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Medical spas see a boost in beauty procedures after Covid pandemic | Goddess Brouette didn't want to wait much longer. It was time to get her lips filled.
After months of research, she decided last year to get a treatment at Upkeep on the Upper East Side of Manhattan that would make her lips more plump.
`` I wanted my lips to be a more prominent part of my face and in photos, '' said Brouette, who vlogged her experience on her YouTube channel. `` [ Lips are ] something you just can't ignore. So it's always bothered me. ''
Brouette, a 22-year-old pharmaceutical marketer who also writes adult contemporary fiction, credits Covid-19 with helping her make the money to pay for the Juvederm lip fillers she 'd been eyeing.
`` The pandemic definitely gave me the ability to afford it, '' she said. `` So, why not spend money on something I 've wanted for years? ''
With Covid protocols relaxing and Americans emerging after two years at home, medical spas — or medspas — like Upkeep are looking to sustain a trend toward beauty procedures.
Medspas are operated by licensed medical professionals but often look and feel like boutique personal service. They service men and women alike and specialize in aesthetic services, such as laser hair removal and medical grade-skin therapies.
Medspas are seeing customers increasingly drop in for more robust treatment plans, according to industry experts, doubling up on face and body treatments in lieu of individual procedures or consultations.
Americans at all income levels saved more money during the pandemic, according to Moody's Analytics estimates and government data, allowing some to invest in their beauty.
In 2021, the U.S. medical spa market was estimated at $ 4.8 billion, according to a report by market research firm ReportLinker. The U.S. currently accounts for 37.7% of the global medspa market, which is projected to reach $ 25.9 billion by 2026, according to the report.
The three most popular procedures at medspas all involve injections, according to The American Medical Spa Association. Those include:
Alicia Bernal, manager of the Z-Center for Cosmetic Health in Sherman Oaks, California, said while many customers are looking for immediate rejuvenation as pandemic winds down, others are looking for long-lasting impact.
`` People kind of want to look their best now that they're getting out of Covid. So they want to treat their skin, and they're investing more into procedures that give them long-term effects versus just doing injectables to kind of give you only short-term outcomes, '' Bernal said.
The personal services industry as a whole was hit hard at the beginning of the pandemic when establishments like salons, barber shops and spas shut down for weeks or months. The industry has since made a comeback, with growth in overall employment, new locations and output expected to outpace prepandemic levels, according to the International Franchising Association's 2022 Economic Outlook report.
`` I think we're just looking at this as being a year where everything is going to get brighter and we're going to get to another side that is even more exciting, '' said Christina Russell, CEO of wellness franchise Radiance Holdings.
A 2021 study, conducted by skincare brand StriVectin and surveying 2,000 Americans, found that Zoom calls have significantly impacted consumers ' attention to beauty and skincare. According to the study, 44% of consumers have researched how to look better in video calls, and 33% have been frustrated to the point of considering cosmetic procedures.
And the increased facetime has had spill-over effects, with a move toward more full-body beauty treatments.
Body shaping and contouring account for an 18.8% share of the global medical spa market, according to the ReportLinker industry report. One particular service, called Qwo, has seen a notable jump in interest.
Qwo, the first FDA-approved cellulite injectable — produced by pharmaceutical company Endo Internationaland cleared for use in the U.S. in July 2020 — is regarded as a cornerstone treatment for cellulite by the company.
Maneeha Mahmood, co-owner of Aesthetica Medspa in Paramus, New Jersey, says that the spa is seeing a lot interest in Qwo, leading up to the summer months.
`` Previously cellulite was really hard to deal with because cellulite is not caused by how hard you work out or what you eat, '' Mahmood said. `` And a lot of people inject filler around their butt, but it never actually addresses the cellulite. ''
Mahmood explained that cellulite is caused by fiber bands in the butt that give a rippling effect when they tighten up against the skin. After weight gain, fat cells can push up against the skin to give the appearance of dimpled skin.
Liposuction, a popular surgical body sculpting service, is also high in demand at medspas like Flawless Image Medical Aesthetics in East Syracuse, New York.
According to owner Katie Din, liposuction demand, along with prescription weight loss treatments, among customers increased in the past year and hasn't slowed since.
`` Our weight loss section has been busier since the pandemic because a lot of people put on weight working from home, not having to go out in public, '' Din said. | business |
Ellen van Dijk and Paris-Roubaix: Perfect on paper, less so in practice | When the ASO first announced a women’ s Paris Roubaix in the Spring of 2020 attention immediately turned to one rider: Ellen van Dijk.
With the perfect combination of power and experience, Van Dijk was everyone’ s pick to win long before anyone knew anything about the inaugural women’ s Hell of the North. The Dutch rider remained the key rider to watch for over a year and a half and through multiple covid-19 postponements. The problem was, Van Dijk didn’ t love the cobbles.
“ No, I don’ t need to do that, really. I don’ t like it, ” Van Dijk said of riding across the legendary cobbles of the Arenberg Forest. “ We did it two years ago in recon, and it’ s just so fast and so dangerous. I think in the men’ s race there’ s always a lot of punctures, a lot of crashes. Yeah, I mean, I don’ t think this is what the race is about. So for me, no, please. No. “
With no previous editions to base any kind of predictions on, the reason Van Dijk was the easy choice was because of the Dutchwoman’ s power. Throughout her career, she has always been a time trial specialist, with two World ITT titles in 2013 and 2021, four consecutive European ITT titles and countless other ITT or solo breakaway victories. It’ s fairly obvious that if you give Van Dijk some space she will simply ride away.
But when Paris Roubaix Femmes finally rolled around in October of 2021 and it was clear the weather would be the defining factor of the first-ever women’ s edition Van Dijk’ s power became less of an advantage. With wet cobbles, positioning was more important than raw watts, and positioning is not something Van Dijk excels at.
“ What I learned from last year was mostly that you have to be in the front, which was not something really new because I knew that already before I started the race, ” Van Dijk said ahead of the second edition. “ Once you are on the backside of things and once you start chasing, you keep chasing for the whole race so it’ s better never get into that position, but it’ s easier said than done. ”
“ Positioning is key in this race. That’ s not a secret and it’ s also not my best quality really, positioning. So that’ s why I struggle a bit with this race. But yeah, that’ s my main focus [ this year ] to position well and then just go from there. ”
In 2021 all eyes were on Van Dijk, but it was her teammate Lizzie Deignan who was able to pull off a long-range attack and cement her name in history.
“ Last year nobody ever expected that Lizzie would make the winning move with 80 km to go, ” Van Dijk said. “ I expect that this year a lot of girls want to go early just because of last year. I think this year everybody will be keen from the beginning. It’ s going to be a totally different race and with the dry weather conditions it will be faster. ”
Coming into the second edition of Paris Roubaix Femmes Van Dijk is still a favourite, but she’ s not the only rider people are talking about. Still, with completely different weather conditions no one is really sure what to expect from the second Paris Roubaix Femmes.
“ [ This race ] is super special and last year was the first time, so it was even more special, ” Van Dijk said. “ But actually, this year, it almost feels like it’ s another first time because it’ s such different conditions and everything will be different than last year. ”
“ It’ s still hard to know what to expect really in these conditions. ”
Van Dijk has been racing in the professional peloton since 2006. She has seen the sport evolve and change over the past 17 seasons, seen salaries rise and teams become more professional. She has raced on teams like HTC-Highroad and Boels-Dolmans and she’ s been there for many of the recent additions to the women’ s calendar, from the first La Course by the Tour de France in 2014 to the first-ever women’ s Paris Roubaix.
“ I think in one way it’ s special, ” Van Dijk said of the Monument’ s inclusion in the women’ s calendar. “ In another way, I think it’ s something that should have been for a very long time already. ”
Not only is the weather predicted to be the polar opposite of the first edition, but the buildup to Paris-Roubaix has also been completely different the second time around. Last year covid-19 restrictions in France forced the ASO to push the race from its usual Spring weekend back to October. This year Paris Roubaix will take place within the Spring Classics calendar, as opposed to right after the World Championships and a long season of racing for the women.
Van Dijk went into Paris Roubaix Femmes in 2021 on flying form. Just a week before, she won her second time trial rainbow jersey, but the pressure was on for her to perform on the cobbles of Roubaix. That pressure didn’ t help her in the build-up. She had ridden the course in recon, multiple times, and despite years of experience racing on the road, racing the cobbles of Roubaix was something entirely new.
The week before Paris Roubaix Femmes this year Trek-Segafredo took some attention away from Van Dijk’ s Paris Roubaix role by announcing that she would attempt the hour record once the Spring season has wrapped up. The news meant that instead of her having to talk solely about the cobbled Classic in a pre-race press conference she also happily answered questions about her goal on the track.
It may not have been a strategic PR move from the American team to deflect too much pressure on the world champion at Paris Roubaix, but it definitely worked out that way.
Van Dijk herself admitted that ahead of the second Paris Roubaix Femmes she had to change her mentality a bit.
“ Last year I really thought, ‘ oh yeah, it’ s going to be super cool and this is probably something that suits me’. This year, I was a bit more like ‘ I have to ride it’, ” Van Dijk said. “ I was not so excited about it anymore. At the same time, I don’ t feel the pressure that I’ m going to win this race. I know I have the power for it, maybe, but I also learned that you do not just need power for it. You need way more to win this race than just that good power. ”
The fact the Van Dijk crashed, and crashed hard, at the last Paris Roubaix Femmes has a lot to do with her hesitation going into the race this time around. | general |
China's PBOC Cuts Banks ' Reserve Requirement Ratio | BEIJING -- China's central bank said Friday that it will lower the amount of deposits banks have to set aside, releasing 530 billion yuan, equivalent to about $ 83 billion, of liquidity into an economy struggling with its worst Covid-19 outbreak since 2020.
The People's Bank of China said it will cut banks ' reserve requirement ratio by 0.25 percentage point, which will bring the weighted average RRR level for the whole banking system to 8.1%. The average RRR stood at 8.4% after China lowered the ratio by 0.5 percentage point in December, unleashing CNY1.2 trillion of liquidity.
The central bank said it will make an additional 0.25 percentage point RRR cut for the nation's locally operated city commercial banks as well as rural lenders whose RRR levels are above 5%. The additional cut is aimed at encouraging more financial support for the nation's small companies and agricultural sector, the PBOC said.
The RRR cut, effective April 25, can help the nation's lenders save CNY6.5 billion in annual funding costs, China's central bank said.
Write to Singapore Editors at singaporeeditors @ dowjones.com
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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Hong Kong Daily Covid Cases Fall Below 1,000 as Reopening Looms | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Hong Kong announced fewer than 1,000 Covid-19 cases Friday as the city looked to draw a line under the deadliest wave of the pandemic.
The Asian financial center logged 946 infections Friday, said Chuang Shuk-kwan, head of the Department of Health’ s communicable disease branch, during a briefing, the lowest number of reported cases since Feb. 10. Chief Executive Carrie Lam will stop her daily virus briefings when city’ s daily cases fall below 1,000 and resume meeting the press on Tuesdays, she said at a briefing earlier Friday, repeating a long-held pledge.
The reduction in cases comes as Hong Kong is poised to ease some of its social distancing measures. Starting April 21, restaurants will be able to stay open for dining-in until 10 p.m., and as many as four people will be allowed at a table. Gyms, museums and cinemas can re-open, but bars will remain shut.
Last month, authorities relaxed the city’ s travel quarantine for incoming residents and lifted a flight ban on nine countries including the U.S. and the U.K. as cases fell from their peak of more than 58,000 a day, and a death rate per capita that was among the highest in the developed world.
Still, authorities have limited scope to further reduce restrictions such as the city’ s one-week quarantine until Beijing moves past Covid Zero, said Michael Tien, a National People’ s Congress deputy and city lawmaker. The government’ s commitment to measures such as circuit-breaker flight bans continue to rankle the business community and erode Hong Kong’ s international status. | general |
Citi reveals 2% lower revenue compared to last year in 2021 Q1 earnings report | The financial services company reported lower revenue for the first quarter of 2022 but beat industry estimates.
Evan Zimmer is a journalist based outside of Denver, Colorado.
Citi announced Thursday its Q1 earnings for the period ending March 31, 2022. The company reported an income of $ 4.3 billion on revenues of $ 19.2 billion, with an EPS of $ 2.02.
According to the press release, the company is focused on investing in its infrastructure, risk and controls, and technology going into 2022. It also cited multiple microeconomic challenges the company will face in the coming months, particularly around the war in Ukraine and the ongoing COVID-19 pandemic.
These top picks will help you continue to build good credit.
`` As you heard at Investor Day, we are focused on our transformation, and we are making the investments in our infrastructure, risk and controls and also in our talent and our culture to modernize our bank and to make Citi a winning firm. I recognize that these investments impact our expenses and our returns in the short run. But I firmly believe that success here will not only lead to satisfying our regulatory obligations, but also to improving our competitiveness and our returns in the medium term, '' said Jane Fraser, Citi CEO, in the company's earnings call.
The decrease in revenue, according to Fraser, was due to divestitures, investments into technology, and increased expenses. Despite lower revenue, income is up 36% for the quarter.
`` While geopolitics dampened performance in Wealth Management, we are hiring bankers, enhancing our client offerings and continuing to add clients in both the Private Bank and in Citigold, '' Fraser said in the press release.
The rise in expenses was mainly due to business-led investments as the company hires client advisors and commercial and investment bankers. The company is also `` investing in technology across services, wealth and cards, '' Mark Mason, Citi CFO, said on the call.
According to Mason, credit card revenue is down 1% due to higher than average payment rates and higher reward costs. However, new credit card accounts and spending volume are both up 24%. He said he expects the company to see low single-digit growth in revenue as well as growth in expenses as the year continues.
`` I expect the macro environment to remain unpredictable, to say the least, in the backdrop of the war, which is equally tragic and unnecessary and a persistent pandemic, '' Fraser said in the press release.
Banks aren't adequately supporting customers through financial hardship: J.D. Power study
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China Infrastructure Approvals Already 70% of Last Year’ s Total | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- China’ s government has given the green-light to investment in projects that’ s worth nearly 70% of what was allowed for the whole of last year, another sign that Beijing is accelerating infrastructure spending to bolster an economy hit hard by Covid.
The National Development and Reform Commission approved 32 projects worth a combined 520 billion yuan ( $ 81.6 billion) so far this year in sectors including transportation, energy, and high-tech, Ou Hong, head of the top economic-planning agency’ s investment department, said at a briefing Friday. That compared with a total of 775.4 billion yuan of investment in 90 projects the NDRC approved for the whole of last year.
“ Actively expanding effective investment not only helps boost demand and cushion downward pressure on the economy, but also promotes structural optimization for high-quality development, ” Ou said. While the Covid outbreak puts investment growth at risk, favorable conditions remain, such as the large-scale issuance of special local bonds, he said.
The government has repeatedly vowed to front-load infrastructure investment to drive economic growth this year to help compensate for a housing market slump, weak consumption and an export growth that’ s expected to slow. China’ s worst Covid outbreak since early 2020 has made things worse, threatening the achievement of Beijing’ s growth target of around 5.5%.
Local governments have been selling special bonds, mainly used for infrastructure, at a record pace this year to meet an annual quota of 3.65 trillion yuan. Hundreds of billions of yuan in proceeds have been transferred to entities to undertake relevant projects.
The country is also pushing forward progress in the 102 major projects in its 14th five-year plan in a “ forceful and orderly ” manner, Ou said. The projects include some third-generation nuclear reactors in Fujian that are in operation now, a section of the Sichuan-Tibet railway under construction, and a container wharf being assessed for the Yangshan Port in east China, he added.
Private investors will be encouraged to participate in the building of the key projects, he said, vowing to improve direct financing abilities of privately-invested programs, such as by supporting them to sell infrastructure real estate investment trust products.
The evolving and complex geopolitical situation and the domestic Covid wave have posed challenges to supply chain stability and weighed on infrastructure investment, Huo Fupeng, an official with the NDRC’ s industrial development department, said at the same event. The NDRC pays high attention to this and will “ actively ” coordinate with other government agencies to solve the problems, he said.
This U.S. legislation is a game changer: Curaleaf executive chairman
U.S. democratic senators to unveil draft cannabis reform bill on Wednesday: Report | general |
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Despite the worst of the pandemic being behind the hospitality industry, executives largely don't see a full recovery this year. It's hard for them to do so when the industry hasn't still solved its labor shortage problem.
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Two Toronto boutique hotels, Templar Hotel ( now The Slate) and The Beverley Hotel, are now operated through Sonder. Although the company has been compared to Airbnb, Sonder describes themselves as a global hospitality provider, not a platform. Sonder leases the hotel or apartment unit and then takes over the daily operations of the property. In January 2022, Sonder announced an expansion in Toronto with over 110 units contracted in four additional locations. These units are in addition to the over 120 live units across the five existing Sonder locations in Toronto.
Skift Note: Sonder, which has made vocal its desire to upend the hospitality industry, is focused on adding high-end properties in popular destinations to its portfolio.
The Ching Ming holiday didn’ t bring any relief to the Macau casino resorts with only 48,536 tourist arrivals over the three day period. That was down -50% from the holiday in 2021. China’ s Ministry of Culture and Tourism said an estimated 75 million domestic trips were made during the Ching Ming holiday, down -26.2% from last year. As for what Macau is getting hurt worse, the main reason is the Covid situation in feeder markets prompting a 24 hour testing requirement for major markets. Macau was hoping to have that changed from 24 hours to 48 hours for Zhuhai visitors if Zhuhai did not report any local Covid-19 cases for seven consecutive days. The last local case in Zhuhai was recorded on April 3. The problem is that Guangzhou reported at least 11 Covid cases on Friday, at least two of which were the Omicron variant. As a result, Macau’ s Novel Coronavirus Response and Coordination Center announced the current 24 hour validity will remain in place. Guangzhou’ s health authority warned that the current situation may be more serious than the local outbreak caused by the Delta variant this past May. Meanwhile in Shanghai, another 30,000 cases were reported on Sunday.
Skift Note: Despite China’ s struggling hotel performance amidst a surge in Covid cases, industry giants are still expressing optimism that business will rebound in the country.
Following its successful launch last month, the Radisson Hotel Group Americas Development team took Radisson Inn & Suites on the road to drive momentum and awareness for the brand. Radisson Hotel Group Americas anticipates signing 100 Radisson Inn & Suites over the next 12 months. The design elements that differentiate Radisson Inn & Suites include the café inspired lobby and the Creative Content Studio. The café inspired lobby is like an urban coffee shop while the Creative Content Studio features state-of-the-art monitors, gaming chairs, and a high-speed internet connection for social media content creation or videogame play.
Skift Note: The Radisson Hotel Group Americas taking to the road to create awareness for the Radisson Inn & Suites is a positive step for a company that has struggled to differentiate its brands.
Ennismore and ActivumSG Capital Management signed a long-term management agreement to bring Ennismore’ s SLS lifestyle brand to Europe for the first time, opening a 490-room hotel on the seafront of Barcelona in the second half of 2024. SLS Barcelona will provide roof-top dining and bars as part of a distinctive food and beverage program. The hotel will feature three pools, a 772 square-meter ballroom, a spa and beauty salon, and a well-being and fitness center. The project is an investment by ActivumSG’ s fifth real estate fund as part of a pan-European hotel strategy that ActivumSG began in Spain in 2015.
Skift Note: Ennismore, which merged with Accor last year, is well regarded in the hotel industry for its ability to build cool brands.
The Hospitality Asset Managers Association released the results of its Spring 2022 Industry Outlook. In total, 84 asset managers, comprising approximately half of membership, participated in the survey. Highlighted results include: One-third of respondents currently forecast 51-75% of their hotels to exceed 2022 budgeted RevPAR. Three-quarters of surveyed asset managers are more optimistic about the remainder of 2022 since the Covid-19 Omnicom variant has subsided. The top three concerns of asset managers are labor availability ( 90.48%), wage increases ( 70.24%) and supply chain delays ( 61.9%). 61.9% of participants believe RevPAR will return to 2019 levels for the entire U.S. by 2023, and nearly 90% of those surveyed actively are seeking acquisition opportunities.
Skift Note: The group’ s concerns about labor shortages echo those of executives worried about hotels having enough staff for the busy summer season.
Hyatt Hotels Corporation is expected to have up to 90 hotels in India in the next five years as it seeks to tap the country’ s potential of leisure and hospitality. The company opened its third Hyatt Centric hotel in India this week and will increase its total number of hotels to 50 by next year, up from the present 34 hotels. Hyatt said India is their third fastest growing market after the US and China. They expect 50 hotels next year and in the next five years it could go up to 80 to 90 hotels. The brands they have been operating will be represented in the 50 hotels they will open as there is no new brand that they plan to launch in India. Their newest hotel is the Hyatt Centric Janakpuri New Delhi. The hotel opened on Wednesday with 224 rooms. | general |
LIBYA: Déndias still wants control of Eunavfor Med | Following the failure of the humanitarian truce called for on March 18 by the United Nations to prevent the coronavirus ( Covid-19) spreading in Libya, nothing seems likely to stop the fighting in Tripoli between Khalifa Haftar's Libyan National Army ( LNA) [. [... ]
European Union ( EU) high representative for external affairs and security policy Josep Borrell's proposal to revive the Eunavfor Med naval [... ]
Athens lost the battle to take command of Operation EUNAVFOR [... ]
The future of the EUNAVFOR Med maritime force, aka Operation [... ]
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Japan's population plummeted by 640,000 in 2021 for biggest drop on record | Japan’ s population totaled 125,502,000 as of Oct. 1, down 644,000 from a year earlier to mark the biggest decline on record as stricter border controls due to the coronavirus pandemic limited the entry of foreign residents, government data showed Friday.
The population dipped for the 11th consecutive year, the Ministry of Internal Affairs and Communications said.
Tokyo’ s population shrank for the first time in 26 years, while all 47 prefectures except Okinawa posted a fall in the number of residents in the year to October last year.
The number of foreign nationals living in Japan fell by 25,000 to 2,722,000 in part due to the tighter border restrictions. | tech |
New York Factory Activity Rebounded in April — NY Fed | Industrial activity in New York state revamped after declining the previous month due to stronger demand for goods in the region, according to a survey from the Federal Reserve Bank of New York released Friday.
The Empire State Manufacturing Survey's general business conditions index rose to 24.6 in April from minus 11.8 in March, the highest reading since December 2021. Economists polled by The Wall Street Journal expected the index to come in at zero.
The indicator, which is based on a survey of manufacturing sector's firms in the region, suggests that factory activity expanded over the month, as a reading above zero suggests that business is growing.
April's data mark a sharp rebound from March, when the survey signaled that activity declined at the fastest pace since May 2020 amid the first Covid-19 wave.
Around 40% of the respondents in April said business conditions improved over the month, while 15% said that conditions worsened.
Demand for goods expanded strongly as the main indexes swung to expansion territory over the month. The new orders index increased to 25.1 from minus 11.2, and the shipments index rose to 34.5 from minus 7.4.
Labor market indicators pointed to a small increase in employment and the average workweek, the report said. The index for number of employees fell to 7.3 from 14.5, signaling a slower pace in job creation, and the average workweek index increased to 10.0 from 3.5.
Supply-chain bottlenecks persisted, but there were some signs of improvement. The delivery times index fell to 21.8 from 32.7, suggesting that vendor times lengthened at a slower pace than in recent months, the report said. However, the unfilled order index edged up to 17.3 from 13.1.
The prices index continued to point to elevated inflationary pressures in the pipeline, according to the survey. The prices paid index rose to 86.4 from 73.8, a record high, and the prices received index fell to 49.1 from 56.1.
Firms in the area were less confident about the short-term outlook. The index for future business conditions declined to 15.2 in April from 36.6, its lowest level since early in the Covid-19 pandemic. Longer delivery times, higher prices and increases in employment are all expected in the months ahead, the New York Fed said.
Write to Xavier Fontdegloria at xavier.fontdegloria @ wsj.com
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
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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 |
NBA playoffs tip off with intriguing first-round clashes | Los Angeles – The NBA playoffs are wide open this year and will start with a bang on Saturday as 16 teams begin their quest to hoist the Larry O’ Brien trophy in June.
The defending champion Milwaukee Bucks and last year’ s runners-up Phoenix Suns are the favorites but plenty of other teams have the firepower to get to the promised land.
The first round, which is frequently a snooze, is full of intrigue this year.
It all starts in the Eastern Conference and the must-watch first-round matchup of the seventh-seeded Brooklyn Nets and the second-seeded Boston Celtics.
The star-studded Brooklyn squad came into the season with high expectations but struggled when point guard Kyrie Irving missed time due to his refusal to take a COVID-19 vaccine and James Harden was traded to the Philadephia 76ers for the injured Ben Simmons.
But since Irving has returned full-time, the Nets have a top-10 offense and defense and Irving and Kevin Durant sent a message to the league when they dominated the Cleveland Cavaliers in the play-in tournament.
Simmons is expected to make his debut with the team at some point during the series, which would bolster their defense.
The Nets will face a deep, defensive-minded Celtics squad led by Jayson Tatum, who gets his chance to prove he is truly among the NBA’ s elites when he faces off against Durant.
The Celtics will also look to take advantage of their home court advantage when they play before their rabid fans at TD Garden.
The second-most anticipated first-round matchup in the East will see the Joel Embiid-led 76ers square off against the fifth-seeded Toronto Raptors, who have seen Pascal Siakam soar to new heights this season.
The series could come down to how former MVP Harden, who sought the trade to Philadelphia in February, performs against Toronto’ s switchable defense.
Giannis Antetokounmpo and the third-seeded Bucks are expected to make quick work of a Chicago Bulls squad that will be without injured point guard Lonzo Ball.
The experienced, top-seeded Miami Heat have a deep bench and should also ease past their first-round opponent — either the Cavaliers or the Atlanta Hawks, who compete in their playoff play-in game on Friday.
The marquee first-round matchup in the Western Conference will pit the third-seeded Golden State Warriors against the sixth-seeded Denver Nuggets.
Warriors fans breathed a sigh of relief when it was reported on Thursday that two-time MVP Stephen Curry will be back from a foot injury in time for the tip-off on Saturday in San Francisco.
The squad went 1-7 after losing Curry on March 16 but regrouped to win their final five regular-season games and hang on to the third seed.
Even with Curry’ s scoring, the Warriors defense will have the tall task of trying to slow down likely back-to-back league MVP Nikola Jokic.
The Nuggets will be without Jamal Murray and Michael Porter Jr. so Jokic will need to be dominant for Denver to defeat a Warriors team that boasts sharp-shooting guards Curry, Klay Thompson and breakout star Jordan Poole.
The fourth-seeded Dallas Mavericks suffered a serious setback in the meaningless final game of the regular season when Luka Doncic strained his calf.
Doncic is not expected to suit up for Game One and it is unclear when the team’ s most important player will be back. If he can not return or is not at full strength, the Donovan Mitchell and Rudy Gobert-led Jazz should run away with the series.
The second-seeded Memphis Grizzlies and their electrifying point guard Ja Morant will face Patrick Beverley and a fired up Minnesota Timberwolves team coming off their play-in win over the Los Angeles Clippers.
And finally there are the Suns, who posted a league-best 64-18 record during the regular season and are favored to win it all after coming two games short of that goal last season.
The well-oiled squad should cruise past either the New Orleans Pelicans or Clippers in the first round and, barring injury setbacks, will continue to be the team to beat as they strive to bring the franchise’ s first Larry O’ Brien trophy to the desert. | tech |
Canada Indigenous Tourism Gets Big Nod for First Time in National Budget | Get exclusive stories and unlimited access to Skift.com news
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After all, Indigenous experiences can play a critical role in Canada's reconciliation process, as well as in drawing the deep-pocketed international traveler back to Canada.
Lebawit Lily Girma
The Canadian government released its 2022 budget this month and there’ s scant reference of the tourism sector — a single page out of a 304-page report. No extension of the Tourism and Hospitality Recovery Program either, which provided wage and rent subsidies to the sector. That’ s set to expire on May 7, despite the private sector’ s ask for ongoing support.
But some dashed industry expectations aside, there’ s reason for optimism, according to Canada’ s tourism leaders. The sector will receive $ 1 billion for 2022-2023, similar to last year’ s budget. The government will develop a new national tourism growth strategy, in collaboration with the industry. And last but not least, Canada’ s Indigenous tourism sector will receive $ 20 million in a first-ever dedicated Indigenous Tourism Fund, plus $ 4.8 million to support the Indigenous Tourism Association of Canada over a two-year period, which represents a longer-term commitment than last year.
“ Last year we felt that Indigenous tourism was left out in many ways, ” said Keith Henry, CEO of the Indigenous Tourism Association of Canada ( ITAC) in a presentation to members this week. “ I’ m very proud to say that this year we have more tools to support an Indigenous-led strategy. ”
Henry said these funds come in addition to ITAC’ s new five-year agreement with Destination Canada to receive $ 2.2 million each year for the first three years, plus approximately $ 4 million from a national Tourism Relief Fund application awaiting final approval. “ We’ re really close to $ 40 million. It’ s very exciting; it wasn’ t quite the numbers we were hoping for in our $ 65 million plan, but it’ s not that far off so we’ re very pleased to see that. ”
Henry said it wasn’ t yet clear whether the new Indigenous Tourism Fund’ s allocations would flow through ITAC or through its partners, but that the association would work alongside the tourism ministry to figure that out. “ Our preference will be, how do we take these resources and get them back into the business operator’ s pocket so they can reopen? ”
For Beth Potter, CEO of the Tourism Industry Association of Canada ( TIAC), the budget was a little disappointing in that it didn’ t address renewing the tourism recovery program, but there are other promising allocations and recommendations, in addition to the strong support for Indigenous tourism.
“ We were pleased to see some of the announcements around changes to immigration policies and processes that should help with our labor issues, especially the one for temporary foreign workers for seasonal work, and the increased allocation there from 10 percent of the workforce to 30, ” said Potter.
A total of $ 29.3 million over three years for a new trusted employer model would also reduce the red tape for repeat employers of temporary foreign workers, which Potter says is a help for the tourism industry as well.
As far as the new national tourism growth strategy plan, Potter said that it may not take as long as the industry might think.
“ I’ ve had some conversations already to understand what the timeframe is on that, and certainly it’ s something that they want to get underway quickly and through the summer, ” said TIAC’ s Potter.
Indigenous Tourism Association of Canada’ s Henry said he sees the announcement of a new plan as a sign that the government is ready to update its prior strategy for the tourism sector and presents an opportunity for the Indigenous tourism sector. “ I think this is an opportunity for us to change the channel from Covid to how do we bring back growth right. ”
For now, the summer rebound is looking promising for Canadian businesses after two challenging seasons, a slow traveler increase this year, as well as ongoing delays at the land border with visitors not fully comprehending pre-entry protocols.
“ We’ re seeing, certainly on the leisure side, bookings starting to ramp up, ” said Tourism Industry Association of Canada’ s Potter, adding that the biggest concern is going to be handling capacity versus the availability of workforce to maintain the guest experience.
“ I think everybody’ s going to have a better summer than they had the last two years. We’ re really focusing now on getting the message out about return to business travel and business events. ” | general |
Exhibition showcasing U.K.-Japan royal relationship opens in London | London – An exhibition exploring 350 years of relations between the Japanese and British royal families has opened at the Queen’ s Gallery near Buckingham Palace, the London home of the British monarchy.
The exhibition features some 150 items from the royal family’ s permanent collection, many of which were gifted to British royals by Japanese emperors and shoguns and are on public display for the first time.
Curator Rachel Peat said the “ stunning ” works have “ profoundly shaped British taste and helped forge a lasting relationship between the two nations. ”
Objects on show include samurai armor and weaponry, lacquerware and ceramics. Viewed together, they trace the history of exchanges between the two courts — from the first formal contact between Shogun Tokugawa Ieyasu and King James I in the 1610s to gifts received by current monarch Queen Elizabeth II.
Among the exhibition’ s highlights is a set of silk screens given to Queen Victoria by Shogun Tokugawa Iemochi in 1860. The screens were previously thought to be lost and their provenance was only recently rediscovered by curators.
Research showed that the screens formed part of a grand gift to mark the resumption of direct relations between the two countries following Japan’ s 250-year policy of isolation from the outside world.
A gallery employee poses with a Japanese folding fan that was gifted to the British Royal family, now on display at the ‘ Japan: Courts & Culture’ exhibition at the The Queen’ s Gallery in London. | REUTERS
Another gift on display is a lacquerware cosmetics box sent by Emperor Hirohito, who has become posthumously known as the Emperor Showa, to Queen Elizabeth II to mark her coronation in 1953.
Designed by renowned lacquerer Shosai Shirayama, the box was the first diplomatic gift given after Japanese-British relations were disrupted during World War II and was therefore of “ great significance, ” according to curators.
Also featured are letters and photographs detailing deepening ties between the two countries during the second half of the 19th century.
Among them is a letter from Prince Alfred to his mother, Queen Victoria, reflecting on his 1869 visit to Japan — the first by a British royal — and praising the country’ s “ beautiful landscape. ”
The exhibition was set to open in 2020 but postponed for almost two years due to the coronavirus pandemic. Peat said she was “ delighted ” to be able to welcome visitors at last.
Titled “ Japan: Courts and Culture, ” the exhibition will run through February 2023. | tech |
Paris-Roubaix: Will Wout van Aert be in top condition to win? Jumbo-Visma not sure | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Wout van Aert, shown here at Gent-Wevelgem, is back in the saddle for Paris-Roubaix. Photo: DIRK WAEM/BELGA MAG/AFP via Getty Images
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Jumbo-Visma isn’ t sure how deep Wout van Aert can go in Sunday’ s Paris-Roubaix, they’ re just happy the Belgian star is racing.
Van Aert is late call-up to race Sunday after recovering from a bout of COVID-19 that sidelined him during Tour of Flanders and Amstel Gold Race. He missed an important period of racing and resumed training in Spain last week, but officials admit his condition will be a question mark Sunday.
“ He will not be in the shape of his life on Sunday, ” sport director Grischa Niermann told Het Nieuwsblad. “ He is healthy enough to start. We can only hope he comes to win. The question mark remains. On the other hand, training is going very well again. That’ s why we can draft him in. ”
Jumbo-Visma was on a tear early in the spring, with van Aert picking up wins at Omloop Het Nieuwsblad, E3 Saxo Bank Classic, and a stage at Paris-Nice. Van Aert was 12th at Gent-Wevelgem, but fell ill and was later diagnosed with COVID-19.
The team also brings Christophe Laporte and Mike Teunissen, but it’ s no secret the team is much deeper with the presence of van Aert.
“ Wout starts in a free role, ” Niermann said. “ We’ ll see how it goes. It’ s not just about Wout on Sunday. We have Christophe Laporte, Nathan Van Hooydonck and Mike Teunissen. They can also go far and drive to the final. In Paris-Roubaix you need more than one plan, a lot can happen along the way. If you put everything on one leader, you can be very disappointed. ”
Van Aert was training in Spain, and missed the team’ s cobblestone recon this week, something Niermann said was not decisive.
Niermann also said the team’ s medical staff cleared him to race.
“ Wout really wanted to drive. He also had to wait for the green light from the team doctors. Hopefully he’ s doing well. But the reconnaissance came too early. That is not necessarily necessary for Wout, ” he said. “ He’ s already ridden Paris-Roubaix a few times and maybe he’ ll take a ride there in the next few days. Such an exploration must also be feasible.
“ The medical staff has made the decision. I am a sports director, and I can not determine whether Wout is fit or not, ” he told the Belgian daily. “ We are not going to deny that we missed him in the Ronde and the Amstel. Even though we had a good race there, with Tiesj Benoot and with Christophe Laporte. This spring we showed a number of times how we like to race, with Wout on hand. That is how we won the Omloop and the E3 Harelbeke. ”
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Echigo-Tsumari and Setouchi triennials: Building communities in a time of upheaval | In a time of interlinked global emergencies, from climate change and the pandemic to wars and resource insecurity, the arts play an important role in providing spaces for people to reflect on these crises and envision alternative futures.
This question is central to two contemporary art triennials taking place in Japan this year. One is Echigo-Tsumari Art Field ( ETAT), which runs from April 29 to Nov. 13 and is spread across six areas in southern Niigata Prefecture. The other is the Setouchi Triennale, whose spring edition will wrap on May 18, after which its summer and fall editions will take place Aug. 5 to Sept. 4 and Sept. 29 to Nov. 6, respectively. Artworks will be displayed throughout 12 islands in the Seto Inland Sea in southeast Japan.
Although distant in terms of geography, climate and regional cultures, the two events share common ground in their aims and outcomes. Both propose to rethink the relationship between humans and the natural world; both are part of local and regional government initiatives to “ revitalize ” the depopulated and aging rural communities in which the festivals take place; both promote site-specific art with a clear emphasis on collaboration between artists, residents, volunteer staff, visitors and environment; and both are led by veteran art director Fram Kitagawa and his Tokyo-based company Art Front Gallery.
Kitagawa is very clear about the purpose of holding in-person festivals. The key for him is community.
“ First and foremost, it is crucial to maintain platforms for artists to create and showcase their work because that is never a given, ” he says, adding that another important aspect of site-specific art festivals is the network of individuals involved in holding the event and the communication their cooperation entails. “ By nurturing that communication and those communities, the festivals take on a life and synergy of their own, which can lead to other benefits, such as ecological awareness, economic stimulus, job opportunities, an influx of new residents and so on. ”
Both triennials were not easy to establish. There was a noted lack of support from local residents for ETAT’ s inaugural edition in 2000, but as its structure and goals became clearer over time — particularly its emphasis on collaboration between artists and locals through dialogue and workshops and having the community take ownership of the art and the festival — the event began to take root.
Encouraging visitors to interact with local people and their cultures while also allowing local people to rediscover their own cultures and traditions plays an important role in both triennials.
“ One of the main reactions we get from visitor feedback is the pleasure of talking to local people, eating local food or sometimes attending local festivals, ” Kitagawa says. “ For many visitors, encountering different lifestyles is very important. ”
He notes, though, that the pandemic brought a sense of unease within these communities. In the case of ETAT, which was supposed to take place in 2021 but was postponed for a year, local residents were against having visitors from the cities at first. “ It was a pity because people around Tsumari were so influenced by TV images of the effects of coronavirus in big cities that they could only say no to outsiders, ” he says.
Attitudes toward visitors have since changed and both events are now able to welcome domestic tourists, due to the Japanese government lifting the country’ s COVID-19 emergency status and organizers putting strict safety protocols in place. However, at the time of writing, overseas tourists are still not allowed to enter Japan, leaving the international aspect of the triennials on hold.
‘ The Rice Field’ ( 2000) by Ilya and Emilia Kabakov mixes visual poetry with agricultural tradition. | OSAMU NAKAMURA / COURTESY OF ECHIGO-TSUMARI ART FIELD
Nevertheless, each festival still promises a unique experience. At ETAT, many of the artworks appear outdoors as installations in the satoyama landscapes seen throughout Niigata Prefecture. Satoyama are agricultural sites in Japan that lie between mountain foothills and flat arable land, and have been developed over centuries of small-scale farming and forestry practices.
Among the highlights at this year’ s ETAT are nine different works by Ilya and Emilia Kabakov, two artists from the then Ukrainian SSR who live and work in the United States. “ The Rice Field ” ( 2000), which mixes visual poetry and agricultural tradition, and “ The Arch of Life ” ( 2015), which reflects on human existence, were created for previous editions of ETAT and are part of the festival’ s permanent collection.
From the Kabakovs’ seven other pieces, the “ The Monument of Tolerance ” ( 2021) and “ The Ship of Tolerance ” ( 2021) resonate with the current geopolitical context. The former work takes the form of a cylindrical concrete tower inlaid with glass panels. On top of this plinth is a sculpture whose form symbolizes human connections that go beyond ethnic, religious or cultural divisions. The sculpture changes color depending on the current negative or positive state of global affairs.
The latter piece is a model ship with sails made in a patchwork of hundreds of drawings submitted by children worldwide. Like the tower, its message is one of tolerance and hope. It is also an educational project that invites young participants to learn about different cultures.
For the Setouchi Triennale, visitors can hop from island to island, taking in the windswept landscapes, pristine beaches, maze-like villages and deep blue hues of the surrounding waters.
The triennale began in 2010, and for this fifth edition continues to explore the original vision of “ exploring the Setouchi region through art while bringing joy and energy to the islanders. ”
One of the unanticipated outcomes of the art festival is that two of the participating islands, Ogi and Shodo, have had an influx of new residents that now exceeds the rate of depopulation, showing that the community-building aspect of the event has started to bear fruit. There are multiple reasons for this, including outreach programs that run throughout the festival to engage participants of all generations, partnerships with local and mainland businesses, and the desire for a more self-sufficient and carbon neutral lifestyle.
As such, Kitagawa is convinced that making the local community and natural environment a focal point of the two triennials is essential to both the survival of in-person art events and fostering human interaction.
“ The places that matter are the ones that are deeply connected to land, climate, fauna and flora, ritual cultures, agriculture, food and so on, ” he says. “ By focusing on site-specificity, art becomes universal. ”
Echigo-Tsumari Art Field runs from April 29 to Nov. 13. For more information, visit echigo-tsumari.jp/en/. The Setouchi Triennale 2022 is split into three seasons: spring ( April 4-May 18), summer ( Aug. 5-Sept. 4) and fall ( Sept. 29-Nov. 6). For more information, visit https: //setouchi-artfest.jp/en. | tech |
Japan's FY 2020 greenhouse gas emissions hit record low | Japan’ s greenhouse gas emissions hit a record low in fiscal 2020, rewriting lows recorded over the preceding two years, due to reduced economic activity amid the COVID-19 pandemic and the expansion of renewable energy use, the government said Friday.
National emissions in fiscal 2020 totaled 1.15 billion tons of carbon dioxide equivalent, down 5.1% from fiscal 2019 for the seventh straight yearly decline and the lowest figure since comparable data became available in fiscal 1990, the Environment Ministry said.
The ministry cited lower energy consumption caused by reduced production by manufacturers and a decrease in passenger and freight traffic amid the pandemic as factors contributing to the emissions cut, as well as improved energy conservation and resumption of nuclear power plant operations.
“ Now is the time for further accelerating the introduction of renewables and a thorough implementation of energy conservation measures in light of the situation in Ukraine and the current ( energy) environment, ” Environment Minister Tsuyoshi Yamaguchi said at a news conference.
Russia’ s invasion of its neighbor Ukraine, launched in late February, has exposed risks for resource-poor Japan’ s dependence on energy imports from Moscow.
Emissions in the year through March 2021 marked an 18.4% drop compared with the fiscal 2013 level, which Japan uses as a base year in pursuing a 46% cut by fiscal 2030. Japan had previously sought a 26% reduction compared with the base year.
By gas types, emissions of carbon dioxide decreased to 1.04 billion tons, down 5.8% from the previous year, while those of hydrofluorocarbons, which substitute ozone-depleting substances as refrigerants, continued their rising trend by climbing 4.0%.
Narita Airport’ s empty departure lobby for international flights in December 2020. National greenhouse gas emissions in the year through March 2021 fell in part because of a decrease in passenger and freight traffic due to the COVID-19 pandemic. | KYODO
The industrial sector reduced energy-related carbon dioxide emissions by 8.1% from the previous year, while such emissions fell 10.2% in the transport sector. The residential sector saw emissions increase 4.5%, likely as people spent more time at home during the pandemic.
The energy conversion sector, which includes power plants and oil refineries, cut emissions by 8.4% from the previous year, as emissions from the manufacturing of oil products decreased.
Removals of greenhouse gases by forests and other “ carbon sink ” measures continued a declining trend of late, standing at 44.5 million tons of carbon dioxide equivalent in fiscal 2020. The government plans to replace old trees, which are less efficient at absorbing carbon, with younger ones.
When gases absorbed by forests and other carbon sink measures are subtracted from the total emissions, the figure amounted to 1.11 billion tons of carbon dioxide equivalent, a 21.5% decline from the fiscal 2013 level, according to the ministry.
Yamaguchi said he plans to submit these figures to the secretariat of the U.N. Framework Convention on Climate Change on Friday as the country’ s greenhouse gas inventory.
Japan, along with the United States and other countries, aims to become carbon neutral — an economy with net-zero greenhouse gas emissions — by 2050. | tech |
University of Tokyo student Hotaka Suyama passes sumo entrance exam | Hotaka Suyama made a little history on Friday when the student of philosophy passed the first part of his entrance test to enter professional sumo as its first apprentice wrestler from the University of Tokyo, a bastion of elite academia.
The native of Saitama Prefecture underwent the Japan Sumo Association entrance test at the sport’ s home, Tokyo’ s Ryogoku Kokugikan, the venue of May’ s Summer Grand Sumo Tournament.
“ It feels like I’ m just at the starting line, ” the 24-year-old Suyama said after taking the first step on his unprecedented challenge.
At 180 centimeters tall and carrying 104 kilograms, Suyama surpassed the JSA’ s minimum height and weight requirements. If an internal organ examination discovers no problems, Suyama will be able to make his debut on the third day of the May tournament.
While physically large enough for the JSA and much stronger than when he joined the university’ s sumo club, Suyama is not where he had hoped to be physically at this stage after the coronavirus pandemic curtailed his chances to train.
“ I was thinking I wanted to be stronger. I decided to join up out of my desire to become stronger, ” said Suyama, who joined his university club weighing in at 73 kg but is now diving into the deep end of a competitive world where university background holds no weight.
He began his new life at the Kise sumo stable Thursday, where he will live and train.
“ I absolutely have to become accustomed to this group living, something I have never experienced, ” he said.
Suyama, who will balance his education in the sumo world with his other studies until he graduates next March, describes his ideal sumo as “ fast and powerful, ” like that of former Mongolian-born grand champion Harumafuji.
Although there have been four wrestlers in the past out of one of Japan’ s other national universities, Suyama’ s entrance out of Todai, as the University of Tokyo is commonly called in Japanese, is on another level altogether.
Asked whether he felt extra pressure, Suyama said, “ Not particularly. Day by day, I just want to give my all. ” | tech |
Bank of Japan poised to predict strongest inflation in 30 years | Bank of Japan Gov. Haruhiko Kuroda faces another awkward communications challenge later this month when the central bank updates forecasts widely expected to predict the strongest annual inflation since 1992 outside years with a tax hike.
With global central banks accelerating interest rate hikes to tackle inflation, Kuroda will have the task of explaining why he is insisting on staying wedded to stimulus when the BOJ itself sees price growth at the fastest pace in decades.
Surveyed economists see key consumer prices rising 1.8% in the year that started in April, compared with the BOJ’ s current forecast of 1.1%. SMBC Nikko Securities economists go further, forecasting inflation of about 2.5% for this fiscal year in a report earlier this week.
Those views are fueling expectations that the central bank will have to bump up its quarterly economic projection well beyond the 1.2% level that marks the strongest price gains in 30 years after excluding the impact of sales tax increases in 1997, 2014 and 2019. The bank will release the forecasts on April 28 after a two-day policy meeting.
The governor, now in his 10th and final year at the helm of the central bank, will need to calibrate his messaging to minimize giving the impression that the BOJ is close to accomplishing its inflation mission, a view that could fuel speculation the BOJ will adjust policy this year.
“ The BOJ will try to make it clear that it won’ t pivot even with an upgrade of its inflation forecast, ” said Eiji Kitada, chief economist at Hamagin Research Institute. “ It’ s just natural to upgrade the inflation outlook after energy prices have soared. What’ s important is how they judge its sustainability. ”
Kuroda has repeatedly said that prices pushed up by rising costs alone are not the stable gains he seeks and that the central bank must keep its stimulus on tap. The divergence from the messaging of the U.S. Federal Reserve and other central banks has put pressure on the BOJ’ s rock-bottom yield target and driven the yen to its weakest level in 20 years.
Kuroda said last week that cost-push inflation would weigh on the economy and that any tightening of policy could hit the economy by causing a “ considerable ” negative impact on corporate profits, employment and wages.
The governor’ s insistence that the economy still needs stimulus is helping drive the yen down, prompting government officials to try to stem falls through remarks calling for stability in currency markets.
Finance Minister Shunichi Suzuki reiterated that view earlier Friday, though his remarks failed to stop the currency from reaching a fresh 20-year low.
“ There will probably be some sizable revisions in both the BOJ’ s growth and price forecasts, ” said Hideo Hayakawa, former chief economist at the central bank. Hayakawa expects a policy adjustment as soon as July to stop the weakening of the yen.
Another former BOJ chief economist Kazuo Momma expects the new price forecast to be around 1.5%.
The central bank is also expected to significantly downgrade its economic growth projection for this fiscal year from 3.8% to reflect the impact of the omicron coronavirus wave and fallout from soaring commodity prices fueled by the war in Ukraine.
The outlook report will also include an inflation projection for fiscal 2024 for the first time. Forecasts for the coming years could be critical factors for analysts trying to predict if there will be any policy changes under a new regime after Kuroda or even before. | tech |
Patrick Lefevere: 'Spring classics belong in the spring ' | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Not everyone is thrilled about the idea of moving Paris-Roubaix. Photo: Bas Czerwinski/Getty Images
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Not everyone is thrilled about the trial balloon UCI president David Lappartient is floating about possibly shaking up the spring classics calendar.
In an interview with Wielerflits, Lappartient said that key stakeholders are considering moving the Tour of Flanders and Paris-Roubaix from their traditional spring dates to something later in the fall.
Patrick Lefevere, the longtime boss at Quick-Step Alpha Vinyl, is adamant. Things are just fine the way they are.
“ Everyone knows I’ m an old-fashioned guy, so I wouldn’ t change it, ” Lefevere said Thursday. “ Maybe the two COVID seasons were a bit special but if he does change things, Lappartient will have to cut the calendar first. ”
The wildly successful “ fall ” edition of the 2021 Paris-Roubaix, contested in wet and muddy conditions for the first time in two decades, got a few people thinking: maybe some of the major one-day races could fit fine in the fall.
Nothing will happen in the short-term as the race calendar is largely set for the next three seasons, but moving races like the Tour of Flanders or Roubaix to the autumn would mark a major departure from cycling’ s traditional ebb and flow of the spring classics, the grand tours, and then the world championships.
Lefevere pointed out that the coronavirus pandemic forced everyone to be flexible, but he said he’ s glad Roubaix is back at its traditional place on the calendar, even if this year’ s edition is delayed by one week due to the French presidential elections.
“ I’ m just happy that both races are now back in the spring, ” Lefevere said in a Zoom call. “ We are used to this, here we train like crazy for the winter. Everyone is always nervous to start the first race. Everyone plans altitude training camps and all teams have been calculating for years how they can best get their riders in shape during certain periods. That requires sacrifices.
“ Once the classic period is over, I think the whole peloton will be happy that they don’ t have any pressure for a while, ” he said. “ Mentally, that rest is also welcome. I think everyone is just happy that these two monuments are now back in the spring. ”
Lefevere also pointed out that the back half of the calendar is packed up with a lot lesser, but still significant, stage races and one-day classics, which he said would require some major reshuffling if such important races as the two monuments were rescheduled for the fall.
“ There are so many races in August, September, and the beginning of October, ” he said. “ It is almost impossible to ride all of them. There are so many competitions in August, September, and the beginning of October. It is almost impossible to ride all races. ”
Lefevere said the majority of riders and teams are happy with the way things are.
“ Everyone knows that the season starts more or less in January, ” he said. “ From Omloop Het Nieuwsblad to Liège-Bastogne-Liège is the first part, then everyone works towards the Tour de France and the third part is beautiful, including the worlds and the Tour of Lombardy.
Representatives from the Flanders Classics also responded. The Belgian organization runs such races as the Tour of Flanders and has been at the forefront of reviving interest in the spring classics.
“ I’ ve said before that nothing is written in stone if it is part of a bigger plan to unlock the real potential of cycling. But that would mean a complete reform, not just of the calendar, to set the bar higher in general for all events. But always happy to discuss this with all stakeholders involved, ” Flanders Classics CEO Tomas Van Den Spiegel told VeloNews.
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COVID-19 tracker: Tokyo confirms 6,768 new cases on Friday | Tokyo confirmed 6,768 new coronavirus infection cases Friday, down by 1,344 from a week before.
Seven new fatal cases among those infected were reported in the Japanese capital.
The seven-day average of new infections in Tokyo came to 7,310.4, down from 7,451.9 a week earlier, according to the metropolitan government.
The number of severely ill COVID-19 patients under Tokyo’ s criteria fell by one from Thursday to 20.
Elsewhere, Aichi Prefecture logged 2,531 cases and two deaths, Chiba Prefecture reported 2,311 cases and six deaths and Hyogo Prefecture saw 2,287 cases and five deaths.
On Thursday, 55,294 new COVID-19 cases were confirmed nationwide, an increase of about 300 from a week before.
Daily new cases hit a record high in Iwate, Fukushima and Nagano prefectures.
Fifty-two new deaths from COVID-19 were reported across the country, including 11 in Osaka Prefecture and seven in Tokyo.
The number of severely ill patients fell by one from Wednesday to 467. | tech |
Asian markets fall, trading muted with Good Friday holidays | TOKYO — Asian shares fell in muted trading as many markets were closed for Good Friday and other holidays.
Japan’ s benchmark Nikkei 225
NIK,
-0.29%
lost 0.4% The Shanghai Composite
SHCOMP,
-0.45%
fell 0.6% while South Korea’ s Kospi
180721,
-0.76%
dipped 0.7%. Markets in Sydney, Hong Kong and Singapore were among those closed, observing holidays on Friday. U.S. and European markets also were closed.
Shutdowns in major Chinese cities
due to coronavirus outbreaks and the
war in Ukraine
are weighing on sentiment.
“ The Russia-Ukraine conflict inflation effects are now more meaningful than direct military developments in a market sense. These consequences have fabricated an uncertain environment that could keep investors wary, ” Stephen Innes of SPI Asset Management said in a commentary.
“ It should be a quiet session given the Good Friday holidays, ” he added.
The head of the International Monetary Fund
warned Thursday
that Russia’ s war against Ukraine was darkening the economic prospects for most of the world’ s countries and reaffirmed the danger high inflation presents to the global economy.
Stocks closed lower on Wall Street as investors gave mixed reviews to earnings from four of the nation’ s largest banks. The S & P 500
SPX,
-1.21%
fell 1.2% to 4,392.59, ending a shortened trading week with a 2.1% decline.
The Dow Jones Industrial Average
DJIA,
-0.33%
dropped 0.3% to 34,451.23. The Nasdaq
COMP,
-2.14%
fell 2.1% to 13,351.08.
Bond yields rose again, sending the 10-year Treasury yield to 2.83%.
“ With higher oil prices, higher bond yields, ( it) implies the market continues to worry about inflation, worried about Ukraine, worried about the Fed’ s response to all of this, ” said Sam Stovall, chief investment strategist at CFRA.
In energy trading, benchmark U.S. crude
CLK22,
+2.20%
added $ 2.70 to $ 106.95 a barrel on Thursday, closing nearly 11% higher for the week. Brent crude
BRNM22,
-0.04%
,
the international standard, gained $ 2.92 to $ 111.70 a barrel. Markets were closed Friday.
In currency trading, the U.S. dollar
USDJPY,
+0.48%
rose to 126.42 Japanese yen from 125.89 yen. | business |
SCOR’ s Q1 2022 results will be impacted by the conflict in | Since the beginning of the war in Ukraine on 24th February 2022, SCOR has been closely monitoring the unfolding of events, and the resulting potential impact of the conflict and related international sanctions on its activity.
SCOR PO ( the subsidiary owned by SCOR in Russia) is directly impacted and has stopped underwriting new business. More generally, this conflict has consequences on business lines such as Political Risks, Credit and Surety, and Aviation. SCOR expects a Q1 2022 charge in the high double-digit EUR million range for potential claims related to the conflict across both treaty reinsurance and specialty insurance. As the conflict continues, this estimate will evolve.
In Q1 2022, the estimated cost of this conflict is combined with a series of natural catastrophes ( including floods in Australia, European windstorms and a drought in Brazil) and the continuation of the pandemic in the United States. These developments will have an adverse impact on SCOR P & C’ s combined ratio and on SCOR L & H’ s technical margin and are expected to result in a quarterly loss.
The Q1 2022 results will be published on May 6th, 2022.
The Group remains very well capitalized with a solvency ratio which should stand as of March 31st, 2022 at a level significantly above the 226% position reported at the end of Q4 2021. This solvency position reflects the payment of a dividend of EUR 1.80 per share for the fiscal year 2021, which will be submitted to the approval of the shareholders at the 2022 Annual General Meeting to be held on May 18th, 2022, with a payment date on May 24th, 2022.
This publication is an ad hoc disclosure pursuant to article 17 of the Regulation ( EU) n°596/2014 of 16 April 2014 ( as amended and completed).
Investor RelationsYves Cormierycormier @ scor.com
Media RelationsNathalie Mikaeloffmedia @ scor.com
www.scor.comLinkedIn: SCOR | Twitter: @ SCOR SE
Numbers presented throughout this document may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures ( including decimals); therefore the document might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.
This document includes forward-looking statements and information about the objectives of SCOR, in particular, relating to or taking into account SCOR’ s current or future projects.
These statements are sometimes identified by the use of the future tense or conditional mode, as well as terms such as “ estimate ”, “ believe ”, “ have the objective of ”, “ intend to ”, “ expect ”, “ result in ”, “ should ” and other similar expressions.
It should be noted that the achievement of these objectives and forward-looking statements and information is dependent on the circumstances and facts that arise in the future.
No guarantee can be given regarding the achievement of these forward-looking statements and information. Forward-looking statements and information and information about objectives may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR.
In particular, it should be noted that the full impact of the Covid-19 crisis on SCOR’ s business and results can not be accurately assessed, notably given the uncertainty related to the evolution of the pandemic, to its effects on health and on the economy, and to the possible effects of future governmental actions or legal developments in this context.
In addition, the full impact of the Russian invasion and war in Ukraine on SCOR’ s business and results can not be accurately assessed at this stage, given the uncertainty related both to the magnitude and duration of the conflict, and the consequential impacts.
Therefore, any assessments and any figures presented in this document will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.
Information regarding risks and uncertainties that may affect SCOR’ s business is set forth in the 2021 Universal Registration Document filed on March 3, 2022, under number D.22-0067 with the French Autorité des marchés financiers ( AMF) posted on SCOR’ s website www.scor.com.
In addition, such forward-looking statements are not “ profit forecasts ” within the meaning of Article 1 of Commission Delegated Regulation ( EU) 2019/980.
SCOR does not undertake any obligation to publish changes or updates regarding these forward-looking statements and information.
The Group’ s financial information contained in this document is prepared on the basis of IFRS and interpretations issued and approved by the European Union.
Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.
The financial results for the full year 2021 included in the 2021 Universal Registration Document have been audited by SCOR’ s statutory auditors. Unless otherwise specified, all figures are presented in Euros. Any figures for a period subsequent to December 31, 2021 should not be taken as a forecast of the expected financials for these periods.
The solvency ratio is not audited by the Company’ s statutory auditors. The Group solvency final results are to be filed to supervisory authorities by May 2022 and may differ from the estimates expressed or implied in the 2021 Universal Registration Document. | general |
Jim Power: Irish consumers likely to face higher food prices | Given how accustomed consumers have become to food price compression as a result of intense domestic retail competition and competition from imports, an escalation in food prices would come as a significant shock.
For central bankers and policymakers, the past decade has been pretty straightforward. Growth was anaemic, particularly in Europe and Japan, and inflation has been conspicuous by its absence, meaning there were few hard choices to be made.
Alas, all of that has changed in dramatic fashion over the past six months and the controllers of monetary policy are now facing serious challenges, and in many ways, a very unenviable task.
Towards the end of last year, as the world emerged from the Covid restrictions against a background of a relatively successful vaccination programme, it became apparent that supply chains were badly damaged and couldn’ t cope with the resurgence in demand.
Widespread scarcities and rapid price increases became an issue, but the consensus view was that these supply-side difficulties would abate and inflation would settle back down again. Unfortunately, this did not factor in the brutality of Russian President Vladimir Putin.
All of the inflationary issues that existed in January have been dramatically exacerbated. Levels of inflation not seen since the aftermath of the second oil crisis in the late 1970s are now being experienced in many countries.
Initially, the main price pressures were driven by energy and associated products as oil, natural gas and coal prices shot up. The Government stepped in again this week with a package of measures to alleviate the pressures from rising fuel bills by cutting the Vat rate on gas and electricity bills to 9% on a temporary basis.
The move will save households €50 on the annual gas bill and €70 on an electricity bill. Such savings are quite minimal but are of some assistance to financially pressurised households.
Energy costs will be less of an issue in the summer months, but one of the significant concerns now is what could happen to food prices over the coming months.
The annual rate of food price inflation in Ireland reached 3% in March, which is the highest annual rate since December 2008. In the US this week, March inflation hit 8.5% and food prices increased by 8%. UK inflation hit a 30-year high of 7%, with food price inflation running at 5.8%. | general |
This is how much you made if you bought into the oil crash 2 years ago | If you want to retire rich, the late, great Dan Bunting has some advice for you.
“ Always buy the market ( i.e., stocks or even just the index) after a spectacular bankruptcy, ” my old friend Bunting, a veteran London-based money manager who had seen it all, used to say. It was one of the accumulated items of wisdom he called Bunting’ s Laws.
The chart above gives an updated version.
Readers will remember that almost exactly two years ago,
on April 20, 2020
, the oil market collapsed into negative territory for the first time in history. The sudden COVID-19 crisis and global lockdowns had created such a glut that traders actually had to pay people to take immediate delivery of all their surplus barrels of crude oil.
This grabbed headlines everywhere.
What kind of idiot would have gone against the market and bought oil in such a crisis? Someone who had been around, that’ s who. Dan, alas, is no longer around but I am pretty certain he’ d have been buying blue chip oil stocks back then.
What goes around comes around. The first shall be last, and the last shall be first. The collapse of oil ranked with a spectacular bankruptcy—the kind of thing that makes ordinary investors sell in a panic.
The chart above shows how you would have done if you’ d gone out that day and bought any of several oil-related exchange-traded funds.
They’ ve crushed the S & P 500
SPY,
-1.25%
.
It’ s not even close.
Oh, and so much for the “ work from home ” trade. The Nasdaq Composite has done slightly worse than the S & P 500 index. And Amazon
AMZN,
-2.47%
has done less than half as well as that. If you’ d invested $ 1,000 in Jeff Bezos’ company on that day you’ d have made just $ 290 in profits.
Granted, some of these profits are rewards for genuine risk. The Direxion Daily Energy Bull 2x Fund
ERX,
+0.60%
is a high-octane fund that is designed only for short-term trades. It uses derivatives to try to produce twice the performance of the broader energy index per day. That’ s 2x on the way down as well as the way up. And as it takes even a normal fund a 100% profit to recover from a 50% loss, these funds can be extremely bad for your wealth. This fund collapsed by 95% in the first few months of 2020, as the Covid crisis hit, and still hasn’ t recovered most of the losses.
The SPDR Oil & Gas Exploration & Production ETF
XOP,
+0.24%
isn’ t anywhere near as risky, because it invests in regular stocks, but it nonetheless invests in the more volatile side of the energy market, and anyone owning this can expect a wild ride up and down. It fell by two-thirds in early 2020, though even if you bought it before the crisis and hung on, you are well into the black.
What strikes me as most interesting is the SDPR Energy Select Sector ETF
XLE,
+0.33%
.
This is a simple low-cost index fund that owns the blue-chip energy names like Exxon
XOM,
+1.17%
,
Chevron
CVX,
-0.05%
,
Schlumberger
SLB,
+1.60%
,
ConocoPhillips
COP,
+1.14%
and Occidental
OXY,
-0.47%
.
There is nothing especially “ risky ” about this fund unless you think energy companies were completely toast. Most of these companies are well capitalized, highly profitable and pay fat dividends. The dividend yield on this fund, reports FactSet, peaked above 10% in April 2020. There is no particular reason why widows and orphans wouldn’ t own this fund ( at least as part of a diversified portfolio).
( This is not even counting the argument that we should all own energy stocks to hedge our own personal exposure to energy costs and inflation — as now.)
Yet in the early months of 2020 it also crashed, and anyone who shifted some of their portfolio into it on the day oil went negative has made triple the returns of the broader stock market index.
( Most of those gains were made before Putin invaded Russia, too.)
I’ d argue that those gains far outweighed the risks of buying, say, Exxon back when it had a dividend yield of 11%.
Many people stick to simple portfolio strategies, based on long-term buy and hold positions in broad indexes. There is, of course, nothing whatsoever wrong with that. For most of us it’ s probably the smartest approach.
But sometimes the best returns can come from betting against a crisis. | business |
U.K. announces plan to send asylum-seekers to Rwanda while claims are assessed | DUNGENESS, England/KIGALI – The U.K. could send tens of thousands of asylum-seekers to the East African country of Rwanda, Prime Minister Boris Johnson said Thursday, aiming to break people-smuggling networks and stem the flow of migrants across the English Channel.
Concerns over immigration were a big factor in the 2016 Brexit vote, and Johnson has been under pressure to deliver on his promise to “ take back control ” of the country’ s borders. But his plan drew swift criticism from opponents of his Conservative Party and from charities.
“ We must ensure that the only route to asylum in the U.K. is a safe and legal one, ” Johnson said in a speech in Kent, southeast England, where thousands of asylum-seekers in small boats landed on Channel beaches last year. “ Those who try to jump the queue or abuse our systems will find no automatic path to set them up in our country, but rather be swiftly and humanely removed to a safe third country or their country of origin. ”
Anyone who has arrived in the U.K. illegally since Jan. 1 could now be relocated to Rwanda, which would disrupt the business model of people-smuggling gangs, the prime minister said.
“ The deal we have done is uncapped and Rwanda will have the capacity to resettle tens of thousands of people in the years ahead, ” he said.
The plan drew strong criticism from opposition parties, with interior minister Priti Patel’ s Labour Party counterpart, Yvette Cooper, saying it was costly, “ unworkable and unethical. ” The U.N. refugee agency ( UNHCR) also voiced opposition.
“ People fleeing war, conflict and persecution deserve compassion and empathy. They should not be traded like commodities and transferred abroad for processing, ” said UNHCR’ s Assistant High Commissioner for Protection, Gillian Triggs.
Inflatable dinghies, used by asylum-seekers to cross the English Channel are brought to port by the UK Border Force on Thursday, in the marina at Dover, on the south-east coast of England. | AFP-JIJI
Concerns were also raised about Rwanda’ s human rights record, which the British government itself noted last year.
Johnson said Rwanda, where in 1994 Hutu extremists killed more than 800,000 Tutsis and moderate Hutus, was “ one of the safest countries in the world, ” adding however that the risk of ending up in the country would prove a “ considerable deterrent ” over time.
Human Rights Watch said Rwanda did not respect some of the most fundamental human rights.
“ Refugees have been abused in Rwanda and the government has, at times, kidnapped Rwandan refugees outside the country to bring them home to face trial and ill-treatment, ” said Lewis Mudge, HRW’ s Central Africa director.
Patel signed the partnership agreement in Kigali on Thursday, and she presented it at a joint news conference with Rwandan Foreign Minister Vincent Biruta.
Biruta said Rwanda’ s recent history had given it “ a deep connection to the plight of those seeking safety and opportunity in a new land. ” Rwanda has already accepted almost 130,000 refugees from numerous countries, including Congo, Burundi, Afghanistan and Libya, he added.
The asylum-seekers will be housed temporarily in facilities, generally hostels or hotels, in Kigali while their claims are looked into, Rwandan government spokeswoman Yolande Makolo said. “ Once their claims are determined they will be facilitated to integrate into the community, ” she said.
British Prime Minister Boris Johnson delivers a speech on immigration at Lydd Airport, U.K., on Thursday. | POOL VIA REUTERS
Rwandan opposition leader Victoire Ingabire said the country was hospitable but that it should first solve its internal problems.
Johnson said the plan would face legal challenges, but said the partnership was “ fully compliant ” with international legal obligations. The British government would contribute an initial 120 million pounds ( $ 158 million).
A minister in Johnson’ s government said the plan was focused on single young men. “ This is about male economic migrants in the main, ” Secretary of State for Wales Simon Hart told Sky News. “ There is a different set of issues with women and children. ”
Opposition lawmakers said Johnson was trying to distract from the renewed calls on him to resign after being fined by police on Tuesday for attending a gathering for his birthday, in June 2020, when social mixing was all but banned under COVID-19 rules his government had introduced.
Last year, more than 28,000 migrants and refugees made the crossing from mainland Europe to the U.K. Their arrival on rickety boats has been a source of tension between the U.K. and France, especially after 27 drowned when their dinghy deflated in November.
“ Around 600 came across the Channel yesterday. In just a few weeks this could again reach a thousand a day, ” Johnson said.
The new approach will see the Royal Navy take over operational command from Border Force in the Channel, he said, and Greek-style accommodation centers would open in the U.K.
The head of a refugee advocacy group said the plan violated the principle of granting asylum-seekers a fair hearing on British soil.
“ I think it’ s rather extraordinary that the government is obsessing with control instead of focusing on competence and compassion, ” Enver Solomon, chief executive of the Refugee Council, told BBC radio. | tech |
Paris-Roubaix could move to autumn, UCI president says | Paris-Roubaix could potentially move from its traditional April slot to the autumn, the UCI's president David Lappartient has said.
In an interview with Wielerlfits.nl, Lappartient said that the WorldTour calendar was `` open for discussion '', and that last year's October edition made Roubaix's organisers feel `` very differently '' about the possibility for change.
Due to the Covid pandemic, in 2021 Roubaix was raced in October, towards the end of the season, and produced thrilling editions which were won by Sonny Colbrelli and Lizzie Deignan.
However, the race has returned to its traditional April dates this year, with the caveat that it has swapped places with the Amstel Gold Race due to the French presidential elections last week.
`` That move to October 3 has not made the race any less attractive, '' Lappartient said.
`` On the contrary, this was one of the most heroic editions of ' l'Enfer du Nord ' in history. I spoke about this with organizer ASO. They indicated that there would never have been any consideration before to change the Paris-Roubaix date. Now they feel very differently. In the future, that creates many more possibilities. ''
The concept of moving the race permanently would cause some controversy.
On Thursday, at a Quick-Step Alpha Vinyl press conference, the team's boss Patrick Lefevere said that he would not change the calendar.
`` Everyone knows I 'm an old fashioned guy, so I wouldn't change it. Maybe the two Covid seasons were a bit special but if he does change things, Lappartient will have to cut the calendar first, ” the Belgian said.
“ There are so many races in August, September and the beginning of October. It is almost impossible to ride all of them. Everyone knows that the season starts more or less in January. From Omloop Het Nieuwsblad to Liège-Bastogne-Liège is the first part, then everyone works towards the Tour de France and the third part is beautiful, including the World Cup and the Tour of Lombardy. ”
However, Lappartient said `` why not '' change the calendar around, and maybe even move the Tour of Flanders too.
`` End the season with the Tour of Flanders and Paris-Roubaix? That's something we couldn't imagine in the past. Now I ask myself: why not? Wouldn't that open up possibilities in the calendar when we organise these two, perhaps the two largest, monuments at the end of the year? ''
Lappartient said the UCI has awarded licenses for WorldTour races until 2025 but the calendar is not fully fixed yet.
`` Most organisers now understand that a change of date can also offer possibilities and opportunities, '' he continued.
`` We used to stick to certain dates because we had been planning the calendar in this way for years. How we will implement the reform is still unclear. But all parties in cycling have indicated to us that they are open to considering changes. ''
However, despite a possible revolution in the cycling calendar, the Grand Tours will remain where they are in the year.
`` It may be that a Grand Tour might be postponed one or two weeks, but broadly it will remain the same, '' Lappartient said. `` The Tour de France will be organized in July. The Giro d'Italia will continue to take place before the Tour de France, while the Vuelta a España will have its place after the Tour.
`` We will not change the frame of the calendar regarding the Grand Tours. You can not open the season with a Grand Tour, while at the end of October you can not close the season with it due to the weather conditions in the high mountains. ''
With Roubaix back in the spring for the first time since 2019, Lefevere said he was `` just happy '' that the race was back in its usual slot.
`` We are used to this, we train like crazy for the winter, '' he said. `` Everyone plans altitude training courses and all teams have been calculating for years how they can best get their riders in shape during certain periods. That requires sacrifices. ”
“ Once the classic period is over, I think the whole peloton will be happy that they don't have any pressure for a while. Mentally, that rest is also welcome. I think everyone is happy that these two monuments are now back in the spring. ” | general |
Contrasting fortunes for fishmeal and fish oil | During the first two months of 2022, fishmeal production was down year on year by 11 percent, while fish oil production increased by 12 percent, according to a new report by IFFO, which covers half the world’ s supply of these marine ingredients.
© IFFO
“ This is mainly due to fewer catches in the North-Centre of Peru in quarter 1 2022, while the higher capelin catches in Iceland have pushed up fish oil output, ” explains Dr Enrico Bachis, IFFO’ s market research director, in press release which summarises the report’ s key findings.
This countries sampled in the report, based on the IFFO membership, cover approximately 50 percent of the world production. According to IFFO, the report “ can be taken as a proxy for global trends ”.
In terms of fishmeal, the Northern European countries, USA and India are the only countries in the report which increased their cumulative production during the first two months of this year. Similarly, in terms of fish oil, North European countries, USA and Spain have managed to report a higher cumulative production in 2022 with respect to the same period in 2021.
The report predicts that fishmeal and fish oil output from by-products may ramp up, as ready-to-eat meals are becoming more popular in China. Moreover, China is increasing domestic processing of snakehead and channel catfish, which generally provide good sources of by-products.
Amid severe disruptions due to Covid, China’ s domestic fishmeal and fish oil production remains subdued, according to the report. In May the new fishing moratorium will be imposed across the Chinese coastline, keeping the fishing fleet in harbour until September.
However, the report predicts that fishmeal and fish oil output from by-products may ramp up, as ready-to-eat meals are becoming more popular in China. Moreover, China is increasing domestic processing of snakehead and channel catfish, which generally provide good sources of by-products.
In terms of international trade, China’ s fishmeal imports in January and February 2022 decreased year on year – with Peru, Russia and Vietnam being the top three providers. The rate of fishmeal offtakes from ports is beginning to accelerate. However, it was lower in the first quarter of 2022 compared with the same period of time in 2021.
According to IFFO, among the reasons for such a decrease are earlier procurement from feed mills at the end of 2021, as well as logistics and sanitary prevention measures against Covid-19 at ports.
The report notes that the first aquaculture season traditionally starts in the month of April, but this year it is developing amid severe disruptions, both in terms of logistics and consumption. Aquafeed production increased in the first two months of 2022 year on year.
Efua Konyim Okai, correspondent for The Fish Site, reflects on a recent visit to the first-ever AFRAQ event, which took place in Egypt at the end of March.
Scotland’ s Cabinet Secretary for Rural Affairs and Islands, Mairi Gougeon, is to open Aquaculture UK in Aviemore this May, marking the biggest event in the UK aquaculture sector’ s calendar.
The Scottish Government has established a new fund to help emerging carbon dioxide utilisation technologies come online.
Denofa and Benson Hill announce partnership and plans to bring sustainable, traceable and non-GMO soy ingredients to the Atlantic salmon market.
A recent study from the US found that yellow perch can remove microplastics from their digestive systems, but expelling the materials has consequences on their microbiomes and finishing quality.
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No part of this site may be reproduced without permission. | general |
Frontline healthcare workers to get Covid bonus 'in next payroll ' | Earlier this week, healthcare unions criticised delays in establishing the pandemic special recognition payments and wrote to officials in the Department of Health and the HSE to request an update. File Picture: iStock
Frontline healthcare workers will receive their pandemic special recognition payment in their next pay packet, Health Minister Stephen Donnelly has said.
Mr Donnelly said the payment, which will amount to either €600 or €1,000, would be paid to eligible HSE staff `` as soon as possible. ''
Mr Donnelly also said a `` further phase '' of payments, which will include private nursing home staff, hospice staff, and other workers not employed by the HSE, would be announced `` in due course ''.
Earlier this week, healthcare unions criticised delays in establishing the pandemic special recognition payments and wrote to officials in the Department of Health and the HSE to request an update.
`` The necessary circulars to activate this payment have been finalised and will be published by the HSE early next week, '' Mr Donnelly said on Friday afternoon.
“ I welcome the significant efforts made to progress the payment of this measure, '' he said. | general |
RSV Race Rounds the Corner with Big Pharmas Neck and Neck | On April 14, Pfizer reported it was acquiring privately-held ReViral for a deal that could hit $ 525 million once all the milestone payments are added up. The rationale is to pick up the company’ s pipeline of respiratory syncytial virus ( RSV) drugs.
RSV, a respiratory virus that kills up to 500 children and 14,000 older adults each year in the U.S., looks to be a big target for several biopharma companies, including Pfizer, Moderna, GlaxoSmithKline and Johnson & Johnson. The Wall Street Journal points out that it is one of the last childhood diseases for which there is no approved vaccine. RSV infections cause 58,000 hospitalizations of children under the age of 5 each year and hospitalizations of 177,000 adults 65 and older, according to the U.S. Centers for Disease Control and Prevention.
Pfizer, J & J and GSK all indicate plans to file for regulatory approval by the end of this year for vaccines against the disease, which, if all things go well, would see one or more vaccines against the disease becoming available in 2023. In addition, older adults or pregnant women may be eligible for the shots.
In addition to the vaccines, Sanofi and AstraZeneca are working on an antibody therapy that could vaccinate newborns to prevent RSV disease.
“ The impact would be huge, ” said Dr. Janet Englund, M.D., a respiratory virus specialist and RSV researcher at Seattle Children’ s Hospital. “ It would change hospitalization rates. Young babies wouldn’ t have to come to the hospital so much. ”
Although often thought of as a childhood disease, RSV has an even higher fatality rate in older adults. Dr. H. Cody Meissner, M.D., chief of the division of pediatric infectious disease at Tufts University School of Medicine, told WSJ, in the elderly, “ if a person has chronic lung disease or if they’ ve had a heart attack or some underlying condition, they are at increased risk of dying from an RSV infection. ”
ReViral, which is based in London, has four RSV therapies in its pipeline. Its lead product is sisunatovir, and another treatment is presently in Phase II trials. Pfizer’ s own RSV vaccine candidate is in Phase III trials.
Annaliesa Anderson, Ph.D., chief scientific officer of Bacterial Vaccines and Hospital at Pfizer, said, “ Currently, treatment options for RSV are extremely limited and focus primarily on supportive care. ”
Moderna launched the Phase III portion of its pivotal Phase II/III RSV vaccine trial in late February. Like its COVID-19 vaccine, it is an mRNA design. The Data and Safety Monitoring Board ( DSMB) endorsed the Phase III trial in people 60 years and older. It came after a preliminary Phase II data review, which showed an acceptable safety profile in that population at the chosen dosage.
The Moderna product, mRNA-1345, encodes for a prefusion F glycoprotein. It uses the same lipid nanoparticle technology as the COVID-19 vaccine. The FDA granted its Fast Track designation in adults older than 60 years of age in August 2021.
RSV, like influenza, tends to be a disease of the fall and winter. However, the COVID-19 pandemic has seen an increased RSV infection throughout the year.
Janssen Pharmaceutical Companies of J & J initiated its Phase III EVERGREEN trial in September 2021 to evaluate its adult vaccine against lower respiratory tract disease ( LRTD) caused by RSV in people 60 years or older. Its Phase IIb CYPRESS trial demonstrated safety and efficacy in adults 65 and older.
In February 2022, GSK reported a problem with their RSV maternal vaccine candidate in pregnant women Phase III trial. The company decided to stop enrollment and vaccination in trials in that cohort, although its AReSVi 006 Phase III in adults 60 and older continued. Apparently, there were safety concerns, although no details were released. | general |
JR train reservations for Golden Week up over 60% | The number of seats on shinkansen superexpress and other trains of the Japan Railways Group booked for this year’ s Golden Week holiday period stood at 1.34 million as of Wednesday, up 66% from a year before, the six JR passenger service firms said Thursday.
The surge in seat reservations during the period between April 28 and May 8 has come mainly because the government fully lifted its coronavirus quasi-emergency last month.
The figure does not include data for the Tohoku Shinkansen line, which had been partially closed due to damage from a strong earthquake that hit the Tohoku region on March 16, as well as for the Yamagata, Akita and Hokkaido Shinkansen lines, which are all connected to the Tohoku Shinkansen line.
East Japan Railway Co. on Wednesday started accepting reservations for trains on the Tohoku Shinkansen line, which fully reopened Thursday. Some 114,000 seats for the Tohoku, Yamagata and Akita Shinkansen trains during the Golden Week period have already been booked, according to JR East.
Seat reservations for the Joetsu and Hokuriku Shinkansen lines were up 74% from a year earlier as of Wednesday, JR East said.
Reservations more than doubled year on year to about 720,000 seats for the Tokaido Shinkansen line of Central Japan Railway Co., or JR Central. But the figure was about 38% lower than the level in 2018, before the start of the coronavirus pandemic.
The trend of avoiding trips, including those to visit parents’ homes, is continuing, a JR Central official said.
Reservations for shinkansen and other trains operated by West Japan Railway Co. were down 44% from 2018. | tech |
Obsidian Security raises $ 90 million to help businesses reduce SaaS security risk | Obsidian Security announced $ 90 million in Series C financing led by Menlo Ventures, Norwest Venture Partners and IVP, with participation from existing investors Greylock, Wing and GV. Obsidian, which has now raised $ 119.5 million in total financing, will add Menlo Ventures Partner Venky Ganesan to its board of directors.
A leader in the SaaS Security Posture Management ( SSPM) category coined by Gartner, Obsidian was founded in 2017 to help security and IT operations teams bridge the security and compliance gaps created when lines of business adopt SaaS applications to run business-critical functions like finance, payroll, HR, sales and operations. The adoption of tools like Salesforce, Workday, Github, Google Workspace, Microsoft 365, ServiceNow and Zoom only accelerated during the COVID-19 pandemic with organizations of more than 1,000 employees using more than 150 SaaS applications on average.
This need to secure the most critical applications from external attacks, insider threats and misconfiguration, drove explosive revenue growth in 2021 for Obsidian. With 5x growth in deals of $ 100,000 or more last year, Obsidian has only just begun addressing the SaaS security gap.
“ There’ s a myopic focus on securing cloud infrastructure and company endpoints leaving a significant gap in the middle where users, data and business assets live — SaaS applications, ” said Menlo Ventures Partner, Venky Ganesan. “ In our conversations with CISOs and CIOs we have seen a profound shift that legacy security and configuration tools are not enough to protect an organization’ s most critical assets. We believe that Obsidian’ s holistic approach to SaaS security will help define this category. ”
Obsidian fills the gap left by traditional security solutions by analyzing state and activity data within and across applications to help reduce over-privilege, optimize configurations, prevent sensitive data from being exposed, and detect compromised accounts and insider threats. This protection is critical as according to Microsoft, 80 percent of employees use applications that may not be compliant with an organization’ s security and compliance policies. The security challenge is further complicated by the thousands of integrations and plugins available for some of the world’ s most popular applications.
“ There hasn’ t been a comprehensive and contextual platform for securing third-party SaaS applications until Obsidian, ” said Hasan Iman, CEO of Obsidian Security. “ We’ re not only enabling security teams to detect more threats and proactively improve their security posture, we’ re bringing together all the stakeholders in SaaS adoption — application vendors, lines of business, security and IT operations — to create a shared-responsibility model for SaaS security. The need for this is exemplified by the recent breach at Okta. We’ re honored to have investment partners like Menlo, Norwest and IVP join us in our mission. ”
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House Panels Probe Gov't Use of Facial Recognition Software | Two House committees have launched an investigation into the government’ s use of facial recognition software that was most recently used by the Internal Revenue Service, but stopped after complaints from lawmakers and privacy advocates.
Critics of the software said facial recognition databases could become a target for cyberthreats. They also expressed concerns about how the information could be used by other government agencies.
In a letter Thursday to Blake Hall, CEO of ID.me, the lawmakers requested documents and information related to the company’ s contracts with 10 federal agencies and 30 state governments for use of its facial recognition technology.
“ I am deeply concerned that the federal government lacks a clear plan, leaving agencies like the IRS to enter contracts worth tens of millions of dollars with questionable terms and oversight mechanisms, ” House oversight committee chair Carolyn Maloney, D-N.Y., said in a statement.
[ Read: The Art Exhibition That Fools Facial Recognition Systems ]
“ Without clear rules of the road, agencies will continue to turn to companies like ID.me, which heightens the risk that essential services will not be equitably provided to Americans, or will be outright denied, and that their biometric data won’ t be properly safeguarded. ”
The letter was signed by Maloney and Rep. James Clyburn, D-S.C., who chairs the Select Subcommittee on the Coronavirus Crisis. It was first reported by The Washington Post.
In an emailed statement, a company representative said “ ID.me remains a highly effective solution available for government agencies that provides the most access for under-served Americans. ”
“ ID.me adheres to the federal guidelines for identity verification and login while providing services to public sector agencies. These standards have proved remarkably effective at preventing fraud. Four states have credited ID.me with preventing $ 210 billion in fraud, ” the statement reads.
In February, the IRS said it would suspend its use of facial recognition technology to authenticate people who create online accounts after the practice was criticized by privacy advocates and lawmakers.
Lawmakers, including Senate Finance Committee Chair Ron Wyden, D-Ore., called on the IRS to end its use of the ID.me software.
The agency is currently grappling with a worker shortage and an expanded workload processing tax filings and administering pandemic-related programs.
The tax day deadline is Monday.
Related: Becoming Elon Musk – the Danger of Artificial Intelligence
Related: IRS to End Use of Facial Recognition to Identify Taxpayers
Related: Italy Fines US Facial Recognition Firm
Virtual Event Series - Security Summit Online Events by SecurityWeek
2022 ICS Cyber Security Conference | USA [ Hybrid: Oct. 24-27 ]
2022 CISO Forum: September 13-14 - A Virtual Event
2022 Singapore/APAC ICS Cyber Security Conference ] | tech |
Veriff partners with Alloy to offer identity verification solutions for financial service institutions | Veriff announced that it is partnering with Alloy to bolster the company’ s existing identity verification and know your customer ( KYC) offerings.
Through this partnership, Veriff will provide Alloy customers with additional identity verification capabilities and KYC solutions to leverage during client onboarding in more than 190 countries.
Veriff’ s identity verification technology will be made accessible through Alloy’ s platform, allowing fintechs and banks to verify identities quickly and effectively during new customer onboarding while meeting their KYC requirements to ensure they remain compliant. Veriff provides KYC verification with its video-first technology and offers an extra layer of protection for users through location verification.
“ We saw the financial services industry evolve dramatically over the course of the COVID-19 pandemic, and with it, a rise in fintech fraud and stringent regulations, ” said Janer Gorohhov, co-founder, and CPO of Veriff. “ As a result, it’ s never been more important for financial service institutions to be steps ahead of these bad actors. We’ re thrilled to partner with Alloy and work together to help banks and fintechs reestablish trust online among their customer base. ”
Alloy serves as a command center for identity that gives financial institutions a holistic view of each customer from the day they onboard and throughout their time with the organization. Alloy’ s identity decisioning platform combined with Veriff’ s added identity verification and compliance capabilities gives financial organizations the trust and security needed to manage their onboarding, transactions and credit decisions with confidence and reliability.
“ The fraud landscape is constantly shifting, and financial institutions need to be able to adjust quickly to continue mitigating fraud, ” said Brian Bender, VP of Strategic Alliances at Alloy. “ Our partnership with Veriff enables us to connect our clients with more identity verification and KYC offerings that meet each of their compliance needs and empower them to remain agile in the evolving market.
I have read and agree to the terms & conditions | tech |
How to Live Stream Coachella 2022 | Coachella has finally returned. For all the music festival lovers out there, we 've put together a full guide on how to live stream Coachella 2022 — with some of the biggest and most exciting names in music taking the Coachella stage, you do not want to miss a set.
For the past two years, the Coachella Valley Music and Arts Festival has been cancelled due to the ongoing COVID-19 pandemic. Now, as COVID health restrictions and mandates begin to lift across the United States, the iconic music festival is making a comeback.
As listed under the “ Health & Safety Rules ” section of the official Coachella website, “ in accordance with local guidelines, there will be no vaccination, testing, or masking requirements ” at this year's festival. Coachella will be held at the Empire Polo Club in Indio, California. As of April 1, 2022, the California Department of Public Health declared that vaccine verification and proof of negative test would no longer be required for indoor and outdoor “ mega events, ” and be moved to a status of “ strong recommendation. ”
Still, Coachella will offer rapid COVID-19 antigen testing on-site at the festival, and recommends face coverings “ to protect against desert dust. ”
With an expected attendance of well over 100,000, festival-goers will flock to the California desert across two consecutive weekends, April 15-17 and April 22-24, to see over 150 performances across Coachella's seven stages. Headlining this year's festival are Harry Styles, Billie Eilish, and Swedish House Mafia & The Weeknd.
Swedish House Mafia and The Weeknd were added as headliners to the lineup on April 6, after rapper Ye ( formerly known as Kanye West), pulled out of the event on April 4.
Coachella 2022 officially kicks off on Friday, April 15. Below, learn more info about this year's festival, and find out how to live stream Coachella 2022.
Harry Styles will be headlining Coachella's two Friday dates, while Billie Eilish takes over the festival's Saturday dates, and Swedish House Mafia and The Weeknd perform on the festival's Sunday dates.
In addition to the headlining performers, more than 50 artists are slated to take the stage each day. Coachella 2022 will welcome artists like Phoebe Bridgers, Baby Keem, Anitta, City Girls, Omar Apollo, EPIK HIGH, Megan Thee Stallion, Doja Cat, Giveon, BROCKHAMPTON, Wallows, Conan Gray, Caroline Polachek, Karol G, Maggie Rogers, Ari Lennox, FINNEAS, and so, so many more.
( See our full guide to Coachella 2022's lineup here.)
For the tenth year, YouTube will be hosting a two-weekend, all access live stream of Coachella. This year's live stream will be available to watch on desktop, mobile, smart TV, and the YouTube Music app. YouTube's live stream programming for Coachella 2022 will include the festival's live performances, of course, but also artist interviews, the ability to engage with other fans via Live Chat, exclusive Coachella merch shopping opportunities, and pre-parties on YouTube Premium and Behind-the-Scenes content on YouTube Shorts.
The live stream will be co-hosted by music artist Joe Kay, social media star Quenlin Blackwell, Internet personality Therapy Gecko, and California news anchor Veronica De La Cruz.
Beginning at 4 p.m. PT / 7 p.m. ET on Friday, April 15th, Coachella 2022's Weekend 1 live stream programming will run through Monday night ( April 18) on YouTube, and include replays.
To access the live stream feed, tune into Coachella's official YouTube channel. From there, you will be able to choose from 3 stream channels of different Coachella performances airing simultaneously. Artist interviews will also be aired, taking place live on the festival grounds.
Along with Weekend 2's performance live streams, YouTube will also be hosting the “ immersive ” Coachella Curated experience: additional “ deep dive ” programming that provides artist commentary, mini-docs, and includes encore performances.
Excited? Us, too. Set your reminder for the live stream feeds for Weekend 1 of Coachella 2022 here.
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NETHERLANDS/LIBYA: Septimius Security bags first European embassy protection contract in Tripoli | The Irish-registered company Septimius Security, which was set up a year ago, was awarded a contract on 30 July to provide long-term protection for the European Union's delegation in Libya, headed by José Antonio Sabadell. [... ]
With its Islamist associations proving to be a burden for the Tripoli-based company, Security Side's former managing director has set up a new entity in Ireland, without entirely cutting the ties between the two. [... ]
Following the failure of the humanitarian truce called for on March 18 by the United Nations to prevent the coronavirus ( Covid-19) spreading in Libya, nothing seems likely to stop the fighting in Tripoli between Khalifa Haftar's Libyan National Army ( LNA) [. [... ]
The French security company Geos is returning to Libya with a major contract. In late February, the firm, led by former Directorate General for External Security ( DGSE) chief and army general Didier Bolelli, won a one-year renewable contract to protect [. [... ]
It took government of national accord ( GNA) chief Fayez Sarraj just an hour and a half to put himself under Turkey's protection… and risk turning the Libyan conflict into a direct confrontation between foreign armies. [... ]
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Paris-Roubaix Femmes: Get to know the 17 pavé sectors | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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In 1896, when the men’ s peloton was competing in the first-ever edition of Paris-Roubaix, women in France could not vote, control their income, or work without their husband’ s consent.
Each race since in its long history has added to the legend that enshrouds Paris-Roubaix, but, like so many of the myths and legends that are told, women were excluded.
It took 124 years for a Paris-Roubaix Femmes to be organized, and 125 years for it to be raced, as the 2020 edition was canceled due to the coronavirus pandemic.
Already, Paris-Roubaix Femmes seems steeped in history. With her hands bloodied by her handlebars that had juddered up and down on the wet cobbles, Lizzie Deignan ( Trek-Segafredo) rode into the Roubaix velodrome last year alone to become the first-ever winner.
Now, on the hallowed cobbled sectors of northern France, the women’ s peloton will add another layer of history to the race.
The race begins on the longest and one of the hardest cobbled sectors in Paris-Roubaix. Starting in the small village of Hornaing, this sector skirts the railway line and passes by the twin water towers that loom over the course. In 2021, Deignan accelerated just as the peloton hit the Hornaing on an 82km race-winning solo attack.
Beginning with a sharp left-hand turn, this sector then unwinds in a straight line so that it is possible to see riders up the road. By this point in the race last year, Deignan was nearly out of sight and a minute ahead of the peloton.
This sector is almost completely flat but features three, right-angled bends that are notoriously difficult to navigate. Last year, the peloton disintegrated on this sector due to various mechanicals and crashes leaving just 32 riders remaining, after a mere 50km of the race.
Discovered and restored by Les Amis de Paris-Roubaix — the volunteer group that maintains the cobbles on the course — half of this sector was specifically laid for the race itself. While nothing significant has happened yet on this sector in Paris-Roubaix Femmes, it still plays an important role in accumulating fatigue and making the race exceptionally difficult.
Although this sector begins in a relatively benign fashion, it crescendos to a 600m false flat with broken pavé under the wheels. Perhaps fittingly, the latter section of this sector is ominously named the Chemin des Abattoirs — the “ Path of Slaughterhouses. ”
A false flat — and a surface so bad that it was removed from the men’ s race in 2007 and 2008 — marks this sector as particularly difficult. As the rain fell on the race last year, the cobblestones became increasingly treacherous. On this sector in 2021, Anna Henderson ( Jumbo-Visma) crashed in a pile-up with other riders while Lotte Kopecky ( then Liv Racing) punctured and was forced to take her teammate’ s bike.
In the absence of the Trouée d’ Arenberg, the Mons-en-Pévèle is the first five-star sector on the course. Like the other hardest cobbled sectors in Paris-Roubaix, the road curves like a speed bump and it is common to see riders balancing on the crest of the cobbles or in the gutter. It begins with an uphill section before a sharp left-hand turn where the road descends again. This inconsistent gradient, coupled with a consistently uneven surface makes for one of the most challenging parts of the race, as evidenced by the crash that felled Elisa Longo Borghini ( Trek-Segafredo) and Emma Norsgaard ( Movistar Team) last year.
A relatively short sector that signals the last 40km of the race, the difficulty of this road is still illustrated by the grass growing in the cracks between the cobbles, creating a slippery surface.
Two sharp left-hand corners, the second occurring about two-thirds of the way through the section, are the primary hazard in this sector. Last year, the race somewhat reset behind the lone leader Deignan as a group containing Longo Borghini swelled the ranks of the second group on the road.
Except for the final ceremonial sector in Roubaix, this is the shortest sector in the race and is normally relatively inconsequential. It is largely flat and not too long.
There is some respite between Templeuve and Cysoing as the riders return to tarmac roads for five kilometers. This sector begins on a relatively good surface which soon makes way for the customary broken roads which are so emblematic of Paris-Roubaix.
Following just a kilometer after the previous sector, these two cobbled roads are a significant obstacle, particularly since they arrive so close to the finish. The pavé is rough and, with nearly 100km and 10 cobbled sectors of fatigue in the legs, increasingly difficult to navigate.
The road surface here is so choppy that there is no smooth line and in 2021, this sector was race-altering for many riders, providing both a chance to attack and to be struck by misfortune. Eventual runner-up Marianne Vos ( Jumbo-Visma) accelerated away from the chasing group in pursuit of Deignan, while one of the pre-race favorites Ellen van Dijk ( Trek-Segafredo) crashed, along with Leah Thomas ( Movistar Team) and Sarah Roy ( then Team BikeExchange). Deignan also nearly crashed on this sector but managed to stay upright.
The road on the Carrefour de l’ Arbre peaks and troughs as if it were a wave sloshed over the cobblestones by one of the tractors that pass down it. It is the second and last five-star sector of cobbles, and its proximity to the finish marks it as one of the most important points in the race. Last year, Vos began to chip away at Deignan’ s lead in this sector, although she was ultimately unsuccessful.
Before 2004, the sector at Gruson formed the last part of the Carrefour de l’ Arbre. There are just a few meters of tarmac between it and the previous sector, making it still an honorary extension of the Carrefour. If a significant move does escape on the Carrefour, this sector could well determine whether it makes it to the finish or not.
Fewer than 10km before the finish line, the penultimate sector of pavé is the last true opportunity to attack. Since it is used by traffic as well as in Paris-Roubaix and Paris-Roubaix Femmes, its gutters are smoothed by tarmac, so it is possible to escape the worst of the cobblestones.
A largely ceremonial last sector, the cobbles in the town of Roubaix are utterly different from those forming the rural tracks around it. They are smoother and more uniform, created in 1996 to celebrate the race’ s centenary, and are not intended to affect the race as it edges towards the Roubaix Velodrome.
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Tesla looks to resume production at Shanghai plant on April 18 -sources | The Shanghai factory, located in the Pudong district east of the city's Huangpu River, suspended production on March 28 after the city started rolling out lockdown measures to combat a surge in COVID-19 cases that were later implemented city-wide.
The plan for resuming production has the blessing of local authorities but could still be subject to change depending on how the epidemic situation develops in the city, said the people, who declined to be named as the matter is private.
One of people said the U.S. carmaker planned to start with one shift and would gradually ramp up.
Tesla and the Shanghai government did not immediately respond to a request for comment.
The latest stoppage was the longest since the factory started production in late 2019 and has led to an output loss of more than 50,000 units, according to calculations based on internal output plans seen by Reuters.
Ongoing production at the plant could be impacted by difficulties in procuring auto parts, however, as logistics in the city and surrounding areas have been severely disrupted by China's COVID curbs.
He Xiaopeng, the chief executive officer of Chinese electric-car maker Xpeng, said on Thursday that automakers in China may have to suspend production in May if suppliers in Shangahi and surrounding areas were not able to resume work.
( Reporting by Zhang Yan, and Brenda Goh; Editing by Kirsten Donovan) | business |
New to The Street TV / Newsmax TV Announces Nine Guest | NEW YORK, April 15, 2022 ( GLOBE NEWSWIRE) -- FMW Media’ s New to The Street / Newsmax TV announces the televised line-up of its national syndicated 1- hour show, Sunday, April 17, 2022, airing time 10-11 AM ET.
1). Cryptocurrency - LGCY Network’ s ( CRYPTO: LGCY) ( $ LGCY) interviews with Mr. Justin Waiau and Mr. Wes Wade, Co-Founders. 2). Cryptocurrency – Glow Token LLC’ s ( CRYPTO: GLOWV2) ( $ GLOWV2) interview with Mr. Bryan Lawrence, CEO. 3). Cryptocurrency – BlockBank’ s ( CRYPTO: BBANK) ( $ BBANK) interview with Mr. Darren Franceshini, COO 4). GlobeX Data Ltd.’ s ( OTCQB: SWISF) ( CSE: SWIS) ( FRA: GDT) interview with Mr. Alain Ghiai, CEO. 5). Cryptocurrency - SoMee.social’ s ( CRYPTO: SOMEE) ( $ SOMEE) interview with Artist William Debilzan. 6). StrikeForce Technologies, Inc.’ s ( OTCQB: SFOR) interview with Mr. George Waller, Executive Vice-President. 7). Artificial Intelligence Technology Solutions, Inc.’ s ( OTCPINK: AITX) interview with Mr. Steve Reinharz, CEO. 8). B2B Digital, Inc.’ s ( OTCPINK: BTDG) interview with Mr. Greg P. Bell, CEO. 9). Sekur’ s® ( a GlobeX Data, Ltd. division), the “ Weekly Hack - SPECIAL SEGMENT, ” interview with internet privacy expert Mr. Alain Ghiai, CEO.
New to The Street TV airs Anchor Jane King ‘ s in-studio Nasdaq Marketplace interviews with Mr. Justin Waiau and Mr. Wes Wade, Co-founders at LGCY Network ( CRYPTO: LGCY) ( $ LGCY). The Company is a blockchain entity with a community-based focus on a truly decentralized platform network. $ LGCY will operate its blockchain on the TRON network, enabling crypto developers the tools to create dApps ( decentralized applications). Wade talks about its partnership with Diamond Atlas, a Venture Capital firm building a governance application. Once completed, the app will give end-users in the $ LGCY community staking and dividend options. Justin explains that anyone can join the $ LGCY community with their gas tokens to participate in the creation of dApps. The $ LGCY community fund withholds 1/3 of the $ LGCY token’ s supply for staking, and the community votes on using the rewards from staking. The design of the staking rewards is for perpetuity, with available funds to foster and grow good ideas; a decentralized venture capital platform, with the community voting on the agreed funding projects. Favorable vote outcomes eliminate any single significant holder control over proposed project submissions. The perpetual debt fund, the Myriadex DEX ( decentralized exchange), and the developers’ tools make for a remarkable $ LGCY blockchain. Viewers can learn more about LGCY Network at https: //lgcy.network/ and https: //lgcyscan.network/.
On this week’ s New to The Street TV, Mr. Bryan Lawrence, CEO at Glow Token, LLC ( “ GLOW ”) ( CRYPTO: GLOWV2) ( $ GLOWV2), joins TV Anchor Jane King for a live in-studio interview from the Nasdaq Marketplace. Bryan updates the Company’ s business activities and its charitable payments. $ GLOWV2 ecosystem allows for the donation of 1% of transaction revenues to charitable organizations, and Bryan talks about Glow Tokens’ s most recent contributions. Each month, the community votes on a charitable cause and then donates accordingly. Before a charity receives any donations, Management verifies its legitimacy. All token holders earn 10% in BUSD from buying and selling transactions, and the Company is working on its direct swap network, “ GlowSwap, ” that should increase users in the ecosystem. Bryan talks about “ GlowLion, ” an NFT digital artwork platform that allows for purchases on its blockchain. Viewers can download the GlowV2 wallet and learn more about the ecosystem at https: //glowtoken.net/.
Mr. Darren Franceshini, Chief Operations Officer ( COO) at BlockBank ( CRYPTO: BBANK) ( $ BBANK), talks with New to The Street TV’ s Anchor Jane King. BlockBank looks to create a unique and seamless user experience by harmonizing legacy and decentralized financial platforms. As an all-in-one crypto service platform, the Company seeks to help all with an enriched network of services, “ all-things-crypto. ” Anyone interested in crypto, from the novice to the most sophisticated users, can now have a one-stop source. Darren tells viewers about successes in the United Kingdom and the European Union with the BlockBank debit card feature that enables users to purchase goods with crypto or fiat currencies; the card becomes available in North America upon necessary regulatory approvals later in 2022. Anyone can join BlockBank, download from the Google Play and Apple App Store, apply, and provide KYC ( Know Your Client) information. BlockBank members, using $ BBANK tokens, gain access to premium features, 1% -8% cashback, strong APYs, and in-app offers. Viewers can learn more at https: //www.blockbank.ai/.
On this week’ s New to The Street TV show, Mr. Alain Ghiai, CEO, GlobeX Data, Ltd. ( OTCQB: SWISF) ( CSE: SWIS) ( FRA: GDT), returns. He gives Anchor Jane King and viewers an overview of GlobeX Data, Ltd.’ s Sekur® cybersecurity products and talks about global hacking problems. A phishing email went out to 30,000+ account holders in Russia, which breached users’ WhatsApp accounts. Using open-platform email programs like Microsoft’ s Office 365 and Google Workplace Solutions are vulnerable to hackers, and everyone should be concerned about privacy issues regarding the internet and email transmissions. Alain explains the Sekur product solutions available for individuals and businesses. The newest domain integration for businesses is available, providing a layer of security not available using open-platform products. A company can seamlessly migrate its email domains, archive files, and secure text messages with SekurSend and SekurReply. GlobeX Data host its services in Switzerland, benefiting from the stringent Swiss Privacy laws, and uses a closed source proprietary technology on an independent and military-grade encrypted platform.
New to The Street TV Anchor Jane King and Artist William Debilzan talk in-studio at the Nasdaq Marketplace about SoMee.social ( CRYPTO: SOMEE) ( $ SOMEE) and how a decentralized platform can work for art. Being a successful artist for over 30-years with art galleries in California, Florida, and New Mexico, William sees a fantastic future ahead for the art world, who can now digitize existing art and create digitized mediums and sell/buy/trade the corresponding NFTs. He tells viewers he gave about 15 of his art pieces for digitalization and soon an NFT that will launch on SoMee.social. Bringing artists and fashion designers onto a blockchain can be a worthwhile experience on a decentralized platform. To learn more, download the SoMee app - https: //SoMee.social.
StrikeForce Technologies, Inc.’ s ( OTCQB: SFOR) Mr. George Waller, Executive Vice-President, returns as a guest for his in-studio New York Stock Exchange ( NYSE) interview with New to The Street’ s TV Anchor Jane King. George gives the viewers an update on the Company and its SafeVchat™ Secure Video Conferencing platform. Before the Covid-19 outbreaks, the global market for video conference software products was about $ 2B, and now, 2-years later, the market is over $ 60B. Most products on the market have severe technological flaws which allow hackers to breach videos and steal viable and valuable information. George explains the very secure, technologically advanced SafeVchat software and its user growth. The healthcare sector continues to be a growing client at Strikeforce, so much so that Strikeforce applied for HIPPA approvals to ensure compliance necessary to work with healthcare providers. George gives an example of how medical providers can interact on location with patients, nurses, and other doctors using Strikeforce’ s SafeVchat™ Secure Video Conferencing.
New to The Street TV welcomes Mr. Steve Reinharz, Chief Executive Officer at Artificial Intelligence Technology Solutions, Inc. ( OTCPINK: AITX), for his New York Stock Exchange in-studio interview with Anchor Jane King. As a robotic and artificial intelligence-based hardware ( AI) and software solutions Company, Steve gives viewers a comprehensive update on current corporate ongoings. With new products, awards won, and sales/marketing lead generations from the Las Vegas technology show, the Company sees adoption and sales growth upwardly trending in a big way, with security robots becoming an advanced modern security product solution. One award is for AVA ( Autonomous Verified Access), a compact and stanchion mountable unit that provides a field of vision with advanced access to numerous entry points. The Company’ s award-winning RAD Light My Way product offers campus security and property management professionals a new and better way to address security. The solution puts the power of security in the hands of employees, faculty, and students through affordable, intelligent, interactive technologies, a mobile app, and live remote monitoring and response services. Steve gives a product update on “ ROAMEO ” that provides a patrol and interactive security solution for various situations, helping with the employee shortages in the security industries. AITX owns three subsidiaries, Robotic Assistance Devices ( RAD), Robotic Assistance Devices – Mobile ( RAD-M), and Robotic Assistance Device – Group ( RAD-G).
Back on the New to Street TV, Mr. Greg P. Bell, Chief Executive Officer at B2 Digital, Inc. ( OTCPINK: BTDG), talks to Anchor Jane King about the Company. Greg updates BTDG’ s three business avenues: building and growing the minor league MMA ( Mixed Martial Arts) fight venues, growth and expansion of ONE MORE Gym and Spartan Fitness, and production and distribution of its digital content. Revenues year-over-year are up, and Greg gives his revenue projections in the future on all aspects of operations. MMA fight revenues are up because of more monthly fight programs and from the sale of food, beverages, and souvenirs at these venues. Spartan Fitness, LLC is a jiu-jitsu training facility located in Birmingham, Alabama, and the Company expects to open its second facility soon. The digital content business continues to grow from the sales of pay-per-view fees from streamed MMA fights and a Metaverse platform. A subscriber can join the B2 Fighting Series, an MMA Metaverse event platform, and enjoy VR ( Virtual Reality) fight experiences as a spectator at a live event. Expect Mr. Bell to be back on the show in the future, giving updated information regarding the Company’ s growth.
New to The Street airs the “ WEEKLY HACK - SPECIAL SEGMENT ” about Sekur®, a GlobeX Data, Ltd. division, with the internationally acclaimed internet privacy expert, Mr. Alain Ghiai, CEO. Talking with TV Anchor Ann Berry, Alain provides information about “ Spear Phishing ” attacks that target open-platform exchange servers, like Microsoft and Google. Hackers hi-jack an email account and send a particular email that would be of interest or importance to the receiver. Not realizing the email is malicious because recipients, in most cases, know the source, open the email, and malware downloads onto the devices. Alain suggests using Sekur products, which have a SekurSend and SekurReply features for emails and text messages. The Sekur subscribers can send emails safely and expect safe responses even if the email recipients are not Sekur subscribers. Sekur subscribers can add expirations times, limit the number of times read, and add password protection on sent emails. In closing, Mr. Ghiai explains and emphasizes how GlobeX Data, Ltd. operates its internet platforms and security businesses under the country of Switzerland’ s very tough privacy laws. Remember: What is the price of your privacy worth?
B2 Digital, Inc. ( OTCPINK: BTDG) is the premier development league for mixed martial arts ( “ MMA ”). The Company operates in two major branded segments: The B2 Fighting Series and The Official B2 Training Facilities Network, which is comprised of ONE MORE Gym and Spartan Fitness. The Company primarily derives revenues from live event ticket sales, pay-per-view ticket sales, content media marketing, and fitness facility memberships. The Live Events segment ( the B2 Fighting Series) is primarily engaged with scheduling, organizing, and producing live MMA events, marketing those events, generating both live audience and PPV ticket sales, and creatively marketing the archived content generated through its operations in this segment. The Company also plans to generate additional revenues from endorsement deals with global brands as its audience grows. The B2 Fighting Series is licensed in 20 US states to operate LIVE MMA Fights. Most B2 Fighting Series events sell out at the gate. The Company now operates at a pace of more than 40 events per year. The B2 Training Facilities segment operates primarily through its ONE More Gym brand and Spartan Fitness Facilities brand. The Company currently operates five ONE More Gym locations, with plans to continue to scale up the B2 Training Facilities segment at a pace of 15 new locations over the next three years. Both ONE MORE Gym and Spartan Fitness locations include specialized MMA training resources and serve a recruiting function for the Company’ s Live Events segment. – https: //www.b2fs.com/.
LGCY Network ( CRYPTO: LGCY) ( $ LGCY), founded in August 2020, works on delivering the promise of a truly decentralized blockchain. $ LGCY is a DPoS, open-source blockchain protocol with industry-leading transaction speed and flexible utility, and the network aims to be the most decentralized dApp blockchain in the world. One of the shining points of the $ LGCY network is the ability of developers to create dApps and customized wallets. The best part is that the applications and uses are limitless because of the capacity for smart contracts to be deployed and executed on its chain. The central focus of LGCY Network is the community. A DPoS-based blockchain utilizes a community voting system to determine project funding allocations. $ LGCY smart contracts use USDL stablecoin as its gas fee. $ LGCY’ s goal is to be the most decentralized blockchain in existence - https: //lgcy.network/ and https: //lgcyscan.network/.
About Glow Token, LLC. ( CRYPTO: GLOWV2) ( $ GLOWV2):
The Glow ( CRYPTO: GLOWV2) ( $ GLOWV2) mission is to revolutionize the ways of token security while making advancements to the conveniences of using decentralized financing ( DeFi). Glow aims to make sure the community earns dividends, lotteries, and charities in multiple forms. GLOW’ s focus is to bring a much-needed change to DeFi. With community education, blogging, videos, and other forms of awareness, Glow wants to build confidence within its community ecosystem. Their project is community-driven with complete transparency - https: //www.glowtoken.online/.
BlockBank’ s ( CRYPTO: BBANK) ( $ BBANK) vision is to create an all-in-one crypto application that simplifies the user experience without compromising security, privacy, or decentralization. The Company aims to combine the best of DeFi and CeFi worlds in one place and incorporate AI technology to assist users in decision-making. Our objective is to expand the universe of global users and bring broader financial empowerment to them. In 2019, BlockBank launched its first mobile application. Since then, BlockBank has amassed over 50,000 users and will elevate its offerings with the launch of version 2, consisting of CeFi, DeFi, banking, and a robo-advisor - https: //www.blockbank.ai/.
About GlobeX Data, Ltd. ( OTCQB: SWISF) ( CSE: SWIS) ( FRA: GDT):
GlobeX Data, Ltd. ( OTCQB: SWISF) ( CSE: SWIS) ( FRA: GDT) is a Cybersecurity and Internet Privacy provider of Swiss hosted solutions for secure communications and secure data management. The Company distributes a suite of secure messaging applications, encrypted emails services, secure communications, and secure data management tools, using Swiss privacy laws, proprietary technology, and its independent platform, away from big techs hosting platforms. GlobeX Data, Ltd. sells its products through approved wholesalers, distributors, and telecommunications companies worldwide. GlobeX Data, Ltd. serves consumers, businesses, and governments worldwide – https: //www.globexdata.com. Sekur® is a Swiss secure communications application offering secure and private messaging, emails, voice messages, self-deleting messages, and file transfers from any mobile device, tablet, or desktop. Sekur users can communicate with Sekur and non-Sekur users through its unique Chat-By-Invites feature and Sekur, send email system. All data traffic stays in GlobeX Data’ s Swiss-hosted servers, using its proprietary HeliX technology, military-grade encryption, and benefiting from Swiss Privacy Laws – https: //sekur.com & Twitter: @ globexdata.
About SoMee.social ( “ SoMee ”) ( CRYPTO: SOMEE) ( $ SOMEE):
SoMee.social ( CRYPTO: SOMEE) ( $ SOMEE) is a new social media platform that prioritizes user privacy and autonomy. Built on solid incentives to encourage user interactions and quality content to cultivate cohesive community building. SoMee.Social provides several avenues for earning rewards, starting with content monetization, and reward earning options for active community participation or sharing your data if you choose to do so. SoMee.Social is a blockchain-based platform - https: //SoMee.social.
About Strike Force Technologies, Inc. ( OTCQB: SFOR):
StrikeForce Technologies, Inc. ( OTCQB: SFOR) provides a suite of online products that helps prevent cyber theft and data breaches by protecting customers, employees, and partners in real-time at every vulnerable point. Our Products are ProtectID® which offers 2-factor “ Out-of-Band ” authentication across many methods and devices for protection. This approach leverages the 2nd network for entering or receiving passwords, which locks out hackers even if they have your username and password. Service is available for in-house, Cloud Service, or hybrid. ( Patent Nos.: 7870599 & 8,484,698 & 8,713,701). GuardedID®, keyboard encryption and anti-keylogger that functions at the keyboard level, preventing keyloggers ( viruses like Zeus, etc.) from stealing login and confidential information, becoming the # 1 Consumer Threat noted by the FBI in the 2010-2013 Verizon Data Breach Reports. Three Patents for keystroke encryption, US Patents 8,566,608; 8,732,483; and 8,973,107 and two pending patents. MobileTrust® is an iPhone/iPad and Android all-device password vault with a strong password generator. MobileTrust also includes a Mobile Multi-Factor OTP authenticator and keystroke encryption between its virtual keyboard and secured browser, critical to all confidential online transactions and other features ( One International Patent Pending). Our new product, secure SafeVchat, is a video conferencing product. The Company’ s fifth product is PrivacyLoK, a keystroke encryption product that manages your camera & video -https: //www.strikeforcetech.com/.
Artificial Intelligence Technology Solutions, Inc. ( OTCPINK: AITX) is an innovator in delivering artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. AITX’ s RAD, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business through their next-generation robotic product offerings. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.radsecurity.com, www.radlightmyway.com, and Twitter: @ SteveReinharz.
FMW Media operates one of the longest-running US and International sponsored and Syndicated Nielsen Rated programming TV brands, “ New to The Street ” and its blockchain show “ Exploring The Block. ” Since 2009, these brands have run biographical interview segment shows across major U.S. Television networks. The TV platforms reach over 540 million homes in the US and international markets. FMW’ s New to The Street / Newsmax TV broadcasting platform airs its syndication on Sundays at 10 -11 AM ET. FMW is also one of the nation’ s largest buyers of linear television long and short-form - https: //www.newsmaxtv.com/Shows/New-to-the-Street & https: //www.newtothestreet.com/.
This press release contains forward-looking statements within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. In some cases, you can identify forward-looking statements by the following words: “ anticipate, ” “ believe, ” “ continue, ” “ could, ” “ estimate, ” “ expect, ” “ intend, ” “ may, ” “ ongoing, ” “ plan, ” “ potential, ” “ predict, ” “ project, ” “ should, ” “ will, ” “ would, ” or the negative of these terms or other comparable terminology. However, not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at which such performance or results are achieved. This press release should be considered in all filings of the Companies contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
FMW Media Contact: Bryan Johnson +1 ( 631) 766-7462 Bryan @ NewToTheStreet.com
“ New to The Street ” Business Development office. 1-516-696-5900 Support @ NewtoTheStreet.com | general |
New York Factory Activity Rebounded in April -- NY Fed | By Xavier Fontdegloria
Industrial activity in New York state revamped after declining the previous month due to stronger demand for goods in the region, according to a survey from the Federal Reserve Bank of New York released Friday.
The Empire State Manufacturing Survey's general business conditions index rose to 24.6 in April from minus 11.8 in March, the highest reading since December 2021. Economists polled by The Wall Street Journal expected the index to come in at zero.
The indicator, which is based on a survey of manufacturing sector's firms in the region, suggests that factory activity expanded over the month, as a reading above zero suggests that business is growing.
April's data mark a sharp rebound from March, when the survey signaled that activity declined at the fastest pace since May 2020 amid the first Covid-19 wave.
Around 40% of the respondents in April said business conditions improved over the month, while 15% said that conditions worsened.
Demand for goods expanded strongly as the main indexes swung to expansion territory over the month. The new orders index increased to 25.1 from minus 11.2, and the shipments index rose to 34.5 from minus 7.4.
Labor market indicators pointed to a small increase in employment and the average workweek, the report said. The index for number of employees fell to 7.3 from 14.5, signaling a slower pace in job creation, and the average workweek index increased to 10.0 from 3.5.
Supply-chain bottlenecks persisted, but there were some signs of improvement. The delivery times index fell to 21.8 from 32.7, suggesting that vendor times lengthened at a slower pace than in recent months, the report said. However, the unfilled order index edged up to 17.3 from 13.1.
The prices index continued to point to elevated inflationary pressures in the pipeline, according to the survey. The prices paid index rose to 86.4 from 73.8, a record high, and the prices received index fell to 49.1 from 56.1.
Firms in the area were less confident about the short-term outlook. The index for future business conditions declined to 15.2 in April from 36.6, its lowest level since early in the Covid-19 pandemic. Longer delivery times, higher prices and increases in employment are all expected in the months ahead, the New York Fed said.
Write to Xavier Fontdegloria at xavier.fontdegloria @ wsj.com
( END) Dow Jones Newswires
04-15-22 0846ET | business |
China cuts reserve requirements for banks as economy slows | * Chinese economy hit by COVID lockdowns, Ukraine war
* RRR move aims to help businesses, industries
* Central bank says it closely watching inflation
* Some economists fear possible recession in China
BEIJING, April 15 ( Reuters) - China said on Friday it would cut the amount of cash that banks must hold as reserves for the first time this year, releasing about 530 billion yuan ( $ 83.25 billion) in long-term liquidity to cushion a sharp slowdown in economic growth.
The People's Bank of China ( PBOC) said on its website it would cut the reserve requirement ratio ( RRR) for all banks by 25 basis points ( bps), effective from April 25, but analysts said it might not yet be enough to reverse the slowdown.
Heightened global risks from the war in Ukraine and within China widespread COVID-19 lockdowns and a weak property market have triggered convulsions in the world's second-largest economy that are quickly spilling over into global supply chains.
China's exports, the last major driver of growth, are also showing signs of fatigue, and some economists say the risks of a recession are rising.
`` I dont think this RRR cut matters that much for the economy at this stage, '' said Zhiwei Zhang, chief economist at Pinpoint Asset Management, noting it was less than markets had expected.
`` The main challenge the economy faces is the Omicron outbreaks and the lockdown policies that restrict mobility. More liquidity may help on the margin, but it doesnt address the root of the problem, '' he said.
The PBOC said the latest RRR cut would boost the long-term funds for banks, enabling them to step up support for industries and firms affected by COVID-19 outbreaks, and lower costs for financial institutions.
The PBOC will also continue to keep liquidity broadly stable, while closely watching inflationary trends and policy changes made by developed countries, it said.
For city commercial banks that do not have cross-provincial business and rural commercial banks that have an RRR of more than 5%, they are entitled to an additional cut of 25 bps.
The weighted average RRR for financial institutions will be lowered to 8.1% after the cut, the central bank said.
HEADWINDS
The cut had been widely expected after China's cabinet said on Wednesday that monetary policy tools should be used in a timely way to bolster growth.
It follows a broad-based reduction in December and marks the latest step by Chinese policymakers to cushion a sharp slowdown.
The PBOC has also started cutting interest rates, while local governments have expedited infrastructure spending and the finance ministry has pledged more tax cuts.
China's economy rebounded strongly from a pandemic-induced slump in 2020 but cooled over the course of 2021 due to persistent property market weakness and strict measures to contain COVID-19 flare-ups, which hurt consumption.
The government's determination to halt the latest spread of record COVID-19 cases has clogged highways and ports, stranded workers and shut countless factories - disruptions that are ripping through global supply chains for goods ranging from electric vehicles to iPhones.
China's imports unexpectedly fell in March as the restrictions hampered freight arrivals and weakened domestic demand, while export growth also slowed. Factory and services sector activity both contracted.
The government targets economic growth of around 5.5% this year as headwinds build, but some analysts say that may now be hard to achieve without more aggressive stimulus measures.
With other major central banks such as the U.S. Federal Reserve set to aggressively raise interest rates or already doing so, more forceful easing in China could spur potentially destabilizing capital outflows as investors shift money to higher yielding assets.
Earlier on Friday, the PBOC left borrowing costs on medium-term policy loans unchanged for a third straight month, as expected.
( Reporting by Stella Qiu, Kevin Yao and Beijing newsroom; Editing by Kim Coghill and Gareth Jones) | business |
Maeve Higgins: Poisonous forces rise up but we just keep on going | A person is aided outside a subway car in the Brooklyn borough of New York, Tuesday, April 12, after a gunman filled a rush-hour subway train with smoke and shot multiple people. Picture: Will B Wylde via AP
On Tuesday, during the morning rush hour, a man sitting on the N train, a busy subway line serving Brooklyn, Manhattan, and Queens, fastened on a gas mask. Then he dropped two smoke grenades in his carriage and began shooting. He fired 33 shots, hitting 10 people.
The New York Times reported that he fled after this attack, and that as well as the 10 people he shot, all of whom survived and some of whom are in critical condition, at least 13 others were injured, either by falling, having a panic attack, or inhaling smoke. This is the worst mass shooting ever on New York City public transport.
On Wednesday, a full day after the attack, the suspect, a 62-year-old man named Frank R James, was still on the loose. I took the subway that Wednesday morning, and there was a loud chorus of emergency alerts sent to everybody’ s phones. Everyone on my carriage checked their devices, and individually but simultaneously read a warning from the New York Police Department with a brief description of the suspected gunman and a number for a tip line.
There were slight grumbles from a couple of passengers, then we went back to politely ignoring each other on our way to work and school.
It’ s a strange time to be in the city and getting the subway, but that is what many of us are doing. What is the alternative? It would be stranger not to. My friend Kevin summed it up when I asked him how he feels about taking the train these days. “ Stoic, ” he tells me.
Trains seem dicier, but I’ m always late. I don’ t have cab fare, and I sure as hell ain’ t walking. ”
The conversation around safety on the subway has grown a whole lot louder these past few years, as the pandemic decimated ridership and more homeless and mentally ill people took shelter underground.
I’ ve written in this newspaper before about the horrifying rise in hate crimes against Asians and Asian-Americans, including the murder of Michelle Alyssa Go, who died after a man shoved her onto the tracks in front of a moving train at Times Square in January.
It was Ms Go’ s death that made commuter Saedi Burke consider taking more precautions for her own safety, saying: “ I’ m not Asian, I’ m Middle Eastern and I live in Brooklyn.
I have never carried mace in NYC, but I’ m going to start. ”
Ms Burke has made other changes too. She explained she is careful now to stand in the middle of the platform, to keep the volume in her headphones low, and make sure she’ s aware of her surroundings. Other women told me they have also become more vigilant, using alternative modes of public transport where they can, or using a ride-share app or hailing a taxi.
A Chinese-American commuter named Diana has to get from Brooklyn to mid-town Manhattan for work three times a week, and via direct message on Instagram, she told me: “ Ever since Covid really took hold at the start of 2020, I just got really antsy about taking the subway into the city, not just for anti-Covid reasons but also because of the increasing number of Asian hate crimes. ”
Terrified of being attacked or pushed onto the tracks, she bought and learned to ride a motorcycle. Diana still takes the train, but less often. This week, she was grateful that she decided not to go into the office on Tuesday, because she would have taken the N train on the same route the shooter took.
Aisling Spital lives in Brooklyn and commutes too, but she has more public transport options than most others: `` I live right next to the NYC ferry and take that when I can.
I avoid the subway at all costs. ”
The subway remains an essential part of life for many who do not live close to or can not afford other options. On my Wednesday-morning commute, despite the gunman still on the loose, the train was busy. There were construction workers, schoolkids, and tourists packed into my carriage. Aside from being vital to the city’ s various functions, the subway is a beloved and important New York City institution. Another rider, Gaela LaPasta, told me: “ I used to revel in the occasional weirdness of the subway during late nights. Now, I’ m nervous. ” | general |
Helbiz Announces 2021 Financial Results, YoY Revenue Up 190% | Mobility Revenue Up 135%
Active Users and Trips Up Substantially
Helbiz Unlimited subscriptions grew by 246%
New Media Business Contributed 22% of Total Revenue
Helbiz Announces 2021 Financial Results, YoY Revenue Up 190% ( Graphic: Business Wire)
Helbiz Announces 2021 Financial Results, YoY Revenue Up 190% ( Graphic: Business Wire)
NEW YORK -- ( BUSINESS WIRE) -- Helbiz Inc. ( “ Helbiz ” or “ the Company ”) ( Nasdaq: HLBZ), a global leader in micro-mobility and the first company in its industry to be publicly listed in the U.S., today reported its financial results for the year ended December 31, 2021 on Form 10-K filed today with the U.S. Securities and Exchange Commission.
Full Year 2021 Business and Financial Highlights
Financial
Mobility
Media
Delivery
Helbiz Founder and Chief Executive Officer Salvatore Palella said, “ 2021 was full of accomplishments that marked our progress toward becoming a leader in urban mobility and lifestyle services. We made tremendous progress combining technological innovation and partnerships, upgrading Helbiz from a mobility-focused company into one providing multiple service offerings, such as media content, advertising, and food delivery. We enter 2022 with strong momentum in each of our lines of business. Looking forward, we expect to grow our fleet, increase team members, and expand into more cities globally. ”
Elaborating on partnerships and technology, Palella said, “ Technology is fundamental to Helbiz. We are innovating to enhance the lives of our customers and working hard to improve our core services, especially around safety. Our technology allows our riders to be safe and for us to be the best possible partners to local governments and communities. For example, our app can confirm helmet use by taking a selfie photo, detect unsafe operation and follow local guidelines on operating areas and speed. As well, we have worked with partners like one that integrated computer vision technology to detect sidewalk riding and will slow down or stop the device. ”
Palella continued, “ An important priority for us and our customers is environmental and social impact. In 2021, we adopted our Environmental, Social and Governance ( ESG) policy, which gives interested parties information on our efforts. We designed our ESG framework around internationally recognized standards such as GRI and the UN Sustainability Framework, and we operate Helbiz in compliance with these guidelines, policies and best practices. We will continue to expand the information we share around our ESG efforts to soon include a continually updated dashboard hosted on our website. ”
Commenting on financial performance, Helbiz Chief Financial Officer Giulio Profumo said, “ Revenue performance was outstanding, up 190% for the year despite many of our cities still experiencing an impact from COVID. Our new media service was a strong contributor, confirming our ability to introduce attractive new services to our growing customer base. Furthermore, we are building visibility by increasing our subscription revenues, both for Helbiz Unlimited for mobility and Helbiz Live for media. Subscriptions are a key focus for us, because they tighten the customer relationship, secure recurring revenue and encourage greater use of our services. ”
Profumo added, “ Looking ahead, we are excited about our prospects for 2022 and beyond. The growth of our core mobility business will be driven by our investment in new city openings and expanding our fleet around the world. We expect our 25,000 vehicle fleet expansion to roll out over the next few months, greatly increasing our revenue-generating capacity. Importantly, we can fund our growth: we exited 2021 with a cash balance of $ 21 million, additional borrowing capacity, and a publicly traded stock that gives us access to the capital markets. After an incredibly successful 2021, we have never been more excited about our outlook. ”
Conference Call Details
Helbiz will conduct a conference call at 9:00 a.m. Eastern time on Friday, April 15, 2022 to discuss the Company’ s business and financial results.
Live Dial-in Details:
North America ( toll-free): +1 ( 833) 693-0551 International: +1 ( 661) 407-1590 Conference ID: 4545176 Webcast: Here
A simultaneous webcast of the conference call will also be available on Helbiz's investors relations website at https: //investors.helbiz.com/. An archived version of the webcast will be available on the Helbiz investor relations website for one year at https: //investors.helbiz.com/.
About Helbiz
Helbiz is a global leader in micro-mobility services. Launched in 2015 and headquartered in New York City, the company offers a diverse fleet of vehicles including e-scooters, e-bicycles and e-mopeds all on one convenient, user-friendly platform with over 40 licenses in cities around the world. Helbiz utilizes a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability. Helbiz is expanding its urban lifestyle products and services to include live streaming services, food delivery, financial services and more, all accessible within its mobile app. For additional information, please visit www.helbiz.com.
Forward-Looking Statements
Certain statements made in this press release are “ forward-looking statements ” within the meaning of the “ safe harbor ” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “ anticipate ”, “ believe ”, “ expect ”, “ estimate ”, “ plan ”, “ outlook ”, and “ project ” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’ s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: ( i) the failure to meet projected development and production targets; ( ii) changes in applicable laws or regulations; ( iii) the affect of the COVID-19 pandemic on the Company and its current or intended markets; and ( iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission ( the “ SEC ”) by the Company. Additional information concerning these and other factors that may impact the Company’ s expectations and projections can be found in its periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The Company’ s SEC filings are available publicly on the SEC's website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to Helbiz and speaks only as of the date on which it is made. Helbiz undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
HELBIZ, INC.
Consolidated Balance Sheets
( in thousands, except share and per share data)
December 31,
December 31,
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
21,143
$
757
Account receivables
451
96
Contract Assets – Media rights
2,758
—
Prepaid and other current assets
7,672
1,166
Total current assets
32,025
2,019
Property, equipment and deposits, net
7,616
3,723
Goodwill
10,696
—
Intangible Assets, net
2,075
167
Other Assets
1,212
451
TOTAL ASSETS
$
53,623
$
6,360
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
$
5,562
$
2,970
Account Payable related to D & O Insurance
2,548
—
Account Payable related to Media rights
2,426
—
Accrued expenses and other current liabilities
3,806
1,073
Deferred Revenues
1,585
146
Warrant Liabilities
1,596
6,439
Short term financial liabilities, net
25,473
2,861
Total current liabilities
42,996
13,489
Other non-current liabilities
419
149
Non-current financial liabilities, net
18,057
4,028
TOTAL LIABILITIES
61,472
17,666
Commitments and contingencies
( A)
CONVERTIBLE PREFERRED STOCK
Convertible Preferred Stock Series A, $ 0.0001 par value; 4,000,000 shares authorized at December 31, 2020; no shares issued and outstanding at December 31, 2020. No shares authorized as of December 31 2021.
—
—
Convertible Preferred Stock Series B, $ 0.0001 par value; 2,000 shares authorized at December 31, 2020; 453 shares issued and outstanding at December 31, 2020. No shares authorized as of December 31, 2021.
—
4,040
STOCKHOLDERS’ DEFICIT
Preferred stock, $ 0.00001 par value; 100,000,000 shares authorized; none issued and outstanding
—
—
Class A Common stock, $ 0.00001 par value; 285,774,102 shares authorized and; 16,289,209 and 20,359,154 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively.
101,454
24,872
Class B Common stock, $ 0.00001 par value; 14,225,898 shares authorized, issued and outstanding at December 31, 2021 and 0 shares authorized, issued and outstanding at December 31, 2020.
—
—
Subscription Receivables
—
( 4,033
)
Accumulated other comprehensive ( loss) income
( 621
)
36
Accumulated deficit
( 108,682
)
( 36,221
)
Total stockholders’ deficit
( 7,849
)
( 15,346
)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
$
53,623
6,360
( A) Commitments and Contingencies
Leases
The Company entered into various non-cancellable operating lease agreements for office facilities, permit and brand licensing, e-mopeds leases, corporate vehicles’ licensing, and corporate housing with lease periods expiring through 2024. These agreements require the payment of certain operating expenses, such as non-refundable taxes, repairs and insurance and contain renewal and escalation clauses. The terms of the leases provide for payments on a monthly basis and sometimes on a graduated scale. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid.
Future annual minimum lease payments as of December 31, 2021, are as follows:
Amount
Year ending December 31:
2022
$
1,665
2023
489
2024
45
Thereafter
—
Total
$
2,199
Lease expenses under operating leases were $ 5,203 for the year ended on December 31, 2021, and $ 1,216 for the year ended on December 31, 2020. In detail, the 2021 lease expenses are highly impacted by a non-recurring annual lease agreement entered with Skip Transport, Inc on January 1, 2021, for a cumulative amount recorded as Cost of Revenues of $ 2,750. Based on the mentioned lease agreement, the Company leased: ( i) the transportation license to operate e-scooters in Washington D.C., and ( ii) Skip’ s mobile application in specific areas.
Media rights – Purchase Commitments
During 2021, the Company decided to enter into a new business line: the acquisition, commercialization and distribution of contents including live sport events to media partners and final viewers. In order to commercialize and broadcast media contents, the Company entered into non-cancellable Content licensing and Service agreements with multiple partners such as LNPB. These agreements require the payment of certain fees and contain renewal and escalation clauses. The terms of the agreements provide for payments on a periodical basis and on a graduated scale. The Company recognizes expense on a straight-line basis over the agreement period and has accrued for expense incurred but not paid.
Future annual minimum payments related to Media rights’ agreements as of December 31, 2021, are as follows. All the agreements are in Euro, in order to calculate the future annual minimum payments, the Euro payments are exchanged in Dollar using the 2021 average exchange rate.
Amount
Year ending December 31:
2022
$
18,358
023
18,588
2024
9,498
Thereafter
—
Total
$
46,443
Content licensing expenses, recorded as Cost of Revenues, were $ 9,415 for the year ended on December 31, 2021.
Miami FC – Sponsorship Commitments
The Company entered into an agreement with Miami FC for the sponsorship of four United Soccer League ( “ USL ”) Championship Seasons. The agreement expires upon the conclusion of the Miami FC’ s 2023 USL Championship season. The Company may terminate the agreement, with at least 180 days’ notice, if the Company ceases operations in the South Florida Market or if the United Soccer League Championship is terminated or reduces its schedule of games per season to 30 or less.
Future annual minimum sponsorship payments as of December 31, 2021, are as follows:
Amount
Year ending December 31:
2022
$
525
2023
650
2024
—
Thereafter
—
Total
$
1,175
Litigation
There are currently no material legal proceedings against or that have been against the Company. The Company does not disclose the litigation with a remote possibility of an unfavorable outcome.
HELBIZ, INC.
Consolidated Statements of Operations and Comprehensive Loss
( in thousands, except share and per share data)
Year Ended December 31,
2021
2020
Revenue
$
12,834
$
4,418
Operating expenses:
Cost of revenues ( B)
33,846
7,870
Research and development ( B)
2,826
1,604
Sales and marketing ( B)
10,875
4,808
General and administrative ( B)
24,411
10,075
Total operating expenses
71,958
24,357
Loss from operations
( 59,124
)
( 19,939
)
Other income ( expenses)
Interest expense, net
( 4,291
)
( 2,232
)
Gain on extinguishment of debts
—
2,739
Loss on extinguishment of debts
—
( 930
)
Change in fair value of warrant liabilities
( 8,432
)
( 4,062
)
Other financial income ( expenses)
( 274
)
( 135
)
Total other expenses, net
( 12,997
)
( 4,620
)
Income Taxes
150
( 14
)
Net loss
$
( 71,971
)
$
( 24,573
)
Deemed Dividends and Deemed Dividends equivalents
$
( 490
)
$
( 423
)
Net loss attributable to common stockholders
$
( 72,461
)
$
( 24,996
)
Net loss per share attributable to common stockholders, basic and diluted
$
( 2.91
)
$
( 1.35
)
Other comprehensive ( loss) income, net of tax:
Changes in foreign currency translation adjustments
$
( 657
)
$
38
Net loss and comprehensive income, excluded Series A Dividends
$
( 72,628
)
$
( 24,535
)
( B) Includes stock-based compensation for employees and services received, as follows
Year Ended December 31,
2021
2020
Cost of revenue
$
27
37
Research and development
415
708
Sales and marketing
1,468
577
General and administrative
5,469
3,543
Total stock-based compensation expenses
$
7,379
4,865
HELBIZ, INC.
Consolidated Statements of Cash Flows
( in thousands, except share and per share data)
Year Ended December 31,
2021
2020
Operating activities
Net loss
$
( 71,971
)
$
( 24,573
)
Adjustments to reconcile net loss to net cash provided by ( used in) operating activities:
Depreciation and amortization
6,640
2,355
Loss on disposal of assets
378
838
Non-cash Interest expenses
3,576
2,206
Change in fair value of Warrant liabilities
8,432
4,062
( Gain) or Loss on extinguishment of Debts
—
( 1,809
)
Share-based compensation
7,379
4,865
Other non-cash items
1,490
112
Changes in operating assets and liabilities:
Prepaid and other current assets
( 8,887
)
( 653
Security deposits
( 536
)
( 331
)
Accounts receivable
( 293
)
314
Accounts payable
6,967
1,046
Accrued expenses and other current liabilities
3,733
160
Other non current liabilities
101
—
Net cash used in operating activities
( 42,991
)
( 11,408
)
Investing activities
Purchase of property, equipment, and deposits
( 9,366
)
( 4,048
)
Purchase of intangible assets
( 347
)
( 382
)
Acquisition of business, net of cash acquired
( 1,984
)
—
Proceeds from repayment of Receivable, due from related party – Officer
—
1,382
Net cash used in investing activities
( 11,697
)
( 3,048
)
Financing activities
Proceeds from issuance of financial liabilities, net
51,167
6,481
Repayment of financial liabilities
( 5,064
)
( 1,750
)
Proceed from exercise of warrants
7,631
1,088
Proceeds from sale of Convertible Series B Preferred Stock
—
985
Proceeds from settlement of Subscription receivables
4,033
—
Proceeds from sale of Class A common shares, net
923
6,809
Proceeds from Business Combination and PIPE financing
20,281
—
Payments of offering costs and underwriting discounts and commissions
( 3,024
)
—
Net cash provided by financing activities
75,947
13,613
Effect of exchange rate changes
( 797
)
27
Net increase ( decrease) in cash and cash equivalents, and restricted cash
20,462
( 818
)
Cash and cash equivalents, and restricted cash, beginning of year
790
1,608
Cash and cash equivalents, and restricted cash, end of year
$
21,252
$
790
RECONCILIATION OF CASH, CASH EQUIVALENT AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET
Cash and cash equivalents
21,143
757
Restricted cash, included in Other Assets, non-current
109
33
Supplemental disclosure of cash flow information
Cash paid for:
Interest, net
$
666
$
27
Income taxes, net of refunds
$
28
$
—
Non-cash investing & financing activities
Issuance of Class A common shares – Exercise of Warrant Derivative Liabilities, Fair Value
$
15,233
$
—
Issuance of common shares – for settlement of Lease
1,747
—
Issuance of common shares – for settlement of Current financial liabilities
12
—
Issuance of common stock – MiMoto Smart Mobility S.r.l. Acquisition
10,389
—
Issuance of common shares – for Preferred share conversion
4,530
—
Issuance of common stock – Commitment shares for Convertible Notes issuance
1,854
—
Issuance of Warrants - in conjunction with Convertible Notes issuance
2,245
—
Beneficial conversion features ( BCF) - for Convertible Notes issuance
4,187
—
Convertible debts converted into Common Shares
—
3,604
Convertible Preferred Stock Series A converted into Common Shares
—
3,781
Convertible Preferred Stock Series A converted into Convertible Preferred Stock Series B
—
3,208
Common Shares issued for warrant exchanged recorded as Subscription Receivables
—
4,033
Short term financial debts converted into Common Shares
—
180
Vehicle Deposit, included in Account Payable
309
Prepaid expenses related to D & O insurance, included in Account Payable
2,548
—
Issuance of Class A common shares ( PIPE units) - for settlement of Promissory Notes
5,000
— | general |
Heinrich Haussler: A fall Paris-Roubaix and Tour of Flanders 'makes no sense ' | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Heinrich Haussler ( Bahrain Victorious) has raised doubts over the notion that the UCI and race organizers could move the Tour of Flanders and Paris-Roubaix to the fall.
The idea was first tabled by UCI president David Lappartient in an interview with Wielerflits on Thursday with the Frenchman stating that the governing body and ASO – which runs Paris-Roubaix – were open to the idea of rescheduling two of the biggest one-day races in the calendar.
Paris-Roubaix did take place in the fall during the 2021 season due to a postponement caused by the COVID-19 pandemic but it has since returned to its spring slot – albeit a week later than usual due to the French presidential elections forcing a date change.
Haussler, a veteran of a combined 28 starts at Paris-Roubaix and the Tour of Flanders has voiced his reservations when it comes to moving both races permanently to the second half of the year.
“ To be honest I don’ t really know why they would want to change it, ” he told VeloNews on Friday morning from his home in Germany.
“ Maybe they are looking for some spectacular weather with the cold conditions. I have no idea. The race calendar is so packed until that point with so many races, I don’ t even know where they would want to fit it in. Plus, it takes away that whole classics atmosphere, that whole build-up, from ‘ opening weekend’, right through until Roubaix.
“ It’ s a big build-up, not just for riders but also in Belgium, in the newspapers. Then you’ ve got all the other races like E3, De Panne, and Gent-Wevelgem all leading up to the hype around Flanders. Changing it makes no sense. It makes no sense, to be honest, but who knows what the idea is behind it. ”
For Haussler, who raced throughout this spring until injury ruled him out of Paris-Roubaix, the notion of ending a reformatted spring with a race such as Gent-Wevelgem would dismantle the flow of the season and the pinnacle and emphasis that comes with racing “ Holy Week ” – the term used to coin the days stretching from the Tour of Flanders to Paris-Roubaix.
“ It would just be strange ending the classics with Gent-Wevelgem or Harelbeke. All winter the classics riders are so focused on these races, it would just be really strange not to finish off that period with Flanders and Roubaix. ”
Regardless of date changes at this point, Haussler will not race this Sunday. He underwent two operations this week with a metal plate removed from an old collarbone break and then a piece of tissue removed from his knee after a crash he sustained earlier in the spring.
He will be off the bike for the next few weeks but hopes to return to full strength soon enough.
“ My wife has just picked me up from the hospital just now. I had an operation on my knee and they also took out a metal plate in my shoulder, which had been there for ages, ” he said.
“ I crashed before Flanders and hurt my knee pretty badly. They had to go in and take out a piece of tissue that was under the kneecap. It means I’ ll be out for a while now but I should be back on the bike in a few weeks. It should all be good. ”
Get the latest race news, results, commentary, and tech, delivered to your inbox. | general |
MALI: AfDB to take over financing of Kenié dam abandonned by IFC | The future of the Kenié hydroelectric power station project is still in doubt, nearly seven years after the Malian state signed a concession contract with Eranove. [... ]
African Development Bank president Akinwumi Adesina is due to hold an event in Abidjan in mid-March dedicated to the resilience of African economies to the Covid-19 pandemic. [... ]
Having teamed up in the Asonha Energie consortium, France's Meridiam and the Fonds Gabonais d'Investissements Stratégiques are putting the finishing touches to the financial package for their 34 MW dam project. [... ]
The French electricity producer Eranove may not have yet closed the finances for its Kénié hydropower project but has already locked in the site constructor, Chinese dam engineering giant Sinohydro. [... ]
The Ivorian government wants to take a stake in a thermal power plant near the country's economic capital. [... ]
After numerous delays, the 42 MW Kenie dam project may finally gain some traction, three years after a concession agreement [... ]
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A pioneer on the web since 1996, Africa Intelligence is the leading news site on Africa for professionals. | general |
Apple, others face shipment delays as China COVID curbs squeeze suppliers | China's race to stop the spread of COVID-19 has jammed highways and ports, stranded workers and left countless factories awaiting government approval to reopen - disruptions that are rippling through global supply chains.
Apple Inc supplier Pegatron Corp said this week it would suspend its plants in Shanghai and Kunshan, where according to supply chain experts it produces the iPhone 13, the iPhone SE series, and other legacy models.
Quanta Computer Inc, which produces some three-quarters of Apple's Macbooks globally, also shut operations, which could impact delivers more severely, analysts said.
The final impact on Apple's supply chain is uncertain and depends on factors including how long lockdowns persist.
The company may also consider re-routing production out of Shanghai and Kunshan to factories elsewhere, such as Shenzhen, which currently is not under lockdown, analysts said.
`` Apple may consider transferring the orders from Pegatron to Foxconn, but we expect the volume may be limited due to the logistics issue and the difficulty of equipment adjustment, '' said Taipei-based Eddie Han, a senior analyst at Isaiah Research. Foxconn is the trade name of Hon Hai Precision Industry Co Ltd.
As a worst-case scenario, Pegatron may fall behind on 6 million to 10 million iPhone units if the lockdowns last two months and Apple can not reroute orders, Han said.
Apple did not respond to a request for comment.
The chief executives of Huawei Technologies Co Ltd and Xpeng Inc have flagged huge economic costs if factories in Shanghai can not resume production soon.
Shanghai is approaching its third week of lockdown and has shown no sign of a wide re-opening.
Forrest Chen, research manager at Trendforce told Reuters that if lockdowns lift in a few weeks, there is still a chance to recover.
However, `` if the lockdown lasts longer than two months, there is already no way to recover. At that point, after lockdown lifts, there would be a shortage for end-users, '' he said.
Some suppliers may be able to re-route production.
Unimicron Technology Corp, which makes printed circuit boards for companies including Apple, told Reuters the impact of the Kunshan lockdown so far has been minor and that it can rely on other plants in the Hubei province and Taiwan to support production.
But logistics and transport remain a nationwide issue, as cities across China enact measures.
One factory owner in Kunshan told Reuters that the district government had announced protocol for re-opening but provided no date for implementation.
Laptop makers may also suffer, including Compal Electronics Inc, a Taiwan-based company that makes PCs for Dell Technologies Inc and Lenovo Group Ltd from its plants in Kunshan. Chen estimates that roughly 50% of Compal's laptop production is located in Kunshan.
Compal told Reuters on Friday that it had not halted production in Kunshan. Dell and Lenovo did not respond to emails seeking comment.
( Reporting by Josh Horwitz in Shanghai and Sarah Wu in Taipei; Editing by Sayantani Ghosh and Christopher Cushing)
By Josh Horwitz and Sarah Wu | business |
What China is getting wrong: It’ s not just covid | Russia wants to impose its brutal vision on its neighbour. That is everyone’ s business
The Ukrainian economy is in tatters and much of its infrastructure wrecked. Setting things right could cost half a trillion dollars
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 |
Improved models of care for cancer survivors | The number of survivors of cancer is increasing substantially. Current models of care are unsustainable and fail to address the many unmet needs of survivors of cancer. Numerous trials have investigated alternate models of care, including models led by primary-care providers, care shared between oncology specialists and primary-care providers, and care led by oncology nurses. These alternate models appear to be at least as effective as specialist-led care and are applicable to many survivors of cancer. Choosing the most appropriate care model for each patient depends on patient-level factors ( such as risk of longer-term effects, late effects, individual desire, and capacity to self-manage), local services, and health-care policy. Wider implementation of alternative models requires appropriate support for non-oncologist care providers and endorsement of these models by cancer teams with their patients. The COVID-19 pandemic has driven some changes in practice that are more patient-centred and should continue. Improved models should shift from a predominant focus on detection of cancer recurrence and seek to improve the quality of life, functional outcomes, experience, and survival of survivors of cancer, reduce the risk of recurrence and new cancers, improve the management of comorbidities, and reduce costs to patients and payers. This Series paper focuses primarily on high-income countries, where most data have been derived. However, future research should consider the applicability of these models in a wider range of health-care settings and for a wider range of cancers.
The number of survivors of cancer is increasing substantially. Current models of care are unsustainable and fail to address the many unmet needs of survivors of cancer. Numerous trials have investigated alternate models of care, including models led by primary-care providers, care shared between oncology specialists and primary-care providers, and care led by oncology nurses. These alternate models appear to be at least as effective as specialist-led care and are applicable to many survivors of cancer. Choosing the most appropriate care model for each patient depends on patient-level factors ( such as risk of longer-term effects, late effects, individual desire, and capacity to self-manage), local services, and health-care policy. Wider implementation of alternative models requires appropriate support for non-oncologist care providers and endorsement of these models by cancer teams with their patients. The COVID-19 pandemic has driven some changes in practice that are more patient-centred and should continue. Improved models should shift from a predominant focus on detection of cancer recurrence and seek to improve the quality of life, functional outcomes, experience, and survival of survivors of cancer, reduce the risk of recurrence and new cancers, improve the management of comorbidities, and reduce costs to patients and payers. This Series paper focuses primarily on high-income countries, where most data have been derived. However, future research should consider the applicability of these models in a wider range of health-care settings and for a wider range of cancers. | tech |
Cracks in the foundation: how COVID-19 showed our failures | In 1963, James Baldwin, one of the USA's greatest essayists, published The Fire Next Time. The book's title comes from a slave song— ” God gave Noah the rainbow sign/No more water but the fire next time ”. Baldwin's words sounded a warning that the USA needed to confront its racial hierarchy by embracing racial equality or doom its future. Sandro Galea's book, The Contagion Next Time, is titled in a homage to Baldwin and it also sounds a warning. Galea's central argument is that vulnerability to COVID-19 lies with a societal failure to recognise that the foundation of health rests on a healthy everyday life and not simply in the provision of health care. He ponders why this key lesson is not at the centre of pandemic discourse, which instead focuses on vaccination and treatment. In often lyrical prose, Galea roams across history, culture, literature, moral values, economics, politics, and personal pandemic experience. Although situated in a global context, the book's focus is the USA. Galea considers especially the enduring impacts of racism on health and the centrality of structural racism to understanding the USA.
Globally, there were more than 6 million COVID-19 deaths by early April, 2022. Amid this carnage, few have asked why, if this novel virus was the spark, there was so much dry grass. The Contagion Next Time is suffused with Galea's anguish that failure to grapple with this question will cost more lives. Worse, the world may fare even more poorly when the next contagion arrives.
After the omicron ( B.1.1.529) surge, which occurred after this book was written, the USA is now approaching a staggering 1 million COVID-19 deaths. An analysis in 2021 by the Lancet Commission on public policy and health in the Trump era, to which both Galea and I contributed, found that about 40% of US COVID-19 deaths “ could have been averted had the US death rate mirrored the weighted average of the other G7 nations ”. In February, 2022, the per capita cumulative COVID-19 death rate in the USA exceeded that of other wealthy nations and during omicron placed the USA in a league all its own. Just what is going on?
Galea, who is Dean of the Boston University School of Public Health, USA, seeks the answers with erudition and passion. He begins with reflections of an array of relevant data. But most of the book reads as a journey towards understanding why the USA has fared so poorly. The answers have little to do with the scientific breakthroughs that brought us COVID-19 vaccines in such record time. Galea points to the US obsession with individualism, making achievement of health a personal project, rather than a collective one, and an attachment to technology that has given priority to medical care over public health. He also posits widespread lack of compassion, which erodes solidarity. Galea does not shrink from naming an aversion to complexity in some quarters that made policy making difficult in the pandemic. COVID-19 demanded high-impact decisions that rested on imperfect, incomplete information. A lack of humility may also have contributed to at times contradictory public pronouncements. And there is a failure to confront racism ( embedded in the founding of the USA), marginalisation, and socioeconomic inequality. Galea ends by observing that choosing health will mean “ reorienting our social, economic and political priorities ” to support our collective wellbeing.
But there are questions that go unasked and unanswered. Just why would a belief that medical care creates health persist, faced with decades of public health thinking that has shown the minor share of population health attributable to clinical care? The WHO Commission on Social Determinants of Health began its 2008 final report, “ Social justice is a matter of life and death. ” It would seem time to ask, who benefits from these unhealthy arrangements? And there are answers. At their root lies an unfettered pursuit of profit that is not good for health. The US departure from the health performance of its peer nations began in around 1980 as market-oriented policies triumphed. Nicholas Freudenberg in his book At What Cost: Modern Capitalism and the Future of Health confronts directly how with present predatory capitalism in the USA there is widespread damage to the public's health. Haven’ t we seen this also with COVID-19? Millions lost their jobs while the stock market flourished. Income inequality increased as life expectancy plunged precipitously among racially marginalised groups in the USA. Meanwhile, equitable access to COVID-19 treatments and vaccines is not a reality for many people in low-income and middle-income countries. Debates continue over patent protections.
The impact of anti-communism in the USA has limited interrogation of capitalism. But the USA is a capitalist country. Nearly 60 years ago, Baldwin sounded the alarm for the enduring harm of racism to the future of the USA, a lesson which Galea has amplified. Perhaps a more courageous book that contemplates the next contagion would go a step further in sounding the alarm for the health effects of modern capitalism. | tech |
Bragar Eagel & Squire, P.C. | Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Butterfly Network, Inc. ( “ Butterfly ” or the “ Company ”) ( NYSE: BFLY) in the United States District Court for the District of New Jersey on behalf of ( a) all persons and entities who purchased or otherwise acquired Butterfly securities between February 16, 2021 and November 15, 2021, both dates inclusive ( the “ Class Period ”), and/or ( b) all holders of Butterfly common stock as of the record date for the special meeting of shareholders held on February 12, 2021 to consider approval of the merger between Longview and Butterfly. Investors have until April 18, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit. According to the complaint, on February 12, 2021, Longview shareholders voted to approve the merger with Butterfly. On February 16, 2021, Longview changed its name to Butterfly Network, Inc. and began trading on the NYSE.
The complaint alleges that throughout the class period, defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Additionally, the Proxy and defendants failed to disclose that: ( i) Butterfly had overstated its post-merger business and financial prospects; ( ii) Butterfly’ s financial projections failed to take into account the COVID-19 pandemic's broad consequences, which included healthcare logistical challenges, and medical personnel fatigue; and ( iii) Butterfly's gross margin levels and revenue projections were less sustainable than the Company had represented.
On November 15, 2021, Butterfly announced its financial results for the third quarter of 2021. In a press release, Butterfly advised, among other things, that the Company’ s total gross margin for the quarter was negative 35% and that the Company expected its revenue for 2021 to be $ 60- $ 62 million, significantly below the guidance it gave out in Q1 of $ 76-80 million. On an earnings call the same day, Butterfly’ s CEO stated that the Company's results were impacted by “ healthcare logistical challenges, and doctor, nurse, and medical technician fatigue concurrent with COVID conditions and its broad consequences. ”
On this news, Butterfly’ s stock price fell $ 1.08, or 12.55%, to close at $ 7.52 per share on November 15, 2021.
If you purchased or otherwise acquired Butterfly shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at investigations @ bespc.com, telephone at ( 212) 355-4648, or by filling out the form below. There is no cost or obligation to you.
Copyright © 2022 Bragar Eagel & Squire, P.C. All Rights Reserved. Attorney Advertising. Prior results do not guarantee a similar outcome. | general |
TP Minds Americas returns to the LIVE stage this April | This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.
Our opening session of the conference will include a variety of Americas tax jurisdictions and global decision makers at the forefront of international tax policy. We 'll be discussing the latest global developments in tax and international directives, as well as what challenges lie ahead and how different tax jurisdictions are approaching tax reform post COVID-19 and in the years ahead.
It's becoming increasingly apparent that the digital economy is no longer a matter purely for tech companies, but for all companies. TP Minds Americas will bring together in-house transfer pricing leaders to discuss what latest global policy developments will mean for their businesses and what can be done to help shape policy in this area, featuring an in-depth look at Pillar 2 and challenges ahead in taxing the digital economy.
With many tax professionals expecting the number of transfer pricing disputes to rise due to COVID-19, this session will explore the existing controversy landscape in the Americas in more volatile landscape, take a look at recent international cases making an impact, and offer practical tips and guidance when resolving transfer pricing disputes.
The recent impact of the pandemic and economic challenges means audits are a huge topic - we will be discussing new advice and recommendations to consider in your year-end planning and audit documentation, what the IRS requirements are, how different and more aggressive tax authorities are approaching audits, global trends and what America's multinationals need to know for the future.
This year we are featuring updates from Europe on everything from Brexit to DAC6 rollbacks, from Asia on new updates in China, Singapore, Australia and India, and from Latin America on hot topics such as Brazil entering the OECD membership, cross border trade & debt, duties, customs & trade, VAT, recent disputes affecting these jurisdictions and what US MNE's who operate here need to know about their current regulatory climate.
Between the effects of COVID-19 and the new Biden administration, many aspects of how the US governs tax are coming into question. Join us in our final panel of the conference in a Q & A session with our top corporate speakers where you can pose your questions to the most experiences Tax Directors out there on the roadmap for 2021 and what lies ahead for US MNE's.
Reconnect with the industry at the premier meeting place for transfer pricing professionals.
Take this opportunity to align yourself with 250+ Transfer Pricing and International Tax delegates. Get in touch with us today to discuss a sponsorship and exhibition package that can help you demonstrate your knowledge, skills and expertise, generate leads and put your brand in the spotlight. | tech |
Argus Oil Products 2022. Global Markets and CIS | Nosso website usa cookies para garantir que você tenha a melhor experiência de navegação. Se você continuar, assumiremos que você concorda em receber todos os cookies no site da Argus Media.
Global price reporting agency Argus cordially invites you to take part in the 14th international conference, Argus Oil Products 2022. Global Markets and CIS, which will be held on 19 April 2022 in Moscow.
The oil products market continues to be affected to some extent by the Covid-19 pandemic. This is coupled with an increasingly common discussion about the importance of reducing the negative impact on the environment and the need to decarbonise all sectors of the economy. One Covid-19 wave comes after another, demand for oil products is recovering unevenly, and environmental requirements are having a stronger impact on the oil products market than ever before, forcing participants to take new factors into account. We invite you to join the conference and, together with other market participants and Argus experts, take a detailed look at the current situation, analyse trends and discuss possible market development scenarios.
ACCENTURE | ANSON LOGISTICS | APINA EXPORT | ARGUS | AROIL LIMITED | ATLANT | BALTTRANSSERVICE | BB ENERGY ( GULF) | BOLSIUS | BOLSIUS POLSKA | DOGA FINANCIAL GROUP | ECO-EXPRESS-SERVICE | ECTOS | EKTOHIM | ENEL GLOBAL TRADING | ENI TRADE & BIOFUELS | FAWAD SADDIQUI GROUP OF COMPANES | FILHET ALLARD MARITIME SAS | FORTEINVEST | FREIGHT ONE | GAZPROM NEFT | GAZPROM EXPORT | GAZPROM NEFT TRADING | GAZPROM NEFT | GAZPROMBANK | GAZPROMTRANS | INTERTEK AZERI | INTERTEK SEMKO AB | IPP | KATRI PETROLEUM | KNGK-TRADING | KTT | LUKOIL | MORSTROYTECHNOLOGY | MULTISOL | NEFTEK OPERATING | NEFTETRANSSERVICE | NSCP | OLT | OLYMP-TRADE | OTEKO | PETERSBURG OIL TERMINAL | PETRACO OIL CО | PKN ORLEN | POLWAX | PRIME SHIPPING | QUEST GROUP | RNG | ROMONTA HOLDING | ROSNEFT | SBERBANK | SOCAR OVERSEAS | SOPREMA | SPIMEX | ST. PETERSBURG GOVERNMENT COMMITTEE FOR NATURE USE, ENVIRONMENTAL PROTECTION AND ECOLOGICAL SAFETY | SURGUTEX | SURGUTNEFTEGAZ | THE MINISTRY OF ENERGY OF THE RUSSIAN FEDERATION, RUSSIAN ENERGY AGENCY | TOFOIL TRADING MIDDLE EAST | TOTSA | TRANSNEFT-SERVICE | VESTA TERMINAL TALLINN | VITOL SERVICES | VKV. OIL & GAS | UNION
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