite.
The 27-year-old has now returned to training in Spain, fuelling reports that he will line up at the Hell of the North, at least in a support role for his Jumbo-Visma teammates.
But general manager Richard Plugge is remaining tight-lipped about his star’ s chances, even banning him from sharing details of his rides on Strava.
“ We have made a very clear agreement with our medical management that we should be more cautious than cautious, ” Plugge told Het Laatste Nieuws.
“ That’ s also because we do not know the effects of Covid in the longer term. Your heart, your muscle metabolism, your lungs: it can all be affected.
“ There are still goals to come. Later this year and for years to come.
“ I 'd rather he now rest for two weeks, or three weeks, or five weeks for my part, if that is necessary so that he can race normally again afterwards. That's what we're looking at now: how much rest does Wout need? ”
A final decision on whether Van Aert will ride Paris-Roubaix is expected on Thursday.
* Of course we have no way of confirming this... because if it's not on Strava it didn't happen, right?
And now for some balance, here’ s a thread on London parking from Max Sullivan, Labour’ s candidate for the Bayswater Ward at the upcoming Westminster City Council elections:
LEFT: Safe parking for 6 bicycles, £72/year. 6 bikes total, £432 combined. If you live long enough to get to the top of the waiting list.
RIGHT: A 4L petrol Porsche that takes up more space, costs £0 to park. And you 'll get your resident's permit immediately.
Here's why... 1/5 pic.twitter.com/c4P2xSoQPs
— Max Sullivan ( @ maxpsullivan) April 11, 2022
Westminster City Council offers a 100% residents parking discount for 'eco vehicles ', of which, incredibly, this petrol / electric hybrid is classed as one.
2/5 pic.twitter.com/vSBppfF30C
— Max Sullivan ( @ maxpsullivan) April 11, 2022
I believe this is a total joke considering the quality of our air. Local authorities must take urgent action to refashion our cities for active travel.
A start? Charging the owner of this £123,000, 4L petrol Porsche for the pleasure of taking up so much space on our street.
4/5
— Max Sullivan ( @ maxpsullivan) April 11, 2022
Oh, and bike hangers can look much better than the black sheds. Here's the other style used in Westminster. pic.twitter.com/ltq59PUQq5
— Max Sullivan ( @ maxpsullivan) April 12, 2022
And on an entirely unrelated note…
Give bicycles a chance.
Amsterdam, 1978. Before it decided to change into a people friendly, liveable city. pic.twitter.com/aIC5XhJlIc
— Harman Idema ( @ HarmaninToronto) April 9, 2022
Motorists were already being hammered by prices at the pump, and now millions can’ t even access fuel.
The government must immediately impose injunctions to put a stop to this disruption. https: //t.co/RH6pL4mhCx
— The Labour Party ( @ UKLabour) April 11, 2022
Labour has come in for criticism from cyclists after the party called on the government yesterday to crack down on climate change activists who have attempted to disrupt supplies from eleven oil terminals in the Midlands and south-east of England.
The activists from Just Stop Oil, an off-shoot of Extinction Rebellion, are demanding that the government commits to not engaging in new oil and gas extraction in the wake of Russia’ s invasion of Ukraine. Over 400 people have taken part in the protests this month, with some chaining themselves to pipes and tankers to disrupt the delivery of fuel to petrol stations. Over 500 protesters have been arrested since the start of April.
A spokesperson for Just Stop Oil has said: “ No-one wants to be doing this, but it's 2022 and right now there is a need to break the law so we are not guilty of greater crime, that of complicity with a great evil.
“ We have no choice but to enter into civil resistance until the government announces an end to new oil and gas projects in the UK. ”
Yesterday, Labour called for “ nationwide injunctions ” to block the demonstrations, which the party’ s shadow justice secretary Steve Reed says are “ causing misery for motorists ”.
In a tweet which linked to an article from the Sun, Labour wrote: “ Motorists were already being hammered by prices at the pump, and now millions can’ t even access fuel.
“ The government must immediately impose injunctions to put a stop to this disruption. ”
The party’ s call to crack down on the protests by making the police’ s ability to arrest activists easier was heavily criticised by climate change and active travel campaigners online:
Labour hasn’ t taken notice of what the UN Sec General said about the climate emergency then. https: //t.co/0VAZMF7eoc pic.twitter.com/xRETJK6Pxe
— Carlton Reid ( @ carltonreid) April 11, 2022
The only progressive solution is to free people - especially those on low incomes - from having to hand over their money to the car and oil industries just to exist. https: //t.co/kxYHwLcFre
— Ian Walker ( @ ianwalker) April 11, 2022
7,000 deaths so far this year... https: //t.co/BIVPMzRWhI
— Neil Shima. 😷 💙🇺🇦 ( @ StickMan v7) April 11, 2022
Public transport users - those emitting the least - are the ones being hammered. Where was the anger when all this was going on? pic.twitter.com/WUTfi6Gcc6
— Keith Barrow ( @ keithbarrow80) April 11, 2022
Stop built in car dependency. Fund public transport. Fund active travel. Make driving a choice not a necessity for most workers.
— Ben Collier ( @ benjyminty) April 11, 2022
Talk about multi-functional…
This brilliantly creative solution to one of life’ s great problems – where can I train and dry my washing at the same time? – was uploaded to the Zwift Riders Facebook group by US cyclist Devon Cumberland.
Devon’ s unusual laptop holder got us thinking: what’ s your turbo training setup like?
Has anybody gone for the clothes horse training station themselves? Any kitchen table or work desk Zwifters? Maybe you use the lawnmower in the shed to precariously balance your laptop? ( Speaking from experience here…)
Let us know!
As regular readers of the blog will know, Jeremy Vine’ s video updates from his two-wheeled London commute are scientifically proven to have the ability to wind up every anti-cycling, ‘ why don’ t they pay road tax’ motorist who has the misfortune to type the broadcaster’ s name into the Twitter search function and view them.
Yesterday evening’ s instalment was slightly different, however, as it didn’ t feature a close pass, a speeding motorist, or even a taxi driver throwing a glass bottle at some bloke on a bike.
I got overtaken by someone on one wheel tonight. I couldn’ t complain — turns out he watches @ JeremyVineOn5. pic.twitter.com/xkNkmZsWnH
— Jeremy Vine ( @ theJeremyVine) April 11, 2022
Instead, Vine devoted 51 seconds of social media coverage to something a bit lighter: a young buck who just loves a wheelie. The trickster – who seems keen to avoid wearing out his front tyre – even knew who the presenter was, well kind of…
“ You’ re ITV3 right? ”
“ Yeah, Channel 5… ”
Close enough.
Despite this spot of light relief, Vine still managed to be on the receiving end of some classic motoring ire:
Clearly a section 28 RTA offence ( dangerous cycling), but apparently that’ s OK because he watches you on the telly?
— Yeti ( @ yetiayrshore) April 11, 2022
If that was a motorcycle I’ m sure you’ d be reporting it.
— Budgiekiller ( @ Budgiekiller) April 11, 2022
I’ m all for you calling out dangerous car drivers, but isn’ t that bad too?
— Martin Holland ( @ DutchieMartin) April 11, 2022
No helmet. ( Apart from the massive one riding the bike) Dangerous use of the road. Riding in a manner likely to cause an accident. Riding without due care and attention.
Would you have been as happy if that was a motorcyclist?
— AP10 ( @ AndyPow58062254) April 12, 2022
All over the road Crossing onto other aide. Looks like your only viewer won't be around much longer with behaviour like that
— Jimbo James. ( @ 1971JimboJ1) April 11, 2022
Seriously, is riding like that something you approve of?
— Mark Notton ( @ markn3567) April 11, 2022
Hardly something to be proud of, @ theJeremyVine, this bloke shows an horrendous disregard for the safety of other road users. He doesn't have to be insured etc yet he could create carnage!
— Cormery ( @ thepipster64) April 11, 2022
Then you wonder why people get pissed off with cyclists
— PT ( @ geepee71) April 11, 2022
Yes, because we all just wheelie about everywhere, of course. Let’ s put that on the cycling bingo list with road tax, helmets, thinking we own the road…
Ryan joined road.cc as a news writer in December 2021. He has written about cycling and some ball-centric sports for various websites, newspapers, magazines and radio. Before returning to writing about cycling full-time, he completed a PhD in History and published a book and numerous academic articles on religion and politics in Victorian Britain and Ireland ( though he remained committed to boring his university colleagues and students with endless cycling trivia). He can be found riding his bike very slowly through the Dromara Hills of Co. Down.
So... in your eyes, it is perfectly fine to say to people who use a bicycle as their day to day transport that they basically can not visit this...
Agreed that was my reaction....
I thought that rectangular signs are for informational purposes only - that sign thinks it's a round one.
Thank you!!! Great video!
Yeah, I 'm with Laka. I like the concept of paying a share of what's already happened rather than a guesstimate of what may or may not happen in the... | general |
Roger De Vlaeminck answers the ‘ Proust Questionnaire’ | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Cycling legend Roger de Vlaeminck will always be known as Mr. Paris-Roubaix, after becoming the first rider ever to win the “ Hell of the North ” four times.
But the great classics rider also earned a reputation for his unpredictable nature both on- and off-the-bike. As a result, we thought he would be the perfect subject for the always insightful Proust questionnaire. And we were not disappointed as De Vlaeminck talks about his love for Lionel Messi or reincarnation as Eddy Merckx.
Roger de Vlaeminck: To continue to be healthy, and to be able to do everything I want to do without health problems.
RDV: I think it is my determination. You have to have a lot of determination in life, especially if you want to be a great bicycle racer. The fact that I had a lot of determination made me a better cyclist and helped me win races. The fact that I really, really wanted to beat Eddy Merckx always took me higher, always made me better. If I didn’ t have that burning desire, that determination, I would have always finished second.
RDV: Cancer — or any other major health issue — that prevents me from living a normal, healthy life.
RDV: That I have to do everything very quickly. I am really restless and have little patience.
RDV: When people are not friendly or nice. I try to be friendly. I do my best to greet people and treat them with respect. And I hate it when such people do not respond or can not even say hello.
RDV: Any day when I beat Eddy Merckx! Eddy was just so hard to beat, but one day in the Tour of Switzerland 1975, I beat Merckx three times in the same day. It was a day when we had a short road stage in the morning followed by a time trial. I won both stages and then took over the race lead in front of Merckx. So I beat Eddy three times in a single day. That felt pretty good!
RDV: Lionel Messi. I’ m a huge Barcelona fan and am still disappointed that he left the team. I have always been a huge football fan. When I was 15 years old I would go see five or six matches a week and still love the game. Messi incarnates the best of the game.
RDV: Cassius Clay. He so transcended the sport of boxing. He was just greater than life. I still go back and watch old videos of him fighting.
RDV: Well I don’ t have a lot, to be honest. I have always paid attention to my health and weight. As a result, I don’ t have a lot of excesses when it comes to what I eat and drink. But with coronavirus that has been more complicated because we spent so much time inside with such little activity, so even an extra scoop of ice cream or a couple of cookies became an extravagance, at least in comparative terms.
RDV: I always say what I think. I can be brutally honest, in fact. And that has often gotten me in trouble, especially in the Belgium press. When I hear somebody obviously exaggerating or something, it just drives me crazy. Before the Tour of Flanders this year some of the Belgian press was really calling Victor Campenaerts a pre-race favorite. I really couldn’ t believe that. It was just so misleading. It drove me crazy.
RDV: Well I was racing – I was perfect. ( big laughs). But today, I have to admit, I am not perfect. I’ ve gained some weight and I still want to be fit like I was then. I really want to be under 80 kilos, but with COVID, I put on weight and am now 84 kilos. It was so frustrating because I could only ride on the home trainer. But now spring is coming and I will be able to get back out on the bike again.
RDV: A football player. Football is my other great love! I am just fascinated by all of the strategy, the tactics, you name it. It’ s a beautiful game!
RDV: Well that Tour of Switzerland in 1975 was pretty amazing. I won six of 10 stages that year. And if I didn’ t win, I was second. I was just in amazing condition and I just completely dominated Merckx. I know most people would expect me to say Paris-Roubaix or something. But that Tour of Switzerland was a very special moment in my career. In fact, I won 62 races that one year. Do you know what that would mean today? That is more than even the best teams can do today.
RDV: Well there is a painting in my house of Eddy and me in Paris-Roubaix that I really love. That is very special for me.
RDV: Charles Bronson. I always loved him. He was just so tough, so cool. James Bond was always kissing women but Bronson actually played in one move with his wife and they never kissed.
RDV: That there was no Strade Bianche when I was racing. I would have loved that race. I can’ t tell you how many times I would have won that race, but I would have won it a lot. It would have been a perfect race for me!
Get the latest race news, results, commentary, and tech, delivered to your inbox. | general |
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Boris Johnson, Rishi Sunak Fined For Breaking Covid Lockdown Rules | The information you requested is not available at this time, please check back again soon.
Boris Johnson, right, and Rishi Sunak., Photographer: Dan Kitwood/Getty Images
U.K. Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak have been told by London police that they’ ll be fined for attending rule-breaking gatherings during lockdown, a spokesperson for the prime minister’ s office said.
The disclosure is a significant blow to Johnson’ s government and means London’ s Metropolitan Police deem the two most senior government ministers to have broken the lockdown laws their own government introduced. It will buttress the public perception that while ordinary Britons faced severe restrictions on socializing during the Covid-19 pandemic, the premier and his aides were partying in government buildings. It could also reinvigorate calls from within Johnson’ s own Conservative Party to oust the prime minister.
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 |
Apple CEO Tim Cook says some new policies would hurt iPhone security | In this article
Apple CEO Tim Cook on Tuesday criticized pending antitrust regulation in the U.S. and Europe, saying that some of the proposed policies would hurt iPhone user privacy and security.
Cook contended in a speech at the IAPP Global Privacy Summit in Washington, D.C., that regulator efforts to force Apple to allow iPhone users the option to install apps from the internet, called sideloading, could lead to a scenario where users can be tricked into installing malware and software that steals user data, citing reports of malicious apps on Android, on which sideloading is currently allowed.
Apple currently only allows users to install iPhone software from the company's App Store, which vets every app and update.
`` Here in Washington and elsewhere, policymakers are taking steps in the name of competition that would force Apple to let apps on the iPhone that circumvent the App Store through a process called sideloading, '' Cook said. `` That means data-hungry companies would be able to avoid our privacy rules, and once again track our users against their will. ''
Cook's remarks Tuesday highlight Apple's strategy to soften the sideloading requirements in pending antitrust regulation by focusing on the risks it presents to users.
Sideloading `` would also potentially give bad actors a way around the comprehensive security protections we put in place, '' Cook said Tuesday.
In the U.S., the Open App Markets Act would require Apple to permit sideloading. It was approved by the Senate Judiciary Committee in February and is expected to be further debated in Congress this year.
In Europe, the EU recently agreed on the Digital Markets Act, a sweeping set of rules that target big tech companies. Early versions of the DMA included a sideloading requirement, but the legislation is not yet finalized.
Regulators say forcing Apple to allow apps to be installed through the internet would drive competition and placate app developers who say that Apple's 15% to 30% fees for App Store purchases are burdensome and excessive. If developers can distribute iPhone apps without Apple's store, then they could bill their users directly and bypass Apple's fees, some believe.
But Apple has contended that sideloading would reduce the value of the iPhone because it vets all iPhone apps in the App Store through a process called App Review that checks software for scams and malware. Sideloading, Apple argues, would open up users to hackers and scammers who would invest in attacks that pretend to be legitimate, functional apps.
Android phones allow sideloading, and Cook gave an example of Covid-19 tracing apps on Android which contained ransomware. Apple's App Store rejected coronavirus-related apps without a trusted institutional backer as early as March 2020 in order to prevent a similar problem on the iPhone.
`` Taking away a more secure option will leave users with less choice, not more, '' Cook said. `` And when companies decide to leave the App Store because they want to exploit user data, it could put significant pressure on people to engage with alternate app stores. ''
Cook's speech isn't the first time that Apple has made a security-based argument against App Store regulation. In a letter to lawmakers sent earlier this year, an Apple official said sideloading could cause millions of Americans to suffer malware attacks on their phones.
Correction: The Open App Markets Act was approved by the Senate Judiciary Committee in February. An earlier version misstated the month. | business |
Thirty Madison launches virtual dermatology platform | Thirty Madison, a New York-based virtual care company aimed at serving patients with chronic conditions, launched a new platform this week geared toward comprehensive skin health.
The new vertical, called Facet, will address eczema, psoriasis, acne, rosacea, dandruff, melasma and anti-aging concerns, said the company.
`` People need medical solutions to properly treat their skin – it’ s the body’ s largest organ, ” said Facet medical director Dr. Peter Young in a statement.
`` For patients with conditions like psoriasis or eczema, every product they use plays an important role in managing their condition – from their daily face wash and moisturizer to an oral treatment or an injectable – and finding the right mix of treatments is critical to achieving healthy skin, '' added Young, a board-certified dermatologist.
Dermatology has emerged as a popular use case for telehealth amidst the COVID-19 pandemic, with several specialty apps offering acne medication and other skin health treatments as part of their services.
As far as Thirty Madison is concerned, the vendor says it will offer more than 50 clinically backed prescription and non-prescription options and care plans designed by board-certified dermatologists.
Patients will be able to access treatments – which can include prescription topicals, custom prescription formulas, prescription orals and biologics, and non-prescription options – at home. Facet will also provide systemic treatments and lab testing on a case-by-case basis for patients with severe psoriasis or atopic dermatitis, says the company.
Company leadership also drew attention to the importance of equity in dermatology, which can reproduce bias by training clinicians and algorithms on disproportionately light skin tones.
`` Providing inclusive, accurate care is a huge focus for our team. We’ re taking a few steps, all of which we’ ll be expanding and iterating on as the offering moves past its initial launch, '' said Rajani Rao, Facet general manager, in a statement to Healthcare IT News.
`` First, we’ re building clinical protocols that address all skin tones and types. We know some conditions present differently and that dermatology, being such a visual specialty, needs to incorporate that understanding to diagnose appropriately, '' said Rao.
`` Our next point really means something in this space, given the visibility of skin conditions and how they show up on different complexions: Representation matters. We want to ensure that our messaging and the way the offering presents itself in the world is inclusive and representative of our patient population, '' Rao continued.
`` In the future, we’ re also committed to advancing the field; more research is needed, especially for skin of color. But first we have to start treating patients! '' Rao said.
Patients in 45 states can currently use Facet. It is not available in Delaware, Idaho, New Hampshire, New Mexico or West Virginia, although over-the-counter products can be shipped throughout the country.
Thirty Madison's merger with Nurx earlier this year marked continued growth for the company in the virtual care space.
That space is a crowded one, however. In addition to other apps geared toward birth control and skin care, major retailers such as Amazon and Walmart have also moved forward with their own telehealth ventures.
`` Conditions like eczema, psoriasis, and rosacea often go misdiagnosed – and even for those who do receive a diagnosis, people still feel like it’ s a battle to manage these conditions long-term. You’ re left to figure it out on your own, '' said Rao in a statement.
`` Patients deserve an empathetic, thoughtful approach led by medical experts who can offer them the holistic care plans they need to feel confident again, '' Rao added.
Kat Jercich is senior editor of Healthcare IT News.Twitter: @ kjercichEmail: kjercich @ himss.orgHealthcare IT News is a HIMSS Media publication. | tech |
Taiwan iPhone maker Pegatron suspends operations at two China plants | TAIPEI – Taiwan’ s Pegatron Corp., which assembles iPhones for Apple Inc., said on Tuesday it had suspended operations at its Shanghai and Kunshan plants in China due to the government’ s strict COVID-19 protocols.
China has put Shanghai under a tight lockdown since late March and neighbouring Kunshan has also tightened curbs to control the country’ s biggest COVID-19 outbreak since the coronavirus was discovered in late 2019 in the city of Wuhan.
Global companies, from phone to chip makers, are highly dependent on China and Southeast Asia for production and have been diversifying their supply chains after the pandemic caused havoc.
According to Taiwan’ s Financial Supervisory Commission, as of April 7 a total of 161 listed Taiwanese companies reported their operations in Shanghai and Kunshan have stopped, 41 of them make electronics.
“ In the best-case scenario, complete resumption of production may not be possible until late April or early May, ” analyst Ming-Chi Kuo with TF International Securities said, adding that Apple could minimize the impact due to its strong supply chain and relationship with the Chinese government.
Staffing, logistics and transportation issues are forcing manufacturers to rely on available inventory, barely meeting the needs of production lines and exacerbating component mismatches, according to data provider TrendForce.
A surge in shipments and demand for materials after lockdowns are lifted could also gridlock customs authorities, causing potential delivery delays, according to the TrendForce report.
Demand for iPhones could also be hit as consumers divert funds from phones and gadgets to everyday essentials.
Pegatron said the resumption of work depended on the two plants being given clearance by the government.
The company said it will maintain close contact with customers and suppliers and “ actively cooperate ” with local governments to resume work as soon as possible.
The far larger Taiwanese firm Foxconn, the world’ s largest contract electronics maker, also assembles iPhones in China. Its operations in the southern city of Shenzhen were disrupted last month by a COVID-19 outbreak there. | tech |
XE variant adds to concern over low vaccination rates among young people in Japan | Monday’ s news that Japan detected its first case of the highly transmissible XE variant of the coronavirus adds another concern for the government, which is struggling to raise vaccination rates among young people as infection levels remain high nationwide and are surging in mostly rural prefectures.
The health ministry announced Monday evening that the XE variant was detected in a woman in her 30s who arrived at Narita Airport from the United States on March 26. The woman, whose nationality has not been released, was asymptomatic, treated at a facility for infected individuals and released after her quarantine period ended, according to the ministry.
XE is among a new set of highly transmissible variants known as “ recombinant variants. ” A recombinant variant occurs when an individual becomes infected with two or more variants at the same time, leading to a mixing of their genetic material within the patient’ s body.
According to the World Health Organization, early estimates suggest that XE — a recombinant of BA.1 and BA.2 of the omicron variant — is about 1.1 times more transmissible than BA.2. Around 1,100 cases of the XE variant had been confirmed in Britain as of April 5, although they accounted for less than 1% of infections in the country. So far, little is known about the severity of XE.
People visit Interpets, an international fair for pet-related products and services, in Tokyo on March 31. The government has said that no matter what variants are detected in Japan, basic prevention measures like wearing masks will remain the same. | REUTERS
The institute said two other samples taken from quarantined airport arrivals appeared to be mixtures of the omicron variant's genetic material but that their type could not be specified.
“ We will collect insight on the infectiousness and severity ( of the XE variant), ” health minister Shigeyuki Goto was quoted by Kyodo News as saying Tuesday, adding that the government will weigh border control measures based on its findings about the variant.
Meanwhile, Chief Cabinet Secretary Hirokazu Matsuno said that no matter what variants are detected in Japan, the basic prevention measures will remain the same: wearing masks, washing hands, avoiding crowded places and ventilating their rooms.
Having endured six waves of COVID-19 infections and seemingly on the verge of a seventh, Japan is trying to find ways to balance infection control and a resumption of normal social and business activities. But the dissemination of booster shots — a key weapon to prevent the spread of the disease — has come slowly, especially among people in their 20s and 30s.
According to government data released Monday, the booster vaccination rate for the country as a whole has reached 45.4%, compared to a nearly 80% figure for those who have received two shots. And there are stark differences in rates among generations, with only 5.4% of teens and 24% of those in their 20s getting their third jabs.
Among those age 65 and older, 84.7% have received a third dose, followed by 51.3% of those in their 50s, 33.8% of those in their 40s and 25.9% of those in their 30s.
Fear of side effects — temporary but common after vaccination — seems to be playing a role in young people’ s wariness to get vaccinated. The fact that many young people infected with COVID-19 experience few symptoms, if any, is also believed to be contributing to their hesitancy. Common side effects from COVID-19 vaccines include fever and fatigue.
The government is reportedly considering subsidizing universities, junior colleges and vocational schools that decide to open mass vaccination centers. It is also considering offering discounts for sports and music events to people who have received their third jabs.
“ It is important to promote the third dose because the coronavirus can cause severe symptoms and long-term aftereffects, not only among the elderly but also among the young, ” Matsuno said Monday.
Matsuno added that prefectures can relax their own restrictions for restaurants and bars if there is proof that the customers have received their booster shots. | tech |
Poverty, crime linked to differences in newborns ' brains: Pregnant mothers’ environments influence brain development before birth -- ScienceDaily | A study published online April 12 in the journal JAMA Network Open found that MRI scans performed on healthy newborns while they slept indicated that babies of mothers facing social disadvantages such as poverty tended to be born with smaller brains than babies whose mothers had higher household incomes.
MRI scans of full-term newborns born to mothers living in poverty revealed smaller volumes across the entire brain -- including the cortical gray matter, subcortical gray matter and white matter -- than found in the brains of babies whose mothers had higher household incomes. The brain scans, which were conducted only a few days to weeks after birth, also showed evidence of less folding of the brain among infants born to mothers living in poverty. Fewer and shallower folds typically signify brain immaturity. The healthy human brain folds as it grows and develops, providing the cerebral cortex with a larger functional surface area.
A second study of data from the same sample of 399 mothers and their babies -- this one published online April 12 in the journal Biological Psychiatry -- reports that pregnant mothers from neighborhoods with high crime rates gave birth to infants whose brains functioned differently during their first weeks of life than babies born to mothers living in safer neighborhoods. Functional MRI scans of babies whose mothers were exposed to crime displayed weaker connections between brain structures that process emotions and structures that help regulate and control those emotions. Maternal stress is believed to be one of the reasons for the weaker connections in the babies ' brains.
`` These studies demonstrate that a mother's experiences during pregnancy can have a major impact on her infant's brain development, '' said Christopher D. Smyser, MD, one of the principal investigators. `` Like that old song about how the 'knee bone is connected to the shin bone, ' there's a saying about the brain that 'areas that fire together wire together. ' We're analyzing how brain regions develop and form early functional networks because how those structures develop and work together may have a major impact on long-term development and behavior. ''
Babies in the study were born from 2017 through 2020, before the start of the COVID-19 pandemic. Smyser, a professor of neurology, of pediatrics and of radiology, said that to successfully scan newborns during the first few weeks of life, babies are fed when they arrive for scans because they tend to fall asleep after eating. They are then snuggly swaddled into blankets and a device that helps keep them comfortable and still. The brain scans take place while they sleep.
In the study involving the effects of poverty, the researchers focused on 280 mothers and their newborns. First author Regina L. Triplett, MD, a postdoctoral fellow in neurology, had expected to find that maternal poverty -- referred to in the paper as social disadvantage -- could affect the babies ' developing brains. But she also expected to see effects from psychosocial stress, which includes measures of adverse life experiences as well as measures of stress and depression.
`` Social disadvantage affected the brain across many of its structures, but there were not significant effects that were related to psychosocial stress, '' Triplett said. `` Our concern is that as babies begin life with these smaller brain structures, their brains may not develop in as healthy a way as the brains of babies whose mothers lived in higher income households. ''
In the second study, which implicated living in high-crime neighborhoods as a factor in weaker functional connections in the brains of newborns, first author Rebecca G. Brady, a graduate student in the university's Medical Scientist Training Program, found that unlike the effects of poverty, the effects of exposure to crime were focused on particular areas of the babies ' brains.
`` Instead of a brain-wide effect, living in a high-crime area during pregnancy seems to have more specific effects on the emotion-processing regions of babies ' brains, '' Brady said. `` We found that this weakening of the functional connections between emotion-processing structures in the babies ' brains was very robust when we controlled for other types of adversity, such as poverty. It appears that stresses linked to crime had more specific effects on brain function. ''
Reducing poverty and lowering crime rates are well-established goals of public policy and public health. And the researchers believe protecting expectant mothers from crime and helping them out of poverty will do more than improve brain growth and connections in their babies. But if social programs that aim to help people reach their full potential are to succeed, the researchers said the policies must focus on assisting people even before they are born.
`` Several research projects around the country are providing money for living expenses to pregnant mothers now, and some cities have determined that raising pregnant mothers out of poverty is good public policy, '' Smyser said. `` The evidence we're gathering from these studies certainly would support that idea. '' | science |
Two new omicron sublineages discovered by South African scientists | South African scientists have discovered two new sublineages of the omicron coronavirus variant, said Tulio de Oliveira, who runs gene-sequencing institutions in the country.
The lineages have been named BA.4 and BA.5, he said by text message and in a series of tweets. Still, de Oliveira said, the lineages have not caused a spike in infections in South Africa and have been found in samples from a number of countries.
“ Given the very low infections, hospitalizations and deaths in South Africa we are alerted about the continued evolution but not concerned, ” de Oliveira, said by text message. “ All of the laboratory science on virus neutralization and vaccines are already under way and we are strengthening genomic surveillance. ”
South Africa and Botswana were the first to discover omicron in November and South Africa was the first country to be hit by a wave of infections caused by the strain. Hospitalizations and deaths were a fraction of those caused by the delta variant even as daily cases hit a record in December.
The sublineages have also been found in samples from Botswana, Belgium, Germany, Denmark and the U.K., de Oliveira said on Twitter.
The two lineages have similar mutations on their spike proteins, the part of the virus that helps the virus attach to human cells, to the BA.2 sublineage which appears to be more infectious than the original omicron strain. They also have some additional mutations, he said.
The two sublineages differ from each other in terms of amino acid mutations outside the spike protein, he said. Botswana has also announced the discovery of the variants.
South Africa on Monday reported 553 new coronavirus cases with 5% of tests coming back positive. | tech |
In response to popular demand, `` Seek the Story of Sake '' offers the Sake Sampler Set ( Small Bottle Size)! | Seek the Story of Sake, a cross-border e-commerce site for Japanese sake provided by NTT DOCOMO, has released the Sake Sampler Set ( Small Bottle Size). The idea stemmed from customer feedback expressing concerns on whether they could finish the whole bottle or whether the sake was to their liking.
Aside from Small Bottle Sets for each sake brewery and region, we also offer the randomly-assorted Random Set. The Random Set is specially comprised of and sold from our current small bottle products, but the contents are a secret until they reach your doorstep. This playful product allows you to sample sake from various breweries and discover the one best suiting your tastes.
■Izumibashi Sake Brewery Set■ Izumibashi Sake Brewery, located in Kanagawa, Japan, was the first sake brewery in the Kanto region to start selling at Seek the Story of Sake. The Izumibashi Sake Brewery Small Bottle Set ( 6x pack) offers a wide variety of sake, from regular junmai sake to aged and sparkling sake. Savor the many different tastes of this ever-innovating brewery.
■Masuda Tokubee Shoten Set■ Masuda Tokubee Shoten, a brewery from Kyoto, is one of the oldest sake breweries in Japan, founded in 1675. The Masuda Tokubee lineup consists of sake made by pursuing the depth and breadth of its underlying flavor. Great for beginners and veterans alike.
■Ninki Shuzo Set■ The Small Bottle Set of the renowned brewery from Fukushima includes daiginjo, junmai ginjo, and two sparkling varieties. Great for sampling sparkling drinks. Ninki Shuzo’ s sake is stored and fermented in bottles, not tanks, preventing deterioration to the utmost extent. Relish in its freshness.
■Shiokawa Brewery Set■ From the famous rice-producing region of Niigata comes a three-small bottle set from Shiokawa Sake Brewery, a brewery known for its innovation and strength in the international market. It also features the red sake Kimoto-kei Kodai. This red color is unusual for sake and is the same as the rice used to make sake ( wild rice). This set offers unique flavors and breaks down existing sake concepts for experts, providing an opportunity to discover new aspects.
■Tsunan Sake Brewery Set – GO POCKET 7x Pack Set■ From the famous rice-producing region of Niigata comes Tsunan Brewery’ s GO POCKET. This avant-garde-looking set includes several different sake types, 100 ml each, served in pouches. Great for sampling and drinking outdoors. Being stored in a pouch, not a bottle, makes it portable and ideal for camping and picnics. ( You can even heat it in a mess-tin while camping!)
■Harima Set■ From the Harima region of Hyogo Prefecture comes the Harima Set by Inami Shuzo and Tanaka Shuzo. It features Tanaka Shuzo’ s Daiginjo Shirasagi-no-jo, a repeated gold medal-winner at the National New Sake Competition. Its clean, crisp, and delicate taste makes it a gem enjoyable for any drinker. The set also includes Daigin Koshu, aged over 16 years, combining low and room-temperature storage at Inami Shuzo. It has won the Bronze Award four times at the IWC, the most prestigious sake competition in the world. Enjoy the amber color and soft, clean taste.
More details here: Sake Small Bottles!! – Free Shipping from Japan – Seek the Story of Sake ( seekstorysake.com) https: //bit.ly/seekthestoryofsake-jptimes-smallbottle-0412 * Please note that depending on the location of the brewery, we may not be able to export to Taiwan.
* About Seek the Story of Sake Seek the Story of Sake is a cross-border e-commerce site launched on May 27, 2021, by NTT DOCOMO, Inc. ( “ DOCOMO ”) together with Fun Japan Communications Inc. ( “ Fun Japan ”) and domestic sake brewing companies. Its goal is to sell sake, which is of great interest to international customers amid the decline in domestic and international consumption of sake due to the COVID-19 pandemic.
This website offers sake recommendations matching customer tastes from a variety of angles and conveys the thoughts and backgrounds behind sake brewing of each sake brewing company, introducing top-class products from a professional’ s perspective.
We are currently selling sake to Hong Kong, Singapore, and Taiwan. We will continue to expand our target areas and develop products that will please our overseas customers. Such products include food, sake containers, and local products that go well with sake. | tech |
Pictet’ s Mawby: Bond market volatility here to stay | You are currently accessing Investment Week via your Enterprise account.
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Head of investment grade credit Mawby said that the widespread surge in inflation has called time on an era of unconventional monetary policy, which has created `` a period of ever-intensifying financial repression '' as central banks purposefully held interest rates below inflation levels.
Janus Henderson: Global government debt to hit record $ 71.6trn in 2022
`` When, in 2006, then-UK Chancellor Gordon Brown claimed to have ended economic ‘ boom and bust ', he was right - to a point, '' he reasoned. `` But the side effect of smoothing these cycles through highly interventionist policies was periodic and severe bouts of volatility.
`` These have included the 1987 stock market crash, the economic and property crisis in Japan, the tech bubble bursting, the sovereign debt crisis, Brexit and Covid. Common to each of these episodes is that central banks stepped in to ‘ save ' markets, resulting in volatility cycles caused by investor herding and subsequent market tightening and repricing. ''
Years of financial repression from central banks has also led to an increasing correlation between credit and equity markets, according to Mawby, which has reduced investors ' margin for error.
`` [ This ] means future return characteristics of fixed income assets will not be the benign ones of the past four decades, '' he warned. `` Add in routine spikes in volatility and investors now face difficult periods. ''
In terms of approaching fixed income amid the new backdrop, the head of investment grade credit urged investors not to chase returns, which have been artificially bolstered across pockets of the market by the swathe of passive funds coming to market.
And, at the opposite end of the spectrum, Mawby said there has been a `` huge '' deterioration in the quality of credit in issuance, which means risks for investors have increased further still.
`` Reducing risk when valuations are stretched and taking opportunities to add risk when other investors are fearful is indeed contrarian. Yet, it is this contrarian, value-focused mindset and objective assessment of the state of credit markets that offers the strongest basis on which to navigate these volatility cycles, '' he argued. `` The Covid pandemic and the events of March 2020 are salient examples. Many high yield bond investors suffered significant losses during the worst of the crisis.
`` But for those who had previously taken steps to minimise risk and were therefore well placed to take advantage of the value that was on offer, there were many good quality credit securities available at multiple percentage points below their par values. ''
In the current environment, Mawby said it is in fact the investment grade pocket of the fixed income universe that looks particularly risky. On the opposite end of the spectrum, he believes high-yield bonds with improving company fundamentals offer `` much better risk-adjusted prospects ''.
`` Given how markets have behaved in recent times, it is inevitable that there will be many more bouts of intense bond market volatility, accompanied by severe peak-to-trough declines, '' he warned. `` Though we can produce a list of potential risks in store, we can not predict the specific catalyst. What we can do, however, is position ourselves to take advantage of these events when they happen.
`` This means understanding what reflects fair value in asset allocation decisions and then trying to realise as much of the total return available as possible - but without becoming greedy and chasing returns unnecessarily. ''
T. Rowe Price's Vohora on geopolitics: Ushering in a new era of security
© Incisive Business Media ( IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR.Registered in England and Wales with company registration numbers 09177174 & 09178013. Part of Arc network, www.arc-network.com | business |
India hopes ‘ Pharma City’ will break China’ s grip on industry | On the edge of Hyderabad in southern India, a vast patch of arid shrub-land the size of about 14,000 football fields is becoming a testing ground for a model that could help wean the world off its dependence on Chinese drug ingredients.
This empty site of the Hyderabad Pharma City, marked out by scuffed sign posts and a rubble-strewn access road is expected to attract about $ 8.4 billion and employ 560,000 people in hundreds of sprawling plants. Within two years once land is allotted, officials say, it will be rolling out vital raw ingredients for medicines like penicillin, ibuprofen and anti-malarials that make their way around the world.
At the heart of the endeavor is India’ s race to wrest control from China, which supplies almost 70% of the active pharmaceutical ingredients — or the bread-and-butter chemicals — that go into the medicines produced by the Indian pharmaceutical industry. It’ s a vast project that shows how governments are growing increasingly concerned about China’ s stranglehold over drug supplies — as well as the challenges they face in loosening it.
India’ s ability to secure not just its own drug supply but that of Africa, the Americas and Europe is at stake, since it supplies most of the generics sold in American pharmacies and hundreds of countries globally. India’ s reliance on China to keep raw material supply going is increasingly fraught, because the two countries often engage in skirmishes along the border and China has in recent years increasingly used its trade advantages against other countries during political disagreements.
Prime Minister Narendra Modi has eagerly promoted his country as the “ pharmacy of the world, ” but the glaring dependence of India’ s $ 42 billion drug manufacturing industry — much of which is headquartered in Hyderabad — was exposed at the start of the COVID-19 pandemic. In early 2020, China locked down Hubei province, its own medicine manufacturing heartland, as the coronavirus spread outside of Wuhan. That caused missed shipments and shortages, with API prices surging as much as 100% in India and around the world.
“ Supply chains got completely disrupted, China shut down, ” recalls Samina Hamied, the vice president of Cipla Ltd., one of India’ s largest drugmakers. “ We had to deal with distorted supply chains on one end, and, obviously, on the ground craziness on the other. ”
China accounted for 28% of the $ 236.7 billion global API market in 2018, according to data compiled by Dongguan Securities Co. China hasn’ t ever halted drug supplies for political reasons, and kept them flowing even at the height of the trade war with the U.S. Yet, Western countries have grown increasingly uneasy over the fact that supply of their commonly used medications are reliant on a major geopolitical rival amid an ever-widening ideological rift.
The Novartis AG research & development center inside MN Park at Genome Valley in Hyderabad, India, on March 21. The planned Pharma City will focus on bulk drugs and promises to ram through India’ s treacle-like web of red tape around environmental clearance and land-acquisition by providing drugmakers plots with ready-made approvals for the heavily polluting industry. | BLOOMBERG
U.S. lawmakers have recently introduced a batch of legislation to protect the country’ s pharmaceutical supply chains from China. “ It’ s time to bolster onshore manufacturing of pharmaceuticals to ensure Americans never have to rely on China for lifesaving medicine, ” Senator Tom Cotton, an Arkansas Republican, said last week.
Multiple Indian efforts to redress the South Asian country’ s reliance have sprouted, from the Hyderabad facility which is an effort of the state government, to a plan by Modi’ s administration for three parks.
The state government’ s plan is the farthest along with 19,000 acres already acquired. Companies including Sun Pharmaceutical Industries Ltd., Dr. Reddy’ s Laboratories Ltd. and Zydus Lifesciences Ltd. have already said they will consider building plants there, and officials say about 450 Indian and international companies have expressed interest.
The Indian city of Hyderabad is a sprawling metropolis spread across hills and picturesque lakes, and has been at the forefront of attempts to transform the country into a scientific research hub. The planned Pharma City, set about 22 miles south of Hyderabad’ s airport, will focus on bulk drugs and promises to ram through India’ s treacle-like web of red tape around environmental clearance and land-acquisition by providing drugmakers plots with ready-made approvals for the heavily polluting industry.
The man leading the initiative is Shakthi Nagappan, a slight, bespectacled 36-year-old government employee. Working out of an administrative office in central Hyderabad, Nagappan spouts the jargon of a startup founder. The walls of his side office are decorated with inspirational quotes and canvas-print portraits of figures like Barack Obama and Elon Musk..
Over cups of sugary tea, Nagappan sketches out how he wants the massive project to emulate the success of Genome Valley, a research and development cluster set up two decades ago to the north of Hyderabad, which now houses labs for companies including Novartis AG. Nagappan says the upcoming Pharma City to the south will compete with China’ s ability to drive down costs.
The main idea is to help India pharma companies cut costs and become more competitive on price by providing them with land where environmental clearances are sorted, waste disposal facilities are already built and other infrastructure is ready.
The Novartis AG research & development center construction site inside MN Park at Genome Valley in Hyderabad, India, on March 21. | BLOOMBERG
“ When we started planning Pharma City, we started looking at various regions, including China. What makes China more attractive? ” he says, citing various advantages from cheaper capital and infrastructure, along with the ability to stream-line approvals. “ Within Pharma City we’ ve brought in elements that can bring down capital and operating costs for the industries in a range of anywhere between 25% and 30%. ”
Some Indian companies have largely pulled away from making pharmaceutical ingredients in recent years as the Chinese API industry gained an inherent advantage because of economies of scale and support from its government in the form of financial incentives.
But after the Hubei shutdown of 2020, the Modi government drew up plans to allot land for three major bulk drug parks. It also sought to provide more than $ 1 billion in funding to encourage companies to manufacture ingredients domestically, part of Modi’ s nationalistic “ Make in India ” campaign that now looks to capitalize on firms searching for an alternative to China.
Still, progress has been slow on both the state and national fronts, mired in tender processes and missed deadlines. The Pharma City plan was announced in 2015, and it will supply finished products only some years down the line.
There’ s also a shortage of applicants wanting to make a number of “ critical ” active pharma ingredients, the kind that China churns out. “ The chemical industry can not be conquered in a year, you need decades of investment to do that, ” says Satyanarayana Chava, the head of Laurus Labs Ltd., one of India’ s biggest makers of API. “ The entire world’ s dependence on China will continue. ”
Some delays are indicative of the wider challenges around getting infrastructure projects done at speed in India. It will likely take the country a number of decades to reach Modi’ s goal of self-reliance, says one Western diplomat. Right now it’ s easier for Indian pharma firms exporting to Western markets to buy ingredients from China that have already been approved by foreign regulators, rather than spend millions of dollars running clinical trials, they added.
In Hyderabad itself some of India’ s biggest pharma tycoons are openly blunt about Modi’ s drive.
“ As far as commerce goes, nationalism doesn’ t work, ” says G.V. Prasad, the co-chair of Dr. Reddy’ s Laboratories Ltd. “ If China is offering something cheaper, we’ ll buy from China, ” he says, pointing out the Chinese-made furniture in his office. “ In the end it’ s business. ” | tech |
What to watch today: Stock futures pop as investors digest key inflation data | Stock futures jumped Tuesday morning as Wall Street digested a key inflation report. A day earlier, all three major U.S. equity indexes finished firmly in the red. The Dow dropped 1.19%, the S & P 500 fell 1.69% and the tech-heavy Nasdaq Composite lost 2.18%. ( CNBC)
The 10-year U.S. Treasury yield traded at its highest point since December 2018 on Tuesday morning, reaching 2.82% before retreating somewhat to 2.798%. ( CNBC)
The Labor Department released March consumer price index figures at 8:30 a.m. ET, showing a year-over-year gain of 8.5%. That is the largest increase since December 1981 and slightly above the Dow Jones estimate of 8.4%. The CPI, excluding food and energy, increased 6.5%, meeting expectations. ( CNBC) * White House says it expects inflation to be 'extraordinarily elevated ' in new report ( CNBC)
Albertsons ( ACI) and CarMax ( KMX) released quarterly earnings before Tuesday's opening bell. There are no reports of note scheduled for after the close.
Fed Governor Lael Brainard, whose hawkish comments last week spooked markets, is scheduled to appear virtually at 12:10 ET on Tuesday at The Wall Street Journal Jobs Summit.
The U.S. is monitoring unconfirmed reports of a potential Russian chemical weapons attack in the Ukrainian port city of Mariupol, Pentagon press secretary John Kirby said Monday night. British Foreign Secretary Liz Truss also said the U.K. is working to verify details of the possible attack, which originally was a Telegram message posted by an ultra-nationalist part of the Ukrainian National Guard called the Azov Regiment. ( CNBC) * Mayor: 10,000 dead in Ukraine's Mariupol and toll could rise ( Associated Press) * Putin warns the West: Russia can not be isolated — or held back ( Reuters)
Shanghai's Covid lockdowns eased for some residents Tuesday, more than two weeks after the strict public health protocols were put in place as coronavirus infections rose. Concerns about the humanitarian and economic impact of the strict lockdowns has intensified in recent days. ( Associated Press) * U.S. State Department orders all nonemergency government staff in Shanghai to leave as Covid surges ( CNBC)
Global shipments of PCs fell considerably in the first quarter of 2022, according to tech research firm Gartner. The finding suggests the pandemic-fueled boom in PC sales may have concluded. Gartner estimates 77.5 million units were shipped, a drop of 7.3% on an annual basis. ( CNBC)
Analysts say Elon Musk's decision to no longer join Twitter's board of directors leaves open the possibility of a hostile takeover and further volatility in the social media company's stock, according to analysts. ( CNBC)
PG & E ( PCG) shares jumped 2.3% in the premarket after it reached legal settlements over two fires in Northern California. The California utility will pay $ 55 million and will not face any criminal prosecution over those fires.
Hewlett Packard Enterprise ( HPE) shares slid 3.5% in premarket trading after Morgan Stanley downgraded the stock to `` underweight '' from `` equal weight '' as part of an overall downgrade of the telecom and networking equipment industry. Morgan Stanley sees softening orders in the second half of 2022.
CarMax ( KMX) shares fell 2.2% in the premarket after a bottom-line miss for its latest quarter. CarMax earned 98 cents per share, falling short of the $ 1.25 per share consensus estimate, though revenue topped Street forecasts. The earnings miss came as sales volumes slowed and average selling prices continued to rise.
Crowdstrike ( CRWD) jumped 3.6% in premarket action following a Goldman Sachs upgrade to `` buy '' from `` neutral. '' Goldman thinks the cloud computing company has shown strong execution while demand continues to ramp higher.
Albertsons ( ACI) earned 75 cents per share for its latest quarter, 11 cents a share above estimates. Revenues also came in above analysts ' projections. The supermarket operator said it was able to effectively deal with increased supply chain and product costs.
Deutsche Bank ( DB) – An undisclosed shareholder sold 5% stakes in both Deutsche Bank and rival German lender Commerzbank, generating a total of about $ 1.9 billion. Deutsche Bank lost 1.3% in premarket trading.
Chegg ( CHGG) slid 3.7% in the premarket after KeyBanc Capital Markets downgraded the stock to `` sector weight '' from `` overweight. '' KeyBanc is predicting a downtick in U.S. growth trends for the provider of educational products and services.
Cisco Systems ( CSCO) shares lost 2.6% in premarket trading after Citi downgraded Cisco to `` sell '' from `` neutral. '' Citi said that networking equipment competitors Juniper Networks ( JNPR) and Arista Networks ( ANET) are poised to gain market share from Cisco. | business |
Community nurses head into neighborhoods to offer care close to home | Saitama – Nurses in Japan are heading into their communities to meet elderly people and others with health concerns at cafes and other familiar neighborhood locations to promote healthy lifestyles and provide health education and patient care.
Known as community nurses, one of their tasks is to look out for any signs of ill health in those they meet. Hospitals and local governments, meanwhile, are dispatching them to care for older people at a time when the coronavirus pandemic sometimes makes it hard for family members to keep tabs on their elderly loved ones.
Once or twice a month, Yumiko Tsuji, 53, opens her community “ health care office ” at a cafe in Warabi, Saitama Prefecture, checking people’ s blood pressure, measuring body fat and giving health care advice while engaging people in conversation.
Nurses like Tsuji help people maintain their physical and mental health with visits to community hubs such as cafes and even gas stations, unlike nurses from hospitals who only make home visits. Aside from conducting health checkups, Tsuji asks people about their interests and everyday activities.
Tsuji, who still regularly works as a home-visitation nurse, began providing health education and care at neighborhood spots such as cafes in 2018 on a voluntary basis. Regular visitors to the consultations include older people who normally tend to shut themselves away at home.
“ I hope coming here gives people a renewed appetite for life and that they can lead a healthier lifestyle, ” Tsuji said.
The community nurse movement was started by Akiko Yata, 41, who hails from Shimane Prefecture, when she was a nursing student. Yata founded Community Nurse Co. in the city of Unnan in 2017 to educate community nurses after her activities began to attract attention. She says nearly 600 nurses have completed the training course and become an integral part of their communities.
Many local governments and companies have shown strong interest in the movement. For example, the Nara prefectural government began training community nurses in 2018, while a gas company in Fukuoka is considering assigning such community nurses to places in its service area, such as housing complexes where residents are rapidly aging.
In 2020, Yata and her colleagues started a fee-based service called “ Nasukuru, ” which means “ nurses are coming. ” For a fee of ¥11,000 ( $ 90), they began sending nurses to private homes twice a month because of increased calls amid the pandemic from people worried about their parents living far away.
The new service is available in Shimane, Tottori, and Ehime prefectures, and has resulted in favorable effects such as getting people out for exercise and improving their dietary habits. Users appreciate the service as it allows them to rapidly notice unusual changes in their parents while providing family-like care.
In the building housing East Japan Railway Co.’ s Kumagaya Station in Kumagaya, Saitama, a number of local hospitals, including Konosu Kyosei Hospital, held free trials of the service in January and February.
The service “ supports people in their daily life before they need medical assistance, ” said Hirofumi Kannari, 38, the director of Konosu Kyosei Hospital.
“ If there are community nurses, people should stay healthier longer. We would like to have them become a part of the lives of as many people as possible, ” Yata said. | tech |
ESG continues to rise in importance for M & A dealmakers | You are currently accessing Investment Week via your Enterprise account.
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Record valuations and levels of dealflow in 2021 were built on strong liquidity, demand and opportunity following what was a very brief hiatus when the Covid-19 pandemic first hit. With so much appetite and scope to put money to work within an energised dealmaking environment, due diligence in unearthing the best opportunities has never been more important.
As part of this due diligence, ESG considerations can not be ignored - indeed, just 8% of respondents to Trowers & Hamlins ' recent survey looking at the trends driving deal activity in the mid-market and beyond reported that ESG factors are `` not at all '' part of the M & A decision-making process.
But dealmakers remain split over the extent to which ESG should be prioritised and proactively driving decision-making.
Just under half ( 47%) of respondents to Trowers ' survey noted that ESG considerations are `` to a certain extent '' part of decision-making around a potential acquisition target, while 20% answered `` not very much ''. Clearly the transition from merely spotting ESG red flags to actively seeking ESG green flags is still not complete.
It is worth noting that - at least in a dealmaking context - not all ESG factors are born equal. Many social and, in particular, governance factors have long-been embedded into strategic thinking around M & A. Environmental considerations have skyrocketed up the corporate agenda in the past few years and the investor community is increasingly giving weight to these, too.
Digging into specific ESG factors that investors are assessing, a target's approach to sustainability ranks highest according to Trowers ' research, with governance factors such as a target's tax policy approach falling much further down the list. Clearly, organisation type and sector will determine the critical importance of certain ESG factors but, across the board, there is recognition in abundance that ESG considerations continue to move from after-thought to essential hygiene factor.
Another driver of ESG's ‘ E ' rising up the agenda is the direction of regulatory travel, and efforts to globally align ESG reporting, with net-zero goals and new sustainability standards playing a role alongside complementary issues like the rise of stakeholder capitalism.
For corporates, prominent positioning of ESG adherence is important from a reputational standpoint and for the purposes of attracting investment. For investors, its absence ( or inadequacy) can provide an opportunity for bringing value-add.
Much like the move to adapt to digital, the adoption of a formalised ESG strategy is increasingly being looked at by investors as a value-creation mechanism.
Where policies are not in place, or at a nascent stage, investors can boost growth and drive value by implementing or bolstering a business's approach to ESG. By the time an investor comes to exit, having the right ESG strategy in place can make all the difference. `` Do we have the right culture and management team in place? ``, `` Is our digital strategy up to scratch? '' and `` Is our ESG strategy sound ( and futureproofed)? '' are now core staples in the list of pre-exit questions that investors ask themselves.
While ESG is not leading the way private equity houses invest - financial performance and overall growth potential still dominate, in this regard, as fiduciary duties loom large - there is increasingly an appreciation that, wherever you deploy your money to work, that money should align with the values your organisation embodies and promotes.
Mindsets have shifted away from the misconception that ESG compliance comes at the cost of financial performance, and the link between ESG approach and organisational value will only become more inextricable.
The prominence of ESG is also being driven by the underlying investor base. We have seen larger listed companies start to adopt, monitor and disclose ESG performance, in part driven by the requirements of their investors. These are the same investors that allocate funds to mid-market private equity and, as such, the trickle-down from the top regarding the relevance ( and importance) of ESG is inevitable.
Such mindset shifts, as well as the use of ESG strategy as a value-driver in itself, are responsible for closing the gap between corporate treatment of ESG and its standing within the investor and dealmaking community. With organisations returning to growth mode and investors aggressively pursuing opportunities in a competitive market, the role of ESG is set to solidify further through 2022.
As ESG becomes even more deeply embedded into corporate thinking, dealmakers will need to not only accept, but prioritise, its role in the M & A world. This will include the ability to look beyond box-ticking and attempts to ‘ greenwash ', to ensure substance matches rhetoric - ESG credentials must be monitored and measured in the same way that financial indicators are interrogated and scrutinised.
Investment trust fundraising at £1.7bn for Q1
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Japan's wholesale prices rose 7.3% in fiscal 2021, surging at record pace | Japan’ s wholesale prices jumped 7.3% in the year to March 2022 from a year earlier — the fastest pace on record — driven by surging crude oil and commodity prices amid an economic recovery from the COVID-19 pandemic and Russia’ s invasion of Ukraine, Bank of Japan data showed Tuesday.
Amplified by a weak yen, the record rise since comparable data became available in 1981 came after a 1.4% fall in fiscal 2020. It highlighted the strong impact of fluctuations in commodity prices on Japan, a major energy importer.
The depreciation of the yen boosted import prices for Japan by 32.7% from a year earlier. The figure compared with a 12.3% rise in export prices. Both numbers are in yen terms.
In March alone, wholesale prices ( or the price of goods traded between companies) rose 9.5%, marking the second fastest pace on record after a revised 9.7% gain in February. They were up for the 13th straight month, the BOJ data showed.
Surging crude oil and commodity prices, accelerated by supply concerns following Russian aggression since late February, have maintained the upward pressure on prices.
Companies have been passing on the increased costs to consumers, but they face a difficult balancing act in ensuring profitability without hurting consumer demand.
With its powerful monetary easing helping to weaken the yen, the BOJ has come under growing pressure to convince corporate management and consumers of the need to leave its policy unchanged while its U.S. and European peers are moving toward policy normalization — a factor making the yen weaker. The Japanese currency has slipped to a nearly seven-year low against the U.S dollar.
“ Higher commodity prices are pushing up wholesale prices, ” a BOJ official said, adding that the crisis in Ukraine will likely have a continued impact on wholesale prices with a lag expected for some products.
Prices of many raw materials surged in fiscal 2021 when economic activity gradually recovered from the initial shock of the COVID-19 pandemic and commodity markets rebounded. Petroleum and coal product prices soared 38.3%, while lumber and wood products gained 44.0%. Nonferrous metals rose 30.5% and scrap prices advanced 58.6%.
Despite the surge in wholesale prices, consumer inflation has not accelerated at a similar pace. BOJ Gov. Haruhiko Kuroda has repeatedly expressed doubt about the sustainability of commodity inflation.
Higher raw material costs have already cooled sentiment among major Japanese companies ahead of the Upper House election this summer, a key test for Prime Minister Fumio Kishida, with uncertainty looming over the war in Ukraine.
Toru Suehiro, a senior economist at Daiwa Securities Co., warned of the risk that companies may not be able to pass on higher costs as much as they would like to, as long as the economic recovery remains fragile.
“ In that case, earnings will be hurt, slowing wage growth in an example of ‘ unwanted’ inflation, ” Suehiro said.
“ Higher commodity prices and yen weakness both mean increased costs for consumers. The yen has been depreciating rapidly so pressure will grow ( on the BOJ and the government) to do something about it, ” he added.
In March, beverage and food prices rose 3.8% from a year earlier, marking the sharpest gain in over a decade. Prices for a wide range of products rose, from petroleum and coal and lumber and wood products to scrap, blamed partly on Russia’ s invasion of Ukraine.
Import prices advanced 33.4% while export prices increased 13.1% from a year earlier, both in yen terms. | tech |
More than sun and sea: Why Mauritius is a place to do medtech business | Ian Bolland spoke to Mrs. Nirmala Jeetah from the Economic Development Board about its visit to Med-Tech Innovation Expo 2022, and the incentives for medical device manufacturers to do business in Mauritius.
Though to the lay person Mauritius is probably well known for its sun, sea and being a popular holiday destination, but the country’ s Economic Development Board is keen to highlight at this year’ s Med-Tech Innovation Expo its attractiveness for investment in the medical device and life sciences sector.
The Economic Development Board previously exhibited in a world when COVID-19 when wasn’ t around at our 2019 event, but is now back for more, and they’ re not alone as they have medical device companies accompanying them to the 2022 edition.
Co-exhibiting with them in June 2022 is catheters and stents manufacturer Natec Medical; personal protective equipment ( PPE), medical tubing and moulds provider Xtruline; and orthopaedic and dental implants and bone substitutes manufacturer Noraker Capricorne.
Noraker Capircorne is a great example of a company with French roots that established a presence in Mauritius. Their research is undertaken in France, but its manufacturing base is in Mauritius as the company can capitalise on several tax credit and rebate schemes. Natec is also setting up a life sciences centre in the country and wants to do more contract manufacturing activities.
Mrs. Nirmala Jeetah, who oversees the bio-industry and project development directorate at the Economic Development Board of Mauritius, explains more about the incentives there are for life science companies doing business in the country.
“ I would say for Mauritius it’ s the ecosystem, the lifestyle, and the cost of doing business, and accessibility with the infrastructure, connectivity and for the labour. Because you need people to work and it’ s easy to recruit people.
“ The government wants to promote manufacturing and right now we have the premium investment scheme that is focusing on pharmaceuticals and medical devices. With the Premium Investment Scheme you can get exemptions duties, taxes that are levied but also in terms of utilities. This is a new scheme to encourage in the healthcare sector. ”
The sector accounts for 5.6% of the country’ s Gross Domestic Product ( GDP) and Mrs. Jeetah highlights this a relatively new industry for the Mauritian economy with companies abroad starting to express their interest in investing. The Economic Development Board wants to work with prospective companies to bring more life sciences manufacturing to Mauritius.
“ There is a life sciences and pharmaceutical hub that has been earmarked for Mauritius where we have invited companies to set up. There’ s already one company that has shown interest in manufacturing its products in Mauritius and we have another South African company that has shown interest in setting up in the pharmaceutical sector. ''
In any business this requires building connections and networking, a major reason why the Economic Development Board is exhibiting in 2022 in its first outing at the show since COVID-19.
“ It is an opportunity for us to create more awareness about high-tech manufacturing in Mauritius, especially for the healthcare sector.
“ That is the main reason for us to exhibit; to create more visibility for Mauritius, but also for other companies that are accompanying us to better get new orders and contacts.
“ To be global we need to attend these types of events, and this type of event specifically is a very specialised event in this sector. That’ s the reason why we have targeted this event, that’ s key for us. ”
Connecting themselves and the trio of accompanying companies to create awareness is a key reason, along with providing exposure for Mauritius’ life sciences sector, for exhibiting at this year’ s Expo.
“ For us it is important that these companies network and do some matchmaking with other companies and to create awareness for those companies with other companies that we represent in medtech.
“ That is all of the supply chain, all of the different service providers and all that and we will have all of these visitors coming so: new contacts, new orders, this is the forum for these companies to increase awareness about these products, get new orders, get contacts and that’ s the main reason why we are participating but also Mauritius being not just the sun, sand and sea of holidaymaking but also that we do business.
“ Also, we have the whole ecosystem for clinical trials because the last time we participated we met a few investors as well that have shown interest, and in medical devices manufacturing and from Ireland we met. I think they were quite surprised to see Mauritius.
“ People don’ t know about Mauritius being the medical devices manufacturing site or destination. They know Mauritius for holidays so we want to create more awareness, get more insights from the different seminars and workshops we do have and that could help us be up to date with the different technologies. The different seminars and the different tools and techniques that are happening overseas allow us to keep abreast of developments in this area at an international level, also. ”
Creating awareness not just for the industry body, but also the companies that are accompanying the Economic Development Board to the NEC as they try to meet with others ahead of the event and capitalise on their presence.
“ Last time we met with Medilink and we want to sort out more collaborations that can create more awareness with those companies, and more synergies, sharing of information and things like that. These are the main things, especially working with the industry associations so at least the companies which are well established, very much advanced in terms of technology, manufacturing processes and all that so you keep learning from them. ”
The Economic Development Board of Mauritius will be on Stand D10 at Med-Tech Innovation Expo, which takes place on 8th-9th June at The NEC, Birmingham, UK. For more information on visiting and exhibiting, visit www.med-techexpo.com. | tech |
Japan top diplomat Yoshimasa Hayashi plans Central Asia tour from late April | Foreign Minister Yoshimasa Hayashi is planning to visit Kazakhstan and Uzbekistan starting in late April, Japanese government sources said Tuesday, in an apparent effort to counter growing Chinese clout in Central Asia.
Tokyo also plans to host a meeting of foreign ministers from five countries in the region, also involving Kyrgyzstan, Tajikistan and Turkmenistan, by the end of June to discuss measures to enhance their economic relations, the sources said.
Japan and the five countries launched the foreign ministerial dialogue in 2004 for regional development. In 2020, they held a videoconference, agreeing to cooperate in responding to the coronavirus pandemic.
China continues to invest in large-scale infrastructure in Central Asia through its Belt and Road initiative. Chinese President Xi Jinping held online talks with leaders from the same five nations in January, discussing regional security.
At the planned meeting, Japan is expected to warn of such financing by China amid concerns it could saddle recipient countries with loans they can not repay. Hayashi will likely highlight the quality of Japanese investment and also announce assistance in fighting the pandemic, the sources said.
This year marks the 30th anniversary of Japan’ s establishment of diplomatic ties with the five Central Asian countries following their independence from the former Soviet Union.
During the tour, Hayashi is also considering stopping in Mongolia, where he would meet his counterpart and other officials to seek support in resolving the issue of North Korea’ s past abductions of Japanese nationals, the sources said. Mongolia maintains close ties with North Korea. | tech |
12th Annual Women in Manufacturing SUMMIT to bring leaders together in Atlanta October 10-12 | The Women in Manufacturing Association ( WiM) announces that its 12th annual SUMMIT will take place in Atlanta, GA, October 10-12, 2022, and accommodate both in-person ( at the Omni Atlanta Hotel CNN Center) and virtual participation. The SUMMIT will bring together an estimated 900 manufacturing professionals from across the country to hear inspiring keynote addresses, participate in professional development sessions and roundtable discussions on key industry topics, visit leading manufacturing facilities, and connect with peers through social and networking events. “ We are thrilled to be celebrating a dozen years of annual WiM SUMMIT gatherings, ” said WiM President Allison Grealis. “ Bringing our biggest annual event to Atlanta where manufacturing is thriving, and where women make up an impressive 40% of the workforce, just makes sense. ” The theme of the 2022 WiM SUMMIT is Cultivating Community and Connections, a recognition of the importance of fostering relationships and building a supportive network in the manufacturing community. “ The COVID-19 pandemic disrupted all of our personal and professional lives, ” Grealis continued. “ Time apart really underscores the value of coming together for unique events like the WiM SUMMIT. ” WiM is currently accepting speaker applications for SUMMIT 2022. SUMMIT speakers are known for sharing cutting-edge ideas, inspiring enlightening discussions, and offering the latest on the trends shaping the manufacturing industry. Proposals are encouraged on topics related to professional and personal development; technical topics; sustainability, innovation and transformation; allyship; manufacturing business trends; strategic leadership; and diversity, equity, inclusion and belonging. Those interested in being considered to speak can find full details, including the application form, online. The deadline for submissions is April 29, 2022. WiM also encourages innovative manufacturing companies in the Atlanta area to apply to host a plant tour for SUMMIT. Those interested in showcasing their capabilities can submit this form by April 29. Additionally, WiM offers many sponsorship opportunities for companies committed to the advancement of women in the manufacturing industry. View the sponsor menu here. Following the conclusion of the SUMMIT on October 12, 2022, the WiM Education Foundation will host the 2022 Women in Manufacturing Hall of Fame Induction Ceremony and Gala, celebrating trailblazing women who have made exceptional contributions to the industry and to the advancement of women during the course of their established careers. Hall of Fame nominations are being accepted through June 15, 2022. To learn more about SUMMIT 2022 and to register, visit the SUMMIT webpage. | general |
COVID-19 tracker: Tokyo reports 6,922 new cases | Tokyo confirmed 6,922 new cases of COVID-19 on Tuesday, about the same level as the week before, amid fears of another wave of infections.
The figure is 46 fewer than the tally reported last Tuesday, after the daily case total showed a week-on-week increase for five straight days through Monday.
The seven-day average of new cases in the capital came to 7,589.9, compared to 7,482.0 last week.
The number of severe cases fell by one from Monday to 27, while three new deaths linked to COVID-19 were reported on Tuesday.
On Monday, Japan confirmed 33,205 new COVID-19 cases, up by about 3,000 from the week before. | tech |
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The sharp spike in bond market volatility has been “ 30 years in the making ” and “ isn’ t going away ”, according to Pictet’ s Jon Mawby, who warned that fixed income investors will need to adopt a different approach to buying into the asset class.
“ We won’ t experience 100 years of progress in the 21st century — it will be more like 20,000 years of progress. ” - The Law of Accelerating Returns by Ray Kurzweil.
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J. League targets Generation Z with TikTok partnership | With fans making their way back to stadiums after two years of pandemic-related restrictions, the J. League is ready to introduce itself to new audiences — one viral video at a time.
The league announced a new partnership with TikTok on Monday, aiming to use the video-sharing service to offer an unfiltered look behind the scenes and further build on the league’ s digital push over the last few years.
“ An important part of developing our league is figuring out how to widen our circle of friends, and with one video we can extend that circle, ” J. League Chairman Yoshikazu Nonomura said during a news conference at JFA House.
“ On the pitch, soccer is about winning and losing. But if you take a step back there’ s an incredibly fun world to explore in the J. League, and we want more people to know about it. … We want to use TikTok to present aspects of the J.League that we haven’ t been able to show before.
In partnering with the platform, the J. League is aiming to attract viewers born after 1997 — popularly known as “ Generation Z ” — who already have countless entertainment options vying for their attention, ranging from concerts and video games to other sports such as basketball and auto racing.
It’ s a demographic the league has long struggled to gain traction with: The average J. League fan’ s age rose from 34.7 to 42.8 between 2004 and 2019, according to the league’ s official fan surveys, while the percentage of fans under the age of 30 has decreased from 34.5% to 22.1% over the same period.
Attracting younger fans could be key in restoring the league’ s average attendance, which stands at 12,098 in the first division after last weekend’ s games, from the record high of 20,751 set in 2019 — the last full season before the coronavirus pandemic devastated the sports industry.
“ TikTok has a lot of Generation Z users, which is a segment we especially want to reach, ” Nonomura said. “ Our hope is that through this partnership they’ ll learn about the league and our clubs, come to the stadium, watch games and grow an interest in soccer.
The deal is the latest in the soccer world for TikTok, which partnered with the UEFA for last year’ s European championships and signed an agreement with the Confederation of African Football in January.
Yosuke Sato, general manager of TikTok Japan, suggested that the app’ s focus on short-form videos — as well as its algorithm-based discovery feed — would help to introduce more users to J. League content.
“ It’ s about showing people new content quickly, even if they aren’ t following those accounts, ” Sato said. “ We take a different approach to other platforms when it comes to what content you see.
“ So if you watch a lot of soccer content, it will show you videos about regions and teams you may not have known about previously. ”
The partnership will see the J. League stage three so-called “ hashtag challenges ” over the course of the season, encouraging fans to shoot and upload videos related to soccer and their J. League matchday experience.
It’ s the latest step the league has taken to capitalize on user-generated content since new social media guidelines, which for the first time explicitly allow fans to upload photos taken during play as well as videos taken inside the stadium, went into effect ahead of the 2022 season.
Clubs and even players themselves have also started to put more effort into content creation, especially with fan interactions severely limited during the pandemic.
“ After games I’ d take celebratory photos with my teammates and the response really made me realize how happy our fans are to see those moments off the pitch, ” former Kawasaki Frontale midfielder Kengo Nakamura said. “ I think fans will be delighted to see sorts of candid videos and I hope the players will be enthusiastic about making them. ”
Such content could also help the J. League find new audiences overseas — TikTok says it reached 1 billion active users in 2021 and that videos containing the hashtags # soccer and # football generated over 510 billion views.
“ Athletes’ candid videos from the Olympic Village and competition venues went viral around the world during the Tokyo Olympics and generated interest, and we think the J. League has the same potential, ” Sato said.
“ One of the appeals of video is that it doesn’ t have to rely on language. If the video is interesting, viewers will enjoy it. ”
As part of its efforts, the J. League also appointed comedian Unparunpa, whose popular takes on high school soccer have seen his TikTok following grow to 1.5 million, as its ambassador on the platform.
“ I’ ve watched the J. League since I was a kid and TikTok has changed my life, so I’ m grateful and excited to work with both of them, ” the 21-year-old said.
“ I aimed to become a pro player as a kid … but as a student I realized it would be a little difficult, so to be the J. League’ s ambassador on TikTok feels like my dream has come true. ” | tech |
What drives the convertible bond market? | Edited by Bill Coen and D. R. Maurice
This article was paid for by a contributing third party.More Information.
Convertible bond issuance has been somewhat lacklustre since the financial crisis that began in 2007–08. However, over the past couple of years as economies bounced back from the Covid-19 pandemic and stock markets rallied, issuance has surged. Dmitry Pugachevsky, director of research at Quantifi, a provider of risk, analytics and trading solutions, provides an overview of this instrument, modelling aspects, the reasons for its resurgence and whether the trend will continue in light of the current inflationary environment
The convertible bond is one of the more venerable instruments still in use in the global capital markets.
The basic structure is fairly straightforward and, in this respect, convertibles have remained unchanged since they were developed in the 19th century. They pay buyers below-market fixed income returns, while the attached warrants can be exchanged for equity at the holder’ s option. They thus combine features of both equity and fixed income securities, and are often termed ‘ hybrid securities’.
These instruments present advantages and disadvantages to borrowers and buyers. The borrower can access capital at a lower coupon than would be the case if the lender were to issue plain vanilla debt. It is also essentially raising equity on a deferred basis. This means the dilution of shareholders is postponed.
The convertible makes a lot of sense for a certain class of borrowers, which is why it has been around for so long. However, the market tanked after the financial crisis, after which issuance dwindled to a trickle. Equity values tumbled and investors lost faith in the instrument. Both demand and supply dried up.
The collapse of interest from hedge funds that specialised in convertible arbitrage was perhaps the killer factor. It is estimated that arbitrage funds constituted perhaps two-thirds of the market pre-crisis, and many were highly leveraged – as was not uncommon at the time. However, the market picked up dramatically with the onset of the Covid-19 pandemic, when the convertible became one of the only ways in which stressed organisations could raise desperately needed capital at an even partially acceptable cost. Issuance boomed in 2020 and continued to do so in 2021. At the end of November 2021, secondary market outstanding in the global convertible market was $ 509.5 billion, according to investment bank calculations. Issuance over the course of the year was $ 137 billion.
There is now high inflation to contend with, and convertibles fare particularly well in an inflationary environment. Over the past two years, the convertible market has been dominated by new, high-growth borrowers with limited earning history. For these sorts of companies, inflation is particularly worrisome. According to one bank analyst: “ High-growth names now constitute 50% of the market. This is an all-time high, and these are names for whom rising rates are toxic. ”
Strategists are calling for $ 100 billion of global issuance in 2022 and, while this is less than the past two years, it is well above the 2012–19 yearly average of around $ 80 billion.
In theory, the basic structure of convertibles might not seem overwhelmingly difficult to value. However, in reality, they are, given the myriad additional features they contain.
As a result of the conversion option, convertibles have three sources of risk: interest rate, credit and equity. To build a model for pricing convertibles, one has to first decide which sources of risk should be considered random. There are different possible combinations; however, all should include equity because its volatility has a much higher effect than that of the other two market factors.
One- and two-factor approaches can be modelled with a numerical solver or a tree. To model all three factors as random, Monte Carlo simulation used to be the best solution. However, advances in computational efficiency open up the possibility of using a three-factor solver/tree as well. As technology continues to develop for pricing convertibles, one could consider using machine learning.
Equity in convertibles should be modelled as a lognormal process. To model equity forwards properly, it is not enough to merely input the spot and the repo rate of the equity. Other factors such as dividends and funding rate also need to be taken into account. The most straightforward method is to separately model the equity forward curve, which already has all the information and can project forward for any given time.
One other important factor, which is relatively new in the analytics world, is applying no-default probability to the equity forward. By doing so, equity is considered under a no-default assumption because, if a default occurs, the equity goes to zero and the convertible option is worthless.
Interest rate models for convertibles are usually analogous to callable bonds. This could be a simple short-rate model, following either lognormal distribution such as Black–Karasinski, or normal such as Hull–White. Alternatively, one can select the forward-rate model, which can follow either normal or lognormal distributions. In this type of model, the volatilities and intracorrelations of forward rates can be calibrated to caps or swaptions.
Market best practice is to treat credit as a random factor, especially for high-yield bonds. For a random factor, its volatility and correlation with other factor ( s) need to be defined. If a liquid credit default swap ( CDS) option on bond issuer exists, one should use implied volatility. Alternative approaches are either proxying by indexes or using historical data. Correlation with equity should be calibrated to historicals as well; in general, it is expected to be negative and large in absolute value.
The new approach of applying no-default probabilities to equity dynamics was mentioned previously. With this, the conversion option increases quickly and almost linearly as the credit spread grows. At the same time, the total convertible bond price, which is the sum of the conversion option and a bond floor, is close to flat when the credit spread is growing. This means the convertible bond provides protection against credit volatility. Figure 1 shows the dependency of both the conversion option and total price on a bond’ s credit spread.
In some cases, bootstrapping is not applicable and optimisation is necessary. This is particularly the case in scenarios where some input bonds are callable because, for callable bonds, the maturity is not easily defined.
The credit curve should be either a separate input or implied from the market quote. The price of a convertible bond is a good indicator of the credit component. This means the option-adjusted or CDS spread can be implied from a market quote and hedged with a single-name CDS or a relative value trade. Quantifi’ s white paper, Take advantage of relative value credit opportunities with advanced bond analytics explores credit relative value strategies in more detail, including the use of bond analytics to execute these strategies.
As outlined, convertibles have several advanced call and put features designed to protect both bond issuers and investors. While modelling call and put simultaneously can seem complex, this is not the case. As long as the strike of the put is less than the strike of a call, the valuation of the bond follows a regular minimum–maximum relationship and is independent of the order of the two options.
The underlying characteristics of convertible bonds make for interesting and complex pricing and valuation dynamics.
To make informed decisions and take advantage of investment opportunities requires sophisticated pricing and risk analytics. In today’ s fast-paced environment, firms that realise maximum benefits are those with access to powerful modelling, analytical and pricing capabilities.
Quantifi’ s integrated pre- and post-trade solutions allow market participants to better value, trade and risk-manage their exposures, and respond more effectively to changing market conditions. By applying the latest technology innovations, Quantifi provides new levels of usability, flexibility and integration.
Learn how Quantifi can help your business at quantifisolutions.com
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Demolition of Tokyo’ s iconic Nakagin Capsule Tower officially begins | Demolition of the Nakagin Capsule Tower in Tokyo’ s Shimbashi district — an iconic representation of Japan’ s metabolist architectural movement — officially kicked off Tuesday, with fans of the building showing up to take a last glimpse of the building.
Scaffolding will be erected around the structure before the tower’ s capsules, known to architecture fans the world over for their boxy design and circular windows, are removed — a process that had yet to begin Tuesday, meaning the building’ s facade remained unchanged. Demolition work is scheduled to last until Dec. 29.
A decision was made by the building’ s management company and capsule owners in March 2021 to sell the site. That saw the land and capsules eventually transferred to the company Capsule Tower Building, which then moved ahead with demolition plans.
“ I’ m not surprised in a way ( that it’ s being demolished), but it’ s sad, ” said Tom Bader, an American freelance architect who had come to see the building in the morning. “ When you go in the building, it’ s deteriorated quite significantly in a lot of areas.
“ I think it’ s done its job in a lot of ways in promoting the idea, but maybe its time has come if there’ s no one willing to step forward and financially support it in the way it needs, ” he added.
The Nakagin Capsule Tower is known to architecture fans the world over for its boxy design and circular windows. | OSCAR BOYD
Metabolism — an architectural philosophy that prioritized process and adaptation, drawing inspiration from elements of the natural world while also responding to the devastation of Japan in World War II — emerged at the end of the 1950s and would become Japan’ s first postwar architectural movement of international significance. Despite the involvement of major architects such as Kenzo Tange, the movement’ s work remained largely theoretical — with Kisho Kurokawa’ s Nakagin Capsule Tower being a notable exception.
The combination of the building’ s distinctive blocky appearance and its cultural importance eventually led to efforts to preserve the building, with that work gaining greater urgency after 2007, when support for demolition by capsule owners passed the crucial 80% threshold. The 2008 financial crisis ultimately prevented that from going ahead, but a sense that the tower’ s days were numbered lingered.
The facade of the Nakagin Capsule Tower remained unchanged in Tokyo on Tuesday, before demolition officially begins. | OSCAR BOYD
The group working to preserve the building had solicited a conservation-minded foreign buyer, but the COVID-19 pandemic disrupted those plans. The coronavirus also undermined plans to hold an international conference in Tokyo by Docomomo, an international organization dedicated to researching and conserving modern architecture, which it had been hoped would draw further attention to the building’ s plight.
For fans of Nakagin Capsule Tower and metabolist architecture, all is not lost, however. Capsule House-K, Kurokawa’ s countryside villa in Karuizawa, Nagano Prefecture, incorporates features similar to the architect’ s more famous building, and it has been renovated thanks to a crowdfunding campaign. Since December, it has been taking bookings as an accommodation facility.
One capsule is also preserved at the Museum of Modern Art Saitama, with negotiations over acquisitions by similar institutions, including by those in Europe, ongoing. | tech |
Biden to make first visit to Japan as president in late May for 'Quad ' | Washington – U.S. President Joe Biden will visit Japan from May 22 for talks with Prime Minister Fumio Kishida and a summit meeting of `` the Quad '' group that also involves Australia and India, diplomatic sources said Tuesday.
The meeting that is likely to showcase a deepening of ties between the four major Indo-Pacific democracies that are facing China's growing assertiveness in the region.
The meeting between Kishida and Biden is being arranged for May 23 and the Quad summit the following day, as Biden makes his first visit to Japan since becoming president in January 2021, the sources added.
While Russia's invasion of Ukraine is posing challenges to Biden, his administration has signaled it will not lose sight of the pressure China is putting on Taiwan, a self-ruled island that Beijing views as its own, at the same time as pressing territorial claims in neighboring waters.
The Biden administration sees Japan as a key partner in its efforts to counter China's rise, and Prime Minister Fumio Kishida's predecessor Yoshihide Suga was the first foreign leader invited to the White House for talks after Biden's win in the 2020 presidential election.
Suga also traveled to the U.S. capital in September for the first-ever in-person Quad summit.
Japan has been preparing for a second in-person meeting of the Quad leaders in the first half of this year. Biden has not had a chance to travel to Asia as president so far, with annual regional meetings going virtual amid the coronavirus pandemic.
During their meeting, Biden and Modi stressed their `` shared commitment, as leaders of the world's largest democracies, to respect for the sovereignty and territorial integrity of all nations in the Indo-Pacific and beyond, '' according to the White House.
But India, which historically has close ties with Russia, has stood out among the Quad members by not explicitly condemning Moscow over its invasion of Ukraine and refusing to join in with sanctions.
Modi told Biden that the situation in Ukraine is `` very worrying, '' emphasizing India's belief in the importance of safeguarding civilians and its provision of humanitarian assistance to the Eastern European country, while the United States seeks to further isolate Russia from the global economy to bring an end to the war.
Biden made `` very clear '' during the one-hour bilateral summit that he does not believe it is in India's interest to increase imports of Russian energy and other commodities, according to the White House.
He also conveyed the United States ' eagerness to help India diversify its sources of oil, White House press secretary Jen Psaki said.
Psaki pointed out that the United States is currently a much bigger supplier than Russia, which only accounts for about 1% or 2% of India's total crude imports. She did not make clear whether Biden got a commitment from Modi not to increase its purchases of Russian oil.
According to Reuters, India has bought at least 13 million barrels of Russian crude oil since the start of the invasion of Ukraine on Feb. 24, lured by steep discounts following Western sanctions. The figure compares with around 16 million barrels from Russia in the whole of last year, it said.
Modi, meanwhile, welcomed the Indo-Pacific Economic Framework, a regional engagement initiative that the Biden administration is promoting amid efforts to push back against China's increasing economic clout.
The initiative will be launched `` in the weeks ahead, '' U.S. Secretary of State Antony Blinken said later in the day, highlighting the benefits of working on areas such as supply chain resilience and infrastructure investment.
The online summit was followed by an in-person ministerial-level dialogue in Washington involving the two countries ' top diplomats and defense chiefs.
During the so-called `` two-plus-two '' talks, the United States and India advanced initiatives that will allow their militaries to work `` more seamlessly together across all domains of potential conflict — from the seas to cyberspace, '' the Pentagon said.
The countries signed a defense arrangement for greater information-sharing in space while deepening cooperation in cyberspace, including through training and exercises later this year, according to U.S. Defense Secretary Lloyd Austin.
Austin also expressed his expectations for India's role in the field of security and the need to stand together to defend democratic values, warning that China is `` seeking to refashion the region and the international system more broadly in ways that serve its authoritarian interests. ''
`` As we operationalize our defense agreements and take our cooperation to the next level, I believe that we can sustain and strengthen a favorable balance of power in the region, '' he said.
India and China are at loggerheads over a disputed border region in the Himalayas. India, meanwhile, has historically obtained a majority of its weapons from Russia, but has more recently been diversifying its arms purchases, including by buying from the United States, according to U.S. officials. | tech |
South Sudan: Child Protection and GBV Project Manager | Catholic Medical Mission Board has been operational in Western Equatoria, South Sudan since October 2009. With a focus on development and transitional programming, CMMB is implementing Health with a focus on Neonatal and Child Health, Nutrition, WASH, Child Protection, and GBV as well as COVID19 vaccination programs in 5 Counties in Western Equatoria, South Sudan. The Child Protection and GBV Project Manager will be responsible for coordinating and supervising the implementation of all project activities, including daily management of project activities and project staff, ensuring the overall quality of psychosocial service delivery, developing, and implementing innovative community mobilization training, and activities on children’ s and women’ s rights, recruitment and training of national staff and assuring smooth functioning of the field project site.
1. Project Planning and Implementation:
Please submit your CV and covering letter addressed to CMMB South Sudan at the following email address: CMMBSouthSudanjobs @ cmmb.org by latest the 22nd of April, 2022.
If interested, please apply as soon as possible, as we will be evaluating applications as they come in. We encourage qualified female candidates to apply. For further information please reach out to the Human Resource Manager at Tel: +211 929490045.
Contribute to the Alliance website by sharing your content ( resources, news, events, vacancies, etc.) here | general |
BASF’ s e3 Sustainable Cotton Joins United Nations’ Hosted Conscious Fashion And Lifestyle Network | RESEARCH TRIANGLE PARK, N.C. — April 11, 2022 — Fashion and agriculture may seem like two industries that are miles apart, but BASF’ s e3 Sustainable Cotton program has brought them closer by creating the first transparent and traceable cotton supply chain. Today the company announced a new collaboration between the e3 Sustainable Cotton program and the United Nations’ ( UN) hosted Conscious Fashion and Lifestyle Network for a series of convenings in New York City throughout 2022.
The Conscious Fashion and Lifestyle Network is a United Nations ( UN) hosted online platform for industry stakeholders, media, Governments, and UN system entities. The network showcases and enables collaborations that accelerate the implementation of the Sustainable Development Goals. Considering the fashion and lifestyle sector’ s significant impact on societies and the environment, the Conscious Fashion and Lifestyle Network fosters transparent, inclusive, and transformative engagement of global stakeholders to drive urgent action for sustainability. The network provides an impartial platform for the industry and the UN system. Its key objective is to mobilize expertise, innovation, technology, and resources towards a sustainable and inclusive COVID-19 recovery, with the Sustainable Development Goals as a guiding framework.
“ The e3 Sustainable Cotton program is an industry-leading sustainable cotton program that delivers a true farm to fashion story bringing transparency and traceability to the forefront of the conversation, ” said Kerry Bannigan, executive director, Fashion Impact Fund, and co-founder, Conscious Fashion and Lifestyle Network. “ The e3 program’ s mission and goals are aligned with ours to educate and accelerate impact, making them an ideal partner to spark conversation and evoke positive change. ”
The e3 cotton program will co-host a series of round table events with various industry stakeholders, United Nations representatives and news media to explore how the fashion and lifestyle industries are uniquely positioned to collaborate and engage on the Sustainable Development Goals.
“ Sustainability is the responsibility of every company moving forward, ” said Jennifer Crumpler, Regional Seed Sustainability manager and Fiber Development manager for BASF Agricultural Solutions. “ Our program’ s participation with the Conscious Fashion and Lifestyle Network will allow us to bring awareness of a better way to create sustainable cotton clothing. We can trace our cotton from farm to finished product. Cotton farmers can deliver on sustainability measurements that leave the land better than they found it. There is a way to make the cotton supply chain transparent for consumers. ”
The Conscious Fashion and Lifestyle Network is a joint initiative of the United Nations Office for Partnerships, the Division for Sustainable Development Goals – United Nations Department of Economic and Social Affairs, and the Fashion Impact Fund.
The e3 Cotton program provides unmatched field-level traceability and is driven by comprehensive verification and a valued reputation for growing socially equitable, economically viable and environmentally responsible cotton. Farmers who are part of the e3 Sustainable Cotton program commit to tracking eight sustainability measures on 100% of their eligible cotton acres, ranging from water use and pesticide management to soil conservation and greenhouse gas emissions reduction. Through a series of digital platforms, the cotton they grow can be traced from an individual cotton bale in their field, all the way to the end consumer. | general |
MADAGASCAR: The ins and outs of the MMM government appointments - 08/03/2019 - The Indian Ocean Newsletter | Businessmen Maminiaina Ravatomanga and Naina Andriantsitohaina are exasperated by the president's herbal cure for Covid-19 and are exploring other political avenues. [... ]
Andry Rajoelina cast his net wide to secure support during his campaign but many allies have not been rewarded, as the new president needs a cabinet capable of winning the parliamentary elections which also fairly reflects his support base. [... ]
Whether it was old friends, loyal allies in his Mapar party or last-minute converts to his cause, Andry Rajoelina, aka TGV, had to cast his net wide to erase the memory of his previous stint in power ( 2009-2013) and triumph [. [... ]
After three meetings with his four predecessors - Didier Ratsiraka, Albert Zafy, Marc Ravalomanana and Andry Rajoelina - on 19 December then 13 and 15 January, President Hery Rajaonarimampianina claims to be the champion of national reconciliation. [... ]
Madagascar’ s new President, Hery Rajaonarimampianina, will have to wait until the parliamentary election results are officially proclaimed on 7 February, [... ]
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Oil Rally Pauses as Russian War Continues to Rattle Tight Market | The information you requested is not available at this time, please check back again soon.
Oil transportation pipes and storage tanks stand in the Duna oil refinery, operated by MOL Hungarian Oil & Gas Plc, in Szazhalombatta, Hungary, on Monday, Feb. 13, 2019. Oil traded near a three-month high as output curbs by OPEC tightened global supply while trade talks between the U.S. and China lifted financial markets. Photographer: Akos Stiller/Bloomberg, Bloomberg
( Bloomberg) -- Oil steadied after a two-day surge as the fallout from Russia’ s invasion of Ukraine continued to ripple through a tight global market.
West Texas Intermediate futures traded near $ 104 a barrel after rallying almost 11% over the previous two sessions. The International Energy Agency said in a report Thursday that OPEC+ members had only supplied 10% of their promised supply increases for March, squeezing an already tight market that’ s grappling with reduced Russian flows.
U.S. crude stockpiles jumped last week, in part due to moving strategic oil reserves to commercial inventories. The Biden Administration and its allies have agreed to tap emergency supplies to tame rising energy prices fanned by the invasion of Ukraine. President Vladimir Putin has vowed to continue the war, which is in its second month.
The oil market has seen a tumultuous period of trading since Russia invaded Ukraine in late February. The reserve release by the U.S. and its allies, along with a Covid-19 resurgence in China has weighed on prices in the last few weeks. There are some signs of easing virus restrictions and China’ s central bank is expected to take measures to help bolster a faltering economy.
U.S. crude stockpiles surged by 9.4 million barrels last week, the most since March 2021, according to Energy Information Administration data released on Wednesday. Gasoline inventories dropped for a second week, while distillate supplies -- a category that includes diesel -- fell by 2.9 million barrels.
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 |
AT & T Seeks More Time To Meet Broadband Subsidy Mandate | AT & T has pressed the Federal Communications Commission for more time to comply with a looming mandate to make all service plans available to consumers qualifying for broadband subsidies under the recently enacted infrastructure law.The telecom giant met with FCC staff to back up its recent petition for a limited waiver of rules for the Affordable Connectivity Program ( ACP), the permanent replacement for the Emergency Broadband Benefit that lawmakers created as part of last year's spending bill. The EBB subsidy was meant to be only a temporary program to help households hook up to broadband during the novel coronavirus pandemic.... | general |
Oil Outlooks Splinter on Impact of Russia’ s Invasion of Ukraine | The information you requested is not available at this time, please check back again soon.
A tanker moored in a gas and oil dock at the Port of Constanta in Constanta, Romania, on Tuesday, March 22, 2022. Ukrainian ports have been shut since Russia's invasion leading demand to shift further west along the Black Sea to Romania and Bulgaria, some of the European Union's top grain exporters., Bloomberg
( Bloomberg) -- Forecasters are divided over the impact that Russia’ s attack on Ukraine will have on oil markets. They all see weaker demand growth than they did before the war started in February, while their supply outlooks have diverged dramatically.
The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries have published updated forecasts out to the end of 2022. All three have cut their demand estimates, as a renewed wave of Covid-19 infections send parts of China back into lockdown and as retail prices soar, spurred in part by fears of disruptions to supply resulting from buyers and shippers self-sanctioning Russian oil.
The biggest revisions were made by the EIA, which cut its forecast for global oil demand this year by more than 800,000 barrels a day. The OPEC group of producing countries trimmed its demand forecast by 400,000 barrels a day, while the IEA made a much smaller revision of just 260,000 barrels a day. To a large degree, the EIA and OPEC were starting to catch up with the big downward revision that the IEA made a month ago, though they still have some way to go.
Compared over the two months since February, the IEA has slashed its global oil demand forecast for 2022 by 1.2 million barrels a day, bringing it back below 100 million barrels a day. The EIA made no forecast cut last month, as the economic inputs to its demand outlook were finalized before the Russian attack. In contrast, OPEC analysts continue to see relatively little demand impact from either the war or Covid. Over the past two months they have reduced their global demand forecast for 2022 by just 300,000 barrels a day.
The current wave of the pandemic sweeping through parts of China could reduce that country’ s demand by as much as 600,000 barrels a day this quarter, compared with last month’ s forecast, according to the IEA, or by as little as 130,000 barrels a day in the view of the EIA.
There is greater agreement on the effect of economic sanctions on Russian domestic oil demand, particularly when viewed over the past two months’ of forecasts. The EIA and OPEC are both catching up with the cut to Russian oil demand that the IEA made a month ago. The OPEC analysts are, once again, more cautious than their counterparts in both the IEA and the EIA, cutting their Russian demand outlook by just 150,000 barrels a day, or 4%, compared with reductions of about 400,000 barrels a day, or 10%, from the other two agencies.
There are even bigger differences in the three agencies’ views on Russian oil production in the months ahead. While OPEC has cut its forecast since March, it now sees Russian oil production essentially flat at a little over 11 million barrels a day for the remainder of the year. Even so, that represents a reduction of 530,000 barrels a day from its previous forecast.
In contrast, the EIA and IEA see much bigger impacts on Russian production, even though there are, as yet, no widespread sanctions on the purchase of its crude or refined products.
While the IEA has rolled back about half of the initial hit to Russian production that it forecast a month ago, it still sees the potential for output to drop by close to 3 million barrels a day by the third quarter. Buyers in Asia have been quick to step in to snap up heavily discounted Russian crude shunned by customers in Europe and the U.S., helping to prop up export levels. But it appears that enforced run cuts at Russian refineries are starting to have an impact on crude production, as plants run out of storage space for unsold products.
For all their differences, the IEA and OPEC both see the world needing about 30 million barrels a day of crude from the 13 OPEC member countries, though that requirement will be reduced by any releases of crude and refined products from strategic storage. The EIA’ s view is more pessimistic for the producers, with the need for their oil seen rising slowly from 28.2 million barrels a day in the first quarter to 28.7 million barrels in the final three months of the year.
With the group’ s production estimated at 28.56 million barrels a day in March, the EIA’ s forecast suggests that the planned release of another 120 million barrels from strategic stockpiles over the next six months may not be needed to balance the market. In the views of both the IEA and OPEC, though, the release of 1 million barrels a day from government inventories will take the pressure off OPEC producers to boost supply — that may be just as well as the group’ s members added only 57,000 barrels a day to their production in March, about one-fifth of the amount they pledged at a meeting in February.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint
As rates go up, so will the stress test: Ratehub.ca | general |
Engineer Who Ran Train Off Tracks Toward Navy Ship Gets Three Years in Prison | The information you requested is not available at this time, please check back again soon.
Tugboats guide the USNS Mercy hospital ship to moor at the Port of Los Angeles in Los Angeles, California, U.S., on Friday, March 27, 2020. The ship will provide an overflow facility for LA County hospitals and will treat urgent care patients, although not Covid-19 victims., Bloomberg
( Bloomberg) -- Prison will be the next stop for a train engineer who intentionally ran a locomotive off the tracks at full-speed toward a U.S. Navy hospital ship at the Port of Los Angeles.
The Mercy, a ship that was deployed to provide medical relief during the early months of the Covid pandemic, wasn’ t damaged by the train’ s derailment in 2020, nor was anyone injured, according to a Justice Department statement. But the crash caused a diesel fuel leak of about 2,000 gallons.
Asked why he did it, engineer Eduardo Moreno told police and the FBI he was “ suspicious ” about the ship’ s real purpose.
After pleading guilty in December to committing a terrorist attack against a railroad carrier, Moreno was sentenced Wednesday to three years in prison and ordered to pay $ 755,880 in restitution, according to the statement. | general |
'Come for the free lunch ': Why going back to the office isn't all work, work, work | Professionals no longer need the office to work. But that doesn't mean it no longer serves a purpose.
Owen is a senior editor at ZDNet. Based in London, UK, Owen covers software development, IT workforce trends and the evolution of tech and work.
Steamhaus ' offices in Manchester, UK.
Now that remote working has become something of a standard, companies are having to figure out what role the office plays in their new, more distributed working environment.
For Dan Faraday-Foster, managing director and founder of Manchester, UK-based cloud consultancy Steamhaus, the purpose of the physical workplace is to serve as a place that can be used in whichever way suits the employee. And if the answer to that is 'not at all ', then so be it.
`` You can just come in for the free lunch, or for just the workshop or the meeting, '' Faraday-Foster tells ZDNet. `` We can all do all of our actual work remotely. ''
Steamhaus was largely used to remote working prior to 2020, meaning when COVID-19 hit, the company already had the tools and experience to make things work.
In the office, hybrid or remote, here's what is changing about where, when and how you do your job.
That's not to say it's been without issue: Faraday-Foster is conscious of 'Slack fatigue ' and the burnout associated with long bouts of working at a computer with minimal social interaction. This is why he believes it's still important to have an office for employees to use should they wish to, although there's no pressure on anyone to come into the office at all. If they want, employees can drop in purely for the free lunch or yoga sessions, then go back home to work.
`` I 'm really trying to get the message across that, if you 've got a friend or a partner and want to bring them in to use the office because they're both working from home, you don't need to ask permission, just use it as your space, '' he says – though he hastens to add that this doesn't include inviting 50 friends over for a party.
Shaking off old expectations around how and where employees do their work isn't going to happen overnight. Even companies that have been quick to adapt to hybrid working post-pandemic face a long period of learning and experimentation, and will need to remain agile so they can respond to changes on-the-fly.
This means being willing to dump anything that doesn't work, particularly when it comes to apps and software. `` We played around with a lot of tools, tried them out, abandoned some of them... if people don't use them then clearly it's not the right thing, '' says Faraday-Foster.
Physical aspects of the office are also being revisited to fit with the needs of a more transient workforce, the dominant thinking behind this being that offices should be a place where colleagues come together to collaborate and socialise, rather than spend a day behind a desk. For some organizations, this has meant stripping out desks to make room for high-tech meeting spaces, comfy lounge areas, and trendy soundproof pods.
`` I 've looked at this pods thing, which are all hideously expensive, but we're going to incorporate some of those into the design of what we're doing, '' says Faraday-Foster.
It seems like a strange time to be investing in office space, given that many employees are happy to continue working remotely, which has no doubt left many of their colleagues sitting alone in empty offices with nothing but free coffee to keep them stimulated.
Faraday-Foster admits that Steamhaus had briefly considered getting rid of the office entirely and allowing employees to use co-working space when needed, but eventually agreed that the company needed `` a place that's ours ''.
Even so, keeping the office potentially puts employees on an uneven playing field based on their working preferences. It's, therefore, important as a leader to ensure that employees do not feel left out, excluded or isolated by deciding to work from home. There's a balance to be struck here, yet it remains elusive. `` There must be absolutely no difference in what a member of staff has access to whether they ever come into the office or not, '' says Faraday-Foster.
This means encouraging everyone to use their own laptops for meetings, regardless of whether they are in the office or at home – though Steamhaus tries to avoid meetings anyway, with Faraday-Foster branding them `` a legacy of the old office. ''
Recreating a strong workplace culture is also more difficult when employees aren't centred around a social location.
With fewer opportunities for impromptu office encounters and chats around the coffee machine, there has to be a more deliberate attempt to get employees together.
`` We're constantly trying to think of new ideas for bringing people together socially, '' says Faraday-Foster. `` It's a real challenge to achieve that same thing in a remote manner. ''
He continues: `` We 've tried the Friday afternoon Zoom thing. I came to the realization that the 20 of us wouldn't sit in the pub in a big circle, and those things are awkward and forced. ''
Food is a proven method of getting people around a table. A number of Steamhaus employees are avid cooks, says Faraday-Foster, so the company is building a kitchen where employees can come together to cook and share meals together.
This has resulted in another important investment, says the MD: `` I can't believe it's taken as long as it has to get a drinks fridge. I think that's almost a prerequisite! ''
When it comes to the challenges hybrid work presents to his own role as managing director, Faraday-Foster acknowledges that there are many things that will take some time to adjust to, or otherwise require a lot of trial and error.
One of these challenges is the management of employees. `` The thing I struggle with is that you have less visibility, '' he says. And Faraday-Fosters says it was important that Steamhaus employees `` realize that they don't need to work until 11pm at night. ''
`` I 'm really conscious of burnout, '' he adds. `` As an MD, a massive part of my job is making sure everyone is happy, as well as all the usual making sure the company is financially OK… it's a real challenge to achieve that same thing in a remote manner. ''
Despite the uncertainties that lie ahead, Faraday-Foster is certain of one thing – he has no intention of ordering Steamhaus employees back to their desks: `` If we did that, we 'd probably lose half of our staff. ''
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Albertsons says high gas prices are changing grocery shopping — Quartz | High prices in the US have been reshaping what shoppers buy, including switching to more affordable options, like store brands, as inflation hits a 40-year high. Now inflation is also changing how often shoppers go to the grocery store.
Shoppers at Albertsons, the second-biggest US grocery chain, are limiting shopping trips as a way to save on gas. Consolidating grocery trips is a behavior that started during the pandemic, largely to avoid potential covid-19 exposure, but it has started to increase again as fuel prices rise, said Vivek Sankaran, Albertsons CEO, in a conference call with investors and analysts on Tuesday. “ [ T ] here’ s a new behavior that seems to have become more entrenched, ” said Sankaran.
Basket sizes—grocery industry lingo for how much shoppers buy on each trip to the store—are “ substantially larger ” than those in 2019, even accounting for inflation, said Sankaran. Part of the reason could also be due to more people eating at home, he said. That could be an effort in and of itself to stretch food budgets.
Unlike purchasing food, where consumers can cut back on going out to eat, high gas prices are hard to escape—walkability and public transportation for trips like grocery shopping and commuting are in short supply in much of the US.
Inflation rose to 8.5% in March from the same month last year, with gas prices experiencing the sharpest year-over-year increase at 48%. Food prices are up 8.8%, with grocery prices jumping by 10%.
Albertsons, which also owns Safeway, said that for now consumer demand is strong but it expects low-income shoppers to spend less on groceries later this year. | tech |
Cottage Health Opens First Urgent Care Center in Santa Barbara - The Santa Barbara Independent | Cottage Urgent Care Center on Upper State Street Will Be Open 365 Days a Year
On April 12, Cottage Health opened its newest Cottage Urgent Care Center at 3885 State Street in Santa Barbara. The new urgent care center “ aims to provide care within 45 minutes, ” and will be open from 8 a.m. to 8 p.m. 365 days a year, according to Cottage Health spokesperson Maria Zate.
This is the first Cottage Urgent Care Center in Santa Barbara. It will be staffed with a licensed nurse practitioner or physician assistant, radiology technician, and clinical concierges who will provide high-quality care.
Conditions able to be treated at the new center include scrapes and minor cuts, burns, sprains, allergies, earaches, urinary tract infections, skin conditions, rashes, poison oak, colds and flu, COVID testing, and other minor ailments and injuries. More serious conditions may be referred to a local Emergency Department or physician.
Available services include X-rays and point of care lab services, and physical exams for student sports participation.
Walk-ins are welcome and online appointments can be scheduled here. More information can be found here.
Support the Santa Barbara Independent through a long-term or a single contribution. | general |
Holoportation: Innovative 3D Telemedicine to Help Keep Astronauts Healthy | NASA flight surgeon, Dr. Josef Schmid gives a space greeting October 8, 2021, as he is holoported on to the International Space Station. Credit: ESA ( European Space Agency) astronaut Thomas Pesquet
During almost two-years of the COVID-19 pandemic, the growth of telemedicine and new ways of reaching people has changed and developed. In October 2021, NASA flight surgeon Dr. Josef Schmid, industry partner AEXA Aerospace CEO Fernando De La Pena Llaca, and their teams were the first humans “ holoported ” from Earth into space.
Using the Microsoft Hololens Kinect camera and a personal computer with custom software from Aexa, ESA ( European Space Agency) astronaut Thomas Pesquet had a two-way conversation with live images of Schmid and De La Pena placed in the middle of the International Space Station. This was the first holoportation handshake from Earth in space.
Holoportation is a type of capture technology that allows high-quality 3D models of people to be reconstructed, compressed and transmitted live anywhere in real time, Schmid said. When combined with mixed reality displays such as HoloLens, it allows users to see, hear, and interact with remote participants in 3D as if they are actually present in the same physical space. Holoportation has been in use since at least 2016 by Microsoft, but this is the first use in such an extreme and remote environment such as space.
Holoportation team members are seen projected virtually on the International Space Station, Oct. 8, 2021. From left are Andrew Madrid, Dr. Fernando De La Pena Llaca, RIhab Sadik, Dr. Joe Schmid, Kevin Bryant, Mackenzie Hoffman, Wes Tarkington. Credit: ESA ( European Space Agency) astronaut Thomas Pesquet
“ This is completely new manner of human communication across vast distances, ” Schmid said. “ Furthermore, it is a brand-new way of human exploration, where our human entity is able to travel off the planet. Our physical body is not there, but our human entity absolutely is there. It doesn’ t matter that the space station is traveling 17,500 mph and in constant motion in orbit 250 miles above Earth, the astronaut can come back three minutes or three weeks later and with the system running, we will be there in that spot, live on the space station. ”
NASA is demonstrating this new form of communication as a precursor for more extensive use on future missions. Plans are to use this next with two-way communication, where people on Earth are holoported to space and astronauts are placed back on earth. “ We’ ll use this for our private medical conferences, private psychiatric conferences, private family conferences and to bring VIPs onto the space station to visit with astronauts. ”
The next step after that is to combine holoportation with augmented reality, to truly enable Tele-mentoring.
“ Imagine you can bring the best instructor or the actual designer of a particularly complex technology right beside you wherever you might be working on it. Furthermore, we will combine augmented reality with haptics. You can work on the device together, much like two of the best surgeons working during an operation. This would put everyone at rest knowing the best team is working together on a critical piece of hardware, ” Schmid said.
Holoportation and tools like it could have great implications on the future of deep space travel. As plans shape up for missions to Mars, an obstacle to overcome will be the communication delays that are present during the travel to and from Mars. A delay of up to 20 minutes each way will present a unique challenge to communication whether through simple radio transmissions, video streams, or new methods such as Holoportation. Communication is critical, whether for medical or mission support reasons, or staying in touch with family members. The crew will need to be connected with Earth and Mission Control, no matter where humans explore.
There are also direct applications here on Earth. Whether in other extreme environments such as Antarctica, offshore oil rigs or military operation theaters, this type of technology may help people in such situations communicate, bringing people together no matter the distance or environmental challenges. | tech |
Covid outbreaks in New York and DC infect senior officials as omicron BA.2 variant sweeps the U.S. | Covid infections are rising again in the U.S. with outbreaks in New York City and Washington, D.C., resulting in senior government officials coming down with the virus as the more contagious omicron BA.2 subvariant sweeps across the country.
BA.2 now represents of 86% of sequenced new cases, almost completely displacing the earlier version of omicron that fueled the unprecedented winter surge, according to Covid surveillance data published Tuesday by the Centers for Disease Control and Prevention. The BA.2 subvariant is anywhere from 30% to 80% more transmissible than the earlier omicron variant, BA.1, according to studies from the U.K. and Denmark.
The U.S. reported more than 30,000 new infections on Monday, a 20% increase over the previous week, according to data from the CDC. However, infections and hospitalization are still more than 90% below the peak of the omicron surge in January.
Though infections are rising, most counties still have low levels of Covid transmission and hospitalizations, which means people who live in those areas don't need to wear masks indoors under CDC public health guidance. White House chief medical advisor Dr. Anthony Fauci said this week that Covid will continue to circulate in communities for the foreseeable future, and people will have to make individual decisions about the risk they're willing to take based on their age and health status.
`` What we're hoping happens, and I believe it will, is that you won't see a concomitant comparable increase in severity in the sense of people requiring hospitalizations and deaths, '' Fauci told the ABC program `` This Week. '' CDC Director Dr. Rochelle Walensky has previously said there's a high enough level of immunity in the U.S. population from vaccines and prior infections to provide some protection against BA.2.
The BA.2 subvariant is even more dominant in the Northeast, where it's driving a significant outbreak. BA.2 represents 92% of new cases in the region that includes New York and New Jersey, according to the CDC data. New York City reported about 1,887 new infections a day on average as of Saturday, a 52% increase over the past two weeks, according to data from the city's health department.
Read CNBC's latest global coverage of the Covid pandemic:
New York City Mayor Eric Adams tested positive for the virus on Sunday after waking up with a raspy voice. Adams attended the Gridiron Dinner in Washington, an annual event that brings together prominent government officials and journalists. At least 80 people who attended the dinner, the first since 2019, have tested positive for Covid including several senior government officials, according to Gridiron Club President Tom DeFrank.
Attorney General Merrick Garland, Commerce Secretary Gina Raimondo, Reps. Joaquin Castro and Adam Schiff, and Sen. Susan Collins all tested positive after attending the dinner.
House Speaker Nancy Pelosi, D- Calif., also tested positive for Covid last week but wasn't experiencing any symptoms and didn't attend the Gridiron Dinner. Pelosi's positive result came a day after she stood next to President Joe Biden at a bill-signing ceremony. Biden, who also did not attend the Gridiron Dinner, subsequently tested negative for Covid.
The outbreak among White House Cabinet officials and senior lawmakers comes as the rate of Covid infections in Washington has increased 73% in two weeks, though the overall level of transmission remains low compared with the winter surge. BA.2 represents 84% of new cases in the mid-Atlantic region that includes the nation's capital.
Philadelphia, meanwhile, became the first first major city in the U.S. to reinstate its indoor mask mandate effective April 18. The city made the decision after Covid cases rose more than 50% in 10 days, according to Dr. Cheryl Bettigole, Philadelphia's health commissioner.
Clarification: This story has been updated to reflect the most current data. | business |
California could adopt a four-day workweek for large companies — Quartz at Work | “ The drive for the four-day workweek has become serious. ”
A feature writer for the New York Times Magazine made that argument… in 1964.
“ The time has come to take a hard look at both the presumed advantages and disadvantages, ” wrote the late Edward Chase.
More than half a century and one ( ongoing) pandemic later, the push for a shorter workweek is once again inspiring headlines and governments around the world. The latest call comes from California, where lawmakers have introduced a state assembly bill that would redefine the workweek, setting 32 hours, rather than 40, as the new standard.
If passed, bill AB293 would require companies to provide overtime pay for people whose hours exceed the new legal threshold, but it would only apply to companies with more than 500 workers. Still, that would impact an estimated 2,600 firms in the state and 3.6 million people in a workforce of about 17 million, the San Francisco Chronicle reports.
Employers in unionized workplaces would be exempt from the 32-hour law because collective agreements might offer similar or better terms, State assembly member Cristina Garcia, one of the bill’ s co-authors, told the Chronicle.
Other questions about the bill, which is now facing review by the Assembly Labor and Employment Committee, remain unanswered. State lawmakers would need to determine how it would impact salaried employees, for example, or those who are employed by large California-based companies but live elsewhere.
However, the proposal stipulates that companies could not cut workers’ current salary.
In theory, most employees would happily welcome a four-day workweek. However, Nicholas Bloom, a Stanford University economics professor, said California’ s version of the four-day week is “ terrifying. ”
“ If they introduce this, businesses will reduce employment through hiring freezes and layoffs, ” he told the Chronicle, and many companies would move to neighboring states.
The California Chamber of Commerce warned that the four-day week would make hiring more expensive. The bill now appears on the organization’ s annual list of potential “ job killers. ”
Still, the idea may not be so easily dismissed.
Unlike in 1964 ( and during other former attempts to install a four-day week in the US), California legislators now have plenty of precedents and data to consider when weighing the benefits of the bill. A host of private companies and political leaders around the world have adopted versions of a four-day workweek, reporting mostly positive results. Notably, a large, multiyear trial in Iceland found that employees who were given an extra day off felt better able to look after their health and to care for children. ( Others have argued it wasn’ t as successful as many media outlets suggested.)
Though company managers involved in the Iceland study expressed concern about employee time pressures and heavier workloads, they also said that most workers were far more energized and engaged after moving to a four-day week.
Since that experiment began, the covid-19 pandemic has made employees’ wellbeing and mental health a top concern for companies. Amid record levels of job-hopping and quitting, employers have introduced flexible hours and other supportive benefits. Now proponents of the California bill say they want state law to recognize and formalize such shifts.
Garcia also argues that a 32-hour workweek would help companies attract and retain employees, while encouraging women who left the workforce during the pandemic—and especially working mothers—to return.
“ We’ re seeing a labor shortage across the board from small to big businesses, ” she told Fortune. Employees, she said, “ don’ t want to go back to normal or the old way. ” | tech |
Inflation despair: 1 in 3 small businesses consider shutting down - survey | In a new survey released today from NEXT Insurance, more than 1,000 small business owners say they find themselves working longer hours, earning less, and paying more for labor and supplies.
Marc Wojno has been a writer and editor in the financial field for more than two decades.
Stress, frustration, and fear. These are some of the emotions small business owners are experiencing as the rate of inflation inches closer toward double-digit percent levels. According to an announcement yesterday from the US Bureau of Labor Statistics, the rate of inflation is now 8.5% for the 12-month period that ended in March, a 0.6-point increase from February. With the rate of inflation rising month by month, `` stress '' and `` frustration '' are apt words used by many US small business owners to describe their feelings about inflation and the general economy, according to the results of a survey released today by insurtech firm NEXT Insurance.
In NEXT's small businesses survey, released today, many small business owners say they're forced to raise prices, work longer hours, and pay more for labor. Nearly 40% of the more than 1,000 small business owners surveyed said they're feeling `` frustrated '' or `` stressed '' by the state of America's workforce. Those small businesses feeling that stress and frustration tend to be very small, employing between one and 20 employees.
But the results of the survey also indicate a certain resilience among small business owners. Businesses with 20 or more employees say they're feeling significantly more optimistic ( 43%) than companies with nine employees or less ( 22%). `` Small business owners may be burnt out but they're not giving up, '' says Nancy Parrott, senior researcher for NEXT, who told ZDNet that they're navigating through these inflation challenges just as they have with the supply chain issues and the pandemic for the past two years. Many small business owners will raise prices and take salary cuts now to deal with higher costs and pressure on employee wages, which will impact their customers. That's to be expected in the current economic environment, Parrott believes. `` While it's unclear how inflation will continue to progress, we do know those small business owners are scrappy, resilient, and determined, '' she added.
The survey was conducted in March by NEXT, which provides insurance policies to more than 300,000 small business customers in the US. Using the getWiser platform, NEXT interviewed 1,010 US small business owners, Parrott said. All participants have at least one employee and the total sample was set to a quota so that 25% were small businesses with one to four employees, 25% were small business owners with five to nine employees, 25% with 10-20 employees, and 25% with more than 20 employees. `` This quota allowed us to more deeply examine differences between business sizes, '' Parrott explained to ZDNet.
Overall, the survey paints a rather pessimistic outlook for small businesses in the near future. While less than one-third of small business respondents -- 29% -- said they feel optimistic about an economic recovery in the next 12 months, 35% said they were considering shutting down their business, with 8% of those saying they 've `` thought about it a lot. '' The survey revealed four key findings:
Small business owners are burning out. The past two years have been brutal, thanks to the still menacing coronavirus pandemic which has disrupted supply chain flows and staffing. To keep their business operating, 46% of owners said they're working more hours, with 33% reporting performing duties that were typically handled by someone else. What's more, 29% of owners said they 've cut their own salaries, and 35% have had to raise their prices.
Employee turnover is also adding to business burnout. Fifty-five percent of the respondents say they're experiencing about the same rate of employee turnover and 30% say it's higher. In addition, half of all businesses have experienced employee ghosting – when employees don't show up for work – with 28% saying they experience it every few months or more.
Small businesses are paying more for labor today, with the smallest businesses seeing the greatest percentage increase in wages. The survey revealed that small businesses are paying roughly $ 24 an hour today, that's up by almost $ 2 than it was pre-pandemic when the average rate was $ 22 per hour. During the COVID-19 pandemic, 19% of small businesses said they were paying employees $ 10 an hour or less, but today only 8% of small businesses said they pay their staff less than $ 10 an hour. What's more, businesses with fewer than five employees almost doubled the percentage of employees earning more than $ 21 an hour ( 15% vs. 27%), while small businesses with staff of at least 20 also reported `` significantly increasing '' the percentage of employees earning more than $ 21 an hour ( 34% to 44%) compared to pre-pandemic wages, NEXT reported in its survey.
Inflation and supply chain delays are having the greatest impact on small businesses. The survey shows that a whopping 91% of respondents reported an increase in prices. The main culprit: the increased cost of materials. Thirty-nine percent of small business owners said it has had a significant impact on them in the past six months, according to NEXT.
Tax season poses stress for some small business owners. Although nearly two-thirds ( 65%) of small business respondents said they felt their stress levels this tax season to be about the same as in past years, 22% said they're feeling more stressed in tax season 2022. More than half of surveyed respondents ( 54%) said they plan to owe about the same as in previous years, while 23% plan to owe more and 23% plan to owe less.
The survey also revealed, on a geographic level, that businesses in rural areas reported less worker satisfaction than those in more populated, or urban, areas. Rural business owners interviewed say workers in their industry are more uncertain, less appreciated, less motivated, less flexible, and less content than those in urban settings.
Parrott notes that urban businesses were significantly more likely than suburban and rural businesses to say their company was `` growing '' as opposed to `` steady '' or `` struggling. '' Businesses in suburban areas were significantly more likely than rural businesses to describe their business as `` growing. '' `` We see that business owners in rural areas are most likely to say they have been negatively impacted by 'increased cost of materials ' and 'delays in receiving materials, ' '' she said.
Suzanne DuFore, director of research at NEXT, said in the company's announcement that the high rate of inflation is rapidly becoming a crisis for US small businesses, which operate on low-profit margins and are less flexible than larger companies. `` Small businesses are often the canary in the coalmine for our economy; if they're feeling the intense stress and pressure from these major societal trends that show no signs of slowing down, it's critical for us as consumers and leaders in financial services to be ready to help them out in any way we can, '' she said.
Banks aren't adequately supporting customers through financial hardship: J.D. Power study
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Offshore Driller Support Co. Hits Ch. 11 With $ 124M Note Debt | Offshore drilling support company ION Geophysical Corporation filed for Chapter 11 protection in Texas, saying it plans to hand over the equity in the company to the holders of second-lien notes after it couldn't recover from a precipitous revenue decline in the wake of the COVID-19 pandemic.In initial court filings late Tuesday, Chief Financial Officer Mike Morrison said demand for ION's drilling support services cratered as the price of oil and gas fell in the opening months of the pandemic in 2020 and have not recovered as exploration firms have continued their belt-tightening into 2022.At the case's first-day hearing... | general |
Apple MacBook Shipments Delayed as China’ s Lockdowns Slow Production | The information you requested is not available at this time, please check back again soon.
An employee, left, assists a customer using an Apple Inc. Macbook Pro laptop computer at the company's Myeongdong store during its opening in Seoul, South Korea, on Saturday, April 9, 2022., Bloomberg
( Bloomberg) -- Apple Inc. shoppers are facing longer wait times for the company’ s flagship MacBook Pro laptops, a sign that Covid-19 lockdowns in China may be contributing to delays.
U.S. consumers trying to order Apple’ s latest high-end models are now seeing delivery estimates pushed into June. And the date range for the lower-end configuration of the 14-inch MacBook Pro was as late as May 26 as of Wednesday. Those wait times represent a jump from recent days, before supply chain snags worsened again.
The delays underscore Apple’ s struggles to keep its supply chain running smoothly during the Covid era -- especially as China pursues a zero-tolerance policy for outbreaks. More than 30 Taiwanese companies, including Apple laptop manufacturer Quanta Computer Inc., have halted production in China because of lockdowns. In Quanta’ s case, the company shut a Shanghai plant to comply with government restrictions.
Apple, based in Cupertino, California, didn’ t immediately respond to a request for comment.
Apple’ s highest-end MacBook Pro configuration -- a $ 3,499 version with additional graphics cores and memory -- is seeing delivery estimates as late as June 16 in the U.S. Most of Apple’ s other Macs, including the MacBook Air, 13-inch MacBook Pro, iMac and Mac mini, aren’ t currently affected. Those models are either shipping with same-day delivery or promising an arrival within a few days.
Delivery estimates for the Mac Pro, which often takes longer to ship because of its customized features, are in May. And the new Mac Studio desktop computer’ s higher-end configuration isn’ t arriving until the second half of June. That machine was only announced recently, however, and may be seeing strong initial demand.
On Tuesday, Apple supplier Pegatron Corp. suspended work at its iPhone assembly campuses in Shanghai and Kunshan, but iPhone shipments don’ t immediately appear to be delayed. Apple will announce its second-quarter earnings results on April 28, potentially giving investors a window into its supply challenges. | general |
NY Judge Says Precedent Clear, Tosses Virus Coverage Suit | A New York state judge tossed a property owner's COVID-19 coverage suit against Wesco Insurance Co., finding that other decisions from New York courts and the Second Circuit require tangible damage for there to be coverage.While Anthony Lolli had argued that he lost more than $ 490,000 in rental income during the pandemic from two sets of properties, Justice Sharon M.J. Gianelli said Tuesday that the precedent is clear and binding. `` There is no new or different evidence or argument made that would cause this court to deviate from the clearly established binding precedent that presently exists in numerous identical cases, '' she... | general |
John Deere's supply chief Wiggins on why flexibility is key | Wallas Wiggins is VP Global Supply Management and Logistics at John Deere, the well-known manufacturer of machines and equipment for agriculture, construction, forestry, and other industries.
John Deere is an iconic US business. It was back in 1837 that farmer John Deere invented the first steel plough, which was designed to cut through sticky prairie soil. Before the dawn of the combustion engine, Deere did more than any single person to increase agricultural productivity in the US.
Today, John Deere employs 68,000 people worldwide and has annual net sales and revenue of around US $ 44bn. Wiggins is the man who ensures that the company’ s products reach thousands of customers across the globe every day.
Wiggins began his career in supply management at General Motors, where he spent over a decade, working across supply management, engineering, operations, and other areas.
After this he went to work for a small B2B startup in Detroit called Covisint, which focused onconnectivity between suppliers and the automotive Original Equipment Manufacturers ( OEMs).
It was after this, in 2007, that he joined John Deere, as a quality manager at a facility in North Carolina. His next role was in the corporate strategy team at company HQ in Moline, Illinois, and it was this that eventually led him into his current role.
Wiggins says that while at John Deere he has come to appreciate the immense value of the supplier relationship.
“ During the pandemic the strength of those relationships helped us through a challenging time, ” he says. “ Those same relationships are also key to unlocking innovation. Often suppliers approach us to share what they’ re working on, and that can be a very powerful tool to generate innovation, growth, and get first-mover advantage. ”
It is the pandemic, says Wiggins, that has taught him most while at the company.
Talking to Accenture, Wiggins said: “ One key learning point was the effect the pandemic had on our people and what, as leaders, we must do to ensure they make it through. It’ s been an extremely stressful time for all employees, but specifically those in supply management.
“ It’ s important to give encouragement and support, and have people take a time-out when they need it, to refresh their minds before getting back to the battle for products and parts. ”
Wiggins says he sees “ tremendous value ” in driving high levels of engagement, “ so that people wake up in the morning and don’ t fear coming to work ”. He adds: “ Taking care of people is number one. ”
As for operational matters around suppliers, he says Covid-19 has taught him the importance of resilience.
“ I don’ t think you can have too much resilience. Microsoft’ s CEO Satya Nadella said in a recent interview that good leaders look into the future and try to make sure that what you’ re doing today is preparing you for that. I strongly believe this.
“ Having an open mind and preparing for that future through diversification and risk mitigation has become essential at Deere, but also for me as a supply management leader. ”
Wiggins says he has also learned the value of being flexible.
“ We’ re doing all kinds of things we never had to do before, ” he says. “ Being flexible is important, because although we’ ve got lots of standard processes, we're learning that sometimes we have to be able to adapt. ”
To this end, he says, John Deere’ s ‘ Smart Industrial Operating Model’ has “ enabled thinking outside the box and reminded us that understanding the required result is extremely important ”.
He adds: “ With a clear result in mind we might find a way to get there faster or more efficiently. Some things can't take weeks; they must be done in days. Speed to execution is becoming essential. ”
Supply Chain Digital is the digital community for the global supply chain & logistics industry that connects the world's largest supply chain & logistics brands. Supply Chain Digital focuses on procurement and supply chain news, key interviews, supply chain videos, along with an ever-expanding range of focused procurement and supply chain white papers and webinars. | general |
Cash Handouts are Saving Brazil’ s Poorest — and Bolsonaro’ s Campaign | The information you requested is not available at this time, please check back again soon.
Part of the Sao Francisco River irrigation project near Penaforte in Ceara. Photographer: Jonne Roriz/Bloomberg, Photographer: Jonne Roriz/Bloomberg
( Bloomberg) -- Hawking his goods by the roadside in the northeast town of Salgueiro, traveling salesman Matheus Silva has a new line in this election year in Brazil.
Alongside the windshield wipers, car seat covers and hammocks that are his mainstay, on a recent weekday Silva was selling towels at 35 reais ( $ 7) apiece featuring the two main candidates for the presidency. By late afternoon he’ d sold four showing President Jair Bolsonaro, and six of his likely challenger, Luiz Inacio Lula da Silva — but, he added, he’ d shifted more Bolsonaros earlier in the neighboring town of Cabrobo.
After a turbulent four-year term that saw him dismiss Covid-19, take on the judiciary and roll back protections for the Amazon, Bolsonaro, 67, is trailing the former president in polls for October’ s presidential election. But signs of support even in places like Salgueiro — in Lula’ s home state of Pernambuco, no less — suggest the incumbent isn’ t down and out just yet.
A tour of three states in the so-called sertao, or hinterland, of Brazil’ s northeast in mid-February showed that the strongest headwinds to Bolsonaro’ s re-election come less from his most controversial policies than a weak economy and rampant inflation that are hitting the poor hardest.
Rather than translating into rock solid support for his opponent Lula, 76, however, many people were undecided how to vote.
If the president does have a chance of turning the tide in his favor, it’ s because of his program of cash assistance for the poorest families. In particular, his flagship government subsidy, the “ Auxilio Brasil, ” has become crucial to his electoral fortunes — and Bolsonaro’ s performance in the northeast will be a key indicator of whether it can help him pick up enough votes to win a second term.
“ The northeast will be this election’ s battlefield, ” said Creomar de Souza, chief executive officer at Dharma Political Risk and Strategy, a Brasilia-based consultancy. “ It’ s where Lula and Bolsonaro will measure their strength. ”
Brazil’ s election is shaping up to be a bruising contest between polar opposites on the political spectrum to determine the direction of Latin America’ s biggest economy at a time of change. Leftist leaders have taken power this past year in Peru and Chile, and may win in Colombia, as anger grows across the resource-rich region at inequalities that were exposed and aggravated by the pandemic.
In Brazil, the divide is geographical. The southeast region that includes the financial center of Sao Paulo accounted for some 55% of Brazil’ s economic output last year, according to estimates by LCA Consultores. That compares to 13% for the northeast; only the sparsely populated northern region was lower. Consequently, the northeast region has more households in receipt of the Auxilio Brasil than any other.
It’ s also the only one of Brazil’ s five regions that Bolsonaro failed to win in 2018. But with around 30% of the country’ s 215 million-strong population, his campaign team sees it as key to his chances of taking the country.
That helps explain why the president has visited the region more than any other in the past year, clocking up 31 trips through the end of March, including most recently on March 30.
Bolsonaro won’ t win in the northeast, his chief of staff, Ciro Nogueira, acknowledged in an interview with TV Globo aired last month. “ But he will have a much higher vote than he had in the last election, ” said Nogueira. “ Overall, I think Lula wins in the northeast, but he will lose in the rest of the country in a very significant way. ”
Government subsidies are set to shape that outcome. Brazil’ s poverty rate fell to an all-time low of 4.8% of the population in August 2020 as the Bolsonaro government paid 600 reais per month to poor families at the height of the pandemic’ s first wave — coinciding with a peak in the president’ s approval rating. When handouts were halved in October 2021, poverty levels shot back up to 13%. The government is now paying 400 reais to a smaller number of families. On average, Auxilio Brasil is double what was paid by Bolsa Familia, the Lula government equivalent.
On paydays, queues form around the block of bank branches as people line up to receive what for some is their only regular source of income.
That’ s the case for Francisca Vieira Gomes, 53, and her family outside Brejo Santo, a town of about 50,000 in the interior of the northeast state of Ceara. She lives with her husband, a 26-year-old son, her daughter-in-law and three small grandchildren in a makeshift house of wood and clay whose roof is partly covered with a plastic sheet.
No one in the house has formal work. The gas canister ran out two months earlier and she was using a wood-burning stove to cook. Sometimes, she says, she goes hungry.
“ When Bolsonaro gave us this money, he helped a lot, ” Gomes said. She still doesn’ t know who she’ ll vote for, though. “ The situation here is difficult, ” she added. “ Only God knows who will win. ”
Inflation that’ s above 11%, driven by rising fuel and food prices, is hurting the purchasing power of all families, but especially the most needy. A poll by the Datafolha institute released at the end of March found that one-in-four Brazilians said the amount of food available at home in recent months was less than they needed to feed the family.
“ Food, electricity, cooking gas, all of this weighs much more on the life of a person who earns a minimum wage, ” said Tania Bacelar, a partner at consultancy Ceplan based in the northeast city of Recife.
The Getulio Vargas Foundation, an influential think tank, considers someone who earns less than 261 reais per month — $ 56 — to be poor. By that measure, poverty steadily declined during Lula’ s two terms, from 2003-2010, and in his successor Dilma Rousseff’ s first term. It’ s a drum he’ s beating in the campaign.
“ During the Workers’ Party government there was food on the table, formal jobs and a valued salary, ” Lula said in a TV address on March 29. “ Today, what we see is hunger, high prices and poverty on the streets. ”
Luzia de Sousa, 71, agrees that life was better under Lula, and says he’ s got her vote. Now retired, she receives a pension of 800 reais, but continues to clean houses for 30 reais a day to help her 14 children, numerous grandchildren and great-grandchildren in Sao Jose de Piranhas, in the northeast state of Paraiba.
“ Lula was very good, ” she said. Now though, she said, “ the rich don’ t even look at the poor. ”
Bolsonaro is trying to address that deficit. In mid-March, he unveiled a 165 billion reais package of social spending aimed at the poor and middle class. He’ s also exempted basic food items from import taxes, including roasted coffee, cheese, macaroni and sugar. Polls suggest his focus on aid for the poor is helping him to gnaw away at Lula’ s lead. Lula had 45% backing in a Genial Investimentos/Quaest poll released April 7, up from 44% in March, while Bolsonaro’ s support rose to 31% from 26%.
“ Brazil is going through a difficult time, ” the president said at a public event on March 29, citing the impact of inflation. He blamed it on the pandemic and the actions of state governors in applying restrictive measures to contain the spread of the virus.
More than 660,000 people have died of Covid-19 in Brazil, more than anywhere in the world except the U.S. Bolsonaro promoted gatherings, ridiculed the use of face masks, criticized vaccines and defended quack cures. Polls show voters are critical of his handling of the pandemic, but they also express understanding for any president faced with a crisis of such magnitude.
“ He is more likely to suffer the consequences of a loss of purchasing power and a high degree of unemployment and underemployment than the results of the pandemic, ” said Graziella Testa, a professor at the School of Public Policy and Government at Getulio Vargas Foundation in Brasilia.
In Barro, a city in the northeast state of Ceara, farmer Cicero Antonio de Oliveira finds everything expensive. The price of a gas cylinder jumped from 70 reais before the pandemic to 120 reais today. A kilo of meat that was 25 reais is now 40.
Oliveira, 55, says that he received 600 reais from the government during four months of the pandemic, but he’ s not eligible for the current payout. He doesn’ t yet know who he’ s going to support at the election, but he’ s clear he won’ t vote for Bolsonaro. “ I don’ t think he’ s any good, ” he said.
Francisco Branco is less sure. Lula enjoys more support in his hometown of Penaforte in Ceara because “ in his time it was better for me and for others, ” said Branco, 61, who delivers barrels of water by horse-drawn cart. Now, though, with the cost of living soaring, he says he doesn’ t know who to vote for.
The sertao in Brazil’ s northeast is characterized by an arid landscape with twisted branches, cacti, and livestock whose skin stretches taut over pronounced bones, hinting at the hardships of rain just three months of the year.
Long known as an impoverished part of the country, there are signs of change. The constant sun and near year-round winds are a boon for clean energy, which has helped it become a net exporter of electricity.
Whereas water was once mostly supplied by trucks — traditionally in exchange for votes in small towns — a massive irrigation project to deploy the Sao Francisco River is now coming to fruition. First conceived in the 1870s, work on the 700 kilometers ( 435 miles) of canals began in 2007 under Lula and is being completed under Bolsonaro. A measure of its success is that both camps are sparring over who deserves credit for the near 15 billion reais infrastructure project that crosses four states and has the potential to bring water to 12 million people.
For Bacelar, a former secretary of planning and finance in Pernambuco state, the northeast should be seen as “ part of the solution, ” rather than the epitome of Brazil’ s problems.
That’ s little comfort to Jose Demontie de Souza, 61, who lived in Sao Paulo for 14 years before returning to Ceara. Now he sleeps in a hammock and only has electricity because he’ s wired it up to the house next door. His refrigerator is broken and serves as a closet.
He has little truck with Bolsonaro, yet neither is he planning to vote for Lula. Soaring prices are causing “ the worst crisis ” he’ s seen. Life, he said, “ should be better for those of us of a certain age. ”
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 |
Covid: Uninsured face testing, hospital bills after pandemic aid runs out | People who don't have health insurance are now being charged $ 100 or more for Covid testing by some labs and may face bills for hospital treatment, and free vaccines may not be as easy for everyone to get since emergency federal aid for some pandemic programs has run out and hasn't been renewed by Congress.
Senators reached a $ 10 billion bipartisan Covid funding deal last week. However, the package does not include the White House's $ 1.5 billion request for a program that covers testing and treatment for the uninsured as well as some vaccine costs that is administered by the Health and Human Services Department, according to summaries of the deal released by the offices of Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Mitt Romney, R-Utah.
Funding for the uninsured was dropped by Senate and House negotiators after Republicans opposed the money needed to extend the program, a senior Democratic aide in the U.S. House told CNBC. Emails to House and Senate GOP leaders weren't immediately returned.
The current Senate package would fund additional supplies of vaccines, monoclonal antibody treatments, antiviral pills as well as research for the next generation of shots. Congress left Washington last Thursday for a two-week recess without passing the deal, so it's not clear when a vote might be held. Republicans blocked the bill from advancing over the Biden administration's decision to end a CDC policy that deported migrants crossing U.S. land borders as a pandemic emergency measure.
The $ 10 billion Senate deal is less than half the $ 22.5 billion originally requested by President Joe Biden, and it still needs to clear each chamber before it can be sent to Biden for his approval. It's not clear how the deal would fare in the House if the Senate does manage to pass it, or if there's any flexibility for some of the $ 10 billion to be shifted to help the uninsured.
Meanwhile, the Health Resources and Services Administration, which runs the uninsured program for HHS, stopped accepting claims to test and treat uninsured Covid patients on March 22 due to insufficient funds. While the U.S. is providing Covid shots for free, the agency stopped covering the costs to administer the vaccines for uninsured people as of April 5, shortly after the FDA cleared second booster shots for people 50 and over.
`` All those doctors, hospitals, pharmacists, nursing homes, community health centers that were relying on the provider relief fund that Congress enacted to help reimburse them for some of the Covid related costs — those have now been stopped, '' Health and Human Services Secretary Xavier Becerra said last week. `` The claims no longer are being accepted as of this week for even vaccines. ''
Several major testing companies are now charging the uninsured. Quest Diagnostics told CNBC uninsured people now have to pay at least $ 100 for a PCR test, which is the most accurate one. Labcorp told CNBC the company is charging $ 119 for its at-home or in-person PCR testing for people who aren't covered by insurance. Curative, which runs thousands of testing sites across 34 states, said it can no longer provide free Covid testing to the uninsured in areas of the country where state or local governments aren't picking up the tab. The company said it is piloting a program where the uninsured can pay $ 99 to $ 135 cash for tests, depending on the type of product at select sites.
`` We are deeply concerned about this recent development regarding federal funding and the impact it will have on uninsured patients. We ask that funding be re-instituted to ensure that uninsured patients have access to no out-of-pocket testing, '' a spokesperson for Curative said.
CVS and Walgreens are still providing testing, antiviral pills and vaccines to the uninsured for free, the companies told CNBC. CVS spokesman Mike DeAngelis said the company is confident the White House and Congress will find a solution giving the uninsured free access to Covid services. Walgreens spokeswoman Alex Brown said the company is waiting further guidance from the White House once a Covid funding deal is actually passed.
Read CNBC's latest global coverage of the Covid pandemic:
Without additional federal money, people in the U.S. will face a dramatic reduction in access to testing, particularly the uninsured, that will likely result in Covid outbreaks that were preventable, according to Dr. Georges Benjamin, executive director of the American Public Health Association.
`` You're going to have people just as we had in the first part of the pandemic having to hunt for testing, '' Benjamin said. `` It's a disaster waiting to happen, and it just prolongs this outbreak longer than it needs to. ''
Uninsured people who become hospitalized with Covid could also face bills for their treatment now that the federal government is no longer reimbursing hospitals, according to Molly Smith with the American Hospital Association. Smith said treating someone with Covid can cost anywhere from tens of thousands to hundreds of thousands of dollars if the patient ends up on a mechanical ventilator.
Some hospitals have financial assistance plans for the uninsured, Smith said. However, there is growing concern that some patients simply won't go the hospital when they need treatment for Covid because they're worried about how much it will now cost.
`` We know that people's fear about the cost of care is a significant barrier that already exists, '' said Smith, the AHA's vice president for policy. `` Our biggest fear is people just avoiding avoiding care at all. ''
The uninsured could also face reduced access to vaccines. Health-care providers sign agreements with the Centers for Disease Control and Prevention in which they are required to offer vaccines to patients free of charge regardless of their insurance status. The federal government has been covering the costs for the shots as well as the administrative expenses incurred by the companies like CVS and Walgreens that administer the shots. Without the $ 1.5 billion, companies will be on the hook to cover those extra fees on their own.
The CDC has told pharmacies they are still required to offer the shots at no cost if they participate in the federal vaccination program. However, the agreements are voluntary, which means pharmacies can pull out of the program at any time, and the CDC can also kick out providers who don't follow the rules.
That means pharmacies could leave of the federal vaccination program if they are unable to shoulder the administrative costs. Pharmacies have administered about 42% of Covid vaccinations in the U.S., according to data from the CDC.
More than two dozen pharmacy associations wrote House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., late last month calling for Congress to take immediate action to fully fund the uninsured program. They warned that failure to fund the program would jeopardize equitable access to vaccines for people who do not have health insurance.
Smaller independent pharmacies now face a particularly difficult choice since they are already operating with razor thin margins, according Ronna Hauser, senior vice president of policy at the National Community Pharmacists Association.
`` For the vast majority of our members providing uncompensated care at this point in the pandemic is a very difficult decision to make financially and we won't be able to do it to much extent unfortunately, '' Hauser said.
There were 28 million uninsured people in the U.S. in 2020, according to the most current data available from the Census Bureau. The current number of uninsured is likely lower due to a record 14.2 million people signing up for health insurance through the Affordable Care Act as of January this year, about 2 million more people than the previous record of 12.6 million set in 2016.
The uninsured are often people of color and lower-income workers who have jobs that put them at higher risk of infection because they are work in industries such as retail, restaurant and grocery stores where they interact with the public and can't stay at home, according to Jennifer Tolbert, an expert on the uninsured at the Kaiser Family Foundation.
While Covid cases are low right now in the U.S. compared to the peak of the winter omicron wave, barriers to testing will leave these communities more vulnerable again if another wave hits the U.S., Tolbert said. Curative said its real-time data points to another potential surge on the horizon.
`` If you think about this from a public health perspective, it is just more about preparing should another surge happen so that you're not caught off guard before you can put all of the pieces back in place to ensure that people can access the test and the treatment, '' Tolbert said.
The uninsured program, established at the start the pandemic under the Trump administration, has paid out about $ 20 billion in claims since 2020, according to HRSA. Tolbert said about 60% of that money went toward testing, 31% for Covid treatments, and 9% for the administrative costs of vaccinations.
The HRSA said people without health coverage should check their eligibility for Medicaid and for plans available through the ACA at healthcare.gov. The uninsured can also order free at-home tests from the government at covidtest.gov, though households are limited to two sets of four tests.
The uninsured can also continue to receive Covid services for free at federally-backed community health centers across the country, which can be located through the HHS website.
`` The truth is that unfortunately the uninsured are the last to be thought about and the first to get the negative outcomes when we decide to pull back, '' Benjamin said. | business |
UBS: 50,000 retail store closures in U.S. by 2026 after pandemic pause | A pandemic shakeup in 2020 led to a surge in store closures, coupled with dozens retailers filing for bankruptcy, which emptied out shopping malls and left vacancies scattered along the streets major markets including New York City.
The aftermath, though, was a temporary relief from closures, as companies took the chance in 2020 to quickly slim down their store counts when consumers were holed up at home. In fact, in 2021, retailers reported net store openings, marking a sudden reversal from years of net declines. Companies seized the opportunity to take advantage of cheap rents and an eagerness among Americans to get out and shop again.
While analysts at UBS see more pain ahead, it's not as many closures as the investment bank had initially projected about a year ago.
Brick-and-mortar shops have proven to serve a critical role for retailers ' businesses during the Covid pandemic, the bank said in a new report on Wednesday, and retail sales growth has remained strong, in part due to rising inflation. This all bodes well for the future of physical stores, according to UBS retail analyst Michael Lasser.
UBS is now projecting between 40,000 to 50,000 retail stores in the United States closing over the next five years, down from the 80,000 closures it previously forecasted. That's out of about 880,000 total retail stores that the firm tracks nationwide, excluding gas stations.
This estimate assumes that U.S. retail sales grow about 4% annually, moving forward, and that e-commerce sales as a percentage of total retail sales grows to 25% by 2026, from 18% in 2021, Lasser said in the report.
UBS sees the most closures shaking out among clothing and accessories retailers, consumer electronics businesses and home furnishing chains, or about 23,500 cumulatively within these categories by 2026.
Traditional shopping malls remain at higher risk for closures than neighborhood strip centers, the firm said. That's in large part because shopper traffic to malls, often anchored by department store chains, has been pressured in recent years as consumers favor quick trips to stores closer to where they live.
Meanwhile, general merchandise retailers, such as Target and Walmart, and auto parts businesses are expected to report net openings in the years ahead.
According to Lasser and his team, there is still about 58 square feet of shopping center space per household in the U.S., as of 2021. While that's down from the 62 square feet per household in 2010, it's above 55 square feet in 2000 and 49 square feet in 1990.
As consumers shift more of their spending onto the web, it only makes sense that that number would shrink, Lasser explained.
So far this year, retailers ' plans to open new locations are far outpacing their plans to shutter shops. Tracking data by Coresight Research show U.S. retailers having announced just 1,385 store closures, compared with a whopping 3,694 openings, as of April 1.
The store growth is being driven by dollar chains and discount stores, like Dollar General and TJX – and also by a wave of so-called digitally native companies that started on the internet but are now seeking acquiring new customers via bricks and mortar. Some examples include Warby Parker, Allbirds, Vuori, Brooklinen and Fabletics.
UBS, which releases these closely followed, deep-dive store closure reports every few years, said that the number of shopping centers in the U.S. reached a peak of 115,000 last year, up from 90,000 in 2000, despite a continued acceleration in e-commerce. | business |
Google's most important US real estate investments in 2022, mapped | In this article
Google has dozens of real estate projects around the U.S., and it says at least 20 key projects will receive investments this year to the tune of nearly $ 10 billion.
In a blog post Wednesday, Alphabet and Google CEO Sundar Pichai highlighted country-wide offices and data centers either under construction or opening in 2022. In California alone, it’ s working on construction and some housing in the San Francisco Bay Area, including two large office buildings in Mountain View, near its headquarters, and several other office buildings in neighboring cities.
Pichai also said it expects to create at least 12,000 new full-time Google jobs by the end of the year.
The total costs of the countrywide investments in offices and data centers will equate to approximately $ 9.5 billion in the U.S. in 2022, the company says. That’ s up from from $ 7 billion and 10,000 new jobs it announced last year.
The investments, many of which were underway prior to 2022, come as the company begins bringing employees back to the office after two years of working remotely during the Covid-19 pandemic. The company’ s office return policy is that most employees come to their assigned physical offices three days a week. Despite pushback from some employees, the company has welcomed employees back with the help of celebrations including marching bands and prominent politicians.
As a part of Google's 2022 real estate projects, the company is forging ahead with a substantial presence in San Jose, which approved Google’ s plan for a mixed-use mega-campus that spans 80 acres and 7.3 million square feet of office space in the heart of California’ s third-largest city. To win over critics, Google designated more than half of its campus to public use and offered up a $ 200 million community benefits package that includes displacement funds, job placement training, and power for community leaders to influence how it’ s spent.
Google's Wednesday post said it recently opened a new office in downtown Portland and said it is investing in a data center in The Dalles, also in Oregon. It’ s also expanding its Kirkland and Seattle campuses in Washington State.
The company is also in the process of expanding offices in New York and updating its Cambridge and Pittsburgh campuses, Wednesday's blog post stated. It’ s opening a new Atlanta office in Georgia this year and “ making progress ” on constructing a new office in downtown Austin, Texas, it said.
| business |
Where will Americans spend their next dollar? CEOs are getting worried | In this article
At what point do consumers say enough is enough when it comes to paying more for goods and services?
The question is top of mind for C-suite executives, regardless of industry, as inflation surges to levels not seen in decades. And as earnings season begins, so are the concerns about balancing the rising costs and the consumer.
`` Either businesses are going to make a lot less money or they're going to raise their prices, '' RH CEO Gary Friedman said on the company's earnings call on March 30. `` I don't think anybody really understands how high prices are going to go everywhere. … I think it's going to outrun the consumer, and I think we're going to be in some tricky space. ''
Consumer prices rose 8.5% from a year ago in March, according to Labor Department data. That data reflects a rise that the U.S. has not seen since the late 1970s and early 1980s, with core inflation being the hottest since August 1982. The Producers Price Index, which measures what wholesalers are paying, posted its biggest rise year over year on record, up 11.3% in March.
So far in 2022, rising prices haven't significantly slowed consumers down. Year-over-year retail spending was up 17.6% through February, according to the Commerce Department, and January spending was revised up to an increase of 4.9%, well ahead of the initial 3.8% estimate.
That continued strong demand is providing an opportunity for many companies to offset the increased pricing they 've seen for materials and supply chain costs by passing it along to customers.
Nike upped its gross margin expectations by at least 150 basis points versus the previous year because of the `` benefits of strategic pricing, '' CFO Matt Friend said on the company's most recent earnings call on March 21.
Conagra reported that its organic sales were up 6% in its most recent quarter even as volume declined 2.6% percent. The reason for that? Price/mix was up 8.6%. CFO Dave Marberger said on the company's April 7 earnings call with analysts that the volume decrease was `` primarily due to the elasticity impacts of the price increases. ''
A hot job market, low unemployment and a historically high rate of savings have buoyed Americans, making them more willing to pay higher prices for goods and services. But while wages have grown, they have not kept pace with inflation. Real earnings were up 5.6% from a year ago while real average hourly earnings had a seasonally adjusted 0.8% decline last month, according to Bureau of Labor Statistics data.
There are signs the consumer strength is getting more tenuous, starting with a key earnings read from the used car market on Monday.
CarMax saw its used car unit comps drop 6.5% in its most recent quarter even as its used car revenue rose 32.6% due to average selling prices that skyrocketed. The company cited a number of macro factors as to why sales dropped, including `` declining consumer confidence, the Omicron-fueled surge in COVID cases, vehicle affordability, and the lapping of stimulus benefits paid in the prior year period. ''
Forty-eight percent of Americans said they are thinking about rising prices all the time, according to a CNBC survey released last week. Furthermore, 75% said they are worried that higher prices will force them to rethink their financial choices in the coming months.
To combat higher prices, there are several things that Americans say they are doing. Fifty-three percent said they have cut back on dining out in the last six months, while 35% said they 've canceled a monthly subscription and 29% were forced to cancel a trip or vacation.
On top of that, 32% said they 've already switched from a brand-name product to a generic version.
Historically, high earners have been a safe haven for companies when it comes to continuing to spend even through rough times. But even 68% of respondents with incomes of $ 100,000 indicated they're worried about higher prices making them change financial decisions.
Chipotle Mexican Grill CEO Brian Niccol said on CNBC's `` Closing Bell '' on Friday that while the company `` continue ( s) to see strength in the consumer, '' that he thinks `` they're going to continue to be more discriminate going forward as they decide how to spend their dollars. ''
`` Our data tells us people are thinking twice about how far they want to drive, how often they want to drive; they're also thinking twice about whether or not they want to spend their dollar on a restaurant experience or an entertainment experience, '' Niccol said. `` I just think it's becoming more of a, I would say, conscious decision on how they're going to choose to spend their next dollar versus maybe a couple of months ago. ''
Niccol said Chipotle, which previously said it raised prices by roughly 6% so far this year resulting in customers paying about 10% more for their orders than a year ago, has `` the pricing power to take the pricing when we need to. '' However, he also noted that he `` would love not to have to keep taking price, but we 'll have to see how everything unfolds going forward. ''
CNBC research suggests that S & P 500 companies are expected to show earnings growth of 6.4% in the first quarter of 2022 and 6.8% in the second quarter, ultimately leading to about 10% growth across the second half of the year. But that is largely being driven by the energy sector, which is projected to have earnings growth of 233.5% in the first quarter.
In comparison, the consumer staples and consumer discretionary sectors are estimated to have a 1.9% and -11.9% earnings growth in the first quarter, a harbinger that the consumer spending and demand of the Covid era might finally be hitting a wall. | business |
Biden administration extends transportation mask mandate for 15 more days | The Biden administration is extending a mask mandate for airplanes and transit for 15 days, the Centers for Disease Control and Prevention said Wednesday.
The mandate was set to expire after April 18, following a one-month extension announced in March. Airlines have required masks on planes since early in the Covid pandemic in 2020, but the Biden administration made them mandatory in early 2021.
The CDC said it is monitoring the spread of omicron, including the BA.2 subvariant.
`` Since early April, there have been increases in the 7-day moving average of cases in the U.S. In order to assess the potential impact the rise of cases has on severe disease, including hospitalizations and deaths, and health care system capacity, the CDC Order will remain in place at this time, '' the CDC said in a statement.
It said the mandate will stay in effect through May 3.
Airlines have repeatedly asked the administration to drop that requirement as well as other Covid restrictions such as predeparture testing for all international arrivals, including citizens.
The CDC last month said it would work with other government agencies to determine `` when, and under what circumstances, masks should be required in the public transportation corridor. ''
The extensions to the mask mandate have become shorter, however, as the administration weighs the risks of Covid spread. A decline in cases from a peak this winter helped fuel a surge in travel demand that is so strong, it is helping airlines cover much of their soaring fuel bills. | business |
Delta ends $ 200 health insurance surcharge on unvaccinated employees | In this article
Delta Air Lines this month ended its $ 200 monthly surcharge on unvaccinated employees ' company health insurance, ending a pandemic policy designed to encourage staff to get inoculated against Covid-19.
CEO Ed Bastian announced the policy shift on a Wednesday call discussing the airline's first-quarter results and outlook.
`` We 've dropped as of this month the additional insurance surcharge given the fact that we really do believe that the pandemic has moved to a seasonal virus, '' Bastian said. `` Any employees that haven't been vaccinated will not be paying extra insurance costs going forward. ''
Delta announced the policy last August to take effect November 2021. At the time, Bastian said the average hospital stay for an employee with Covid-19 cost Delta $ 50,000.
More than 95% of Delta's 75,000-plus employees have been vaccinated, according to the company. It also began requiring all new hires to show proof of vaccination.
United Airlines had the strictest vaccination policy of any U.S. airline, requiring staff to be vaccinated or face termination without an exemption for religious or medical reasons. Employees with an accommodation would be moved off customer service-facing roles, United said.
More than 96% of that airline's roughly 67,000 U.S. employees were vaccinated.
Last month, United said it would allow unvaccinated workers who received an exemption to return to their regular jobs, citing a drop in Covid cases. | business |
Stocks Set for Steady Start Amid China Easing Vow: Markets Wrap | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Stocks in Asia are set for a steady start Thursday after China again indicated looser monetary policy is on the way and bond traders dialed back aggressive bets on Federal Reserve interest-rate hikes.
Futures rose for Japan, Australia and Hong Kong, while U.S. contracts fluctuated, after a tech-sector rally helped Wall Street snap a three-day drop.
China is expected to cut a key policy interest rate for the second time this year on Friday and reduce the reserve requirement ratio soon -- the nation’ s cabinet has strongly signaled the latter as Covid lockdowns sap the economy.
Shorter maturity Treasuries rallied Wednesday and the yield curve steepened, suggesting investors are rethinking just how far the Fed will hike rates. Some moderation in core U.S. inflation has spurred speculation inflation is peaking, though a record 11.2% producer-price print cautions against hasty judgments.
A dollar gauge snapped its longest winning streak since 2020. Oil has risen to about $ 104 a barrel amid renewed concerns about a global supply deficit.
The commodity-fueled jump in costs exacerbated by Russia’ s war in Ukraine continues to ripple across the global economy and color market sentiment. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said inflation and the conflict were creating “ significant ” challenges. The firm was among the first of the big U.S. banks to report earnings.
“ Fed rate hike expectations will get tested in the coming months ” partly on geopolitical risks, Ed Moya, senior market analyst at Oanda, wrote in a note.
In the latest developments over the war and the isolation of Russia, the European Union warned member states President Vladimir Putin’ s demand that “ unfriendly countries ” effectively pay for Russian gas in rubles would violate sanctions.
That raises the stakes for Europe’ s energy security since Putin threatened to halt gas supplies to buyers that don’ t comply with the edict.
The U.S. will expand the size and scope of weapons it’ s providing to Ukraine in a new $ 800 million package of military assistance, testing the limits of how far aid can go without drawing the U.S. directly into the war.
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 |
Producer Price Index March 2022: | The prices that goods and services producers receive rose in March at the fastest pace since records have been kept, the Bureau of Labor Statistics reported Wednesday.
The producer price index, which measures the prices paid by wholesalers, increased 11.2% from a year ago, the most in a data series going back to November 2010. On a monthly basis, the gauge climbed 1.4%, above the 1.1% Dow Jones estimate and also a record.
Stripping out food, energy and trade services, so-called core PPI rose 0.9% on a monthly basis, nearly double the 0.5% estimate and the biggest monthly gain since January 2021. Core PPI increased 7% on a year-over-year basis.
PPI is considered a forward-looking inflation measure as it tracks prices in the pipeline for goods and services that eventually reach consumers.
Wednesday's release comes the day after the BLS reported that the consumer price index for March surged 8.5% over the past year, above expectations and the highest reading since December 1981.
On the producer side, prices for final demand goods led with a 2.3% monthly rise, while services prices gained 0.9%, up sharply from the 0.3% February increase. Goods inflation has outstripped services during the Covid pandemic, but March's numbers indicate that services are now catching up as consumer demand shifts.
Energy prices were the biggest gainer for the month, rising 5.7%, while food costs increased 2.4%.
Swelling inflation has prompted the Federal Reserve to begin tightening monetary policy.
In March, the Fed increased its benchmark short-term borrowing rate by 0.25 percentage point as the first step in what is expected to be a series of hikes through the year. Markets are pricing in an almost certainty that the central bank will double that move at its May meeting, and will keep going until the fed funds rate hits about 2.5% by the end of the year.
Markets initially showed no reaction to the PPI news, with stock market futures hovering around flat and Treasury yields also little changed. | business |
Hong Kong’ s TVB uses brownface to show “ Filipino ” domestic worker — Quartz | Title your television drama series “ Barrack O’ Karma, ” and have one of the actors put on brownface to play the role of a Filipino domestic worker. What could possibly go wrong?
Apparently, no one at Hong Kong’ s dominant broadcaster TVB thought this was remotely a bad idea. In fact, local Chinese-language news outlets are celebrating it, praising the actor for her dedication and performance.
“ Actress Franchesca Wong put on brownface to play a foreign domestic worker, but in reality she is actually a beautiful woman, ” gushed one headline in the news outlet HK01 ( link in Chinese).
Another article in HK01 praised Wong’ s “ impeccable ” Filipino accent, adding that in spite of her brownface, the actress “ is actually a beautiful woman, with very western makeup, and looks exactly like a Caucasian girl. ”
In the drama series, the Hong Kong- and Canada-raised Wong plays a Filipino domestic worker named Louisa, who’ s just been hired to work in a local family’ s home. But her employers quickly discover that Louisa ( whom they rename “ Lulu ”) is eccentric, at least in their perception: she has shifty eyes, big mood swings, and plays with a voodoo-like rag doll ( on which she draws a mouth with her own blood).
In one scene, Louisa discovers a hidden camera in her bedroom through which her employers have been spying on her. Scowling, she covers the camera with her hands. Naturally, the scene is shot like a horror film, with dark hues, discordant sounds, and spooky special effects.
The underlying racist stereotypes are brutally clear for all to see. The show depicts Louisa, the Filipino domestic worker, as an alien “ other. ” Her identity is distorted and flattened into a handful of essentialist qualities: dark skin, a comically fake accent, submissiveness, and “ strange ” behavior.
Though it likes to style itself as “ Asia’ s world city ” and a cosmopolitan hub, racism—both overt and covert—runs deep in Hong Kong and more broadly, China.
Last year, the now-shuttered Apple Daily published photos captioned “ Southeast Asians don’ t wear masks ” —even though many others were also removing their masks from time to time. Meanwhile, early in the pandemic, many Africans in China were suddenly denied services by shops and restaurants and evicted from apartments and hotels. And who can forget the “ Black person toothpaste ” brand in China that finally dropped its racist moniker in December?
In Hong Kong, foreign domestic workers have long faced prejudicial treatment, including being denied the pathway to permanent residency available to white-collar workers even though many spend decades here working for local families. That discrimination has been made worse by the covid pandemic. Last year, authorities forced the city’ s 370,000 domestic workers to undergo covid testing in part because they “ have the habit of gathering on the weekends. ”
And this racism has long bled into mass media depictions, perpetuating prejudices. In the late’ 80s, a popular variety show depicted a Chinese actress in blackface playing a Filipino domestic worker. More recently, another TVB drama series called Come Home Love: Lo and Behold featured a Hong Kong actor playing a Filipino domestic worker. Fans praised the actor’ s “ maid accent ” ( link in Chinese).
But there are also Hong Kong depictions of minorities that don’ t depend on racist tropes. The acclaimed 2018 film Still Human, for example, cast a Filipino-Hong Kong actor as a foreign domestic worker who finds common ground with her employer, a wheelchair-bound man.
“ What’ s really sad is that people who watched the [ TVB ] series don’ t understand that it’ s wrong and it should not be celebrated, ” said Miles Sible, a Hong Kong-based Filipino actor and flight attendant. “ There are a lot of talented Filipinos in Hong Kong. We can do so much more than these stereotyped roles. ”
Greater public consciousness around these issues would be a good start.
“ Prejudice is not new in Hong Kong media. Hopefully, this incident forces public broadcasters to confront the ethnic discrimination in their storytelling, ” said Kristie Ko, a Hong Kong filmmaker who wrote and directed Ateh, a short film about a pregnant domestic worker in the city.
The film cast Sible, the Filipino actor, to play the domestic worker. No brownface was involved. | tech |
People are `` living like livestock '' in Shanghai's covid centers — Quartz | After Leona tested positive for covid-19, she was ordered to go to a quarantine center in Shanghai, part of the city’ s aggressive campaign to curb the spread of the virus.
Upon arrival, she was handed a small plastic wash bowl and a toothbrush. The site, a converted exhibition hall, had no showers, sinks, running water, or real toilets. The rows of porta-potties, shared by thousands of quarantined people, were an unsanitary mess.
“ The whole place stinks of excreta, ” said Leona. “ I even try not to drink water, so that I don’ t need to go to the toilet. ”
And because the bright overhead lights are kept on the whole day, some have covered their beds with scrap pieces of cardboard so they can get some rest. “ We are not treated like human beings, ” she said. “ [ You just ] accept being an animal or livestock. ”
For many residents of China’ s financial capital, the covid centers are their first personal encounter with Beijing’ s brand of authoritarianism. The city, which boasts one of the highest standards of living in mainland China, had relied on a flexible model towards zero-covid, only locking down buildings or compounds at a time. That is, until national authorities recently intervened.
Officials are now starting to loosen up their city-wide lockdown, but covid-19 numbers are still soaring. The city registered 25,000 new cases on Wednesday ( Apr. 13). The vast majority are mild, but the official policy is to transfer all who test positive and their close contacts to isolation centers.
Authorities haven’ t released details about conditions at the sites, which can vary. But the internet is full of complaints from people who claim they are atrocious, including multiple videos on WeChat showing rain pouring through the roof and patients’ beds covered in tarps.
“ Thousands of patients are put in commonly shared spaces with no heating or AC and no access to medicines, ” Wei, a woman in another government quarantine center, told Quartz. “ This place has a high risk of people getting even sicker as their conditions could quickly deteriorate. ”
Wei and her boyfriend, who was sent to a separate site, experienced high fevers and coughs. She reports windows are sealed at her facility to prevent the virus from spreading, but depriving those who are inside from fresh air. “ We are treated like prisoners, ” she said.
It’ s not just covid patients who are struggling. A few healthcare workers, who are dressed in heavy protective gear, have fainted, according to local news media ( link in Chinese).
The draconian measures in Shanghai and elsewhere have been compared by some to Mao Zedong’ s Cultural Revolution, but for young Shanghainese, who have only experienced a relatively open and prosperous China, they have come as a shock.
“ In everyday life most Chinese have very little interaction with the state, now a lot of them have been forced to realize that it is anything but benevolent, especially the one in Beijing imposing its will on Shanghai, ” one political pundit explained in his blog.
“ Many of their acts and decisions come across as cruel, [ callous ], nonsensical and arbitrary. People under 40 have never before in their lifetimes experienced such an environment, ” he wrote.
After her stay at the center, Wei is now planning to move overseas, and she expects others will do the same.
“ They don’ t feel safe living in such an environment where the government dictates every move, ” she said. “ There are no rights whatsoever and you can lose your freedom at anytime…you are trapped in a system and you need to obey. This is not a safe place that you can call home. ” | tech |
Is a recession coming? — Quartz | Economic forecasters have downgraded their estimates of US economic growth this year, as the economy struggles with high inflation, higher oil prices caused by the war in Ukraine, and ongoing covid-related supply disruptions. There is now about a one-in-three chance that the US economy enters recession this year, according to a range of forecasters using different methods.
“ I’ d put the odds around a third that we’ ll have at least a mild recession by the end of the year, ” said Karen Dynan, a senior fellow at the Peterson Institute for International Economics. In a recent research note, Goldman Sachs economists estimated the chance of a recession this year between 20% and 35%; bettors on the prediction market Kalshi currently put the chance at 37%. ( Since 1980, the US has entered a recession six times—or 14% of years.)
Rising prices don’ t directly cause recessions, though they cause other economic problems. It’ s the steps policymakers take to slow their rise that could cause a downturn.
If there is a recession in the US this year, it will likely be caused by the Federal Reserve’ s efforts to fight inflation, says Dynan. The Fed plans to raise interest rates six more times this year, to lower demand and inflation. But doing so is like walking a tightrope: Too little monetary tightening won’ t bring inflation down far enough but too much could tip the economy into recession.
Central banks’ goal, when dealing with inflation, is to slow the economy just enough to bring demand back in line with supply—and to convince markets that they can and will control inflation in the future. The desired outcome is called a “ soft landing ”: Interest rates rise, demand falls enough to lower inflation, but the economy keeps growing. By contrast, “ a ‘ hard landing’ is where monetary policy tightens so much that you see a real pullback in demand that leads the economy into recession, ” Dynan told Quartz.
Unfortunately, hard landings are arguably more common. In a 2022 working paper, Alex Domash and Larry Summers, both economists at Harvard, argue that when inflation is high and workers are in short supply, soft landings are the exception rather than the rule.
“ Since 1955, there has never been a quarter with price inflation above 4% and unemployment below 5% that was not followed by a recession within the next two years, ” they write.
Walking the Fed’ s tightrope is harder when the global economy is in turmoil. Going into the year, the hope was that supply shortages would ease up as economies reopened, lowering inflation. Instead, covid shutdowns in China continue to ripple through supply chains while the invasion of Ukraine has raised prices, particularly for oil.
The historical record on soft landings may be grim, but Dynan noted that the current conditions are unprecedented. For example, the US unemployment rate hit nearly 15% in 2020, but then fell at a record pace. Nothing about the current economy is normal, which hopefully means the most dire historical parallels won’ t apply. | tech |
What zero-covid lockdowns cost China's GDP — Quartz | China’ s 5.5% GDP target for 2022 is the least ambitious goal the country has had in three decades, but it’ s already looking challenging in the face of ongoing lockdowns, and the Russian invasion of Ukraine.
China’ s continued zero-covid approach is “ bound to pose another headwind to the already decelerating economic growth, ” said a note from French investment bank Natixis in March, predicting that the sharp reduction in mobility in China could shave off 1.8 percentage points from its first-quarter growth, due on Monday ( April 18).
For the year, China can achieve a growth rate of 4% to 4.5% if it can significantly improve vaccination coverage by the end of this month, added Natixis’ s chief Asia-Pacific economist Alicia García Herrero. Though China has delivered enough doses to cover nearly 90% of its population, larger gaps exist for older groups or in rural areas.
Iris Pang, chief economist at Dutch financial firm ING, estimated last week that Shanghai will see its GDP shrink 6% if the current lockdowns persist through this month, which could translate into a 2% GDP loss for the whole of China. It revised its estimate for growth for the full year to 4.6% from 4.8% earlier.
The strongest warnings about China’ s economy, however, have been coming from premier Li Keqiang. Li on Monday ( April 11) said at a seminar that downward pressure on growth has intensified, and that local officials must move with “ a sense of urgency ” on stimulus measures such as infrastructure projects and tax reductions.
In March, China’ s manufacturing activity slumped to a two-year low due to disruptions caused by covid prevention measures, as well as canceled export orders amid the uncertainty from Russia’ s invasion of Ukraine, according to a monthly index by Caixin/Markit. “ In Q1, manufacturing continued to lose momentum, while retailing got battered, even before lockdowns began, ” said Shehzad Qazi, managing director of economic data tracking firm China Beige Book.
In the final month of the quarter, tech hub Shenzhen underwent a one-week lockdown, while Shanghai embarked on a two-part citywide lockdown on March 28 that remains largely in place. An April 3 analysis based on city-to-city trucking flows ( pdf) estimated that putting an economic hub like Shanghai under a one-month lockdown would knock 2.7% off China’ s GDP. For a two-week shutdown, that’ s a loss of about $ 20 billion, according to a rough calculation. The city on Monday relaxed restrictions for districts with no new covid cases for two weeks, but much of the city is still under strict lockdown, and factory and port operations aren’ t at full steam.
Meanwhile, factory prices rose 8.3% in March, more than expected.
Beijing has been trying for years to shift away from debt-funded infrastructure investment and rely more on domestic consumption for economic growth. But zero-covid protocols could force it to fall back on old habits.
“ To hit the target…one thing you can do is to stimulate the economy more but that will take the government further away from the de-leveraging, de-risking, and other policies which they want to pursue to try to rebalance the economy, ” independent analyst George Magnus, former chief economist at Swiss bank UBS, told Quartz.
Local governments have pledged around $ 2.3 trillion for building projects this year, according to Bloomberg. Beijing has also announced plans for 400 billion in tax cuts for small businesses.
China hasn’ t yet opted for demand-side stimulus, such as the checks sent out to individuals in the US, or Hong Kong’ s consumption vouchers. Though retail sales grew more than expected in the first two months of the year, March will be a different story. In addition, China’ s tech crackdown dealt a blow to the prospects and spending power of young people, including this year’ s nearly 11 million upcoming university graduates.
“ What is becoming clear is that China’ s consumption growth will be decided almost entirely by covid policies for the foreseeable future, and any progress remains vulnerable to a quick reversal, ” Qazi, of China Beige Book, told Quartz. | tech |
Navy Vaccine Ruling Shows Kavanaugh Thought Process | On March 25, the U.S. Supreme Court issued a short but significant decision in Austin, Secretary of Defense v. Navy SEALs, affirming that the courts will not enter the military chain of command. [ 1 ] This decision permitted the U.S. Navy to proceed to require COVID-19 vaccinations except for medical or religious exemptions while the underlying action, which challenges that requirement, proceeds.The majority included Justices John Roberts, Elena Kagan, Stephen Breyer and Sonia Sotomayor in an unsigned 13-line decision reversing the U.S. Court of Appeals for the Fifth Circuit, which had stayed the requirement. Justice Brett Kavanaugh concurred with an opinion of... | general |
US, Allies Oil Releases to Help Balance Lost Russia Supplies, IEA Says | A move by the U.S. and its allies to release oil from their reserves should help counter the loss of Russia's vast supplies after its invasion of Ukraine, and should help ease an energy crisis that has sent oil prices rising, the International Energy Agency said Wednesday.
The IEA, which earlier this month helped coordinate the collective stock releases, said the move would help prevent supplies of crude from falling significantly behind demand, which has rebounded at a fast clip as pandemic-related lockdowns in most of the world have eased.
Steady increases in monthly oil output from members of the Organization of the Petroleum Exporting Countries and their allies -- which include Russia -- as well as weaker demand in China, due to a resurgence of Covid-19 cases there, would also contribute to easing the long-brewing supply crunch made worse by the outbreak of war in Ukraine, the IEA said.
The IEA cut its demand forecast for the year by 260,000 barrels a day due to a lockdown in Shanghai that has shut off the city of 25 million people. The Paris-based agency now expects total demand for the year to stand at 99.4 million barrels a day.
The IEA also cut its forecasts for supply as oil releases from its members are expected to temper the loss of Russian crude oil, which has been left stranded by Western sanctions and moves by banks, shipping firms and Western oil companies to shun Russian cargoes.
The total oil supply for the year is forecast at 99.3 million barrels a day, around 200,000 barrels a day less than was expected a month ago, the IEA said.
Up to 3 million barrels a day of Russian oil could be lost to global markets by next month as the country's oil companies -- facing a dearth of customers and steep discounts for the oil they pump -- shut in wells.
Write to Will Horner at william.horner @ wsj.com
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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
New York’ s Surging Covid Cases Driven by New Omicron Subvariants | The information you requested is not available at this time, please check back again soon.
NEW YORK, NEW YORK - MARCH 31: A COVID-19 testing site stands in Manhattan on March 31, 2022 in New York City. New York City Mayor Eric Adams has said that remote work is hurting the city’ s economy which depends on workers patronizing restaurants and other businesses. According to New York State Department of Labor, New York City’ s seasonally adjusted unemployment rate stood at 7% in February — down by 5.5% from February 2021 but still higher than February of 2020. Despite the numbers, there is a significant increase in foot traffic in Manhattan with many area restaurants and bars starting to have long wait times at peak hours. ( Photo by Spencer Platt/Getty Images), Photographer: Spencer Platt/Getty Images North America
( Bloomberg) -- Two new omicron subvariants that appear even more transmissible than the highly-contagious BA.2 are driving an uptick in Covid cases in New York, the state’ s health department said Wednesday.
While there’ s no evidence that either causes more severe disease, the department estimates they have a 23% to 27% growth advantage over the BA.2 variant that was itself more infectious than the original omicron. It’ s the first reported instance of significant community spread due to the two subvariants in the U.S.
“ We are alerting the public to two omicron subvariants, newly emerged and rapidly spreading in upstate New York, so New Yorkers can act swiftly, ” State Health Commissioner Mary Bassett said in a statement. “ While these subvariants are new, the tools to combat them are not. ”
The discovery of the two new subvariants in the U.S. comes as both cases and hospitalizations increase nationwide due to the BA.2 subvariant. With more people using at-home tests, there is also concern the numbers could be an underestimate. On Wednesday, U.S. officials extended the pandemic public health emergency and the mask mandate for travelers, citing the rise in cases.
A few weeks ago, the state health department started investigating an unusual uptick in cases in Central New York, a region of upstate New York. Using open access genomic sequences available through the GISAID database, as well as information sent to the Wadsworth Center from labs in New York, they identified the two subvariants now known as BA.2.12 and BA.2.12.1. They currently represent 90% of cases in the Central New York region and have also been detected in the neighboring Finger Lakes region.
State data released Wednesday show the seven-day average of cases per 100,000 people in Central New York, where the subvariants were identified, is higher than any other region. They are almost twice as high as those in New York City.
The department is continuing to urge residents to get vaccinated and consider wearing masks while indoors. They also suggested upcoming Easter and Passover celebrations be moved outdoors to reduce infection risk. | general |
Amazon has a new name for its free streaming TV service | In this article
Amazon jumped into the ad-supported video streaming market three years ago with IMDb TV. Later this month, that product will have a new name.
On April 27, IMDb TV will become Amazon Freevee, a name the company said better reflects the free nature of the service.
The ad-supported video-on-demand ( AVOD) space has caught fire in recent years, picking up momentum during the coronavirus pandemic, as consumers streamed more movies and shows. Competitors include Paramount Global's Pluto TV, Crackle, Tubi and the Roku Channel from Roku.
Amazon is trying to play both sides of the streaming market. Its Prime Video service is available through a monthly subscription of $ 9 or as part of the $ 15-a-month full Prime membership. Amazon competes on that end with the likes of Netflix, Disney+, Hulu, HBO Max and NBCUniversal's Peacock, though some of those also have free ad-supported tiers.
Paid subscription services still dominate the streaming space, but ad-supported offerings are gaining ground. In January 2021, approximately 34% of U.S. households that had video streaming capability used ad-supported streaming services, according to Nielsen data.
IMDb, the film and TV site Amazon bought in 1998, launched the free-to-stream service in 2019 under the name IMDb Freedive. Amazon said Wednesday that the product has `` seen tremendous growth, '' tripling its monthly active users over the past two years.
Amazon hasn't released an active user metric for IMDb TV, but said in May that it has 120 million monthly active users across all of its ad-supported video content, which includes IMDb TV, Twitch, live sports and other channels.
Amazon expects to grow Freevee's roster of original TV and movies later this year, the company said.
`` We're looking forward to building on this momentum with an increasing slate of inventive and broadly appealing Originals, and are excited to establish Freevee as the premier AVOD service with content audiences crave, '' said Jennifer Salke, head of Amazon Studios, in a statement.
Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC. Comcast owns NBCUniversal.
WATCH: Amazon Prime Video builds experiential marketing activation at SXSW | business |
Cuomo comeback talk chilled with former New York governor sitting out Democratic primary |
If former New York Gov.
Andrew Cuomo
, who resigned amid a sexual harassment scandal last summer, is going to attempt a political comeback in 2022, it will not be under the banner of the party he led for more than a decade.
The deadline to launch a long-shot Democratic primary bid for governor or state attorney general has passed, and Cuomo -- despite repeated hints and rumors -- ultimately chose not to take the necessary steps, including the collection of thousands of signatures, to challenge either Gov. Kathy Hochul or, as had been floated, state Attorney General Letitia James.
Cuomo's decision follows weeks of scattered public appearances, statements from his team that pointed to positive notes in public polling, and an expensive television ad campaign that sought to revive his public image. Still, the doors are not completely shut on a bid this year. The former governor has until May 31 to file to run as an independent, a decision that could potentially insert him in a spoiler role for the general election in November.
But there is a prevailing view among New York political strategists that, despite Cuomo's ramped-up efforts to rewrite his political legacy, a run on a third party line is unlikely, doomed or some combination of the two.
`` Among Democratic voters, you would have the sexual harassment ( as an issue), '' said a Democratic consultant, who is not working for either Hochul or James and requested anonymity to speak candidly. `` The entire argument for being an independent is you get moderates and Republicans to vote for you... but Republicans aren't going to vote for him because of the nursing home issue, which they were all over. So on both sides of the coin, he has his challenges. ''
Read More
Apart from the allegations of sexual harassment that drove him to resign, Cuomo and his administration have come under fire for the release of misleading statistics about
the number of Covid-19 deaths
in nursing homes during the early stages of the pandemic in New York. He is also suing the state's top ethics commission, which has ruled that he should turn over the profits from his 2020 book about leading the state during the pandemic on the grounds it was written and promoted with the help of official staff. Cuomo has denied the accusations of sexual harassment or that he inappropriately used state employees to help with the book project, while also, defending his handling of Covid-19.
But Cuomo's tone has shifted since his initial announcement, in August 2021, that he would leave office. While he initially described the probe by James ' office into the sexual harassment allegations as politically motivated, he also acknowledged that some of the interactions in question might have been the result of `` generational or cultural '' differences with younger women.
More recently, Cuomo has taken a more aggressive position. In remarks last month at a church in the Bronx run by Democratic former state Sen. Rubén Díaz Sr., a vocal opponent of abortion rights with a history of anti-LGBTQ rhetoric, Cuomo pinned his downfall on `` cancel culture. ''
`` Stand up to the ignorance and intolerance, stand up to the bullies. Stand up to the extremists. Cancel the cancel culture, '' he said in the March 17 speech, comparing the `` mentality today '' to `` modern day stonings. ''
Speaking to reporters afterward, Cuomo continued to tease a more formal re-entry into the political fray.
`` I have a lot of options open, '' he said.
But not everyone sees it that way.
Sochie Nnaemeka, director of the New York Working Families Party, which frequently clashed with Cuomo, described the `` will he, won't he? '' narrative around the former governor as `` a means to distract people from the series of scathing reports that have come out from the comptroller's office ( on nursing home deaths), from independent investigations, from the attorney general's report. ''
`` The whole cancel culture piece, '' she said, `` is a very convenient, safe space for leaders who act completely without accountability and who, in trying to redeem themselves, act as though their political marginalization is of no fault of their own. ''
Cuomo spokesman Rich Azzopardi defended the former governor's event with Díaz -- who as recently as 2019 drew fierce criticism when he claimed that the city council, on which he served at the time, was `` controlled by the homosexual community. ''
`` We don't tolerate intolerance of any kind, but what separates the public servants from the politicians is being able to work with people who we don't always agree with. No one can credibly question this Governor's commitment to the LBGTQ community, '' Azzopardi said, before ticking off Cuomo's successful efforts in New York to legalize same-sex marriage, ban conversion therapy and pass the state's Gender Expression Non-Discrimination Act.
Less than two weeks after Cuomo's controversial speech, Azzopardi had touted the results of a March 20-24 Siena College poll, which found that a majority ( 52%) of African Americans polled `` do not believe the allegations '' against him. The shift, from a similar poll earlier in the year, was meant to signal a broad move in his direction.
But the poll also contained less promising news for Cuomo.
Though he only trailed Hochul by 8 percentage points in a hypothetical contest ( 38% -30%), just a third of New York Democrats wanted Cuomo to run in the party primary and 54% said he should stay away from the 2022 race altogether. Only 8% of Democrats said he should pursue an independent bid. Among independents, the numbers were also damning. Fourteen percent backed an independent Cuomo bid, while 71% said he should not run for his old office this year.
His overall unfavorable rating stood at 60%.
Though Cuomo has retained a loyal, though small inner circle of close confidants, his ability to stand up a broad political operation has also come under scrutiny -- this despite his considerable campaign funds, which clocked in at more than $ 16 million, per records released in January. A recent Politico report detailed Cuomo's difficulties in recruiting consultants and pollsters wary of attaching their businesses to his tainted political brand and concerns over how it might affect their ability to recruit and maintain other clients.
One Democratic strategist told CNN that someone close to Cuomo had recently reached out to their firm about polling work, but the conversation was quickly shut down.
`` There were lots of things not to like about working with or around Andrew Cuomo ( in the past) and people did it very happily. But that was because he was in power. Now you would be up against a sitting governor ( Hochul), with clients who have business in front of her, '' the strategist said. `` I couldn't do my job on behalf of most of our firm's clients in New York state if I was working for Cuomo. ''
Azzopardi denied that anyone in the former governor's `` orbit '' had contacted a pollster that turned them down.
The shift toward Hochul by the New York Democratic Party's official and unofficial political apparatus -- even amid a controversy over her support for hundreds of millions dollars in public funds being directed to help build a new stadium for the NFL's Buffalo Bills -- has contributed to Cuomo's isolation.
Jay Jacobs, chair of the New York State Democratic Committee and a longtime Cuomo ally, endorsed Hochul soon after she took office and balked, in an interview with CNN, at any suggestion that he was trying to create space for a Cuomo return. Jacobs is facing backlash for his plan to add another party line to the state ballot as part of New York's fusion voting system, which allows candidates to run on multiple ballot lines.
`` I haven't spoken to the former governor in many months, '' Jacobs said. `` The conversations that I 've had with the former governor since he left office have not been amicable or pleasant. ''
Jacobs said his ballot effort is only an attempt to level the playing field with Republican candidates, who often appear on both the GOP and Conservative Party lines as part of the state's fusion voting system. The Working Families Party typically plays that role for Democrats, but Jacobs said he could not be sure the progressive party, which has endorsed New York City Public Advocate Jumaane Williams in the governor's race, would do the same this year.
`` There is no circumstance where I would be supporting Andrew Cuomo's reemergence in political life in this election year, '' Jacobs said. `` I 've advised him and I 've stated publicly, again and again, that I thought it would be a very bad idea both for him politically and for the Democratic Party, more importantly, for him to decide to run in this race at this time, or any race. '' | general |
Will Bitcoin Stoop to As Low As 30% in the Coming Months? | Join Our Telegram Channel for More Insights. Join Now
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The price of Bitcoin has been declining since November. The cryptocurrency’ s sharp price drop was triggered by rumors and speculations about a certain Bitcoin ban and increased regulation, whereas, others say that it was due to the BTC cycle and the price dive was inevitable. Bit it was not just Bitcoin, the digital currency rollercoaster ride of 2021 carried on until 2022, affecting major cryptocurrencies and loss in financial assets. If we focus on only Bitcoin, we will notice that there has been a downward trajectory, especially since the beginning of 2022, that made the crypto hover around US $ 40,000 and even below that. Recently, the BTC token has been striving toward gaining its lost market value and is actually slowly and successfully achieving that. Around April 4 and 5, its prices soared around and above US $ 47,000, marching steadily towards the US $ 48,000 resistance. But then again, it dived. For a brief period of time, BTC revolved around US $ 43,000, but it consistently kept diving down. According to coinmarketcap, the coin is currently staged at US $ 39,000. And this has got investors worried about their investments and the future prospects of Bitcoin.
Bitcoin has had a massive swing in prices, with its market prominence rising and falling sharply. One of the many reasons why BTC faced such downturns is due to a decrement in the global stocks that has been caused by continued uncertainty around the new Covid variant and the higher interest rates, which made it more expensive for businesses to borrow money. This divulged over the entire cryptocurrency market, combined with fears of further regulation. Also, fears over US interest rate hikes and China’ s continued crackdown on digital assets also played a huge part. Shortly, when the BTC prices shot up, analysts estimated that it was mainly due to the executive order issued by the Biden government, and also because of the enhanced involvement of cryptocurrencies, especially Bitcoin, in the Russia-Ukraine war.
Well, some experts believe that for volatile crypto like Bitcoin, price volatilities like these are quite common. But they still think Bitcoin will reach the US $ 200,000 mark by the end of the year. But under these conditions, Bitcoin would need to attract another wave of investors, especially young and new investors who are ready to put their money on a volatile crypto asset like BTC. Meanwhile, the growth of NFTs, Web 3.0 applications, and decentralized finance applications has resulted in the significant growth of the Ethereum network, one of Bitcoin’ s biggest enemies.
Bullish predictions about BTC have been made before, and the most positive ones have claimed that the price of Bitcoin will shoot up in the Q2 of 2022, if not, then at least by Q4, which marks the end of the year.
Well, Bitcoin will always remain a worthy investment for those who are willing to risk their money a this volatile, decentralized market. It is quite hard to predict if Bitcoin will dive more or not since earlier predictions about Bitcoin’ s bright future for the month of April are yet to be fulfilled, but it is for sure that Bitcoin will soar at the top of all other cryptocurrencies, as it has always been for the past several years.
Disclaimer: The information posted in the article is for educational purposes only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions. | tech |
Amazon's 5% fuel-inflation fee has sellers poised to raise prices | The information you requested is not available at this time, please check back again soon.
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Amazon.com Inc. will levy a 5 per cent fuel and inflation fee on online merchants that use its shipping services, according to documents reviewed by Bloomberg, putting pressure on sellers to raise prices.
The surcharge, which is scheduled to kick in April 28, will apply to U.S. sellers who use the Fulfillment by Amazon service that stows, packs and ships products.
In March, U.S. consumer prices surged 8.5 per cent from a year earlier, the biggest jump since late 1981. Gasoline prices, already high, have also soared since Russia invaded Ukraine. The spiraling prices have prompted a range of companies to take action to offset rising costs. Airlines are raising ticket prices, Uber Technologies Inc. and Lyft Inc. last month added fuel surcharges, and FedEx Corp. and United Parcel Service Inc. have increased prices, mostly though surcharges that vary by package type.
Amazon merchants were already grappling with cost-related fee hikes that took effect in January and averaged 5.2 per cent.
“ Consumers will lose, ” said Dan Brownsher, who runs Channel Key, a Las Vegas e-commerce consulting business with more than 50 clients selling products on Amazon. “ Amazon already raised fees in January, so sellers will have to raise prices. ”
In an email sent to merchants Wednesday, Amazon said it has made big investments since the start of the pandemic to meet surging demand. Those include doubling capacity, adding 750,000 employees and raising the average Amazon warehouse employee wage to US $ 18 from US $ 15.
“ Like many, we have experienced significant cost increases and absorbed them, wherever possible, to reduce the impact on our selling partners, ” according to the email. Amazon said that while it expected a return to normalcy this year as COVID restrictions eased, fuel prices and inflation presented fresh challenges.
Amazon’ s relationship with merchants has been fraught in recent years. Sellers have complained to regulators that the company’ s power lets it dictate terms. Besides paying Amazon to handle shipping, merchants say they are compelled to buy advertising to make their products stand out on Amazon.com.
Stacy Mitchell, co-executive director of the Institute for Local Self-Reliance, an advocacy group for small independent businesses, said the new fee “ has the potential to be problematic when it comes to antitrust because Amazon locks you into using this service. It’ s absolutely an antitrust vulnerability for Amazon, because that’ s what monopolies do is they corner the market and raise prices. ”
The frequent Amazon critic said the company took a 34 per cent cut of each merchant’ s sale on the site in 2021, up from 19 per cent in 2014, and that the new fuel charge will push its take even higher.
“ We absolutely will need to raise prices, ” said Molson Hart, whose Viahart Toy Co. sells educational toys and other products on Amazon. “ Some sellers can not because customers are not accepting the new higher prices. ”
Hart said he has already had to take lower profit margins on some larger toys that are more expensive to ship because consumers wouldn’ t pay the higher prices.
“ In general, people reduce purchases of non-essential items when money gets tight, ” he said. “ Hopefully as an educational toy brand, parents will continue to view our products as essential but only time will tell. ” | general |
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The COVID-19 pandemic has taken a large toll on economic activity in Sub-Saharan Africa, putting a decade of hard-won economic progress at risk.With the uncertainty of the long-term economic impact of the global COVID-19 ( coronavirus) pandemic, a new economic analysis says the speed, quality and sustainability of Nigeria’ s economic recovery will be determined by the effectiveness of its government’ s response.
The COVID-19 pandemic has taken a large toll on economic activity in Sub-Saharan Africa, putting a decade of hard-won economic progress at risk. With the uncertainty of the long-term economic impact of the global COVID-19 ( coronavirus) pandemic, a new economic analysis says the speed, quality and sustainability of Nigeria’ s economic recovery will be determined by the effectiveness of its government’ s response.
The COVID-19 pandemic and associated economic downturn are the most daunting challenges facing the agriculture sector in the short term. While the agriculture sector proved quite resilient during the recession of 2016, the COVID-19 pandemic presents new challenges that could severely affect growth in the sector. After a five-week lockdown, agricultural output declined by an estimated 14 percent, year-on-year, in April/May 2020. | tech |
Why Shanghai's lockdown matters to the global economy |
China is struggling to contain an outbreak of Covid-19 in Shanghai despite
a 17-day lockdown
that is keeping most of its 25 million residents
trapped at home.
Located on the east coast of China, Shanghai is the country's biggest and most affluent city and one of the largest metropolises in the world. Together with the neighboring city of Kunshan — which locked down earlier this month — it plays
an outsized role in the global economy.
With no sign that the Chinese government is prepared to ease restrictions soon, concern is mounting about the economic damage they are causing, and the shock waves an extended lockdown will send around the world.
Shanghai is the epicenter of the current Covid outbreak, but it's not alone — analysts at Nomura estimate that full or partial lockdowns are in place in 45 Chinese cities, affecting a quarter of the population and about 40% of the economy.
Premier Li Keqiang warned on Monday for a third time in a week of the threat the upsurge in Covid posed to the Chinese economy. Here's three reasons why the rest of the world should be watching Shanghai closely, too.
A lockdown continues in Shanghai on April 6, 2022, to curb coronavirus infections.
Read More
Business and finance
It has the largest GDP of all Chinese cities — 4.32 trillion yuan ( $ 679 billion), the third largest stock market globally by value of the companies that trade there, and the fifth greatest number of
billionaires
in the world.
Shanghai is also the most attractive destination for international business eying a presence in mainland China.
By the end of 2021, more than 800 multinational corporations had established regional or country headquarters in Shanghai, according to city authorities.
Among them, 121 are Fortune Global 500 companies, including
Apple
(
AAPL
)
,
Qualcomm
(
QCOM
)
,
General Motors
(
GM
)
,
Pepsico
(
PEP
)
and
Tyson Foods
(
TSN
)
.
Pressure builds as Shanghai, a city of 25 million, remains locked inside
More than 70,000 foreign-owned companies have offices in the city, more than 24,000 of which are Japanese companies, according to data from the
Japanese government
.
With a total market capitalization of $ 7.3 trillion, the Shanghai Stock Exchange — established in 1990 — trails only New York and London. Trading continues despite the lockdown, but some banks and investment firms have been asking staff to sleep by their desks to keep the market functioning.
The pool of companies listed in Shanghai is heavily focused on large, state-owned enterprises that play a central role in the Chinese economy. They include the world's most valuable liquor maker
Kweichow Moutai
, banking and insurance giants like ICBC and
China Life Insurance
(
LFC
)
, and state oil company
PetroChina
(
PCCYF
)
.
The Shanghai exchange is also home to China's answer to Nasdaq -—
the Star Market.
Trade and logistics
Shanghai accounts for 3.8% of China's GDP. But it has a much higher share — 10.4% — of China's trade with the rest of the world, according to official statistics for last year.
The Port of Shanghai is
the world's busiest for container traffic.
It moved 47 million 20-foot equivalent units of cargo in 2021, four times the volume handled by the Port of Los Angeles. The number made up 16.7% of China's total container shipments
last year.
Shanghai is also a major aviation hub in Asia. The city's airports — Pudong International Airport and Hongqiao Airport — handled 122 million passengers in 2019, making the city the fourth busiest hub in the world after London, New York, and Tokyo.
Lockdowns in Shanghai and other Chinese cities pose a growing threat to the economy
But the Covid outbreak has made port delays worse and forced the suspension of many passenger flights, sending
air freight rates soaring
and putting even more pressure on global supply chains.
Shanghai port remains operational, but industry data released in late March
showed
that the number of vessels waiting to load or discharge had skyrocketed to a record high. State media also
reported
that many truck drivers were struggling to get containers in and out of the port on time because of travel restrictions.
Manufacturing and tech
The Greater Shanghai Area,
which includes Kunshan and several other eastern cities, is a major manufacturing hub for industries from cars to semiconductors.
Volkswagen
(
VLKAF
)
and General Motors both run factories in Shanghai in partnership with state-owned automaker SAIC Motor. Shanghai is also home to
Tesla's
(
TSLA
)
first gigafactory in Asia. The US electric vehicle maker delivered more than 65,000 cars from its Shanghai factory last month,
making it
the best-selling EV brand in China.
In January, Ford launched its sixth global design center in Shanghai,
highlighting
the vibrancy of the city and the growing number of young Chinese designers with a mix of `` fresh thinking, local knowledge and global outlook. ''
TSMC
(
TSM
)
, the world's largest contract chip maker, runs a major semiconductor factory in suburban Songjiang. Top Chinese chip makers
SMIC
(
SMICY
)
and Hua Hong Semiconductor have factories in Pudong,
in the east of the city.
Covid lockdowns are causing chaos in the world's biggest car market
But the Covid restrictions have
forced many factories to suspend operations
in Shanghai and Kunshan, threatening to disrupt key supply chains for autos and electronics.
Volkswagen and Tesla's factories in Shanghai have been
shut for weeks.
Chinese electric-vehicle maker Nio has also been forced to halt production due to Covid-related disruptions in Shanghai and other Chinese cities.
Pegatron, a key supplier for
Apple
(
AAPL
)
, has
suspended production
at its Shanghai and Kunshan plants until further notice. In addition, Taiwan's Unimicron Technology, which supplies printed circuit boards to Apple, and Eson Precision — an affiliate of iPhone supplier Foxconn that also supplies components to Telsa — halted production at their Kunshan facilities earlier this month.
`` With Shanghai's significant trade links to East Asia, this could have spillover impacts on regional supply chains, '' Citi analysts also said in a research note late last week.
`` We think Korea, Taiwan, Vietnam and, to a lesser extent, Japan ( on vehicles) look relatively exposed [ to the disruptions ], '' they said.
Other industries include pharmaceuticals. In October,
AstraZeneca
(
AZN
)
opened a global R & D center in Shanghai. | general |
Amazon is adding a 5% fuel and inflation surcharge |
Amazon said Wednesday that for the first time in company history it will charge sellers a 5% fuel and inflation surcharge.
The e-commerce giant said the new fee will begin April 28 and is being imposed because inflation has worsened significantly in recent months.
`` In 2022, we expected a return to normalcy as Covid-19 restrictions around the world eased, but fuel and inflation have presented further challenges, '' Amazon wrote in memo that was provided to CNN by the company. `` It is unclear if these inflationary costs will go up or down, or for how long they will persist, so rather than a permanent fee change. ''
Amazon spokesman Patrick Graham told CNN that the fee surcharge applies only to fee rates paid by sellers that choose to use Amazon's fulfillment services, which include storing, packing and shipping products. Others sellers that do not use Fulfillment by Amazon will not be impacted. News of the surcharge was first previously reported by
Bloomberg News
.
The fee hike is the latest example of how businesses are reacting to spiking energy and other costs. Uber and Lyft
recently began tacking on
temporary fuel surcharges to rides and
airlines have been raising airfare
.
Read More
Amazon's fee hikes on sellers could translate to higher costs to consumers as businesses seek to pass along rising expenses to their customers.
Suppliers sharply raised prices by 11.2% in March, the
most on records that go back to 2010
, the Bureau of Labor Statistics said Wednesday. Consumer prices spiked by 8.5% year-over-year in March, the biggest
jump since 1981
.
Amazon said in its memo that the company has attempted to minimize the impact of inflation.
`` Like many, we have experienced significant cost increases and absorbed them, wherever possible, to reduce the impact on our selling partners, '' Amazon said. `` When we did increase fees, we were focused on addressing permanent costs and ensuring our fees were competitive with those charged by other service providers. '' | general |
UK inflation hits 30-year high of 7% | London
British
consumer price inflation
leaped to its highest level in three decades last month, intensifying the pressure on embattled
Prime Minister Boris Johnson
and his finance minister Rishi Sunak to ease the
cost-of-living squeeze
.
The annual inflation rate climbed to 7.0% in March from 6.2% in February, its highest since March 1992 and by more than expected by most economists in a Reuters poll, official data showed on Wednesday.
The month-on-month rise was the highest for the time of year since the Office for National Statistics ' records began in 1988. Broad-based price rises, ranging from vehicle fuel to food and furniture, were behind the increase.
Households are facing the biggest cost-of-living squeeze since records began in the 1950s, according to Britain's budget forecasters, and the inflation overshoot is further bad news for the government too.
Johnson and Sunak were fined by police on Tuesday for attending a June 2020 birthday party for Johnson at his Downing Street office at a time of COVID-19 restrictions, leading to calls from political opponents for them to resign.
Read More
Sunak — previously seen as a leading candidate to succeed Johnson as prime minister — has seen his popularity slide after a budget statement in March, which the public judged did too little to ease cost-of-living pressures.
`` I know this is a worrying time for many families which is why we are taking action to ease the burdens by providing support worth around 22 billion pounds ( $ 29 billion) in this financial year, '' Sunak said after the data.
Jack Leslie, senior economist at the Resolution Foundation think tank, said Sunak would come under pressure to do more.
`` The sheer scale of this inflation-led squeeze on living standards makes it all the more remarkable how little support the Chancellor provided in his Spring Statement — a decision that will surely have to be revisited before the Autumn Budget, '' Leslie said.
US consumer price inflation hit a new 40-year high in March
British inflation has seen an unprecedented rise over the past year, following a similar pattern to most other advanced economies as energy prices surged and pandemic supply-chain difficulties persisted.
Russia's invasion of Ukraine on Feb. 24 has pushed energy prices even higher, and last month Britain's Office for Budget Responsibility forecast inflation would peak at a 40-year high of 8.7% in the final quarter of 2022.
Rising rates
Financial markets are all but certain the Bank of England will raise interest rates to 1% from 0.75% on May 5 before taking them to 2% -2.25% by the end of 2022, though many economists expect it to be less aggressive.
The BoE forecasts economic growth will slow sharply over the course of this year as cost of living pressures mount.
Samuel Tombs, chief UK economist with Pantheon Macroeconomics, forecast inflation will hit 8.8% in April after household utility bills rocketed but then fall below the BoE's 2% target in the second half of next year.
Wednesday's data showed that core CPI, which excludes food, energy, alcohol and tobacco prices, rose to 5.7% in March from 5.2% in February.
Retail price inflation — an older measure which the ONS says is inaccurate, but which is widely used in commercial contracts and to set interest payments on inflation-linked government bonds — rose to 9.0%, its highest since 1991.
There were signs of further inflation pressure ahead as manufacturers increased their prices by 11.9% over the 12 months to March, the biggest jump since September 2008.
Manufacturers ' raw material costs leaped by 19.2%, the biggest increase in records began in 1997. | general |
Sri Lanka’ s default could be the first of many | THE ECONOMIC fallout from Russia’ s invasion of Ukraine now includes a sovereign default. On April 12th Sri Lanka said that it would suspend payments on the $ 35bn its government owes foreign creditors. Surging food and energy prices, the result of wartime disruption to commodity markets, have dealt a heavy blow to an economy that was already mismanaged, and brought even erstwhile government supporters onto the streets in protest. Sri Lanka may not be the only country to run aground in the hazardous conditions prevailing in the global economy.
Rising inflation and higher interest rates are painful everywhere, but the stakes are particularly high in poor and middle-income countries. Food prices, which are up by nearly 20% this year, make up a greater share of consumer spending. Inflation is more likely to spiral out of control. And policymakers must also worry about capital flight and falling exchange-rates when the Federal Reserve raises interest rates—as it will over the next year.
As investors have priced in such tightening, the yields on ten-year Treasuries have risen by 1.2 percentage points in the past six months. That is roughly the same increase as during the “ taper tantrum ” of 2013, when emerging markets suffered capital flight because of a hawkish Fed. There is no sign of a repeat retrenchment on that scale, in part because many middle-income countries now have stronger balance-sheets, and also because many emerging-market central banks have been raising interest rates to get ahead of the inflation problem. ( Brazil’ s central bank has increased rates by nearly ten percentage points in little more than a year.) But investors have pulled some money out of emerging markets, and the Fed may yet have to raise rates further still.
Often higher rates in the rich world are associated with a stronger world economy, which boosts exports for emerging markets. This time, however, America is overheating, and may face a recession as it slams the monetary brakes. Europe is being squeezed by expensive energy. Though countries that pump oil or grow soyabeans will benefit from higher commodity prices, they must still fight inflation and cope with tighter financial conditions. Commodity importers like Sri Lanka face the sort of pressure that can unseat governments as well as disrupt the economy. Food and energy prices are fuelling unrest in Tunisia and Pakistan.
Several middle-income countries face idiosyncratic crises: China is locking down to battle a coronavirus outbreak, and Argentina continues to stagger under the weight of unsustainable debts. But the greatest vulnerability is found among the poorest economies, nearly 60% of which are in debt distress or at high risk of it, according to the World Bank. One worry is that almost a third of their total debt now carries a floating rate of interest, up from 15% in 2005, making them more exposed to monetary tightening.
It does not help that it is harder than ever to provide emergency support to struggling poor countries. In aggregate they owe more to China than to the “ Paris Club ” of rich governments who have typically co-operated to restructure debts. So far attempts to include China and other new lenders like Saudi Arabia and India in debt-restructuring efforts have flopped. The IMF only lends to countries with sustainable debts, and the West does not want to see its aid being siphoned off by other creditors. Geopolitical conflict is making the poor world’ s economic problems worse, and harder to resolve. ■
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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 |
Hybrid retail model spells opportunity for brick-and-mortar stores | It's common cause that the COVID-19 lockdowns caused e-commerce's share of retail sales to speed up.
Online sales in the United States doubled its percentage of total sales from 9.6% in 2009, to 19.6% in 2019 − with a spectacular jump to 25.5% in April 2020.
South Africa was no exception, with online retail growing by 66% in 2020 to reach R30.2 billion, more than double the R14.1 billion reached in 2018, according to World Wide Worx MD Arthur Goldstuck.
However, since then, online's share in both the US and here has dropped, and brick-and-mortar stores are expected to regain more market share as pandemic restrictions continue to be relaxed and people learn to live with the virus.
In short, to paraphrase Mark Twain, reports of the death of in-store shopping have been greatly exaggerated. More to the point, we need to recognise this is not really an e-commerce versus in-store shopping competition, but rather the unstoppable adaptation of retail to changing consumer expectations.
One of the constants to bear in mind is the human need for social engagement and entertainment. In-store shopping fits in with that need because shopping is also an opportunity to meet up with friends over lunch or a coffee. Additionally, in-store shopping offers something that online can not: for men, the opportunity to take the purchase home immediately ( 54%) and, for women, the opportunity to see/feel goods physically ( 66%).
In short, to paraphrase Mark Twain, reports of the death of in-store shopping have been greatly exaggerated.
There's an argument to be made that the lasting impact of COVID on retail will be the accelerated development of a hybrid retail environment that provides what customers want using all available channels − the so-called omni-channel approach.
The first important thing to appreciate here is that customers definitely want a consistent experience across all channels. That means the growing personalisation available online will have to become more of a feature in store − the retail brand experience can not vary.
Technology will play an ever-growing role in achieving these roles. On the shop floor, the ability to recognise customers will become more important, but even more so will be the consistency between what is on the digital shelf and the real-world shelf. Back-end systems will thus have to be thoroughly integrated − as always, silos are the major challenge for the digital business.
An important real-world channel
Brick-and-mortar shops can also be used to improve the online experience by providing a venue from which online customers can collect or return goods, speeding up the process and removing some costs from the retailer's overhead. In this regard, the brick-and-mortar shop acts as a fulfilment centre for the online customer but also a way of strengthening the brand by making it concrete.
Getting people ( especially digital shoppers) into the store is a skirmish won, but winning the battle will require more. One element that needs special attention is checkout and payment; this is one area where online has an edge: it's very quick and there are no queues.
The adoption of autonomous-checkout technology has been slow in the South African retail sector despite the opportunity to provide a significantly enhanced in-store experience that more closely resembles one of the best aspects of online.
Perhaps the best way for retailers to begin thinking about the role their brick-and-mortar properties can play is to see them holistically as an ecosystem that includes the logistics/fulfilment side of things.
Some potential disruptors on the horizon
There are a few trends that are going to play a role in how the omni-channel environment develops over the short- to medium-term, and retailers need to bear them in mind.
An uptick in fuel prices owing to the war in the Ukraine will make free or nearly free deliveries unaffordable. Pure-play online retailers may find themselves particularly at risk and will have to rethink their business models quite profoundly.
Conversely, those with brick-and-mortar stores may find the ability to fulfil online orders without drastically raising costs will help maintain customer loyalty.
As costs inevitably rise owing to fuel cost increases and supply chain disruptions globally, consumers are going to be using the internet to find the best deals.
My earlier point about the consistency of the experience means that pricing in-store and virtually must be congruent.
Retailers will be under pricing pressure, and this will force them to push back into their supply chains for bulk discounts from their suppliers. But perhaps even more importantly, and this talks again to the personalisation issue, those who can offer special offers targeted to individual consumers will be the winners.
Brick-and-mortar stores as standalone entities are going to remain under threat, but those that form part of a well-thought-out and adaptable omni-channel strategy will increasingly become a key strength.
Co-founder and director, Consumption Information Real Time ( CIRT). He is a certified IOT professional and chartered accountant who is a serial entrepreneur who has founded several successful companies, including the Black Lite Group. Lalu has showcased CIRT's solutions at the world's largest IOT conference, IOT Solutions World Congress, Barcelona, 2019, and regularly comments on technology developments.A guest lecturer at the Gordon School of Business on digital innovation and strategy, he has been involved in technology innovation since 2018.Lalu is committed to changing the lives of ordinary Africans through his involvement in various NGOs, such as Greenpeace Africa and the Distell Development Trust. He is greatly involved in initiatives aimed at developing SMMEs and tech start-ups, based on his life experiences.
He is a certified IOT professional and chartered accountant who is a serial entrepreneur who has founded several successful companies, including the Black Lite Group. Lalu has showcased CIRT's solutions at the world's largest IOT conference, IOT Solutions World Congress, Barcelona, 2019, and regularly comments on technology developments.
A guest lecturer at the Gordon School of Business on digital innovation and strategy, he has been involved in technology innovation since 2018.
Lalu is committed to changing the lives of ordinary Africans through his involvement in various NGOs, such as Greenpeace Africa and the Distell Development Trust. He is greatly involved in initiatives aimed at developing SMMEs and tech start-ups, based on his life experiences. | general |
China Hesitates on Bailing Out Sri Lanka, Pakistan as Debt Soars | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Over the past few years, the U.S. has accused China of using “ debt diplomacy ” to make developing nations across the world more dependent on Beijing.
Yet the cases of Sri Lanka and Pakistan -- both friends of China facing dire financial situations as inflation soars -- show that President Xi Jinping’ s government is becoming more reluctant to pull out the checkbook. China still hasn’ t made good on a pledge to re-issue loans totaling $ 4 billion that Pakistan repaid in late March, and it hasn’ t responded to Sri Lanka’ s pleas for $ 2.5 billion in credit support.
While China has pledged to help both countries, the more cautious approach reflects both a refining of Xi’ s signature Belt and Road Initiative as well as a hesitancy to be seen interfering in messy domestic political situations. Pakistan got a new prime minister on Monday after parliament booted out former cricket star Imran Khan, and Sri Lanka’ s leader is facing pressure from protesters to step down.
“ Beijing has for the past couple of years been rethinking its external lending because their banks realized they were carrying a lot of debt with countries whose prospects of paying back were quite limited, ” said Raffaello Pantucci, a senior fellow at the S. Rajaratnam School of International Studies at Nanyang Technological University. “ This came on top of a tightening economic situation at home which also required a lot of spending, so there was less appetite to just throw money around wantonly. ”
China is currently facing its own economic troubles, with lockdowns to contain the country’ s worst Covid outbreak since early 2020 shutting down the technology and financial hubs of Shanghai and Shenzhen. Premier Li Keqiang on Monday told local authorities they should “ add a sense of urgency ” when implementing policies as analysts warn the official growth target of a 5.5% is now in jeopardy.
China has become the world’ s largest government creditor over the past decade, with its state-owned policy banks lending more to developing countries than the International Monetary Fund or the World Bank in some recent years. The opacity around the terms and scale of some of that lending has been criticized, especially as the pandemic exacerbates debt problems in poorer countries.
Sri Lanka’ s top diplomat in Beijing this week said he was “ very confident ” that China will come through with credit support, including $ 1 billion for the country to repay existing Chinese loans due in July. In an interview with Bloomberg, Ambassador Palitha Kohona said the process often takes months and he didn’ t see any delay.
“ Given the current circumstances, there aren’ t that many countries that can step out to the pitch and do something, ” he said. “ China is one of those countries that can do something very quickly. ”
Still, China’ s role in helping to resolve ongoing crises in South Asia may be limited despite its status as a major creditor. A Shanghai-based scholar who researches China’ s overseas lending said new credit lines are harder to approve as authorities emphasize risk management at financial institutions including policy banks. The scholar asked not to be named due to rules for speaking with the media.
Xi highlighted the importance of a more cautious approach at a high-level Belt and Road symposium in November. “ It is necessary to implement risk prevention and control systems, ” Xi said. He called on participants to make “ small but beautiful ” projects a priority for foreign cooperation and “ avoid dangerous and chaotic places. ”
Earlier this month, Jin Liqun, president of the China-backed Asian Infrastructure Investment Bank, encouraged Sri Lanka to turn to the IMF for help in a meeting with Kohona.
China’ s development banks are acting to preserve returns and it “ would be difficult for them to easily accede to Sri Lanka’ s requests for deferrals, ” said Matthew Mingey, a senior analyst at Rhodium Group’ s China Macro & Policy team who researches economic diplomacy.
“ Credit conditions back in China aren’ t making things any easier for them, ” he added. “ Ultimately, Sri Lanka needs the IMF. ”
Sri Lanka said Tuesday it would expedite talks with the IMF after it halted payments on foreign debt to preserve dollars for essential food and fuel imports. Pakistan’ s new government also plans to work with the IMF to stabilize the economy, according to Miftah Ismail, a former finance minister and a senior ruling party leader.
China’ s ability to assist either country with a balance-of-payments crisis is limited, particularly as Beijing’ s financial assistance is almost always tied to specific projects, said Muttukrishna Sarvananthan, principle researcher at the Point Pedro Institute of Development in Sri Lanka. China’ s policy of non-interference in internal affairs prevents it from offering the type of advice needed for countries to emerge out of a financial crisis, he added.
“ Even the IMF appears to be moving very slowly -- if not abandoning -- the requests of both Pakistan and Sri Lanka for their assistance, ” Sarvananthan said. “ Which sane bilateral donor country or international financial institution would pour money into sinking ships in both Pakistan and Sri Lanka. ”
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 |
Telkom connects Mpumalanga teachers, matrics | Mobile operator Telkom has partnered with the Mpumalanga Department of Education ( DOE) to connect thousands of teachers and grade 12 learners.
The partnership, announced at the launch of the provincial education department’ s e-learning programme last week, will see 6 700 teachers and 55 000 grade 12 learners provided with data solutions, says Telkom.
In a statement, the telco indicates its role is to be the mobile connectivity partner for the Mpumalanga DOE, adding the data solutions will enable easier online access for the teachers and matric learners.
Says Desiree Letshabo, Telkom executive: business – mobile sales: “ It is every child’ s right to have access to education. COVID-19 has made it more difficult for learners and teachers to interact.
“ With the rapid transition to virtual learning, it became very clear there is a digital divide that exists within the education system. The learner-teacher solution will help to bridge the gap where many learners in rural parts of the province can not easily access learning tools. ”
According to the statement, the Mpumalanga education department’ s e-learning programme will enable learners and teachers to access online learning tools and conduct virtual classes.
Furthermore, the department has provided each learner with a tablet and every teacher with a laptop pre-loaded with software and e-content, that is data-ready for online-offline use.
Telkom has also partnered with the Limpopo Department of Education to provide a mobile solution for voice and data.
In addition, it’ s introduced the hosted business telephony ( HBT) solution, which it describes as a converged solution that enables hybrid work by allowing the department to connect its fixed-line voice solution to mobile devices, making it easier for employees to work remotely.
“ The HBT solution is a collaborative effort within the Telkom Group executed by BCX. This solution has assisted some of the government entities we are working with to transition into the hybrid-work model on the back of COVID-19, ” Letshabo concludes. | general |
Exclusive Interview with Manoj Gopalkrishnan, Founder of Algorithmic Biologics | Join Our Telegram Channel for More Insights. Join Now
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Testing blood cells are not done in a proper way in countries like India and hence a lot of people get affected by unwanted diseases. Roughly 25,000 newborns in India every year are at risk of preventable mortality or lifelong morbidity due to metabolic disorders when there exists a test to detect their condition and treat it. So, it has become absolutely important to come up with solutions that would minimize such use cases of market failure. Algorithmic Biologics has come up with a product called Tapestry, which is a molecular search technology delivered on the cloud. Molecular tests are great at finding a needle in a haystack whereas Tapestry is great in situations where there are many haystacks, and few of them have needles. Analytics Insight has engaged in an exclusive interview with Manoj Gopalkrishnan, Founder of Algorithmic Biologics.
If you receive a blood transfusion in India, you are 3000 times more likely to pick up HIV from the blood transfusion than if you receive it in the USA. This is because India does not use the more expensive Nucleic Acid test to test donated blood units. Roughly 25,000 newborns in India every year are at risk of preventable mortality or lifelong morbidity due to metabolic disorders when there exists a test to detect their condition and treat it. The food we consume is routinely found contaminated with pesticide residues or microbial growth or antibiotics to unacceptable levels, causing health problems, when tests exist to detect such contamination.
These are all market failures: the test exists but is not being used. The simple reason for this market failure is cost — the tests are unaffordable. Our mission is to solve these market failures by making gold-standard molecular testing much more affordable.
Our journey began with Covid19. We realised how countries in east Asia were using Covid19 testing as an effective way to flatten the wave. In India in contrast, we were rationing testing because tests were a scarce resource. We asked ourselves, how would a computer scientist solve this problem? After all, if 1000 people are being tested, and say only 10 people are positive, we only need to find the 10 positive individuals. Can there be a better way that does not require 1000 tests?
We used techniques from AI to come up with our product Tapestry, which is a molecular search technology delivered on the cloud. Molecular tests are great at finding a needle in a haystack whereas Tapestry is great in situations where there are many haystacks, and few of them have needles. We are able to identify the haystacks with needles in very few tests in a single round of testing. Not just that, we can tell how many needles are in each haystack without any additional testing.
Many people have been trying to solve this problem for many years, but we have cracked it, building not just great algorithms based on fundamental scientific modeling, but also the last-mile solutioning required to make this practice without any additional capital expenditure. This has led to recognition in the international scientific community with prominent scientific news publications like Nature, American Mathematical Society, Institute for Electrical and Electronics Engineers, and Society for Industrial and Applied Mathematics all spotlighting our innovation. We were finalists in the XPRIZE for Rapid Covid Testing, the only team from India to reach the finals, and one of only ten teams in the finals from a field of roughly 300 teams worldwide.
We took the opportunity the Covid19 crisis offered to take the technology commercially with a regulatory nod from DCGI and obtained a CE mark from the European Union as well. We have tied up with multiple diagnostic labs including Thyrocare, one of India’ s leading diagnostic lab chains. We have tested more than 25,000 samples and demonstrated savings in the field. We are in pilots with market leaders in India for blood bank screening, newborn screening, food safety, seed research, and more use cases.
Our team! You see, it is hard to build AI for molecular testing. You need to know the science. Machine learning is no cakewalk either because this is time-series data and often there isn’ t a lot of data. You can’ t just import a library function from PyTorch or TensorFlow, you have to really know your stuff on both sides to innovate in this space. Even a multidisciplinary team will not cut it, you need individuals who understand both sides so that the meaning can crystallize in their brains, and new ideas can emerge. Such individuals are hard to find.
My own journey has been a transition from being a scientist having spent 18 years in top research universities in USA and India to beginning this entrepreneurial journey. My area of research is molecular computing, which combines molecular science and computer science. I am equally comfortable writing code, running experiments in a molecular biology lab, or doing math. This turned out to be a big advantage when I sat down to tackle these problems and gave us our edge in the XPRIZE. So when I started hiring, I went looking for other individuals with those traits, and we have put together a team of a dozen folks of whom 5 are PhDs. Each individual is interdisciplinary and can make sense of both sides of the equation, molecules, and algorithms.
We have folks on our team who are based in London and Los Angeles and are working full-time with us because they are so excited about the problems and the impact possible. And all this hiring has happened in a tough hiring climate, when the great resignation was going on, on an early-stage startup’ s shoestring budget. It’ s sheer madness, I can’ t explain it any other way!
I think Covid has been a game-changer culturally. No one thought of molecular testing, now it is something commonplace. With that mindspace comes a cultural shift. Next time you are unwell, won’ t you want to know exactly what is wrong with me? Won’ t you want more information, and want to take ownership of your health and wellness in new ways, now that you realize the power of the invisible microscopic scale over your life?
So more than how it has evolved, which has been substantial without a doubt I am looking at what is coming next. The millennial and Gen Z want more data, wants more control. And that data, that sense of control is going to come from being aware of what is in your body and what is going into your body and what is in your environment.
We are a platform technology. There are many situations that can be expressed as molecular search. Many apps can be written on top of this platform, of which Covid19 was only one example. Our partners are the real heroes, they are trying to innovate to create drought-resistant seeds, provide safe blood for blood transfusions, make newborn screening universally accessible, and many other use cases. They have deep expertise in these areas and are committed to bringing this change about. Often it is a matter of finding some way to offer the solution at a lower price to make that market. That is where our technology comes in.
For example, one of our partners is a leading blood bank in the country. We are in pilot with them. Another is Mahyco, India’ s largest seed company. Thyrocare, one of India’ s leading diagnostic lab chains, has been a big supporter of our Covid19 screening efforts, and we are identifying other areas where we can work together.
A customer wants a molecular technology that just works. The biggest pain point is not knowing whether the test is reliable. Getting the test right requires expertise in molecular science, which is a rare commodity. There are so few experts! Tapestry has a side benefit apart from search: it allows every lab to identify problems early. In telecommunications technology, this has been known as “ error detection. ” Such a simple technology, but it has not been available at scale in molecular testing. The next frontier from here would be if a customer can verify that the molecular test is correct, without needing to trust the test.
Let us consider the food and beverages industry as an example. Today the reality is everyone trusts somebody else to act ethically. The customer trusts the packager, the packager trusts his many suppliers. There is almost nothing in the way of quality control at the supply end. More often than not, many small suppliers are feeding into the supply chain. Even if one supplier slips, either knowingly or unknowingly, the end product becomes unacceptable. But there is no way to trace back and find out which supplier was at fault.
With advances in AI and molecular technology, this is a point of shift for the entire industry enabling things that were never possible before, like testing at the supply-side and source tracing. The organizations that are able to access these advantages will be able to assure customers of higher quality.
Or consider dairy. There are so many new-age D2C brands selling A2 milk and milk from specific Indian cow breeds. They charge a premium, but there is very little that customers can verify. Ensuring quality is only half the problem, assuring quality also needs to be solved so that the customer perceives the higher quality that you have created.
The first challenge to confront for any AI company starting off is that building models need data, and where are you going to get the data? So you need to have a data bootstrapping strategy, where you need to be smart about how you are going to get your product off the ground in a situation when you don’ t have much data. We did this successfully for Covid, and we are following the same strategy going ahead. Many out-of-the-box solutions like deep learning rely on big data, so they are often not good technologies to start with. Once the product is commercial and scaling up, data accumulates very quickly and these technologies come into play.
At Algorithmic Biologics our approach is patented and proprietory. So, even though everybody seems to be talking about engineering biology, you can’ t really do engineering unless you can build a simulator. Without that, it is pure trial and error, and the risk of failure will limit the scale of what you can achieve. Our team is really keen on doing this hard work of building simulators, we are investing in this direction.
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The way Chinese think about covid-19 is changing | READING THE news backwards has long been a useful skill in China, where officials often obfuscate. Recently it has seemed like a matter of survival for some. Take the residents of Beijing, the capital, who are girding themselves for a covid-19 lockdown and all the hardship that might entail. When the city’ s officials announced on April 11th that there was more than enough food for everyone, people assumed the opposite. “ Understood, hurry and go shopping now, ” a cynic wrote online.
Beijing has fewer than 100 cases of the virus. There are no clear indications of a growing outbreak or of an impending lockdown. But residents recall the experience of Shanghai, where local officials insisted there would not be a citywide lockdown right up to the moment they imposed one. First they tried to lock down half of the city at a time. Then they closed the whole place. Residents who had trusted the authorities quickly ran out of food. Now people in other Chinese cities are stockpiling supplies, determined not to make the same mistake.
China shows no signs of loosening its zero-covid approach, which uses mass testing and strict lockdowns to crush outbreaks. If anything, the government is tightening its controls. A report by Gavekal Dragonomics, a research firm, found that all but 13 of China’ s top 100 cities ( by GDP) were implementing covid restrictions ( see chart). Ten cities are in “ severe lockdown ”, meaning more than half of residents are confined to their homes. Changchun, Xuzhou and Shanghai were recently in full lockdown. Shanghai has announced that areas with no cases for two weeks will see restrictions lifted.
For much of the pandemic the Chinese public has joined officials in hailing the zero-covid strategy as a success. Over the past two years China has had a lower mortality rate from the virus and stronger economic growth than any other big country. During a recent speech celebrating China’ s hosting of the Winter Olympics in February, President Xi Jinping claimed that some foreign athletes said China deserved “ a gold medal for responding to the pandemic ”. Earlier Mr Xi said the country’ s anti-covid efforts “ demonstrate the advantages ” of the Communist Party’ s leadership.
But the current wave is changing the way people think about the virus—and about the government’ s strategy. No one wants mainland China to end up like Hong Kong, which was overwhelmed by the highly transmissible Omicron variant, leading to a spike in deaths among unvaccinated old people. The mainland’ s elderly population is similarly vulnerable, so a complete lifting of controls is out of the question. At the moment, though, anecdotal evidence suggests that more people are dying because of the Chinese government’ s restrictions than from the virus. The state needs to adapt, say critics.
The 98-year-old mother of Lang Xian ping is one such victim. In a post on Weibo, China’ s version of Twitter, Mr Lang wrote that she died of kidney failure after waiting for hours at the entrance of an emergency room, unable to enter without a negative covid test. Mr Lang, meanwhile, argued with local officials until they let him out of his sealed compound. When he was finally released, there were no cars on the street to take him to the hospital. “ I did not get to see my mother one last time, ” he wrote. “ This tragedy could have been avoided. ”
These types of stories—tragic, troubling and widely shared—are growing more common. And they are causing some people to fear covid restrictions as much as they do the virus. As provincial governments roll out pre-emptive measures to combat covid, citizens are sharing guides on how to freeze vegetables, as well as old film clips in which party officials are criticised for caring more about political correctness than starving commoners.
People are frustrated with the government’ s failure to adjust its covid policy by, for example, letting patients with mild symptoms quarantine at home, instead of at isolation centres where they use scarce resources. Experts believe covid rules are causing avoidable deaths. They point to a study published last year by a team affiliated with China’ s Centre for Disease Control and Prevention. It found that during an early lockdown in the city of Wuhan, deaths from chronic illnesses exceeded expected rates by 21%. Deaths from diabetes exceeded expected rates by 85% and suicides by 66%. Two years later, some ask, has the government learned anything?
Other countries that have moved away from strict covid policies now allow people with infections to self-isolate. That requires governments to trust that people will act responsibly. But the Chinese government, obsessed with control, does not. Instead, it tells citizens to trust the party. A recent editorial in the People’ s Daily, an official newspaper, called for Shanghai’ s residents to “ grit their teeth ” and hold tight to the party’ s leadership. “ In fighting the pandemic, trust is more important than gold, ” it said. Residents of Shanghai are unmoved. “ All the policies this month have been incomprehensible, ” says one. “ They say one thing but implement another. We don’ t trust these policies any more. ”
Instead the people of Shanghai are relying on each other. They use the term zijiu ( self-salvation), as they fill the gaps left by an overwhelmed party apparatus. Kelly Wang, a volunteer in the district of Xuhui, describes how younger residents care for their elderly neighbours and organise bulk orders of food. The state, meanwhile, has censored the hashtag “ buying groceries in Shanghai ” on Weibo. “ We know that we can’ t count on the government any more, ” says Ms Wang. But, she adds, “ The people here are capable and brilliant. ”
Shanghai, home to the rich and powerful, gets a lot of attention. But other parts of China, such as Yunnan and Xinjiang, have gone through longer, more restrictive lockdowns. The city of Jilin has been closed for over a month. Residents there have shared videos of police publicly shaming residents for criticising covid restrictions in a private online chat group. In Shenzhen a shop owner filmed state-media reporters who refused to interview him because he complained about not receiving lockdown subsidies. “ We’ re only here to report on the people being helped, ” says one reporter. But as China’ s strict covid controls ensnare more people, it is becoming harder to convince them that all is well. ■
Shared security concerns bring China and Russia close. But so do similar views of history
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 |
What is at stake in Ukraine | THE WAR is first of all about the fate of 44m Ukrainians. But in the shattered ruins of Mariupol and Kharkiv a worldview is also at stake. Vladimir Putin invaded Ukraine to force it to renounce the West and to submit to the Kremlin. He believes that big countries should be free to dominate smaller ones. Ukraine counters that it will choose its own allies. With Western backing, it is affirming the universal principle that all countries are sovereign. Whoever prevails on the battlefield will win a fundamental argument about how the world should work.
It matters, therefore, that off the battlefield this is an argument the West is losing. Most of the emerging world either backs Russia over its invasion or is neutral. Some countries depend on Russian arms, others feel a misplaced nostalgia for Soviet largesse, but many see the West as decadent, self-serving and hypocritical. And many more, even if they do not welcome the invasion, see it as somebody else’ s problem. As America and the rest of NATO rally support for action against Russia, that is a stunning rebuke. It is also taking the world down a dangerous path.
On March 2nd, 141 countries voted in the UN to deplore Russia’ s invasion. Just five voted against and 35 abstained. But the real pattern is more complex. Our sister organisation, the Economist Intelligence Unit, has noted that only a third of the world’ s people live in countries that have not only condemned Russia but also imposed sanctions on it. Most of them are Western. Another third are in neutral countries. This group includes giants like India and tricky American allies, such as Saudi Arabia and the United Arab Emirates. The final third are in countries that are echoing Russia’ s rationale for the invasion. The biggest, China, has repeated propaganda claiming that Ukraine has hosted American-backed bioweapons laboratories.
In Mr Putin’ s world, where might makes right, today’ s lack of support is proof of Western decline. After the Soviet collapse in 1991, when America became the sole superpower, countries aligned themselves with it not so much out of ideological conviction but to win its backing. On this reading, America’ s sway over smaller countries has diminished as China has risen.
There is something to this, even if declinism is exaggerated. The West has also hastened its own loss of influence. Until Mr Putin jolted it by invading Ukraine, the West had seemed to have lost faith in the universal principles it espoused. Following the Russian attack on Georgia in 2008, America’ s president, Barack Obama, rushed to “ reset ” relations and focus on nation-building at home. When Bashar al-Assad used chemical weapons in 2013, Mr Obama backed off. After annexing Crimea in 2014, Russia got a slap on the wrist.
China and Russia argue that this lack of self-belief is a sign of Western decadence. If so, it spread under Donald Trump, who held America’ s allies in contempt and was wholly transactional. Democracy in America sank further into outrage and conspiracy. The European Union often seemed hopelessly self-absorbed. Brexit, whether you were for or against it, was a fiasco.
Poorer countries also see America and its allies as self-serving, because they demand solidarity when it suits them and turn their backs when it does not. While Russia and China released covid-19 vaccines abroad, the West hoarded huge stocks. Countries that grew rich by burning oil and coal have urged a global effort to limit climate change, but failed to keep their ( limited) promises to help finance poorer countries’ plans to abandon fossil fuels and adapt to a warmer world.
And poorer countries see the West as hypocritical. Europe talks about universal rights, but its laudable welcome for millions of refugees from the war in Ukraine has been undercut by its rejection of refugees from the war in Syria. America and its closest allies invaded Iraq in 2003 without UN backing. In Western eyes, and The Economist’ s, Saddam Hussein was a murderous dictator who had used nerve gas on his own people and attacked his neighbours. He could not be more different from Volodymyr Zelensky, Ukraine’ s elected president. Yet the rulers of other countries worry that if the West is free to act as judge, jury and executioner, they will get summary justice.
This is a poisonous cocktail of legitimate grievances and exaggeration, all laced with a lingering resentment of colonialism. The pity is that emerging countries are making a grave error. As sovereign powers, they too have a stake in the war. All the West’ s faults do not outweigh the fact that, in the system Mr Putin is offering, their people would suffer terribly.
The reason is that the world Mr Putin desires would be far more decadent, self-serving and amoral than the one that exists today. Ukraine shows how. His extravagant lies about Nazis in Kyiv and his denial that Russia is even fighting a war are decadent. His brazen claim that NATO provoked the war, posing an intolerable threat to Russia by expanding into central and eastern Europe is self-serving. Those countries were not swallowed up: they chose to join NATO for their own protection after decades of Soviet tyranny. And witness the drowning of all morality in his armies’ unconscionable use of torture, rape and mass murder as the routine tools of war.
What is more, Mr Putin’ s belief in the dominance of great powers will not be limited to the battlefield. For he is right that, ultimately, the successful use of force underpins the structure of geopolitics. If Russia is allowed to prevail in Ukraine, bullying, lying and manipulation will further permeate trade, treaties and international law—the whole panoply of arrangements that are so easily taken for granted, but which keep the world turning.
That vision may suit China, which is impatient to shape the world in its own interests and which feels strong enough to dominate its sphere of influence. It would certainly suit tyrants, who want free rein to abuse their countries and terrorise their neighbours. But it can not be welcome to leaders who want the best for their people.
Contrast Mr Putin’ s brutish vision with Ukraine’ s. Partly in answer to Russian aggression, the country has emerged as a beacon of democracy. Like the West, it is imperfect. But it stands for freedom and hope. Developing countries should not abandon today’ s flawed system. They should defend it from Mr Putin and use their growing influence to help it flourish. ■
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 |
Cuba Gooding Jr. pleads guilty to forcible touch |
Actor Cuba Gooding Jr. entered a plea of guilty on Wednesday to a misdemeanor charge of forcibly touching a woman at a New York City nightclub in 2018.
Gooding admitted to kissing the woman, a waitress at the club, on her lips without consent. He also admitted to two other incidents of non-consensual contact in October 2018 and June 2019.
Under the terms of the plea agreement, Gooding is to continue alcohol and behavior modification treatment for six months and have no new arrests. After that time, he can re-plead to harassment and potentially have his case sealed.
If he successfully follows the terms and re-pleads to the lesser charge, Gooding can face a sentence to time served. If he does not comply with the terms, he could face up to one year in jail.
`` Cuba Gooding Jr. entered into a re-pleader today whereby in six months his case will be disposed of with a violation, which is not a crime, resulting in no criminal record, '' Gooding's attorney, Peter Toumbekis, said in a statement to CNN.
Read More
The
delay
-ridden case against Gooding first began in June 2019 when the actor
was charged with forcible touching
.
An additional charge was brought against him in
October 2019
.
He 'd previously pleaded not guilty to those charges.
Gooding's lawyers at one point filed a motion to dismiss the case but it was
denied
.
Gooding's trial was set to begin in April 2020 but was delayed because of lockdowns due to the coronavirus pandemic.
In August 2020, Manhattan prosecutors said that at least
30 women
had come forward with accusations of unwanted touching by the Oscar-winning actor.
Assistant district attorney Coleen Balbert said in court on Wednesday that Gooding has been in counseling since September 2019 to address behavior he engaged in and to ensure he doesn't reoffend. | general |
Ransomware: The implications for security in SA | The tremendous success that ransomware authors have enjoyed over the last few years has only emboldened them to continue these types of attacks on companies in every industry.
And experts predict that ransomware attacks are only going to be happening more often in 2022. We can expect phishing attacks to increase, as well as more diverse attack targets, including cloud services, operational technologies and supply chains.
Another trend driving the growth of this scourge this year is the proliferation of ransomware-as-a-service gangs around the world, who are selling their tricks of the trade to less skilled cyber criminals.
Book your seat now to get up to speed on cyber security trends, solutions and best practices. The annual gathering of cyber security decision makers and practitioners will feature experts and thought leaders from across the globe, who will share their knowledge and insights on the most critical issues facing businesses today. It will also feature a range of workshops, training courses, and much more. For more information, and to register, go here.
To unpack the state of, and trends in, ransomware, Charl van der Walt, head of security research, Orange Cyberdefense will be presenting a keynote address on “ Cyber extraordinary ”, at the ITWeb Security Summit 2022, to be held at the Sandton Convention Centre from 31 May to 2 June.
Van der Walt will discuss shifting the perspective of security as a grudge purchase to an essential and valuable component of the business infrastructure.
He will help attendees understand the wider implications of a lack of investment in security beyond the organisation, and how it impacts society as a whole.
He will also share lessons from the pandemic, including what COVID-19 has shown us about the importance of co-operation and collaboration.
Finally, he will take a look at the emerging developments in community-oriented security. | general |
Fla. College Escapes Suit Over Fees During Virus Shutdowns | A Florida appeals court on Wednesday shot down a proposed class suit against Miami Dade College seeking prorated refunds for student fees following 2020 campus closures prompted by the COVID-19 pandemic after finding that the college is entitled to sovereign immunity.Florida's Third District Court of Appeal found that a lower court erred in advancing nursing student Fernando Verdini's breach of contract claim against MDC, ruling that the invoices he attached to his complaint did not satisfy the requirement for an express written contract to provide on-campus or in-person services enough to trigger an exception to sovereign immunity. `` There is nothing... | general |
Tech-Enabled Classrooms: Transforming the Face of Education | Join Our Telegram Channel for More Insights. Join Now
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The landscape of education is evolving – and while every classroom is undergoing a massive change, technology has been at the forefront of this transformation. Since we live in a world that is dominated by knowledge and information, STEM ( Science, Technology, Engineering, and Mathematics) education has gained renewed importance.
Moreover, COVID-19 has urged educational institutions to rethink the way lessons are being delivered. With the pandemic putting traditional teaching mechanisms on the back foot, students are becoming more open to ‘ learning and doing things by themselves.’ One of the most significant benefits of technology in education is that it makes learning more accessible to everyone. Students with learning disabilities can use technology to learn at their own speed. Tech-enabled classrooms also provide assistance to the visually handicapped in the form of auditory aids. Technology in education allows students to learn in remote areas.
STEM education encompasses more than just academic courses. It provides a skill set that guides our thinking and behavior. Each STEM component contributes in its own way, Science provides students with a thorough awareness of the world around them. It assists them in improving their research and critical skills. Technology helps students to work in a high-tech workplace. Engineering allows students to improve their problem-solving abilities and apply what they have learned to new tasks. Mathematics allows students to assess data, eliminate errors, and make conscious decisions. STEM education brings all these disciplines together in a unified framework, to improve society through innovation and long-term solutions. STEM education helps students enhance their creativity levels, improve teamwork, and heighten their critical thinking skills. Apart from cultivating interest in science, math, engineering, technology, and other fields, this form of education also develops students’ communication skills and encourages them to take initiative. Students not only become more curious about learning, but STEM also improves their cognitive skills. STEM education has become an integral part of the curriculum in the 21st century. Schools are working towards offering courses and assessments that amalgamate technology and engineering in science and mathematics. In an increasingly competitive world, the aim is to produce students who can keep pace with this technology-first world.
As an extension of STEM learning, robotics and Coding have emerged as an essential part of modern learning. When students learn to code, they learn to think in a sequential, logical, and problem-solving manner. Most importantly, they have the ability to create whatever they desire. The introduction of coding and robotics curricula in schools aids in the interest of students in block-based coding, which is an excellent stepping stone for individuals interested in pursuing a career in computer programming. Incorporating this learning in schools could help students develop computational and design thinking skills, while also teaching them how to collaborate with others. The students will find a different way to deal with problems in a more collaborative manner, which will sharpen their problem-solving and learning skills.
In addition to the above, schools can also leverage technology solutions provided by some of the noted brands, like Google for education, etc., which offer state of the art technology network infrastructure, that is customised to meet the teaching needs of schools.
In conclusion, the sooner children are equipped to think and play with tech, the more prepared they will be to not only adjust but to thrive. Also, it would not be too bold to say that in a tech-first world, it is only fair that the education not only mirrors this but also leads it, so as to be able to create a generation that can take this ahead.
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