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IEA: Lower Demand Offsets Loss of Russian Oil | The International Energy Agency ( IEA) has lowered its estimate of global oil demand for this year in response to China's Covid-19 outbreak and lower than expected consumption in the US and other OECD economies so far this year.
In its latest monthly Oil Market Report, the IEA now pegs demand for the current year at 99.4 million barrels per day — down 260,000 b/d from its March estimate.
The agency notes that large releases of oil from the stockpiles of the US and other IEA member nations have brought `` welcome relief '' to a tight market.
This has helped bring crude prices down from their March highs of more than $ 120 per barrel following Russia's Feb. 24 invasion of Ukraine.
But the IEA adds that prices `` remain troublingly high and are a serious threat for the global economic outlook. ''
The agency now estimates that sanctions and voluntary decisions to boycott its oil will force Russia to shut in an average of 1.5 million b/d of supply in April, rising to 3 million b/d in May as it runs out of storage capacity.
The IEA had previously forecast that the higher figure could be reached by April.
`` Lower demand expectations and steady output increases from Middle East Opec-plus members along with the US and other countries outside the Opec-plus alliance should bring the market back to balance, '' the report said.
The IEA sees Opec-plus ( excluding Russia) increasing its combined output by 3.5 million b/d this year, led by Saudi Arabia. It sees output from other producers increasing by 2 million b/d, led by the US.
The agency lowered its estimates of Chinese oil demand for March ( -730,000 b/d), April ( -920,000 b/d) and May ( -690,000 b/d) because the Covid-19 outbreak there and measures to tackle it `` have been more severe than expected. ''
The IEA expects Russian oil demand to fall by 250,000 b/d this year, which represents an upward revision of 50,000 b/d.
High oil prices have been contributing to the highest levels of inflation since the 1980s, with the US consumer price index for March rising 8.5% over the past year.
Central banks are responding by raising interest rates but this is likely to slow down economic activity and dampen demand for oil.
Among other signals of a global slowdown, the Kiel Institute for the World Economy reported a 2.8% month-on-month fall in its Trade Indicator for March, with declines in exports of 5% for Russia, 5.6% for the EU and 3.4% for the US. | general |
Solar Power Is the Latest Industry Hit By China’ s Pandemic Curbs | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- The solar power industry is the latest to be hit by China’ s strict Covid control measures, with equipment makers cutting production amid complaints of shipment delays and staffing problems.
Solar companies are seeing a “ severe impact ” on both panel production and installations from the most recent round of virus outbreaks in China, according to a survey conducted by the Shanghai Solar Energy Society. More than half of respondents noted negative impacts, according to the group, which did not name the companies.
Wafer production has been suspended in some factories in the coastal region close to Shanghai, driving up prices in recent weeks, Jefferies analysts including Johnson Wan said in an April 10 note. Domestic shipping of polysilicon, a key solar manufacturing material, has also faced delays due to outbreaks in the major sourcing region of Xinjiang, the analysts said.
China is vital to the production of solar panels needed for the world to meet its climate change goals, with the vast majority of global production capacity in every step of the manufacturing process.
The country is facing its largest documented outbreak since the pandemic began, with Shanghai in the midst of a weeks-long lockdown while other regions have introduced control measures that disrupted supply chains across the economy. | general |
Insurer Beats Salon Over Communicable Disease Coverage | A Michigan salon lost its pretrial bid for coverage of its pandemic losses when a federal judge determined that state orders meant to curb the spread of the coronavirus were not meant to address an outbreak at the salon itself.U.S. District Judge Sean F. Cox said Tuesday that Salon XL Color & Design Group, which operates out of Ann Arbor, wasn't entitled to coverage of its losses, despite its policy's communicable disease provision. Gov. Gretchen Whitmer's orders restricting business activities in Michigan weren't specific to Salon XL, the judge said, granting summary judgment to West Bend Mutual Insurance Co.... | general |
House-flipping algorithms are coming to your neighborhood— despite the losses | Despite millions of dollars in losses, iBuying’ s failure doesn’ t signal the end of tech-led disruption, just a fumbled beginning.
For years, Michael Maxson spent more nights in hotels than his own bed, working on speaker systems for the titans of heavy rock on global tours. When Maxson decided to settle down with his wife and their two dogs, they chose the city where stadium rock spectacles took him more often than any other: Las Vegas.
After renting for several years, in 2021 he found a home he wanted to buy in Clark County—a place within easy reach of Vegas’ s headline venues yet also quiet, an airy single-story stucco house on Dancing Avenue, which backs onto a 2,000-acre park. He dreamed of waking up each morning to look out across lakes and parkland. “ It was a beautiful home, ” says Maxson. “ I mean, the fact you could see the mountains and the sun set and rise. Man. ”
But Maxson’ s house hunt was unexpectedly chaotic. House prices in Las Vegas leaped up 25% that year, and the market was awash with cheap mortgages and wolfish investors.
His dream home was not owned by a person but by a tech company. Zillow, the US’ s largest real estate listings site, had begun buying up homes in 2018, predicting it could create a “ one-click nirvana ” for purchasing real estate. It estimated returns of $ 20 billion a year. Zillow Offers, its “ instant buying ” business, followed startups like Opendoor and Offerpad, which had pioneered “ iBuying, ” the so-called “ high-tech flipping ” model, which uses data systems to price houses and investor cash to buy them before fixing them up and selling them.
In 2021, iBuyers’ purchases jumped to double prepandemic levels, accounting for tens of billions of dollars in home sales. Las Vegas was among the top 10 markets where startups concentrated their investments. In a feverish summer, Maxson had already been outmuscled on two bids by cash offers from Zillow and Opendoor. On Dancing Ave., Zillow now acted as seller, having listed the home on June 24 for $ 470,000, nearly $ 60,000 more than it had paid less than two weeks before. But Maxson wanted it and agreed to close at just under asking price.
When he went to take a look at the property, however, he discovered a 37,000-gallon water leak that had eroded garden walls and flooded the neighbors’ yard. Seattle-based Zillow, which owned the home, was oblivious, but the city authorities weren’ t—Maxson found a notice stuck to the garage door, threatening a fine for allowing green water to pool, attracting mosquitos carrying West Nile virus. This is one downside of having homes owned by “ faceless ” corporations, says Maxson: “ The [ owners ] were disconnected from it, because it’ s just a number on a spreadsheet. ” Though he offered to handle the estimated $ 30,000 of repairs himself, and take it off Zillow’ s books for $ 30,000 less than the list price, they said no. Maxson discovered soon after that the house had sold to another family, at the same price he had offered. He estimates that he lost about $ 2,000 on inspections and other costs—the closest he came to securing a home in 22 attempts that summer.
But at the very same time, the startup that had profited from his dream home was discovering cracks in its own foundation. As it turned out, Zillow Offers had lost more than $ 420 million in three months of erratic house buying and unprofitable sales. As Zillow Offers shut down, analysts questioned whether other iBuyers were at risk or whether the entire tech-driven model is even viable. For the rest of us—neighbors, renters, or prospective buyers—the bigger question remains: Does the arrival of Silicon Valley tech point to a better future for housing or an industry disruption to fear?
By summer 2021, the US housing market had almost run out of records to break. The Washington Post reported house prices at all-time highs ( with a median of $ 386,000 in June) as the number of homes listed hit record lows ( 1.38 million nationwide). The average home sold in 15 days that summer—half the time taken a year earlier—as cash-rich investors and second-home buyers bought more than ever before. By November, a New York Times headline asked: “ Will Real Estate Ever Be Normal Again? ”
Despite making just under 2% of home purchases nationwide during this period, iBuyers began to play a larger, and more unpredictable, role than most, leading to calls from city leaders in Los Angeles to ban the platforms. iBuyers grow city by city; investment is tightly concentrated in a handful of locations across the Sun Belt, where the top five—Phoenix, Atlanta, Dallas, Charlotte, and Houston—accounted for more than half the total activity. Through 2021, iBuyers bought 70,400 houses nationwide. Nascent iBuyers are raising fundraising rounds in the United Kingdom, Europe, and Canada—but all are looking to the successes and failures of the stateside front-runners.
These cities form a neat growth pattern, following a “ strikingly similar ” trend to one seen in the trailblazer, Phoenix, according to a National Bureau of Economic Research ( NBER) working paper from researchers at Stanford, Columbia and Kellogg, who analyzed iBuying by Zillow, Opendoor, Knock, Redfin, and Offerpad between 2013 and 2018. iBuyers had roughly 1% market share in Phoenix in 2015, growing to 6% in 2018. In the frantic summer of 2021, iBuyers accounted for 10% of home buys in Phoenix. “ In certain neighborhoods, 25 to 30% of current listings right now are owned by iBuyers, ” says real estate tech strategist Mike DelPrete.
Today Opendoor, the market leader, is operating in 44 markets. iBuyers are intervening in super-hot housing markets by harnessing big data and artificial intelligence to create a one-sided advantage over regular folks. Where house buying was once a “ dogfight ” between individuals, “ now we’ re in the age of guided missiles, ” says DelPrete, with data-driven buyers claiming a big edge.
Real estate tech startups started digitizing processes that have “ been pen-and-paper for centuries. ”
There is, obviously, a lot of money tied up in real estate. Residential real estate remains the main asset that American families possess, accounting for about 70% of median household wealth. Over 2021, the value of US housing stock jumped by $ 7 trillion, hitting $ 43.4 trillion total.
Real estate transactions have long been considered ripe for disruption because buying or selling a house is time consuming, confusing, and laden with hidden expenses. Yet residential real estate has been slow to innovate—it’ s the “ largest, undisrupted market in the US, ” according to Opendoor.
When it comes to buying and selling, real-estate tech—or “ proptech ” —is changing three things, says Zach Aarons, cofounder of venture capital firm MetaProp. “ One, it can showcase listings, ” says Aarons, calling back to Zillow’ s initial success as a one-stop shop for seeing what’ s on the market. Second, startups started digitizing time-consuming processes that have “ fundamentally been pen-and-paper for centuries. ”
“ How do we deliver a title policy with more transparency, more accountability, quicker timing? ” he asks. “ How do we have e-closing, e-notarization? I think the pandemic accelerated a lot of that. ”
The third matter, valuations, remains by far the thorniest. Automated valuation models ( AVMs) are proprietary data systems that take in sales prices from the US’ s 600 multiple listings services—the real estate agent’ s bread-and-butter data—and combine them with information from mortgage lenders, public data sets, and map data like Yelp reviews of local bars, plus private data sold by real estate analysts. First-party data is increasingly accumulated, too: Opendoor created an app for in-person inspectors, pre-covid, with a 100-point checklist, while today, sellers perform self-service virtual assessments.
Opendoor’ s tech chief, Ian Wong, says the foundation of their work is data cleansing—taking partial, duplicated, and contradictory data and parsing it to produce reliable insights. But “ human-in-the-loop ” systems remain vital, he says. The company has real people annotate visual data, adding labels in a manner he likens to the processing done on crowdsourced platforms similar to Mechanical Turk.
Smart cities haven’ t brought the tangible improvements that many hoped they would. What comes next?
One goal of this data work is to eliminate the so-called “ lemons problem. ” So far, AVMs have been able to access only a portion of the information that a family selling its home knows, explains Amit Seru, a professor of finance at the Stanford Graduate School of Business—failing to appreciate architectural style, unruly neighbors, how light hits the porch on late summer evenings, and myriad qualities contributing to a house’ s human appeal. Consequently, these AVMs can lead iBuyers to disaster when some sellers offer up “ lemons ” ( dud homes, say, with stinking carpets) and others offer “ peaches ” ( a charming home in a neighborhood full of amenities). By bidding an average price for both homes, the iBuyer ends up paying too much for lemons, while families with peaches—who feel harshly undervalued—refuse to sell.
Wong says that both deep learning and humans can help minimize such issues by, say, analyzing photos for defects like ugly power lines cutting across the yard. AVM advances have expanded Opendoor’ s “ buy box, ” the subset of homes it can purchase, since its launch in Phoenix in 2014. iBuyers typically start buying cookie-cutter houses, priced between $ 100,000 and $ 250,000, that are relatively new and on modest-sized lots, according to research out of Stanford, Northwestern, and Columbia. In February, Opendoor explained that it had grown its buy box by 50%. “ Today we are doing higher-price-point homes. We’ re going to gated communities, age-restricted communities, things that are harder to price, ” says Wong. “ And we’ ve been able to expand all the way to Atlanta … to the most recent market we announced, which is the San Francisco Bay Area, which has very heterogeneous housing types. ”
But how effective has this valuation technology actually been? Zillow has revealed that it lost $ 881 million on Zillow Offers. In a letter to shareholders, CEO Rich Barton explained that the venture was “ too risky, too volatile to our earnings and operations ”; it provided `` too low of a return on equity opportunity, and too narrow in its ability to serve our customers. ” The pivot forced the company to lay off 25% of its staff and left it facing two class action lawsuits from shareholders. Other iBuyers have a better record of profiting from sales yet are losing money overall, with Opendoor reporting a net loss of $ 662 million for 2021, its shares falling as measures of profitability were cut. The company, though, is bullish on growth, predicting a 460% increase in revenue in the first quarter of 2022 compared to one year ago. “ In short, Zillow is out of the game, but Opendoor is getting bigger and stronger, ” says DelPrete.
Zillow’ s pricing failures wiped out more than $ 35 billion in market value by February 2022. For buyers like him, Maxson says, “ It’ s insane! They’ re falsifying the market. ” Despite concert tours torpedoed by covid, Maxson says, he’ s lucky to have kept earning a living, but he fears his neighbors will struggle: “ A blackjack dealer and the husband does maintenance at the MGM [ casino ] … How do they try to navigate this if they want to buy a house? ”
Making sense of iBuyers’ erratic transactions means understanding not just how their technology works, but where they come from, explains DelPrete. Tech-led disruption of real estate is not the result of a couple of buddies in a garage, he explains: “ There are no pure tech plays that are revolutionizing real estate. ” The fuel is billions of dollars that investment firms are pouring into housing, with Opendoor backed by $ 400 million from SoftBank, among other giants. The upheaval Maxson witnessed is one “ downside of having a for-profit Wall Street–funded corporate middleman involved in the real estate transaction, ” says DelPrete. “ The company’ s winning. Somebody has to lose. ” But the impact is also felt by consumers, neighborhoods, and cities.
iBuyers’ primary benefit is supplying liquidity to a market where transactions are onerous. For a busy family, selling to an iBuyer can cut the need for presale repairs and viewings. For someone offered a new job in a faraway city, it can mean saying yes to relocating right away. Thousands of sellers have been willing to take an average $ 9,000 discount for this speed and simplicity, according to the NBER working paper. iBuyers’ arrival in new cities gives consumers extra options, offering fair bids and often lower agency fees than conventional agents, says DelPrete.
“ The company’ s winning. Somebody has to lose. ”
Drew Meyers, founder of Geek Estate, a private and paid community of more than 500 proptech executives and a Zillow alum, says it’ s crucial to see iBuyers in the context of other proptech innovation, which also includes “ power buyer ” startups that allow homeowners to “ buy before they sell. ” VC investment and cheap debt are key here, too: “ Most of the innovation is finance-driven, frankly, ” says Meyers. “ A lot of these companies are disguised as real estate companies, but they’ re really fintech plays. ”
One clear example, investment marketplace Roofstock, provides a platform that has helped investors put $ 5 billion into buying single-family homes to flip into rentals, often without a buyer ever entering the home. Roofstock compares prices, rental yields, and risk, giving a one- to five-star “ neighborhood rating ” based on factors like school districts and rates of employment. “ We built a database of all roughly 90 million homes in the US, where we started with tax and deed information and then augmented it with ownership information, rents ( if it’ s a rental), evaluation information, all that, ” says Gary Beasley, Roofstock’ s CEO. “ So we have this living, breathing database of every single-family house in America. And we overlay our neighborhood scores and transactional data, and really have a view on what every home is worth as an investment, right? ”
Today investors buy 27% of single-family homes in the US. Four in 10 are bought by small-scale investors owning fewer than 10 homes—who may buy in their home neighborhood or use tools like Roofstock. These buy-to-rent purchases are today a lightning rod for criticism, with investors outmuscling first-time buyers for scarce starter homes and reducing the number of affordable homes later sold. By “ equity-mining ” neighborhoods where families could once build wealth, investors instead capture the uplift themselves.
Dashboards like Roofstock’ s are the mostly unseen war rooms in America’ s housing chaos, helping faraway speculators make big returns while playing havoc withthe lives of people on the ground. In interviews with startups as well as real estate agents and analysts, it emerges that when a family finds its dream home, it has often already been crawled by AVMs that have analyzed its value as an asset, its potential yield as a rental, its forecast price growth, and countless other metrics.
Some of the world’ s biggest real estate investors are guided by in-house systems that remain black boxes—and whose insights are fiercely guarded in Wall Street towers.
Private equity giants like Blackstone and Starwood Capital bought foreclosed homes in the aftermath of the subprime crash in 2008, bundling them into single-family rental empires, including Invitation Homes and Starwood Waypoint. These merged in 2017 to create the US’ s largest single-family landlord, with a portfolio of 82,000 homes. Again, as in the subprime crisis, homes were transformed into tradeable asset classes worth billions. Cloud-based property management technologies underpinned these landlords, explains Steve Weikal, real estate tech lead at the MIT Real Estate Innovation Lab. These allowed firms to manage everything—from rent collection to home maintenance—in geographically dispersed homes, as easily as corporations had managed apartment buildings. Bigger tools followed, like Blackstone’ s Real Estate Data Direct, which since 2021 has pooled data from hundreds of companies it owns while amassing the world’ s largest portfolio of commercial real estate, now valued at $ 514 billion.
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Many Wall Street pioneers sold their rental businesses in the decade after the crash, making billions for investors and executives but leaving a trail of anger from tenants who endured poor maintenance and rent hikes. Yet coming into the pandemic, Wall Street had again assembled an unimaginable arsenal with which to strike deals—around $ 2.3 trillion. It was preparing, suggested the Wall Street Journal, “ for what could be a once-in-a-generation opportunity to buy distressed real-estate assets at bargain prices. ”
These firms are reinvesting in a big way. Blackstone bought Home Partners of America, with 17,000 homes, for $ 6 billion in June 2021. Toronto-based Tricon launched a $ 5 billion joint venture in July to buy up 18,000 homes across the Sun Belt. Indeed, many proptech innovations were developed by these Wall Street giants, with Blackstone alumni leading disruption from VC firm Fifth Wall and European pioneer IMMO. Roofstock founder Beasley was co-CEO of Starwood Waypoint Residential Trust, one of the US’ s largest single-family rental companies, and sees his startup as disseminating the same tech tools. “ The idea with Roofstock really was to take a lot of that knowledge of how we could package up and sell and manage single-family rentals, and offer that as a service both to institutional investors as well as individual investors, ” says Beasley.
“ That’ s 7,000 families that didn’ t have a chance to buy a home. ”
But links between Wall Street and proptech go further. A Bloomberg investigation found a “ secret pipeline ” of sales from iBuyers to big investors accounting for one in five homes they sold. The rate is double that, around 40%, in some Sun Belt metro areas, with many sold off-market. “ That’ s a big issue, ” says DelPrete. “ If that was 7,000 transactions, that’ s 7,000 families that didn’ t have a chance to buy a home just because a company decided not to list houses for sale. ”
Last October, Los Angeles city council members Nithya Raman and Nury Martinez sounded the alarm that startups and Wall Street threatened to put an end to the American Dream. “ It shouldn’ t be impossible for Angelenos to remain in the neighborhood they grew up in or for hardworking families to purchase their first home, ” says Martinez. “ Angelenos just can’ t compete with the money and power of iBuyers. ”
In a motion, they instructed the city’ s legal departments to seek ways to limit such speculative practices in order to rebalance the playing field. California had already restricted its SB9 law ( which allows homeowners to develop another property on their lot) to those who commit to living on-site for three years, explained Meyers, to exclude corporate landlords. Maxson, who eventually found a home with the help of a regular, human agent, agrees with the move: “ I think they need to be regulated. They’ re taking a problem in the United States and making it worse. ”
But some caution against clamping down on disruption. In a market ingrained with a history of racist practices—and where the appraisal industry remains 84% white—AVMs can mean fairer deals for minorities, explains Lauren Rhue, an assistant professor at the University of Maryland.
A landmark study in September confirmed anecdotal evidence of an “ appraisal gap, ” showing that homes in Black and Latino neighborhoods are consistently undervalued. Freddie Mac analyzed more than 12 million mortgage records between 2015 and 2020 and found that in Latino neighborhoods appraisers were twice as likely to value homes below the eventual sale price, with similar outcomes in Black neighborhoods.
Rhue is concerned that “ what you could see is just a perpetuation of the issues that we’ ve had historically in this country with housing. ” Indeed, machine learning can entrench problems when fed data influenced by decades of discrimination. Home values—which are 55% lower in majority Black census tracts, on average, than in white areas—are a prime example.
A viral TikTok video by Nevada-based real estate agent Sean Gotcher made headlines in September by demonstrating how iBuyers might attempt to manipulate prices. “ Let’ s say that that company buys 30 homes within a two-mile radius, and let’ s say the price is $ 300,000, ” Gotcher explained. “ Then on the 31st home, they buy it for $ 340. ” Although overpaying, this new “ comp ” means they have a benchmark to sell the rest at $ 340,000.
Most analysts agreed that iBuyers are not big enough to pull this off. That would mean owning a big share of the local market, and restricting supply to drive sale prices up. But there are already signs big investors are restricting supply, further exacerbating housing crises and setting a template that any big iBuyer could follow. New York corporate landlords “ warehoused ” up to 50% of homes during the first covid-19 lockdown—keeping them empty to restrict free-falling rents. On a smaller scale, Opendoor continued buying homes in the winter of 2020, but curiously stopped listing them for sale.
For ordinary people, so long as Wall Street cash is flowing into housing, Zillow’ s failure is not the end of tech-led disruption but a fumbled beginning. “ iBuying, power buying, co-investments, down payment assistance, cash offers, ” says Meyers. “ They’ re all going to end up doing it all. ” Each company is now trying to capture and automate more of the value of the transaction chain that has traditionally been split between mortgage brokers, flippers, title agents, real estate agents, and more. The core mechanics—tech to value homes and manage deals, married with free-flowing finance—give entrepreneurs room to reinvent the offer. Some innovations may be boons for prospective home buyers. But just as surely, others will empower the most cut-throat investors in the world.
Matthew Ponsford is a freelance reporter based in London.
Even well-meaning attempts to participate in the news can play into bad actors’ campaigns.
The startup promises a fairly-distributed, cryptocurrency-based universal basic income. So far all it's done is build a biometric database from the bodies of the poor.
From pop-up notifications to Facebook ads, campaigners in Ukraine and beyond are using any means necessary to beat Russia’ s information firewall.
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Our in-depth reporting reveals what’ s going on now to prepare you for what’ s coming next. | tech |
Productiv Launches Elastic License Management ( ELM) Help Companies | Productiv announced its SaaS Intelligence platform now helps companies automate manual processes for license deprovisioning and license tier downgrades. The new Productiv add-on, Elastic License Management ( ELM), helps companies like Databricks reduce IT overhead and better manage app spend by simplifying license management. Databricks’ IT staff saved thousands of hours formerly spent on inefficient manual and scripted processes by utilizing Productiv’ s solution to track real-time app and feature usage and to schedule automated provisioning processes using this data. Databricks grew from 600 to 3,000 employees in a few years, yet the company successfully optimized spend on its collaboration and video conference platform by moving employees not using advanced features from the paid version to the free version, reclaiming 35% of the higher tier licenses for assignment to new employees.
“ It was straight spreadsheets and exporting logs from, for instance, Office 365 and Okta. It was very cumbersome and time consuming ”
Most companies have over 250 SaaS applications, with large enterprises averaging more than 350 apps. License management for these large portfolios places a heavy demand on IT and its operations. Companies can spend 2,000-4,000 hours annually — or more — manually collecting data from each app and then removing or changing licenses assigned to employees. The number of license events can reach into the millions.
Before the Covid pandemic, Databricks managed their portfolio of more than 300 SaaS apps in a spreadsheet. “ It was straight spreadsheets and exporting logs from, for instance, Office 365 and Okta. It was very cumbersome and time consuming, ” said Ian Kennedy, Director Corporate Engineering Helpdesk at Databricks. “ We would find that we were still being charged for people who hadn’ t been here for a while. ”
Today, Databricks uses Productiv’ s SaaS Intelligence platform and ELM capability to drive IT operations and optimize application spend. Recently the company used data-driven insights from Productiv to determine which employees were not using paid features for a video conferencing service, and moved those employees to the free version. Formerly at Databricks, deprovisioning was done as time permitted, in batches by app through manual license reclamation and custom coding. But using Productiv, deprovisioning of all apps now automatically occurs on an employee’ s departure day, reducing compliance risks. | tech |
Amazon slaps U.S. sellers with 5% fuel and inflation surcharge | In this article
Amazon said Wednesday it plans to add a fuel and inflation surcharge of roughly 5% to existing fees it collects from U.S. third-party sellers who use the company's fulfillment services.
The fee will go into effect in about two weeks, and is `` subject to change, '' the company said in a notice to sellers that was viewed by CNBC.
`` The surcharge will apply to all product types, such as non-apparel, apparel, dangerous goods, and Small and Light items, '' the notice stated. `` The surcharge will apply to all units shipped from fulfillment centers starting April 28. ''
With inflation soaring, the e-commerce giant is trying to offset some of its own costs by passing fees along to sellers
Amazon already collects fees from sellers who use Fulfillment by Amazon, or FBA. Merchants pay to have their inventory stored in Amazon's warehouses and to make use of the company's supply chain and shipping operations.
Some 89% of Amazon's 2 million-plus sellers used FBA in 2021, according to a report from Jungle Scout, which creates product research software for Amazon sellers.
`` In 2022, we expected a return to normalcy as Covid-19 restrictions around the world eased, but fuel and inflation have presented further challenges, '' an Amazon spokesperson said in an email to CNBC. `` It is still unclear if these inflationary costs will go up or down, or for how long they will persist, so rather than a permanent fee change, we will be employing a fuel and inflation surcharge for the first time — a mechanism broadly used across supply chain providers. ''
Amazon said its fuel and inflation surcharge is 24 cents per unit, which is below the UPS fuel surcharge of 42 cents and FedEx's fee of 49 cents, as of March 21.
WATCH: How Amazon plans to fix its multi-billion dollar returns problem | business |
EUROPEAN MIDDAY BRIEFING - Stocks Waver as Investors Digest Inflation Data | The pan-continental Stoxx Europe 600 was flat. British supermarket chain Tesco declined 5.3% after it said it expects lower profit as rising prices change shoppers ' habits.
Stocks have come under pressure in recent days as concerns about inflation drove uncertainty about how aggressively the Federal Reserve could act to temper it. A data release on Tuesday showed that consumer prices accelerated further in March, rising 8.5% from a year earlier. The monthly increase was in line with economists ' expectations and core inflation which excludes food and energy was slightly lower than predicted, according to Deutsche Bank.
`` The market is swinging quickly to try and price 'peak inflation. ' The assumption is that the yield curves in places such as the [ U.S. ]... has already moved higher to such an extent, that their respective central banks are now just 'filling in the gaps. ' Markets, after all, are forward-looking, '' said Jeffrey Halley, an analyst at broker Oanda.
`` However, it just isn't that simple, '' Halley added. `` The environment for equities remains challenging. '' The analyst cited the Russia-Ukraine war and ongoing Covid-19 lockdowns in China as headwinds, with uncertainty lying ahead for the coming U.S. earnings season.
French luxury-goods group LVMH Moet Hennessy Louis Vuitton SE beat expectations with its first-quarter revenue update. Strong organic growth was driven by the core fashion business, though other divisions including watches and jewelry also performed above consensus forecasts. Read the analysts ' comments here.
Darktrace's third-quarter update brings annual recurring revenue growth of 46% and revenue growth of 50%, with guidance raised once again, Jefferies said.
The U.K. cybersecurity company's metrics were supported by growth of 37% in customer numbers, implying a continued improvement in annual recurring revenue per customer, the U.S. bank said.
Given Darktrace's strong momentum, the company increased its fiscal 2022 guidance for annual recurring revenue, revenue and adjusted Ebitda, Jefferies said.
Jefferies withdraws its rating and price target on Darktrace's shares, noting that up to 20 million shares are likely to be placed soon given the post-IPO lock-up expires in May. Shares were up 3.6%.
Consumer prices in the U.K. rose more than expected in March, squeezing consumers ' real incomes further and warranting another rate rise by the Bank of England in May, said Rupert Thompson, investment strategist at Kingswood.
The inflation rate rose to 7% in the 12 months to March, the highest rate since 1992 and up from 6.2% in February, official data showed. Thompson stresses that price gains were widespread, with core inflation, which excludes volatile food and energy prices, rising to 5.7% from 5.2% in the same timeframe.
`` The data make another 0.25% rate hike on 5 May all the more certain and will exacerbate the cost of living squeeze, '' he said in a note.
The market's pricing of two full 25 basis point interest rate rises by the ECB by year-end `` seems like a reasonable scenario to us, '' Konstantin Veit, portfolio manager at Pimco, said in a note ahead of the ECB's monetary policy meeting on Thursday.
The asset manager doesn't expect the ECB to take any significant monetary policy decisions at this week's meeting, but the next set of macroeconomic staff forecasts in June `` will likely provide the ECB cover to end net asset purchases in July, '' Veit said. He sees a first interest rate rise by the central bank in September as a plausible scenario.
Data showing the annual U.K. inflation rate rose to 7% in March supports another interest rate rise by the Bank of England at the central bank's next meeting on May 5, said Jeremy Batstone-Carr, part of Raymond James European strategy team.
The uptick in consumer prices was largely driven by transport costs, with average petrol prices rising by 12.6 pence per litre between February and March, the biggest single monthly increase since records began in 1990, he said.
Inflation could hit 8% in April, reflecting the higher energy price cap raising gas and electricity prices. However, `` there is some hope in that official forecasts suggest April's consumer price index data may represent the peak, '' he said.
UniCredit's global leading indicator declined in March to levels consistent with global trade almost stagnating in 2Q. It was the first decrease after four monthly rises in a row, leaving the indicator at its lowest level since October.
This drop reflects the negative impact from the Russia-Ukraine crisis, according to UniCredit. A further deterioration is likely, the Italian bank said.
`` Furthermore, given the rather lackluster development in the last few months, global trade might already come in stagnation territory in 2Q, '' UniCredit said.
The March reading is consistent with global trade rising a mediocre 0.7% on an annualized 3-months-on-3-months basis compared to its long-term average growth of between 4% and 5%, the bank said.
Stock futures rose ahead of earnings reports from major companies and as investors considered the highest inflation in four decades.
`` The inflation data was obviously not great, but maybe we're around the peak and we 'll start to see something of a disinflationary trend over the coming months, '' said Esty Dwek, chief investment officer at FlowBank. `` With bank earnings kicking off, we can get some direction. It's really going to be about the guidance that we get for the rest of the year. ''
JPMorgan, BlackRock, Delta Air Lines and Bed Bath & Beyond are slated to report Wednesday ahead of the opening bell. Goldman Sachs, Citigroup, Morgan Stanley and Wells Fargo are set to follow on Thursday.
The U.S. producer-price index for March, another gauge of inflation, is set to be released at 8:30 a.m. ET.
The dollar rose as traders continue to bet on the Fed raising interest rates more aggressively even after data on Tuesday showed underlying inflation eased slightly in March.
The dollar briefly fell after the U.S. Labor Department said core consumer prices, which exclude volatile food and energy prices, rose 0.3% month-on-month in March after a 0.5% rise in February.
`` We do not expect the March CPI on its own to alter the Fed's current plans for faster policy tightening in the near-term, '' MUFG Bank currency analyst Lee Hardman said in a note.
The dollar's decline on Tuesday was a correction rather than trend reversal, he said.
The euro could rise considerably if ECB President Christine Lagarde's remarks at Thursday's meeting prompt the market to bet on an interest-rate rise as early as June, Ebury said.
Lagarde is likely to reiterate that the ECB will raise rates `` some time '' after asset purchases end but she could flag increased concerns over the persistence of high inflation, Ebury analysts said.
`` Should the market perceive Lagarde's comments as leaving the door open to a hike at either of the June or July meetings, then the euro would likely rally rather sharply, particularly given the current suppressed value of the euro. ''
Sterling fell against the dollar after data showed U.K. inflation accelerated in March, adding pressure on already squeezed household incomes. U.K. inflation rose to an annual rate of 7.0% in March from 6.2% in February, above the 6.7% expected by economists in a WSJ survey.
`` The figures will add further pressure to the Bank of England to accelerate the pace of interest rate increases, even though the growth outlook has deteriorated, '' BRI Wealth Management's Dan Boardman-Weston said in a note.
The sharp rise in the cost of living, higher taxes and rate increases are hitting consumer demand, he said.
The yield on the benchmark 10-year Treasury note edged up to 2.784% from 2.724% on Tuesday, resuming its march upward after declining the day before.
European government bonds sold off with the benchmark German 10-year bond yield rising to 0.857%. The European Central Bank is meeting on Thursday and investors are awaiting more clarity on plans to curb stimulus measures.
`` ECB speakers have turned a little bit more hawkish lately, '' said Jeremy Gatto, a multiasset investment manager at Unigestion. `` They seem now to be agreeing that inflation might be a concern. It's difficult to get excited about Europe. ''
Euro corporate bond markets are likely to trade steady ahead of Thursday's ECB meeting, said UniCredit's research team. `` European corporate credit investors are likely to be in wait-and-see mode during today's session, '' analysts at the Italian bank said in a research note.
Even if they don't expect any policy changes at this Thursday's Governing Council meeting, they expect euro credit markets to remain largely unchanged in the run-up to the event.
U.K. 10-year borrowing costs rise after official data Wednesday showed inflation hit a new three-decade high of 7% in March.
The 10-year gilt yield rose to 1.809% after the announcement, from the prior day's close of 1.802%, albeit failing to surpass Tuesday's intraday high of 1.906%, according to Tradeweb.
Rising fuel prices drove the annual consumer price index up to 7% in March, up from 6.2% in February and beating economists ' expectations in a WSJ survey of 6.7%.
Oil edged higher after Russia casts doubt on the success of Ukraine peace negotiations, while weak data from China capped gains. Vladimir Putin said peace talks were at a `` dead end, '' dashing hopes that a diplomatic solution could end the conflict and ease the oil market's supply crunch.
Data showed China's imports fell by 0.1% on year in March, sharply missing expectations for an 8% rise, as a lockdown in Shanghai took a toll on the nation's economy.
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London Shares to Open Lower After Hotter-Than-Expected Inflation Data | The FTSE 100 is expected to open lower as investors react to data that show U.K. inflation accelerated further in March. Spreadbetting firm IG expects London's index of blue-chip stocks to fall 6 points at the start of trading. U.K. inflation rose to an annual rate of 7.0% in March from 6.2% in February, above the 6.7% expected by economists in a WSJ survey. `` This is now the sixth consecutive month of rising inflation, and the data tells a story of what millions are currently living -- steeper bills on everything from petrol to food and fuel, and less left over at the end of each month to put towards their future, '' Abrdn client director Colin Dyer says in a note.
Polymetal International PLC said Wednesday that it is withdrawing the 2021 final dividend due to the significant changes in operating conditions.
Meggitt PLC said Wednesday that it sold its Meggitt AS division to CTS Ceramics Denmark AS for 59 million pounds ( $ 76.7 million) cash, and that the proceeds will be used to pay down debt and for general corporate purposes.
Tesco PLC said Wednesday that fiscal 2022 pretax profit rose as revenue including fuel increased ahead of market views, and said it is committed to buying back 750 million pounds ( $ 975.1 million) of its shares.
Darktrace PLC on Wednesday reported a strong sales performance and improved revenue in its third quarter, and raised revenue growth and earnings margin expectations for the full year.
GlaxoSmithKline to Acquire Sierra Oncology for $ 1.9 Bln
Pharmaceutical giant GlaxoSmithKline PLC said Wednesday that it is buying biopharmaceutical company Sierra Oncology Inc. for $ 1.9 billion, and backed its guidance.
PZ Cussons PLC said Wednesday that revenue rose in the third quarter of fiscal 2022, driven by strong progress in the Africa market in particular, and backed its full-year guidance.
BlueRock Diamonds PLC on Wednesday reported that its diamond production rose 32% in the first quarter of the year compared with a year earlier.
Gasoline prices are set to stay high as the supply of the fuel remains tight, Fitch Solutions says, raising its 2022 average price forecast for RBOB Gasoline to $ 295 a gallon from $ 218 a gallon previously. Oil-export disruptions due to the Russia-Ukraine war are underpinning bullish crude prices, which will drive gasoline prices higher this year, it says. `` We also note that gasoline stockpiles in the U.S. remain below historic averages, which further adds pressure to the gasoline price benchmark, '' Fitch adds. However, Fitch notes that gasoline demand could weaken due to China's ongoing Covid-19 wave, which may limit price rises.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas @ wsj.com
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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 |
Oil Supply and Demand: Famine to Feast? | We 've lowered our near-term forecasts, but the pendulum could quickly swing back to oversupply.
As Russia’ s invasion of Ukraine drags into its second month, there is just as little clarity in the oil markets as there was a month ago. The flow of Russian volumes to the global market has clearly been disrupted, evidenced by oil prices remaining over $ 100 a barrel, but exactly how much is uncertain, with estimates in a range of 1-4 million barrels a day. Western buyers continue to self-sanction, avoiding Russian volumes at all costs, while opportunistic buyers in Asia capitalize on the wide discounts. A negative demand impact will result from higher prices and lower GDP growth, but our estimates suggest it won’ t fully offset lost supply. That leaves U.S. producers, OPEC, or Iran as the only potential for a near-term supply response, but each is unable or unwilling. As such, we expect a tight market and high prices to persist in the short run. However, by 2024, we see U.S. growth, the full resumption of OPEC production, and the return of Iran volumes tipping global markets into oversupply and undercutting prices. Eighteen months is a long time in the oil markets, though, and a U.S. recession ( unlikely, in our view) or failure to reach a deal with Iran or the unknown unknown could quickly change this outlook.
The crisis in Ukraine is evolving quickly, with lots of moving parts. At this stage, significant disruption is inevitable, but the magnitude of the impact on oil markets is still highly uncertain. We will continue to revise our estimates as the situation develops, but for the time being, we have lowered our oil supply forecasts by about 2.3 mmb/d for 2022 and 0.8 mmb/d for 2023. The decrease reflects the impact of sanctions on Russian production and exports, offset partially by the expected response from other producers, which in turn will be partially offset by oil demand destruction related to higher prices and slower economic growth, especially in Russia itself. We have lowered our oil demand forecasts by 0.7 mmb/d for 2022 and 0.6 mmb/d for 2023. The net impact leaves the market looking even tighter than it already was for 2022 and 2023. We anticipate a draw of over 450 million barrels from global crude inventories, dwarfing the 180 million barrels that the Biden administration has pledged from the U.S. Strategic Petroleum Reserve.
The ongoing supply crunch is well understood and is already manifesting in sharply elevated oil prices. What is not yet widely discussed is the looming overcorrection. This reflects rising U.S. production, despite shale companies maintaining capital discipline, coupled with more OPEC volumes ( the cartel is failing to hit its own ambitious targets but is delivering persistent growth nonetheless). The oversupply risk is predicated on the thawing of U.S.-Iran relations, a huge wild card. We assume these volumes come back in 2023, with a glut in 2024-25. If a deal is done more quickly, the oversupply could arrive even sooner.
The U.S. and EU sanctions were initially designed to keep oil and gas flows from Russia intact to limit the blowback on Western economies from rising commodity prices. The United States eventually went a step further and banned all Russian oil and gas imports, though this was largely symbolic, given that the U.S. imports no Russian gas and only 3.5% of its oil consumption is sourced there. The European Union has considered following suit, but there is much disagreement among member states on whether this would do more harm than good. An outright EU ban still seems unlikely, given the lack of alternatives. Theoretically, that leaves Russian oil exports relatively unscathed in the short run. But because buyers are reportedly self-sanctioning, it seems likely that the global appetite for Russian crude has severely contracted anyway. The resulting surplus will be exacerbated by dwindling domestic consumption, and there is limited capacity to store what can not be exported. With nowhere for the crude to go, Russian producers are being forced to shut in certain volumes.
Not all buyers are averse to Russian crude, though, especially when it’ s going for a song. The widening discount of Russian Urals crude to Brent suggests that demand for Russian crude really is drying up ( supporting anecdotal evidence of self-sanctioning). There’ s no clear data yet on how widespread the self-sanctioning is, or how much other buyers, especially outside the U.S. and EU, will be tempted by this heavily discounted crude. Accordingly, the estimates for the impact on Russia’ s oil supply are wide, in a range of 1-4 mmb/d ( compared with prewar exports of about 5 mmb/d).
Russia could still curtail its own oil exports, too. We maintain that an absolute embargo is unlikely, as the exemptions allowing crude and natural gas exports are a lifeline enabling Russia to generate foreign currency. But perhaps smaller-scale interventions are already happening. The Black Sea Caspian Pipeline Consortium was allegedly damaged on March 22, reducing its export capacity by 1 mmb/d for as long as two months while one of its three loading facilities is repaired. The pipeline operator claimed at the time that a second facility may also be damaged. This could be a coincidence, but the timing does suggest that the restriction is intentional. The impact on supply will be incremental to anyone self-sanctioning, since the 1.4 mmb/d pipeline primarily exports Kazakh, rather than Russian, oil.
Partially countering the disrupted oil supply is the demand destruction that is likely to occur as a result of the sharp rise in prices and the reduction in GDP from higher inflation that either reduces consumer spending or prompts greater tightening from central banks. In total, we think the result will be a 1.3 mmb/d ( 1.3%) reduction in 2022 oil demand compared with our prewar expectations.
Assuming oil prices average $ 101/barrel in 2022, an increase from $ 76/barrel at the beginning of the year, we project a 0.7 mmb/d ( 0.7%) reduction in demand from our prior forecast. Assuming a reduction in 2022 GDP growth to 3.2% from 4.0% previously, we estimate oil demand will be 0.6 mmb/d ( 0.6%) lower than the prewar forecast. Both estimates are based on our assumptions of one-year price and income elasticity. Although these are the only two oil demand adjustments we are making, other factors could play a role, including COVID-19 lockdowns in China ( negative) or more robust travel demand, given the relaxation of COVID-19 measures elsewhere ( positive). We assume these are collectively a wash at this point.
We expect the impact of higher prices and inflation to wane over time, leaving our long-term oil demand forecast unchanged. While the economic hit to Russia could persist, given sanctions, and drag on global GDP, the impact should be marginal. Meanwhile, higher prices should wane as new oil supply is added and the global economy adapts to higher prices, mitigating the long-term price impact on oil demand.
Despite pressure from much of Europe and the U.S., OPEC has remained largely united on the production front and has thus far resisted calls to increase its rate of output, sticking with its planned monthly increase of 400 thousand barrels a day. The cartel is likely concerned not only about risking oversupply if disruption to Russian supply does not persist, but also about undermining future cooperation with Russia, which remains part of the broader OPEC+ coalition.
OPEC increased production by approximately 440 thousand barrels of oil equivalent a day in the month of February. The output was a marked improvement from the prior month’ s modest gains, but the cartel remains about 700 mboe/d short of its stated targets. Saudi Arabia, the world’ s largest oil exporter, contributed nearly 150 mboe/d to the month’ s increases; it was recently hit by a Houthi strike, which reportedly damaged two storage tanks. Though the attack was far less consequential than the 2019 Abqaiq strike that knocked 5.7 mmboe/d of supply capacity briefly off line, the continued Houthi activity is an additional overcoat of risk to Saudi supply. OPEC also benefited from an increase of over 100 mboe/d in Libyan production. Reported Libyan volumes often belie gross output, as warlord Khalifa Haftar controls several facilities and supplies oil to the illicit market to generate revenue for political capital.
Outside of a change to the planned monthly increases, there are two options to increase OPEC supply—Iran and Venezuela—but both look increasingly remote in the near term. The Biden administration has reportedly rejected calls from Chevron, the lone U.S. oil company remaining in Venezuela, to relax sanctions and allow it to increase production. While Chevron’ s supposed plan to double Venezuela’ s estimated 800 mb/d production within months is unlikely, it would probably result in greater production in the next few years than would otherwise be possible. In Vienna, negotiations with Iran on restarting the Joint Comprehensive Plan of Action—the agreement on the country’ s nuclear program that would allow the export of more oil—have reached a point of tedium, likely preventing volumes from returning this year. We continue to model a return beginning in 2023.
The crisis in Ukraine has focused the market’ s attention on the immediate oil supply deficit, and with good reason: It seems inevitable that Russian supply is being disrupted to some degree, leaving an already-tight market with even fewer barrels. But we think investors should start looking a little further ahead.
In recent years, U.S. producers have typically played the swing producer role, along with OPEC. But a widespread focus on capital discipline has left U.S. producers with less appetite to capitalize on soaring prices than they would have in previous cycles. The reluctance to ramp up and fill the potential void also reflects the reality that while U.S. production is considered short-cycle, it still takes three to six months from allocating capital to seeing a supply response. Management teams are also cognizant of the backwardated futures strip, which means that if the conflict comes to an end more quickly, the favorable price environment may have faded before companies are able to take advantage—even if they start right now. The failure of OPEC to hit its targets, even though output has been persistently growing, coupled with a sluggish U.S. response to strong price signals has convinced the market that a scarce oil supply environment is the new normal.
We think that’ s shortsighted. The post-COVID-19 oil demand recovery had largely played out when the Ukraine crisis began, whereas the oil supply recovery was in its early stages. While OPEC won’ t reach its lofty targets, we do think it can maintain its current growth path for most of this year, and the U.S. rig count has kept ticking higher. Even after incorporating our reduced forecasts for oil demand ( due to higher prices) and supply ( due to Russia sanctions), we think the Goldilocks level for U.S. rig activity in oil plays is 400 rigs if Iran exports are restored and 500 rigs if they aren’ t. This month, the actual level crept above 550 and is likely to reach 600 during 2022. A swing back to a surplus would be much needed initially to restore depleted inventories, but if left unchecked, an unwelcome glut could manifest by 2024.
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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 |
Suspect in Brooklyn subway shooting, Frank James, is now in custody | Police apprehended Frank R. James, who will face federal terror charges for allegedly opening fire on a Brooklyn subway, wounding 10 and injuring 13 others, officials said.
James was taken into custody on Wednesday after police received a Crime Stoppers tip directing them to the East Village neighborhood of Manhattan, authorities said.
`` My fellow New Yorkers, we got him, '' New York City Mayor Eric Adams, who is in isolation following a positive Covid-19 test, told reporters in a video feed. `` We got him. ''
The tip that led to James ' arrest originally took police to a McDonald's on First Avenue and East Sixth Street before officers found him a short time later, two blocks away at St. Mark's Place, ending an intense 30-hour manhunt, officials said.
As he was led out of the 9th Precinct station house on his way to jail, a handcuffed James declined to answer any questions shouted at him by reporters and photographers.
`` We used every resource at our disposal to gather and process significant evidence that directly links Mr. James to the shooting, '' NYPD Commissioner Keechant Sewell told reporters.
`` We were able to shrink his world quickly. There was nowhere left for him to run. ''
Police declined to say who phoned in the key tip leading to James ' arrest. Sewell was asked directly if James might have called in on himself and she declined to answer.
`` We're reviewing who made that call, '' Sewell said.
James will be charged with a federal crime, for allegedly carrying out a terrorist act on mass transit, U.S. Attorney Breon Peace said.
The suspect could face life in prison, according to the prosecutor.
`` Yesterday was a dark day for all of us, '' Peace said. `` But the bright spots of the incredible heroism of our fellow New Yorkers, helping each other in a time of crisis, the quick response by our first responders, and the hard work by all of our law enforcement partners that has been ongoing, is truly a bright spot here. ''
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Earlier on Wednesday, authorities called James a suspect rather than a person of interest.
Surveillance video obtained by NBC New York apparently showed James swiping a subway card, trying to enter a station before Tuesday's attack, giving authorities a clearer look at the suspect.
It was still wasn't clear Wednesday why that particular subway train or station was targeted, if they were at all.
Police even left open the possibility that Tuesday's attack might have been a spur-of-the-moment act.
`` He popped the smoke grenade and we have one witness who says 'What did you do? ' '' NYPD Chief of Detectives James Essig said. `` He goes 'oops ' and then he pops the ( other smoke canister), brandishes the firearm and fires 33 times. ''
Piecing together a potential motive had been a secondary concern for investigators looking for James.
`` First and foremost, we wanted to get him off the street, '' Essig said.
James has a lengthy arrest record in New York City and across the Hudson River in New Jersey, according to Essig.
Between 1992 and 1998, he was arrested nine times in the five boroughs for offenses that include possession of burglary tools, a criminal sex act and theft of service. His New Jersey arrests were in 1991, 1992 and 2007 for trespassing, larceny and disorderly conduct.
The shift in language earlier on Wednesday, from person of interest to suspect, came after another key development in the ongoing probe, with investigators linking the gun allegedly used in Tuesday morning's rush-hour attack to James and an Ohio pawn shop, law enforcement sources said.
Cellphones buzzed shortly after James was named a suspect, urging New Yorkers to call authorities if they see him.
A 9mm Glock handgun left at the scene has been traced by Bureau of Alcohol, Tobacco, Firearms and Explosives investigators to James and a pawn shop in Columbus, law enforcement said. The suspect purchased it there in 2011, sources said.
A $ 50,000 reward had been offered for tips leading to the arrest and conviction of James, who police said had addresses in Wisconsin and Philadelphia.
He rented a U-Haul van, the keys of which were found at the scene of the shooting in Brooklyn's Sunset Park neighborhood, according to authorities.
That van was discovered in the Gravesend neighborhood of Brooklyn, about 5 miles from the Sunset Park attack.
Investigators have obtained surveillance video, taken near that van, appearing to show the suspect walking into a subway station, law enforcement sources said. Footage captured that grainy figure carrying a bag, similar to the one recovered at the shooting scene, into the the Kings Highway station, which serves the N line.
Tuesday's shooting was carried out as a Manhattan-bound N train pulled into the 36th Street station.
The bag left behind at the station included a variety of fireworks and other pyrotechnic equipment that an Ohio-based fireworks seller believes came from him, he told NBC News.
Based on widely circulated pictures of this bag, Phantom Fireworks CEO Bruce Zoldan said that images show four distinct, proprietary items that link to his business — and they were purchased in June last year in Wisconsin by a 62-year-old man named Frank James.
`` We found people ( in sales records) that bought two of those items, individuals that bought three of those items, individuals that bought one of those items, '' Zoldan said. `` Only one person bought four of those items, exact four items. ''
Crime on New York City subways and other quality-of-life matters were key issues that Adams, a former police officer, stressed in his successful mayoral campaign last year.
He ordered additional police staffing on subways Tuesday and urged his fellow New Yorkers to keep using public transit, in the wake of this attack.
Adams retweeted pictures of City Hall staffers who rode rails on Wednesday, adding: `` Proud of this team. ''
Before the subway attack, James appeared to post several rambling videos on YouTube in which he voiced bigoted and controversial views as well as scathing criticism of Adams and his public safety policies and homeless outreach programs on trains.
In a video posted Monday, he said he had experienced the desire to kill people but didn't want to go to jail. | business |
Shields Health Solutions to Participate in Session | Shields Health Solutions ( ShieldsRx), the premier specialty pharmacy accelerator in the country, announced that Chrissy Kendrick, SPHR, senior director of human resources, and Kristen Ditch, PharmD, BCCCP, manager of clinical outcomes at ShieldsRx, will participate in a Thought Leadership Discussion hosted by The Alliance for Health Policy as part of its annual Signature Series on Thursday, April 14.
Mental health in America is the theme for this year’ s Signature Series and the Thought Leadership Discussion is an invitation-only, interactive session for leading thought leaders, experts and policymakers from across the healthcare ecosystem. The Alliance will explore the breadth and depth of U.S. mental health across three major themes: innovation, delivery, and access while examining health equity implications across all domains.
Employers in the health care sector face new challenges in providing mental health benefits and services to their employees, who have experienced increased stress and isolation working in virtual environments, additional stress from the COVID-19 pandemic, and exposure to loss and grief. “ The Thought Leadership Discussion is an excellent opportunity for ShieldsRx to contribute to and learn from a diverse audience of decision influencers and policymakers on mental health policies, ” said Tanya Menchi, JD, vice president of policy at ShieldsRx. “ We look forward to sharing details about the role of integrated specialty pharmacy in comprehensive patient care, the pandemic’ s impact on the mental health of pharmacists and pharmacy staff, and the increasing importance of employer awareness regarding the mental health of their employees. ”
ShieldsRx’ s integrated care model focuses on access to better quality care for more patients through a dedicated team of specialty pharmacy experts, a proven collaborative care model which includes pharmacists, pharmacy liaisons and patient advocates, and integrated technology solutions. The ShieldsRx participants will elaborate on how integrated specialty pharmacy is integral to patients throughout their journey, including screening for mental health, especially for patients on high-risk mediations and therapies. Health systems specialty pharmacy teams also provide treatments for conditions that are at high-risk for mental health challenges, including opioid disorders, multiple sclerosis, and others.
The Alliance’ s Health Equity Thought Leadership Discussion will take place on Thursday, April 14, 2022, and marks the first of a series of events that the Alliance will host throughout the year on the theme of mental health. Those events will culminate in a public Congressional briefing in December and a written summary of the year-long focus that will be an action-focused guide for the greater health policy community. | tech |
Some Medical Ethicists Endorse NFTs -- Here's Why News and Research | Ever since the artist Beeple sold a piece of digital art for nearly $ 70 million, a craze has swept through the world of cryptocurrency, ensnaring crypto evangelists and even the general public. That’ s because the piece was a nonfungible token ( NFT), essentially a one-of-a-kind digital trading card that can also serve as proof of ownership for a physical or digital object. Every time this digital asset changes hands, the exchanges are recorded on a type of public ledger called the blockchain. Although Beeple’ s success sent the prices of other NFTs skyrocketing, their value may not last. But beneath all the hype and speculation, there are real uses for the blockchain. One such possible application could be attaching NFTs to medical data. Ethicists say the technology holds immense potential to reshape patients’ control over their medical information and let people track biological samples taken from their bodies.
Right now, medical information is digitized in electronic health records. But physicians are not the only ones who want to use that data. Medical researchers and companies are purchasing large, anonymized data sets to find novel markers of disease, train diagnostic algorithms and create risk calculators that evaluate surgical candidates. While this work is useful, says Kristin Kostick-Quenet, a medical ethicist at Baylor University, it also creates an ongoing ethical conundrum. “ Sensitive, personal health information is being accessed and exchanged outside of patient awareness on a regular basis and using legal means, ” she says. The system as it exists now benefits a few companies that control access to health records, Kostick-Quenet says, rather than centering the interests of the patients whose data are being used.
In an article published in Science, she and her coauthors suggest that NFTs could provide a solution. For patients, owning an NFT of their medical data would be like creating a kind of sentry to guard that personal information. While their data would still be stored in a secure, encrypted database, the NFT would act as a gatekeeper, tracking who requested access, who was granted access and when—and recording all those actions publicly. NFTs are especially well-suited to this because they use a technology called smart contracts: essentially if/then statements that can predecide how an item gets used. Instead of having to make a decision every time someone wants to use the data, patients can create parameters —-specifying they only want to give access to academic researchers, for example, or for research into cancer treatments—and the smart contract automates that decision.
Marielle Gross, who studies technology and women’ s health care at the University of Pittsburgh, wants to extend the use of NFTs even further, to cover biospecimens such as tumors that are physically removed from patients or organoids created with a patient’ s tissue. “ There ‘ s really no good reason, morally speaking, why patients aren ‘ t the owners of their own samples and the derivatives thereof, ” she says.
In a paper published in JMIR Bioinformatics and Biotechnology, Gross and colleagues argue that NFT technology could have helped avoid many of the problems highlighted by the story of Henrietta Lacks, a Black woman who sought treatment for cervical cancer in 1951. As part of her exam, doctors at Johns Hopkins University took tissue samples of her tumor—but then they sent those samples to another researcher without Lacks’ s knowledge or consent. Because the so-called HeLa cells were able to survive and thrive in the lab, they became essential to a wide range of medical research. Unbeknownst to Lacks, her contribution led to breakthroughs in immunology, cancer research and even the development of the COVID-19 vaccine. If someone in Lacks’ s position owned an NFT of their cells, that person could track how the cells were used. Gross sees HeLa cells as a perfect fit for an NFT because these biospecimens are both finite ( they have unique, physical characteristics) and infinite ( they can replicate and be copied just like a digital asset). “ Their replicability and their ability to be distributed widely, it’ s really that they ‘ re like a chimera of those two entities, of the physical and digital, ” she says.
But not everyone sees NFTs as a viable option for tracking medical data. For one thing, it’ s not clear whether patients even own their data once it’ s been entered into an electronic health record. “ The trick with data or information is that it’ s not like property, where one transfers ownership and gives up rights or claims to it, ” says Lisa Lee, who was executive director of the Presidential Bioethics Commission under President Obama. She says patients share custody over their information with the doctors and health systems that collect it. While patients have a right to see it and to have a say in responsibly using the data, they may not have an absolute right to control what happens to it.
In some cases, suggests Ken Goodman, a bioethicist at the University of Miami, patients should not be allowed to opt out of sharing information because those data are so important for public health. Goodman points out that sharing information about COVID-19 positivity rates, for example, has been crucial for understanding infection risk during the pandemic. That said, he suggests NFTs might build trust in the medical system by giving people a stake in it, encouraging them to share their data with scientists. But first, there needs to be more research about why some people prefer not to share their data—and whether they actually want the kind of fine-grained control over their medical information or biospecimens that NFTs allow. “ I think it’ s an exciting idea, ” he says. “ I think it deserves a lot of study. ”
In addition to the ethical quandaries, there are still technical problems to solve before people can start minting NFTs out of their tumors and health records. For one thing, minting NFTs and maintaining blockchains currently requires an enormous amount of power, creating a troubling environmental cost. For another, Kostick-Quenet notes, NFTs alone are not enough to protect databases of personal medical information. If someone gained access to such a database and then copied it, they could exchange it outside of the public ledger, independent of a patient’ s wishes and without any transparency. Additional structural supports like strong encryption of the data could help. Another way to enforce the system is through federated learning, a technique that allows machine learning algorithms to learn from data sets held in many different places—without ever extracting the information itself.
And for some medical data, no amount of technology can protect patient privacy. “ You can’ t de-identify something with a genome, ” Gross says. The DNA associated with any tissue or cell is a unique marker, which automatically identifies its source and makes anonymity impossible. That said, she also argues that in many cases, including the Henrietta Lacks example, anonymity isn’ t designed to benefit patients. “ It’ s about easing the use of the person ‘ s data—or in this case, their tissue—by third parties without having any accountability to them, ” she says. “ If anything, the privacy that de-identification is protecting is that of the researcher, not of the patient. ”
Finally, there needs to be a lot of public education about what NFTs are and how they work before patients can give informed consent, Gross says. As a result, mass adoption could take some time. But proponents of NFTs are hopeful that the technology could finally give patients transparency into, and some control over, the afterlife of their data. These tokens might not become as viral as Dogecoin, but they could still be valuable: markers of gratitude and respect for what patients are contributing to medical knowledge. | science |
Digital transformation demand lifts Karooooo results | Bouyed by the growing need for enterprises to digitally transform, JSE-listed global software company Karooooo is expecting a strong financial performance for the 2022 financial year.
The company, which is due to release its financial year results in two weeks, says despite persistent changing and challenging operating conditions, it endured the pressure.
“ Karooooo’ s operational resilience, coupled with its profitable and robust business model, drove new customer additions, delivering continuous growth in the total number of subscribers ( connected vehicles and equipment on our platform), ” it says.
The company added over 1.5 million subscribers in total for 2022, up 17% compared to the previous year, when it increased subscribers by 1 306 000.
Also, Karooooo says, 219 972 net subscribers were added for the year − a 23% hike ( 2021: 179 485).
“ It is encouraging that in our first year as a Nasdaq-listed company, our subscriber growth for 2022 was in line with our growth outlook, ” says Karooooo founder and CEO Zak Calisto.
“ I am pleased with Karooooo’ s resilience and execution, despite the persistent operating headwinds resulting from the COVID-19 pandemic during the period. ”
Karooooo, which owns 100% of Cartrack Holdings, will report financial results for the fourth quarter and full year ended 28 February. | general |
Stocks mixed, bonds fall amid inflation, earnings | The information you requested is not available at this time, please check back again soon.
Stocks were mixed and bonds fell on Wednesday as investors weighed risks from inflation against the start of the earnings season.
U.S. equity futures rose and Europe’ s Stoxx 600 Index was little changed. Mining and energy shares outperformed, while retailers slumped as Tesco Plc fell to the lowest in six months after warning profit will be squeezed amid the U.K.’ s cost-of-living crisis.
U.K. inflation surged to a 30-year high before the Bank of England’ s next decision in May, while New Zealand’ s central bank delivered its biggest interest-rate increase in 22 years. Markets continued to digest Tuesday’ s U.S. inflation data, which prompted traders to pare back expectations on how aggressively the Federal Reserve will raise interest rates.
A gauge of the dollar was steady and the yen fell to a 20-year low as the growing gap between rising U.S. bond yields and perpetually low ones in Japan continued to pressure the currency.
Oil rose after Russia vowed to continue the war in Ukraine and China partially eased COVID curbs.
Among notable premarket moves, Sierra Oncology Inc. shares jumped after GlaxoSmithKline agreed to buy the biopharmaceutical company for about US $ 1.9 billion. JPMorgan Chase & Co. was little changed ahead of its first-quarter results due later on Wednesday.
Investors are now turning their attention to the earnings season, while awaiting the European Central Bank’ s meeting on Thursday. Money managers are increasingly hedging the risk of stagflation, especially in Europe, amid concerns that high inflation and slowing growth will end up squeezing company profits.
“ It appears that the market is swinging quickly to try and price ‘ peak inflation,’ ” Jeffrey Halley, senior market analyst at Oanda, wrote in a note. “ Naturally, ‘ peak inflation’ should be a reason to pile back into equities. However, it just isn’ t that simple. The environment for equities remains challenging. ”
Fed Bank of St. Louis President James Bullard said U.S. monetary policy needs to be tightened to a point that it curtails economic growth or policy makers will end up risking their credibility. He supports a half percentage point increase at the Fed’ s policy meeting in May and says the rate should move up “ sharply ” after that.
“ We’ re hopeful that this is where it’ s going to peak, ” Ann Miletti, head of active equity at Allspring Global Investments, said on Bloomberg Television, referring to U.S. inflation. But she added that markets continue to face a wall of worry, ranging from rising rates to the impact of China’ s COVID lockdowns.
On the geopolitical front, the presidents of Poland and the three Baltic states are heading to Kyiv in a show of support that follows the visits of other leaders to the Ukrainian capital, including from Boris Johnson and European Union chiefs. The Biden administration is preparing a new military assistance package for Ukraine.
The International Energy Agency halved its estimate for a decline in Russian crude oil output for April as the nation has been able to find new customers even with global restrictions and self-sanctioning by traditional buyers. But top oil trader Vitol Group said it intends to completely stop trading Russia-origin crude and products by the end of this year.
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.
Stocks were mixed and bonds fell on Wednesday as investors weighed risks from inflation against the start of the earnings season.
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. | general |
Central banks won't let 1970s stagflation emerge, Macklem says | The information you requested is not available at this time, please check back again soon.
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.
While there is plenty of uncertainty in the global economy, the Bank of Canada governor told Bloomberg News he’ s quite certain that policymakers will be able to avoid a return of 1970s-style stagflation.
In the interview, Macklem said the world’ s central bankers have learned the hard lessons from letting inflation get too high. They’ re adjusting policy quickly to avoid a scenario where price pressures remains elevated and the global economy sinks into a recession, he said.
“ A lot has changed since the 1970s, ” said Macklem, who earlier Wednesday delivered a half-percentage point rate increase to wrestle inflation down from a three-decade high. “ Central banks are going to be much more ahead of it than they were. ”
In Canada, that means normalizing monetary policy “ relatively quickly ” to keep demand in check and prevent inflation expectations from hardening, he said.
Macklem’ s decision, which brought Canada’ s policy rate to 1 per cent, came on the same day New Zealand’ s central bank lifted its official cash rate by half a percentage point to 1.5 per cent earlier in the day. A hawkish pivot is also expected in the U.S., where Chairman Jerome Powell and other policy makers have put a half-point hike on the table for the Federal Reserve’ s meeting in May.
On Wednesday, Macklem also provided guidance on how high interest rates could rise in Canada, saying he expects to see the policy rate to return to more normal settings of 2 per cent to 3 per cent. But if needed, they could go even higher.
“ The economy just does not work well when inflation expectations become unmoored, when inflation is high and variable, ” Macklem said. While market-based expectations and yields have risen higher, they’ re still “ consistent ” with inflation coming back to the bank’ s 2 per cent target, he said -- adding that “ we wouldn’ t want to see them go further. ”
Macklem said that while inflation is higher, there’ s little evidence of recession risk. The Bank of Canada is forecasting robust global growth of 3.5 per cent in 2022, despite the pressures of Russia’ s war in Ukraine. In Canada, unemployment is at the lowest in more than 45 years and it “ doesn’ t look anything like stagflation, ” he said.
In fact, despite some worries the Bank of Canada was slow to start tightening policy, Macklem remains optimistic about a soft landing, where higher interest rates do the job of slowing demand without causing a major economic disruption.
Those expectations hinge in large part on certain assumptions -- that supply chain problems will improve, business investment will accelerate and productivity will rise as COVID rules are lifted.
“ I do think those assumptions are balanced and are there risks? Yes, there are risks on both sides, ” Macklem said. | general |
Parental preferences for a mandatory vaccination scheme in England: A discrete choice experiment - The Lancet Regional Health – Europe | BackgroundMandatory vaccination has been mooted to combat falling childhood vaccine uptake rates in England. This study investigated parental preferences for a mandatory vaccination scheme.MethodsDiscrete choice experiment. Six attributes were investigated: vaccine, child age group, incentive, penalty, ability to opt out, and compensation scheme. Mixed effects conditional logit regression models were used to investigate parental preferences and relative importance of attributes.FindingsParticipants were 1,001 parents of children aged 5 years and under in England ( 53% female; mean age=33·6 years, SD=7·1; 84% white). Parental preferences were mostly based on incentives ( 30·7% relative importance; 80·9% [ 95% confidence interval 76·3–85·0% ] preference for parent and 74·8% [ 71·0–78·3% ] for child incentive; reference: no incentive) and penalties ( 25·4% relative importance; 69·5% [ 65·7–73·1% ] preference for schemes where unvaccinated children can not attend school or day care and 67·6% [ 63·6–71·4% ] for those withholding financial benefits for parents of unvaccinated children; reference: £450 fine). Parents also preferred schemes that: offered a compensation scheme ( 18·1% relative importance; 66·4% [ 62·7–69·8% ] preference; reference: not offered), mandated vaccination in children aged 2 years ( versus 5 years; 11·4% relative importance; 42·6% [ 39·4–45·9% ] preference; reference: 2 years), mandated the 6-in-1 vaccine ( 10·5% relative importance; 58·2% [ 54·6–61·7% ] preference; reference: MMR), and that offered only medical exemptions ( versus medical and religious belief exemptions; 4·0% relative importance; 45·5% [ 41·1–50·0% ] preference; reference: medical exemptions).InterpretationThese findings can inform policymakers’ decisions about how best to implement a mandatory childhood vaccination scheme in England.FundingData collection was funded by a British Academy/Leverhulme Small Research Grants ( SRG1920\101118).
Mandatory vaccination has been mooted to combat falling childhood vaccine uptake rates in England. This study investigated parental preferences for a mandatory vaccination scheme.
Discrete choice experiment. Six attributes were investigated: vaccine, child age group, incentive, penalty, ability to opt out, and compensation scheme. Mixed effects conditional logit regression models were used to investigate parental preferences and relative importance of attributes.
Participants were 1,001 parents of children aged 5 years and under in England ( 53% female; mean age=33·6 years, SD=7·1; 84% white). Parental preferences were mostly based on incentives ( 30·7% relative importance; 80·9% [ 95% confidence interval 76·3–85·0% ] preference for parent and 74·8% [ 71·0–78·3% ] for child incentive; reference: no incentive) and penalties ( 25·4% relative importance; 69·5% [ 65·7–73·1% ] preference for schemes where unvaccinated children can not attend school or day care and 67·6% [ 63·6–71·4% ] for those withholding financial benefits for parents of unvaccinated children; reference: £450 fine). Parents also preferred schemes that: offered a compensation scheme ( 18·1% relative importance; 66·4% [ 62·7–69·8% ] preference; reference: not offered), mandated vaccination in children aged 2 years ( versus 5 years; 11·4% relative importance; 42·6% [ 39·4–45·9% ] preference; reference: 2 years), mandated the 6-in-1 vaccine ( 10·5% relative importance; 58·2% [ 54·6–61·7% ] preference; reference: MMR), and that offered only medical exemptions ( versus medical and religious belief exemptions; 4·0% relative importance; 45·5% [ 41·1–50·0% ] preference; reference: medical exemptions).
These findings can inform policymakers’ decisions about how best to implement a mandatory childhood vaccination scheme in England.
Data collection was funded by a British Academy/Leverhulme Small Research Grants ( SRG1920\101118).
Research in context Evidence before this studyUptake of childhood vaccines in high-income countries has decreased in recent years. Making vaccination mandatory has the potential to increase uptake. There is no standard approach to mandatory vaccination schemes. Research suggests that the cultural context will affect perceived acceptability of vaccine laws. Mandatory vaccination has been mooted in England as a way to increase vaccine uptake. However, there is no recent research investigating parental preferences for how a mandatory vaccine scheme could be implemented. Added value of this studyWe used a discrete choice experiment to investigate English parents’ preferences for a mandatory childhood vaccination scheme. Variables included were parameters that are likely to be considered by policymakers if a mandatory vaccination scheme were to be proposed. Implications of all the available evidenceStudy results indicate that parents prefer mandatory vaccination schemes that offer financial incentives for vaccination. The penalty imposed for missing a vaccine dose, and the inclusion of a compensation scheme for severe adverse effects also influenced preferences. These results can be used to inform policy should a mandatory vaccination scheme be proposed in England.
Uptake of childhood vaccines in high-income countries has decreased in recent years. Making vaccination mandatory has the potential to increase uptake. There is no standard approach to mandatory vaccination schemes. Research suggests that the cultural context will affect perceived acceptability of vaccine laws. Mandatory vaccination has been mooted in England as a way to increase vaccine uptake. However, there is no recent research investigating parental preferences for how a mandatory vaccine scheme could be implemented.
We used a discrete choice experiment to investigate English parents’ preferences for a mandatory childhood vaccination scheme. Variables included were parameters that are likely to be considered by policymakers if a mandatory vaccination scheme were to be proposed.
Study results indicate that parents prefer mandatory vaccination schemes that offer financial incentives for vaccination. The penalty imposed for missing a vaccine dose, and the inclusion of a compensation scheme for severe adverse effects also influenced preferences. These results can be used to inform policy should a mandatory vaccination scheme be proposed in England.
The World Health Organization estimates that 4 to 5 million lives are saved by vaccination annually; a further 1.5 million deaths could be avoided if vaccine uptake improves.1World Health Organization. Immunization. 2019. https: //www.who.int/news-room/facts-in-pictures/detail/immunization. Accessed 6 October 2021.Google Scholar The COVID-19 pandemic has highlighted the importance of vaccination. However, uptake of childhood vaccines is declining in high-income countries.2The Lancet Child & Adolescent HealthVaccine hesitancy: a generation at risk.Lancet Child Adolesc Health. 2019; 3: 281Google Scholar,3Screening and Immunisations Team, COVER Team. Childhood vaccination coverage statistics; England, 2019-20, 2020. https: //digital.nhs.uk/data-and-information/publications/statistical/nhs-immunisation-statistics/england—2019-20. Accessed 6 October 2021.Google Scholar Where vaccinations are mandatory, recent rates of non-medical exemptions have increased.4Olive J.K. Hotez P.J. Damania A. Nolan M.S. The state of the antivaccine movement in the United States: a focused examination of nonmedical exemptions in states and counties.PLoS Med. 2018; 15e1002578Google Scholar Currently, child vaccination is voluntary in England, but mandating it has been mooted to combat falling vaccine rates.5Vaughan A. Should the UK make childhood vaccinations mandatory? 4 November 2019. https: //www.newscientist.com/article/2218087-should-the-uk-make-childhood-vaccinations-mandatory/. Accessed 6 October 2021.Google Scholar
There is no standard approach to mandatory vaccination schemes. Approaches vary by which vaccines are mandatory, age groups included, and flexibility of the mandate ( e.g. penalties, enforcement, ability to opt out, compensation for serious adverse events). Of the 105 countries that mandated vaccination in December 2018, the most common penalty used was limiting the unvaccinated child's access to schooling or day care.6Gravagna K. Becker A. Valeris-Chacin R. et al.Global assessment of national mandatory vaccination policies and consequences of non-compliance.Vaccine. 2020; 38: 7865-7873Google Scholar A recent review of vaccination laws in Europe found much variation between countries, and that no common “ best approach ” could be pinpointed.7Vaccine Institute S. Legislative landscape review: legislative approaches to immunization across the European region, 2018. https: //www.sabin.org/sites/sabin.org/files/legislative approaches to immunization europe sabin.pdf. Accessed 6 October 2021.Google Scholar Instead, the report found that context in individual countries should be considered when drafting vaccine laws.
In England, there is a lack of research investigating parents’ views on, and preferences for, a mandatory vaccination scheme. This is partly because child vaccination is voluntary. The COVID-19 pandemic has re-ignited the debate around mandatory vaccination, with COVID-19 vaccination being mandated in frontline health and social care workers in England.8Department of Health and Social Care, NHS England, Javid S. Government to introduce COVID-19 vaccination as a condition of deployment for all frontline health and social care workers. 2021. https: //www.gov.uk/government/news/government-to-introduce-covid-19-vaccination-as-a-condition-of-deployment-for-all-frontline-health-and-social-care-workers. Accessed 20 November 2021.Google Scholar Research into the acceptability of financial incentives and quasi-mandatory childhood vaccination schemes ( where parents can opt their child out of vaccination for medical, religious, or philosophical reasons) in England indicates that parents prefer universal, rather than targeted, schemes, and that financial incentives are not considered appropriate motivation for vaccination.9Adams J. Bateman B. Becker F. et al.Effectiveness and acceptability of parental financial incentives and quasi-mandatory schemes for increasing uptake of vaccinations in preschool children: systematic review, qualitative study and discrete choice experiment.Health Technol Assess. 2015; 19: 1-176Google Scholar,10Adams J. McNaughton R.J. Wigham S. Flynn D. Ternent L. Shucksmith J. Acceptability of parental financial incentives and quasi-mandatory interventions for preschool vaccinations: triangulation of findings from three linked studies.PLoS One. 2016; 11e0156843Google Scholar Quantitative research indicates that parents at high risk of incomplete vaccination prefer schemes offering cash incentives to no incentive; there was no preference in parents not at high risk of vaccine refusal.9Adams J. Bateman B. Becker F. et al.Effectiveness and acceptability of parental financial incentives and quasi-mandatory schemes for increasing uptake of vaccinations in preschool children: systematic review, qualitative study and discrete choice experiment.Health Technol Assess. 2015; 19: 1-176Google Scholar, 10Adams J. McNaughton R.J. Wigham S. Flynn D. Ternent L. Shucksmith J. Acceptability of parental financial incentives and quasi-mandatory interventions for preschool vaccinations: triangulation of findings from three linked studies.PLoS One. 2016; 11e0156843Google Scholar, 11Flynn D. Ternent L. Becker F. Oluboyede Y. Adams J. Parental preferences for the organization of preschool vaccination programs including financial incentives: a discrete choice experiment.MDM Policy Pract. 2017; 22381468317708319Google Scholar However, this study did not investigate parental preferences for other aspects of mandatory vaccination schemes that would need to be considered before implementation, such as the ability to opt out.
The aim of the present study was to assess parental preferences for a mandatory vaccination scheme in parents of children aged five years and under who lived in England. Subgroup analyses assessed variation in preferences in groups identified a-priori as being more likely to refuse child vaccinations and less likely to approve of mandatory vaccination.
Discrete choice experiments ( DCE) allow researchers to investigate participant preferences for a number of pre-selected attributes, each with multiple levels.12Mangham L.J. Hanson K. McPake B. How to do ( or not to do)... Designing a discrete choice experiment for application in a low-income country.Health Policy Plan. 2009; 24: 151-158Google Scholar Participants are presented with two different hypothetical scenarios, known as a choice set, which vary in the levels of the attributes, and are asked to indicate their preference ( scenario a, scenario b, both the same). Researchers can then identify participant preferences for the levels of each attribute and the relative weight of each attribute in participant preferences. This approach is increasingly used in health policy research.
Attributes for investigation were based on a recent systematic review conducted by our team,13Smith L.E. Hodson A. Rubin G.J. Parental attitudes towards mandatory vaccination; a systematic review.Vaccine. 2021; 39: 4046-4053Google Scholar and on those which are likely to be considered by policymakers if a mandatory vaccination scheme were to be proposed ( see supplementary materials 1 for detailed rationale). For this study, we selected six attributes, four with two levels ( vaccine [ 6-in-1, measles, mumps, and rubella ( MMR) ], child age group [ 2 years and older, 5 years and older ], ability to opt out [ medical exemptions only, medical and religious belief exemptions ], availability of a compensation scheme [ offered, not offered ]) and two attributes with three levels ( incentive [ no incentive, £130 cash pay-out for parent per vaccine dose, £130 voucher for child per vaccine dose ], penalty [ £450 fine for each dose of the vaccine missed, child unable to attend school or childcare if unvaccinated, parent not able to claim Child Benefits 1In England, parents can receive a Child Benefit allowance for children under 16 years old ( https: //www.gov.uk/child-benefit). if child not vaccinated ]; Table 1).Table 1Attributes and levels included in the discrete choice experiment.AttributeLevel 1Level 2Level 3Vaccine that would be mandatory: Measles, mumps, and rubella ( MMR; part of routine NHS vaccine schedule) Diphtheria, tetanus, whooping cough [ pertussis ], polio, Hib [ Haemophilus influenzae type b ], hepatitis B ( 6-in-1 vaccine, 4-in-1 pre-school booster; part of routine NHS vaccine schedule) -Vaccination would be mandatory in children aged:2 years and older5 years and older-If [ CHILD ] is vaccinated: You will receive a voucher of £130 to invest for [ CHILD ] for each dose of the vaccineYou will receive a cash pay-out of £130 for each dose of the vaccineNeither you nor [ CHILD ] will receive a monetary pay-out for each dose of the vaccineIf [ CHILD ] is not vaccinated: You will not be able to claim Child Benefits for [ CHILD ] until she/he is vaccinated [ CHILD ] will not be able to attend school or childcare / day care until she/he is vaccinatedYou will be fined £450 for each dose of the vaccine missedAbility to opt out: You can only opt out if [ CHILD ] has a medical condition diagnosed by a health professional that means she/he can not be vaccinatedYou can opt out if [ CHILD ] has a medical condition diagnosed by a health professional that means she/he can not be vaccinated, or if the vaccination goes against your religious beliefs-Compensation scheme: A compensation scheme will be offered for very rare, very severe adverse effectsA compensation scheme will not be offered as very severe adverse effects are very rare- Open table in a new tab
For this study, a full factorial design would require participants to rate every scenario ( 32 × 24 = 144) ; this was not practical. We used a fractional factorial design with each participant rating sixteen choice sets. The sample was split, with half receiving group set A and half receiving group set B. Thus, we used 32 choice sets ( total of 64 scenarios). The design was optimised using a modified Fedorov algorithm ( D-optimisation) to determine the 64 most optimal allocations, and 32 most optimal comparisons from the complete factorial design.14Cook R.D. Nachtsheim C.J. A comparison of algorithms for constructing exact D-optimal designs.Technometrics. 1980; 22: 315-324Google Scholar,15Carlsson F. Martinsson P. Design techniques for stated preference methods in health economics.Health Econ. 2003; 12: 281-294Google Scholar Within each group set, choice sets were randomly presented to avoid order effects.
For each choice set, participants were asked which of the scenarios for a hypothetical mandatory vaccination scheme they preferred ( scenario 1 or 2). Participants could also indicate that they did not prefer either scenario by choosing a third opt-out option ( “ neither ”). Where participants selected that they did not prefer either scenario, they were subsequently asked to indicate which scenario was most preferable ( “ the least bad ”). This is common practice in DCEs.9Adams J. Bateman B. Becker F. et al.Effectiveness and acceptability of parental financial incentives and quasi-mandatory schemes for increasing uptake of vaccinations in preschool children: systematic review, qualitative study and discrete choice experiment.Health Technol Assess. 2015; 19: 1-176Google Scholar, 10Adams J. McNaughton R.J. Wigham S. Flynn D. Ternent L. Shucksmith J. Acceptability of parental financial incentives and quasi-mandatory interventions for preschool vaccinations: triangulation of findings from three linked studies.PLoS One. 2016; 11e0156843Google Scholar, 11Flynn D. Ternent L. Becker F. Oluboyede Y. Adams J. Parental preferences for the organization of preschool vaccination programs including financial incentives: a discrete choice experiment.MDM Policy Pract. 2017; 22381468317708319Google Scholar Figure 1 shows an example choice set.Figure 1Example choice set.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
Internal validity was measured using a repeated question to check the stability of responses.16Johnson F.R. Yang J.C. Reed S.D. The internal validity of discrete choice experiment data: a testing tool for quantitative assessments.Value Health. 2019; 22: 157-160Google Scholar We randomly selected a choice set from group set A and group set B, which was presented to participants at the end of the group set. The choice set was inverted ( scenario 1 became scenario 2, and vice versa). Thus, participants rated a total of seventeen choice sets. Results from the internal validity choice set were not included in DCE analyses.
Final survey materials are presented in the supplementary materials 2.
Participants were asked to what extent they agreed with a series of eleven statements on an eleven-point Likert scale ( “ strongly disagree ( 0) ” to “ strongly agree ( 10) ”). Statements measured theoretically driven constructs associated with uptake of vaccines, guided by the Protection Motivation Theory17Rogers RW, Prentice-Dunn S. Protection motivation theory. 1997.Google Scholar and the validated Vaccination Attitudes Examination ( VAX) scale,18Martin L.R. Petrie K.J. Understanding the dimensions of anti-vaccination attitudes: the vaccination attitudes examination ( VAX) scale.Ann Behav Med. 2017; 51: 625-660Google Scholar including perceived susceptibility and severity of vaccine preventable illnesses, perceived effectiveness and safety of child vaccines, approval of mandatory vaccination in general, thinking that vaccination campaigns are about making money for the manufacturers, preference for natural immunity and herd immunity. Statements were adapted from existing literature.10Adams J. McNaughton R.J. Wigham S. Flynn D. Ternent L. Shucksmith J. Acceptability of parental financial incentives and quasi-mandatory interventions for preschool vaccinations: triangulation of findings from three linked studies.PLoS One. 2016; 11e0156843Google Scholar,18Martin L.R. Petrie K.J. Understanding the dimensions of anti-vaccination attitudes: the vaccination attitudes examination ( VAX) scale.Ann Behav Med. 2017; 51: 625-660Google Scholar,19Smith L.E. Webster R.K. Weinman J. Amlôt R. Yiend J. Rubin G.J. Psychological factors associated with uptake of the childhood influenza vaccine and perception of post-vaccination side-effects: a cross-sectional survey in England.Vaccine. 2017; 35: 1936-1945Google Scholar
We asked participants for their age, sex, ethnicity, highest educational qualification, employment status, total household income, marital status, how many children they were the parent or legal guardian of, and whether they had a chronic illness.
For the questionnaire, we asked participants to think about one of their children who was aged 5 years or younger ( index child). We collected data about this child's age ( in years), sex, and whether they had a chronic illness.
Participants provided their full postcode, from which region and index of multiple deprivation ( 2019) were derived.
We piloted the survey, including the DCE, with five parents of children aged 5 years or younger ( three female, two male) for understanding of materials. Pilot participants were asked to give their interpretation of, and answer, each question. In doing so, we were able to identify problems with phrasing and presentation of items. Comments from pilot participants resulted in framing the DCE with reference to a named index child, changes in wording to the study materials and changes in the layout of the DCE.
Data were collected using an online cross-sectional survey ( conducted 20 May to 7 June 2021) conducted by Panelbase, a Market Research Society Company Partner.
Participants were recruited from two specialist research panel providers ( people who have opted in to take part in online surveys; Panelbase and Lucid). Those aged 18 years or older, living in England, with a child aged 5 years or younger were eligible. Recruitment used non-probability sampling, an approach common in standard opinion polling methods. Quota sampling was based on sex ( 50% female), ethnicity ( 86% white) and Government Office Region ( nationally representative) using targets from the Office for National Statistics,20Office for National Statistics. Population estimates for the UK, England and Wales, Scotland and Northern Ireland: mid-2018. 2019. https: //www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/bulletins/annualmidyearpopulationestimates/mid2018. Accessed 3 March 2020.Google Scholar to ensure the sample was broadly representative of the English general population.
A full sample size calculation would require estimates of the true values of the parameters, which are not known before beginning the research. Estimates indicate that a reliable model can be achieved with a minimum of twenty participants per choice set.21Lancsar E. Louviere J. Conducting discrete choice experiments to inform healthcare decision making: a user's guide.Pharmacoeconomics. 2008; 26: 661-677Google Scholar Given 32 choice sets, we aimed to recruit 1000 participants ( 32 × 30 = 960), to give us adequate power for model convergence in the main analysis.
Ethical approval for this study was granted by King's College London Psychiatry, Nursing, and Midwifery Research Ethics subcommittee ( reference number LRS-20/21-21880).
Socio-demographic characteristics of participants, parent vaccine sentiment and approval of mandatory vaccination were analysed by index child vaccination status ( not, partially or fully vaccinated).
To check D-efficient design properties of the DCE, sample attribute level balance summary statistics were calculated, orthogonality of the design was assessed by inspection of the correlation matrix, and choice sets were observed visually to inspect the overlap.
Mixed effects conditional logit regression models were run to investigate parental preferences for each level of individual attributes, fitting the attributes as random effects, with 500 Halton draws.12Mangham L.J. Hanson K. McPake B. How to do ( or not to do)... Designing a discrete choice experiment for application in a low-income country.Health Policy Plan. 2009; 24: 151-158Google Scholar,22Hole A.R. Fitting mixed logit models by using maximum simulated likelihood.Stata J. 2007; 7: 388-401Google Scholar We calculated conditional preference for levels within the attributes and comparisons of relative importance of attributes, log likelihood, likelihood ratio test and the Akaike information criterion ( AIC) for goodness of fit of the model. These analyses were run in Stata version 16.23StataCorp. Stata statistical software: release 16. College Station, TX: StataCorp LLC; 2019.Google Scholar
We conducted a sensitivity analysis, excluding all participants who did not answer the internal validity question consistently.
We identified groups in whom uptake of child vaccination and approval of mandatory vaccination were lower based on parent socio-demographic characteristics. Groups and cut-offs were identified a-priori based on the literature ( lower parental education [ other or no qualifications, vs degree or higher ], lower total household income [ up to £29,999, vs £30,000 or higher ], greater number of children [ one, vs two, three or more; proxy for household size ], not identifying as white ethnicity [ white, vs other ], living in London [ London, vs the North ( North East, North West, Yorkshire and the Humber), the Midlands ( East Midlands, West Midlands, East of England), the South ( South East, South West) ], not being partnered [ not partnered, vs partnered ], younger parent age [ under 30 years, vs 30 years and over ]).3Screening and Immunisations Team, COVER Team. Childhood vaccination coverage statistics; England, 2019-20, 2020. https: //digital.nhs.uk/data-and-information/publications/statistical/nhs-immunisation-statistics/england—2019-20. Accessed 6 October 2021.Google Scholar,9Adams J. Bateman B. Becker F. et al.Effectiveness and acceptability of parental financial incentives and quasi-mandatory schemes for increasing uptake of vaccinations in preschool children: systematic review, qualitative study and discrete choice experiment.Health Technol Assess. 2015; 19: 1-176Google Scholar,13Smith L.E. Hodson A. Rubin G.J. Parental attitudes towards mandatory vaccination; a systematic review.Vaccine. 2021; 39: 4046-4053Google Scholar,24Falagas M.E. Zarkadoulia E. Factors associated with suboptimal compliance to vaccinations in children in developed countries: a systematic review.Curr Med Res Opin. 2008; 24: 1719-1741Google Scholar, 25Forshaw J. Gerver S.M. Gill M. Cooper E. Manikam L. Ward H. The global effect of maternal education on complete childhood vaccination: a systematic review and meta-analysis.BMC Infect Dis. 2017; 17: 801Google Scholar, 26Tabacchi G. Costantino C. Napoli G. et al.Determinants of European parents ' decision on the vaccination of their children against measles, mumps and rubella: a systematic review and meta-analysis.Hum Vaccines Immunother. 2016; 12: 1909-1923Google Scholar, 27Office for National Statistics. Average household income, UK: financial year 2020. 21 January 2021. https: //www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/householddisposableincomeandinequality/financialyear2020. Accessed 14 April 2021.Google Scholar, 28Office for National Statistics. Births by parents’ characteristics. 2019 edition of this dataset ed; 2020. https: //www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/livebirths/datasets/birthsbyparentscharacteristics. Accessed 14 April 2021.Google Scholar We also grouped parents by index of multiple deprivation using a three-way split ( lowest [ living in most deprived deciles, 1 to 3 ], vs middle [ living in deciles, 4 to 7 ], highest [ living in least deprived deciles, 8 to 10 ].
We used dimension reduction techniques to aid feature identification for psychological factors. We conducted an exploratory factor analysis, using direct oblimin rotation as items may have been correlated. All psychological factor items were included in the factor analyses. Two components explained 62% of the variance, with the addition of a third explaining only 6% more. As the third component had an Eigenvalue of substantially less than one ( 0·7), we interpreted there to be two main components emerging from principal component analyses. We created a single variable ( “ approval of child vaccination ”) by summing scores for six variables that loaded strongly onto the first component ( resulting variable range 0–60), with higher scores reflecting more positive vaccination beliefs. We hypothesised that people with more positive vaccine sentiments would be more likely to vaccinate their child and to approve of mandatory vaccination schemes. To group participants a-priori, we used a tertile split ( approval of child vaccination: lowest [ scores 0 to 42 ], vs middle [ scores 43 to 52 ], highest [ scores 53 to 60 ]). SPSS version 26 was used for these analyses.29IBM Corp. IBM SPSS Statistics for Windows, Version 26.0. Armonk, NY: IBM Corp; 2019.Google Scholar
DCE analyses were repeated within each subgroup.
1056 participants completed the survey, but 55 were excluded for quality assurance purposes ( e.g. completing the survey too quickly, or giving the same answer to several consecutive questions). Therefore, the final sample was 1001. Participants were broadly representative of the English population ( 53% female, 84% white ethnicity) and ranged in age between 18 and 65 years ( mean=33·6 years, SD=7·1). Participant characteristics differed by child vaccination status, with female, older, white, and partnered parents being more likely to report that their child was fully vaccinated ( Table 2). People who lived in London were less likely to have a fully vaccinated child, as were those whose child had a chronic illness.Table 2Participant characteristics, by index child vaccination status.Socio-demographic characteristicsLevelNot vaccinated, n = 39Partially vaccinated, n = 145Fully vaccinated, n = 817p-valuen (%) n (%) n (%) ParentSexMale28 ( 6·0) 80 ( 17·1) 360 ( 76·9) 0·002Female10 ( 1·9) 64 ( 12·1) 456 ( 86·0) Other1 ( 100·0) 0 ( 0·0) 0 ( 0·0) Prefer not to say0 ( 0·0) 1 ( 50·0) 1 ( 50·0) Age ( years) M, SDM = 31·7, SD=6·7M = 31·6, SD=7·6M = 34·0, SD=6·9 < 0·001EthnicityWhite British32 ( 4·2) 96 ( 12·6) 635 ( 83·2) 0·02White other1 ( 1·3) 12 ( 15·8) 63 ( 82·9) Black and minoritised ethnic5 ( 3·3) 33 ( 21·9) 113 ( 74·8) Prefer not to say1 ( 9·1) 4 ( 36·4) 6 ( 54·5) Chronic illnessNot present24 ( 3·9) 80 ( 12·9) 515 ( 83·2) 0·002Present13 ( 3·7) 52 ( 14·7) 288 ( 81·6) Do not know0 ( 0·0) 6 ( 54·5) 5 ( 45·5) Prefer not to say2 ( 11·1) 7 ( 38·9) 9 ( 50·0) Highest qualificationDegree equivalent or higher14 ( 3·2) 56 ( 12·7) 372 ( 84·2) 0·09Other or no qualifications24 ( 4·3) 87 ( 15·7) 442 ( 79·9) Prefer not to say1 ( 16·7) 2 ( 33·3) 3 ( 50·0) Employment statusFull-time26 ( 4) 96 ( 14·7) 530 ( 81·3) 0·10Part-time6 ( 3·8) 24 ( 15·1) 129 ( 81·1) Not working/other6 ( 3·2) 23 ( 12·4) 157 ( 84·4) Prefer not to say1 ( 25·0) 2 ( 50·0) 1 ( 25·0) Total household incomeUnder £10,0004 ( 9·8) 6 ( 14·6) 31 ( 75·6) 0·09£10,000–£19,9996 ( 4·4) 24 ( 17·8) 105 ( 77·8) £20,000–£29,99910 ( 5·7) 32 ( 18·2) 134 ( 76·1) £30,000–£39,9993 ( 1·8) 28 ( 16·7) 137 ( 81·5) £40,000–£49,9996 ( 3·9) 19 ( 12·3) 130 ( 83·9) £50,000–£74,9994 ( 2·0) 18 ( 9·1) 175 ( 88·8) £75,000 or over3 ( 3·1) 15 ( 15·3) 80 ( 81·6) Do not know0 ( 0·0) 1 ( 25·0) 3 ( 75·0) Prefer not to say3 ( 11·1) 2 ( 7·4) 22 ( 81·5) RegionEast Midlands3 ( 2·9) 14 ( 13·5) 87 ( 83·7) 0·001East of England5 ( 5·7) 13 ( 14·9) 69 ( 79·3) London16 ( 8·7) 41 ( 22·4) 126 ( 68·9) North East0 ( 0·0) 6 ( 11·8) 45 ( 88·2) North West4 ( 3·3) 14 ( 11·5) 104 ( 85·2) South East2 ( 1·4) 14 ( 9·6) 130 ( 89·0) South West4 ( 5·1) 8 ( 10·3) 66 ( 84·6) West Midlands3 ( 2·6) 13 ( 11·4) 98 ( 86·0) Yorkshire and the Humber2 ( 1·7) 22 ( 19·0) 92 ( 79·3) Partnership statusSingle / separated / divorced / widowed8 ( 4·7) 37 ( 21·9) 124 ( 73·4) 0·003Married / partnered30 ( 3·6) 108 ( 13) 692 ( 83·4) Prefer not to say1 ( 50·0) 0 ( 0·0) 1 ( 50·0) Number of children aged 17 years or youngerOne16 ( 4·4) 58 ( 15·9) 291 ( 79·7) 0·37Two13 ( 3·3) 58 ( 14·8) 320 ( 81·8) Three7 ( 4·9) 12 ( 8·3) 125 ( 86·8) Four or more3 ( 3·0) 17 ( 16·8) 81 ( 80·2) Positive vaccine sentimentM, SDM = 30·4, SD=15·1M = 36·2, SD=12·2M = 48·2, SD=9·8 < 0·001I approve of mandatory vaccinationStrongly disagree ( 0) to Strongly agree ( 10) M = 4·4, SD=3·3M = 5·4, SD=3·2M = 7·7, SD=2·6 < 0·001Index childSexMale20 ( 3·8) 80 ( 15·1) 429 ( 81·1) 0·52Female19 ( 4·0) 64 ( 13·6) 387 ( 82·3) Prefer not to say0 ( 0·0) 1 ( 50·0) 1 ( 50·0) Age ( years) Mean, SDM = 2·5, SD=1·6M = 3·0, SD=1·5M = 3·0, SD=1·50·12Chronic illnessNot present31 ( 3·6) 112 ( 13·0) 717 ( 83·4) < 0·001Present4 ( 3·4) 26 ( 21·8) 89 ( 74·8) Do not know1 ( 10·0) 6 ( 60·0) 3 ( 30·0) Prefer not to say3 ( 25·0) 1 ( 8·3) 8 ( 66·7) Open table in a new tab
Parents with fully vaccinated children were likely to hold more positive vaccine sentiments and approve of mandatory vaccination ( Table 2).
The attributes that most influenced participants’ preferences were incentives and penalties included in mandatory vaccination schemes, followed by the availability of a compensation scheme ( Table 3). Participants had a strong preference for mandatory vaccination schemes that offered a financial incentive to themselves or their child for each vaccine dose, compared to not receiving an incentive. When using incentivisation to the child as the reference category, participants slightly preferred a cash incentive for themselves, compared to an incentive to their child. Compared to receiving a £450 fine for each dose of the vaccine missed, parents preferred schemes that did not allow unvaccinated children to attend school or day care and those that withheld financial benefits for parents of unvaccinated children. When denying unvaccinated children schooling or childcare was denoted as the reference category, there was no significant preference for schemes that withheld benefits for parents of unvaccinated children. Participants preferred schemes that: offered a compensation scheme, versus not offering one; mandated the 6-in-1, rather than MMR vaccine; mandated vaccination in children aged 2 years and older, compared to 5 years and older; and had a slight preference for schemes with medical exemptions only, rather than those with medical and religious exemptions.Table 3Percentage of participants who have a positive preference for a mandatory vaccine scheme attribute.AttributeLevelPreference mean difference ( standard error)% who prefer this level ( 95% CI) p-levelRelative importanceVaccineMMRReference10·5% 6-in-10·13 ( 0·03) 58·2 ( 54·6 to 61·7) < 0·001Child age group2 years and olderReference11·4% 5 years and older-0·14 ( 0·03) 42·6 ( 39·4 to 45·9) < 0·001IncentiveNo incentiveReference30·7% Incentive for child ( £130 voucher) 0·32 ( 0·03) 74·8 ( 71·0 to 78·3) < 0·001Incentive for parent ( £130 cash pay-out) 0·39 ( 0·03) 80·9 ( 76·3 to 85·0) < 0·001Incentive for child ( £130 voucher) Incentive for parent ( £130 cash pay-out) 0·06 ( 0·03) Reference56·3 ( 50·0 to 62·4) 0·05Penalty£450 fineReference25·4% Parent not able to claim Child Benefits for child until they are vaccinated0·29 ( 0·03) 67·6 ( 63·6 to 71·4) < 0·001Child not able to attend school or childcare / day care until they are vaccinated0·32 ( 0·03) 69·5 ( 65·7 to 73·1) < 0·001Child not able to attend school / day care until they are vaccinatedParent not able to claim Child Benefits for child until they are vaccinated-0·04 ( 0·03) Reference47·5 ( 42·8 to 52·2) 0·30Ability to opt outMedical exemptionReference4·0% Medical and religious belief exemption-0·05 ( 0·03) 45·5 ( 41·1 to 50·0) 0·05Compensation schemeNot offeredReference18·1% Offered0·23 ( 0·03) 66·4 ( 62·7 to 69·8) < 0·001Model fit summary statistics. Log likelihood = -10,313·87, Likelihood Ratio Test = 1,030·58, p < 0·0001, Akaike's Information Criterion = 20,661·73. Open table in a new tab
Model fit summary statistics. Log likelihood = -10,313·87, Likelihood Ratio Test = 1,030·58, p < 0·0001, Akaike's Information Criterion = 20,661·73.
In group set A, internal validity was 63% ( n = 298/473), whereas in group set B, internal validity was 67% ( n = 355/528). Results of the sensitivity analysis, excluding all participants who did not answer the internal validity question consistently, found the same patterns as full group analyses ( supplementary materials 3).
Subgroup analyses followed the same pattern as in the whole sample. Major differences in subgroups are described narratively; all results are reported in the supplementary materials 4.
Participants from black and minoritized ethnic groups showed different patterns of preferences to white participants, placing more importance on the ability to opt out of a mandatory vaccination scheme ( Black and minoritized ethnic group relative importance=11·1%, preference for schemes allowing medical exemptions only [ 27·6% ( 95% CI 13·7% to 46·1%) preference for schemes allowing medical and religious belief exemptions ]; white group relative importance=3·0%, no preference for ability to opt out [ 46·7% ( 95% CI 42·0% to 51·4%) preference for schemes allowing medical and religious belief exemptions ] and that offered a compensation scheme ( Black and minoritized ethnic group relative importance=22·9%, white group relative importance=17·3%). Less emphasis was placed on which vaccine ( Black and minoritized ethnic group relative importance=1·8%, no preference for vaccine [ 48·4% ( 95% CI 38·3% to 58·5%) preference for 6-in-1 vaccine ]; white group relative importance=13·6%, 60·8% [ 95% CI 56·8% to 64·7% ] preference for 6-in-1 vaccine) and age group the vaccine would be made mandatory ( Black and minoritized ethnic group relative importance=5·7%, no age preference [ 45·7% ( 95% CI 36·9% to 54·8%) preference for children aged 5 years and older ]; white group relative importance=11·3%, prefer schemes for children aged 2 years and older [ 42·7% ( 95% CI 39·2% to 46·2%) preference for children aged 5 years and older ]).
There were some regional differences in preferences for mandatory vaccination schemes. Participants living in the South placed less emphasis on incentives ( South relative importance=21·2%, other regions relative importance =26·2% to 34·3%) and penalties ( South relative importance=17·2%, other regions relative importance =26·4% to 30·5%) of vaccination schemes. People living in the South and London placed more importance on the ability to opt out ( South relative importance=13·4%, preference for schemes allowing only medical exemptions [ 38·0% ( 95% CI 31·1% to 45·2%) preference for schemes allowing medical and religious belief exemptions ]; London relative importance=12·1%, preference for schemes allowing only medical exemptions [ 36·6% ( 95% CI 25·7% to 48·7%) preference for schemes allowing medical and religious belief exemptions ]; North relative importance=4·6%, no preference for ability to opt out [ 60·6% ( 95% CI 48·6% to 71·7%) preference for schemes allowing medical and religious belief exemptions ]; Midlands relative importance=0·7%, no preference for ability to opt out [ 49·2% ( 95% CI 40·6% to 57·9%) preference for schemes allowing medical and religious belief exemptions ]).
Participants who reported not having a partner placed more emphasis on the ability to opt out of a mandatory vaccination scheme ( participants who were not partnered relative importance=10·9%, partnered participants relative importance=6·9%). Participants who were not partnered preferred schemes that offered medical and religious belief exemptions ( 69·1% [ 95% CI 53·9% to 81·5% ] preference for schemes allowing medical and religious belief exemptions), while partnered participants preferred schemes allowing only medical exemptions ( 42·3% [ 95% CI 37·7% to 47·0% ] preference for schemes allowing medical and religious belief exemptions).
Participants with three or more children placed a much stronger emphasis on incentives for vaccination ( participants with three or more children relative importance=39·1%, participants with two children or fewer relative importance=26·7% to 29·2%), and less emphasis on the age group in which vaccine would be mandated ( participants with three or more children relative importance=1·6%, no age preference [ 48·8% ( 95% CI 41·5% to 56·1%) preference for children aged 5 years and older ]; participants with two children relative importance=13·5%, preference for children aged 2 years and younger [ 40·7% ( 95% CI 35·6% to 45·9%) preference for children aged 5 years and older ]; participants with one child relative importance=12·5%, preference for children aged 2 years and younger [ 42·6% ( 95% CI 37·5% to 47·9%) preference for children aged 5 years and older ]). Parents aged under 30 did not show a preference for schemes that would not allow them to claim benefits for their child if not vaccinated ( parents aged under 30 years, 57·9% [ 95% CI 47·0% to 68·2% ] preference for schemes not allowing parents to claim benefits for their child if not vaccinated; parents aged 30 years or over, 70·3% [ 95% CI 65·9% to 74·3% ] preference for schemes not allowing parents to claim benefits for their child if not vaccinated.
Dimension reduction techniques indicated that psychological factors could be grouped into two distinct groups, with the first component being the most influential ( supplementary materials 5). The first component reflected generally positive vaccine sentiments ( “ approval of child vaccines ”; child vaccines are effective and safe, approval of mandatory vaccination), while the second reflected generally negative vaccine sentiments ( “ disapproval of child vaccines ”; child vaccines cause side effects, not liking child vaccines generally, preferring natural immunity, and thinking that child vaccination campaigns are financially motivated). Factor loadings of individual items onto components are reported in supplementary materials 5.
Preferences for a mandatory vaccination scheme varied by vaccine sentiment. Those with the most positive vaccine sentiments placed less emphasis on penalties ( participants with the least positive vaccine sentiments relative importance=28·7%; participants scoring in the middle range for positive vaccine sentiments relative importance=30·0%; participants with the most positive vaccine sentiments relative importance=21·1%) of the schemes, and more emphasis on the vaccine to be made mandatory ( participants with the least positive vaccine sentiments relative importance=7·6%, no vaccine preference [ 57·0% ( 95% CI 49·6% to 64·1%) preference for 6-in-1 vaccine ]; participants scoring in the middle range for positive vaccine sentiments relative importance=4·2%, no vaccine preference [ 54·3% ( 95% CI 47·4% to 61·0%) preference for 6-in-1 vaccine ]; participants with the most positive vaccine sentiments relative importance=15·0%, 63·4% [ 95% CI 57·9% to 68·7% ] preference for 6-in-1 vaccine) and the age group in which vaccines should be made mandatory, with participants with the least positive vaccine sentiments showing a preference for mandatory vaccination schemes that mandated vaccination in older children ( participants with the least positive vaccine sentiments relative importance=9·3%, 56·2% [ 95% CI 50·2% to 62·0% ] preference for children aged 5 years and older; participants scoring in the middle range for positive vaccine sentiments relative importance=15·8%, preference for children aged 2 years and older [ 37·4% ( 95% CI 32·0% to 43·2%) preference for children aged 5 years and older ]; participants with the most positive vaccine sentiments relative importance=17·0%, preference for children aged 2 years and older [ 36·3% ( 95% CI 31·3% to 41·5%) preference for children aged 5 years and older ]). Participants with the least positive vaccine sentiments showed a preference for mandatory vaccination schemes that allowed medical and religious belief exemptions ( participants with the least positive vaccine sentiments, 60·2% [ 95% CI 51·2% to 68·6% ] preference for schemes allowing medical and religious belief exemptions; participants scoring in the middle range for positive vaccine sentiments, preference for schemes allowing medical exemptions only [ 39·9% ( 95% CI 31·9% to 48·3%) preference for schemes allowing medical and religious belief exemptions ]; participants with the most positive vaccine sentiments, preference for schemes allowing medical exemptions only [ 38·4% ( 95% CI 32·2% to 45·0%) preference for schemes allowing medical and religious belief exemptions ]).
We investigated English parents’ preferences for a mandatory childhood vaccination scheme. The attributes that most strongly influenced parental preferences were financial incentives for vaccination, the penalty imposed for missing a vaccine dose, and the inclusion of a compensation scheme for severe adverse effects. Our results contrast with systematic review findings that parents dislike mandatory vaccination schemes that offer financial incentives.13Smith L.E. Hodson A. Rubin G.J. Parental attitudes towards mandatory vaccination; a systematic review.Vaccine. 2021; 39: 4046-4053Google Scholar This difference is likely due to selective sampling used in qualitative studies that were synthesised in the systematic review, with studies included selectively recruiting parents who had refused all vaccines for their child and who were home schooling their child in countries where school vaccine mandates were in operation. Social desirability bias may also have affected results in qualitative interview or focus group studies more so than in our anonymised survey. A previous DCE in English parents found a preference for financial incentives only in parents “ at high risk ” of vaccine refusal ( those living in more deprivation, who had a child with a chronic illness, single parents, were aged less than 20 years, or had three or more children).10Adams J. McNaughton R.J. Wigham S. Flynn D. Ternent L. Shucksmith J. Acceptability of parental financial incentives and quasi-mandatory interventions for preschool vaccinations: triangulation of findings from three linked studies.PLoS One. 2016; 11e0156843Google Scholar,11Flynn D. Ternent L. Becker F. Oluboyede Y. Adams J. Parental preferences for the organization of preschool vaccination programs including financial incentives: a discrete choice experiment.MDM Policy Pract. 2017; 22381468317708319Google Scholar However, this study included fewer parents in each subgroup and so had less power to detect smaller effects.
We found that parents preferred schemes that denied access to schooling and childcare, or that stopped parents of unvaccinated children receiving tax benefits, compared to receiving a fine for each vaccine dose missed. Systematic review findings indicate that parents felt peace of mind in schemes that restricted mixing of unvaccinated children at school or day care.13Smith L.E. Hodson A. Rubin G.J. Parental attitudes towards mandatory vaccination; a systematic review.Vaccine. 2021; 39: 4046-4053Google Scholar Should a mandatory vaccination scheme be proposed, this may be the preferential option. However, caution should be taken as parents who strongly oppose vaccination may seek alternative ways to school their child such as home-schooling.30Omer S.B. Betsch C. Leask J. Mandate vaccination with care.Nature. 2019; 571: 469-472Google Scholar Further research is needed to quantify the percentage of parents who may seek alternative schooling for their children if a mandatory vaccine scheme restricting access to schooling or childcare for unvaccinated children were to be implemented. Studies should investigate whether there is a disproportionate effect on children from disadvantaged groups, or those of parents who are vaccine hesitant. Care should also be taken to avoid penalizing the child for their parents’ vaccination decision.13Smith L.E. Hodson A. Rubin G.J. Parental attitudes towards mandatory vaccination; a systematic review.Vaccine. 2021; 39: 4046-4053Google Scholar
Implementing a mandatory vaccination scheme is unlikely to affect vaccination decisions in parents of children who vaccinate their child voluntarily. Instead, their aim is to increase uptake in those who refuse vaccines for their children. We investigated parental preferences in subgroups that were less likely to vaccinate their child and have less positive attitudes towards mandatory vaccination. There were few meaningful differences between subgroup and whole sample analyses. However, parents with the least positive vaccine beliefs using our composite measure displayed significant differences in their preferences, preferring schemes that allowed medical and religious belief exemptions ( versus medical exemptions only) and that mandated vaccination in older ( versus younger) children. Previous research indicates that mandating vaccination has the potential to increase vaccine refusal in children of vaccine hesitant parents,31Armiento R. Hoq M. Kua E. et al.Impact of Australian mandatory 'No Jab, No Pay ' and 'No Jab, No Play ' immunisation policies on immunisation services, parental attitudes to vaccination and vaccine uptake, in a tertiary paediatric hospital, the Royal Children's Hospital, Melbourne.Vaccine. 2020; 38: 5231-5240Google Scholar and entrench negative vaccine beliefs.30Omer S.B. Betsch C. Leask J. Mandate vaccination with care.Nature. 2019; 571: 469-472Google Scholar While some vaccine hesitant parents may choose to vaccinate their child, it is possible that implementing a mandatory vaccination scheme that does not align with one's preferences may lead to more negative vaccine beliefs and refusal in others. Steps should be taken to quantify this before deciding to implement a mandatory vaccination scheme, and the decision to implement such a mandatory vaccine scheme should be taken with caution.
Parent-reported child vaccine uptake in this study broadly followed patterns seen in other literature and official national statistics, with lower uptake of vaccines in children of younger parents, single parents, parents of Black and minoritized ethnic groups, and parents living in London.3Screening and Immunisations Team, COVER Team. Childhood vaccination coverage statistics; England, 2019-20, 2020. https: //digital.nhs.uk/data-and-information/publications/statistical/nhs-immunisation-statistics/england—2019-20. Accessed 6 October 2021.Google Scholar,24Falagas M.E. Zarkadoulia E. Factors associated with suboptimal compliance to vaccinations in children in developed countries: a systematic review.Curr Med Res Opin. 2008; 24: 1719-1741Google Scholar,26Tabacchi G. Costantino C. Napoli G. et al.Determinants of European parents ' decision on the vaccination of their children against measles, mumps and rubella: a systematic review and meta-analysis.Hum Vaccines Immunother. 2016; 12: 1909-1923Google Scholar Men reported lower uptake of vaccination in their children; we are unsure why this may be. Children with a chronic illness were also less likely to be vaccinated. This may be due to contraindications for vaccination, however true contraindications in children are rare. Parents with less positive vaccine sentiments also reported lower child vaccine uptake. Parents may not vaccinate their child due to lack of access to vaccination or not wanting to vaccinate.32Elliman D. Bedford H. Should the UK introduce compulsory vaccination?.Lancet N Am Ed. 2013; 381: 1434-1436Google Scholar While mandating vaccination may affect parents’ willingness to vaccinate their child, they are unlikely to address access problems. If the decision to implement a mandatory vaccination scheme is made, care should be taken to ensure that it does not disproportionately affect disadvantaged groups.6Gravagna K. Becker A. Valeris-Chacin R. et al.Global assessment of national mandatory vaccination policies and consequences of non-compliance.Vaccine. 2020; 38: 7865-7873Google Scholar
Strengths of this study include the use of a large sample of parents, whose socio-demographic characteristics ( sex, ethnicity, region) were broadly reflective of the general English population. As quota sampling uses targets based on socio-demographic characteristics and prevents people from completing the survey if targets have already been fulfilled, response rate is not an accurate measurement of response bias. Limitations include that power to detect differences in subgroup analyses was lower than in whole-sample analyses. We are unsure whether the beliefs and attitudes of those who sign up to take part in online research are representative of the beliefs and attitudes of the general population. However associations within the data should remain valid.33Kohler U. Possible uses of nonprobability sampling for the social sciences. Survey Methods: Insights from the Field 2019.Google Scholar To minimise biasing of the sample towards those interested in vaccination, participants did not know the topic of the survey when choosing to take part. Internal validity for the sample was 63% ( group A) to 67% ( group B). This is likely because scenarios were complex. Previous research suggests that excluding participants who do not answer consistently may remove valid preferences from the data and reduce the power of the experiment.34Lancsar E. Louviere J. Deleting ‘ irrational’ responses from discrete choice experiments: a case of investigating or imposing preferences?.Health Econ. 2006; 15: 797-811Google Scholar We conducted a sensitivity analysis, re-running DCE analyses excluding those who answered the internal validity question inconsistently; there were no differences in results. We presented participants with sixteen choice sets as part of the DCE, under the maximum recommended, to reduce the influence of research fatigue.12Mangham L.J. Hanson K. McPake B. How to do ( or not to do)... Designing a discrete choice experiment for application in a low-income country.Health Policy Plan. 2009; 24: 151-158Google Scholar We investigated parental preferences for scenarios in which there were no incentives for not vaccinating one's child, but there was no “ no penalty ” option. This was because we hypothesised that where there was the choice to receive or not receive a penalty for not vaccinating one's child, the preference would be not to receive a penalty. Therefore, we chose to investigate parental preferences for different types of penalties. We could have chosen different age groups for the vaccine to be mandated in, for example selecting children aged 18 months and 3 years 10 months ( to allow 6 months from the recommended dates for child vaccination35UK Health Security Agency. Routine childhood immunisations from February 2022. 21 February 2022. https: //assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment data/file/1055502/UKHSA-12155-routine-childhood-immunisation-schedule Feb2022.pdf. Accessed 22 February 2022.Google Scholar), rather than aligning age groups with NHS uptake figures. As child age group had a relatively small influence on parental preferences ( 11·4% relative importance), we do not expect that using slightly different age groups would have a meaningful effect on the overall pattern of results. Scenarios were designed to convey that children would need to be fully immunised with the selected vaccine as appropriate for the ages selected. However, we did not specify the number of doses that a child would need to be up to date with the MMR or 6-in-1 vaccine at different ages ( MMR, age 2 years: 1 dose, age 5 years: 2 doses. 6-in-1, age 2 years: 3 doses, age 5 years: 3 doses). It may have been appropriate to include other illnesses in our definition of child chronic illness ( e.g. cerebral palsy) and removed others ( e.g. high blood pressure), due to their prevalence in childhood. Due to the COVID-19 pandemic and additional burden that public health officials and policy makers were under, we were unable to conduct qualitative interviews to inform our DCE materials. Respondent preferences may not reflect acceptability for a mandatory vaccination scheme; further research is needed to investigate this. Results may not be generalisable to other countries or vaccines.
While mandatory vaccination schemes have been implemented in several countries, the cultural context is likely to determine their sucess.7Vaccine Institute S. Legislative landscape review: legislative approaches to immunization across the European region, 2018. https: //www.sabin.org/sites/sabin.org/files/legislative approaches to immunization europe sabin.pdf. Accessed 6 October 2021.Google Scholar Results of this study should be used to inform policymakers’ decisions about how best to implement a mandatory vaccination scheme in England in the eventuality that one is proposed. Results suggest that direct financial rewards were key drivers to English parents’ preferences for a mandatory vaccination scheme, followed by the indirect financial security of having a compensation scheme in place for complications stemming from the vaccine. However, preferences differed by vaccine sentiment.
LS and BC conceptualised, acquired funding for the study, curated and validated data, contributed to the study methodology, and drafted the original version of the manuscript. LS is the guarantor of these findings.
Data collection was funded by a British Academy/Leverhulme Small Research Grants awarded to LS and BC ( SRG1920\101118). The funding source had no role in analysis, decision to publish, or preparation of the manuscript. This paper represents independent research part funded by the National Institute for Health Research ( NIHR) Biomedical Research Centre at South London and Maudsley NHS Foundation Trust and King's College London. The views expressed are those of the authors and not necessarily those of the NIHR or the Department of Health and Social Care.
Anonymised data, and an accompanying data dictionary will be made available to others after publication, beginning 3 months and ending 5 years following article publication. Researchers who provide a statistical analysis plan addressing a methodological robust legitimate research question will be able to request the data to achieve the aims in the approved proposal. Proposals should be directed to [ email protected ] to gain access. Data requestors will need to sign a data access agreement.
LS is a participant of the UK's Scientific Pandemic Insights Group on Behaviours ( SPI-B), a subgroup of the Scientific Advisory Group for Emergencies.
The authors would like to thank Professor G James Rubin for his help with the study.
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Cerebral venous thrombosis after COVID-19 vaccines: Do we know the mechanism? - The Lancet Regional Health – Europe | The Covid-19 pandemic has affected the world community for over 2 years. Since December 2020, most countries started with Covid-19 vaccination programmes using messenger RNA ( BNT162b2 and mRNA-1273/CX-024414) and adenovirus vector ( ChAdOx1nCoV-19 and JNJ-78436735) vaccines, with an extraordinarily rapid distribution that allowed over 10 billion doses administered to date.
We read with interest the article of Andrews et al. recently published in the Journal,1Andrews N.J. Stowe J. Ramsay M.E. Miller E. Risk of venous thrombotic events and thrombocytopenia in sequential time periods after ChAdOx1 and BNT162b2 COVID-19 vaccines: a national cohort study in England.Lancet Reg Health Eur. 2022; 13100260https: //doi.org/10.1016/j.lanepe.2021.100260Google Scholar who reported a large retrospective study of hospital admissions for venous thrombotic events, including cerebral venous sinus thrombosis ( CVST), with and without thrombocytopenia, in a national cohort of over 45 million Covid-19 vaccine eligible individuals in England. In their in-depth analysis, authors revealed a significant risk for thrombosis and thrombocytopenia in adults under 65 years of age ( under 40 years the most) after receiving ChAdOx1nCoV-19, but not BNT162b2, vaccination.
Interestingly, these findings support ours from a recent review of 552 worldwide-published cases of CVST after Covid-19 vaccination.2de Gregorio C. Colarusso L. Calcaterra G. et al.Cerebral venous sinus thrombosis following COVID-19 vaccination: analysis of 552 worldwide cases.Vaccines. 2022; 10 ( Basel): 232https: //doi.org/10.3390/vaccines10020232Google Scholar In both studies, CVST occurred after the first dose of ChAdOx1nCoV-19 vaccination, and coexisting thrombocytopenia was established in some patients. Andrews et al. reported such events within 30 days of the primary immunization ( in our study, the median time was 9 days, range: 2-42), but it is unclear whether cases of Covid-19 infection-related CVST were also included in their analysis.
It was surprising to see no gender effect for any outcome, first for CVST ( the subset at the highest attributable risk after adenovirus vector vaccine). Conversely, in the same period, the European Medicines Agency3Krzywicka K. Heldner M.R. Sánchez van Kammen M. et al.Post-SARS-CoV-2-vaccination cerebral venous sinus thrombosis: an analysis of cases notified to the European Medicines Agency.Eur J Neurol. 2021; 28: 3656-3662https: //doi.org/10.1212/WNL.0000000000013148Google Scholar and a German registry4Schulz J.B. Berlit P. Diener H.C. et al.COVID-19 Vaccine-associated cerebral venous thrombosis in Germany.Ann Neurol. 2021; 90: 627-639https: //doi.org/10.1002/ana.26172Google Scholar reported a clear female gender predominance, with up to 75% of cases among the ChAdOx1nCoV-19 vaccine recipients. In the 41 studies reviewed in our article, the occurrence of CVST was 2.25-fold higher in women than in men, even though two studies from England quoted this complication in 111 women and 86 men, with a women/men ratio of 1.29. This could be an expression of sex-related discrepancies among countries.2de Gregorio C. Colarusso L. Calcaterra G. et al.Cerebral venous sinus thrombosis following COVID-19 vaccination: analysis of 552 worldwide cases.Vaccines. 2022; 10 ( Basel): 232https: //doi.org/10.3390/vaccines10020232Google Scholar
Further, from all examined English hospital admissions Andrews et al. provided an attributable risk of 16.1 CVST per million doses for individuals aged 15–39 years and 3.2 for those aged 40–64 years, suggestive of an interplay between adenovirus vaccination and venous thrombogenic risk. In view of early scientific reports on CVST among vaccinated women between 35 and 50 years of age, it is reasonable to believe that this age-clustered analysis could have been more epidemiologically relevant.
Although their proven causality comes in the late stages of current pandemic, we congratulate the authors for their insightful work that substantiates the incident CVST among ChAdOx1nCoV-19 vaccinated people, resulting in a higher risk rate than the estimated incidence of 0.5–0.8 per 1,000,000 individuals in the ( pre-pandemic) US general population. Regrettably, most patients experiencing poor outcomes after vaccine administration were apparently healthy subjects ( approximately one third of cases in our review died due to severe intracranial bleeding and brain injury, with multiorgan thrombosis present in > 90% of these), and available histopathological findings demonstrated an underlying immune macro- and micro-vasculitis.2de Gregorio C. Colarusso L. Calcaterra G. et al.Cerebral venous sinus thrombosis following COVID-19 vaccination: analysis of 552 worldwide cases.Vaccines. 2022; 10 ( Basel): 232https: //doi.org/10.3390/vaccines10020232Google Scholar
Several pathological issues were discussed in our study ( Figure), such as vaccine-induced immune thrombotic thrombocytopenia, prothrombotic conditions, age, sex, anatomical and dysfunctional variants of the venous system, allergic reactions to vaccine components and impaired protein-homeostasis-systems,2de Gregorio C. Colarusso L. Calcaterra G. et al.Cerebral venous sinus thrombosis following COVID-19 vaccination: analysis of 552 worldwide cases.Vaccines. 2022; 10 ( Basel): 232https: //doi.org/10.3390/vaccines10020232Google Scholar,5Kounis N.G. Koniari I. de Gregorio C. et al.Allergic Reactions to current available COVID-19 vaccinations: pathophysiology, causality, and therapeutic considerations.Vaccines. 2021; 9 ( Basel): 221https: //doi.org/10.3390/biomedicines9080959Google Scholar but we as yet have no certain proof of the precise mechanism ( s) of vascular thrombogenicity. Therefore, additional efforts should be directed towards redefining the COVID-19 vaccine-related thrombogenic settings and preparing clinicians to be aware of such unexpected, often devastating, outcomes.FigurePathogenetic hypotheses of CVST in ChAdOx1nCoV-19 vaccine recipients. VITT: vaccine-induced immune thrombotic thrombocytopenia; HIT: heparin-induced thrombocytopenia.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
CdG, GC: conceptualization, data curation, original draft, writing. CdG, PPB, JLM, GC: critical analysis, review and editing. CdG, NJK and JLM: supervision and validation. All authors have read and approved the manuscript. | tech |
Productiv Launches Elastic License Management ( ELM) to Help Companies Increase Operational Velocity | Productiv announced its SaaS Intelligence platform now helps companies automate manual processes for license deprovisioning and license tier downgrades. The new Productiv add-on, Elastic License Management ( ELM), helps companies like Databricks reduce IT overhead and better manage app spend by simplifying license management. Databricks’ IT staff saved thousands of hours formerly spent on inefficient manual and scripted processes by utilizing Productiv’ s solution to track real-time app and feature usage and to schedule automated provisioning processes using this data. Databricks grew from 600 to 3,000 employees in a few years, yet the company successfully optimized spend on its collaboration and video conference platform by moving employees not using advanced features from the paid version to the free version, reclaiming 35% of the higher tier licenses for assignment to new employees.
Most companies have over 250 SaaS applications, with large enterprises averaging more than 350 apps. License management for these large portfolios places a heavy demand on IT and its operations. Companies can spend 2,000-4,000 hours annually — or more — manually collecting data from each app and then removing or changing licenses assigned to employees. The number of license events can reach into the millions.
Before the Covid pandemic, Databricks managed their portfolio of more than 300 SaaS apps in a spreadsheet. “ It was straight spreadsheets and exporting logs from, for instance, Office 365 and Okta. It was very cumbersome and time consuming, ” said Ian Kennedy, Director Corporate Engineering Helpdesk at Databricks. “ We would find that we were still being charged for people who hadn’ t been here for a while. ”
Today, Databricks uses Productiv’ s SaaS Intelligence platform and ELM capability to drive IT operations and optimize application spend. Recently the company used data-driven insights from Productiv to determine which employees were not using paid features for a video conferencing service, and moved those employees to the free version. Formerly at Databricks, deprovisioning was done as time permitted, in batches by app through manual license reclamation and custom coding. But using Productiv, deprovisioning of all apps now automatically occurs on an employee’ s departure day, reducing compliance risks. | tech |
Covid still a global health emergency even as deaths fall: WHO | The World Health Organization on Wednesday said Covid-19 remains a global public health emergency despite the fact that deaths from the virus have fallen to their lowest level since the early days of the pandemic.
The world recorded more than 22,000 deaths from Covid during the week ended April 10, the lowest level since March 30, 2020, according to WHO data. The organization first declared Covid a global health emergency on Jan. 30, 2020, just over a month after the virus emerged in Wuhan, China.
WHO Director-General Tedros Adhanom Ghebreyesus said declining Covid deaths is good news, but some countries are still experiencing a spike in cases. Tedros said a WHO committee this week unanimously agreed that Covid remains a public health emergency.
`` Far from being the time to drop our guard, this is the moment to work even harder to save lives, '' Tedros said during a press briefing in Geneva. `` Specifically, this means investing so that Covid-19 tools are equitably distributed, and we simultaneously strengthen health systems. ''
The WHO has called for world leaders to ensure all nations vaccinate 70% of their populations against Covid by the middle of the year. However, 75 countries have vaccinated less than 40% of their populations and 21 nations have vaccinated less than 10% of their people as of March, according to the group.
Read CNBC's latest global coverage of the Covid pandemic:
Every region is reporting declining cases and deaths, according to the WHO's latest epidemiological update. The world recorded 7.3 million new infections for the week ended April 10, a 24% decrease from the previous week and the lowest level since late December when the highly contagious omicron variant was sweeping the world.
However, the even more contagious omicron BA.2 subvariant has fueled renewed outbreaks in Europe and China, and increasingly, in the U.S. While Europe has largely emerged from its BA.2 wave, China is fighting its worst outbreak since 2020. China has placed most of Shanghai, involving about 25 million people, under lockdown.
The U.S. reported more than 30,000 new infections on Monday, a 20% increase over the previous week, according to data from the Centers for Disease Control and Prevention. However, infections and hospitalizations are still more than 90% below the peak of the winter omicron wave in the U.S.
`` It's always easier to declare a pandemic than undeclare one, '' said Dr. Didier Houssin, chairman of the WHO's international health regulations emergency committee. The committee makes recommendations about whether the transmission of a virus constitutes a global emergency.
Houssin said the committee is working on criteria, including epidemiological data and the level of international assistance to contain the virus, to determine when the WHO can declare that the global health emergency is over. | business |
What's happening in Sri Lanka and how did the economic crisis start? | The island nation of Sri Lanka is in the midst of one of the worst economic crises it’ s ever seen. It has just defaulted on its foreign debts for the first time since its independence, and the country’ s 22 million people are facing crippling 12-hour power cuts, and an extreme scarcity of food, fuel and other essential items such as medicines.
Inflation is at an all-time high of 17.5%, with prices of food items such as a kilogram of rice soaring to 500 Sri Lankan rupees ( A $ 2.10) when it would normally cost around 80 rupees ( A $ 0.34). Amid shortages, one 400g packet of milk powder is reported to cost over 250 rupees ( A $ 1.05), when it usually costs around 60 rupees ( A $ 0.25).
On April 1, President Gotabaya Rajpaksha declared a state of emergency. In less than a week, he withdrew it following massive protests by angry citizens over the government’ s handling of the crisis.
The country relies on the import of many essential items including petrol, food items and medicines. Most countries will keep foreign currencies on hand in order to trade for these items, but a shortage of foreign exchange in Sri Lanka is being blamed for the sky-high prices.
Many believe Sri Lanka’ s economic relations with China are a main driver behind the crisis. The United States has called this phenomenon “ debt-trap diplomacy ”. This is where a creditor country or institution extends debt to a borrowing nation to increase the lender’ s political leverage – if the borrower extends itself and can not pay the money back, they are at the creditor’ s mercy.
However, loans from China accounted for only about 10% of Sri Lanka’ s total foreign debt in 2020. The largest portion – about 30% – can be attributed to international sovereign bonds. Japan actually accounts for a higher proportion of their foreign debt, at 11%.
Defaults over China’ s infrastructure-related loans to Sri Lanka, especially the financing of the Hambantota port, are being cited as factors contributing to the crisis.
But these facts don’ t add up. The construction of the Hambantota port was financed by the Chinese Exim Bank. The port was running losses, so Sri Lanka leased out the port for 99 years to the Chinese Merchant’ s Group, which paid Sri Lanka US $ 1.12 billion.
So the Hambantota port fiasco did not lead to a balance of payments crisis ( where more money or exports are going out than coming in), it actually bolstered Sri Lanka’ s foreign exchange reserves by US $ 1.12 billion.
Post-independence from the British in 1948, Sri Lanka’ s agriculture was dominated by export-oriented crops such as tea, coffee, rubber and spices. A large share of its gross domestic product came from the foreign exchange earned from exporting these crops. That money was used to import essential food items.
Over the years, the country also began exporting garments, and earning foreign exchange from tourism and remittances ( money sent into Sri Lanka from abroad, perhaps by family members). Any decline in exports would come as an economic shock, and put foreign exchange reserves under strain.
For this reason, Sri Lanka frequently encountered balance of payments crises. From 1965 onwards, it obtained 16 loans from the International Monetary Fund ( IMF). Each of these loans came with conditions including that once Sri Lanka received the loan they had to reduce their budget deficit, maintain a tight monetary policy, cut government subsidies for food for the people of Sri Lanka, and depreciate the currency ( so exports would become more viable).
But usually in periods of economic downturns, good fiscal policy dictates governments should spend more to inject stimulus into the economy. This becomes impossible with the IMF conditions. Despite this situation, the IMF loans kept coming, and a beleaguered economy soaked up more and more debt.
The last IMF loan to Sri Lanka was in 2016. The country received US $ 1.5 billion for three years from 2016 to 2019. The conditions were familiar, and the economy’ s health nosedived over this period. Growth, investments, savings and revenues fell, while the debt burden rose.
A bad situation turned worse with two economic shocks in 2019. First, there was a series of bomb blasts in churches and luxury hotels in Colombo in April 2019. The blasts led to a steep decline in tourist arrivals – with some reports stating up to an 80% drop – and drained foreign exchange reserves. Second, the new government under President Gotabaya Rajapaksa irrationally cut taxes.
Value-added tax rates ( akin to some nations’ goods and services taxes) were cut from 15% to 8%. Other indirect taxes such as the nation building tax, the pay-as-you-earn tax and economic service charges were abolished. Corporate tax rates were reduced from 28% to 24%. About 2% of the gross domestic product was lost in revenues because of these tax cuts.
In March 2020, the COVID-19 pandemic struck. In April 2021, the Rajapaksa government made another fatal mistake. To prevent the drain of foreign exchange reserves, all fertiliser imports were completely banned. Sri Lanka was declared a 100% organic farming nation. This policy, which was withdrawn in November 2021, led to a drastic fall in agricultural production and more imports became necessary.
But foreign exchange reserves remained under strain. A fall in the productivity of tea and rubber due to the ban on fertiliser also led to lower export incomes. Due to lower export incomes, there was less money available to import food and food shortages arose.
Because there is less food and other items to buy, but no decrease in demand, the prices for these goods rise. In February 2022, inflation rose to 17.5%.
In all probability, Sri Lanka will now obtain a 17th IMF loan to tide over the present crisis, which will come with fresh conditions.
A deflationary fiscal policy will be followed, which will further limit the prospects of economic revival and exacerbate the sufferings of the Sri Lankan people. | business |
CONGO: Sassou's Falcon jet not up for sale before summer | On 12 October, a French court in Bordeaux ordered the suspension of the sale of the Dassault Falcon 7X jet belonging to Congolese president Denis Sassou Nguesso. [... ]
After he was authorised to seize $ 30m from the Congolese national oil company SNPC's bank account, businessman Mohsen Hojeij has been denied any more of his $ 1.2bn debt claim on Brazzaville through the French justice system. [... ]
Seizing private jets was already common practice before the onset of the coronavirus pandemic but the tactic has taken off in France in recent months. With Covid cutting commercial flights, such aircraft have become increasingly valuable pawns in commercial disputes. [... ]
The Congolese state has chosen French lawyers Thierry Lauriol of law firm Jeantet and Kevin Grossmann to represent it in its dispute with the two mining companies, which are seeking compensation after having been deprived of their iron ore mining permits. [... ]
A Trump Hotel and Tower apartment, a building in Miami, the presidential Falcon... After failing to reach an agreement with the Congolese head of state, businessman Mohsen Hojeij, who is suing Brazzaville for €1.2bn, is now after the presidential family's property. [... ]
The secret negotiations between Lebanese businessman Mohsen Hojeij and the Congolese president's office over their €1.2bn debt dispute were facilitated by the Speaker of the Lebanese Parliament, Nabih Berri. Now weeks into the talks, revealed by Africa Intelligence, neither side is willing to budge. [... ]
Engaged in extensive foreclosure operations in Paris, Lebanese entrepreneur Mohsen Hojeij, who is seeking to recover €1.2bn from Congo, is holding very hush-hush talks with the president's office. [... ]
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The Royal Albert Hall tea dance – in pictures | The Royal Albert Hall in London has this week welcomed the return of its tea dance during which visitors can spend the afternoon dancing to quicksteps, foxtrots, waltzes and Latin numbers performed by Albert’ s Big Band, all on a specially laid dance floor in the main auditorium. This week’ s dance was the first since the Covid 19 pandemic began
Sarah Lee
Wed 13 Apr 2022 11.58 BST | general |
Women's Tour organiser seeking title partner to deliver live coverage of event | The Women's Tour organiser has issued a renewed appeal in its efforts to deliver live television coverage of this year's race, taking place from June 6-11.
Efforts to secure a title sponsor for the Women's Tour have so far proved unsuccessful, but organiser SweetSpot is looking to raise at least £75,000 towards the first-ever live broadcast of the event. The introduction of a naming rights partner will not only enhance the race's reputation and interest in women's cycling, but also meet criteria set by the UCI.
Live coverage of the Women's Tour is essential, with UCI rules stating `` Women's WorldTour events must provide live TV coverage of at least the last 45 minutes of each stage/race '', while also adhering to the technical regulations set out in the specification.
Therefore, SweetSpot revealed it must find a partner to deliver a live broadcast of the Women's Tour.
A statement read: `` The race has been seeking funding to deliver a live broadcast of the event since UCI Women’ s WorldTour rules were updated for the 2020 season.
`` Adding a live broadcast increases the Women’ s Tour’ s overheads by approximately 20%: a sum far from inconsequential given that we are only two years removed from the height of the COVID-19 pandemic and the enforced cancellation of the 2020 race.
`` Combined with the impact restrictions had on organising events in the UK last year, SweetSpot missed out on a year-and-a-half of revenue as a result. ''
Currently, ITV in the UK and Eurosport and GCN worldwide offer a daily hour-long highlights programme, which will continue in 2022. Over four million people worldwide watched these highlights last year, and SweetSpot is now looking to supplement this coverage with live action of the six-day event through a funding boost.
Returning for its eighth edition this summer, the Women's Tour starts in Colchester on Monday June 6 and finishes in Oxford on Saturday June 11. All 14 UCI Women's WorldTour teams will compete in the event this year, with the biggest-ever field expected to take to the start line.
Demi Vollering is the current title holder of the Women's Tour, having triumphed overall last October. Past winners also include Marianne Vos and Lizzie Deignan, who have both won the UK's leading women's cycle race. | general |
U.S. Transport Mask Mandate Extended to May 3 | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
David Shepardson, Skift
April 13th, 2022 at 1:50 PM EDT
Travelers on planes, trains, and public transport in the U.S. need to wear masks a little bit longer. The CDC is extending its mask mandate by 15 days as it continues to evaluate easing the rules even as Covid-19 cases rise again.
Edward Russell
President Joe Biden’ s administration plans to extend by 15 days a U.S. mandate requiring travelers to wear masks on airplanes, trains and in transit hubs, two sources briefed on the matter told Reuters.
The current requirements, which have been in place since February 2021, are set to expire April 18. The latest extension would keep the requirements through May 3 amid a surge in Covid-19 cases. A formal announcement is expected later on Wednesday.
A person briefed on the matter, speaking on condition of anonymity, noted the increase in Covid-19 cases. The extension, the source said, will give the U.S. Centers for Disease Control ( CDC) and Prevention time “ to assess the potential impact, the rise of cases has on severe disease, including hospitalizations and deaths, and health care system capacity. ”
Industry groups and Republican lawmakers want the White House to immediately end the 14-month-old mask mandate.
Airlines for America, a trade group, on Wednesday in a letter continued to urge Biden’ s administration “ to lean into science and research, which clearly support lifting the mask mandate. … It makes no sense to require masks on a plane when masks are not recommended in places like restaurants, bars or crowded sports facilities. ”
The CDC in February eased its guidance for face covering and now says nearly all of the U.S. population lives in counties where they do not need to wear masks indoors.
The U.S. Senate voted 57-40 last month to overturn the public health order requiring masks on airplanes and other forms of public transportation, drawing a veto threat from Biden.
The mask requirements have resulted in friction sometimes on U.S. airplanes. The Federal Aviation Administration said that since January 2021, there have been a record 7,060 unruly passenger incidents reported — and 70% involved masking rules.
The administration has also considering lifting requirements that international visitors get a negative Covid-19 test within a day of travel, as many countries have dropped testing requirements, but is not taking any immediate steps. The United States requires foreign air travelers to be vaccinated.
Copyright ( 2022) Thomson Reuters. Click for restrictions
This article was written by David Shepardson from Reuters and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to [ email protected ]. | general |
Epygen Biotech Announces Funding from India Government for | April 13, 2022 08:52 ET | Source: Dyadic International, Inc. Dyadic International, Inc.
JUPITER, Fla., April 13, 2022 ( GLOBE NEWSWIRE) -- Dyadic International, Inc. ( “ Dyadic ”, “ we ”, “ us ”, “ our ”, or the “ Company ”) ( NASDAQ: DYAI), a global biotechnology company announced today that Dyadic Licensee, Epygen Biotech PVD, LTD., has received funding from the Department of Biotechnology, Government of India, to advance an affordable COVID-19 vaccine candidate through Phase 1 and Phase 2 clinical trials in India which utilizes Dyadic’ s C1 protein production platform. Epygen Biotech is an Indian Biopharmaceutical company engaged in both research and manufacturing of therapeutic proteins for critical diseases and novel vaccines.
“ We are pleased that the Government of India will be supporting the development of Epygen’ s COVID-19 vaccine candidate through Phase 1 and Phase 2 clinical trials using Dyadic’ s C1 protein production platform. As Dyadic and our licensees advance vaccine programs through human clinical safety trials globally, we expect that our C1 technology platform will be used to manufacture and distribute affordable vaccines, and other therapeutic treatments for millions of patients in India and other countries. These efforts work towards relieving regional populations’ dependence on other nations for life saving vaccines and therapies, ” said Mark Emalfarb, Dyadic’ s President and Chief Executive Officer.
Debayan Ghosh, Founder and CMD of Epygen Biotech PVD, LTD., commented, `` There exists a natural process of continuous mutation of the Coronavirus. Vaccines evolve against new variants to stay ahead in the game. I personally have more than two decades of experience working with the C1 platform, which gives me tremendous confidence in this technology. Our aim is to initially produce 100 million doses per year, at an anticipated price point of approximately US $ 2 per dose, of the potential vaccine which could be used as the primary as well as booster against present and future SARS-CoV-2 variants. We are further planning to raise approximately US $ 26 million for Phase III, which will help us augment our production capacity and roll out the vaccine as soon as possible. “
Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the fungus Thermothelomyces heterothallica ( formerly Myceliophthora thermophila), named C1. The C1 microorganism, which enables the development and large-scale manufacture of low-cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles ( VLPs) and antigens, monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and/or biobetters, and other therapeutic proteins. Certain other research activities are ongoing which include the exploration of using C1 to develop and produce certain metabolites and other biologic products. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. As the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs, and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers, and improve access and cost to patients and the healthcare system, but most importantly save lives.
Please visit Dyadic’ s website at http: //www.dyadic.com for additional information, including details regarding Dyadic’ s plans for its biopharmaceutical business.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding Dyadic International’ s expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including those described in the Company’ s most recent filings with the SEC. Dyadic assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled “ Risk Factors ” in Dyadic’ s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic’ s periodic filings with the SEC, which are accessible on the SEC’ s website and at http: //www.dyadic.com.
Dyadic International, Inc.Ping W. RawsonChief Financial OfficerPhone: ( 561) 743-8333Email: prawson @ dyadic.com
Epygen Biotech PVD, LTDDebayan Ghosh, Founder CMDdebayan @ epygen.com | general |
Global Mobile Edge Computing Market to 2030 | Dublin, April 13, 2022 ( GLOBE NEWSWIRE) -- The `` Global Mobile Edge Computing Market 2020-2030 by Component, Technology, Application, Industry Vertical, Organization Size, and Region: Trend Forecast and Growth Opportunity '' report has been added to ResearchAndMarkets.com's offering. The global mobile edge computing market will reach $ 6,100.4 million by 2030, growing by 32.6% annually over 2020-2030 despite the impact of COVID-19 pandemic. The market is driven by the increasing interconnected devices, the rapidly increasing mobile data traffic, the rising need to improve end-user's Quality of Experience ( QoE), and the rising demand for low-latency processing and real-time automated decision-making solutions.This report is based on a comprehensive research of the entire global mobile edge computing market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2017-2019 and provides estimate for 2020 and forecast from 2021 till 2030 with 2019 as the base year ( Year 2020 is not appropriate for research base due to the outbreak of COVID-19In-depth qualitative analyses include identification and investigation of the following aspects:
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced ( most likely) projection is used to quantify global mobile edge computing market in every aspect of the classification from perspectives of Component, Technology, Application, Industry Vertical, Organization Size, and Region. Based on Component, the global market is segmented into the following sub-markets with annual revenue ( $ mn) for 2019-2030 included in each section.
Based on Technology, the global market is segmented into the following sub-markets with annual revenue ( $ mn) for 2019-2030 included in each section.
Based on Application, the global market is segmented into the following sub-markets with annual revenue ( $ mn) for 2019-2030 included in each section.
Based on Industry Vertical, the global market is segmented into the following sub-markets with annual revenue ( $ mn) for 2019-2030 included in each section.
By Organization Size, the global market is segmented into the following sub-markets with annual revenue ( $ mn) for 2019-2030 included in each section.
For each aforementioned region and country, detailed analysis and data for annual revenue ( $ mn) are available for 2019-2030. The breakdown of all regional markets by country and split of key national markets by Component, Application, and Industry Vertical over the forecast years are also included.The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Key Topics Covered: 1 Introduction2 Market Overview and Dynamics 2.1 Market Size and Forecast 2.1.1 Impact of Covid-19 on World Economy 2.1.2 Impact of Covid-19 on the Market 2.2 Major Growth Drivers 2.3 Market Restraints and Challenges 2.4 Emerging Opportunities and Market Trends 2.5 Porter's Five Forces Analysis 3 Segmentation of Global Market by Component 3.1 Market Overview by Component 3.2 Hardware & Devices 3.3 Software & Platform 3.4 Services & Support 4 Segmentation of Global Market by Technology 4.1 Market Overview by Technology 4.2 4G 4.3 5G 4.4 Wi-Max 5 Segmentation of Global Market by Application 5.1 Market Overview by Application 5.2 Location-Based Services 5.3 Video Surveillance 5.4 Unified Communication 5.5 Optimized Local Content Distribution 5.6 Data Analytics 5.7 Environmental Monitoring 5.8 Other Applications 6 Segmentation of Global Market by Industry Vertical 6.1 Market Overview by Industry Vertical 6.2 Industrial Manufacturing 6.3 It & Telecom 6.4 Government & Defense 6.5 Retail & E-Commerce 6.6 Healthcare & Life Science 6.7 Bfsi 6.8 Energy & Utilities 6.9 Media & Entertainment 6.10 Other Industry Verticals 7 Segmentation of Global Market by Organization Size 7.1 Market Overview by Organization Size 7.2 Large Enterprises 7.3 Small- and Medium-Sized Enterprises ( Smes) 8 Segmentation of Global Market by Region 8.1 Geographic Market Overview 2019-2030 8.2 North America Market 2019-2030 by Country 8.2.1 Overview of North America Market 8.2.2 U.S. 8.2.3 Canada 8.2.4 Mexico 8.3 European Market 2019-2030 by Country 8.3.1 Overview of European Market 8.3.2 Germany 8.3.3 U.K. 8.3.4 France 8.3.5 Spain 8.3.6 Italy 8.3.7 Russia 8.3.8 Rest of European Market 8.4 Asia-Pacific Market 2019-2030 by Country 8.4.1 Overview of Asia-Pacific Market 8.4.2 Japan 8.4.3 China 8.4.4 Australia 8.4.5 India 8.4.6 South Korea 8.4.7 Rest of APAC Region 8.5 South America Market 2019-2030 by Country 8.5.1 Argentina 8.5.2 Brazil 8.5.3 Chile 8.5.4 Rest of South America Market 8.6 MEA Market 2019-2030 by Country 8.6.1 Uae 8.6.2 Saudi Arabia 8.6.3 South Africa 8.6.4 Other National Markets 9 Competitive Landscape 9.1 Overview of Key Vendors 9.2 New Product Launch, Partnership, Investment, and M & A 9.3 Company Profiles
For more information about this report visit https: //www.researchandmarkets.com/r/rbnyr2 | general |
Bergen New Bridge Medical Center Named Among Top Hospitals | Paramus, NJ, April 13, 2022 ( GLOBE NEWSWIRE) -- PARAMUS, NJ– Bergen New Bridge Medical Center, New Jersey’ s largest hospital and a clinical affiliate of Rutgers, is pleased to announce that the Medical Center has been named amongst the top hospitals in New Jersey when it comes to hospital reputation, according to the latest ranking from renowned health care research and information company, Castle Connolly. Ranking results are based on the votes of more than 1,100 physicians and reflect Bergen New Bridge’ s strong reputation with physicians throughout the state. To see the entire list, visit https: //newbridgehealth.pub/JerseyBestTopHospital
“ I am incredibly proud of our staff and their commitment to the communities we serve. This recognition further validates Bergen New Bridge’ s dedication to providing the highest levels of quality, safe, and compassionate care while focusing on the patient/resident/physician experience, ” said Deborah Visconi, President and CEO of Bergen New Bridge. “ We are proud to be recognized by doctors throughout our state and by the communities we serve, and we are grateful for the reputation we have built. ”
Bergen New Bridge Medical Center ( BNBMC), a clinical affiliate of Rutgers, is a 1,070-bed hospital located at 230 East Ridgewood Avenue in Paramus, NJ. The Medical Center is both the largest hospital and licensed nursing home in NJ and the fourth largest, publicly-owned hospital in the nation.
Bergen New Bridge, a not-for-profit safety net facility, provides high-quality comprehensive services, including acute and ambulatory care from Rutgers New Jersey Medical School and community physicians, mental health and substance use disorder treatment, and long-term care to the greater Bergen County community. The Medical Center, including its Long-Term Care Division, is fully accredited by The Joint Commission and is in network with all major New Jersey commercial insurance plans covering 99.91% of NJ residents.
The Medical Center is a full-service hospital with a 24/7 emergency department, surgical suites, physical rehabilitation, pharmacy, laboratory, radiologic services ( including digital mammography), and more than 26 medical specialties available through its Ambulatory Care Center. It is a leading provider of COVID 19 testing, vaccinations and therapeutics.
Bergen New Bridge is a Veterans Community Care Provider proudly serving the healthcare needs of veterans and is a Leader in LGBTQ Healthcare Equality in the Human Rights Campaign ( HRC) Healthcare Equality Index ( HEI) for 2020. Learn more at www.newbridgehealth.org | general |
Crawford United Corporation Announces Fourth Quarter and | CLEVELAND, April 13, 2022 ( GLOBE NEWSWIRE) -- Crawford United Corporation ( OTC: CRAWA), a growth-oriented holding company serving diverse markets, today reported results for the three-month and twelve-month periods ended December 31, 2021.
For the quarter ended December 31, 2021, sales were $ 27.3 million compared with $ 19.9 million in the same period last year, an increase of 37%. In this quarter, the Company recorded operating income of $ 0.7 million compared with operating income of $ 1.7 million in the same period last year. Net income was $ 0.1 million, or $ 0.02 per fully diluted share, compared to $ 2.1 million, or $ 0.63 per fully diluted share in the fourth quarter of the prior year.
For the twelve months ended December 31, 2021, sales were $ 104.2 million compared with $ 85.1 million in the same period last year, an increase of 22%. In this twelve-month period, the Company recorded operating income of $ 7.0 million compared with operating income of $ 7.5 million last year. Net income was $ 5.7 million, or $ 1.66 per fully diluted share, compared with net income of $ 5.8 million, or $ 1.76 per fully diluted share last year.
For the quarter and the twelve months ended December 31, 2021, the increases in sales were primarily due to the acquisitions during 2021 of Komtek Forge, Global-Tek Manufacturing and Emergency Hydraulics, as well as organic growth and a recovery in customer demand as we emerge from the global pandemic. Net income for the quarter was negatively impacted by a $ 1.0 million charge related to year-end audit adjustments to certain accrued expenses, in particular inventory and state income tax expenses.
Brian Powers, Chairman and CEO, stated, “ Although our margins have been impacted by labor shortages and supply chain pressures, we are pleased with the ongoing success of our business model. Crawford United is continuing to explore opportunities for increased revenue and improved profitability, always with an eye towards additional acquisitions. ”
About Crawford United Corporation. Crawford United Corporation is a growth-oriented holding company providing specialty industrial products to diverse markets, including healthcare, aerospace, education, transportation, and petrochemical. The company currently operates three business segments. The Aerospace Components business specializes in highly complex precision components for customers in the commercial and military aviation industry, offering complete end-to-end engineering, machining, grinding, welding, brazing, heat treat, and assembly solutions. The Commercial Air Handling business is a leader in designing, manufacturing, and installing highly customized, large-scale commercial, institutional, and industrial air handling solutions, primarily for hospitals and universities. The Industrial Hose business is a premier manufacturer of flexible interlocking metal hoses and a distributor of a full line of branded silicone, plastic, rubber, hydraulic, marine and fuel hose products. For more information, go to www.crawfordunited.com.
Information about Forward Looking Statements. This press release contains forward-looking statements within the meaning of the “ Safe Harbor ” provisions of the Private Securities Litigation Reform Act of 1995, including statements made regarding the company’ s future results. Generally, these statements can be identified by the use of words such as “ guidance, ” “ outlook, ” “ believes, ” “ estimates, ” “ anticipates, ” “ expects, ” “ forecasts, ” “ seeks, ” “ projects, ” “ intends, ” “ plans, ” “ may, ” “ will, ” “ should, ” “ could, ” “ would ” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements, or other statements made by the Company, are made based upon management’ s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors ( including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by such forward looking statements. These uncertainties and factors include the Company’ s ability to successfully integrate acquisitions, and manage the larger operations of the combined businesses, the Company’ s dependence upon a limited number of customers in the aerospace industry, the highly competitive industry in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, the Company’ s ability to capitalize on market opportunities in certain sectors, the Company’ s ability to obtain cost effective financing and the Company’ s ability to satisfy obligations under its financing arrangements, shortages in supply or increased costs of freight, labor or necessary products, components or raw materials, statements related to the expected effects on the Company’ s business of the COVID-19 pandemic, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company’ s products, actions that governments, businesses and individuals take in response to the pandemic, including mandatory business closures and restrictions on onsite commercial interactions and any re-imposed public health measures or tightened public health restrictions in response to any increased spread of new strains of COVID-19 in the Company’ s markets, the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity, the pace of recovery when the COVID-19 pandemic subsides, efforts made to combat COVID-19, including vaccine development and distribution, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth, including the economic impact of inflation and Russia’ s invasion of Ukraine, as well as the risks described from time to time in the Company’ s reports as filed with the Securities and Exchange Commission. Further information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Brian E. PowersChairman & CEO216-243-2449bpowers @ crawfordunited.com “ Crawford United has a great future behind it. ” | general |
Cuomo comeback talk chilled with former New York governor sitting out Democratic primary | 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. ''
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. '' | business |
Amazon is adding 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.
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. '' | business |
UK inflation hits 30-year high of 7% | 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.
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.
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. | business |
Why Shanghai's lockdown matters to the global economy | 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.
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).
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.
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.
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. | business |
iPhone supplier Pegatron suspends production at two factories in China | Pegatron announced Tuesday that it had suspended production at its facility in China's largest city, as well as the nearby city of Kunshan, until further notice..
`` The date of factory resumption is to be advised by the local government, '' the company said in a statement, adding that it would work with officials to resume operations `` as soon as possible. ''
It was not immediately clear which types of manufacturing would be affected. Pegatron, a Taiwanese company that is known for making iPhones and other electronics, had previously been allowed to continue operating in Shanghai under a closed loop system that would keep essential workers in the factory and other personnel out — according to reports from multiple outlets, including Bloomberg.
The company declined to comment further.
It has joined a growing list of companies that have been disrupted by China's latest surge of Covid-19 infections — and the resulting restrictions.
Shanghai, China's financial hub and home to the regional headquarters of hundreds of international companies, has become the epicenter of China's latest coronavirus outbreak, as well as the latest test of its `` zero-Covid '' strategy.
Since the latest wave started in March, the city has recorded more than 220,000 Covid cases, leading to strict stay-home orders and greater headaches for businesses.
The country's auto industry has been particularly hard hit. This week, Volkswagen ( VLKAF) said that its factories in Shanghai and Changchun, a Chinese manufacturing hub, had suspended production for weeks. Toyota ( TM) reported a similar issue, saying its factory in Changchun had been shut for almost a month.
Tesla ( TSLA), which has a Gigafactory in Shanghai, has also been forced to pause production since late March, according to Reuters. The company did not respond to a request for comment from CNN Business.
On Saturday, electric vehicle maker Nio ( NIO) said it had temporarily halted manufacturing, too, describing how its suppliers across China had `` suspended production one after the other '' due to pandemic-related disruptions in recent weeks.
Even before Pegatron's announcement, Apple ( AAPL) was having to deal with similar snags in its supply chain. Last month, Foxconn, its other big Taiwanese manufacturer, suspended operations in Shenzhen because of a lockdown in the city just north of Hong Kong.
— CNN's Beijing bureau and Yong Xiong in Seoul contributed to this report. | business |
54% of vaccinated people in Japan want to receive fourth COVID-19 shot | Of people in Japan who had been vaccinated against COVID-19 at least once, around 54% said they wanted to receive a fourth shot, a private-sector survey has shown.
The survey by Nexer Inc. was conducted online between March 24 and April 6. It covered 1,200 people throughout Japan.
According to the survey, 42.9% of the respondents said they had received their third shot, while 41.2% said they had received their second COVID-19 vaccine dose and 0.2% said they had been vaccinated once.
Those who had never been vaccinated against COVID-19 accounted for 15.8%.
Of the 1,011 people who had received at least one COVID-19 vaccine dose, 53.7% said they would like to be vaccinated for a fourth time, if the government begins a fourth round of vaccinations. The government is currently preparing to administer fourth doses.
A total of 16.1% said they do not want to receive a fourth shot, while 30.2% said they were undecided.
As for why they wanted to be vaccinated for a fourth time, some people said they felt the vaccines were effective as they did not test positive for COVID-19 even though they had come into close contact with coronavirus carriers.
Others said they felt the need to keep receiving the vaccines until the arrival of an effective COVID-19 treatment.
On the other hand, several respondents said they did not want to receive a fourth COVID-19 shot, as they suffered heavy side effects from previous vaccinations. Some said they felt there was no end to the vaccinations. | tech |
The role of robotics in carbon-neutral warehouses | A 2020 survey by GRESB, an investor-led global environment, social and governance benchmarking organization, found that only 7 percent of U.S. buildings are certified under some green building framework, compared to 25 percent of those in Asia. Clearly, building operators have a long way to go to halt carbon dioxide emissions, and striving toward carbon-neutral warehouses represents a good place to start.
How can businesses continue to run logistics in the large spaces they need while also operating sustainably? There is no perfect formula or roadmap to achieving net-zero emissions. Still, certain technologies — including robotics and automation — may work more efficiently than others in the quest to push for carbon-neutral warehouses, according to industry insiders.
`` There are many technologies involved in building a carbon-neutral warehouse. It’ s a combination of different systems, '' said Thomas Genestar, managing director of Western Europe and Japan operations for Exotec, which sells warehouse robotics systems. `` I feel like this is the way businesses should go little by little. ''
For some immediate changes, Chris Gray, CTO of RENU Communities, a subsidiary of Taurus Investment Holdings, suggests replacing HVAC systems with advanced heat pump-based heating/cooling solutions and installing rooftop solar panels to help power local electricity needs. RENU Communities helps building operators create customized carbon-neutral ecosystems by delivering decarbonized energy retrofits and wholesale equipment upgrades to existing real estate assets.
`` At an infrastructure level, installing improved insulation, LED lighting upgrades, new windows and doors, and water heating upgrades can drastically affect the energy efficiency of a building, '' Gray said.
Making warehouse logistics carbon neutral will look different in every industry.
`` Carbon-neutral buildings are not a one-size-fits-all approach, and each retrofitting process should be treated differently. It’ s important to look at the location and resources available to a building location, '' Gray said. `` As sustainability continues to be at the forefront of global real estate development goals, more businesses must start strategizing about green building to combat issues surrounding climate change. ''
Warehouse automation systems can help with more than lowering carbon dioxide emissions. Genestar said Exotec’ s employees are sensible and concerned about working for a business that is good for the planet, so workers are consistently involved in the company’ s decision-making processes and in the roadmap for its technology. This collaboration has helped foster a better sense of belonging within Exotec, he said.
`` Previous warehouse technologies weren’ t created to be energy-efficient. Now, it’ s something our customers and employees require, '' Genestar said. `` We are very proud that some of our customers are sensitive to this argument because it’ s very important to us in terms of the future for our planet. ''
In Resilinc's 2020 EventWatch Report, the supply chain data monitoring company revealed that supply chain disruptions increased 67 percent in 2020 compared to 2019. Some of these disruptions can be linked to the high demand following the onset of the COVID-19 pandemic, but Resilinc reported that 83 percent of disruptive events were caused by human errors. Automation could help prevent some of those errors.
Exotec’ s Skypod robots can reach heights up to 36 feet and carry up to 66 pounds of cargo. Image courtesy of Exotec
Exotec, which designs robotic systems for supply chain needs, is a company focused on that opportunity. The company was founded in 2015 by Romain Moulin and Renaud Heitz, former General Electric Healthcare engineers. Its flagship product, the Skypod System, is an order preparation system that implements collaborative robots and storage. The equipment is adaptable and includes various components such as productivity stations, bins and trays.
Exotec’ s warehouse automation technologies all work together, and unlike humans, the robots can work around the clock. Exotec’ s Skypod robots can reach heights up to 36 feet, carry up to 66 pounds of cargo, do tasks in the order you assign them, move in three dimensions and adapt to flow increase as more robots join the system. The company reports that its Skypods have an energy footprint that’ s 80 percent less than traditional warehouse automation solutions. For example, Genestar said the company uses less space and energy to handle the same stock load it managed before installing its robots in its own warehouses.
`` The Exotec Skypod system uses up to 80 percent less energy compared to traditional automated solutions, which enables its customers to cut the carbon footprint of their warehouse operations, '' Genestar said. `` The system increases warehouse throughput up to five times with a two-minute response time for all SKUs. This efficiency allows warehouse operators to do more with less, especially when you consider the Skypod's ability to move in three dimensions. ''
By design, Exotec helps reduce carbon emissions by enabling high-density storage and having a smaller energy footprint than traditional automated solutions. Exotec supports more than 30 brands spanning e-commerce, grocery, retail, logistics and manufacturing. Some of the company's most notable customers include Gap, Geodis, Ariat, Decathlon and E.Leclerc. That said, the most illustrative example is Exotec’ s work with a major French retail chain named Monoprix.
Monoprix chose Exotec to deploy the Skypod in its new state-of-the-art facility, Genestar shared. Exotec reports that the logistics site has a surface area of roughly 1 million square feet and will be the world’ s first fully carbon-neutral warehouse based on projected occupancy of 12 years.
This fully converted logistics site will enable the Monoprix Group to pursue its objective of cutting its greenhouse gas emissions in half while fulfilling its ambition of omnichannel growth. Monoprix will use the site for store replenishment and e-commerce fulfillment to achieve this. That’ s close to 45 million parcels per year, which Exotec’ s Skypod system will handle. Genestar said the company specifically chose Skypod due to its reliability, flexibility and low energy footprint.
Exotec’ s founders developed the Skypod System after Amazon spent $ 775 million in 2012 to purchase a robotics company called Kiva Systems.
Amazon has since moved into testing other robots from its robotics and advanced tech labs. It is mainly focused on creating technologies to move carts and packages throughout its warehouses. The e-commerce giant has a pledge to be carbon neutral by 2040 and run entirely on clean energy by 2025. Amazon reports that it has 169 on-site solar systems across its warehouses. It has also deployed a fleet of custom electric delivery vehicles in Los Angeles, and plans to have 10,000 more EVs on the road by the end of this year. | esg |
Cargoes diverted from Shanghai as port congestion worsens | Covid-19 containment measures in Shanghai are causing increasing disruption to supply chains, with shipping and logistics firms warning of diverted cargoes, container congestion and blank sailings. China’ s largest city has experienced by far its largest outbreak of confirmed cases since the start of the pandemic, prompting strict virus containment measures from authorities. A total lockdown... | general |
COVID-19: New Subvariant Gains Traction and Hopeful News for the Immunocompromised | As the world speculates the potential impact of the novel COVID-19 variant omicron XE and subvariant BA.2, research continues to shed light on the impact and future of the pandemic. Continue reading for that and more COVID news.
New White House coordinator Dr. Ashish Jha will take on the role of facilitating the government’ s coronavirus response. The shift comes during an uptick in cases of the now-dominant BA.2 subvariant, which Jha advises to regard with a calm but proactive approach. A four-pronged approach strategy was issued by the White House last month: protect against and treat current infections, prepare for new variants, prevent economic and educational repercussions and support global vaccination.
The BA.2 omicron subvariant has taken the lead in COVID-19 infections, with the U.S. Centers for Disease Control and Prevention reporting that the subvariant now accounts for 86% of all current infections. The White House’ s Jha appeared on NBC, commenting “ Case numbers are rising. We were expecting this because we saw this in Europe a few weeks ago, but the good news is we’ re coming off of still very low infection numbers. Hospitalizations right now are the lowest they’ ve been in the entire pandemic. ”
Findings published by the University of Minnesota suggest that the chance of developing post-COVID myocarditis is as high as 2.4 people in every 1,000 admitted for hospitalization. When adding in potential cases of myocarditis, this number jumps to 4.1 per 1,000 admitted. The statistics are based on the records of over 56,000 unvaccinated patients from February 2020 to April 2021. Although rare, information on cases of COVID-19-related myocarditis is critical for encouraging vaccination and determining how to administer preventative care.
Johns Hopkins University School of Medicine has released results from a study investigating the origins of COVID-19 related anosmia, or loss of smell, in JAMA Neurology. The findings are that the inflammation of olfactory bulb axons is to blame. These neurons are needed to communicate senses and movement to the rest of the central nervous system. The study’ s lead author, Dr. Cheng-Ying Ho commented on the finding’ s potential implications, saying, `` If inflammation is the major cause of the injury in olfactory structures, it is possible that we may be able to use an anti-inflammatory agent as the treatment. ''
Some people manage to evade COVID-19 infection, while others remain unprotected by the top COVID-19 vaccines. Researchers at the University Hospital Tübingen are working to find new protection for patients with immunocompromised systems who are incapable of building the adaptive immunity that typically stems from vaccination. The research, recently presented at the American Association for Cancer Research annual meeting, demonstrates the efficacy of a vaccination that targets COVID-19 protein epitopes, which can lead to upregulated T cell response. The T cell immune response would provide protection in the absence of an antibody defense. Additional research will investigate patient qualifiers and disqualifiers while a Phase III study will determine efficacy. Potential funding sources are being explored. | general |
US Refined Product Exports Soar to Record High | Exports of US refined petroleum products are screaming higher to meet global oil consumption that is still recovering from the pandemic and suffering from low inventories.
US product exports rose to a record 6.8 million barrels per day in the week ended Apr. 8, up from a robust 5.9 million b/d in the previous week, according to data from the US Energy Information Administration ( EIA) released Wednesday.
The weekly export number was 400,000 b/d higher than the previous record set early April 2021, the EIA said.
The Russian invasion of Ukraine in late February kicked off a global scramble to find replacements for Russian oil products. Russia saw product exports decline by 800,000 b/d in March, while its crude flows remained stable.
US product exports since late February have averaged 6 million b/d, compared to 4.4 million b/d in the first two months of the year, as more diesel heads overseas to fill a growing gap in global supply.
“ Products are going to be the driving market force in the Atlantic Basin, and especially diesel, ” a ship broker said. `` The shortfall of diesel is not going to go away. ''
US refined product exports are crucial for meeting global needs. By comparison, the nation's product export volumes are about as large as average Saudi crude oil exports.
The majority of US gasoline and diesel exports still sail to Latin America. The brokers said it is likely that Latin America is backing out imports of diesel or other products from the Mideast or Asia, which are now finding their way to Europe or other destinations that are short of products.
Analysts had predicted a global rearrangement of oil flows after the US banned Russian imports and self-sanctioning in Europe forced Russian oil to find other buyers and markets.
Russian crude has mostly managed to continue flowing thanks to steep discounts, heavy buying by international traders, low-profile trading and diversions to storage or Asia.
Products flows were more impacted, however, and the world is rerouting flows to sail more products to Europe — especially diesel.
As part of that rerouting, the US sent nearly 1 million b/d of diesel to Latin America in recent weeks, with just under 100,000 b/d sailing to Europe, shipping data show.
Some one-third of all US product exports, or more than 2 million b/d, are typically liquefied petroleum gases like propane, butane and ethane, which find their way to either Europe or Asia.
Nearly 1 million b/d of gasoline leaves US ports, all going to Latin America. Europe is long gasoline and is sending its surplus to the US or West Africa.
It is unlikely that the US can sustain its current pace of product exports, as it is draining storage tanks to fill tankers. Domestic product tanks have fallen by 47 million bbl since the start of the year, of which 13 million bbl was diesel.
US stocks are now 22 million bbl lower than they were in December 2019, just ahead of the first wave of the Covid-19 pandemic.
OECD diesel inventories — the Americas, Europe and Asia — are at 475 million bbl, some 80 million bbl, or 15%, below their 2016-19 average, data from the International Energy Agency ( IEA) show.
The EIA said Tuesday that it expects US diesel prices to average $ 4.57 per gallon in the second and third quarters, up $ 1.29 from last year.
Higher diesel prices reflect higher crude oil prices, which have been boosted by the economic recovery from the pandemic and tight supply, as well as the supply shortages caused by Russia's invasion of Ukraine. | general |
How visual collaboration tools keep hybrid teams engaged | We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!
Long before 2020, organizations were in the process of evaluating and modifying their existing processes. From allowing employees to work remotely to offering more generous paid time off, there were several key focus areas for modern business that were already taking shape.
But as the lines between work and home continue to blur post-pandemic, it’ s clear that the future of work is hybrid. While COVID-19 isn’ t directly responsible for its creation, it certainly accelerated its evolution.
In fact, hybrid environments are now preferred by 83% of the 9,326 workers polled in a recent Accenture survey. Plus, 74% of U.S. companies have either implemented or are planning to implement a permanent hybrid work model in the near future.
Managing a hybrid workforce requires an organization’ s needs to combine the advantages of remote work with the collaboration opportunities of face-to-face interactions. This structure has undoubtedly brought about several advantages over the last few years, including increased productivity, improved employee satisfaction and reduced business costs.
However, despite the positive impact of hybrid environments on both work-life balance and flexibility, many managers and employees say that collaboration among remote and onsite teams has suffered significantly. Other common challenges include scheduling conflicts, communication breakdowns and diminished customer experiences.
In the context of a hybrid workforce, visual collaboration can help break down many of the physical and digital communication barriers that stifle creativity, eliminating silos and making it easier for teams to align on project goals.
While visual collaboration products are on the rise — from startups like Miro and Notion, to tech giants like Microsoft Loop and Google Jamboard — one company that is hoping to make waves in this space is Box Inc., a cloud company that recently announced the release of Box Canvas.
Built natively into Box, Box Canvas is a visual whiteboarding tool that connects hybrid workers so they can brainstorm, ideate, plan and problem-solve, together from anywhere. The tool will be available later this year for enterprises via subscription.
“ Between customers, partners and employees, most of our interactions are digital. That means that our workflows need to be digitized to accommodate the needs of a changing workforce, ” said Box CEO Aaron Levie. “ With Box Canvas, we’ re empowering people to capitalize on their strengths as visual learners and exchange information via screenshots, images and video in a shared, flexible digital environment with infinite space. ”
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 |
SASE drives demand for proactive security posture management | With enterprises focusing on increasing security maturity and setting out their plans to achieve a zero trust security posture, we will see SASE continue to gain potential and drive the demand for a proactive and holistic security posture management programme.
SASE is the unification of security and networking solutions together under a single unified cloud-based platform, enabling collaboration between two historically disparate operational silos. SASE enables efficient and effective access control and edge protection. By gaining context and visibility and applying automation, organisations can improve security posture and risk management.
What is SASE?
According to Gartner: “ IT architectures are evolving in the face of demands for scalability, flexibility and increased security, and because of network challenges such as low-latency and WAN edge requirements. This broad set of drivers defines a unified service model for cloud-delivered networking and security called secure access service edge ( SASE). Cloud security architects must be cognisant of these developments, and, as cloud and distributed services grow, must implement SASE-aligned capabilities. ”
SASE adoption increases
Accelerated by the pandemic, protecting the edge tops the priority list for many organisations. A surge of home offices came online that needed protection and security, just like a data centre. This shift to a work-from-anywhere model put significant strain on IT organisations and continues to do so. Many of these employees will continue to work from home, despite lifting COVID-19 restrictions. IT and security organisations are being asked to extend security coverage in a flexible and manageable way that will be resilient if faced with future disruptions. As a result, we will see a steady increase of security solutions, such as SASE and SDWAN, throughout this year and beyond.
According to Gartner: “ By 2025, at least 60% of enterprises will have explicit strategies and timelines for SASE adoption encompassing user, branch and edge access, up from 10% in 2020. ”
Where SASE and zero trust intersect
SASE leans heavily on a zero trust security model, which does not grant a user access to applications and data until their identity has been verified – even if they are already inside the perimeter of a private network. When establishing access policies, a SASE approach takes more than an entity’ s identity into account; it also considers factors like user location, time of day, enterprise security standards, compliance policies and an ongoing evaluation of risk/trust.
Establish a zero trust framework with network visibility and context
Gain continuous understanding of your hybrid cloud networks and the entire attack surface to build and maintain zero trust frameworks.
However, many organisations struggle to implement zero trust frameworks due to environment complexity and lack of attack surface visibility. Massive, fragmented networks, decentralised, inconsistent configurations and change management processes, unsafe cloud and network configurations and the continual increase in vulnerabilities have created the perfect storm. Companies invest millions in security controls to block, detect, prevent or respond to attacks; despite this, we see vulnerabilities and misconfigurations across their hybrid environments routinely exploited.
Full network visibility and context needed to reap SASE benefits
This is where Skybox comes in. To make zero trust a reality and maximise the full benefits that solutions like SASE can provide, organisations need complete visibility and context across their entire hybrid, multicloud and OT network environments. The Skybox Security Posture Platform provides just that.
Our customers use the Skybox Security Posture Management Platform to aggregate and centralise complete sets of data that reflect their security controls and network configurations across all domains – from on-premises data centres, public and private cloud networks, OT networks and across all networks that connect their various business locations, users, assets and applications. With these rich data sets, the Skybox platform can model the customer’ s hybrid network, allowing them to visualise and gain full context and understanding of their attack surface. The visualisation, analytics and customised reporting empowers customers to make informed decisions and to automate workflows so they can ultimately achieve an optimised overall security posture.
Learn more about the Skybox platform
( 1) Gartner, “ Guide to Cloud Security Concepts ”, Patrick Hevesi, Richard Bartley, Dennis Xu, 21 September 2021
( 2) Gartner, “ 2021 Strategic Roadmap for SASE Convergence ”, Neil MacDonald, Nat Smith, Lawrence Orans, Joe Skorupa, 25 March 2021
Gartner is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the US and internationally and is used herein with permission. All rights reserved. | general |
Women's Tour organizers looking for £75,000 to produce live race broadcast | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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The organizers of the Women’ s Tour have made an appeal for additional funding to produce a live broadcast of the race for the first time.
SweetSpot, which also organizes the men’ s race the Tour of Britain, is looking for £75,000 ( $ 98,000) to plug the gap it needs to produce live television images for the six-day race. The organizer estimates that the addition of live television to the race will see a 20% increase on its overall budget.
Since its inaugural edition in 2014, the Women’ s Tour has not had a live broadcast, but it has produced highlights packages several hours after each stage’ s conclusion. It announced last year that it planned to have a live broadcast for 2021, but it failed to get the funding it needed.
The Women’ s Tour, which was won by Demi Vollering last year, was one of several races that was canceled altogether in 2020 due to the coronavirus pandemic and it was postponed from June to October last year for the same reason. In a press release Wednesday, SweetSpot said the lack of events for 18 months has made it harder to get the money it needs.
“ The race has been seeking funding to deliver a live broadcast of the event since UCI Women’ s WorldTour rules were updated for the 2020 season, ” a statement from SweetSpot said. “ Adding a live broadcast increases the Women’ s Tour’ s overheads by approximately 20%: a sum far from inconsequential given that we are only two years removed from the height of the COVID-19 pandemic and the enforced cancellation of the 2020 race.
“ Combined with the impact restrictions had on organizing events in the UK last year, SweetSpot missed out on a year-and-a-half of revenue as a result. ”
The route for stages 1, 3, and 6 of this year’ s eighth edition of the race were unveiled Wednesday with the race setting out from Colchester on June 6 and finishing in Oxford on June 11.
Over the years, the Women’ s Tour has always had a named sponsor with investment company AJ Bell the most recent. However, two months out from this year’ s edition, the organizer is still seeking a big backer for the race.
“ Efforts to secure a title sponsor for the Women’ s Tour have so far proved unsuccessful. As it stands, the 2022 race will be the first in event history to be without a naming rights partner, ” the statement said.
“ Despite a pro-active approach by the organizers, and discussions aplenty for well over a year, there is still a funding shortfall. Any company looking at being forever linked to helping the Women’ s Tour achieve this important milestone can take advantage of a new partnership package offering sponsorship rights for any live TV broadcast. ”
Get the latest race news, results, commentary, and tech, delivered to your inbox. | general |
Rose Matafeo and Nikesh Patel 'Starstruck ' Season 2 | Every product on this page was chosen by a Harper's BAZAAR editor. We may earn commission on some of the items you choose to buy.
`` I 'm just a basic bitch who wants to be happy for 22 minutes, '' Matafeo says.
In March of 2021, during the second winter of the COVID pandemic, a perfect little show appeared on HBO Max. Starstruck followed Jessie, a twenty-something movie theater usher who drunkenly meets Tom ( a charming Nikesh Patel) in a London nightclub on New Year’ s Eve. When she wakes up next to him the next day, she discovers he’ s a bonafide international movie star.
The first season's six 22-minute episodes aired at a time when the thought of meeting a romantic partner in real life seemed like an unfathomable dream. Creator and star Rose Matafeo—a stand-up comedian with roles in TV shows in New Zealand and Australia—had crafted a story that mixed relatability, messiness, and just the right dose of sheer fantasy, giving audiences reason to hope. Season two, written by Matafeo and co-creator Alice Snedden, picks up in the exact moment where season one left off, shifting focus from Will they or won’ t they? to They did—now what?
BAZAAR.com sat down with Matafeo and Patel to discuss the making of season two, the joys of fake fighting with one another, and why they think the show has struck such a chord with audiences around the world. Audiences might be in a different headspace this season with the world reopening, but it shouldn't matter: Starstruck still strikes a chord the second time around.
Rose Matafeo: I love the phone tree. It's lovely.
RM: Samin Nosrat—you know, the chef who does Salt Fat Acid Heat. She sent me texts of herself basically doing PR for the show with her group of friends. That was really sweet. And Sam Neill commented that he loved the show. My own dad, I think, hasn't even finished the second series. Sam Neil has probably finished watching my show before my own dad!
RM: The making of this show has been so serendipitous. It got shut down for Covid in March, meaning that the dates were changed, which was how, eventually, me and Nikesh got to meet. Had it been made at the [ original ] time, it wouldn't have been us two. And then it came out during the second winter lockdown in the UK, so everyone was [ inside ] watching this romantic comedy with people touching and kissing and flirting in night clubs. I think that was what struck a chord. Humans are hardwired to crave love and romance.
NP: I think there's so much good TV, but so much of it is either miserable or asking you to root for fundamentally flawed or terrible people. I love those shows, but it's quite nice occasionally to watch two idiots dancing around each other and shouting, `` Come on guys. Just smooch! ''
RM: I love watching things for endorphins. It sounds so simple and uncool, but you're like, `` I 'm just a basic bitch who wants to be happy for 22 minutes. ''
NP: It is also pretty damn cool, man! [ The show is ] clever and it's fun, but it also makes you feel good at the end of it, rather than going `` Ugh, let me gird my loins and have another three days away from this. ” So many people have no restraint when it comes to [ bingeing ]. Rose and I are doing our best, saying, `` Don't forget. It's out on BBC every Monday. '' And everyone is in the replies going, `` Yeah, I watched it all in one sitting. ''
RM: I had to stop watching Game of Thrones because by the end of the first series, things are just not looking good for this family. I can't deal with that. Throw them a bone! So that's very much my taste when it comes to television, which perhaps influenced the show.
RM: [ Sarcastically ] No, it's very, very casual, very easy, and such a breeze, really. As an anxious person, I just really enjoy the entire process.
It was petrifying! I mean, I 've never written a second sort of part of a story. I come from a comedy background where you just write a show and move on to the next thing. I was so nervous. We also had written a whole second season and then we rewrote it because we just realized it wasn't right. We were shooting the first season and we both realized, `` Oh yeah. No, we can't do those scripts. '' So it was a real slog to do that.
NP: What was it about? Sorry, I 've never read those, actually.
RM: You 've never read those, and you're never going to read them. We wrote them without knowing you were cast. That changed the whole dynamic. We didn't have all your family stuff in it. It was a lot more to do with Tom's career. And then we realized that wasn't the stuff about the first season that I was interested in, and I don't think it's the stuff that was striking a chord with audiences—the logistics of being a movie star. People watch it for the emotions of falling in love with someone.
NP: My girlfriend watched our argument in series two. And she kind of just looked at me and laughed, and said `` Oh really, you get paid to do this? Because this is you. ''
NP: I think it equal parts stressed her out, and she found it very entertaining.
RM: It's the same thing with sex scenes. It's good to sort of find a style, or a noise that isn't actually your sex noise, in the same way that you should really find an argument style that is not your actual one, because it's too telling of your personality.
NP: I missed that class at drama school.
RM: Oh, I did as well. I didn't go to drama school, so everything you see is what you get. I love Jessie so much. She's not exactly like me, but I defend her choices to the end. She's got a good heart. I think we share certain quirks and flaws, potentially. Cynicism about relationships.
NP: I 've been asked a few times, what are some of the most fun scenes to do? And I mean, all of them, but I 've really enjoyed the argument scenes. I think it's kind of reductive to call them arguments because they 've got everything. It starts out kind of playful and silly, and then it's just really fun. I hope this doesn’ t sound twisted. It's just really fun to play-argue with you, Rose. You 've very good at it.
RM: I find it most difficult, honestly, to play being in love. That feels so much more vulnerable and weird.
RM: I 'll take the world—the whole world that [ Jessie ] lives in, and the friendship group. The first series is almost like a chocolate box version of London; it's such a warm world.
NP: It’ s such a delicate balance though: a chocolate box, but still somewhere that feels really relatable.
RM: It’ s filmed and based around Northeast London, where I live, and it's picking out the specific romantic elements of London that you wouldn't necessarily see in other shows set there. But I 'm kind of biased because I love the characters because they're all my mates.I 'm like, `` God, this cast is bloody good. ”
RM: Both of these series ended in spots where it could be the end of the story, and it's a satisfying end. There’ s basically a film in a series, and it's completely self-contained. That's really very odd for TV, but I like that about it. If there are opportunities to dip back into that world that warrant it, [ it will still be there. ] It's almost like fan-fiction about this universe that exists and each series is a story from that world. So I don't really know, but I think we 'll dip into what those crazy cats are getting up to at some point, if we ever make another one.
This interview has been edited and condensed for clarity. | general |
New Zealand Reopens Borders to Australian Tourists | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
Lucy Craymer, Reuters
Today at 6:33 AM EDT
Emotions will be running high after those failed attempts to operate bubbles with the neighboring island.
Matthew Parsons
New Zealand welcomed hundreds of travelers from Australia with emotional scenes on Wednesday as it opened its borders to its trans-Tasmanian neighbour for the first time since mid-2021.
Maori cultural performers greeted travellers while families and friends hugged and cried at the Auckland International Airport where two flights from Australia landed this morning. Those waiting in the arrivals lounge held up boards saying “ Hello & Kia Ora & G’ day & Welcome ”.
“ Just so, so excited to be back, and all I really want to do is spend time with the family really, ” Jane Cheeseman told the New Zealand Herald, as she and her two children were reunited with her sister ahead of Easter holiday.
New Zealand had some of the toughest curbs in the world during the pandemic and its borders have been closed for most of the time since March 2020, except for a short-lived travel bubble with Australia last year that was suspended after a few months as Covid-19 spread.
But the government has started to ease these increasingly unpopular measures, hoping to boost tourism and ease labour shortages now that Omicron is widespread domestically.
Prime Minister Jacinda Ardern told Australia’ s Channel 7 she was “ extraordinarily excited ” about the reopening.
“ I can’ t actually imagine or remember a time when we would have been just so excited to be welcoming our Australian family back to our shores. It’ s very genuine, ” she added.
Air New Zealand said it was running 11 near-full flights from Australia on Wednesday.
“ This is the first step in welcoming international visitors back to our shores and we couldn’ t be more excited for both New Zealand and Air New Zealand, ” the airline’ s chief customer and sales officer, Leanne Geraghty, said in a statement.
Foreigners were previously banned from entering New Zealand, and until February citizens looking to return had to either make emergency requests to the government or secure a spot in state quarantine facilities.
Most travellers coming into the country have to undertake pre-departure and arrival testing, while most foreigners are also required to be fully vaccinated.
Tourists from visa-waiver countries including the U.S., Britain and Singapore will be able to visit from May 1. The border will remain closed for all other visitors until October.
Chris Hipkins, Covid-19 response minister, said curbs in the country would be further eased as the number of new cases fall.
From Thursday, there will be no restrictions on the number of people attending indoor events and there will be some easing on where masks have to be worn.
New Zealand, which has a population of just over 5 million, reported 9,542 new cases in the past 24 hours, well below a peak of more than 20,000 new cases a day. It has recorded just 497 deaths from Covid since the start of the outbreak.
( Reporting by Lucy Craymer; Editing by Himani Sarkar) | general |
Team Ukraine In the Netherlands For Prince Harry’ s Invictus Games | Every product on this page was chosen by a Harper's BAZAAR editor. We may earn commission on some of the items you choose to buy.
Four members of the Invictus community in Ukraine lost their lives in Russia’ s deadly invasions.
It's the journey that almost didn’ t happen, but the Ukrainian team taking part in Prince Harry’ s Invictus Games this weekend has safely arrived in the Netherlands.
Gathered together at Amsterdam Airport Schiphol on Wednesday, April 13, the team proudly posed for a group photograph shared on the Invictus Games Foundation Twitter account.
`` We are delighted to share the safe arrival of Team Ukraine ahead of their participation in the Invictus Games The Hague 2020, '' a caption for the image reads. `` They have been training for this event as part of their recovery for the last 3 years, and are looking forward to being a part of the Invictus community in person once again. ''
We are delighted to share the safe arrival of Team Ukraine ahead of their participation in the Invictus Games The Hague 2020. They have been training for this event as part of their recovery and are looking forward to being a part of the Invictus community in person once again. pic.twitter.com/yfRl4SPxXH
At one point, it was thought that Team Ukraine would only take part in the games virtually or possibly not at all due to the ongoing Russian invasion, which is now reaching its third month and has seen thousands of lives lost and 5 million evacuate the country.
As the team prepares to compete in Paralympic-style games such as wheelchair basketball and other adaptive sports between April 16 and April 22, supporters and teammates will also be thinking of those that didn’ t make it to The Hague.
In March it was revealed that four members of the Invictus community in Ukraine had died during Russia’ s attacks on the country. Sergey Smilin was killed in service on March 18, former Invictus competitors Vladimir Motelchuk and Dmytro Oliynyk lost their lives in rocket attacks on March 29, and former trialist Serhii Karajvan died in combat on March 13.
`` They were all extremely active in the international Invictus community on the We Are Invictus platform, competing in events over the past year including the virtual London Marathon, and online Rowing championships, '' a spokesperson for Invictus said. `` We encourage our community to continue to look out for one another online, as sad news continues to emerge, as many will have had the opportunity to compete alongside Team Ukraine virtually or in previous Invictus Games. ''
It is with regret that we report that a member of the Ukrainian Invictus Games community has been confirmed as a fatality of the Russian invasion of Ukraine. More: https: //t.co/3cuaLFCqiV pic.twitter.com/ThwgLnDS3m
Following the death of Serhii Karajvan, Team Ukraine manager Oksana, said they will dedicate their win to friends lost. `` When we win, we will celebrate his life, talk about him, and his sense of humour, professionalism, patriotism and sports endeavours, '' she said on March 16. `` And we will hug and cry and laugh because the memories of him bring joy and happiness. Please do not think of him as a martyr, he would not like it. Think of him as a celebrated Invictus Games community member, hero and defender of Ukrainian people. ”
This year’ s Invictus Games were originally due to take place in 2020, but were postponed due to the coronavirus pandemic.
Later this week, Prince Harry—who founded the sporting event for wounded military service men and women eight years ago—will arrive in The Hague alongside wife Duchess Meghan. The opening ceremony takes place on April 16. | general |
Data.ai: How the app world has changed during the pandemic | GamesBeat Summit 2022 returns with its largest event for leaders in gaming on April 26-28th. Reserve your spot here!
The last few years have been … something. Since the early 2020 Covid shutdown, much of the world has changed how it operates. Supply chain constraints and crippling inflation, as well as a pandemic, have kept people home. Once you’ ve done all your personal projects and watched all the Netflix, what’ s left?
People are social creatures and crave interactions with other humans. So, when you can’ t spend time with your family and friends, you do the next best thing — use your phone to play games and stay connected. This new report by data.ai shows us how the average person spends their phone time.
When I was a kid, they told us video games would rot our brains. They may have been right. But, what would our parents make of the average daily hours spent in apps metric? It would probably be a disapproving silence.
Time spent on phones in apps, for most markets, has been on a steady rise for years. Indonesia takes the top spot for Q1 2022, edging towards the 6 daily hour mark, with Brazil right behind. South Korea and Mexico also hit the 5 hours mark, making the top 4 markets all using apps at least 5 hours a day.
All of the top 12 markets spend more than 4 hours a day on their phones and have shown growth. China is the only outlier with a decrease in time used by 10%.
Now that we’ ve looked at the amount of time that people spend in apps, lets take a look at what they’ re doing with their time.
Year after Year, the top 4 apps stay the same. We always see Instagram, TikTok, Facebook, and WhatsApp Messenger as the most popular apps worldwide. The only change we have in this particular chart is the inclusion of Snapchat at the # 5 spot.
One inclusion of note in the competitive video streaming space is HBO Max claiming the # 5 spot in the US. Taking on competitors like Disney+ and Netflix, HBO Max revealed it has 46.8 million subscribers ( including both cable and streaming).
Well, here we are. Finally getting down to the nitty gritty. Let’ s take a look at the top games for Q1 2022.
In the worldwide market, we haven’ t seen much change. Free Fire, Subway Surfers, Roblox, and Candy Crush Saga are not exactly new to the world. The one interesting inclusion, which you can also see tops the data.ai Breakout Games chart, is Merge & Fight.
In the regional markets, Wordle by Goldfinch Studios has had a great few months. Between the popularity of Wordle, the word game bought by the New York Times, Wordle by Goldfinch received a huge influx of searches and subsequent downloads.
Released in January of 2022, Merge & Fight, published by Homa games, has been a huge success. In this game you merge dinosaurs to make tougher dinosaurs to take on enemy monsters, dragons, and other dinosaurs.
Another interesting inclusion also launched in January. Yu-Gi-Oh Master Duel was the # 1 top downloaded game in Japan. The game, which is based on the popular Yu-Gi-Oh card game, also topped Japan’ s breakout games download chart.
The breakout apps chart is full of apps that help people with their day to day life or to just stay connected. One app of interest, Locket Widget, showed up in the top 5 Q1 downloads for the UK, US, France, and Singapore. The app allows you to see photos from friends as your lock screen on your phone. If you can’ t spend a lot of times with your friends, at least you can see what they’ re up to!
Otherwise, the Breakout Apps chart is mostly utilities and helpers. Among these are a number of private browsers, work from home utilities, and tax apps.
For more information and cool charts about apps, check out data.ai.
GamesBeat's creed when covering the game industry is `` where passion meets business. '' What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Learn more about membership. | tech |
5G Security Market Research Report by Components, Network | New York, April 13, 2022 ( GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report `` 5G Security Market Research Report by Components, Network Component Security, Architecture, End user, Deployment Type, Vertical, Region - Global Forecast to 2027 - Cumulative Impact of COVID-19 '' - https: //www.reportlinker.com/p06262609/? utm source=GNW The Global 5G Security Market size was estimated at USD 833.34 million in 2021 and expected to reach USD 1,162.68 million in 2022, and is projected to grow at a CAGR 39.69% to reach USD 6,193.70 million by 2027.Market Statistics: The report provides market sizing and forecast across five major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF. It helps organization leaders make better decisions when currency exchange data is readily available. In this report, the years 2019 and 2020 are considered historical years, 2021 as the base year, 2022 as the estimated year, and years from 2023 to 2027 are considered the forecast period.Market Segmentation & Coverage: This research report categorizes the 5G Security to forecast the revenues and analyze the trends in each of the following sub-markets: Based on Components, the market was studied across Services and Solutions. The Services is further studied across Consulting, Implementation, and Support and Maintenance. The Solutions is further studied across Antivirus/Antimalware, Data Loss Prevention, DDoS Protection, Next-Generation Firewall, Others, Sandboxing, and Security Gateway. Based on Network Component Security, the market was studied across Core Security and RAN Security. Based on Architecture, the market was studied across 5G NR Non-standalone and 5G NR Standalone. Based on End user, the market was studied across Enterprises and Telecom operators. Based on Deployment Type, the market was studied across Cloud and On-Premises. Based on Vertical, the market was studied across Automotive and Transportation, Energy and Utilities, Healthcare, Manufacturing, Media and Entertainment, Others, Public Safety, and Retail. Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand. The Europe, Middle East & Africa is further studied across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom. Cumulative Impact of COVID-19: COVID-19 is an incomparable global public health emergency that has affected almost every industry, and the long-term effects are projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlying COVID-19 issues and potential paths forward. The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.Cumulative Impact of 2022 Russia Ukraine Conflict: We continuously monitor and update reports on political and economic uncertainty due to the Russian invasion of Ukraine. Negative impacts are significantly foreseen globally, especially across Eastern Europe, European Union, Eastern & Central Asia, and the United States. This contention has severely affected lives and livelihoods and represents far-reaching disruptions in trade dynamics. The potential effects of ongoing war and uncertainty in Eastern Europe are expected to have an adverse impact on the world economy, with especially long-term harsh effects on Russia.This report uncovers the impact of demand & supply, pricing variants, strategic uptake of vendors, and recommendations for 5G Security market considering the current update on the conflict and its global response.Competitive Strategic Window: The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.FPNV Positioning Matrix: The FPNV Positioning Matrix evaluates and categorizes the vendors in the 5G Security Market based on Business Strategy ( Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction ( Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.Market Share Analysis: The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.Competitive Scenario: The Competitive Scenario provides an outlook analysis of the various business growth strategies adopted by the vendors. The news covered in this section deliver valuable thoughts at the different stage while keeping up-to-date with the business and engage stakeholders in the economic debate. The competitive scenario represents press releases or news of the companies categorized into Merger & Acquisition, Agreement, Collaboration, & Partnership, New Product Launch & Enhancement, Investment & Funding, and Award, Recognition, & Expansion. All the news collected help vendor to understand the gaps in the marketplace and competitor’ s strength and weakness thereby, providing insights to enhance product and service.Company Usability Profiles: The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global 5G Security Market, including A10 Networks, Akamai Technologies, Inc., Allot, AT & T Inc., Avast Software s.r.o., Check Point Software Technologies Ltd., Cisco Systems, Inc., Clavister, Colt Technology Services Group Limited, F5, Inc., ForgeRock, Fortinet, Inc., Giesecke+ Devrient GmbH, Huawei Technologies Co., Ltd., Juniper Networks, Inc, Mobileum Inc., Palo Alto Networks, Inc., Positive Technologies, Radware Ltd., and Telefonaktiebolaget LM Ericsson. The report provides insights on the following pointers:1. Market Penetration: Provides comprehensive information on the market offered by the key players2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players5. Product Development & Innovation: Provides intelligent insights on future technologies, R & D activities, and breakthrough product developmentsThe report answers questions such as:1. What is the market size and forecast of the Global 5G Security Market? 2. What are the inhibiting factors and impact of COVID-19 shaping the Global 5G Security Market during the forecast period? 3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global 5G Security Market? 4. What is the competitive strategic window for opportunities in the Global 5G Security Market? 5. What are the technology trends and regulatory frameworks in the Global 5G Security Market? 6. What is the market share of the leading vendors in the Global 5G Security Market? 7. What modes and strategic moves are considered suitable for entering the Global 5G Security Market? Read the full report: https: //www.reportlinker.com/p06262609/? utm source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. | general |
China Electric Car Penetration Deepens Despite Uncertainty | The threat to oil demand from electric vehicles ( EVs) is intensifying in China, where EVs continue to deepen penetration in defiance of the economic uncertainties from a resurgence in Covid-19 cases. EVs continued their upward march to post triple-digit sales growth in March, contrasting sharply with the downtrend displayed by oil-fueled automobiles. Chinese consumers snapped up over 480,000 units of “ new-energy ” vehicles — comprising all-electric, plug-in hybrid and fuel-cell models — in March, a surge of 114% from a year ago. The March figure was also the second-highest monthly EV sales on record, trailing the historical peak of 531,000 units posted in December 2021. | general |
Russian gas stop promises'sharp recession ' for Germany | Hi, what are you looking for?
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An immediate end to Russian energy imports would send Germany into “ sharp recession ” next year, the country’ s leading economic institutes said in a forecast published Wednesday.
Persistently higher energy prices and geopolitical risks herald the beginning of a new era for Europe’ s industrial powerhouse, they warned, one which not every company will survive.
“ Not all business models that were profitable in Germany in the past will have a future, ” Stefan Kooths, vice-president of the IfW Kiel institute, said at a Berlin press conference.
The government must keep this in mind when it considers support measures for struggling firms, he added.
Germany, which is highly dependent on Russian gas for its energy needs, has so far resisted calls for a European boycott in response to the war in Ukraine.
Closing the taps in “ mid-April ” this year would limit growth to 1.9 percent in 2022 and push Germany into a recession in 2023, causing the economy to shrink by 2.2 percent, according to the forecast.
The impact of a boycott would “ not be overcome ” over the next two years, the institutes ( DIW, Ifo, IfW Kiel, IWH and RWI) said in a joint statement.
Europe’ s largest economy could yet suffer a “ set back ” at the end of 2023 into 2024, as demand for energy rises in the European winter, before “ gradually ” returning to growth.
Before Moscow began its war in Ukraine, a third of Germany’ s oil imports, 45 percent of its coal purchases and 55 percent of gas imports came via pipelines from Russia.
The country has set about weaning itself off Russia energy imports, accelerating investments in renewables and building LNG ( liquefied natural gas) terminals on the North Sea coast to import gas from further afield, though they would take years to come online.
Economy Minister Robert Habeck said at the end of March that it would likely take until mid-2024 for Europe’ s largest economy to wean itself off Russian deliveries.
– Emergency plan –
German officials have already triggered an emergency plan in anticipation of a gas shortage, which could result in gas rationing among households and businesses.
The government has also prepared legislation that would allow it to expropriate gas suppliers “ to assure security of supply ”, according to a draft seen by AFP.
The law would make it difficult to close storage facilities without government approval as well.
Last week, Berlin took temporary control of Russian gas giant Gazprom’ s German subsidiary, which holds several key pieces of infrastructure, after its parent company unexpectedly withdrew.
European partners, who have already agreed to stop buying coal from Russia, are currently in discussions about further sanctions against Moscow.
While a gas boycott with its serious economic consequences is seen as a last resort, the next target of EU sanctions could well be Russian oil.
– ‘ Difficult waters’ –
Even without a gas boycott, the war in Ukraine is “ slowing down ” Germany’ s recovery from the economic shock of the coronavirus pandemic, the institutes said.
The German economy was “ navigating difficult waters ” as the war and China’ s zero-Covid policy added to supply chain disruptions that are hampering industry.
The group slashed their forecast for growth in 2022 to 2.7 percent, from their previous estimate of 4.8 percent made in October last year.
At the same time, they raised their forecast for growth in 2023 to 3.1 percent from 1.9 percent, in a scenario where energy deliveries continue.
Inflation, which has hit new highs as the price for energy has soared, would come out at 6.1 percent in 2022, before falling back to 2.8 percent in 2023, the think-tanks said.
Shutting off supplies from Russia would push the price even higher, taking inflation to 7.3 percent in 2022 and keeping it at five percent in 2023.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
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Study Calls into Question Link Between COVID-19 Vaccines and Myopericarditis | Reports that myopericarditis may be a side effect of COVID-19 vaccination are downplayed by a recently-published study that suggests there might not be a correlation.
Scientists from the National University of Singapore ( NUS), led by Kollengode Ramanathan, M.D., and Ryan Ruiyang Ling, pooled data from 22 studies that administered more than 400 million vaccines to determine if there is, indeed, merit to claims that COVID-19 vaccines cause myopericarditis.
They found none. In fact, what the data told them was that not only were incidences of myopericarditis low following a COVID-19 vaccine, but the incidence was the same as with the other types of vaccines, like influenza.
The data came from international studies from Jan. 1, 1947, to Dec. 31, 2021, and also included studies that reported on people who had myopericarditis in temporal relation to vaccines. The scientists, under the study Prospero, used the DerSimonian and Laird random-effects meta-analyses, Joanna Briggs Institute checklist and Grading of Recommendations, Assessment, Development and Evaluations approach to evaluate the data.
`` Compared with COVID-19 vaccination, the incidence of myopericarditis was significantly higher following smallpox vaccinations but was not significantly different after influenza vaccinations. Among people who received COVID-19 vaccines, the incidence of myopericarditis was significantly higher in males, in those younger than 30 years, after receiving an mRNA vaccine and after a second dose of vaccine ( versus a first or third dose), '' the report read.
Overall, the risk of myopericarditis post-COVID-19 vaccination is low, although younger males have an increased incidence. Regardless of these findings, the risk of rare adverse events such as this one should be balanced against the risks of getting infected with the SARS-CoV-2 virus.
`` Being aware of a possible association between COVID-19 vaccination and myopericarditis, clinicians might have had an inherently lower threshold for investigating a patient with non-specific chest pain after COVID-19 vaccination, eventually leading to a diagnosis of myopericarditis. Additionally, given current robust vaccine surveillance systems and the fact that COVID-19 vaccines have received a much higher degree of scrutiny than previous vaccines, the possibility of relative under-reporting of adverse events following non-COVID-19 vaccinations can not be excluded, despite mass vaccination of more than 6 billion people in the past year, '' the report added.
In an editorial about the evaluation, titled `` Myopericarditis after COVID-19 vaccination: unexpected but not unprecedented, '' Margaret Ryan and Jay Montgomery said that the lack of literature on the possible correlations between myopericarditis and vaccines over the last 75 years may be the reason why many claims on their links are based on mere theories. With that said, a more thorough investigation of the adverse effects of immunizations should be conducted. | general |
Delta Bets Premium Travel Trend Is Here to Stay | Get exclusive stories and unlimited access to Skift.com news
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April 13th, 2022 at 1:15 PM EDT
Is Home Depot's loss Delta's gain? Americans have spent two years hoarding cash and spending money on home improvement projects. But now Delta believes they're ready to spend their savings on travel and experiences, and the Atlanta-based carrier says it's waiting for them.
Madhu Unnikrishnan
Delta Air Lines doesn’ t quite think the pandemic is behind it, but it increasingly thinks the traveling public will treat Covid-19 as a recurring seasonal disease. The airline believes this trend is reflected in how consumers are spending money now, shifting spending from retail to travel and experiences.
“ Consumers have not been traveling over the past two years, so they’ re prioritizing that spend now, ” Delta CEO Ed Bastian told investors during the company’ s first-quarter earnings call on April 13. “ They are looking for experiences. ”
Bastian pointed to credit card data from both Delta’ s co-branded credit card with American Express and from increased spending on hotels and rental cars. During the depths of the pandemic, consumers redeployed cash they ordinarily would have spent on travel to home-improvement and other retail purchases. “ You’ re seeing a pretty significant shift coming out of goods and retail into experiences and services, ” he said. “ And that’ s not just the fact that people haven’ t traveled, they’ ve also saved money as they’ ve accumulated some meaningful cash and discretionary income for what they have been doing over the last couple of years. ”
Consumers in the U.S. are sitting on $ 2.5 trillion more in savings than they had before the pandemic, due largely to decreased spending on travel, restaurants, and other services curtailed by quarantines and lockdowns, data from the Federal Reserve Bank show. Although the household savings rate has declined from its pandemic-era high of more than 30 percent to pre-pandemic levels of roughly 7 percent, many higher-income households in the U.S. have significantly more to spend than they did before March 2020. This is despite the higher costs of goods and services from the highest rate of inflation in 40 years.
And when they spend money on travel, consumers are more likely to spend it on premium seats, Bastian said. Delta has bet heavily on the front of the aircraft, investing in new cabins on much of its fleet of aircraft, including a new premium-economy cabin. The airline is positioning itself as an upscale brand, and is well placed to capitalize on the trend, he said.
“ Over the next few years, we expect premium seat growth to continue to outpace [ economy ], and we’ re confident in the consumer shift towards higher-quality products is here to stay, ” president Glen Hauenstein said. “ To date, premium recovery has been led by consumer, and we see further upside as more and more business travelers return to the skies. ”
Delta reported its March domestic premium revenue was 100 percent of 2019 levels. Premium travel to Latin America and Europe also has recovered, with no measurable decline in demand due to the Ukraine war, and Delta sees significant growth possibilities in this segment as corporate travelers return.
In March, domestic corporate travel was 70 percent of March 2019, and transatlantic business travel was roughly half. The federal pre-departure testing requirement for passengers returning to the U.S. is depressing demand for transatlantic travel, but Bastian said Delta is “ encouraged ” by signs that Washington may lift the requirement soon. He did not outline a timeline for when the requirement may be dropped.
Business travel also is expected to increase as more companies reopen their offices. In 2020 and through last year, small- and medium-sized businesses led the business travel recovery while large companies largely grounded their staff. This is changing, Bastian said, as a survey of Delta’ s corporate clients revealed that 90 percent plan to travel more in the second quarter. But travel increasingly is skewing toward meetings and events – group travel — than it was before the pandemic, he noted.
Delta expects strong demand across its network this summer with one exception: Asia. Although demand has spiked in response to South Korea and Australia easing travel restrictions, travel to Japan and China remains difficult. “ We expect that heavily restricted regions, such as China and Japan, will continue to put pressure on overall Pacific unit revenues until borders fully reopen, ” Hauenstein said. The company expects most restrictions to ease in the third and fourth quarters of this year.
By this summer, Delta will operate 84 percent of its 2019 capacity — or number of seats its flies — and is on a hiring spree in order to staff its operations. The carrier has hired 15,000 people since January of last year, with 4,000 joining the company since the start of this year. These employees are replacing the 18,000 Delta employees who took voluntary separation packages when the carrier downsized in response to the pandemic.
Where Delta most needs employees is on the ground: Staff at airports, reservations centers, and maintenance personnel. It competes directly with retail and other industries for these employees. The company has not struggled to hire pilots and flight attendants, although Bastian admitted training these employees will take time. “ Pilots have a training pipeline and it will take some time before pilots are fully in category and where we want them positioned; it’ ll probably take another year or two, ” he said. “ Flight attendants, [ and ] likewise, we’ re hiring flight attendants and there’ s a queue as to how much many people we can put through the training pipeline. ”
Delta is raising all employees’ pay by 4 percent in May. As of April 1, the company dropped its $ 200 insurance surcharge for unvaccinated employees, as Delta moves toward treating Covid-19 as a recurring seasonal disease, Bastian said.
The first quarter was split into two halves: The first, with demand dampened by the Omicron variant; and the second, a dam break of pent-up demand for travel. After the February Presidents Day holiday in the U.S., demand rose sharply, Bastian said. The carrier reported an adjusted loss of $ 793 million for the quarter, but was profitable in March and generated an operating margin of almost 10 percent.
The Ukraine war has caused oil prices to rise, but Delta so far has not faced any pushback from passing on its increased costs to consumers. Fuel costs almost 30 percent more than it did in the fourth quarter of last year. But these costs are partially offset by the jet fuel Delta takes from its refinery in Pennsylvania. The company realizes a benefit of 20 cents per gallon of jet fuel from its refinery, especially for its New York flights.
Delta reported first-quarter revenues of $ 8.2 billion, 21 percent lower than the same period in 2019. Cargo revenue of $ 289 million was 51 percent higher than in 2019 and is expected to rise in the second quarter as companies scramble to restock after lockdowns in China disrupted the supply chain. Delta expects revenues to recover to 93-97 percent of 2019 in the third quarter, and the company is forecasting an operating margin of 12-14 percent.
“ We are thrilled with the performance of our team. We have been waiting two years to see this, ” Bastian said. “ We are ready to go. Customers are ready to go. We are looking forward to a strong summer season. ”
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Report: Wout van Aert to race Liège-Bastogne-Liège | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Officials will decide if Wout van Aert will race Paris-Roubaix. Photo: MARCO BERTORELLO/AFP via Getty Images
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Wout van Aert is still on the fence about a possible late-hour decision to race Paris-Roubaix, but the Belgian star is adding Liège-Bastogne-Liège to his racing calendar.
That’ s according to a report in Het Laatste Nieuws, which reported that Van Aert will race the Belgian monument for the first time on April 24. There was no immediate confirmation from team officials.
Van Aert is recovering from a COVID-19 infection, and was forced to skip the Tour of Flanders and Amstel Gold Race, two of his major goals in 2022.
Jumbo-Visma officials are still debating about whether or not van Aert will race Paris-Roubaix on Sunday.
Van Aert is currently training and riding in Spain, and reportedly wants to race in the “ Hell of the North ” this weekend. Team officials and medical staffers are mulling over the decision.
After missing some of the key races on his spring agenda, van Aert will add Liège-Bastogne-Liège to his calendar. He’ s never raced the Belgian monument before, but the new course design finishing in downtown Liège will favor him more so than the former uphill kicker into Ans.
Primož Roglič, Jonas Vingegaard and Tiesj Benoot are also slated to race in Liège.
The team also published an update on Milan Vader, who crashed heavily in stage 5 at Itzulia Basque Country.
Officials said Vader remains in a Spanish hospital, and described his health situation as “ stable. ”
We want to thank everybody for their thoughts and support for Milan Vader and his family. Milan is still in the university medical hospital in Bilbao for his recovery. There he receives good medical care. His health situation is stable. If relevant, a further update will follow. pic.twitter.com/M55Knhb0Uk
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DLT TFG Hub - Page 2 of 4 | If regulators and established FIs are to place their faith – and their capital – in Blockchain, it must have a financial crime control framework to match efficiency of the solutions blockchain offers.
TFG heard from World Economic Forum’ s Ziyang Fan on bringing policymakers, innovators and technologists together to work hand in hand to solve some of the global challenges.
TFG and BAFT’ s recent Tradecast. The Distributed Ledger Payment Commitment ( DLPC) is a potential solution allowing for digital representations of payment commitments on a distributed ledger.
TFG heard from Tanya and Stephen of Czarnikow discussing the impact of Covid19 on sugar supply chains considering different perspectives.
As advocates of DLT in global trade and commerce, TFG are partnering with 101 Blockchains to promote the education of specific technologies that are currently available.
DeFi, short for Decentralized Finance and also referred to as ‘ Open Finance’, is a set of DLT-based financial services and applications intended to augment or replace the currently existing financial system ( comparatively referred to as ‘ Centralized Finance’).
The Distributed Ledger Payment Commitment ( DLPC) is a potential solution allowing for digital representations of payment commitments on a distributed ledger.
We caught up with Peter Jameson, Head of Trade and Supply Chain, Asia Pacific in Bank of America. We discussed the highlights of 2019 and the opportunities in 2020 for the trade, receivables and supply chain finance. There will be continued pressure on trade flows, with reduced volume, commodity prices, and financing demand. Despite this, Asia Pacific’ s growth prospects remain favourable as compared to other regions. Businesses continue to seek growth and focus on further developing their banking needs in the region.
Commerzbank continues to strive to adapt to technological innovations of our new ‘ digital era’ – as well as ensuring it is up-to-date with all market movements.
TFG’ s Nikhil Patel sat down with ITFA Chairman, Sean Edwards, discussing the highs ( and lows) of 2019, from a trade, tech and regulatory perspective. We asked ITFA’ s view on whether the fireworks of trade wars might slow in 2020, and what’ s needed for blockchain to work for trade in 2020.
The loose notion of a supply chain is as old as trade itself. To help modernize the concept and provide firms with greater transparency, efficiency, and traceability, several innovative projects… read more →
Letter of Credit Trade finance as a whole had been struggling to traverse the divide into the digital age until it got a boost from blockchain technology. The Letter of… read more →
With opportunities in mind and challenges addressed, we are free to look ahead to what the experts believe the future of the industry has in store. According to our survey… read more →
HaloTrade Halotrade is a blockchain-enabled fintech startup focused on the delivery of sustainable supply chain financing. Founded to help curb the issue of disengagement in supply chains, Halotrade creates a… read more → | general |
Coachella 2022: Lineup, Performances, Fashion, & More | Coachella 2022 has finally arrived after a two-year hiatus due to the COVID-19 pandemic. From the lineup and performances to all the fashion and beauty trends, Teen Vogue has all the details you need to know about the much-anticipated music and arts festival.
The Coachella Valley Music and Arts Festival will take place over two weekends ( April 15-17 and April 22-24) at Empire Polo Club in Indio, California.
This year’ s headliners are Billie Eilish, Harry Styles, and Swedish House Mafia; Phoebe Bridgers, Megan Thee Stallion, Doja Cat, Jamie xx, Run the Jewels, Disclosure, Caroline Polachek, 100 gecs, and so many more. One of the original headliners Kanye West recently pulled out of the festival less than two weeks before he was set to take the stage.
Whether you're attending the festival IRL, attending a themed party, or want to incorporate some Coachella fashion into your wardrobe, check out this street style guide Teen Vogue editors put together for the last festival—it definitely holds up.
Sit back and follow along as we cover it all live.
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Cannabis: how it affects our cognition and psychology – new research | Cannabis has been used by humans for thousands of years and is one of the most popular drugs today. With effects such as feelings of joy and relaxation, it is also legal to prescribe or take in several countries.
But how does using the drug affect the mind? In three recent studies, published in The Journal of Psychopharmacology, Neuropsychopharmacology and the International Journal of Neuropsychopharmacology, we show that it can influence a number of cognitive and psychological processes.
The United Nations Office on Drugs and Crime reported that, in 2018, approximately 192 million people worldwide aged between 15 and 64 used cannabis recreationally. Young adults are particularly keen, with 35% of people between the ages of 18 and 25 using it, while only 10% of people over the age of 26 do.
This indicates that the main users are adolescents and young adults, whose brains are still in development. They may therefore be particularly vulnerable to the effects of cannabis use on the brain in the longer term.
Tetrahydrocannabinol ( THC) is the main psychoactive compound in cannabis. It acts on the brain’ s “ endocannabinoid system ”, which are receptors which respond to the chemical components of cannabis. The cannabis receptors are densely populated in prefrontal and limbic areas in the brain, which are involved in reward and motivation. They regulate signalling of the brain chemicals dopamine, gamma-aminobutyric acid ( GABA) and glutamate.
We know that dopamine is involved in motivation, reward and learning. GABA and glutamate play a part in cognitive processes, including learning and memory.
Cannabis use can affect cognition, especially in those with cannabis-use disorder. This is characterised by the persistent desire to use the drug and disruption to daily activities, such as work or education. It has been estimated that approximately 10% of cannabis users meet the diagnostic criteria for this disorder.
In our research, we tested the cognition of 39 people with the disorder ( asked to be clean on the day of testing), and compared it with that of 20 people who never or rarely used cannabis. We showed that participants with the condition had significantly worse performance on memory tests from the Cambridge Neuropsychological Test Automated Battery ( CANTAB) compared to the controls, who had either never or very rarely used cannabis. It also negatively affected their “ executive functions ”, which are mental processes including flexible thinking. This effect seemed to be linked to the age at which people started taking the drug – the younger they were, the more impaired their executive functioning was.
Cognitive impairments have been noted in mild cannabis users as well. Such users tend to make riskier decisions than others and have more problems with planning.
Although most studies have been conducted in males, there has been evidence of sex differences in the effects of cannabis use on cognition. We showed that, while male cannabis users had poorer memory for visually recognising things, female users had more problems with attention and executive functions. These sex effects persisted when controlling for age; IQ; alcohol and nicotine use; mood and anxiety symptoms; emotional stability; and impulsive behaviour.
Cannabis use can also affect how we feel – thereby further influencing our thinking. For example, some previous research has suggested that reward and motivation – along with the brain circuits involved in these processes – can be disrupted when we use cannabis. This may affect our performance at school or work as it can make us feel less motivated to work hard, and less rewarded when we do well.
In our recent study, we used a brain imaging task, in which participants were placed in a scanner and viewed orange or blue squares. The orange squares would lead to a monetary reward, after a delay, if the participant made a response. This set up helped us investigate how the brain responds to rewards. We focused particularly on the ventral striatum, which is a key region in the brain’ s reward system. We found that the effects on the reward system in the brain were subtle, with no direct effects of cannabis in the ventral striatum. However, the participants in our study were moderate cannabis users. The effects may be more pronounced in cannabis users with more severe and chronic use, as seen in cannabis use disorder.
There is also evidence that cannabis can lead to mental health problems. We have shown that it is related to higher “ anhedonia ” – an inability to feel pleasure – in adolescents. Interestingly, this effect was particularly pronounced during the COVID-19 pandemic lockdowns.
Cannabis use during adolescence has also been reported as a risk factor for developing psychotic experiences as well as schizophrenia. One study showed that cannabis use moderately increases the risk of psychotic symptoms in young people, but that it has a much stronger effect in those with a predisposition for psychosis ( scoring highly on a symptom checklist of paranoid ideas and psychoticism).
Assessing 2,437 adolescents and young adults ( 14-24 years), the authors reported a six percentage points increased risk – from 15% to 21% – of psychotic symptoms in cannabis users without a predisposition for psychosis. But there was a 26-point increase in risk – from 25% to 51% – of psychotic symptoms in cannabis users with a predisposition for psychosis.
We don’ t really know why cannabis is linked to psychotic episodes, but hypotheses suggests dopamine and glutamate may be important in the neurobiology of these conditions.
Another study of 780 teenagers suggested that the association between cannabis use and psychotic experiences was also linked to a brain region called the “ uncus ”. This lies within the parahippocampus ( involved in memory) and olfactory bulb ( involved in processing smells), and has a large amount of cannabinoid receptors. It has also previously been associated with schizophrenia and psychotic experiences.
Cognitive and psychological effects of cannabis use are ultimately likely to depend to some extent on dosage ( frequency, duration and strength), sex, genetic vulnerabilities and age of onset. But we need to determine whether these effects are temporary or permanent. One article summarising many studies has suggested that with mild cannabis use, the effects may weaken after periods of abstinence.
But even if that’ s the case, it is clearly worth considering the effects that prolonged cannabis use can have on our minds – particularly for young people whose brains are still developing. | business |
Bank of Canada delivers jumbo rate hike with more to come | The information you requested is not available at this time, please check back again soon.
The Bank of Canada raised its policy 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 aggressively wrestles inflation down from a three-decade high.
Policymakers led by Governor Tiff Macklem increased the central bank’ s overnight benchmark to 1 per cent on Wednesday. Macklem said he expects rates will return to what they consider the “ neutral range ” of 2 per cent and 3 per cent, with policy makers prepared to move “ forcefully ” if needed.
The bank also said it will stop purchasing government bonds later this month to start shrinking its balance sheet, another form of stimulus withdrawal.
“ The economy can handle higher interest rates, and they are needed, ” Macklem said at a news conference in Ottawa.
Short-term bonds fell after the report, pushing Canada’ s benchmark two-year yield to as high as 2.346 per cent, before reversing those losses. The loonie strengthened, however, gaining 0.4 per cent to $ 1.2593 per U.S. dollar at 12:29 p.m. in Toronto trading.
The policy actions mark an acceleration of what’ s expected to be one of the most aggressive monetary tightening campaigns ever by the Bank of Canada, a tacit recognition from the central bank that it needs to quickly exit from ultra-loose policy before inflation becomes sticky.
“ There is an increasing risk that expectations of elevated inflation could become entrenched, ” officials said in the rate statement, adding the bank will “ use its monetary tools to return inflation to target and keep inflation expectations well-anchored. ”
In what policymakers described as a “ substantial upward revision, ” inflation is now seen averaging near 6 per cent in the first half of 2022, before easing to about 2.5 per cent in the second half of next year and to around its 2 per cent target by the end of 2024.
Inflation is projected to average 5.3 per cent in 2022, versus forecasts in January of 4.2 per cent. Price growth will slow to 2.8 per cent on average in 2023, versus previous forecasts of 2.3 per cent.
“ This isn’ t the last 50+ move and I’ d expect another in June, ” Derek Holt, head of capital markets economics at Bank of Nova Scotia, said by email.
Wednesday’ s 50-basis-point hike was anticipated by 25 of 30 economists surveyed by Bloomberg News, with markets pricing in about a 70 per cent chance of an increase of that size. Investors are betting the central bank will continue hiking borrowing costs in coming months until the policy rate rises to as high as 3 per cent by this time next year.
The Bank of Canada also provided some details of its quantitative tightening plan on Wednesday. The bank no longer plans to replace federal bonds as they roll off their balance sheet starting April 25. Over the next 12 months, about a quarter of the net $ 350 billion ( US $ 275 billion) in government debt acquired during the pandemic will mature, pushing up yields, and complementing the increase in the policy rate.
“ The degree to which the start of quantitative tightening later in April will take the place of rate hikes is a question Governor Tiff Macklem did not clearly address in the press conference, reiterating language in the statement that QT would ‘ complement’ rate hikes. ”
Despite the hawkish policy statement, there are some relatively optimistic assumptions weaved throughout the decision. Supply is seen jumping next year to meet strong demand as COVID-19 containment measures are lifted and global disruptions ease.
Officials are also assuming Canada’ s economy won’ t be negatively impacted by the Ukraine crisis thanks to the nation’ s commodities sector, while global inflationary pressures are seen eventually abating. If the latter assumption fails to materialize, the rate-hike path would need to be more aggressive.
On the other hand, the central bank also raised by 25 basis points its estimate for its neutral rate to around 2.5 per cent, which gives it more scope to hike.
The jumbo rate hike is the first by a Group of Seven central bank since the pandemic, but not the first on Wednesday.
New Zealand’ s central bank lifted its official cash rate by half a percentage point to 1.5 per cent earlier in the day. A hawkish pivot is also expected in the U.S., where Chairman Jerome Powell and other policy makers have put a half-point hike on the table for the Federal Reserve’ s meeting in May. | general |
iPhone, Macbook makers halt Shanghai production over Covid | Hi, what are you looking for?
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Several electronics companies, including iPhone and Macbook makers, have halted production in the Chinese cities of Shanghai and Kunshan, adding to supply chain woes under Beijing’ s strict zero-Covid measures.
The business hub of Shanghai has become the heart of China’ s biggest Covid-19 outbreak since the virus surfaced more than two years ago.
The city of 25 million has remained almost entirely locked down since the start of the month, while other areas have rolled out less severe restrictions to stamp out Covid flare-ups.
“ Local operation in Shanghai area has been temporarily suspended in response to Covid-19 prevention measures, ” said Macbook maker Quanta Computer in a filing to the Taiwan Stock Exchange on Wednesday.
The Taiwan-based firm’ s expected date of resumption will be advised by authorities later, the notice said.
This came a day after iPhone assembler Pegatron announced it had temporarily suspended work as well, and was “ actively cooperating with local authorities ” to resume operations soon.
The suspensions apply to two of its subsidiaries, in Shanghai and nearby Kunshan city, the Taiwanese company said.
Stay-at-home orders and stringent testing rules have strained supply chains in and around Shanghai, home to the world’ s busiest container port and a critical gateway for foreign trade.
China reported nearly 28,000 local virus cases on Wednesday, the vast majority in Shanghai.
Many factories have been forced to halt operations as virus cases have surged, while some staff have been living in their workplaces as businesses struggle to operate.
– Logistics problems –
Pegatron and Quanta Computer’ s suspensions are the latest blow to Apple, which has seen disruptions at other suppliers’ assembly lines in recent months as Chinese cities struggle to curb virus outbreaks.
In March, another major supplier Foxconn halted operations in the Chinese tech hub of Shenzhen.
Foxconn has “ resumed fundamental operations ” in Shenzhen as of late March, the company said.
Consultancy group Trendforce said in a recent report that manufacturers may have just a few more weeks worth of inventories as logistics problems grow over the imposed restrictions.
Chinese authorities have struggled to maintain the flow of goods across the country as tough virus controls slow movement.
A Transport Ministry circular issued late Tuesday barred the “ blocking of road transportation ” vehicles and personnel, ordering more efficient Covid-19 screening along transport routes.
Anxious about the spring farming season and food supplies, officials in virus-hit areas such as the northeastern province of Jilin have also issued travel passes to let agricultural workers return to farmland on chartered buses.
“ The Chinese economy has been facing a rising risk of recession since mid-March ”, Nomura analysts warned this week, citing severe disruptions to the delivery of exports, with coastal areas hit hard by controls to rein in the virus.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
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International agencies call for urgent aid to address food insecurity | Hi, what are you looking for?
Major international organizations issued an appeal Wednesday for urgent measures to deal with rising food insecurity in poor countries.
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Major international organizations issued an appeal Wednesday for urgent measures to deal with rising food insecurity in poor countries, including financing to support farmers and increase food supplies.
The Russian invasion of Ukraine, and Western sanctions on Moscow, have sent energy and food prices soaring in recent weeks, while rising natural gas prices also have impacted fertilizer production, which in turn hurts farmers.
“ It is critical to quickly provide support for food insecure countries in a coordinated manner, ” the heads of the IMF, World Bank, World Trade Organization and UN World Food Program said in a joint statement.
Protests have erupted in some countries over high prices, and the statement said, “ The increase in food prices and supply shocks can fuel social tensions in many of the affected countries, especially those that are already fragile or affected by conflict. ”
The organizations called on the international community to provide financing for emergency food supplies, a safety net for poor families and farmers, and to increase agricultural production.
They also called for “ open trade ” that avoids export restrictions or “ humanitarian food purchases. ”
While the poor nations are most vulnerable to the crisis, middle income countries increasingly are at risk, the statement said.
“ Surging fertilizer prices along with significant cuts in global supplies have important implications for food production in most countries, including major producers and exporters, who rely heavily on fertilizer imports, ” they said.
IMF chief Kristalina Georgieva, World Bank President David Malpass, WTO head Ngozi Okonjo-Iweala and WFP director David Beasley issued the statement before next week’ s meeting of the IMF and World Bank.
– ‘ Increased fragility’ –
The war in Ukraine came as the global economy was trying to right itself following the Covid-19 pandemic, while navigating supply chain snarls that created shortages and a surge in inflation.
New lockdowns in China have added further uncertainty to the recovery.
Ukraine is a key source of grain while Russia is a major producer of energy and fertilizer needed for agriculture.
Protestors in Peru have taken to the streets to demand government action, as did people in Sri Lanka, where the government on Tuesday announced it was defaulting on its $ 51 billion in foreign debt.
Poverty rose sharply during the pandemic, and the World Bank warns that for each one percentage point increase in food prices, 10 million people are thrown into extreme poverty worldwide.
“ Sharply higher prices for staples and supply shortages are increasing pressure on households worldwide and pushing millions more into poverty, ” the officials said.
“ Increased fragility and conflict pose persistent harm to people around the globe. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
In Ukrainian town of Volnovakha, now under Moscow's control, children listen to a recording of the Russian anthem, watched by armed soldiers.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
President Joe Biden for the first time accused Vladimir Putin's forces of committing genocide in Ukraine.
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For Biden's battered approval, 'nothing else matters ' like inflation | Hi, what are you looking for?
Historically low joblessness is the kind of thing American leaders dream of, but President Joe Biden also has nightmarishly high inflation.
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Historically low joblessness is the kind of thing American leaders dream of, but President Joe Biden also has nightmarishly high inflation that supporters and opponents alike believe may cost his Democratic Party dearly.
Biden’ s popularity has sunk in recent months even as the unemployment rate has ticked progressively lower amid booming job creation, which experts attribute to record-high price increases the US economy has weathered as it recovers from the pandemic.
“ Politically speaking, nothing else matters, ” said Charlie Cook, a longtime political analyst and founder of the Cook Political Report.
Job growth is a traditional metric of presidential success, and the White House has attempted to focus the public’ s attention on the progress made in the labor market, where new applications for jobless aid are at more than half-century lows and the unemployment rate is almost back to where it was before Covid-19 broke out.
But Cook said the spike in consumer prices to levels not seen since 1981 has undercut those arguments because while some voters may benefit from the strengthening jobs market, everyone experiences higher prices for gasoline, food and other necessities.
Biden’ s approval ratings are now hovering around 42.2 percent, according to poll aggregator FiveThirtyEight, and with midterm elections in seven months, even Biden’ s allies worry that his Democratic party will lose its narrow control of one, or perhaps both, houses of Congress.
“ High prices are preventing Americans from feeling the Biden boom, ” said Will Marshall, president of the center-left Progressive Policy Institute.
– Losing, not gaining, jobs –
Biden took office at a time when unemployment was on a downward trajectory after spiking to 14.7 percent in 2020 as businesses laid off workers en masse after the pandemic arrived on American shores.
Throughout his presidency, it has fallen steadily to hit 3.6 percent last month, a hair above its pre-pandemic level.
But consumer prices have shot up, jumping by 8.5 percent over the 12 months to March, and polls indicate Americans are pointing the finger at Biden.
Nearly two-thirds of voters disapprove of Biden’ s handling of the economy, according to a poll by the Associated Press and NORC Center for Public Affairs Research released late last month, while progressive data firm Navigator Research found more Americans believe the economy is losing jobs than gaining them.
The high inflation rate is a consequence of a collision between global shortages and shipping delays, the Federal Reserve’ s low interest rate policies and shocks to commodity markets caused by Russia’ s invasion of Ukraine that have sent gas prices soaring.
Another factor is pandemic rescue bills Congress approved under Biden and his Republican predecessor Donald Trump that fattened Americans’ wallets and drove them to buy scarce goods.
While economists debate how much of an effect these policies have had on inflation, Marshall acknowledged missteps in Biden’ s congressional priorities as prices rose last year and his administration was reeling from the chaotic withdrawal of US troops from Afghanistan.
The president won bipartisan support for a $ 1 trillion overhaul to the nation’ s infrastructure, but delayed that bill’ s passage while trying to unite Democratic lawmakers around Build Back Better, his signature proposal to overhaul the country’ s social services, which ultimately failed.
“ I think people mistakenly thought, well, this is a second coming of the New Deal, ” Marshall told AFP, referring to a 1930s-era Democratic expansion of government in response to the Depression. “ I think they overreached. ”
– Can he come back? –
Douglas Holtz-Eakin, who served as an economist in Republican former president George W. Bush’ s administration, said Democrats might have been worse off if they passed Build Back Better, because voters would have linked its high price tag to inflation.
“ I think they benefited more from its failure than it cost them, ” said Holtz-Eakin, now the president of the American Action Forum.
Biden’ s Democrats control Congress, but only by the thinnest majorities — 12 seats in the House and one vote in the Senate — which he argued does not give them a mandate to enact major legislation.
“ They mistakenly think they have to do something. They don’ t, they should get out of the way, let the Fed take care of inflation, let the private sector take care of growth, ” Holtz-Eakin said.
The Federal Reserve is in the process of raising interest rates, and many economists believe the inflation spike will flatten as the year progresses.
But whether it comes soon enough for Biden remains to be seen.
It is common for a president’ s party to lose ground in the midterm congressional elections, and his two predecessors in the White House were mauled in when their parties lost control of the House — a fate Cook warned Biden appears on course to meet.
“ Are we really going to see a meaningful reduction in inflation between now and the time voting starts between late September and October? ” he asked. “ I don’ t think it’ s realistic at all. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Cash handouts are saving Brazil’ s poorest — and Jair Bolsonaro’ s campaign | 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. ”
Luiz Inacio Lula da Silva, Brazil’ s former president, during a news conference in Brasilia on Oct. 8 | BLOOMBERG
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.
Jair Bolsonaro, Brazil’ s president ( center), speaks during a re-election campaign event in Brasilia on March 27. | BLOOMBERG
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 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. ” | tech |
Shionogi to recommend pregnant women not use oral COVID drug | Japanese pharmaceutical firm Shionogi & Co. is considering not recommending the use of its oral COVID-19 drug for pregnant women due to animal testing finding fetal abnormalities after it was administered, a source familiar with the matter said on Tuesday.
The Osaka-based drugmaker applied for approval of the drug with the Health, Labor and Welfare Ministry in February. But the finding may indicate a safety management system is needed to prevent pregnant women from taking the drug.
According to the source, the company found abnormalities in fetuses when pregnant rabbits were given the drug, which was higher in concentration compared with that taken by people during clinical trials.
An official of the company told Kyodo News that data from animal experiments indicate teratogenetic characteristics.
“ As there is no clinical trial involving pregnant women, we think that the use by ( them) is not recommended, ” the official said.
The oral COVID-19 drug Molnupiravir developed by U.S. pharmaceutical firm Merck & Co. and approved by the government last year is also not to be administered to pregnant women.
Shionogi has filed with the health ministry for conditional early approval that allows the drugmaker to skip the final stage of clinical trials once a certain level of efficacy and safety has been confirmed.
If approved, it will become the first such pill developed by a Japanese drugmaker that will be administered to coronavirus patients with mild-to-moderate symptoms. The drug showed efficacy in reducing the coronavirus in the body in mid-phase clinical trials, the company said.
The health ministry said last month it has agreed with Shionogi that it will purchase doses of the drug for 1 million people once it is approved.
In the results of a clinical trial released in February, the company said patients who took the drug over a period of five days showed reductions in viral load.
However, the company was unable to clearly confirm the drug’ s efficacy in comprehensively improving 12 symptoms, including high fever and nausea. Among the symptoms, it found the drug effective for respiratory symptoms, including coughing and shortness of breath. | tech |
COVID-19 restrictions hit iPhone, iPad, and MacBook production | Three of Apple's key suppliers suspend production because of Shanghai's strict COVID-19 lockdown measures.
Adrian Kingsley-Hughes is an internationally published technology author who has devoted over two decades to helping users get the most from technology -- whether that be by learning to program, building a PC from a pile of parts, or helping them get the most from their new MP3 player or digital camera. Adrian has authored/co-authored technical books on a variety of topics, ranging from programming to building and maintaining PCs.
The COVID-19 pandemic is far from over, affecting both individuals and businesses.
One business currently feeling the pressure is Apple, as it sees three of its key suppliers suspend production because of Shanghai's latest strict lockdown measures.
You can find iPhone models directly from Apple starting from $ 399.
According to Nikkei Asia, the lockdown affects Pegatron, the company that's responsible for the manufacture of some 20% to 30% of all iPhones, Quanta, a notebook manufacturer involved in assembling MacBooks, and Compal Electronics, which assembles iPads.
These are Apple's three key products -- the most important being the iPhone -- and the company will be keen to see production resume as soon as possible before this hurts sales.
Foxconn, the largest manufacturer of iPhones, halted production for a few days last month to combat rising COVID-19 cases.
Pegatron told Nikkei Asia that it `` hopes to resume production soon. ''
It's unclear from the reporting if lockdowns have also impacted chip and component makers or if there will be an impact on production in the coming weeks.
On top of that, Apple is only months away from beginning production of the next-generation iPhones.
Two new features, Storyboards and Magic Movie, aim to take the pain out of video editing.
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Google to spend $ 9.5B this year on data centers and offices | Stephanie Condon is a senior staff writer for Red Ventures based in Portland, Oregon, covering business technology for ZDNet.
Construction is underway at Google's new Kirkland Urban campus in Washington.
Google said on Wednesday that it plans to spend around $ 9.5 billion this year on US offices and data centers. The new investments span every region of the country.
`` It might seem counterintuitive to step up our investment in physical offices even as we embrace more flexibility in how we work, '' Google CEO Sundar Pichai wrote in a blog post. `` Yet we believe it's more important than ever to invest in our campuses and that doing so will make for better products, a greater quality of life for our employees, and stronger communities. ''
Over the past five years, Google has spent more than $ 37 billion building up physical infrastructure in 26 states.
Like most large companies, Google shut down its offices in early 2020 as the COVID-19 pandemic took hold across the US. Last year, the company announced it would adopt a `` hybrid workforce model '' that asked employees to spend at least some time in the office. Google said that it expects around 20% of its employees to work from home permanently.
Now that Google employees are returning to the office, the company is reportedly offering perks like free scooters to help ease the transition.
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Sideloading iPhone apps creates a security risk says Apple's Tim Cook, so don't force us to support it | Apple CEO warns that iPhone security and user privacy would be put at risk by new proposals.
Liam Tung is a full-time freelance technology journalist who writes for several Australian publications.
Apple chief Tim Cook has hit out at proposed competition laws that would force it to allow apps to be downloaded from other app stores, something known as'sideloading ' which he warned could undermine security.
Cook on Tuesday used his speech at the International Association of Privacy Professionals ( IAPP) summit to express Apple's alarm about US and European proposals that could force it to let users sideload apps on the iPhone outside of the App Store.
Two competition proposals that do threaten Apple's services-oriented business are the EU's Digital Markets Act ( DMA) and the America's Open App Markets Act. Both target `` gatekeepers '' such as Apple and Google.
The US proposal, which as of February gained broad support from US lawmakers, aims to require sideloading of apps and remove the need for developers to use Apple's and Google's in-app payment systems. Meanwhile, members of the European Parliament agreed to support the DMA last month, which would require messaging platforms from Google, Apple, Meta and others work together, just like SMS works today.
Apple on multiple occasions has argued against sideloading because it's a malware risk to iPhones and it isn't fond of the DMA either for security reasons. Google is worried the DMA will `` reduce innovation and the choice available to Europeans ''.
Cook said Apple is concerned that these competition regulations put users ' privacy and security at risk.
Apple is committed to `` protecting people from a data industrial complex built on a foundation of surveillance, '' he said, echoing a phrase he used in 2018 when petitioning US federal lawmakers to create a federal privacy law that emulates Europe's General Data Protection Regulation ( GDPR).
`` We have long been supporters of the GDPR … and we continue to call for a strong privacy law in the United States, '' said Cook.
`` We are deeply concerned by regulations that would undermine privacy and security in service of some other aim. ''
`` Here in the United States, policy makers are taking steps that would force Apple to let apps on the iPhone that would circumvent the App Store through a process call sideloading. That means data hungry companies would be able to avoid our privacy rules and once again track users against their will. ''
`` It would also potentially give bad actors a way around the comprehensive security protections we put in place, putting them in direct contact with our users. And we have already seen the vulnerability that that creates on other companies ' devices. ''
He noted that during the early part of the pandemic, smartphone users were downloading legitimate COVID-19 tracing apps that turned out to be ransomware.
`` But these victims weren't iPhone users because the scheme directly targeted those that could install apps from websites that lacked the App Stores defenses. Proponents of these legislation argue that no harm would be done by simply giving users the choice. But taking away a more secure option will leave users with less choice, '' said Cook.
Clueless hackers spent months inside a network and nobody noticed. But then a ransomware gang turned up
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2023 Kia Telluride gets off-road boost, bigger screen | Kia America's three-row Telluride is getting a midcycle makeover that adds off-road enhancements, exterior styling tweaks and upgraded tech.
The 2023 Telluride will offer two new trims dedicated to adventure — a trend that has swept the SUV and crossover segments since consumers turned more heavily to road trips during the coronavirus pandemic.
The outgoing Telluride offered a Nightfall package on all-wheel-drive models that provided a handful of rugged styling elements but offered no true mechanical off-road capability. | general |
VW factory workers in Shanghai get movies, walks amid COVID lockdown | Workers locked in Volkswagen Group's Shanghai factory are getting movie nights and scheduled exercise to keep them entertained after production was idled by the city's prolonged lockdown.
While several dozen employees initially volunteered to sleep at the plant to keep it running on a so-called closed-loop system, those plans were eventually abandoned as the worsening COVID-19 outbreak saw the lockdown extended. With no way to return home, the workers are still on site.
To keep them occupied, the company has arranged group activities, starting with a walk around the factory at 10 a.m. local time, according to a screenshot of the schedule seen by Bloomberg News.
That is followed by lunch and rest from 11 a.m. to 1 p.m., movie time and cards in the afternoon, and cardio training at 4 p.m.
The next two hours are taken up by dinner and showers, followed by movie night. The company has even organized voluntary garbage collecting.
All staff are required to take a rapid COVID test each morning.
A spokesperson for VW in China didn't immediately respond to a request for comment.
Automakers have been hard hit by China's stringent Covid Zero policy.
Tesla's Shanghai factory has been closed since March 28, and VW's venture with FAW Group in Jilin province remains offline.
The lockdowns are estimated to cost automakers about 20 percent in lost production, Cui Dongshu, the secretary general of China's Passenger Car Association, said earlier this week, noting not only manufacturers but also suppliers and dealers have been severely disrupted. | general |
Johnson likely to survive party scandal as Tory lawmakers shrug off fine | Boris Johnson is known for riding out scandals that would sink most British politicians. It appears to be happening again.
Just weeks ago, news that Johnson had been fined by police for breaking the coronavirus rules set by his own government — the first sitting prime minister known to have broken the law — would likely have ended his premiership. Members of his ruling Conservatives had lost patience over a series of missteps that had dragged the party down in the polls.
But much has changed in the interim. The premier has seen his ratings rise over his response to the war in Ukraine, while Chancellor of the Exchequer Rishi Sunak — seen as Johnson’ s most likely successor — is embroiled in a row over his family’ s tax affairs, and has also been fined by the police.
Tory MPs told Bloomberg the appetite for a leadership change has evaporated.
“ Because of Ukraine, things have moved on, ” Robert Goodwill, a veteran Conservative Member of Parliament since 2005, said in an interview. Though people had a “ tough time ” with coronavirus rules, forbidden from visiting sick relatives or attending funerals — Johnson’ s position is still safe, he said.
Three other Tory MPs, who agreed to speak on condition of anonymity, also said the Ukraine war had secured Johnson’ s position and means he won’ t be removed from his post. A police fine has long been factored in, one said.
“ I will not say or do anything that will give one crumb of comfort to the man creating war crimes in Ukraine, ” Tory MP Roger Gale, who has previously called for Johnson’ s resignation, told ITV, linking questions on the “ partygate ” fines to the U.K.’ s response to Russian President Vladimir Putin’ s invasion.
The dramatic shift in party mood is just the latest example of events falling Johnson’ s way, a familiar pattern in his career. It includes receiving credit as Mayor of London for the feel-good Olympic Games held in the capital, even though they were won during his predecessor’ s tenure, and picking the winning side in the Brexit referendum — after famously drafting opinion pieces supporting both arguments — that ultimately carried him to 10 Downing Street.
His political acumen is also key. The Conservative Party chose him as leader because Johnson can connect with voters Tories don’ t normally attract. The huge Parliament majority secured in 2019 came as swathes of Labour heartlands switched allegiance.
Johnson’ s disregard for normal politics has also been popular, helping him shrug off a slew of scandals throughout his career, from an ethics row over the funding of his Downing Street flat refurbishment to allegations of an affair with American businesswoman Jennifer Arcuri while he was London mayor.
All of which has come into play over partygate, the name given to the allegations of rule-breaking parties held in Downing Street by the British media that brought Johnson to the brink.
With Tory calls for his resignation reaching a crescendo, Johnson went on a charm offensive, promising a reset of his administration and asking MPs to wait for the findings of an internal inquiry before passing judgment.
That timeframe was derailed when London’ s Metropolitan Police, which had resisted investigating the allegations, finally started a probe in late January. That delayed the publication of senior civil servant Sue Gray’ s full findings on the gatherings — an interim report slammed “ failures of leadership and judgment ” — and gave Johnson time to get more Tory MPs on side.
Yet the unforeseeable wildcard was Russia’ s invasion of Ukraine. Johnson, who wrote a biography of wartime leader Winston Churchill, has tried to put the U.K. at the forefront of the Western response. His sudden visit to Kyiv to meet Ukrainian President Volodymyr Zelenskyy was well received in the U.K. press.
Johnson’ s approval rating among Tory grassroots turned positive for the first time in three months in early April in a survey by the influential ConservativeHome website. Conservative MPs appear to have had the same reaction.
That’ s left opposition parties to call on Johnson to quit. They say he misled the House of Commons when he assured lawmakers that coronavirus rules had been followed in Downing Street — a resignation offense.
Without Tory MPs taking the same view, though, the threat is diminished. During a pooled broadcast interview on Tuesday, the prime minister said he had spoken “ in completely good faith ” and would not step down.
Johnson and Sunak both said they had paid their fines, though neither they nor the police said how much they were. The level of so-called fixed penalty notices for coronavirus rule breaches varied during the pandemic, but most recently started at £100 ( $ 130). The fines do not carry a criminal record.
To be sure, given Johnson’ s career history partygate is unlikely to be his last near miss. The police have said their probe is not over and more fines may be issued, while the birthday gathering that triggered the penalty is not the only event Johnson has acknowledged attending.
By far the biggest threat is the local elections in London and across much of the U.K. on May 5, which will take place against a backdrop of a major cost-of-living crisis. A bad result may yet make Tory MPs wonder if Johnson retains his winning touch and is still the best person to lead them into the next general election due by 2024.
Still, it’ s Johnson’ s Downing Street neighbor, Sunak, who finds himself under the most Tory pressure. Already facing criticism for not doing enough to help the poorest Britons, he’ s become embroiled in a row over his wife’ s tax affairs and the revelation he held a U.S. green card while in office.
Then on Tuesday, Sunak confirmed he was also fined for being at Johnson’ s birthday gathering, which he’ s previously said was held at a regular meeting to discuss the government’ s pandemic response. The chancellor on Tuesday issued a statement offering an “ unreserved apology. ”
Weeks ago when the prime minister was under pressure to resign over the party allegations, Sunak was regarded by many Tory MPs as a shoo-in to replace him. Now the chancellor has become caught up in partygate, that’ s no longer on the cards. And Johnson looks to have survived again. | tech |
China's widening COVID-19 curbs threaten global supply chain paralysis | Shanghai – China’ s race to stop the spread of COVID-19 is clogging highways and ports, stranding workers and shutting countless factories — disruptions that are rippling through global supply chains for goods ranging from electric vehicles to iPhones.
While some factory owners try to tough it out through “ closed loop ” management that keeps workers isolated inside, some said that is becoming harder to sustain given the extent of local COVID-19 curbs aimed at heading off the omicron variant, complicating efforts to procure materials or ship products.
Foxconn Interconnect Technology, a unit of Taiwan-based Foxconn that makes data transmission equipment and connectors, has kept a plant open in Kunshan, which borders Shanghai, in a closed loop but is only able to run at 60% of capacity, a person familiar with the matter said.
On Wednesday, more than 30 Taiwanese companies, many making electronics parts, said that COVID-19 measures in eastern China had led them to suspend production until at least next week.
A day earlier, German auto parts giant Bosch said it suspended output at sites in Shanghai and Changchun, while putting two other plants under “ closed-loop ” operation. Also on Tuesday, Taiwan’ s Pegatron Corp, which assembles Apple Inc. iPhones, halted operations in Shanghai and Kunshan.
Sven Agten, Asia Pacific CEO of Rheinzink, a German maker of zinc construction materials, said logistical challenges make a closed-loop unworkable at his Shanghai warehouse and manufacturing facilities, and expects to have zero sales during April and possibly May.
“ We need somebody in the warehouse and the manufacturing facility to do the work, and we need a truck and a driver. These are the two key components, and both are impossible, ” he said.
China’ s zero-tolerance approach to COVID-19, despite low case numbers and even as the rest of the world tries to live with the coronavirus, is proving unwieldy given the extreme infectiousness of the less-deadly omicron variant.
The zeal to cut-off virus transmission chains means localized curbs extend far beyond virus hotspots Shanghai and Jilin province in the northeast. An April 7 study by Gavekal Dragonomics found that 87 of China’ s 100 largest cities by GDP have imposed some form of quarantine curbs.
On Saturday, electric vehicle maker Nio said it had to suspend production at its Hefei factory — even though there were no local-level curbs — because suppliers from other areas had stopped work.
Truck transport has been especially hard hit, causing long queues and delays and driving up prices. The normal rate to book a truck from Shandong province to Shanghai had more than quadrupled from 7,000 yuan ( $ 1,100) to 30,000 yuan, said an executive at a trucking firm who declined to be identified.
“ It has become extremely difficult for our company to find available trucks near Shanghai in the past two weeks as many truck drivers were either stuck on the highways or locked down in the cities, ” he said, adding that he was subcontracting orders — at a loss — to keep goods moving.
A resident stands behind a gate blocking an entrance to a residential area under lockdown amid the COVID-19 pandemic, in Shanghai on Wednesday. | REUTERS
The city of Xuzhou, a logistics hub, on April 8 began requiring truck drivers to produce negative PCR test results taken within 48 hours to take more tests upon arrival. They can not exit their trucks.
Some drivers have become stuck on highways after visiting areas like Shanghai, which meant their smartphone health codes were automatically invalidated. Last week, state media reported on a truck driver who lived in his truck for seven days after traveling to Shanghai.
Foreign business groups have been especially vocal about their concerns, with the European Chamber of Commerce in China sending a letter to the government last week noting that about half of German firms in the country were experiencing supply chain problems.
China has tried to cushion the impact of the curbs by keeping ports and airports running and encouraging closed-loop manufacturing.
But the number of container vessels waiting off Shanghai — the world’ s busiest container port — and nearby Zhoushan has more than doubled since the start of April to 118, nearly three times the number a year ago, Refinitiv data showed. Danish shipper Maersk on Monday recommended to clients that they divert from congested Shanghai port to other Chinese destinations.
Economists have cut growth forecasts for China on the back of such disruptions, with Beijing’ s official growth target of around 5.5% this year seen as increasingly difficult to reach.
ING last week downgraded its GDP forecast for China to 4.6% from 4.8% previously.
On Wednesday its chief economist for China, Iris Pang, warned that China’ s COVID-19 crisis could impact growth rates around the world.
“ A problem in China could be a problem for the global economy, ” she said.
Chen Xin, who runs a family-owned embroidery and garment painting factory in Guangdong province, said that since late March he has been unable able to ship roughly 70% to 80% of orders because customers can’ t receive them.
“ The current situation is, the impact of the policy is greater than the epidemic, ” he said. | tech |
Stellantis Investors Reject Pay Plan After CEO Tavares Draws Fire | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Stellantis NV shareholders rejected the automaker’ s compensation policy in a non-binding vote after Chief Executive Officer Carlos Tavares’ pay came under fire in France.
The remuneration report was opposed by 52% of voters at an annual meeting held online Wednesday. The maker of Fiat, Jeep and Peugeot autos paid Tavares 19.2 million euros ( $ 20.9 million) last year, according to its annual report. That doesn’ t include long-term incentives.
Chairman John Elkann said the company would take the results of the vote into account. In a later statement, Stellantis said it would explain how that was done in the 2022 report.
In a response to a shareholder question, the company said the award is “ consistent with Stellantis’ pay-for-performance philosophy and need to compete with peers worldwide. ” Stellantis was created last year following a merger between Fiat Chrysler and PSA Group.
The vote followed media scrutiny in France on Tavares’ pay, which was criticized by investor Phitrust and called “ not normal, ” by government spokesman Gabriel Attal.
“ Is this extremely high remuneration socially justified when the group will probably have to face massive restructuring with job cuts because of production overcapacity and a doubling up after the merger, ” Phitrust said.
The investor also called out the company for not holding an in-person annual meeting that would have allowed “ direct interaction with its shareholders. ” Stellantis blamed Covid-19 for barring shareholders from attending.
The online event was held at the automaker’ s nondescript headquarters in the Netherlands, which is roughly 350 square meters of office space on one floor of a building near the airport. Tavares was present, but Elkann attended remotely from Italy. Both questions and answers from shareholders were read out by a company official.
About 35 people are based at the headquarters as part of the company’ s “ asset light ” approach, according to a spokesman. Stellantis has about 282,000 employees worldwide, with historic manufacturing centers in France, Italy and the U.S. | general |
China’ s goal in 'COVID zero ' pursuit shifts amid omicron outbreak | China hasn’ t budged in its opposition to living with COVID-19 even amid the country’ s worst outbreak, but its leaders are now pursuing an easier containment strategy in the uphill battle to tame the hyperinfectious coronavirus.
Omicron’ s extensive spread means returning to zero local cases is a tall order, even in cities that repeatedly test all residents, trace close contacts and confine everyone to their homes while the virus rages. Instead, officials have now decided that infections among close contacts already corralled into isolation facilities don’ t pose a high risk.
The new metric to watch is the number of cases found among people who aren’ t yet in quarantine. It’ s when that metric — known as “ zero infection in society ” in Chinese — falls to zero that China considers an outbreak contained.
The revamped goal means lockdown measures can start being eased once zero community spread has been achieved, even if there are still high numbers of infections detected every day among those in isolation facilities.
That’ s what happened in recent Chinese outbreaks in the tech hub Shenzhen and the northern province Jilin, where curbs were eased before daily case numbers tapered off.
It’ s also likely how the situation in Shanghai will play out, indicating that the city’ s 25 million residents could emerge from lockdown earlier than the current caseload of over 20,000 infections a day suggests. Only about 3% of infections now being found are in the community, according to the local government.
“ Dynamic ‘ Covid zero’ doesn’ t mean zero infections, ” Liang Wannian, one of China’ s top epidemiologists, told state media in Shanghai over the weekend. Instead, the focus is on curtailing future transmission, particularly in the community.
“ With the virus not able to spread from one person to another, the turning point of the outbreak would naturally emerge, ” said Wannian, who has overseen China’ s COVID-19 response since the beginning of the pandemic.
The change in emphasis to disrupting community spread could embolden local authorities, leading them to ease curbs, get factories running again and release people from home confinement. The goal is to limit economic and social damage, while reducing the risk of reigniting an outbreak.
Shenzhen emerged from a weeklong lockdown in mid-March, when community cases accounted for less than one-third of the daily total. Jilin also allowed some areas where no virus was circulating in the community to gradually start opening up.
Yanbian, a prefecture bordering North Korea, started to resume production last week. Farmers in the province are being shuttled to start their spring plowing under a bubble-like system.
Manufacturing and commerce also resumed this week after local leaders said many places within the province had cleared their communities of the the virus.
The resumption comes as the province is still reporting nearly 1,000 infections each day.
The pivot came during a delta outbreak that plunged the northwestern city of Xi’ an into lockdown in December.
Two weeks after its 13 million people were sealed off, with daily infections at one-third of their previous peak, officials said the curbs had successfully curtailed most spread in the community, which was hailed as a turning point in the outbreak.
It took another two weeks for local infections to return fully to zero. But the change marked a new direction in China’ s approach to combating COVID-19, two years after the country eliminated all signs of the pathogen that first emerged in Wuhan, central China, in 2019.
When the amount of virus circulating is very low, subsequent infections reported among quarantined people during an ongoing outbreak don’ t raise as much alarm. The expectation is that getting to absolute zero infections is only a matter of time once it’ s contained in the community.
That’ s the best hope for Shanghai, the Chinese financial hub that has emerged as the country’ s largest documented hot spot. Some select compounds there are now allowing residents to go out in their neighborhoods, provided there haven’ t been any reported cases in the previous two weeks.
The entire city will have its outbreak under control once all of its new cases come from close contacts who are already in isolation, a group that currently accounts for about 97% of them, Liang said. | tech |
'Trade rupture ' between Russia, Germany could cause financial shock: S & P Global | A financial shock could be on the cards if there's a `` trade rupture '' between Russia and Germany, warned S & P Global's chief economist on Tuesday.
`` Looking at a downside scenario … there's kind of several different ways to play that but we think the one that would really move the macro needle is some sort of trade rupture between Russia and Europe, '' Paul Gruenwald told CNBC's `` Squawk Box Asia. ''
`` This is not just cutting off the gas — whether Germany stops buying or Russia cuts it off, '' he added.
Following Russia's unprovoked invasion of Ukraine, several world powers including the U.S., Japan and Canada have hit Moscow with sanctions. The European Union is considering whether to ban oil imports from Russia, and has pledged to eventually cut its reliance on Russian gas by two-thirds.
Russia for its part has demanded that so-called `` unfriendly '' countries pay in rubles for gas, referring to those that have imposed heavy economic sanctions designed to isolate Russia over its unprovoked onslaught in Ukraine.
The European Union receives about 40% of its natural gas from Russian pipelines and about a quarter of that flows through Ukraine. Germany gets roughly half of its natural gas from Russia.
Gruenwald added: `` We 've got the energy complex, we 've got commodity prices, we 've got industrial inputs that Europe's importing, such as nickel and titanium and other things like that. ''
Research and consultancy firm Wood Mackenzie also warned that the global economy could undergo `` more permanent changes '' with global trade possibly altered by the crisis.
`` If the Covid-19 pandemic highlighted a need to shorten supply chains, the war in Ukraine underscores the importance to have reliable trading partners, '' research director Peter Martin wrote in a Tuesday note.
`` These forces could lead to a lasting realignment of global trade. The global economy becomes more regionalised — shorter supply chains with'reliable ' partners. ''
A trade rupture between Germany and Russia could put a dent in German manufacturing – one of three global manufacturing centers besides the U.S. and China, Gruenwald said.
`` That would feed through to... lower GDP, lower employment, lower confidence — and then we would get a kind of a macro financial shock out of that. So that's the sort of scenario we're worried about that could move the needle, '' he warned.
Trade between Germany and Russia jumped significantly in 2021 compared to the year before, with the value of goods surging 34.1% to 59.8 billion euros ( $ 65 billion), according to Germany's Federal Statistical Office.
Germany's imports from Russia rose considerably last year, rising 54.2% compared to 2020. Exports also rose but at a slower pace than imports – rising 15.4%.
The main products that Germany exported to Russia included vehicles, machinery, trailers and chemical products, according to the agency. Russia's main exports to Germany included crude oil, natural gas, metals and coal.
Russia accounted for 2.3% of total German foreign trade, and was the fourth most important country for German imports outside of the European Union in 2021. | business |
UK inflation hits 30-year high of 7% as energy prices surge | LONDON — U.K. inflation came in at an annual 7% in March — its highest for 30 years — as soaring food and energy prices continue to squeeze consumers and pose a dilemma for policymakers.
Consumer prices rose by 1.1% month-on-month, outstripping expectations for a 0.7% climb in a Reuters poll of economists, which had also projected a 6.7% annual increase.
The 7% annual rise in the consumer price index is the highest since March 1992, outstripping the 6.2% increase recorded in February.
From April 1, the U.K. energy regulator increased the household energy price cap by 54% following a surge in energy prices, including a record rise in global gas prices.
The Bank of England has hiked interest rates at three consecutive monetary policy meetings, raising the costs of borrowing from its historic low of 0.1% to 0.75%, as it looks to contain runaway inflation without stomping out economic growth.
Central banks around the world face a balancing act between tackling soaring inflation and signs of slowing economic growth, with the Russia-Ukraine war dampening economies ' recovery from the Covid-19 pandemic.
Boris Glass, senior economist and director at S & P Global Ratings, said British inflation rates are likely to rise and remain at record highs throughout 2022.
`` The raising of the cap on household energy bills will add an extra point or so by the end of this month. The surge in inflation will hit household budgets hard, especially those on lower incomes who have now exhausted pandemic savings, '' Glass said in an email Wednesday.
`` Whilst the short term is set to be painful, the bulk of high inflation should start falling as early as next winter, if global energy prices do not continue to rise further. ''
Even if and when inflation falls, however, it will remain above the central bank's target well into next year, Glass anticipates. He also suggested that if energy price caps increase further in October, inflation will decline more slowly and last considerably longer.
`` The Bank of England is worried about medium term inflation. Whilst currently high rates are largely due to global energy prices, the fact that domestic items are gathering momentum increasingly justifies that worry, '' Glass added.
The global supply shock caused by Russia's invasion of Ukraine, which shows no signs of abating, means that inflation is likely to peak higher and take longer to moderate, according to Ambrose Crofton, global market strategist at JPMorgan Asset Management.
`` As well as the obvious impact the war has had on consumers ' utility bills, Russia's key role as a commodity producer extends beyond just energy to many industrial metals and fertilizers, '' Crofton noted.
`` As a result, consumers are likely to see further upward price pressure in goods and food products in the coming months. '' | business |
Delta Air Lines ( DAL) Q1 2022 earnings | In this article
Delta Air Lines expects to return to a profit this quarter thanks to a jump in bookings — and fares — that are helping offset soaring fuel costs.
Shares were up more than 6% in premarket trading after the airline reported results.
The airline said Wednesday it expects unit revenues to rise double digits during the second quarter compared with 2019 and that sales overall will be recovered to as much as 97% of sales generated three years ago before Covid devastated travel demand.
Delta is also ramping up its schedule as peak travel season approaches and plans to fly 84% of its 2019 capacity levels this quarter, the Atlanta-based airline said in its first-quarter earnings release.
Airlines are facing higher fuel prices and other costs associated with ramping back up. Domestic U.S. airfare rose 20% last month compared with 2019, according to Adobe data, a sign that passengers are willing to pay more to travel after two years of pandemic.
Delta expects its costs excluding fuel to rise 17% in the second quarter as it increases flying and continues to hire to meet demand.
Here's how Delta performed in the first quarter compared with what analysts expected, according to average estimates compiled by Refinitiv:
The carrier reported a net loss of $ 940 million in the first three months of the year on revenue of $ 9.35 billion, above the $ 8.92 billion in sales that analysts polled by Refinitiv expected. Sales were off 11% from 2019 levels.
Carriers have been comparing results against 2019 to show their recovery versus pre-pandemic performance.
Delta's fuel bill rose 6% from 2019 to $ 2.09 billion, even though its capacity was down 17%. Jet-fuel prices have more than doubled from last year and are up more than 50% since the start of the year, according to Platts.
`` As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12 to 14 percent adjusted operating margin and strong free cash flow in the June quarter, '' CEO Ed Bastian said in a news release.
In January, Delta forecast a first-quarter loss as new Covid cases were peaking. Adjusting for one-time items, Delta posted a loss per share of $ 1.23 for the period, slightly better than the adjusted loss of $ 1.27 analysts expected.
The airline said other areas of its business also improved. It generated $ 1.2 billion from its American Express credit card partnership, up 25% from the same quarter of 2019 while spending rose 35% compared with three years ago. First-quarter revenue from its refinery was $ 1.2 billion, compared with $ 48 million three years earlier.
Delta ended the quarter with $ 12.8 billion in liquidity.
Delta executives will hold a call at 10 a.m. ET to discuss the results with analysts and media. | business |
UN warns Russia-Ukraine war threatens billions as food, energy prices soar | Russia's war in Ukraine is already taking a dramatic toll on the world economy and placing a huge swath of the world's population, especially those in developing nations, at an increased risk of harm, the United Nations warned Wednesday.
The crisis has caused a `` perfect storm '' of disruptions to global food, energy and financial markets that `` threatens to negatively affect the lives of billions of people around the world, '' the UN said in a new report.
Those systems were already under immense strain due to the ongoing coronavirus pandemic, as well as climate change and other historic challenges, the report said.
But they have been greatly exacerbated by Russia's invasion of Ukraine due to the region's importance as a major commodities exporter, and the impact of unprecedented sanctions on Moscow that have thrown global markets off balance.
For instance, Russia and Ukraine produce about 30% of the Earth's wheat and barley and provide the majority of the wheat bought by 36 countries — a list that includes some of the poorest nations on Earth, the report said.
Russia was also the world's top exporter of natural gas and its second-largest oil exporter before it invaded Ukraine. Russia and Belarus also export roughly one-fifth of the world's fertilizers.
As a result of the war, food prices are at the highest levels ever recorded by the United Nations Food and Agriculture Organization, up 34% from this time last year, according to the report.
Crude oil prices, meanwhile, rose 60% year-over-year, and fertilizer prices have more than doubled.
`` The impact of the war is global and systemic, '' U.N. Secretary-General Antonio Guterres said at a briefing on the report.
As many as 1.7 billion people are `` highly exposed '' to the cascading effects of Russia's war on global food, energy and finance systems, Guterres said. The U.N. report notes that `` of these 1.7 billion people, 553 million are already poor, and 215 million are already undernourished. ''
The multilayered crisis has put the world `` on the brink of a global debt crisis, '' the report said. It cited recent U.N. research estimating that the war will lower the world economy by one full percentage point of GDP growth.
`` Inflation is rising, purchasing power is eroding, gross prospects are shrinking and development is being stalled and in some cases gains are receding. Many developing economies are drowning in debt with bond deals already on the rise since last September, leading now to increased premiums and exchange-rate pressures, '' Guterres said.
`` And this is setting in motion a potential vicious circle of inflation and stagnation, the so-called stagflation, '' he added.
U.S. Treasury Secretary Janet Yellen expressed many of the same concerns earlier Wednesday morning, when she said that her department will be turning its attention to the risk of an increase in global starvation rates.
`` The fact that energy supplies are being reduced and energy prices have risen, that Ukraine and Russia provide more than 20% of global food exports, we're seeing skyrocketing wheat, corn prices, '' Yellen said during a conference with the Atlantic Council, a Washington-based think tank focused on international affairs.
Yellen blamed the combination of the pandemic, disrupted supply chains, fierce demand for commodities and Russia's invasion of Ukraine for the ongoing increase to food prices.
One of the main culprits behind the spike in food prices is a global shortage of fertilizer. Russia and Belarus provide about 40% of the world's exports of potash, a potassium-rich salt critical to much of the globe's fertilizer and agricultural production.
But potash is currently being targeted by the U.S. and its allies with economic sanctions as the Biden administration looks to isolate Moscow from global markets.
Russia also exported 11% of the world's urea, and 48% of the ammonium nitrate, two other key fertilizer components, according to estimates from Morgan Stanley.
`` Particularly in Europe, which is most vulnerable, I worry about recession prospects, '' Yellen added. `` This will be an urgent concern for us next week to try to think about how we can stave off starvation around the world. It's really a grave concern. ''
Yellen plans to discuss the worsening food security crisis next week when she meets with representatives of the G-7, G-20, World Bank and the International Monetary Fund.
| business |
Delta shares fly as strong demand offsets jet fuel drag | Hi, what are you looking for?
Delta Air Lines offered an upbeat outlook for the summer travel season.
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Delta Air Lines offered an upbeat outlook for the summer travel season on Wednesday, saying strong demand is providing enough pricing power to make up for soaring fuel costs.
Shares jumped on the report and outlook, with Delta reporting a smaller than expected loss in the first quarter, even as it contended with a nearly 50 percent increase in jet fuel prices.
“ Delta is well-positioned to capitalize on robust consumer demand and accelerating return of business and international travel, ” said Delta President Glen Hauenstein in a press release.
“ In the June quarter, we are successfully recapturing higher fuel prices, ” he said, adding that the company expects revenues equivalent to between 93 and 97 percent of the 2019 quarter.
For the quarter ending March 31, Delta reported a loss $ 940 million, smaller than the year-ago loss.
Revenues were $ 9.3 billion, more than double those from the 2021 quarter, but lower than the $ 10.5 billion in the pre-pandemic 2019 quarter.
Airlines are adjusting to a higher cost environment in general amid the tight labor market and supply chain problems. Jet fuel is typically the biggest cost for an airline, after labor.
Hauenstein said in March that the airline was targeting price increases of about $ 15 to $ 20 a ticket on a fare of $ 200 to make up for higher jet fuel costs.
On Wednesday, Delta executives declined to update those figures, but said brisk ticket sales meant higher prices on remaining available seats.
A July flight between Orlando and Los Angeles is currently priced at about $ 750 or more at most times.
“ We haven’ t seen a lot of resistance in the price points, ” Hauenstein said. “ My advice is to book early and be flexible if fare is your main attribute. ”
Executives said the heady market reflects pent-up consumer demand after two years of Covid-19 constraints.
“ You’ re seeing a pretty significant shift from goods to experiences, ” said Delta Chief Executive Ed Bastian on a conference call with analysts.
“ Consumers have not been traveling the last two years. So this is a category they have been prioritizing. ”
Shares rose 4.3 percent to $ 40.26 in late-morning trading.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
In Ukrainian town of Volnovakha, now under Moscow's control, children listen to a recording of the Russian anthem, watched by armed soldiers.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
President Joe Biden for the first time accused Vladimir Putin's forces of committing genocide in Ukraine.
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Japan and U.S. to exclude Russian COVID vaccines from funding program | Japan and the United States are set to exclude Russian COVID-19 vaccines from a list of items subject to financial assistance when manufactured in developing countries, sources familiar with the plan said Tuesday.
The move, which comes as Western nations step up sanctions against Russia due to its invasion of Ukraine, is in particular aimed at dissuading India from fulfilling an agreement to produce Russian vaccines under the funding support program, the sources said.
India has built close relations with Russia, including cooperation in the fields of energy and military technology.
Japan and the U.S. are planning to gain India’ s understanding and make necessary arrangements ahead of a summit of “ the Quad ” nations, also involving Australia, according to the sources. Japan will host the summit, possibly in May.
About 1 billion doses of Russia’ s Sputnik V vaccine are expected to be produced annually in India, according to a market research firm and other sources.
India has already produced coronavirus vaccines developed domestically, as well as those developed by British pharmaceutical firm AstraZeneca PLC and U.S. drugmaker Moderna Inc.
The global share of Russian vaccines is small, while India manufactures COVID-19 vaccines for domestic use and exports to other developing countries.
Ensuring equitable access to vaccines remains a global challenge, as lower-income nations often struggle to procure enough shots for their people.
Russia, which approved its Sputnik V in August 2020 and then CoviVac, aims to promote them overseas.
But as Russian vaccines had not been approved by other nations, President Vladimir Putin, who received Sputnik V shots, expressed frustration at a Group of 20 summit last October.
Russia’ s aggression in Ukraine since late February has prompted a slew of sanctions by the U.S., Japan and European nations.
India is aligned with other Quad members in opposing any unilateral use of force to change the status quo in the Indo-Pacific region. The Quad is designed to serve as a counter to the rise of China, which has expanded its clout and made assertive moves in the area. | tech |
Here’ s how China’ s lockdowns are rippling through the economy | China’ s lockdowns to contain the country’ s worst COVID-19 outbreak since early 2020 have battered the economy, stalling production in major technology and financial hubs like Shenzhen and Shanghai, and halting spending by millions of people shut in their homes.
The restrictions are intended to eradicate any trace of the virus in the community, but they’ ve also pressured everything from manufacturing and trade to inflation and food prices.
Premier Li Keqiang has repeatedly warned of risks to economic growth, telling local authorities on Monday they should “ add a sense of urgency ” when implementing existing policies. The government is holding firm to its “ COVID zero ” approach for now, a strategy economists say will push growth down to 5% this year, below the official target of around 5.5%.
Here’ s a deeper look at how the lockdowns are impacting critical sectors across the world’ s second-largest economy.
China posted sluggish commodities imports in March, as elevated prices due to the war in Ukraine and tightening virus restrictions took their toll on demand.
Natural gas purchases were worst affected, dropping below 8 million tons to their lowest level since October 2020. Crude and coal purchases were also running well behind last year’ s schedule.
China’ s domestic metals fabricators are facing hurdles to transport raw materials and finished products, which have led to output cuts. Six out of twelve copper-rod plants in Shanghai’ s neighboring provinces surveyed by Shanghai Metals Market earlier said they either have halted or plan to halt output. The researcher also predicted a rise in aluminum inventories.
A worker in personal protective equipment ( PPE) collects swab sample from a resident for a COVID-19 test in a neighborhood placed under lockdown in Shanghai, China, on Saturday. | BLOOMBERG
Meanwhile, Chinese buyers have slashed liquefied natural gas purchases in the world’ s biggest LNG importer as prices soar and domestic demand stalls. Imports in the first quarter fell 14% from the same period last year, according to shipping data, and private companies are spurning offers to use once-highly coveted slots at state-owned receiving terminals.
Shanghai’ s city-wide lockdown has created congestion at the world’ s largest port, with queues of vessels building there and at other stops handling diverted shipments. The number of container ships waiting off Shanghai as of April 11 was 15% higher than a month earlier, according to Bloomberg shipping data.
A shortage of port workers in Shanghai is slowing the delivery of documentation needed for ships to unload cargoes, according to ship owners and traders. Meanwhile, vessels carrying metals like copper and iron ore are left stranded offshore as trucks are unable to send goods from the port to processing mills, they said.
Data on Wednesday also showed the lockdowns having a notable impact on imports, which fell 0.1% on year in March, the first contraction since August 2020.
China’ s purchasing managers surveys show manufacturing contracted in March, with small and medium-sized firms particularly shaken by operational snags. The Caixin index, based on surveys of smaller, export-oriented businesses, dropped to its worst level since the start of the pandemic two years ago.
Some large manufacturing firms have been able to keep operations going by adopting a so-called closed loop system, in which employees were kept at factory locations and tested regularly. However, those protocols aren’ t perfect: One member of a European Union trade group said last week that work can be “ very, very difficult, ” even with permission to operate amid restrictions.
Some technology companies have suspended production as China’ s restrictive policies weigh on a sector already contending with a shortage of components.
Most major tech manufacturers — from Semiconductor Manufacturing International Corp. to Taiwan Semiconductor Manufacturing Co. and iPhone maker Foxconn Technology Group — froze operations in the early days of Shanghai’ s outbreak. Many have since resumed after setting up closed-loop systems.
A resident under lockdown waits for a food delivery from behind a gate blocking an entrance to a residential area under in Shanghai, China on Wednesday. | REUTERS
Logistics jams are constricting shipments of components, draining inventories to the point where some manufacturers including Pegatron, Wistron Corp. and Compal Electronics Inc. are down to just a few weeks’ stocks, consultancy Trendforce estimates. The ongoing global supply crunch could worsen if local manufacturing is disrupted, constraining stock of computers and gaming consoles to smartphones, servers and electric vehicles.
Overall passenger vehicle sales slid 10.9% last month, suggesting pressure in the massive car market.
Some automakers are hitting production snags because of lockdowns. Tesla Inc.’ s Shanghai factory has been shut down since March 28 because of restrictions in the city. The plant typically produces more than 2,000 cars every day, according to an estimate earlier this month from Dan Ives, an analyst at Wedbush Securities Inc.
Volkswagen AG was also forced to suspend production in Shanghai this month, while Chinese EV upstart Nio Inc. said Saturday it halted production and delayed deliveries because many suppliers had to close shop.
Auto parts maker Robert Bosch GmbH said Monday it shuttered two of its factories in China and operated closed-loop systems at two others, adding that it was seeing “ temporary effects on logistics and supply chain sourcing. ”
Domestic sales of excavators — a leading indicator for construction — plunged almost 64% in March from a year ago, indicating strain in the sector.
China’ s home sales slump also deepened last month: The 100 biggest companies in the debt-ridden property industry saw a 53% drop in sales from a year earlier, according to preliminary data from China Real Estate Information Corp. The decline was the steepest this year.
Steel rebar inventory in China suggests construction activity “ may have shifted to a lower gear, ” according to analysis published last week by David Qu, an economist covering China for Bloomberg Economics.
The lockdowns have driven up food costs and may endanger the nation’ s ability to secure enough grains for the year as the curbs complicate China’ s important spring planting season.
Fresh vegetable prices jumped 17.2% on year in March, compared to a drop of 0.1% in February, data from the National Bureau of Statistics showed this week. Chinese farmers in some parts of the northeast, which produces more than a fifth of China’ s national grain output, have had to contend with restrictions that prevent them from plowing their fields and sowing seeds. | tech |
Japan looks to avoid another quasi-emergency as seventh COVID wave looms | With a possible seventh wave of COVID-19 infections looming, the government is trying to avoid reinstating a quasi-emergency or full-scale emergency as both hinder social and economic activities.
On Tuesday, the government sent a liaison team to Okinawa Prefecture, where COVID-19 cases have spiked, while accelerating efforts to promote the third round of COVID-19 vaccinations among the younger generation.
It was the second time for the central government to send a team to Okinawa, after its first dispatch in January, when the country was in the middle of the sixth wave.
The four-member team, headed by a councilor at the Cabinet Secretariat, will hold talks with local health authorities in the prefecture through Friday.
“ The team will be in contact with the Prime Minister’ s Office and relevant ministries through hotlines, ” Chief Cabinet Secretary Hirokazu Matsuno told a news conference Tuesday. “ Close cooperation will be established to enable flexible responses. ”
The coronavirus situation in Okinawa is far worse than in other regions.
As of Monday, the number of new infection cases per 100,000 people over the past week stood at 583 in the prefecture, the highest among all prefectures. Tokyo, which is second in new case per 100,000, sits at 379.
The occupancy rate of hospital beds for COVID-19 patients has exceeded 45% in Okinawa, nearing the 50% threshold of considering a quasi-emergency designation.
With the Japanese economy negatively impacted by Russia’ s invasion of Ukraine, the government hopes to avoid a COVID-19 quasi-emergency or full-scale emergency, as such moves would likely deliver an additional blow to the already damaged economy.
Ahead of the Golden Week holiday period from late April to early May, the government is concerned that if Okinawa is hit with a fresh infection wave during that time, the coronavirus will spread nationwide once again through domestic travelers.
Chief Cabinet Secretary Hirokazu Matsuno speaks during a news conference at the Prime Minister’ s Office on Tuesday. | KYODO
The Okinawa Prefectural Government would have no choice but to request the central government to place Okinawa in a quasi-emergency stage if the hospital bed occupancy rate exceeds 50% and reaches 60%, Okinawa officials say.
Some estimates show that the occupancy rate may reach 60% on April 20 if the pace of infection growth is rapid.
The central government hopes to curb infections in Okinawa by enhancing coronavirus measures at elderly care facilities and schools, which are considered hotbeds for infections.
On Tuesday, Matsuno, who is also in charge of COVID-19 vaccinations from April, visited the Japan Association of National Universities and the Association of Private Universities of Japan.
He called on the organizations to promote group vaccinations at the university level through the use of mass vaccination venues operated by municipalities in order to raise the low COVID-19 booster vaccination rate among young people.
The booster vaccination rate as of Monday stood at 5.4% among people age 12 to 19 and 24% among those in their 20s, as compared to over 80% among those in their 70s or older.
“ If infected, even younger people can develop severe symptoms, ” Matsuno said.
He asked that schools find out how many students want to get vaccines, secure transportation for students to and from vaccination venues and take other necessary measures. | tech |
UK inflation strikes 30-year high | Hi, what are you looking for?
Britain’ s annual inflation rate soared to the highest level in three decades last month as energy prices rocket.
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Britain’ s annual inflation rate soared to the highest level in three decades last month as energy prices rocket, official data showed Wednesday, worsening a cost-of-living crisis.
Inflation surged to 7.0 percent in March from 6.2 percent in February, the Office for National Statistics said in a statement.
“ Broad-based price rises saw annual inflation increase sharply again in March, ” said ONS chief economist Grant Fitzner.
“ Amongst the largest increases were petrol costs. ”
Prices of restaurant meals and hotel rooms also rose steeply last month after falling a year earlier during a pandemic lockdown in the UK.
Costs are surging worldwide as economies reopen from pandemic lockdowns and on fallout from the war in Ukraine.
US inflation rose by a huge 8.5 percent over the 12 months to March, the biggest jump in four decades, official data showed Tuesday.
Sharp price rises across the board are forcing central banks around the world to hike interest rates, curbing economic growth recovery.
European Central Bank governors meet Thursday to ponder record-high inflation in the eurozone and fresh economic uncertainty caused by the war in Ukraine, with policymakers signalling a willingness to take action sooner rather than later.
The US Federal Reserve and the Bank of England have already announced their first rate hikes to combat price pressures, leaving the ECB looking out of step.
– ‘ Worrying time’ –
The Bank of England has predicted that UK annual inflation could reach double figures by the end of the year.
“ We’ re seeing rising costs caused by global pressures in our supply chains and energy markets which could be exacerbated further by Russian aggression in Ukraine, ” Britain’ s finance minister Rishi Sunak said Wednesday.
“ I know this is a worrying time for many families, ” added the embattled chancellor of the exchequer.
Sunak, along with Prime Minister Boris Johnson, confirmed Tuesday that they had been fined for breaching Covid-19 lockdown laws.
British cost-of-living is set to soar even higher owing to an April tax hike on UK workers and businesses and a fresh surge in domestic energy bills that kicked in this month.
“ Soaring energy and fuel prices were the main drivers of the rise in ( UK) inflation in March, but we are paying more for everything, ” Myron Jobson, senior personal finance analyst at Interactive Investor, said following Wednesday’ s data.
“ Supply shortages and production bottlenecks owing to the pandemic have forced firms to raise their prices of late, ” while Russia’ s invasion of Ukraine “ has made the outlook for inflation worse ”, he added.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
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Stocks diverge while oil gains tracking soaring inflation | Hi, what are you looking for?
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Stock markets diverged Wednesday as investors pored over data showing further spikes to inflation, while oil prices extended gains.
US annual consumer inflation hit a 40-year high in March, the same month that UK prices jumped at the fastest pace in three decades.
Global inflation, already rocketing on supply constraints as economies look to fully reopen following pandemic lockdowns, is rising further on fallout from the Ukraine war.
US wholesale price inflation hit a record annual rate of 11.2 percent in the year to March, according to data released Wednesday.
Analysts said markets welcomed an indication that US inflation was approaching its peak, though it has raised expectations that the Federal Reserve will take more aggressive action to contain prices.
“ The steepest rises in a generation have unsettled financial markets, as investors digest the unsavoury prospect of tougher hikes in interest rates, ” noted Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
Tokyo shrugged off the gloom, however, with the benchmark Nikkei 225 closing almost two percent higher following sharp losses at the start of the week.
In China, where a Covid-19 outbreak has caused mass lockdowns and snarled global trade arteries, the main stock market index lost close to one percent Wednesday.
That came as official data showed China’ s imports shrank on-year in March for the first time in nearly two years, hit by the coronavirus and weakening consumer demand.
European stocks were solidly lower in afternoon trading while Wall Street opened little changed as the corporate reporting season got underway.
JPMorgan Chase saw its first quarter net profit plunge by 40 percent as it set $ 900 million aside to deal with potential losses due to the Ukraine conflict and inflation.
It already booked $ 524 million in losses as it sought to lower its exposure to soaring commodities prices and Russian counterparties.
Shares in JPMorgan Chase fell 2.8 percent at the open of trading.
Meanwhile, Delta airlines beat expectations even if it still lost money and said it expects second quarter revenue to come in at 97 percent of the pre-pandemic level in 2019.
Its shares rose 3.8 percent.
– Oil rises –
Elsewhere Wednesday, oil prices climbed further in a volatile trading week.
“ Oil seems to be the primary benefactor of ( the) Ukraine vs Russia conflict dragging out longer, ” noted Stephen Innes of SPI Asset Management.
Russia is a major producer of oil and gas and the war has triggered fears of supply constraints.
However, global oil demand will be slightly lower than forecast this year in the wake of strict Covid lockdowns in China, the world’ s biggest importer of crude, the International Energy Agency said Wednesday.
Russian oil supply is expected to continue to fall in April by 1.5 million barrels per day, according to the IEA, which advises developed countries on their energy policies.
In currency trading Wednesday, the yen hit its lowest level against the dollar in two decades, extending recent falls as the gap widens between Japan’ s ultra-loose monetary policy and Fed tightening.
Despite being traditionally considered a haven currency, uncertainty fuelled by the war in Ukraine has not caused the yen to strengthen.
Instead, the Fed’ s move towards a more aggressive rate-tightening policy and the shock of rising oil prices in Japan — a major importer of fossil fuels — have pushed the currency lower, analysts said.
– Key figures around 1330 GMT –
London – FTSE 100: DOWN 0.2 percent at 7,561.85 points
Paris – CAC 40: DOWN 0.7 percent at 6,491.70
Frankfurt – DAX: DOWN 1.0 percent at 13,987.03
EURO STOXX 50: DOWN 0.9 percent at 3,795.76
New York – Dow: UP 0.1 percent at 34,260.43
Tokyo – Nikkei 225: UP 1.9 percent at 26,843.49 ( close)
Hong Kong – Hang Seng Index: UP 0.3 percent at 21,374.37 ( close)
Shanghai – Composite: DOWN 0.8 percent at 3,186.82 ( close)
Brent North Sea crude: UP 2.1 percent at $ 106.84 per barrel
West Texas Intermediate: UP 1.9 percent at $ 102.46 per barrel
Euro/dollar: DOWN at $ 1.0815 from $ 1.0818
Pound/dollar: UP at $ 1.2996 from $ 1.2977
Euro/pound: DOWN at 83.21 pence from 83.36 pence
Dollar/yen: DOWN at 125.80 from 126.22 yen
burs-rl/lth
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
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US Treasury Secretary warns China over its stance on Russia | Hi, what are you looking for?
US Treasury Secretary Janet Yellen warned China on Wednesday that its lack of participation in the Western sanctions campaign against Russia.
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US Treasury Secretary Janet Yellen warned China on Wednesday that its lack of participation in the Western sanctions campaign against Russia could affect countries’ willingness to work with Beijing.
Washington and its allies in Europe and elsewhere have responded with fury to Moscow’ s attack on Ukraine, sanctioning Russia’ s financial system, aviation sector and other major parts of its economy in a thus-far fruitless effort to get President Vladimir Putin to back down.
“ China has recently affirmed a special relationship with Russia. I fervently hope that China will make something positive of this relationship and help to end this war, ” Yellen told the Atlantic Council.
“ The world’ s attitude towards China and its willingness to embrace further economic integration may well be affected by China’ s reaction to our call for resolute action on Russia. ”
China as well as India are two major economies that have not taken part in the retaliatory measures, and Yellen said Beijing’ s policy could have lasting implications for a country that is pursuing territorial disputes against its neighbors.
“ China can not expect the global community to respect its appeals to the principles of sovereignty and territorial integrity in the future if does not respect these principles now when it counts, ” she said, in a reference to China’ s claim over Taiwan.
– ‘ On the fence’ –
Yellen also spoke to countries that “ are currently sitting on the fence ” when it comes to Moscow, “ perhaps seeing an opportunity to gain by preserving their relationship with Russia and backfilling the void left by others. ”
She warned that such policies “ are short-sighted, ” adding: “ The future of our international order, both for peaceful security and economic prosperity, is at stake. ”
“ The unified coalition of sanctioning countries will not be indifferent to actions that undermine the sanctions we’ ve put in place, ” Yellen said.
With the World Bank and IMF set to begin their spring meetings next week, Yellen also called for reform to the two major economic institutions, saying the war in Ukraine proved the necessity of change.
“ We will… need to modernize our existing institutions — the IMF and the multilateral development banks — so that they are fit for the 21st century, where challenges and risks are increasingly global, ” she said.
“ Some may say that now is not the right time to think big. Indeed, we are in the middle of Russia’ s war in Ukraine, ” Yellen said. “ Yet, I see this as the right time to work to address the gaps in our international financial system that we are witnessing in real time. ”
These measures should force the Kremlin “ to choose between propping up its economy and funding the continuation of Putin’ s brutal war, ” she said.
She reflected on the massive economic collapse the Covid-19 pandemic caused in 2020, saying that while rich nations were able to spend to support their economies, efforts to help poor countries were less successful, causing “ a divergence in global prospects. ”
Yellen said the governance of the IMF should be considered “ to ensure that it reflects both the current global economy and also members’ commitments to the ( lender’ s) underlying principles and objectives. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
In Ukrainian town of Volnovakha, now under Moscow's control, children listen to a recording of the Russian anthem, watched by armed soldiers.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
President Joe Biden for the first time accused Vladimir Putin's forces of committing genocide in Ukraine.
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Half of US warehouse injuries in 2021 at Amazon: unions | Hi, what are you looking for?
Nearly half of all recorded injuries in US warehouses last year occurred at Amazon, according to a report released by a coalition of unions.
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Nearly half of all recorded injuries in US warehouses last year occurred at Amazon, according to a report released Tuesday by a coalition of unions.
The e-commerce giant has boomed during the pandemic with soaring home delivery demand, but has also faced criticism over workers’ conditions and its labor practices.
“ Amazon employed one-third of all warehouse workers in the US, but it was responsible for nearly one-half ( 49 percent) of all injuries in the warehouse industry, ” according to the report by the Strategic Organizing Center ( SOC).
The SOC report said US Amazon workers sustained more than 34,000 “ serious injuries ” on the job last year, a rate more than twice as high as that at warehouses not owned by the company.
Amazon acknowledged an increase in the number of injuries as tens of thousands of employees joined its workforce, but argued the rate at which its people got hurt had declined.
“ Like other companies in the industry, we saw an increase in recordable injuries during this time from 2020 to 2021 as we trained so many new people, ” the company said.
“ However, when you compare 2021 to 2019, our recordable injury rate declined more than 13 percent year over year, ” it added.
The coalition said it relies on data provided by Amazon to the US Occupational Safety and Health Administration — the federal agency responsible for preventing workplace injuries.
“ After relaxing some of its discipline systems in the first months of the Covid-19 pandemic, Amazon reimplemented its monitoring systems and production pressures in late 2020, and its injury rates rose substantially, ” the SOC said.
Hiring at Amazon has spiked during the pandemic.
In the United States, the company has gone from some 700 sites in 2020 to more than 900 in 2021, and from more than 200,000 employees in 2017 to over 560,000 in 2021, according to the report.
In June 2021, Amazon changed working conditions, including longer breaks for its workers who prepare, ship and deliver packages.
That decision came after a previous damning SOC report, and an attempt to unionize at an Amazon warehouse in Alabama. That failed, but the campaign exposed what many employees described as the company’ s intense pace.
“ We need a better vision for our employees’ success, ” wrote Amazon founder Jeff Bezos in an annual letter to shareholders in 2020.
“ We are going to be Earth’ s Best Employer and Earth’ s Safest Place to Work, ” he promised.
But “ in stark contrast to Jeff Bezos’ recent pledge… the injury rate at Amazon facilities increased by 20 percent between 2020 and 2021, ” the SOC said.
Amazon workers in New York have voted to launch the first US union at the e-commerce giant, an underdog upset against a company that has steadfastly opposed organized labor in its massive workforce.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
In Ukrainian town of Volnovakha, now under Moscow's control, children listen to a recording of the Russian anthem, watched by armed soldiers.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
President Joe Biden for the first time accused Vladimir Putin's forces of committing genocide in Ukraine.
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China lockdowns could trigger a major supply chain disruption: Expert | Many goods are stuck in China right now as a result of the Covid lockdowns and it could become a `` big problem '' for the global economy, according to business consultant Richard Martin.
`` Many of the things that we use around the world that're manufactured, have components from China and we're about to see a logistics snarl that 'll dwarf anything in 2020 or 2021, '' Martin, managing director at IMA Asia, told CNBC's `` Street Signs Asia '' on Tuesday.
`` China is 20% of global demand but its role in supply chains is much bigger than that. ''
Since the early months of the pandemic, the global economy has struggled with supply chain challenges due to a mix of factors — such as logistics services struggling to keep up with trade volume, or Covid surges in parts of Asia that threatened to disrupt the flow of goods.
The war in Ukraine, which broke out in late February after Russia invaded the country, has further fueled those concerns.
`` The outlook you 've got for the global economy is getting pretty dim now — Europe faces a war on its doorstep, United States has got big interest rate hikes coming through which could hit the U.S. consumer and in China, they're really slowing the economy down, '' Martin said.
China has in the last few weeks been battling its most severe Covid outbreak on the mainland since the initial shock of the pandemic in early 2020.
`` China is very vulnerable right now, '' said Rob Subbaraman, chief economist and head of global markets Research for Asia ex-Japan at Nomura.
Referring to Nomura's survey on the extent of the lockdowns across China, he said: `` If we look at provinces where there's partial or full lockdowns we estimate it covers around 40% … of China's GDP. ''
The city of Shanghai is among the places that have been hardest hit, as local authorities put in place strict stay-home measures and travel restrictions. The northern province of Jilin, home to many automobile factories, has also been badly hit though infections appear to be starting to level out.
`` The problem Beijing has got is right across the country — not just Shanghai but down in the south in Guangzhou and of course, up in Jilin where there's been a lot of manufacturing, '' Martin said.
Local officials are `` closing down entire cities '' due to fear of punishment from Beijing if there's a Covid outbreak in their jurisdictions, he added.
Supply disruptions are happening at a increasingly rapid rate right now, Subbaraman said. `` We think China's retail sales will probably fall outright in March, China is looking extremely weak right now and really needs more policy stimulus, '' he added.
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Since the start of the pandemic, China has adopted a strict zero-Covid strategy where tough restrictions are put in place swiftly following the discovery of infections. In contrast, most of its global peers have largely shifted toward a living with Covid and are starting to reopen their borders to international travel.
`` You can not see President Xi Jinping backing off [ China's ] zero-Covid policy, it's almost become a hallmark of the administration, '' Martin said.
While China is expected to eventually fend off the current wave of Covid infections that has stemmed from the highly transmissible omicron variant, it will likely come at the expense of an economic slowdown, he warned.
— CNBC's Evelyn Cheng contributed to this report;. | business |
Bankrupt Sri Lanka asks citizens abroad to send home cash | Hi, what are you looking for?
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
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Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel Wednesday after announcing a default on its $ 51 billion foreign debt.
The island nation is in the grip of its worst economic crisis since independence in 1948, with severe shortages of essential goods and regular blackouts causing widespread hardship.
Authorities are weathering intense public anger and spirited protests demanding the government’ s resignation ahead of negotiations for an International Monetary Fund bailout.
Central bank governor Nandalal Weerasinghe said he needed Sri Lankans abroad to “ support the country at this crucial juncture by donating much needed foreign exchange ”.
His appeal came a day after the government announced it was suspending repayments on all external debt, which will free up money to replenish scant supplies of petrol, pharmaceuticals and other necessities.
Weerasinghe said he had set up bank accounts for donations in the United States, Britain and Germany and promised Sri Lankan expatriates the money would be spent where it was most needed.
The bank “ assures that such foreign currency transfers will be utilised only for importation of essentials, including food, fuel and medicines ”, Weerasinghe said in a statement.
Tuesday’ s default announcement will save Sri Lanka about $ 200 million in interest payments falling due on Monday, he said, adding that the money would be diverted to pay for essential imports.
Weerasinghe’ s appeal has so far been greeted with scepticism from Sri Lankans abroad.
“ We don’ t mind helping, but we can’ t trust the government with our cash, ” a Sri Lankan doctor in Australia told AFP, asking for anonymity.
A Sri Lankan software engineer in Canada said he had no confidence that the money would be spent on the needy.
“ This could go the same way as the tsunami funds, ” he told AFP, referring to millions of dollars the island received in aid after the December 2004 disaster, which claimed at least 31,000 lives on the island.
Much of the foreign cash donations meant for survivors was rumoured to have ended up in the pockets of politicians, including current Prime Minister Mahinda Rajapaksa, who was forced to return tsunami aid funds credited to his personal account.
– Snowballing crisis –
Sri Lanka’ s snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.
The government imposed a wide import ban to conserve dwindling foreign currency reserves and use them to service the debts it has now defaulted on.
But the resulting shortages have stoked public resentment, with day-long lines forming across the island for petrol and kerosene, the latter used for cooking stoves in poorer households.
At least eight people have died while waiting in fuel queues since last month.
Economists say the crisis has been made worse by government mismanagement, years of accumulated borrowing and ill-advised tax cuts.
Crowds have attempted to storm the homes of government leaders, and security forces have dispersed protesters with tear gas and rubber bullets.
Thousands of people were camped outside President Gotabaya Rajapaksa’ s seafront office in the capital Colombo for a fifth straight day of protests Wednesday calling for him to step down.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
President Joe Biden for the first time accused Vladimir Putin's forces of committing genocide in Ukraine.
AI, facial recognition, and biometrics can help the world get back to work.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Notre-Dame slowly reviving three years after fire | Hi, what are you looking for?
Ahead of the anniversary of the blaze on Friday, the mammoth cleaning job of the walls, vaults and floor is almost completed.
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Three years after the devastating fire, Notre-Dame cathedral in Paris is mostly cleared of a thick layer of soot as an army of craftsmen race to meet a deadline to reopen in time for the 2024 Olympics.
Ahead of the anniversary of the blaze on Friday, the mammoth cleaning job of the walls, vaults and floor is almost completed, restoring the cathedral to its original whiteness.
The inferno that engulfed the 12th century Gothic landmark on April 15, 2019 caused its central frame to collapse and ravaged the famous spire, clock and part of the vault — shocking millions around the world.
The cathedral typically welcomed nearly 12 million visitors a year, as well as hosting 2,400 services and 150 concerts.
As an icon of the globally beloved city, the fire triggered an outpouring of generosity with nearly 844 million euros in donations collected from 340,000 donors in 150 countries to date, according to the public body overseeing the restoration.
The gaping hole left in the building is now filled by a forest of scaffolding.
The first stage of the titanic project involved clearing the rubble and burnt beams, reinforcing the flying buttresses, and removing the deadly dust unleashed from 450 tonnes of lead in the structure.
A temporary metal scaffolding had to be built for the task, which was completed last summer at a cost of 151 million euros, largely on schedule despite a three-month pause in 2020 at the start of the Covid-19 pandemic.
– 1,000 trees –
Many of the tasks have been farmed out to specialist workshops around France.
They include dismantling and cleaning the huge 18th century organ, the largest in France, that was spared by the fire but coated in lead dust.
The stained glass windows, several statues and the 22 large-format paintings from the 17th and 18th centuries have also been sent for restoration.
The next major phase is to reinstall the medieval wooden framework of the nave and choir, and the 19th century spire — which the team hopes will be completed in the first half of 2023.
A thousand trees have already been cut down in national and private forests across France in preparation.
Meanwhile, stones are this week being extracted from quarries to start rebuilding the damaged vaults.
Tests have been carried out on two of the cathedral’ s 24 chapels to practise the techniques needed to recreate their original colours.
Work was slowed down in March by a major surprise, when a lead sarcophagus and the remains of a decorative stone dividing barrier from the 14th century were discovered in the ground.
As well as restoring the building to its former glory, the diocese has plans to add a few new touches, integrating contemporary art and old masters, along with a more modern lighting system, moveable benches and biblical phrases projected on the walls in different languages.
A new system for visitors and worshippers will mean that when they return to the iconic cathedral in 2024, they will enter through the large central door rather than side doors.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
In Ukrainian town of Volnovakha, now under Moscow's control, children listen to a recording of the Russian anthem, watched by armed soldiers.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
President Joe Biden for the first time accused Vladimir Putin's forces of committing genocide in Ukraine.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Digital first: More advertising flocks to the digital arena | Hi, what are you looking for?
Marketers can make more strategic decisions to create authentic, personalized experiences.
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According to a new report ( PwC’ s IAB Internet Advertising Revenue Report: Full Year 2021), digital advertisement revenue jumped 35 percent in the U.S. last year. This makes it the biggest gain since 2006.
The growth of digital advertising revenue is across all digital media platforms— including data reflecting desktop and mobile ad revenues across audio, video, programmatic, search, and social media.
According to The Wall Street Journal, e-commerce is now a cornerstone of. the U.S. economy and this will continue to drive advertising investment away from traditional media and towards digital channels
Looking into this issue for Digital Journal is Tom O’ Regan, CEO of Madison Logic, an account-based marketing platform.
According to O’ Regan, the recovery is only the beginning when it comes to digital advertising, especially for business-to-business sector.
O’ Regan lays the roots for this growth at the COVID-19 events, when people turned to other outlets when confined indoors. O’ Regan says: “ It’ s no secret that digital media consumption has grown exponentially throughout the pandemic, but to see digital advertising revenue grow 35 percent to $ 189 billion last year. ”
Increased consumer usage of technology was coupled with large growth of small and mid-sized businesses during the pandemic. These are key contributory factors for the growth rates.
For O’ Regan this “ Reaffirms the importance of using digital channels to reach the right audience and fuel revenue growth. Not only is this true for consumer advertising but also for business-to-business, a group that was increasing allocation to digital ads for years before the pandemic and has since accelerated these trends. ”
There are some business sectors for which this is particularly so. O’ Regan calls these out, noting the growth is “ especially for cloud infrastructure and security software companies, whose technology is now the foundation of remote work, marketers at these organizations have become increasingly online-focused and see the value in investing in the right digital channels to target the right buyers. ”
This engaged in digital advertising should be taking note of these developments, say O’ Regan. He recommends: “ By aligning these channels with the increasing availability and accuracy of data, marketers can make more strategic decisions to create authentic, personalized experiences. ”
O’ Regan’ s final recommendation is: “ In 2022, organizations with a sophisticated team, tech stack and clear return on investment measurement metrics are the ones who will stand out from the market. ”
Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
President Joe Biden for the first time accused Vladimir Putin's forces of committing genocide in Ukraine.
AI, facial recognition, and biometrics can help the world get back to work.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Film industry guns for fresh start at Cannes | Hi, what are you looking for?
The Cannes Film Festival will hope to relaunch the industry’ s hopes with another star-packed line-up to be announced on Thursday.
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The Cannes Film Festival will hope to relaunch the industry’ s hopes with another star-packed line-up to be announced on Thursday.
After a slow return to cinema-going after the Covid-19 pandemic, the film business will be hoping for a boost on the French Riviera when the 75th edition of the world’ s leading cinema festival returns from May 17 to 28.
Tom Cruise is already confirmed for the festival promoting the world premiere of “ Top Gun: Maverick ”, the sequel to his 1986 blockbuster. Also attending is Tom Hanks, who co-stars in “ Elvis ” as the rock’ n’ roll star’ s manager, Colonel Tom Parker.
The latter is the latest spectacle from Australian director Baz Luhrmann, who has previously lit up Cannes with “ Moulin Rouge! ” and “ Gatsby ”.
The rest of the line-up will be announced on Thursday, including the 20-odd films competing for the top prize Palme d’ Or.
The selection committee, who have been working their way through more than 2,000 entries in recent weeks, have a tough act to follow after last year’ s vintage edition.
Coming after the festival was cancelled by the pandemic in 2020, it launched several films that went on to global success, especially “ Drive My Car ”.
Last year’ s Cannes jury gave the top prize to Julia Ducournau’ s body-horror film ‘ Titane’. — © AFP
After picking up three awards at Cannes, it went on to win this year’ s Oscar for best international feature film — and was the first Japanese film to be nominated in the best picture category.
– Big-name speculation –
Last year’ s jury — led by US director Spike Lee — gave the Palme d’ Or to Julia Ducournau’ s body-horror “ Titane ” — ensuring the festival maintained its reputation for boosting bold and edgy filmmaking alongside starry entertainment.
The organisers have left it late to announce who will chair the jury this year, but Penelope Cruz and Marion Cotillard are among the favourites according to industry insiders.
Film experts have also been picking through the release schedules for ideas on who might be in competition.
Many are hoping to see the return of David Cronenberg, whose upcoming sci-fi/horror cross-over stars Viggo Mortensen, Kristen Stewart and Lea Seydoux.
Also hotly tipped is Australian George Miller, the man behind “ Mad Max ”, who takes a new direction with “ Three Thousand Years of Longing ” about a djinn ( played by Idris Elba) offering three wishes to Tilda Swinton.
Another possibility is Terrence Malick, who won previously for “ Tree of Life ” starring Brad Pitt. His new film follows the life of Jesus Christ and stars Mark Rylance as Satan.
Though women have been getting more of a presence on the festival circuit, they remain poorly represented.
Blockbuster sequel ‘ Top Gun: Maverick’, repeatedly delayed by the pandemic, will finally launch in Cannes – Copyright AFP Alberto PIZZOLI
One possible contender in competition at Cannes might be US director Kelly Reichardt, with her new film, “ Showing Up ”. Her lo-fi hit “ First Cow ” was on many critics’ end-of-year lists in 2021.
– Shadow of war –
As with everything in the arts at the moment, the Russian invasion of Ukraine hangs over the selection.
Possible names include exiled Russian filmmaker Kantemir Balagov, 30, whose film “ Beanpole ” won the directing award of the Un Certain Regard section in 2019.
Or there may be the return of Kirill Serebrennikov, who was unable to attend Cannes last year for his Palme nominee “ Petrov’ s Flu ”, after being banned from travelling due to a controversial court case.
One possible Ukrainian entry is a film about the Allied destruction of German cities at the end of World War II by director Sergei Loznitsa.
Meanwhile, festival director Thierry Fremaux has been pushing for a change to the rule that bars streaming platforms from competing at Cannes.
But French cinema distributors, who have a seat on the festival board, continue to block the move even as big-name directors such as Martin Scorcese and Jane Campion have turned to Netflix and other streamers for financial support.
In the short term, that means that the much-anticipated Marilyn Monroe biopic, “ Blonde ”, starring Ana de Armas, a Netflix film, can not compete for Palme, although fans are still hoping it will get a premiere on the Cote d’ Azur.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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The Greek Orthodox Patriarch of Jerusalem Theophilos III ( C) arrives for a meeting with other religious leaders at the Petra Hotel at the Jaffa...
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UK Tory MPs hold Johnson's political fate in their hands | Hi, what are you looking for?
Boris Johnson has survived the initial fallout from becoming the first British prime minister to be fined for breaking the law.
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Boris Johnson has survived the initial fallout from becoming the first British prime minister to be fined for breaking the law, but his long-term position remains precarious, analysts said Wednesday.
The embattled UK leader offered a “ full apology ” Tuesday after being penalised for breaching Covid lockdown laws by attending a brief celebration of his birthday in 2020, but defied calls to resign.
However, the so-called “ partygate ” scandal shows little sign of abating.
Johnson faces further possible fines as police continue their probe into numerous rules-breaching events in Downing Street, while his ruling Conservatives look set to be punished in local elections next month.
And once police have concluded their investigation, a senior civil servant’ s detailed report on the scandal will be published in full, which seems likely to increase the political pressure.
Once-mutinous Conservative MPs have in recent weeks rallied around their leader as the war in Ukraine and the growing cost-of-living crisis diverted attention away from the furore.
But commentators are questioning whether Johnson, 57, can maintain that support if he is repeatedly fined, his party fares poorly in the May 5 nationwide polls and further lurid details of parties emerge.
“ A lot more fines and a lot more headlines might change the view of more voters and that in turn might change the mind of Conservative MPs if they do very badly in the elections, ” Anand Menon, a politics professor at King’ s College London, told AFP.
“ He’ s clearly willing and able to brazen some things out in a way other, earlier prime ministers probably weren’ t… I don’ t think he’ s superhuman, though. ”
– ‘ His fate’ –
Johnson’ s position was hanging by a thread earlier this year following a stream of controversies since last summer that culminated in “ partygate ” and an increasingly rebellious mood among his MPs.
Several Conservative lawmakers publicly withdrew their support for his leadership, with more reportedly writing letters of no-confidence in him to the party’ s 1922 Committee.
If the grouping of backbenchers receives at least 54 such letters from Johnson’ s 360 MPs, it would spark a confidence vote and his possible removal as leader.
“ Boris Johnson will remain PM so long as he… retains the confidence of the Conservative group of MPs, ” Robert Hazell, of University College London’ s Constitution Unit, explained.
“ It is they who will decide his fate. ”
Johnson is expected to face lawmakers when they return from their Easter break next week to explain why he repeatedly insisted in the House of Commons that no lockdown rules had been broken.
Knowingly misleading parliament is a breach of government ministers’ code of conduct, which states they should resign as a result.
Hannah White, of the Institute for Government think tank, told the BBC that Johnson’ s refusal to do so “ puts us in a very difficult situation ”.
“ If it is now henceforth precedent that if you break the law as a minister, you don’ t automatically have to resign, that’ s… quite a difficult precedent to have been set, ” she said.
– ‘ Anger’ –
White noted that Johnson was hoping voters’ anger over “ partygate ” had dissipated.
But Britons across the country made huge sacrifices during the pandemic, including not being able to attend loved one’ s funerals. Opinion polls suggest that many remain furious at the behaviour in Downing Street.
A snap survey Tuesday by YouGov found 57 percent of respondents thought Johnson should resign after having been fined.
“ They are able to see that Boris Johnson has done a good job on Ukraine but that anger about ‘ partygate’ has continued throughout the entire time, ” James Johnson, a Conservative pollster, told BBC radio.
“ I think we’ re going to see this really light that anger up all over again, ” he said. It would be “ deluded ” to think the Tories could avoid fallout from the scandal at the ballot box, he added on Twitter.
London Metropolitan Police, which is conducting the “ partygate ” probe, said Tuesday over 50 fines had been issued so far. The initial March 29 announcement had referred to just 20.
Johnson’ s wife Carrie and finance minister Rishi Sunak have also been fined, and the British leader attended several more of the events under investigation.
That has led to a widespread expectation that more fines are imminent — possibly as voters head to the polls in three weeks.
Sebastian Payne, the Financial Times’ Whitehall editor, predicted that a poor Conservative electoral performance paired with the prime minister being fined again could be “ the final straw ” for its lawmakers.
“ If they see electoral evidence that things are not going in their direction and that the ‘ partygate’ situation is causing them to lose votes, that could change their thinking, ” he told BBC News.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
That’ s the real danger. Nobody trusts Russian judgment anymore.
The UN refugee agency UNHCR says 4,656,509 Ukrainians have fled since Russia invaded on February 24 - Copyright AFP FARJANA K. GODHULYRobin MILLARDMore than...
AI, facial recognition, and biometrics can help the world get back to work.
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel.
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China's imports fall as Covid outbreaks, lockdowns hit demand | Hi, what are you looking for?
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China’ s imports shrank on-year in March for the first time in nearly two years, official data showed Wednesday, hit by coronavirus lockdowns and weakening consumer demand.
The world’ s second-largest economy has stuck to a strict zero-Covid strategy as it tries to contain outbreaks fuelled by the Omicron variant in recent months.
The economic costs, however, have mounted — the waves of infections and resulting lockdowns have kept consumers at home, halted business operations and snarled supply chains.
Imports dropped 0.1 percent from a year ago, according to data from China’ s Customs Administration — the first such decline since August 2020, in the early phase of the pandemic.
The figure was much lower than the forecast from a Bloomberg poll of economists, and a far cry from the 15.5 percent growth for the first two months this year.
“ Some unexpected factors in the international and domestic environment have gone beyond our anticipation, ” Customs Administration spokesman Li Kuiwen told reporters.
“ Achieving the goal of stabilising foreign trade will require greater effort. ”
China’ s export growth slowed as well in March to 14.7 percent, down from 16.3 percent in the first two months.
While Li did not specify external factors, the drop in exports came during a period where Russia’ s invasion of Ukraine and the shockwaves from it have hurt business sentiment and consumer confidence globally.
“ The March trade data highlighted the impact of pandemic-related disruptions on economic activity and consumer spending, ” said Rajiv Biswas, Asia-Pacific chief economist at S & amp; P Global Market Intelligence.
He added that recent lockdowns in major cities such as Shanghai and Shenzhen “ hit consumer spending hard ”, while the temporary shutdown of manufacturing plants impacted demand for imported raw materials.
China’ s balance of trade in March was $ 47.4 billion.
European demand for Chinese exports could be “ a key risk ”, Biswas said, given that “ macroeconomic shocks from the Russia-Ukraine war, notably higher oil and gas prices and rising inflation pressures, are resulting in a downgraded EU GDP growth outlook in 2022 ”.
Customs spokesman Li said that in the first quarter, exports of mechanical and electronic products rose 9.8 percent from a year ago, with increases in solar cells, lithium batteries and automobiles.
“ The largest declines in outbound shipments were of electronics, furniture and recreational products, pointing to an unwinding of pandemic-linked demand for these goods, ” Julian Evans-Pritchard, senior China economist at Capital Economics.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
The Russian navy's Black Sea flagship is `` seriously damaged '' by an ammunition explosion, state media says.
Web3 has become a notable topic in the technology world over the past year.
ECB is faced with the challenge of threading a response between record-high inflation and weak growth due to the war in Ukraine.
The Greek Orthodox Patriarch of Jerusalem Theophilos III ( C) arrives for a meeting with other religious leaders at the Petra Hotel at the Jaffa...
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
MADAGASCAR: Clash between Rajoelina and advisor Ravatomanga shakes the island | As the 2023 presidential elections approach and head of state Andry Rajoelina prepares to run for a new term, his highly centralised style of government is increasingly running into criticism from the MMM party. [... ]
Siteny Randrianasoloniaiko is still a member of Andry Rajoelina's presidential majority in parliament, but he is a cause of concern for the head of state. Rajoelina worries that the man who recently became head of the African Judo Union may have his eyes on the presidency in the 2023 elections. [... ]
State Procurement of Madagascar ( SPM), created to manage the State's imports, now has the heavy responsibility to control prices on staple foods. [... ]
The group, best known for its cement and financial services activities in West Africa, has ventured east to tackle two major projects, one in Madagascar and the other in Comoros. [... ]
The meeting between Emmanuel Macron and Andry Rajoelina, due to take place on 27 August, promises to be electric. The Madagascan president's declared aim of retaking control of the Scattered Islands, currently administered by France, has resulted in a two-year standstill in bilateral relations. [... ]
Johnny Andriamahefarivo has involved himself in the investigation into two men suspected of plotting to assassinate President Andry Rajoelina. [... ]
Breaking news, published on 23/07/21 at 5.30 p.m. - After the presidency of Madagascar thunderously announced a plot against the head of state, police are throwing themselves wholeheartedly into any link between the two main suspects and businesses, namely heavy fuel producer Madagascar Oil. [... ]
Andry Rajoelina's prime minister, who has been thinking of resigning for several months, is considering becoming a diplomat in Washington or at UN headquarters in New York. [... ]
Former senator and pro-Rajoelina man Sylvain Rabetsaroana has joined Paul Rafanoharana, once prime minister material, in entering the gold industry. [... ]
Andry Rajoelina, cloistered at the Iavoloha Palace, relies on a hand-picked team to manage the country's affairs. They are chosen above all for their loyalty to the president, and appear more interested in public relations than in dealing with the important affairs of state. [... ]
Accused by his former boss, businessman Maminiaina Ravatomanga, of providing the French courts with wrongful information, former journalist and communications minister Rolly Mercia is calling on human rights organisations for help. The most recent is the African Union. [... ]
Two years into his presidency, Andry Rajoelina has still not filled some the most important diplomatic appointments, leaving Madagascar without an ambassador to the US, the UN, or South Africa. [... ]
Breaking, published on 06/02/21, 7.00 a.m. - Without a prime minister and under heavy pressure from the opposition, the Madagascan president has turned to his closest advisers to help him find a way out of the impasse. [... ]
Madagascar's lucrative lychee exports are discreetly controlled by business magnate Maminiaina Ravatomanga, a long-time unofficial adviser to President Rajoelina but with whom he is now at odds. [... ]
The arrest of three gold smugglers in South Africa earlier this month was a particularly unwelcome development for Rajoelina's government because the plane that flew them to Johannesburg is frequently used by the finance ministry. [... ]
President Rajoelina is planning a government reshuffle at the end of January but the coastal elite is opposed to the replacement of Prime Minister Christian Ntsay by a Merina. [... ]
Businessman Maminiaina Ravatomanga, a close adviser to Andry Rajoelina, has brought in Paris-based public relations company ESL & Network to improve his image with the French government and business community. [... ]
Antananarivo's anti-corruption unit has secured the arrest of several former top managers at the national electricity supplier Jirama, including the man whom its current CEO Vonjy Andriamanga wanted to appoint as his number two. But the affair has also drawn in the consortium SMTP owned by the industrialist Danil Ismaël. [... ]
Unlike in the rest of Africa, where golf is often seen as a leftover from the colonial period, Madagascar's political and business elites like to meet up over a round of golf. Andry Rajoelina's government has taken advantage of this parallel power structure to build up a solid support network. [... ]
Businessman Maminiaina Ravatomanga is getting involved in the senatorial elections on behalf of the party of president Andry Rajoelina, with whom he is close. In Fianarantsoa, he is trying to secure a comfortable victory for TV Plus CEO Nicolas Rabemananjara. [... ]
Less than two months from the deadline the government has set itself to introduce a new mining code, the issue of the taxes to be levied on the industry has still not been resolved with the private sector. [... ]
José Andrianasolo, a long-standing partner of well-known businessman and friend of President Rajoelina, Maminiaina Ravatomanga, has recently returned to sectors he knows well - tourism and oil transport. [... ]
Andry Rajoelina has personally intervened to defuse the conflict between Jirama's board and its managing director, Vonjy Andriamanga. The president can not afford any missteps as the World Bank prepares a major new package for Madagascar. [... ]
Businessmen Maminiaina Ravatomanga and Naina Andriantsitohaina are exasperated by the president's herbal cure for Covid-19 and are exploring other political avenues. [... ]
The French emergency services companies, International SOS and Amarante, aim to use Madagascar and La Réunion as bases for their operations in the Indian Ocean [... ]
Amarante International, the French security firm run by the former [... ]
Since his good friend Andry Rajoelina was elected president, Maminiaina Ravatomanga aka Mamy has been omnipresent in the Madagascan business [... ]
Awaiting the sector's liberalisation, Orange and Airtel are concerned about Blueline's capital movements. [... ]
Racked by internal tensions and delayed decisions, splits are appearing within the government. [... ]
The generosity of donors towards the government of Andry Rajoelina will be put to the test when the World Bank ( WB) and the International Monetary Fund ( IMF) convene for their annual gathering from 4 to 20 October. [... ]
The businessman and presidential ally has turned to a new French service provider for airport security. [... ]
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. [... ]
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COVID-19 tracker: Tokyo confirms 8,253 cases on Wednesday | The Tokyo Metropolitan Government reported 8,253 new cases of COVID-19 on Wednesday, a decrease of 399 from a week before. There were five new deaths among those infected.
The seven-day average of new cases in the capital was 7,532.9, up from 7,358 a week earlier. The number of patients with severe symptoms fell by four from Tuesday to 23.
Aichi Prefecture logged 3,430 cases and one death, Hokkaido marked 2,713 cases and Chiba Prefecture saw 2,625 cases and five deaths.
On Tuesday, 49,773 new COVID-19 cases were confirmed nationwide — an increase of about 4,100 from a week before. Forty-seven new deaths from COVID-19 were reported. The number of severely ill COVID-19 patients fell by two from Monday to 467. | tech |
LinkedIn on the 'Great Reshuffle ': Green skills, green jobs, and blind spots | LinkedIn embarked on an ambitious analysis of data from its nearly 800 million members worldwide to derive insights on the green transition. But while useful, the analysis comes with its blind spots, too.
George Anadiotis got tech, data, and media, and he's not afraid to use them.
The `` Great Resignation '' is making the headlines, but LinkedIn and the World Economic Forum argue it's all part of the `` Great Reshuffle '' -- a time when everyone is rethinking everything. The term first aired in 2021 and has been making the rounds since.
LinkedIn purports that the Great Reshuffle presents a unique opportunity to tackle humanity's most urgent challenge: climate change. We have to enable the green transition and activate the jobs, companies and policies that power it, but there are a number of challenges associated with that.
That's the introduction to LinkedIn's recently published Global Green Skills Report 2022. As LinkedIn CEO Ryan Roslansky writes in the report, LinkedIn wants to do its part by leveraging its unique data and labour market expertise to highlight actionable insights that are crucial to delivering a successful green transition and avoiding potential pitfalls.
LinkedIn's data are a valuable source of insights. However, there are also important blind spots in the report.
Achieving our collective global climate targets is a monumental task, and it is going to take a whole-of-economy effort to make it happen. That means we need a transformation in the skills and jobs people have if we're going to get there, writes Roslansky.
Roslansky notes that there is some good news: LinkedIn is seeing a shift to green skills and jobs underway on its platform, which has nearly 800 million members worldwide. Green talent ( LinkedIn members who have explicitly added green skills to their profile and/or are working in a green or greening job) in the workforce worldwide is rising. The share of green talent increased from 9.6% in 2015 to 13.3% in 2021 -- a growth rate of 38.5%.
Another point Roslansky highlights are that millions of new jobs are expected to be created globally in the next decade, driven by new climate policies and commitments. For example, in the last five years, the number of Renewables & Environment jobs in the U.S. has increased by 237%, in stark contrast to the 19% increase for Oil & Gas jobs. At this pace, the Renewables & Environment sector will outnumber Oil & Gas in total jobs on LinkedIn by 2023.
But it's more than jobs, Roslansky thinks -- we need to zoom in on the skills that power these jobs. LinkedIn's take is that real change will come through a skills-based approach to opportunity, emphasizing what it calls green skills: skills that enable the environmental sustainability of economic activities.
LinkedIn developed a new green skill taxonomy and metrics to quantify the extent to which different countries, sectors and jobs use these skills. This is called green skills intensity. Many green skills are on the rise and are among the fastest-growing skills in the economy, LinkedIn notes.
For example, Sustainable Fashion, Environmental Services and Sustainable Growth have all grown by over 60% over the past 5 years. However, LinkedIn's findings show that most jobs requiring green skills are not traditional green jobs. LinkedIn looked at over 15,000 jobs and split them into four categories based on their green skill intensity.
Green jobs are those that can not be performed without extensive knowledge of green skills. Greening jobs are those that can be performed without green skills but typically require some green skills. Greening potential jobs are ones that could be performed without green skills but typically require at least one green skill, and Non-green jobs are those that do not require green skills to be performed.
LinkedIn's first key finding is that not enough workers are being hired into green jobs. The hiring of green jobs in the global workforce is rising faster than any other category. But together, green and greening jobs still only accounted for 10% of hiring in 2021.
Trends vary across different regions and sectors, but the takeaway is the same, LinkedIn notes: at this pace, moving toward a green economy will require workers to upskill in green and enter green, greening, and greening potential jobs.
LinkedIn emphasizes that while more workers are transitioning into green and greening jobs than are leaving, the total number of workers moving into those jobs is still really low. Today, almost all green jobs are filled by those coming from other green jobs. Transitions into Green from Greening and Greening Potential show some promise but are still well below what is needed to contribute meaningfully to a greener economy.
LinkedIn's report distills four more trends shaping the green economy.
First, demand for green talent will soon outpace supply. In the past year, ~10% of job postings requiring skills have explicitly required at least one green skill -- which is generally aligned with ~10% of the hires in the same period going to green or greening jobs. However, while job postings requiring green skills grew at 8% annually over the past five years, the share of green talent has grown at roughly 6% annually in the same period.
Getting more young people into technology will require businesses to start thinking about the kind of company they want to be.
Second, the hiring of green talent is accelerating faster than overall hiring. In 2019, the hiring balance tipped towards green talent, as the green hiring rate accelerated ahead of the overall hiring rate in most economies around the world.
This means that green workers were hired at a higher rate than non-green workers globally. The COVID-19 pandemic has accelerated this trend, suggesting that green talent has been relatively more resilient to an economic downturn than non-green talent.
Third, there's currently a good balance in the necessary green skills. Currently, there is a relatively good balance in the supply and demand of green skills. Half of the top 10 in-demand green skills match the most popular skills among the green workforce, including Sustainability, Renewable Energy, Environmental Awareness, Environment, Health and Safety ( EHS), and Corporate Social Responsibility.
Fourth, the fastest-growing green skills are both mainstream and emerging. Some skills in high employer demand that show relatively lower prevalence in the workforce are Remediation, Recycling, OSHA, Climate and Solar Energy -- but the last three listed are among the fastest-growing skills in 2016–2020.
And several of the fastest-growing green skills across all sectors during the same time period were not necessarily in-demand skills but suggested the emergence of new trends, including Sustainable Fashion, Oil Spill Response and Sustainable Business Strategies, among others.
LinkedIn's data are a great source to derive insights from. LinkedIn's report is quite comprehensive, as it does not just offer data-driven insights but also dives into specific case studies, identifies trends blocking an equitable transition for workers and a sustainable transition for the planet, and lays out an action plan with recommendations for policymakers, business leaders and the global workforce.
Despite LinkedIn's value as a source of data and the effort that has gone into this, there are some blind spots as well. First off, the methodological grounding of the report is not entirely transparent.
It's understandable that having access to LinkedIn's data would be neither feasible nor practical for a number of reasons. The authors of the report have tried to do their job as all good analysts do -- by diving into the data and distilling the most valuable insights for others to consume.
LinkedIn's analysis is based on the concept of green skills, as this is what's used to identify green talent and classify jobs as to their relevance for a green transition. However, this new green skill taxonomy that LinkedIn created is not shared with the public either. Again, we can understand the reasons. Taxonomy creation is hard work, and LinkedIn probably views this as its intellectual property.
As former Technical Lead for Taxonomies and Ontologies, AI Division at LinkedIn, Mike Dillinger notes that taxonomies are the duct tape of connected data. They seem simple, flexible, and familiar. They are widely used. And they seem to work across many use cases and many domains.
But when looked at in more detail, taxonomies turn out to be crude tools for knowledge organization that are very difficult to create, to scale, to adapt, to align, and to build on. They don't work well for larger or more complex domains and use cases. Experienced talent and flexible tools for creating them are hard to find and to develop. Often taxonomies are built and then abandoned for other, more robust approaches to knowledge organization.
Perhaps more importantly, taxonomies, like any other knowledge organization approach, represent a subjective and imperfect way to look at the world. Case in point -- the European Commission has recently published its own taxonomy of skills for the green transition in European Skills, Competences, Qualifications and Occupations ( ESCO).
It includes 381 skills, 185 knowledge concepts and 5 transversal skills considered most relevant for a greener labour market. Examples of green skills as defined in ESCO include conducting energy audits, measuring the sustainability of tourism activities, and training staff on recycling programmes.
It's possible that LinkedIn consulted ESCO in creating its own green skill taxonomy, but we 'll probably never know. Without visibility into LinkedIn's taxonomy and data, it's impossible to verify the validity of its analysis. Not to mention -- all LinkedIn member skill assessment is done by members themselves, with everything this entails.
Another example of the fact that even data-driven analysis is often not as clear-cut as it seems is LinkedIn's reference to how green skills are driving sustainable change in the European automotive industry. LinkedIn notes that the move to electric is reshaping the talent profile of the automotive industry, and the need for innovation to cut emissions has influenced a sustained technological change in the European automotive industry.
LinkedIn data shows that the share of green talent has been increasing by 11.3% annually for the past five years -- exhibiting one of the highest growth rates in green talent among all manufacturing sectors. Some of the fastest-growing sustainable transportation skills in the region are related to electric vehicles and energy management, LinkedIn notes.
The skills LinkedIn refers to are Electric Vehicles, Energy Storage, Battery Management Systems, Lithium-ion Batteries, and Electric Cars, with Compounded Annual Growth ( CAGR) rates between 51,2% and 27,6%.
First off, it's not at all clear whether there is an overlap between those. Electrical Vehicles are clearly a superset of Electric Cars, for example. So does the 51.2% CAGR of the former include the 27.6% CAGR of the latter, or not? We just don't know, so the picture that emerges out of this could be distorted.
But even more alarmingly - are we sure that these are actually green skills? It may sound counter-intuitive, but the extent to which electric cars are actually green is not entirely clear. That is according to an analysis done by Volvo, a European car manufacturer.
Volvo's analysis showed that manufacturing an electric car generates 70% more emissions than its ICE equivalent. However, when the car's lifetime is factored in, a breakeven is reached, and the EV's total carbon footprint is less compared to that of the ICE vehicle's. This is a nuanced analysis, and the outcome depends on a number of variables, such what is the vehicle's end of life and how electricity is generated.
That's not to say that we should disregard either LinkedIn's analysis or the challenge of climate change entirely. But it goes to show that the devil is often in the details. We need transparency, attention to detail, and a holistic approach to derive insights.
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Why South Africa is running out of Marmite | “ I AM DISTRAUGHT because I am about to finish my last jar, ” says Irine Mboweni, a resident of Johannesburg and mother of two. “ There is no Marmite on the shelves and I do not know what to do. ” Amid the many tragedies befalling the world, a shortage of glossy dark goo to spread on bread is surely small beer. But not to the millions of South Africans who, quite inexplicably, like the salty sludge and are struggling to cope with the worst Marmite shortage since the end of apartheid.
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The love-it-or-loathe-it spread, invented in Britain at the start of the 20th century, is an extract of yeast. It is most commonly eaten spread thinly on buttered toast, but it can also be used to add a rich, vegan-friendly umami flavour to soups, stews and sauces.
In South Africa Marmite is indeed thinly spread. Shoppers first noted shortages at the beginning of the covid-19 pandemic, when South Africa banned alcohol sales in an attempt to free up beds in hospitals that would otherwise be filled with tipsy drivers or drunken brawlers. The ban had an unexpected consequence. With beer sales on ice, South Africa’ s main breweries sharply reduced their production. With much less lager fermenting in their vats, they were also producing far less brewer’ s yeast, the beery by-product that is the main ingredient of Marmite.
Through the course of the pandemic, South Africa imposed four separate alcohol bans, each one of which dealt a blow to Marmite production. Nine months since the lifting of the last prohibition, production ought to have recovered, allowing shops to refill their shelves. Yet it has not. When your correspondent recently walked the aisles of 15 grocery stores in Johannesburg, 12 had no Marmite at all. In the three remaining shops a total of just seven jars could be found, of which three appear to have escaped purchase by hiding behind jars of Bovril, a beef-based cousin of Marmite. The branch manager of a large store in eastern Johannesburg says that deliveries still dribble in but fly off the shelves in an instant.
That the shortage continues is because of another hiccup in the supply chain. Pioneer Foods, the local manufacturer of Marmite, reportedly said that its production has been slowed by a shortage of sodium carbonate, which is used in the manufacturing process. Muckraking by the Daily Maverick, a local paper better known for exposing political scandals than for scrutinising sandwiches, found that intermittent cuts in the water supply were also affecting the country’ s only Marmite factory.
Perhaps, though, some good may yet emerge from South Africa’ s forced diet of dry bread. In a country that is often divided along lines of race or wealth, all boundaries are transcended by love ( or hatred) of Marmite. “ Whether black or white, rich or poor, most South Africans have a jar of Marmite in their cupboard, ” says Mrs Mboweni. Your correspondent will neither confirm nor deny snagging Johannesburg’ s last seven jars. Suffice it to say that Mrs Mboweni is no longer short of sludge.
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 |
Drugs running out and surgeries canceled as Sri Lanka's health system buckles | COLOMBO, Sri Lanka – Rosanne White was first diagnosed with cancer eight years ago and lost a kidney. After the cancer returned five years ago, an oncologist in Sri Lanka’ s commercial capital Colombo started her on bevacizumab last May, a treatment she was responding to.
White, a 58-year-old Sri Lankan retiree, said she had received the injections free of charge as part of the country’ s universal government health system, which the vast majority of its 22 million people depend on.
But after 13 rounds of treatment, White said she now can not find the injection in government hospitals.
Bevacizumab costs 113,000 Sri Lankan rupees ( $ 359) per shot in the private market and, because she does not have insurance, White said the costs were eating into her limited savings.
“ We have to call the hospital before going in for treatment to find out if our medication is available, ” White said. “ But what do you do when the nurses say the hospital doesn’ t have the medication? ”
White’ s struggle to find bevacizumab in state-run facilities is an early sign of how Sri Lanka’ s health care system is close to collapse, under the weight of the island nation’ s worst economic crisis. As well as shortages of vital drugs, some procedures and tests have been suspended.
The lack of foreign exchange has left President Gotabaya Rajapaksa’ s government unable to import essentials including medicines and fuel, causing crippling power cuts and bringing thousands of protesters on to the streets demanding his ouster.
Sri Lankan President Gotabaya Rajapaksa raises the national flag during a ceremony in Colombo, Sri Lanka, in February. | REUTERS
Reuters spoke to two government officials, six doctors and a health care union leader who said they had not seen Sri Lanka’ s health system in such a bad way before.
An internal memo from a major state-run hospital in Colombo seen by Reuters said that only emergency, casualty and malignancy surgeries would be conducted from April 7 onward because of a lack of surgical supplies.
Sri Lanka’ s health ministry did not respond to detailed questions about the problems facing the sector.
The economy, which relies heavily on tourism, has been devastated by the COVID-19 pandemic and hit by the sharp rise in oil prices in the wake of the war in Ukraine, which has made importing enough fuel unaffordable.
Some analysts have also criticised Rajapaksa’ s administration for its decision in 2019 to make deep tax cuts and delay talks with the International Monetary Fund ( IMF). Those negotiations are now going ahead.
A close aide to the Rajapaksas has said previously that the tax cuts had been designed to boost the economy, but that COVID-19 then struck.
Sri Lanka now has just $ 1.93 billion in foreign exchange reserves, the equivalent of less than a month’ s imports, while government debt repayments of twice that amount are due in 2022.
The Sri Lanka Medical Association, the country’ s oldest professional medical body, wrote to Rajapaksa last week warning him that even emergency treatments may have to be stopped in the coming days.
“ This will result in a catastrophic number of deaths, ” the association said.
In late March, a 70-year-old woman was wheeled into a government-backed tertiary care hospital in a Colombo suburb. The patient was in septic shock, leading to dangerously low blood pressure.
The doctor dealing with the emergency said the patient ideally needed to be injected with albumin.
“ In this case, it wasn’ t available, ” said the doctor, who declined to be identified because hospital medical staff are not authorized to speak to the media. “ Which means I lost a crucial five minutes. ”
Out of 1,325 drugs that the government provides to state-run hospitals, three life-saving medicines have completely run out and another 140 essential ones are in short supply, the secretary to Sri Lanka’ s pharmaceuticals ministry said.
“ This will not end in two months, ” Saman Rathnayake said. “ The dollar crisis will go on. ”
But he added that new sources of supply could help alleviate immediate shortages.
Some medicines ordered through a credit line with neighboring India, which supplies 80% of the island’ s requirement, would likely arrive within two weeks.
“ If this Indian credit line works, there won’ t be an issue for the next six months, ” Rathnayake said.
Beyond that, Sri Lanka has sought help from the World Health Organization, the World Bank and the Asian Development Bank. “ Their things will come after six months, ” he said. “ That is how we’ ve planned. ”
Desperate for supplies, some doctors’ groups have made public appeals for donations.
Running out of endotracheal ( ET) tubes used to help newborn infants with respiratory distress, the Perinatal Society of Sri Lanka issued a list of supplies that can be donated via the health ministry.
“ We have almost used all the stocks and no ET tubes will be available in few weeks, ” the society’ s president Saman Kumara said in a letter shared on social media.
“ I have instructed ( staff) not to discard used ET tubes but to clean and sterilize them from now onwards as we may have to reuse them. ”
A list of out-of-stock supplies from the major state-run hospital in southern Colombo seen by Reuters featured more than 40 items, including urethral catheters, different types of tubes, umbilical cord clamps and glucose test strips used for checking blood sugar levels.
A crowd of patients waited on plastic chairs and wooden benches inside a large, brightly lit hall at a major government hospital in northern Colombo late last week.
The hospital, which records around 50,000 patient visits every month with a staff of just over 2,500, is one of the country’ s major urban health facilities that serves multiple districts, an official said.
“ We are still fighting, ” the official said, asking that he and the hospital not be named. “ But I don’ t know how long we can maintain services. ”
Last August, as early signs of a brewing crisis became clear, the official said the hospital stopped infrastructure improvements and major renovations, diverting the money to shore up medical supplies.
In recent weeks, after Sri Lanka devalued its currency amid soaring inflation, the official said the cost of medical supplies had increased by 30% to 40% and put further pressure on the finances of the hospital, already some 350 million rupees ( $ 1.11 million) in debt.
Overall, the government owed around 4 billion rupees to suppliers of items such as gloves and reagents used for medical testing, said Rathnayake from the pharmaceutical ministry.
Ravi Kumudesh, president of the Medical Laboratory Technologists Association, said testing had dropped by 30%, with some high-end tests completely stopped. Maintenance of equipment like Magnetic Resonance Imaging ( MRI) machines has also been delayed.
“ There is a gap between the treatment a patient should be getting and what they are getting, ” Kumudesh said.
“ No one is being held accountable. Even though we are not calculating the numbers, people are dying, ” he said.
In an interview on Saturday, Sri Lanka’ s new Finance Minister Ali Sabry said his first priority was to stabilize the supply of essentials such as medicines.
But for patients like White, coping with the crisis is becoming increasingly difficult. Slow-release morphine tablets to manage pain are often not available, she said.
“ The other day my son went to get it and came back empty-handed, ” White said. | tech |
Airbnb’ s 135% Rally Takes IPO Crown With Room to Run | The information you requested is not available at this time, please check back again soon.
The Online Experiences section on the AirBnb Inc. website is displayed on a smartphone in an arranged photograph taken in the Brooklyn borough of New York, U.S., on Monday, April 20, 2020. Home-sharing leader Airbnb Inc. lined up $ 1 billion in debt boosting a financial cushion it can use to grow and pay bills as the global coronavirus pandemic crushes demand for travel and diminishes the prospect of an initial public offering. Photographer: Gabby Jones/Bloomberg, Bloomberg
( Bloomberg) -- With shares skyrocketing since its trading debut, Airbnb Inc.’ s initial public offering was well-timed. That rally shows little sign of abating.
It has soared 135% since it went public in December 2020. The timing was auspicious: Covid-19 vaccines were just arriving, sparking a revival in travel and also demand for lodging where travelers could isolate more easily than in a hotel. Employees also embraced a work-anywhere environment, encouraging the use of temporary homes.
Airbnb’ s climb to $ 103 billion in value has made it the world’ s biggest online travel company, eclipsing Booking Holdings Inc., Expedia Group Inc., and hotel operator Marriott International Inc.
“ It is evolving, and becoming an interesting play with respect to work-from-home and long-term rental trends, ” said Thomas George, a portfolio manager at Grizzle Investment Management, which owns the stock. “ Those are additional levers it can unlock for growth. ”
Airbnb’ s post-IPO performance has also given it the title of best performer of any listing to raise $ 1 billion or more since its debut, according to data compiled by Bloomberg. This comes at a time where weak trading in recent IPOs have weighed on the pipeline for new listings.
Some caution is warranted. Its stock rally has surpassed its peers by a mile in the travel industry since it went public, which could mean its upside is minimal. Booking has climbed 3.5%, Marriott is 25% higher and Expedia is up 39% in that time period.
And it isn’ t cheap. Airbnb sells for about 12 times its estimated sales. That’ s well above its peers with Booking sitting at 5.3, and both Expedia’ s and TripAdvisor’ s are below 3.
But investors have more reasons to stay bullish. Airbnb’ s stock is expected to climb by an average of 24% over the next 12 months with a majority of the 41 analysts covering the firm recommending investors hold on to their shares or buy more, according to data compiled by Bloomberg.
Brokerages on average predict the company next month will report a 64% jump in first-quarter sales. Airbnb, which was profitable on a net-income basis the past two quarters, probably lost money again in the first three months of this year, analysts say.
Airbnb’ s revenue grew 78% to $ 1.53 billion in the fourth quarter, beating analysts’ projections as people spread out over thousands of towns and cities and stayed for weeks and months with workers no longer having to be in traditional offices five days a week.
“ The benefits seen over the past year or so are expected to continue, especially as traveling increases with the pandemic hopefully continuing to wane, ” said Scott Kessler, an analyst at Third Bridge.
The cloud continues to darken around Facebook parent Meta Platforms Inc. Its shares fell 1.1% on Tuesday, rounding out a sixth day of losses. Its losing streak, which has erased $ 55 billion in market value, is its longest since May 2019. All eyes will be on the company’ s quarterly results slated for April 27, where investors will be looking for any guidance on future growth and its metaverse strategy. | general |
24 Covid deaths with 15 in nursing home outbreaks | Update shows the number of deaths linked to nursing homes during the pandemic stood at 2,407 on April 9 — up from 2,392 the week before. | general |
CEOs of four large U.S. meatpackers to testify in Congressional hearing | - The chief executives of U.S. meatpackers Cargill, Tyson Foods, JBS and National Beef Packing have agreed to testify at a Congressional hearing discussing cattle markets and price increases for consumers, House Agriculture Committee Chairman David Scott said on Wednesday.
`` It is very important, very vital, and very urgent that we hear the perspectives from the CEOs at these companies and get the full picture of why prices have gone up for consumers and down for ranchers, '' Scott said in a statement.
`` In addition to this panel of CEOs, we will be convening a panel of ranchers to hear what consolidation in the beef industry has done to their bottomlines and viability, '' he added.
Increased prices and profits for meatpacking companies have threatened to amplify Washington's scrutiny of the U.S. meatpacking industry, as the Biden administration has criticized a lack of competition in the sector.
U.S. President Joe Biden announced a plan in January for new rules to bolster competition and stop `` exploitation '' in the sector amid concerns that a small group of meat packers was capable of dictating beef, pork and poultry prices, adding to inflation pressures caused by rising labor and transportation costs and by COVID 19-related supply constraints.
In January, the chairman of the House of Representatives subcommittee on economic and consumer policy sent a letter to major U.S. meat processing companies, seeking information on rising prices and profits. ( Reporting by Kanishka Singh in Washington Editing by Bernadette Baum) | business |
Delta sees return to profit as consumer travel demand hits 'historic ' levels | - Delta Air Lines Inc on Wednesday reported a quarterly loss, but forecast a return to profit in the current quarter as airline travel demand reaches record heights.
The Atlanta-based company's adjusted loss for the first quarter came in at $ 1.23 per share, compared with average analyst estimates of a loss of $ 1.27 per share in a Refinitiv survey.
After a speed bump caused by the Omicron coronavirus variant, travel demand has roared back, with some airlines reporting the highest ticket sales in their history. U.S. passenger traffic has been averaging about 89% of the pre-pandemic levels since mid-February, according to Transportation Security Administration ( TSA) data.
`` The demand environment that we have today is at a historic high, '' Chief Executive Officer Ed Bastian told Reuters in an interview. `` The last five weeks have been the strongest period of bookings that Delta has ever seen in our history. ''
The company said robust consumer demand not only helped it post a `` solid '' profit in the month of March, but is also allowing it to offset soaring fuel costs with higher fares.
Since it is `` successfully recapturing '' higher fuel prices, Delta said it expects to generate an adjusted operating margin in the range of 12% to 14% and `` strong '' free cash flow in the June quarter.
The company's shares were up about 6.2% at $ 42 in pre-market trade.
SOARING COSTS, HIGHER FARES
Jet fuel prices in North America have gone up by more than 30% in the past month, since Western countries slapped sanctions on Russian exports.
Fuel is the airline industry's second-biggest expense after labor, but major U.S. carriers do not hedge against volatile oil prices like most European airlines. Instead, they typically look to offset fuel costs with higher fares.
Airline fares were up about 24% year-on-year in March, among the biggest contributors to a jump in U.S. consumer prices.
Delta's average fares are up about 33% from a year ago, according to data from Cowen.
Some analysts are concerned that rising fares and higher inflation could dent travel spending. Bastian said while the industry needs to watch the overall health of consumers, travel demand is expected to remain `` very healthy and strong '' through the summer.
`` Right now, I 'm optimistic that our consumers will be in a very good place to continue to travel, '' Bastian said.
Delta's revenue in the quarter through June is projected to recover to 93% to 97% of the pre-pandemic levels. Capacity is estimated to inch up to about 84% of the 2019 level.
Non-fuel costs in the current quarter is forecast to be 17% higher than in the corresponding period of 2019.
As part of its fleet renewal efforts, Delta said it expects to take deliveries of 26 Airbus A321neo jets this year. ( Reporting by Rajesh Kumar Singh; Editing by Bernard Orr) | business |
Indonesia's Pertamina sets 2022 upstream production target above 1 million boe/d | Center-South Brazil's crop officially started on April 1, and although more than 70% of the expected...
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Indonesia's Pertamina aims to boost its oil and gas production to more than 1 million b/d of oil equivalent in 2022, as Southeast Asia's biggest economy aims to capitalize on high commodity and energy prices to expand the country's current account surplus, according to management sources at the company.
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The tide has turned heavily in favor of upstream projects compared to a couple of years ago when oil prices crashed along with demand destruction brought by the outbreak of the COVID-19 pandemic.
Pertamina aims to take full advantage of the current high price environment to achieve multiple purposes, including improving Indonesia's balance of payments, cutting the country's oil import bills and providing solutions for Asia's supply shortage, crude trading and upstream project management sources at the company told S & P Global Commodity Insights over April 11-13.
Indonesia posted a $ 3.3 billion current account surplus in 2021, data from Bank Indonesia showed. It marked the country's first current account surplus since 2011 as rising energy and commodity prices in the fourth quarter last year boosted the balance of payments, the central bank data showed.
The company's upstream unit PT Pertamina Hulu Energi indicated that with the performance of oil and gas production in 2021 reaching 897,000 boe/d, the output target has been increased to 1.047 million boe/d for this year as the exploration division continues to make various efforts to achieve Pertamina's vision and mission.
For 2022, exploration drilling target is 29 wells and the development drilling target is 813 wells, Director of Strategic Planning & Business Development of Pertamina's upstream unit, Danar Dojoadhi, said.
Unlike coal, Indonesia is a net importer of crude and transportation fuels, which means rising oil prices would eat into the country's trade surplus, the Pertamina crude trading and upstream management sources said.
It's crucial for the country to continue reviving its domestic upstream output to cut oil import bills, especially due to domestic refineries ' heavy reliance on expensive sweet crudes, the sources added.
Pertamina's key refineries in Cilacap, Balongan and Balikpapan primarily feed on domestic sweet crudes and imported barrels from West Africa, the Mediterranean, Australia and Malaysia that are priced against Dated Brent.
Considering the high Brent-Dubai price spread in recent months, Pertamina is practically disadvantaged as highly sophisticated refineries in Northeast Asia run on much cheaper sour crudes priced against the Middle Eastern benchmark.
Brent/Dubai Exchange of Futures for Swaps was assessed at an average premium of $ 7.50/b so far this year, more than double the 2021 average premium of $ 3.20/b, S & P Global data showed.
A widening EFS spread makes crude priced against Dubai more economically attractive for Asian refiners compared to Brent-linked ones.
While Indonesia continues to focus on boosting domestic upstream output and making full use of domestic crude supply, Pertamina also aims to take advantage of high prices to generate solid export sales revenue.
With Pertamina's ambitious goals to ramp up crude production from Indonesia's Sumatra region, the state-run entity is poised to see its crude export earnings to rise in tandem with international benchmark oil price rally.
In 2022, the Sumatra region is targeted to produce 225,000 b/d of crude oil, Pertamina Hulu Energi's President Director Jaffee Suardin said in January.
Although Indonesia had stopped exporting ultra-light crude in 2021 as Jakarta aimed to prioritize the use of local upstream output for domestic refineries, there are many medium and heavy sweet Indonesian grades that continues to attract buyers across Asia, the Pertamina crude trading sources said.
Pertamina can still deliver several medium and heavy sweet crude cargoes per month for Northeast Asian refiners seeking to buy top-up barrels from the Southeast Asian spot market amid tight global supply, the trading sources said.
The Southeast Asian producer actively offers spot cargoes of medium and heavy sweet grades including Cinta, Duri, Banyu Urip and Minas that are quite popular among major Northeast Asian refiners, according to feedstock managers at Chinese and South Korean refiners.
Indonesia exported 6.02 million mt of crude oil in 2021, up 37% from the 4.4 million mt sold in 2020, data from Statistics Indonesia showed.
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Delta Air Lines Stock Is Flying. The Travel Rebound Is Taking Off. | Delta is the first major U.S. carrier to report quarterly results this earnings season.
James D. Morgan/Getty Images
Delta Air Lines
stock was taking off on Wednesday after the company outlined an upbeat revenue forecast for the second quarter and reported a first-quarter loss that was not as bad as expected.
Delta
( ticker: DAL) shares soared 4% in U.S. premarket trading after the group notched a loss of $ 1.23 a share, on an adjusted basis, on revenue of $ 9.3 billion.
Expectations on Wall Street were for Delta to have reported a loss of $ 1.27 a share on sales of $ 8.8 billion, based on the consensus estimates of analysts surveyed by FactSet. Shares in the airline have fallen 4% so far this year as of Tuesday’ s close, compared to an 8% loss for the wider
S & P 500
index over the same period.
The company said it expects revenues to grow 93% on an annual basis in the current quarter as demand for travel picks up.
Delta is the first major U.S. carrier to report quarterly results this earnings season, setting the stage for
United Airlines
( UAL) and
American Airlines
( AAL) to follow next week.
The industry
has faced turbulence this year
as the travel sector simultaneously enjoys a firm rebound from the depths of the Covid-19 pandemic, challenges that come with that, and faces new headwinds.
Write to Jack Denton at
jack.denton @ dowjones.com | business |
CHINA DATA: March crude imports up 6% on month to 10.1 mil b/d | Center-South Brazil's crop officially started on April 1, and although more than 70% of the expected...
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CHINA DATA: March crude imports up 6% on month to 10.1 mil b/d
China's crude oil imports in March rose 6.2% to 10.1 million b/d from a four-month low in February, but were still 14% lower year on year, data from the General Administration of Customs showed April 13.
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The year-on-year fall was due to a high base in March 2021, and analysts expected inflows in April and May to fall back to an average 9.5 million-9.8 million b/d due to high crude prices amid Russia-Ukraine war, while domestic demand worsened as reemergence of COVID-19.
China's imports of 11.74 million b/d in March 2021 was the last time the volume was above the 11 million b/d, GAC data showed.
China's crude imports in the first quarter averaged 10.41 million b/d, down 8.1% year on year.
Month on month, Chinese buyers raised their crude imports in March as they planned to boost refinery runs for the domestic demand recovery following the Lunar New Year holiday and Beijing Winter Olympics.
In addition, the increase was more likely to be from the state-owned sector, as S & P Global Commodity Insights ' data showed independent refineries cut their crude imports in March by 3.3% month on month to 2.86 million b/d.
However, refineries cut their throughput in March as high crude prices cut refining margins while domestic demand was hit by COVID-19 lockdowns in major cities like Shanghai and Shenzhen.
Refiners have slowed their crude buying for delivery in coming months as a result of the ongoing situation.
Independent refineries in Shandong province have cut their average utilization rate below 50% as of April from about 57.1% in March, while state-run refineries have also cut their April throughput by 30,000-100,000 mt from their initial plans amid a wider transportation restrictions to cap the spread of COVID-19.
`` Crude imports are estimated to fall to around 9.6 million b/d in April/May, '' a Beijing-based analyst said.
Analysts at S & P Global cut their demand forecasts for April by more than 1 million and for May by nearly 600,000 b/d in their monthly report.
China is likely to increase oil product exports in April to offset inventory pressure despite the volume being limited by export quota availability.
China exported 4.07 million mt of oil products in March, down 40% from a high base a year ago, GAC data showed, due to tight quota availability.
The oil products included fuel oil, gasoil, gasoline and jet fuel.
The oil product outflow volume fell 36% on the year to 11.36 million mt in Q1 as the reduction in gasoil gasoline and jet fuel exceeded the increase in bonded bunker fuel oil exports. As a result, China's net oil product exports fell 58% to 4.87 million mt in the first three months.
China was initially estimated to export 416,000 mt of gasoline and 140,000 mt of gasoil in April, while the volumes were now expected to be doubled, market sources said.
2Oil products stock is rising, forcing refiners to upward adjust their export plans, especially gasoline, '' a product trader in East China said.
However, the government cut oil product quota awards by 56% year on year in the first-round allocation for 2022 to 13 million mt.
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