Bull of the Day: The Chef"s Warehouse (CHEF)

Despite the weak market, bulls are feasting on this sizzling stock. The Chef’s Warehouse (CHEF) is a Zacks Rank #1 (Strong Buy) that is a distributer of specialty food product in the United Sates. The company is a go to for chefs who operate restaurants, hotels, caterers, bakeries, cruise lines, country clubs, culinary schools and fine dining establishments.The stock is one of the only names you’ll find that is up for 2022. After trading sideways for the first half of the year, the stock fought off market negativity and held the $30-32 area whenever markets sold off.After a big EPS beat, the stock shot to all-time highs. With CHEF up almost 20% on the year, investors are now wondering if this momentum can continue or if the stock has made its move.More about CHEFThe company was founded in 1985 and is headquartered in Ridgefield, Connecticut. It employs 2,700 people and has a market cap of $1.5 billion.The company's product portfolio includes approximately 50,000 stock-keeping units, such as specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products. The stock has a Zacks Style Scores of “A” in Momentum, “B” in Growth, but “D” in Value. The value issue lies with a Forward PE of 33. The stock pays no dividend.Q4 Earnings Beat and GuideIn late April, Chef’s Warehouse reported earnings, seeing a 233% EPS beat. Q4 came in at $0.26 v the -$0.52 expected. Revenues were up significantly year over year, with the company reporting $558.3M v the $282M last year.The company affirmed FY revenues at $2.1-2.2B v the $2.15B expected.CEO Chris Pappas had the following comments on the quarter: “Revenue trends were strong in the fourth quarter as we saw continued growth in consumer confidence in dining out across our markets…December sales and business activity grew steadily as holiday customer traffic drove sequential volume increases commensurate with pre-COVID periods, even with a reduction in larger corporate parties and events.” On June 22nd, the company came out with some positive guidance, citing strong demand. Fiscal year 2022 revenues were taken higher, from the expected $2.26B, to now $2.33-2.43B. They also raised their gross profit outlook from $500-524M to $542-565M.Management said that strength in customer demand and the team’s ability to merchandize their product drove financial performance.Estimates RisingThe earnings and guidance have helped analysts take price targets and estimates higher. After EPS, BMO capital markets reiterated their outperform rating, but lifted their price target from $40 to $44.Over the last 7 days, estimates have shot higher across all time frames. For the current quarter, we have seen estimates jump from $0.23 to $0.35, or 52%. For the current year, we have seen a 56% move higher, with estimates going from $0.78 to $1.22.The Technical Take The stock crashed during COVID, moving from the $40 level to under $5 a share. With COVID mostly past us and restaurants back open, the stock has made a full recovery.After printing all-time highs, CHEF has pulled back a little bit. Investors should eye some moving averages below to get a good entry into the stock. If we get a larger pullback, the $33 level is the 200-day moving average.For those looking to jump in early, the $35.50 area is where the 50-day MA resides. Additionally, if you draw a Fibonacci retracement from June lows to all-time highs, you get a 61.8% retracement at the $35.00 level. So that $35-35.50 spot might be the buy zone for more aggressive traders.In Summary The current market environment is not giving investors a lot of winners. However, Chef’s Warehouse has bee a solid exception. With the stock up almost 20% on the year, the market is trying to tell us something.If the stock can perform under a period of severe stress, then it should really get going when the atmosphere improves. Investors should be buying pullbacks when support shows itself and then look to be rewarded when the broad market improves. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Chefs' Warehouse, Inc. (CHEF): Free Stock Analysis Report To read this article on click here. Zacks Investment Research.....»»

Category: topSource: zacks37 min. ago Related News

Bear of the Day: AZEK (AZEK)

Falling estimates continue to drag this building products stock lower. AZEK (AZEK) is a Zacks Rank #5 (Strong Sell) that engages in designing, manufacturing, and selling building products for residential, commercial, and industrial markets in the United States. AZEK’s main focus is outdoor living products, like decking, railing and trim.As the housing market heated up after COVID, so did the stock. However, with the equity markets moving lower and mortgage rates moving higher, it means less cash for those outdoor projects at home.The stock is well off its highs, but with earnings estimates still heading lower, investors might want to stay away until we see a turn around in earnings.About the Company AZEK is headquartered in Chicago, Illinois. The company was incorporated in 2013 and employs over 2,000 people.In addition to decks for residential houses, AZEK has a commercial segment. This part of the business manufactures engineered polymer materials that is used in various industries, which includes outdoor, graphic displays and signage, educational, and recreational markets, as well as the food processing and chemical industries.AZEK is valued at $2.7 billion and has a Forward PE of 16. The stock holds a Zacks Style Score of “D in Value, “D” in Growth and “F” in Momentum. The stock pays out no dividend.Q1 Earnings The company reported EPS back in early May, seeing a 6% beat on EPS. Revenues came in above expectations at $396.3M v the $369M expected. The company also raised their FY22 revenue guidance and EBITDA.This was eight straight beat and the company has never missed since becoming public. While having a history of beating expectations are great, the market is clearly worried this won’t continue. Analysts have been lowering estimates for the company all year. EstimatesAfter earnings, analysts were positive on demand, but negative on margins and cost headwinds. Inflationary pressures will eat into the bottom line and for that reason, earnings estimates are going lower.For the current quarter, estimates have fallen from $0.32 to 0.27, or 10% over the last 60 days. For the current year, the numbers have dropped 8%, from $1.18 to $1.08.Technical TakeThe stock debuted right after the COVID bottoms and almost doubled from the IPO price. However, since the beginning of 2022, the stock has dropped like a rock, down over 60%.With such little chart history, its hard to tell where the bottom is. Until there is relief in the earnings estimates, the stock will likely continue to bleed lower.If there is a positive catalyst, investors should watch the 50-day moving average. If price got over the area, which is currently at $20, there could finally be a move higher in the name.If the stock did happen to bounce, it would likely be a selling opportunity unless inflationary pressure abates.In SummaryWith mortgage rates going higher and equity markets going lower, there is less money for AZEK’s services. While demand is still healthy, this trend might not continue if the economy worsens. Additionally, cost pressures will eat into margins, putting a squeeze on the bottom line.These are two factors that are giving the bears fuel to sell the stock lower.For now, a better option in the sector might be Comfort Systems (FIX). The stock is a Zacks Rank #2 (Buy) and has held up relatively well over the last six months.      Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The AZEK Company Inc. (AZEK): Free Stock Analysis Report To read this article on click here......»»

Category: topSource: zacks37 min. ago Related News

The 2022 Market Disaster... More Pain To Come

The 2022 Market Disaster... More Pain To Come Authored by Matthew Piepenburg via, If you think the current market disaster hurts; it’s gonna get worse despite recent dead cat bounces in U.S. equities. The Big 4: Dead Bonds, Rising Yields, Tanking Stocks & Stagflation For well over a year before fantasy-pushers and politicized, central-bank mouth pieces like Powell and Yellen were preaching “transitory inflation,” or hinting that “we may never see another financial crisis in our lifetime,” we’ve been patiently and bluntly (rather than “gloomily”) warning investors of the “Big Four.” That is, we saw an: 1) inevitable liquidity crisis which would take our 2) zombie bond markets to the floor, yields (and hence interest rates) to new highs and 3) debt-soaked nations and markets tanking dangerously south into 4) the dark days of stagflation. In short, by calmly tracking empirical data and cyclical debt patterns, one does not have to be a market timer, tarot-reader or broken watch of “doom and gloom” to warn of an unavoidable credit, equity, inflation and currency crisis, all of which lead to levels of increasing political and social crisis and ultimately extreme control from the top down. Such are the currents of history and the tides/fates of broke(n) regimes. And that is precisely where we are today—no longer warning of a pending convergence of crises, but already well into a market disaster within the worst macro-economic setting (compliments of cornered “central planners”) that I have ever experienced in my career. But sadly, and I do mean sadly, the worst is yet to come. As always, facts rather than sensationalism confirm such hard conclusions, and hence we turn now to some equally hard facts behind this market disaster. The Ignored Hangover For well over a decade, the post-2008 central bankers of the world have been selling the intoxicating elixir (i.e., lie) that a debt crisis can be solved with more debt, which is then paid for with mouse-click money. Investors drank this elixir with abandon as markets ripped to unprecedented highs on an inflationary wave of money printed out of thin air by a central bank near you. In case you still don’t know what such “correlation” looks like, see below: But as we’ve warned in interview after interview and report after report, the only thing mouse-click money does is make markets drunker rather than immune from a fatal hangover and market disaster. For years, such free money from the global central banks ($35T and counting) has merely postponed rather than outlawed the hangover, but as we are seeing below, the hangover, and puking, has already begun in a stock, credit or currency market disaster near you. Why? Every Market Crisis is a Liquidity Crisis Because the money (i.e., “liquidity”) that makes this drunken fantasy go round is drying up (or “tightening”) as the debt levels are piling up. That is, years and years of issuing IOU’s (i.e., sovereign bonds) has made those IOU’s less attractive, and the solution-myth of creating money out of thin air to pay for those IOUs is becoming less believable as inflation rises like a killer shark from beneath the feet of our money printers. The Most Important Bond in the World Has Lost Its Shine As we’ve warned, the UST is experiencing a liquidity problem. Demand for Uncle Sam’s bar tab (IOU’s) is tanking month, after month, after month. As a result, the price of those bonds is falling and hence their yields (and our interest rates) are rising, creating massive levels of pain in an already debt-saturated world where rising rates kill drunken credit parties (i.e., markets). Toward this end, Wall Street is seeing a dangerous rise in what the fancy lads call “omit days,” which basically means days wherein inter-dealer liquidity for UST’s is simply not available. Such omit days are screaming signs of “uh-oh” which go un-noticed by 99.99% of the consensus-think financial advisors selling traditional stocks and bonds for a fee. As the repo warnings (as well as our written warnings) have made clear since September of 2019, when liquidity in the credit markets tightens, the entire risk asset bubble (stocks, bonds and property) starts to cough, wheeze and then choke to death. Unfortunately, the extraordinary levels of global debt in general, and US public debt in particular, means there’s simply no way to avoid more choking to come The Fed—Tightening into a Debt Crisis? As all debt-soaked nations or regimes since the days of ancient Rome remind us , once debt levels exceed income levels by 100% or more, the only option left is to “inflate away” that debt by debasing (i.e., expanding/diluting) the currency—which is the very definition of inflation. And that inflation is only just beginning… Despite pretending to “control,” “allow” and then “combat” inflation, truth-challenged central bankers like Powell, Kuroda and Lagarde have therefore been actively seeking to create inflation and hence reduce their debt to GDP ratios below the fatal triple digit level. Unfortunately for the central bankers in general and Powell in particular, this ploy has not worked, as the US public debt to GDP ratio continues to stare down the 120% barrel and the Fed now blindly follows a doomed policy of tightening into a debt crisis. This can only mean higher costs of debt, which can only mean our already debt-soaked bond and stock markets have much further to go/tank. Open & Obvious (i.e., Deadly) Bond Dysfunction In sum, what we are seeing from DC to Brussels, Tokyo and beyond is now an open and obvious (rather than pending, theoretical or warned) bond dysfunction thanks to years of artificial bond “accommodation” (i.e., central-bank bond buying with mouse-click currencies). As we recently warned, signals from that toxic waste dump (i.e., market sector) known as MBS (“Mortgage-Backed Securities”) provide more objective signs of this bond dysfunction (market disaster) playing out in real-time. Earlier this month, as the CPI inflation scale went further (and predictably) up rather down, the MBS market went “no bid,” which just means no one wanted to buy those baskets of unloved bonds. This lack of demand merely sends the yields (and hence rates) for all mortgages higher. On June 10, the rates for 30-year fixed mortgages in the U.S. went from 5.5% to 6% overnight, signaling one of the many symptoms of a dying property bull as U.S. housing starts reached 13-month lows and building permits across the nation fell like dominoes. Meanwhile, other warnings in the commercial bond market, from Investment Grade to Junk Bonds, serve as just more symptoms of a dysfunctional “no-income” (as opposed to “fixed income”) U.S. bond market. And in case you haven’t noticed, the CDS (i.e., “insurance”) market for junk bonds is rising and rising. Of course, central bankers like Powell will blame the inevitable death of this U.S. credit bubble on inflation caused by Putin alone rather than decades of central bank drunk driving and inflationary broad money supply expansion. Pointing Fingers Rather than Looking in the Mirror Powell is already confessing that a soft landing from the current inflation crisis is now “out of his hands” as energy prices skyrocket thanks to Putin. There’s no denying the “Putin effect” on energy prices, but what’s astounding is that Powell, and other central bankers have forgotten to mention how fragile (i.e., bloated) Western financial systems became under his/their watch. Decades of cramming rates to the floor and printing trillions from thin air has made the U.S. in particular, and the West in general, hyper-fragile; that is: Too weak to withstand pushback from less indebted bullies like Putin. But as we warned almost from day 1 of the February sanctions against Russia, they were bound to back-fire big time and accelerate an unraveling inflationary disaster in the West. The West & Japan: Overplaying the Sanction Hand As we warned in February, Russia is squeezing the sanction-makers with greater pain than history-and-math-ignorant “statesmen” like Kamala Harris could ever grasp. From here in Europe, Western politicians are beginning to wonder if following the U.S. lead (coercion?) in chest-puffing was a wise idea, as gas prices on the continent skyrocket. In this backdrop of rising energy costs, Germany, whose PPI is already at 30%, has to be asking itself if it can afford tough-talk in the Ukraine as Putin threatens to cut further energy supplies. In this cold reality, the geniuses at the ECB are realizing that the very “state of their European Union” is at increasing risk of dis-union as citizens from Italy to Austria bend under the weight of higher prices and falling income. As of this writing, the openly nervous ECB is thus inventing clever plans/titles to “fight fragmentation” within the EU by, you guessed it: Printing more money out of thin air to control bond yields and cap borrowing costs. Of course, such pre-warned and inevitable (as well as politicized) versions of yield curve controls (YCC) are themselves, just well…Inflationary. Even outside the EU, the UK’s Prime Minister is discussing the idea of handing out free money to the bottom 30% of its population as a means to combat inflating prices, equally forgetting to recognize that such handouts are by their very nature just, well…Inflationary. (By the way, such monetary policies are an open signal to short the Euro and GBP against the USD…) Looking further east to that equally embarrassing state of the union in Japan, we see, as warned countless times, a tanking Yen out of a Japan that knows all too well the inflationary sickness that a non-stop money printer can create. Like the UST, the Japanese JGB is as unloved as a pig in lipstick. Prices are falling and yields are rising. As demand for Japanese IOU’s falls, yields and rates are rising, compelling more YCC (i.e., money printing) from the Bank of Japan as the now vicious (and well…inflationary) circle of printing more currencies to pay for more debt/IOUs spins/spirals fatally round and round. By the way, and as part of our continued warning and theme of the slow process of de-dollarizationwhich the sanctions have only accelerated, it would not surprise us to see Japan making a similar “China-like” move to buy its Russian oil in its own currency rather than the USD. Just saying… Don’t Be (or buy) a Dip As indicated above, trying to combat inflation with rate hikes is not only a joke, it creates a market disaster when a nation’s debt to GDP is at 120%. To fight inflation, rates need be at a “neutral level,” (i.e., above inflation), and folks, that would mean 9% rates at the current 8%+ CPI level. That aint gonna happen… At $30T+ of government debt and rising, the Fed can NEVER use rising rates to fight inflation. End of story. The days of Volcker rate hikes (when public debt was $900B not $30T) are gone. But the fickle Fed can raise rates high enough to kill a securities bubble and create “asset-bubble deflation,” which is precisely what we are seeing in real time, and this market disaster is only going to get worse. In short, if you are buying this “dip,” you may want to think again. As June trade tapes remind, the Dow dipped below 30000, and the S&P 500 reported an ominous 3666, already losing more than 20% despite remaining grossly over-valued as it slides officially into bear territory. As for the NASDAQ’s -30% YTD loss, well, it’s embarrassing… Many, of course, will buy this dip, as many forget the data, facts and traps of dead-cat bounces. Toward this end, it’s worth reminding that 12 of the top 20 one-day rallies in the NASDAQ occurred after that market began a nearly 80% plunge between 2000 and 2003. Similarly, the S&P saw 9 of its top 20 one-day rallies following the 1929 crash in which that market lost 86% from its highs. In short: These bear markets are not even close to their bottom, and today’s dip-buy may just be a trap, unless you think you can time a one-day rally amidst years of falling assets. Markets won’t and don’t recover from the bear’s claws until spikes are well above two standard deviations. We are not there yet, which means we have much further to fall. Capitulation in U.S. stocks won’t even be a discussion until the DOW is below 28,400 and the S&P blow 3500. Over the course of this bear, I see both falling much further. As we’ve warned, mean-reversion is a powerful force and we see deeper lows/reversions ahead: Toward that end, we see an SPX which could easily fall at least 15% lower (i.e., to at least 1850) than the “Covid crash” of March 2020. Based upon historic ranges, stocks won’t be anywhere near “fair value” until we see a Shiller PE at 16 or a nominal PE of 9-10. Index bubbles have been driven by ETF inflation which followed the Fed liquidity binge—and those ETF’s will fall far faster in a market disaster than they grew in a Fed tailwind. And if you still think meme stocks, alt coins or the Fed itself can save you from further market disaster, we’d (again) suggest you think otherwise. Looking at historical data on prior crashes from 1968 to the present, the average bear crash is at around -33%. Unfortunately, there’s nothing “average” about this bear or the further falls to come. The Shiller PE, for example, has another 40% to go (down) before stocks approach anything close to “fair value.” In the 1970’s, for example, when we saw the S&P lose 48%, or even in 2008, when it lost 56%, U.S. debt to GDP levels were ¼ of what they are today. Furthermore, in the 1970’s the average consumer savings rate was 12%; today that rate is 4%. Stated simply, the U.S., like the EU and Japan, is too debt-crippled and too GDP-broke to make this bear short and sweet. Instead, it will be long and mean, accompanied by stagflation and rising unemployment. The Fed knows this, and is, in part, raising rates today so that will have something—anything—to cut in the market disaster tomorrow. But that will be far too little, and far too late. And, Gold… Of course, the Fed, the IMF, the Davos crowd, the MSM and the chest-puffing sanction (back-firing) West will blame the current and future global market disaster on a virus with a 99% survival rate and an avoidable war in a corner of Europe that neither Biden nor Harris could find on a map. Instead, and as most already know, the real cause of the greatest market bubble and bust in the history of modern capital markets lies in the reflection of central bankers and politicians who bought time, votes, market bubbles, wealth disparity and cancerous inflation with a mouse-click. History reminds us of this, current facts confirm it. For now, the Fed will tighten, and thereby unleash an even angrier bear. Then, as we’ve warned, the Fed will likely pivot to more rate cuts and even more printed (inflationary) currencies as the US, the EU and Japan engage in more inflationary YCC and an inevitable as well as disorderly “re-set” already well telegraphed by the IMF. In either/any scenario, gold gets the last laugh. Gold, of course, has held its own even as rates and the USD have risen—typically classic gold headwinds. When markets tank and the Fed pivots, yields on the 10Y could fall as global growth weakens—thus providing a gold tailwind. Furthermore, the USD’s days of relative strength are equally numbered, as is the current high demand for US T-Bill-backed collateral for that USD. As the slow trend toward de-dollarization increases, so will the tailwind and hence price of gold increase as the USD’s credibility decreases. In the interim, the fact that gold has stayed strong despite the temporary spike in the USD speaks volumes. In the interim, Gold outperforms tanking stocks by a median range of 45%, and when the inflationary pivot to more QE returns, gold protects longer-term investors from grotesquely (and increasingly) debased currencies. And when (not if) the re-set toward CBDC (central bank digital currencies) finally arrives, that blockchain eYen and eDollar will need a linkage to a neutral commodity not to an empty “faith & trust” in just another new fiat/fantasy with an electronic profile. As we’ve been saying for decades: Gold Matters. Tyler Durden Thu, 06/30/2022 - 07:20.....»»

Category: blogSource: zerohedge37 min. ago Related News

Stocks, Cryptos Tumble To Close Out Catastrophic First-Half

Stocks, Cryptos Tumble To Close Out Catastrophic First-Half It was supposed to be a 7% ramp into month-end on billions in pension fund residual buying. Instead, it ended up being more or less the opposite, with crypto-led liquidations dragging futures and global markets lower, and extending Wednesday losses after central bankers issued warnings on inflation and fueled concern that aggressive policy will end with a hard-landing recession, which increasingly more now see as being 2022 business, an outcome that now appears assured especially after yesterday's disastrous guidance cut from RH, the second in three weeks! Recession fears and inflation woes may be prolonged by today's PCE deflator report. The consumer price gauge favored by the Fed may have picked up to 6.4% last month from 6.3%. Personal income growth probably edged up but Bloomberg Economics highlights an anticipated decline in real personal spending as a major worry. Meanwhile, China’s economy showed further signs of improvement in June with a strong pickup in services and construction, even if the latest Chinese PMI print came slightly below expectations. Also overnight, Russia said it withdrew troops from Ukraine’s Snake Island in the Black Sea after Ukraine said its forces drove Russian troops from the area. In any case, with zero demand from pensions so far (even though the continued selling in stocks and buying in bonds will only make the imabalnce bigger), overnight Nasdaq 100 contracts dropped 1.8% while S&P 500 futures declined 1.3%, and cryptos crumbled, with bitcoin dragged back below $19000 and Ether on the verge of sliding below $1000. The tech-heavy gauge managed to end Wednesday’s trading slightly higher, while the S&P 500 fell for a third straight day. In Europe, the Stoxx Europe 600 Index slid 1.9%. Treasuries gained, the dollar was steady and gold declined and crude oil futures edged lower again. Which brings us to the last trading day of a quarter for the history books: the S&P 500 is set for its biggest 1H decline since 1970 and the Nasdaq 100 since 2002, the height of the bust. The Stoxx 600 is set for the worst 1H since 2008, the height of the GFC.  Traders have ramped up bets that the global economy will buckle under central bank tightening campaigns -- and that policy makers will eventually backpedal. The bond market shifted to price in a half-point rate cut in the Federal Reserve’s benchmark rate at some point in 2023. On Wednesday, during the annual ECB annual forum, Fed Chair Jerome Powell and his counterparts in Europe and the UK warned inflation is going to be longer lasting. A view that central banks need to act fast on rates because they misjudged inflation has roiled markets this year, with global stocks about to close out their worst quarter since the three months ended March 2020. “Markets are worried about growth as central bankers continue to emphasize that bringing down inflation is their overriding objective, and that it may take time to bring inflation down,” said Esty Dwek, chief investment officer at Flowbank SA. “We still haven’t seen total capitulation in markets, so further downside is possible.” Meanwhile, the cost of insuring European junk bonds against default crossed 600 basis points for the first time in two years on Thursday. And speaking of Europe, stocks are also down over 2% in early trading, with all sectors in the red. DAX and CAC underperform at the margin with autos, consumer discretionary and banking sectors the weakest within the Stoxx 600.  Here are some of the biggest European movers today: Uniper shares slump as much as 23% after the German utility withdrew its outlook and said it was discussing a possible bailout from the German government following Russia’s move to curb natural gas deliveries. SAP sinks as much as 6.5% after Exane BNP Paribas downgraded stock to neutral from outperform, saying it sees risks on demand side in the near term as software spending decisions come under increased scrutiny. Sanofi shares decline as much as 4.5% after the French drugmaker said the FDA placed late-stage clinical trials of tolebrutinib on partial hold in US because of concerns about liver injuries. European semiconductor stocks fell, following peers in the US and Asia lower amid growing concerns that the industry might face a downturn soon as chip stockpiles build. ASML drops as much as 3.4%, Infineon -4.1%, STMicro -3.1% Norsk Hydro shares slide as much as 6% amid metals decline and as DNB cuts the stock to sell from hold, citing concerns about rising aluminum supply. Stainless steel stocks in Europe fall, with Morgan Stanley saying the settlement on the latest ferrochrome benchmark missed its expectations. Outokumpu shares down as much as 6.6%, Aperam -7.2%, Acerinox -4% Saab shares jump as much as 8.4%, after getting an order worth SEK7.3b from the Swedish Defence Materiel Administration for GlobalEye Airborne Early Warning and Control aircraft. Orsted shares rise as much as 2.5%, before paring some of the gains. HSBC raises to buy from hold, saying any further downside for the wind farm operator looks limited. Bunzl shares rise as much as 2.6% after the specialist distribution company said it now expects very good revenue growth in 2022. Grifols shares rise as much as 7.8% after slumping on Wednesday, as the company says that the board isn’t analyzing any capital increase “for the time being.” Earlier in the session, Asian stocks fell for a second day as tech-heavy indexes in Taiwan and South Korea continued to get pummeled amid concerns over the potential for aggressive monetary tightening in the US to rein in inflation.  The MSCI Asia Pacific Index declined as much as 1.2%, dragged down by technology shares including TSMC, Alibaba and Tencent. Taiwan slid more than 2%, while gauges in Japan, South Korea, Australia dropped more than 1%.  Stocks in mainland China rose more than 1% after the economy showed further signs of improvement in June with a strong pickup in services and construction as Covid outbreaks and restrictions were gradually eased. Traders are also watching Chinese President Xi Jinping’s trip to Hong Kong, his first time outside of the mainland since 2020.  Asian stocks are struggling to recover from a May low as the threat of higher US rates outweighs China’s emergence from strict Covid lockdowns and its pledge of stimulus measures. While mainland Chinese stocks led gains globally this month, the rest of the markets in the region -- especially those heavy with technology stocks and exporters -- saw hefty outflows of foreign funds.  “Investors continue to assess recession and also inflation risks,” Marcella Chow, JPMorgan Asset Management’s global market strategist, said in an interview with Bloomberg TV. “This tightening path has actually increased the chance of a slower economic growth going forward and probably has brought forward the recession risks.” Asian stocks are set to post a more than 12% loss this quarter, the worst since the one ended March 2020 during the pandemic-induced global market rout. Japanese stocks declined after the release of China’s data on manufacturing and non-manufacturing PMIs that showed slower than expected improvements.  The Topix Index fell 1.2% to 1,870.82 as of market close Tokyo time, while the Nikkei declined 1.5% to 26,393.04. Sony Group contributed the most to the Topix Index decline, falling 3.4%. Out of 2,170 shares in the index, 531 rose and 1,574 fell, while 65 were unchanged. “Although China is recovering from a lockdown, business sentiment in the manufacturing industry is deteriorating around the world,” said Tomo Kinoshita, global market strategist at Invesco Asset Management China’s Economy Shows Signs of Improvement as Covid Eases. Indian stock indexes posted their biggest quarterly loss since March 2020 as the global equity market stays rattled by high inflation and a weakening outlook for economic growth.  The S&P BSE Sensex ended little changed at 53,018.94 in Mumbai on Thursday, while the NSE Nifty 50 Index dropped 0.1%. The gauges shed more than 9% each in the June quarter, their biggest drop since the outbreak of pandemic shook the global markets in March 2020. The main indexes have fallen for all but one month this year as surging cost pressures forced India’s central bank to raise rates twice and tighten liquidity conditions. The selloff is also partly driven by record foreign outflows of more than $28b this year.  Despite the turmoil in global markets, Indian stocks have underperformed most Asian peers, partly helped by inflows from local institutions, which made net purchases of more than $30b of local stocks. “Investors worry that the latest show of central bank determination to tame inflation will slow economies rapidly,” HDFC Securities analyst Deepak Jasani wrote in a note.  Fourteen of the 19 sector sub-gauges compiled by BSE Ltd. fell Thursday, with metal stocks leading the plunge. The expiry of monthly derivative contracts also weighed on markets. For the June quarter, metal stocks were the worst performers, dropping 31% while information technology gauge fell 22%. Automakers led the three advancing sectors with 11.3% gain. Australian stocks also tumbled, with the S&P/ASX 200 index falling 2% to close at 6,568.10, weighed down by losses in mining, utilities and energy stocks.  In New Zealand, the S&P/NZX 50 index fell 0.8% to 10,868.70 In rates, treasuries advanced, led by the belly of the curve. German bonds surged, led by the short-end and outperforming Treasuries. US yields richer by as much as 5.4bp across front-end and belly of the curve which outperforms, steepening 2s10s, 5s30s by 2bp and 2.8bp; wider bull-steepening move in progress for German curve with yields richer by up to 13.5bp across front-end with 2s10s wider by 3.5bp on the day. US 10-year yields around 3.055%, richer by 3.5bp. Money markets aggressively trimmed ECB tightening bets on relief that French June inflation didn’t come in above the median estimate. Bonds also benefitted from haven buying as stocks slide. Month-end extension flows may continue to support long-end of the Treasuries curve. bunds outperform by 7bp in the sector. IG issuance slate empty so far; Celanese Corp. pushed back plans to issue in euros and dollars, most likely to next week, after deals struggled earlier this week. Focal points of US session include PCE deflator and MNI Chicago PMI.  In FX, the Bloomberg Dollar Spot Index was steady as the greenback traded mixed against its Group-of-10 peers. The yen advanced and Antipodean currencies were steady against the greenback. French inflation quickened to the fastest since the euro was introduced. Steeper increases in energy and food costs drove consumer-price growth to 6.5% in June from 5.8% in May . Sweden’s krona swung to a loss. It briefly advanced earlier after the Riksbank raised its policy rate by 50bps, as expected, signaled faster rate hikes and a quicker trimming of the balance sheet. The pound rose, snapping three days of losses against the dollar. UK household incomes are on their longest downward trend on record, as the nation’s cost of living crisis saps the spending power of British households. Separate figures showed that the current-account deficit widened sharply to £51.7 billion ($63 billion) in the first quarter. The yen rose and the Japan’s bonds inched up. The BOJ kept the amount and frequencies of planned bond purchases unchanged in the July-September period. The Australian dollar reversed a loss after data showed China’s official manufacturing purchasing managers index rose above 50 for the first time since February in a sign of improvement in the world’s second largest economy. Bitcoin is on track for its worst quarter in more than a decade, as more hawkish central banks and a string of high-profile crypto blowups hammer sentiment. The 58% drawdown in the biggest cryptocurrency is the largest since the third quarter of 2011, when Bitcoin was still in its infancy, data compiled by Bloomberg show. In commodities, WTI trades a narrow range, holding below $110. Brent trades either side of $116. Most base metals trade in the red; LME zinc falls 3.1%, underperforming peers. Spot gold falls roughly $3 to trade near $1,814/oz. Bitcoin slumps over 6% before finding support near $19,000. Looking to the day ahead now, data releases include German retail sales for May and unemployment for June, French CPI for June, the Euro Area unemployment rate for May, Canadian GDP for April, whilst the US has personal income and personal spending for May, the weekly initial jobless claims, and the MNI Chicago PMI for June. Market Snapshot S&P 500 futures down 1.2% to 3,775.75 STOXX Europe 600 down 1.8% to 406.18 MXAP down 1.0% to 158.01 MXAPJ down 1.1% to 524.78 Nikkei down 1.5% to 26,393.04 Topix down 1.2% to 1,870.82 Hang Seng Index down 0.6% to 21,859.79 Shanghai Composite up 1.1% to 3,398.62 Sensex up 0.2% to 53,136.59 Australia S&P/ASX 200 down 2.0% to 6,568.06 Kospi down 1.9% to 2,332.64 Gold spot down 0.2% to $1,814.91 US Dollar Index little changed at 105.04 German 10Y yield little changed at 1.42% Euro little changed at $1.0443 Brent Futures down 0.4% to $115.85/bbl Top Overnight News from Bloomberg The surge in the dollar has set Asian currencies on course for their worst quarter since the 1997 financial crisis and created a dilemma for central bankers French Finance Minister Bruno Le Maire said the EU can deliver the global minimum corporate tax with or without the support of Hungary, circumventing Budapest’s veto earlier this month just as the bloc was on the brink of a agreement German unemployment unexpectedly rose, snapping 15 straight months of decline as refugees from the war in Ukraine were included in those searching for work The SNB bought foreign exchange worth 5.7 billion francs ($5.96 billion) in the first quarter of 2022 as the franc sharply appreciated against the euro and briefly touched parity in March The ECB plans to ask the region’s lenders to factor in the economic hit of a potential cut off of Russian gas when considering payouts to shareholders European stocks were poised for their biggest drop in any half-year period since 2008, as investors focused on the prospects for economic slowdown and stubbornly high inflation in the region New Zealand will enter a recession next year that could be deeper than expected, Bank of New Zealand economists said after a survey showed business sentiment continues to slump A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks were varied at month-end amid a slew of data releases including mixed Chinese PMIs. ASX 200 was dragged lower by weakness in energy, miners and the top-weighted financials sector. Nikkei 225 declined after disappointing Industrial Production data and with Tokyo raising its virus infection level. Hang Seng and Shanghai Comp. were somewhat mixed with Hong Kong indecisive and the mainland underpinned after the latest Chinese PMI data in which Manufacturing PMI printed below estimates but Non-Manufacturing PMI firmly surpassed forecasts and along with Composite PMI, all returned to expansion territory. Top Asian News NATO Secretary General Stoltenberg said China's growing assertiveness has consequences for the security of allies, while he added China is not our adversary, but we must be clear-eyed about the serious challenges it presents. US blacklisted 5 Chinese firms for allegedly helping Russia in which Connec Electronic, King Pai Technology, Sinno Electronics, Winnine Electronic and World Jetta Logistics were added to the entity list which restricts access to US technology, according to WSJ. Japan's government cut its assessment of industrial production and noted that production is weakening, while it stated that Japan's motor vehicle production declined 8% M/M and that industrial production likely saw the largest impact of Shanghai's COVID-19 lockdown in May, according to Reuters. Tokyo metropolitan government will reportedly increase COVID infections level to the second-highest, according to FNN. It’s been a downbeat session for global equities thus far as sentiment deteriorates further. European bourses are lower across the board, with losses extending during early European hours. European sectors are all in the red but portray a clear defensive bias. Stateside, US equity futures have succumbed to the glum mood, with the NQ narrowly underperforming. Top European News Riksbank hiked its Rate by 50bps to 0.75% as expected, and said the rate will be raised further and it will be close to 2% at the start of 2023. Bank said the balance sheet its to shrink faster than previously flagged, and suggested that policy rate will increase faster if needed. Click here for details. Riksbank's Ingves said inflation over forecast probably not enough for Riksbank to hold extra policy meeting in summer. Ingves added that if the situation requires a 75bps hike, then Riksbank will carry out a 75bps hike. Orsted Gains as HSBC Upgrades With Shares Seen ‘Good Value’ Aston Martin Extends Losses as Carmaker Reportedly Seeking Funds Climate Litigants Look Beyond Big Oil for Their Day in Court Ukraine Latest: Putin Warns NATO on Moving Military to Nordics FX DXY extends on gains above 105.00, but could see more upside on safe haven demand and residual rebalancing flows over fixes - EUR/USD inches towards 1.0400 to the downside. Yen regroups as yields drop and risk sentiment deteriorates to compound corrective price action. Franc unwinds some of its recent outperformance and Loonie lose traction from oil ahead of Canadian GDP. Swedish Crown unable to take advantage of hawkish Riksbank hike in face of risk aversion - Eur/Sek stuck in a rut close to 10.7000. Pound finds some underlying bids into 1.2100 and Kiwi at 0.6200, while Aussie holds above 0.6850 with encouragement from China’s services PMI that also propped the Yuan. Fixed Income Bonds on bull run into month, quarter and half year end - Bunds top 148.00 at best, Gilts approach 113.50 and 10 year T-note just a tick away from 118-00. Debt in demand on safe haven grounds rather than duration as curves steepen on less hawkish/more dovish market pricing. Italian supply comfortably covered to keep BTP futures propped ahead of US PCE data and yet another speech from ECB President Lagarde. Commodities WTI and Brent front-month futures are resilient to the broader risk downturn, and firmer Dollar as OPEC+ member members gear up for what is expected to be a smooth meeting. Spot gold is uneventful but dipped under yesterday's low, with potential support at the 15th June low at USD 1,806.59/oz. Base metals are softer across the board amid the broader risk profile. Dalian and Singapore iron ore futures were on track for quarterly losses. Ship with 7,000 tonnes of grain leaves Ukraine port, according to pro-Russia officials cited by AFP. US Event Calendar 08:30: June Initial Jobless Claims, est. 229,000, prior 229,000 08:30: June Continuing Claims, est. 1.32m, prior 1.32m 08:30: May Personal Income, est. 0.5%, prior 0.4% 08:30: May Personal Spending, est. 0.4%, prior 0.9% 08:30: May Real Personal Spending, est. -0.3%, prior 0.7% 08:30: May PCE Deflator MoM, est. 0.7%, prior 0.2% 08:30: May PCE Deflator YoY, est. 6.4%, prior 6.3% 08:30: May PCE Core Deflator YoY, est. 4.8%, prior 4.9% 08:30: May PCE Core Deflator MoM, est. 0.4%, prior 0.3% 09:45: June MNI Chicago PMI, est. 58.0, prior 60.3 DB's Jim Reid concludes the overnight wrap We’ve just released the results of our monthly EMR survey that we conducted at the start of the week. It makes for some interesting reading, and we’re now at the point where 90% of respondents are expecting a US recession by end-2023, which is up from just 35% in our December survey. That echoes our own economists’ view that we’re going to get a recession in H2 2023, and just shows how sentiment has shifted since the start of the year as central banks have begun hiking rates. When it comes to people’s views on where markets are headed next, most are expecting many of the themes from H1 to continue, with a 72% majority thinking that the S&P 500 is more likely to fall to 3,300 rather than rally to 4,500 from current levels, whilst 60% think that Treasury yields will hit 5% first rather than 1%. Click here to see the full results. When it comes to negative sentiment we’ll have to see what today brings us as we round out the first half of the year, but if everything remains unchanged today we’re currently set to end H1 with the S&P 500 off to its worst H1 since 1970 in total return terms. And there’s been little respite from bonds either, with US Treasuries now down by -9.79% since the start of the year, so it’s been bad news for traditional 60/40 type portfolios. Ultimately, a large reason for that has been investors’ fears that ongoing rate hikes to deal with inflation will end up leading to a recession, and yesterday saw a continuation of that theme, with Fed Chair Powell, ECB President Lagarde and BoE Governor Bailey all reiterating their intentions in a panel at the ECB’s Forum to return inflation back to target. In terms of that panel, there weren’t any major headlines on policy we weren’t already aware of, although there was a collective acknowledgement of the risk that inflation could become entrenched over time and the need to deal with that. Fed Chair Powell described the US economy as in “strong shape”, but one that ultimately requires much tighter financial conditions to bring inflation back to target. Year-end fed funds expectations remained steady in response, down just -0.7bps to 3.45%. However, further out the curve the simmering slower growth narrative continued to grip markets and sent 10yr Treasury yields -8.2bps lower to 3.09%, and the 2s10s another -1.1bps flatter to 4.7bps. In line with a tighter Fed policy path and slower growth, 10yr breakevens drove the move in nominal yields, falling -8.2bps to 2.39%, their lowest levels since January, having entirely erased the gains seen after Russia’s invasion of Ukraine, when it peaked above 3% at one point in April. Along with 2s10s flattening, the Fed’s preferred measure of the near-term risk of recession, the forward spread (the 18m3m – 3m), similarly flattened by -5.7bps, hitting its lowest level in nearly four months at 154bps. And thismorning there’s only been a partial reversal of these trends, with 10yr Treasury yields (+1.3bps) edging back up to 3.10% as we go to press. Over in equities, the S&P 500 bounced around but finished off of its intraday lows with just a -0.07% decline, again with the macro view likely skewed by quarter-end rebalancing of portfolios. The NASDAQ was similarly little changed on the day, falling a mere -0.03%. In terms of the ECB, President Lagarde said on that same panel that she didn’t think “we are going back to that environment of low inflation” that was present before the pandemic. But when it came to the actual data yesterday there was a pretty divergent picture. On the one hand, Spain’s CPI for June surprised significantly on the upside, with the annual inflation rising to +10.0% (vs. +8.7% expected) on the EU’s harmonised measure. But on the other, the report from Germany then surprised some way beneath expectations, coming in at +8.2% on the EU-harmonised measure (vs. +8.8% expected). So mixed messages ahead of the flash CPI print for the entire Euro Area tomorrow. As in the US, there was a significant rally in European sovereign bonds, with yields on 10yr bunds (-10.7bps), OATs (-10.7bps) and BTPs (-16.0bps) all moving lower on the day. Equities also lost significant ground amidst the risk-off tone, and the STOXX 600 shed -0.67% as it caught up with the US losses from the previous session. That risk-off tone was witnessed in credit as well, where iTraxx Crossover widened +21.5bps to a post-pandemic high. At the same time, there were further concerns in Europe on the energy side, with natural gas futures up by +8.06% to a three-month high of €139 per megawatt-hour, which follows a reduction in capacity yesterday at Norway’s Martin Linge field because of a compressor failure. Whilst monetary policy has been the main focus for markets lately, we did get some headlines on the fiscal side yesterday too, with a report from Bloomberg that Senate Democrats were working on an economic package that had smaller tax increases in order to reach a deal with moderate Democratic senator Joe Manchin. For reference, the Democrats only have a majority in the split 50-50 senate thanks to Vice President Harris’ tie-breaking vote, so they need every Democrat Senator on board in order to pass legislation. According to the report, the plan would be worth around $1 trillion, with half allocated to new spending, and the other half cutting the deficit by $500bn over the next decade. Overnight in Asia we’ve seen a mixed market performance overnight. Most indices are trading lower, including the Nikkei (-1.45%) and the Kospi (-0.81%), but Chinese equities have put in a stronger performance after an improvement in China’s PMIs in June, and the CSI 300 (+1.62%) and the Shanghai Comp (+1.31%) have both risen. That came as manufacturing activity expanded for the first time in four months, with the PMI up to 50.2 in June (vs. 50.5 expected) from 49.6 in May. At the same time, the non-manufacturing climbed to 54.7 points in June, up from 47.8 in May, which also marked the first time it’d been above the 50 mark since February. Nevertheless, that positivity among Chinese equities are proving the exception, with equity futures in the US and Europe pointing lower, with those on the S&P 500 (-0.28%) looking forward to a 4th consecutive daily decline as concerns about a recession persist. When it came to other data yesterday, the third estimate of US GDP for Q1 saw growth revised down to an annualised contraction of -1.6% (vs. -1.5% second estimate). Separately, the Euro Area’s M3 money supply grew by +5.6% year-on-year in May (vs. +5.8% expected), which is the slowest pace since February 2020. To the day ahead now, data releases include German retail sales for May and unemployment for June, French CPI for June, the Euro Area unemployment rate for May, Canadian GDP for April, whilst the US has personal income and personal spending for May, the weekly initial jobless claims, and the MNI Chicago PMI for June. Tyler Durden Thu, 06/30/2022 - 07:58.....»»

Category: blogSource: zerohedge37 min. ago Related News

My hawks keep pigeons out of Wimbledon matches. This is how my family business stops a problem plaguing the Grand Slam.

Rufus the hawk has become a staple of the Grand Slam. His owner Joanna Doniger explains how her family business came to work at the All England Club. Donna Davis with Rufus at Wimbledon.Ben Solomon Donna Davis' Harris's hawk Rufus is the official pigeon scarer of the Wimbledon tennis tournament. Andy Murray, Rafael Nadal, and the Duchess of Cornwall are among Rufus' fans. This is how Davis' business came to work keeping pigeons out of matches, as told to Claire Turrell. This as-told-to essay is based on a conversation with Donna Davis, the 55-year-old director of Avian Environmental Consultants. It has been edited for length and clarity.In 1985, I set up Avian Environmental Consultants with my husband. We flew hawks and falcons at Royal Air Force bases and flour mills in the UK to scare off gulls and pigeons; I never thought the 153-year-old All England Club would become our office.I've always been a tennis fan, but there was one match in particular that I remember watching: when Pete Sampras played at Wimbledon in 1999.Right in the middle of the action, a pigeon landed on the grass court and stopped play. When this — frequently — happened, a ball boy or girl would try to chase the interloper away, but I knew I had the solutionHis name was Hamish. He was a Harris's hawk, weighed about 1 pound, 7 ounces, had a wingspan of 120 centimeters, and flew at speeds of up to 28 mph. I gave the All England Club a call, offered Hamish's services, and within weeks he became the chief bird scarer and patrolled the grounds regularly.Rufus in flight.Ben SolomonEach week, Hamish would patrol the club to stop pigeons from roosting in the grounds and chase them away from the lawns, where they would land to nibble at the grass seed. His grandson — Rufus — has now followed in his footsteps and, after working at Wimbledon for 14 years, is a firm fixture of the tournament.Not only do professional tennis players such as Rafael Nadal and Andy Murray ask to meet him, but one American fan chose to dress like Rufus, and other fans follow Rufus on Twitter.Rufus with Donna Davis' daughter Imogen, as the hawk meets Andy Murray at the 2014 tournament.Getty ImagesWe live on a farm in Northamptonshire, but during the tournament we stay in Wimbledon Village.As it's a family business, my husband, my daughter, or myself will wake at 3:30 a.m. on competition day and be on the site by 4:30 a.m. with Rufus. We also take two other hawks — Castor and Pollux — to help split the work.As soon as we arrive at the court, we make sure they have their GPS trackers on and weigh them to check they are at their ideal flying weight of 1 pound, 7 ounces.If they are too heavy, they have eaten too much and won't be in the mood to chase pigeons.Our first port of call is Centre Court, where I release RufusAt this time of day, we have the place to ourselves, and it's magical. To be working and flying hawks here is unreal.When you bring a hawk to a new venue, you need to show it where it needs to look through hand signals. However, after 14 years, Rufus knows that he needs to check under the roof to see if there are any pigeons roosting, and fly over Murray's Mount — where the avian invaders could be snacking on picnic remnants.Donna Davis with Rufus on day one of this year's tournament.Getty ImagesUsually, the patrol goes smoothly. Occasionally, one of the hawks may mistake a BBC sound boom for a rabbit and try to grab it. Rufus is a wild bird, so he will sometimes bask in the sun on the court roof or fly over to the nearby golf club to take a bath in a water feature. He only comes back for food, which is a diet of quail, day-old chicks, or pigeon. It wouldn't be ideal if he caught a pigeon himself; he wouldn't be interested in coming back to me.The birds will patrol the courts for 95 pounds per hour until 9 a.m., when the crowds start to arrive. Castor and Pollux may go back to their aviary at our rented home where they can relax and have a bath, and Rufus may stay to do his media rounds.  We only truly had one stressful time bringing the hawks to WimbledonIn 2012, someone stole Rufus from our vehicle. But luckily, with all the media interest, the kidnapper apparently gave up and three days later a passerby found Rufus in his cage, unharmed, on Wimbledon Common. We bring the hawks to the venues from an early age so they can get used to the sights and sounds of the city. However, Harris's hawks are very placid: We can train one within three weeks through food. They start to fly free once they get used to us feeding them.Rufus on a BBC TV camera at this year's tournament.Getty ImagesWe start by placing the hawk on a perch and attaching the bird to a light cord called a creance. We will show the hawk the food in our gloved hand, and the bird will simply hop to the fist to claim its reward.The following day, you will step further back and repeat the process. By the time we are three meters away from its perch and the hawk is flying to our hands to receive food, we are comfortable to let it fly free: It now knows that we are a food source. We also work with peregrine falcons and gyrfalconsWhile the hawks will scare off the pigeons, we use the larger falcons to scare away any gulls.For the Queen's Jubilee, we worked at St. Paul's Cathedral and used our birds to scare away the gulls that dive-bombed the camera crews and security.Being able to use an ancient art form as a sustainable solution in the modern, urban landscape is incredible. The pigeons don't get hurt; they just know they need to roost elsewhere.We are not afraid that Rufus will retire in the near future. The world's oldest Harris's hawk in captivity is over 30, so Rufus is just going through his teenage phase.Read the original article on Business Insider.....»»

Category: topSource: businessinsider54 min. ago Related News

One of the world"s busiest airports has cancelled flights because it expects more passengers to turn up than it can safely handle

London's Heathrow airport asked airlines to cancel 30 flights on Thursday because it expects more passengers to turn up than it has capacity for. The subsequent queues — like those seen on June 1 — as the global airline industry struggles to cope with summer travel demand.Carl Court/Getty Images. Heathrow airport asked airlines to cancel flights on Thursday over concerns safety concerns.  The hub said it is expecting higher passenger numbers than it has capacity to serve. Cancellations at other airports have contributed to the problem, a spokesperson told Insider.  Heathrow, the UK's largest airport, asked airlines to cut flights on Thursday over concerns that it does not have the capacity to handle surging passenger numbers.On Wednesday evening, Heathrow asked airlines to cut 30 flights set to depart on Thursday morning, citing safety concerns. "We are expecting higher passenger numbers in today's morning peak than the airport currently has capacity to serve, and so to keep everyone safe we have asked airlines to remove 30 flights from the morning peak for today only," a Heathrow spokesperson said in a statement. Although 98% of flights are anticipated to take off as planned, some affected passengers claimed that they didn't find out until they arrived at the airport on Thursday morning, per Bloomberg. The subsequent queues and delays mean further misery for passengers as the global airline industry struggles to cope with summer travel demand. Long-running shortages of pilots, baggage handlers, and customer service workers, exacerbated by the fact that many were let go during the pandemic, has left many operators and hubs short of capacity at a time when pent-up travel demand reaches its peak.The result has been a spate of flight cancellations and delays as executives readjust their flight plans to minimize the disruption. A spokesperson told Insider that Thursday's passenger numbers were anticipated to be 13% higher than the previous week, which had "stretched resourcing across the airport." The spokesperson told Insider that that the increase had been caused by a spike in last-minute bookings from passengers who have had flights cancelled at other airports.The airport increased its forecast for the number of passengers it expects to handle this year, from 52.2 million to 54.4 million in an investor report published on June 23. Heathrow's chief executive, John Holland-Kaye, has previously said that it could take as much as 18 months for the industry to reach capacity. The majority of the affected flights on Thursday were British Airways routes, per The Guardian. The airline has already reduced its summer schedule by 10%. The UK government has urged airports to end the wave of last-minute flight cancellations. In a joint letter, sent to industry execs on June 15, The Department for Transport (DfT) and the air regulator Civil Aviation Authority (CAA) urged carriers to "develop a schedule that is deliverable."The UK government has also loosened the rules surrounding landing slots at the country's busiest airports. Normally, airlines have to use allocated take-off and landing slots at least 70% of the time. Under the amnesty, airlines will be able to hand slots back without fear of losing them permanently, per The Guardian. Read the original article on Business Insider.....»»

Category: topSource: businessinsider54 min. ago Related News

How One CEO Improved Results By Investing in His Workers

For the past 40 years or so, frontline workers in America have been getting a smaller and smaller slice of the economic pie. As corporate profits and executive compensation packages have soared, employees at many of the country’s biggest companies wound up taking an effective pay cut, year after year. Income growth for the bottom… For the past 40 years or so, frontline workers in America have been getting a smaller and smaller slice of the economic pie. As corporate profits and executive compensation packages have soared, employees at many of the country’s biggest companies wound up taking an effective pay cut, year after year. Income growth for the bottom 90 percent of American households has trailed gross domestic product growth for the past four decades, meaning that even as the country has gotten richer overall, most people have received a shrinking share of that wealth. Things are worst of all for those at the bottom. If the minimum wage had kept up with inflation it would be more than $25 an hour. Instead, it is stuck at $7.25. [time-brightcove not-tgx=”true”] In my new book, The Man Who Broke Capitalism, I trace this dramatic shift in our collective fortunes back to the reign of Jack Welch, who took over as the CEO of General Electric in 1981. Over the next 20 years, Welch reshaped the company and the economy, unleashing a series of mass layoffs and factory closures that destabilized the American working class, becoming the first CEO to use downsizing as a tool to improve corporate profitability, and embracing outsourcing and offshoring in an endless quest for cheap labor. And because GE was so influential, and Welch was so successful in his prime, these strategies became the de facto law of the land in corporate America. More than two decades after he retired, we are all still living in the world Jack Welch helped create. Today however, there are tentative signs that change is afoot. Some companies are investing in U.S. manufacturing, doing their part to combat climate change, and trying to clean up their supply chains. At a few select companies CEOs are even trying to push back on the forces that have led to such drastic income inequality in America and invest more in their workers. Companies like Target, Walmart and Chipotle have raised wages in recent years. And at PayPal, the online payments company, CEO Dan Schulman has embarked on an ambitious effort to improve the financial wellbeing of his frontline employees—going well beyond simply raising wages and creating a comprehensive financial wellness program that stands apart in corporate America. When Schulman took over PayPal, the online payments company, in 2014, he embraced the idealistic language of Silicon Valley, trumpeting a corporate mission statement that suggested technology could solve all the world’s problems. “Our mission as a company is to try and democratize the management and movement of money,” Schulman said. “It’s a very inclusive statement.” Schulman assumed that most all of PayPal’s employees were well off. After all, the company is worth more than $80 billion, and Silicon Valley behemoths are known for their generous compensation. But several years ago, Schulman learned that many of PayPal’s lowest-paid employees were having a hard time making ends meet. In 2017, the company set up a $5 million fund to help employees who were experiencing unexpected financial crises. As soon as the fund was announced, it was overwhelmed with applications. “We found urgent requests for help were increasingly the result of everyday events, like an unexpectedly steep medical bill, a student loan payment, or a car breaking down,” he told me. The next year, PayPal decided to survey its low-paid and entry-level employees, a group that included many men and women working in call centers, and which accounted for about half the company’s workforce. Schulman went into the exercise with high hopes. “I thought the results that would come back were going to be really good, because PayPal is a tech company, and we pay at or above market rates everywhere around the world because we want to attract really great employees,” he said. That was not the case. Two thirds of respondents said they were running short on cash between paychecks. “We got the survey results back and I was actually shocked to see that our hourly workers—like our call center employees, our entry-level employees—were just like the rest of the market, struggling to make ends meet,” he said. At an enormously profitable technology company, more than 10,000 employees were barely making enough to survive. “What we found out is that employees were making trade-offs, like do I get health care or do I put food on the table?” he said. “That’s ridiculous.” Schulman was stunned. “What it told me is that for about half our employees, the market wasn’t working. Capitalism wasn’t working.” Schulman resolved to do something, but he knew it wouldn’t be enough to just hand out some bonuses and hope for the best. Instead, he looked for data that would tell him whether or not whatever interventions PayPal devised were making a difference. He wanted a way to measure “the financial health of our employees” that went beyond basic metrics like the minimum wage, the purchasing power of which varies by zip code. Over the course of a few months, PayPal worked with academics and nonprofit groups to create a new metric: “net disposable income,” or NDI. That, Schulman explained, amounted to “how much money do you have after you pay all of your taxes and your essential living expenses, like housing and food and that kind of thing.” PayPal and its partners estimated that an NDI of 20 percent was about what was needed for a family to meet its needs—basics like rent and food, plus things like medical expenses, school supplies, and clothes—and still be able to save. With the new metric in hand, Schulman’s team revisited the survey data. The results were grim. About half of PayPal employees had an NDI of 4 percent, leaving them with just a small fraction of their paycheck after paying for basic necessities. It was a bleak statistic, but now Schulman had a target. The goal would be to get all PayPal employees to at least an NDI of 20 percent. There wasn’t one silver bullet that would easily accomplish that. Instead, PayPal created a four-part financial wellness program for its lower-paid employees that was unique among big companies. First, PayPal raised the wages for those employees with low NDIs. The company already paid above minimum wage everywhere it had offices, but that clearly wasn’t enough. So it upped hourly compensation for its call center workers. It then gave every employee, even entry-level ones, an opportunity to own stock in the company. That was hardly a token gesture. Given the disproportionate amount of value that is created through the appreciation of public company stock, it could be a meaningful way for workers to accumulate real wealth. And sure enough, PayPal stock doubled in the year after the program was introduced. Next, PayPal rolled out a comprehensive financial literacy program for its employees, offering pointers on saving, investing, and managing money. All of that was above and beyond what most big companies were doing, but Schulman then took one more critical step. One surprising finding from financial wellness survey was just how much health care was costing PayPal employees. Each month, workers had to choose between medical care and textbooks, between prescriptions and gas for the car. Health care costs were consuming a meaningful part of their NDI. So Schulman lowered health care costs for the company’s lowest-paid employees by 60 percent. It was the most impactful of PayPal’s interventions. “I think if we had just done health care, it would have been a gigantic relief for our employees,” Schulman said. Several months after the program was implemented, PayPal surveyed its employees again. This time, many of the targeted employees had net disposable income of more than 20 percent, with the lowest coming in at 16 percent. Many other companies have raised wages in recent years. What PayPal did was different. Between the raises, the stock grants, the financial literacy training, and the additional support for healthcare costs, Schulman and his team effectively rewrote the social contract with their lowest paid employees, proving that companies can still be highly profitable while taking exemplary care of their employees, too. The financial wellness program at PayPal cost tens of millions of dollars, money that didn’t go out the door in buybacks or dividends. “It was a significant material investment in our employees,” Schulman said. But he likened it to investments in other parts of the business, be it advertising or infrastructure. “I believe very strongly that the only sustainable competitive advantage that a company has is the skill set and the passion of their employees,” he said. Schulman insists that the expense was worth it. In the months after the program began, customer satisfaction ticked up, employees were more engaged, and PayPal’s stock continued to soar. And in recent months, PayPal has changed the vesting schedule for some of the stock awards to give employees more chances to cash out. “Over the medium and long term, that investment will pay back to shareholders,” Schulman said. “This whole idea that profit and purpose are at odds with each other is ridiculous. I mean, if you ever have any chance of moving from being a good company to a great company, you have to have the very best employees, that love what they’re doing, that are passionate about what they’re doing. Everything else will emanate from there.” Adapted from “The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America–and How to Undo His Legacy.”.....»»

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Both Republicans and Democrats Are Wrong on Gas Prices

On June 13, the price of gasoline reached a historic high of $5 per gallon. There followed an avalanche of accusations across the political spectrum. Democrats, including President Joe Biden, blamed oil companies for gouging consumers in order to boost their own profits. Republicans countered that the high prices were due to Biden’s mismanagement and… On June 13, the price of gasoline reached a historic high of $5 per gallon. There followed an avalanche of accusations across the political spectrum. Democrats, including President Joe Biden, blamed oil companies for gouging consumers in order to boost their own profits. Republicans countered that the high prices were due to Biden’s mismanagement and energy policies that discourage domestic oil production. In truth, neither side has accurately framed the current energy crisis. A complex array of economic, political, and geopolitical factors have converged to cause the national energy dilemma, which is unlikely to improve in the near future. [time-brightcove not-tgx=”true”] In Summer 2021, the price of gasoline nationwide was $3. A year later, it spiked to $5. What happened? To answer that question, it’s necessary to turn the clocks back to 2019, just before the COVID-19 pandemic. The world was awash in oil, thanks to the shale boom in the U.S. that had caused domestic production to double from 5 million barrels per day in 2008 to 12.3 million barrels per day in 2019. Then came COVID-19. In early 2020, demand for oil collapsed as the global economy went into lockdown. The price of oil fell to a historic low of -$30 in April. While oil producers in OPEC cut production, private oil companies cut costs and shed unprofitable assets. Some of those assets included aging refineries in the U.S. and Europe. As the global economy came back online in 2021, OPEC and private U.S. companies brought new oil onto the market very slowly. They had good reasons to be wary: the price had collapsed twice in a decade, COVID still wasn’t totally gone, and future demand looked uncertain due to growing concerns over climate change. Companies neglected investing in more capacity and instead offered dividends and buybacks to shareholders. Russia’s invasion of Ukraine in February 2022 threw a fragile global oil supply situation into utter chaos. The world’s second largest oil exporter, Russia, faced sanctions from the U.S., Canada, and the E.U. over its aggression. Millions of barrels of Russian crude suddenly went without a buyer. Global oil prices spiked to $130 per barrel. At the same time, the companies’ decision to shut down several oil refineries during the COVID slump left the U.S. with a deficit in refining capacity. While oil prices were high, the price of gasoline and diesel—in short supply for lack of operating refineries—was even higher. As gas prices spiked to $5, both sides of the American political spectrum point fingers. Democrats have been highly critical of private oil companies, arguing that the current high prices are the result of price gouging and corporate greed. Some have suggested creative economic policies to reduce U.S. exposure to the volatile global oil market, including windfall profit taxes and bans on oil and gasoline exports. While attacks from Democrats rightly point out the huge profits oil companies have earned from the current spike in prices, such windfalls are a product of oil’s volatile market and stem from forces outside the companies’ control. Some Democrat proposals such as an export ban on refined products would do little to mitigate crude oil prices, which are set on a global market, and would be counterproductive to lowering the price of refined goods like gasoline, since they would discourage further investment in domestic infrastructure. Republicans, on the other hand, have framed high prices as a result of Biden’s energy policies, which they contend have cut into US oil production. In his first year in office, Biden suspended new oil and gas leases on federal lands and canceled the Keystone XL pipeline, which would have carried crude oil from Canada to refineries in the Gulf Coast. “Unshackling” the industry would allow the U.S. to achieve “energy independence,” and avoid price shocks, they contend. Republican attacks on Biden are unwarranted. While it is true the President has undertaken several measures to limit the expansion of domestic oil production on federal land, such measures have not had an appreciable impact on oil output, which is set to exceed its historic high of 12.5m barrels per day in 2023. Oil executives have cited capital discipline, high costs, and scarce labor for holding back additional investment in new production. Claims that the U.S. could be energy independence obscure the fact that the price of oil is set by a global market, one that the U.S. cannot influence unilaterally. It is doubtful the U.S. could become self-sufficient in oil and gas, no matter how much it produces. President Biden’s response has been a mix of measures, from releasing oil from the Strategic Petroleum Reserve, to using federal power to encourage more investment in renewable energy to bring down demand for oil. On June 24, the administration proposed suspending the federal gasoline tax. In July, President Biden will visit Saudi Arabia, where he is expected to push Crown Prince Mohammed bin Salman to increase Saudi oil production in order to bring down world oil prices. Republican rhetoric aside, there is little the U.S. can do to bring down oil or gasoline prices in the short term. There are material constraints to boosting domestic oil production, and even with more output the U.S. cannot lower crude oil prices on its own. Similarly, President Biden’s gas tax holiday is unlikely to lower prices very much or for very long and may even contribute to the problem by encouraging more gasoline consumption at a time when supply and demand are extremely tight. Rather than boosting production or encouraging greater demand, the President could take positive steps to rein in demand and encourage conservation, short of triggering a recession. Improving energy efficiency, subsidizing public transportation, campaigns to promote energy conservation, or other fairly simple measures could all have an appreciable impact. Other policy measures, such as suspending the Jones Act—a century-old condition that restricts domestic energy from traveling by sea to U.S. ports—or taking control of private refining capacity in order to boost gasoline output for the domestic market would help alleviate high prices without adding to demand. The current shock was years in the making and stems from a variety of economic, political, and geopolitical factors, most of which lie outside U.S. control. Unless demand for gasoline falls, prices are likely to remain high throughout the summer—and beyond......»»

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Sale Puts Ben & Jerry’s Ice Cream Back in West Bank, Kind Of

The company said it does not agree with the decision by its parent Unilever A new agreement in Israel will put Ben & Jerry’s ice cream back on shelves in annexed east Jerusalem and the occupied West Bank despite the ice cream maker’s protest of Israeli policies, according to Unilever, the company that owns the brand. The Vermont company, which has long backed liberal causes, said it does not agree with the decision, and it’s unclear if the product—which would only be sold with Hebrew and Arabic labeling—would have the same appeal to customers. We are aware of the Unilever announcement. While our parent company has taken this decision, we do not agree with it. (🧵1/3) — Ben & Jerry's (@benandjerrys) June 29, 2022 Israel hailed the move as a victory in its ongoing campaign against the Palestinian-led Boycott, Divestment and Sanctions movement. BDS aims to bring economic pressure to bear on Israel over its military occupation of lands the Palestinians want for a future state. [time-brightcove not-tgx=”true”] Unilever, which acquired Ben & Jerry’s in 2000 but distanced itself from the ice cream maker’s decision last year to halt sales in the territories, said Wednesday that it had sold its business interest in Israel to a local company that would sell Ben & Jerry’s ice cream under its Hebrew and Arabic name throughout Israel and the West Bank. When Ben & Jerry’s was sold, the companies agreed that the ice cream maker’s independent board would be free to pursue its social mission, including longstanding support for liberal causes, including racial justice, climate action, LGBTQ rights and campaign finance reform. But Unilever would have the final word on financial and operational decisions. Unilever said it has “used the opportunity of the past year to listen to perspectives on this complex and sensitive matter and believes this is the best outcome for Ben & Jerry’s in Israel.” In its statement, Unilever reiterated that it does not support the BDS movement. It said it was “very proud” of its business in Israel, where it employs around 2,000 people and has four manufacturing plants. Unilever sold the business to Avi Zinger, the owner of Israel-based American Quality Products Ltd, who had sued Unilever and Ben & Jerry’s in March in a U.S. federal court over the termination of their business relationship, saying it violated U.S. and Israeli law. Zinger’s legal team said the decision by Unilever was part of a settlement. He thanked Unilever for resolving the matter and for the “strong and principled stand” it has taken against BDS. “There is no place for discrimination in the commercial sale of ice cream,” Zinger said. Ben & Jerry’s said that its parent company had taken the decision. “We do not agree with it,” the ice cream maker said on its Twitter account, adding that it would no longer profit from sales of its products in Israel. “We continue to believe it is inconsistent with Ben & Jerry’s values for our ice cream to be sold in the Occupied Palestinian Territory,” it added. Omar Shakir, the director of Human Rights Watch for Israel and the Palestinian territories, said Unilever sought to undermine Ben & Jerry’s “principled decision” to avoid complicity in Israel’s violations of Palestinian rights, which his organization says amount to apartheid, an allegation Israel adamantly rejects. “It won’t succeed: Ben & Jerry’s won’t be doing business in illegal settlements. What comes next may look and taste similar, but, without Ben & Jerry’s recognized social justice values, it’s just a pint of ice cream.” Israel hailed the decision and thanked governors and other elected officials in the United States and elsewhere for supporting its campaign against BDS. It said Unilever consulted its Foreign Ministry throughout the process. “Antisemitism will not defeat us, not even when it comes to ice-cream,” Foreign Minister Yair Lapid said. “We will fight delegitimization and the BDS campaign in every arena, whether in the public square, in the economic sphere or in the moral realm.” BDS, an umbrella group supported by virtually all of Palestinian civil society, presents itself as a non-violent protest movement modeled on the boycott campaign against apartheid South Africa. It does not adopt an official position on how the Israeli-Palestinian conflict should be resolved, and it officially rejects antisemitism. Israel views BDS as an assault on its very legitimacy, in part because of extreme views held by some of its supporters. Israel also points to the group’s support for a right of return for millions of Palestinian refugees — which would spell the end of Israel as a Jewish-majority state — and BDS leaders’ refusal to endorse a two-state solution to the conflict. Ben & Jerry’s decision was not a full boycott, and appeared to be aimed at Israel’s settlement enterprise. Some 700,000 Jewish settlers live in the occupied West Bank and east Jerusalem, which Israel annexed and considers part of its capital. Israel captured both territories in the 1967 Mideast war, and the Palestinians want them to be part of their future state. Most of the international community views the settlements as a violation of international law. The Palestinians consider them the main obstacle to peace because they absorb and divide up the land on which a future Palestinian state would be established. Every Israeli government has expanded settlements, including during the height of the peace process in the 1990s......»»

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The ultra-wealthy are pining for private bankers even as much of Wall Street braces for layoffs

Today's biggest story on Wall Street unpacks demand for private bankers. They bring loyal clients with deep pockets, and could be the ideal tonic for banks struggling with a slowdown in dealmaking. Hi, Aaron Weinman here. I've never needed a private banker, but the über rich are demanding their services as Wall Street firms navigate weakened volumes in investment banking and capital markets.Let's dive into it.If this was forwarded to you, sign up here. Download Insider's app here.Demand still outstrips supply for bankers who cater to the wealthy.Chev Wilkinson1. Private bankers — and their loyal, wealthy clientele — could boost banks' bottom lines as IPO and M&A volumes slump. Layoffs may loom large for Wall Street, but some recruiters reckon private banking will thrive.Already, thousands of mortgage lenders at Wells Fargo and JPMorgan have been let go. Investment bankers are also starting to fret about layoffs as soon as after Labor Day in September, two bankers told Insider.But private bankers who service ultra-high-net-worth individuals are in demand. Hiring has not slowed down, and experienced professionals with a deep Rolodex of clients — who have even deeper pockets — are almost certain to benefit a bank's bottom line.Recruiters who specialize in finding bankers for the wealthy told Insider that demand still far outstrips supply, while candidates are not shy about making their next lucrative move, even in a depressed economic environment.Higher interest rates might also boost hiring for private bankers, especially those who ply their trade at banks with large balance sheets, which are eager to provide high-interest-rate loans.For the full story, read this report from Insider's Hayley Cuccinello.And for more on private banking, check out these stories:Private bankers share how they found their edge by lending to the wealthy against luxury items like yachts and jets.Learn how Goldman Sachs and JPMorgan train their minions to work with the ultra rich.Meet Jared Birchall, the secretive man entrusted with banking Elon Musk's billions.In other news:Yuichiro Chino2. Crypto hedge fund Three Arrows Capital fell into liquidation, CNBC reported. Restructuring firm Teneo has been brought on to outline 3AC's assets, and set up a website so creditors can make their claims on the struggling business.3. FTX chief executive Sam Bankman-Fried expects more crypto exchanges to fail. The crypto billionaire told Forbes that some are already "secretly insolvent" and beyond saving.4. Goldman Sachs' analysts painted a bleak picture for Franklin Templeton. Shares of the $1.5 trillion asset-management firm Franklin Resources dipped 6% after the report.5. Hedge fund Viking Global is after $1 billion to back startups, Bloomberg reported. Viking is raising the money as a structured-equity fund to help private companies navigate a slump in valuations.6. Deel, a remote-work startup, just launched a new tool that helps manage international contractors. Alex Bouaziz, Deel's chief executive, told Insider how the feature aligns with Deel's overall strategy.7. Goldman Sachs' consumer-banking business could lose more than $1.2 billion this year, Bloomberg reported. The losses stem from costs associated with adding new business lines, dealing with the impact of the pandemic, and general expense burn.8. Not all Wall Streeters are back in the office. Some are working from lands far, far, away, so here's how to maintain professional success while traveling. There's also a recipe to staying productive without losing that vacay vibe. And here's how to move, live, and work in Costa Rica, France, and Portugal.9. Graduates from the top business schools in the US pocketed tidy salaries last year. Here are the latest pay packets — including signing bonuses — from six business schools.10. Ghislaine Maxwell was sentenced to 20 years in jail for sexually abusing girls and trafficking them to have sex with the late financier Jeffery Epstein. Here's a look at her family history. And here's all the famous folks Epstein was linked to, and how his death remains shrouded in mystery.Done deals:Wind Point Partners-backed mechanical services company Smart Care has acquired Dutton Food Equipment Repair. Dutton is Smart Care's 19th acquisition, and fourth under Wind Point's ownership. Wind Point is a private-investment firm focused on logistics.Angeles Equity Partners' portfolio company Primus Aerospace has acquired Raloid Corporation. Raloid manufactures components for defense programs.Curated by Aaron Weinman in New York. Tips? Email or tweet @aaronw11. Edited by Lisa Ryan (tweet @lisarya) in New York and Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

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2 Gen Z entrepreneurs launched a sustainable-period-care startup that"s booked $1 million in revenue. Here"s how their strategy of posting 100 times a day on TikTok grew the business.

Nadya Okamoto and Nick Jain created more environmentally friendly period products and say their company relies on Gen Z feedback and social media. Nick Jain and Nadya Okamoto, the cofounders of August.August When Nadya Okamoto was 16, she began her entrepreneurial journey in the reproductive-health space. Today, she's a cofounder of August, a period-care brand that makes sustainable pads and tampons. August has booked $1 million in revenue, and Okamoto attributes that to her social-media strategy. When Nadya Okamoto was 16 years old, she began her entrepreneurial journey in the sexual- and reproductive-health space by confounding a nonprofit devoted to period care.  "I want periods to be a global conversation," Okamoto told Insider. "That's why I chose to be in this space — to help eliminate that stigma and help menstruators feel empowered about their bodies."Today, as a 24-year-old, she's continuing her life's work through August, a sustainable-period-product startup. Okamoto launched the business in January 2020 with her friend Nick Jain to address a gap in the menstrual-hygiene market by creating plastic-free, biodegradable, and leak-proof period products for all menstruators, especially Gen Zers. The company has booked $1 million in revenue since its launch, according to documentation verified by Insider. Most pads take 800 years to decompose, but August's pads take 12 months, Okamoto said. Additionally, the pads are made from 100% organic cotton and are plastic-free. For Gen Zers — a top concern for whom is the environment, a 2021 survey by Deloitte found — the emphasis on sustainability is one of the most attractive aspects of the brand."We both quickly came to the conclusion that there was something missing in this space," Jain told Insider. "There are certain spaces where young people are fundamentally more disenfranchised, and menstrual care is one of them." Okamoto's passion for the industry stemmed from her upbringing — growing up in New York City, she noticed how many people who menstruate didn't have access to the period care they needed.She cofounded the youth-focused nonprofit Period when she moved to Portland, Oregon, as a teenager. Under her leadership, the nonprofit distributed free menstrual-care products, like pads and tampons, to underserved communities in the city, such as single mothers and women from low-income backgrounds.Today, Period has built a national presence: It has hundreds of volunteers and college-campus chapters across the country, and last year, it helped cover over 3 million menstrual cycles through the free distribution of pads and tampons. Six years after creating Period, Okamoto hired an executive director to take the organization forward and left to create August, which is headquartered in New York City.Okamoto and Jain broke down how they created a successful brand in the menstrual-hygiene space, an area that is continuously being redefined by younger generations. August asked hundreds of Gen Zers what they wanted in period care.AugustA business built based on Gen Z customer feedbackWhen Okamoto and Jain began discussing how they could fill the gap in period care — by creating more environmentally friendly and efficient pads and tampons — they turned to the wider Gen Z community to ask how to best serve menstruators' needs."In today's day and age, for a founder to really build a successful brand, you have to listen to your customers," Jain said. "When it comes to period care, most brands have failed to listen." Jain and Okamoto used the app Geneva, an organized group chat, to get direct feedback from Gen Zers about what an ideal product would look like. The duo used their community — called August Inter Cycle and made up of a few hundred members — to ask questions about the product's design, marketing tactics, and events to host. Now, there are more than 3,200 members across the 12 chat rooms whom Jain and Okamoto communicate with regularly. Some members of August's eight-person team were found and hired through the app."Every decision that we made was made in conjunction with that community," Jain said.Okamoto posted 100 times a day on TikTok when August launched.AugustShowing period blood on TikTok was a winWhen August launched, Okamoto posted up to 100 videos a day on her TikTok account to showcase the brand's unique approach to menstrual hygiene. "To me, the TikTok algorithm is like a lottery," she said. "The more lottery tickets you put in, the more chances you have of winning or, in this case, going viral." The frequency of her posting helped her quickly discover what the audience liked to see. She realized that most people enjoyed seeing her show period blood, put on pads in the bathroom, and record behind the scenes of the company. These kinds of videos went viral and helped grow August's account, along with Okamoto's personal account. Now, she has 3.2 million followers on TikTok and posts about 30 times a day. Okamoto said that this social-media strategy was what drew more attention to August and persuaded more people to try the products. In fact, the first viral TikTok post drew 400,000 people to the company's website overnight, she said. She said that once people were on the website, most of them purchased subscriptions or contacted the company directly to learn what's unique about their brand."What I love the most is how many people we are able to get excited about periods," Okamoto said. "That's the win for me." Read the original article on Business Insider.....»»

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Elon Musk said working from home during the pandemic "tricked" people into thinking they don"t need to work hard. He"s dead wrong, economists say.

Insider spoke to three economists who said a shift toward remote work has not damaged worker productivity — and may have even improved it. Elon Musk at the 2022 Met Gala.Andrew Kelly/Reuters Elon Musk said COVID-19 "tricked people into thinking that you don't actually need to work hard." Working from home didn't make workers less productive, three economists told Insider. The only constraint on productivity was when workers had children at home they needed to look after. Elon Musk is not a fan of remote work. The Tesla CEO issued an ultimatum to Tesla staff on May 31: return to the office full-time or find work elsewhere.Tesla's return-to-office drive appears to be in full swing now. Insider's Grace Kay reported Tesla has begun tracking workers using their badges, sending automated emails to workers who are absent from the office.The Information reported Tesla's office return has been hampered by a lack of physical space, with some workers struggling to find a desk.So why is Musk so determined to get everyone back in the office?The Tesla billionaire has made it clear he believes remote work allows people to avoid hard work.When asked on Twitter how he would respond to people who might think in-office work is antiquated, the Tesla billionaire replied: "They should pretend to work somewhere else."Musk also tweeted in May: "All the Covid stay-at-home stuff has tricked people into thinking that you don't actually need to work hard."Musk, who railed against lockdown mandates and defied shelter-in-place orders to send workers back to his California Tesla factory in May 2020, might have the wrong idea about remote work.Insider spoke to three economists, all of whom said remote work during the pandemic did not damage worker productivity."Most of the evidence shows that productivity has increased while people stayed at home," Natacha Postel-Vinay, an economic and financial historian at the London School of Economics, told Insider."People spent less time commuting so could use some of that time to work, and they also got to spend more time with their family and sleeping, which meant they were happier and ended up more productive," she added.Musk did not reply when contacted by Insider.Data shared with Bloomberg in February 2021 by VPN provider NordVPN Teams suggested that in many economies, working from home meant people worked longer hours.Albrecht Ritschl, an professor of economic history, also said cutting out commuting was a bonus to worker productivity, and added that working from home led to fewer hours spent in "pointless meetings.""Time spent at the office is not the same thing as working hard," Ritschl said.Almarina Gramozi, a lecturer in economics at King's College London, said the largest surveys of workers in the US and the UK found workers were at least as productive at home as in the office — although she said a similar study in Japan found workers did report lower productivity working from home.All three experts said productivity occasionally dipped in some cases, but not because people were shirking.People with children at home during the pandemic often had to split their attention between work and childcare, leading to a decrease in productivity, Postel-Vinay and Ritschl said.Gramozi also added productivity isn't just down to individual employees."Productivity levels depend substantially on the support that employers offer, technology adoption, and on the type of work that would allow it to be easily conducted remotely," she told Insider.Read the original article on Business Insider.....»»

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Opening Bell: Another 10% lower to go for stocks

The biggest story in markets right now is the big sell-off in stocks — and we're looking at how much further one firm thinks it has to go. Good morning. Max Adams in for Phil Rosen today. At least one big firm has put a number on how much further stocks have to fall before they hit the bottom. The bad news is that the odds of a recession have doubled. The good news is that an end to this sell-off might be in sight.By the way, one of our editors, Hallam Bullock, stopped by The Refresh from Insider to talk about inflation in Europe. Listen here. Now let's get started. If this was forwarded to you, sign up here. Download Insider's app here.Banks are facing old and new challenges in fintech M&AFabrice Cabaud/Getty Images1. The S&P 500 will fall another 10% before the sell-off bottoms out. The investment chief at Morgan Stanley Wealth Management said the odds of two consecutive quarters of negative growth doubled after the Fed's super-sized rate hike this month, and there's another 5%-10% lower to go for stocks. That would be on top of the already 20% slide in the S&P 500, which has put the market on track for the worst first half of the year since 1970. Morgan Stanley's Lisa Shalett said that stocks have further to fall because investors still aren't pricing in the Fed's new hawkishness. There is hope, though, for a second half rally. According to analysts at Ned Davis Research, there are five things that need to line up in order for stocks to come back in the latter part of this year. These include a pullback in inflation, avoiding a recession, and a favorable result for the market in the upcoming midterm elections — check out what else investors need to happen here. "Extremely weak first halves are almost always followed by strong second halves," NDR's Ed Clissold said. "Bear markets do not just end on their own. Macro factors turn in the market's favor."In other news:Reuters2. US stock futures fell early Thursday, after Fed Chair Jerome Powell's tough talk on inflation stoked recession fears. Meanwhile, bitcoin was also down and was last seen trading around the $19,000 level. Here are the latest market moves.3. On the docket: Constellation Brands, Walgreens Boots Alliance, Micron Technology all reporting. Plus, look out for the unemployment insurance weekly claims report, expected from the US Department of Labor at 7:30 am ET. 4. Housing demand is softening in these cities. According to Zillow, some markets that were previously considered overvalued are cooling off. Here are the eight housing markets that are beginning to see a slowdown. 5. Oil is going to $200 a barrel, according to one analyst. That's because the G7's plan to cap the price of Russian crude is a "recipe for disaster." Read what SEB analyst Bjarne Schieldrop had to say about world leaders' latest idea to hurt Russia's oil trade.  6. Nio stock fell on Wednesday after a short seller alleged "accounting games". Grizzly Bear Research said the Chinese EV maker and Tesla rival was running an "audacious scheme" to inflate its financials. Nio responded, saying the claims were without merit. 7. Crypto hedge fund Three Arrows Capital has been ordered to liquidate by a British Virgin Islands court. As per The Wall Street Journal, Nichol Yeo, a partner at law firm Solitaire LLP, said Three Arrows Capital is seeking legal advice after creditors sued the crypto hedge fund for failure to repay debts. Here's the latest.8. The CEO of Binance.US told Insider what he thinks the TerraUSD debacle means for the wider crypto space. Brian Shroder lays out what he thinks comes next after the high-profile collapse — and which two stablecoins he feels most confident about. 9. The investment chief at a $1.1 billion firm says its time for investors to get aggressive. Nancy Tengler says the current bear market is a "once-in-a-generation entry point". See the list of 15 stocks she's buying right now. 10. Should you buy a house right now? Take our quiz. The housing market has shifted in a big way, and amid uncertainty around mortgage rates and home prices, Insider has put together a quiz to help prospective home buyers decide whether now is the right time. Check it out here.Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Max Adams in New York. (Feedback or tips? Email by Hallam Bullock (@hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 21 min. ago Related News

Bitcoin dips below $19,000 in broad crypto sell-off as Three Arrows liquidation sends ripples through the market

The risk asset sell-off and the liquidation of troubled hedge fund Three Arrows Capital helped drive bitcoin briefly below $19,000 as crypto losses deepened. Bitcoin bull Michael Saylor faces significant unrealized losses and a potential margin call after the cryptocurrency slipped below $20,000.Joe Raedle/Getty Images Bitcoin slipped briefly below $19,000 Thursday after crypto hedge fund Three Arrows Capital fell into liquidation. Cryptocurrencies have slumped as investors shun risky assets thanks to growing worries about recession. High-profile financial troubles have cast doubt on the stability of the crypto sector, also putting pressure on prices. Bitcoin slipped briefly below $19,000 Thursday, as losses for cryptocurrencies deepened after the liquidation of troubled hedge fund Three Arrows Capital sparked fresh worries about the stability of the digital-asset sector.The leading cryptocurrency by market value dropped to $18,914, according to CoinDesk data, before recovering somewhat to regain $19,000 again. It was last trading 5% lower on the day at around $19,041, down about 60% year-to-date.Elsewhere in the market, ethereum dropped 9.4% to $1,018.93, and is now down more than 70% year-to-date. Major altcoins cardano, solana, and XRP fell 6.5%, 9.9% and 6.1% respectively. The Cryptocurrencies have suffered a steep sell-off this year alongside assets like growth stocks as investors turned to less  risky investments in the face of rising inflation and a potential recession.At the same time, high-profile financial troubles and bailouts in the crypto ecosystem have cast doubt on the stability of the sector. That has put pressure on crypto prices including bitcoin, and analysts said the liquidation of Three Arrows Capital, also known as 3AC, on Wednesday could continue to push prices down."Concerns are growing that the collapse of Three Arrows Capital could trigger further market contagion," Oanda analyst Edward Moya said in a note.A British Virgin Islands court ordered the liquidation of 3AC after it defaulted on repaying a $670 million loan to the lending firm Voyager Digital. The hedge fund, co-founded by Su Zhu and Kyle Davies in 2012, is estimated to have lost $400 million in the crypto market crash, The Block reported.It isn't the first high-profile crypto company to suffer thanks to the bear market. Major lender Celsius froze all withdrawals after suffering liquidity issues earlier this month, while the stablecoin issuer Terra saw its tokens USDT and luna both collapse in May.Meanwhile, FTX CEO Sam Bankman-Fried said there are some crypto exchanges that are already secretly insolvent, according to Forbes. There's also been renewed scrutiny of companies that have taken out bitcoin-backed loans. Longtime bull Michael Saylor's MicroStrategy is reportedly facing a margin call after bitcoin fell below $21,000, though the company bought more bitcoin worth about $10 million this week.Some analysts see $20,000 as a key psychological level for bitcoin, and said its drop below that could mean a further drop ahead. Crypto hedge fund boss Dan Morehead of Pantera Capital said there are "major meltdowns" to come, Bloomberg reported."It's getting very nervy in the crypto space and another significant break below here could bring fresh anxiety and more pain," Oanda's Craig Erlam said in a note about the $20,000 level.Erlam added that it's hard to create much of a bullish case for bitcoin beyond its admirable resilience and wondered how long the enthusiasm of its backers can sustain its price. Read more: $290 billion in market value has been shed in a widespread crypto selloff this past week. These 3 investment strategies will help your portfolio amid the industry's 'bloodbath', according to Fundstrat.Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 21 min. ago Related News

Rebel Tory backbenchers plotting "more organised" attack on Boris Johnson amid fresh rumours of early election

Backbenchers are now more more coordinated after the failed vote of no confidence But concerns Johnson could trigger an early election linger. UK Prime Minister Boris Johnson.Jacob King/PA/Getty Images Rebel Tories are planning a more organised approach to oust Johnson after failing to dislodge him, sources say. The vote of no confidence, which Johnson narrowly won, came about by disparate groups of MPs. Now backbenchers are more coordinated — but concerns Johnson could trigger an early election linger. Rebel Conservative backbenchers are plotting a "more organised" attack on Boris Johnson, sources say, despite fresh rumours of early election that could yet thwart their plans.Tories in the 80 most marginal seats in the UK were asked to file their campaign plans for a general election with CCHQ on Thursday. The request came during an away day for a "target seats launch event" held in May. Although long-planned, the move has reignited concerns among backbenchers that Boris Johnson could call a snap vote this autumn, potentially putting marginal MPs at risk of losing their seats in the hope of maintaining an overall majority. One backbencher told Insider: "He's going to go for an Oct. 27 election … Why are we sitting an extra week in September? We normally do two weeks. This time it's three. So what is that third week for if not wash up?"The wash-up period refers to a period of time before parliament dissolves where MPs hurry through unfinished legislation.Another MP said Tories were "on standby for an election anytime from September," noting that it was more likely "if they go for the PM."He added: "It may not happen until May 2024, but we will be ready to rock and roll as a party by the end of summer in our seats…  loads of us already are."Tory MP Alec Shelbrooke told GB News an early election was a viable prospect because "we have got such a trial coming towards us" and it would "draw the line" under partygate and other matters. Speaking to journalists at the NATO summit on Wednesday, Johnson refused three times to rule out a snap election, saying: "I don't comment on those sorts of things" and "I am not offering commentary" as he insisted he was "here to comment on policy, on the agenda of government."However, one of the rebel MPs that prompted last month's vote of no confidence told Insider Johnson's remark was a "red herring," potentially being put about as a "scare tactic" to rally support behind the prime minister.  The MP said there was recognition that "if people want to be effective, we have to be more organised," suggesting that another confidence vote may take place following what he called a "beauty contest" of leadership hopefuls during autumn's party conference.  His comments about the party conference echoed those made by colleagues following Johnson's decision to pull out of a conference with northern MPs, angering some who had expected him to show up.Backbenchers who make up the Northern Research Group of Tory MPs are expected to be heavily courted, having given Johnson the benefit of the doubt in the last vote.Would-be rivals Tom Tugendhat MP and Chancellor Rishi Sunak have already begun the charm offensive, and others including ministers Penny Mordaunt, Ben Wallace, Liz Truss, and Nadhim Zahawi are active behind the scenes, sources said. Urging Cabinet ministers to act, the MP played down an oft-quoted adage that "he who wields the knife never wears the crown," saying: "The knife has already been wielded — by several groups of colleagues who voted against him."The party conference is not the only critical point facing the prime minister this autumn, with the privileges committee report into whether Johnson deliberately misled Parliament now underway and expected to report back later this year.Johnson has also pushed back a planned reshuffle until autumn, according to a Times of London report, which sources interpreted as a tacit acknowledgement of his precarious position.The economic situation is also expected to get worse, with inflation predicted to peak at 11% and the energy price cap due to rise again in October. But triggering an early election is seen as a highly risky move, after the Conservatives lost both Wakefield and Tiverton & Honiton in by-elections earlier this month. Recent polling seen by Insider has suggested that even Johnson himself may be at risk of losing his seat in Uxbridge and South Ruislip. That led one MP to speculate the prime minister would "do the chicken run" and go for a safe seat that is being vacated. While the party is currently without a lead party chairman, following Oliver Dowden's resignation over the by-election results, various names are circulating as possible replacements. Nigel Adams, a minister without portfolio who led the shadow whipping operation earlier this year, is seen by sources as a top contender, though he has ruled himself out, The Telegraph reported. Other names in the frame, according to the paper, include Stephen McPartland and Rob Halfon. The latter previously served as Conservative Party deputy chairman.It is not clear whether Ben Elliot, who is currently party co-chairman, will remain following criticism from senior backbenchers over his links with Russia. Read the original article on Business Insider.....»»

Category: topSource: businessinsider1 hr. 21 min. ago Related News

House GOP re-election arm targeting Democrats over ‘Most Expensive 4th of July Ever: Part II’

A year after becoming the first GOP group to launch ads taking aim at Democrats over soaring inflation, the National Republican Congressional Committee is coming back for round two......»»

Category: topSource: foxnews1 hr. 21 min. ago Related News

Who"s Still Buying Fossil Fuels From Russia?

Who's Still Buying Fossil Fuels From Russia? Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million per day. So, which fossil fuels are being exported by Russia, and who is importing these fuels? The infographic below, via Visual Capitalist's Niccolo Conte and Govind Bhutada, tracks the biggest importers of Russia’s fossil fuel exports during the first 100 days of the war based on data from the Centre for Research on Energy and Clean Air (CREA). In Demand: Russia’s Black Gold The global energy market has seen several cyclical shocks over the last few years. The gradual decline in upstream oil and gas investment followed by pandemic-induced production cuts led to a drop in supply, while people consumed more energy as economies reopened and winters got colder. Consequently, fossil fuel demand was rising even before Russia’s invasion of Ukraine, which exacerbated the market shock. Russia is the third-largest producer and second-largest exporter of crude oil. In the 100 days since the invasion, oil was by far Russia’s most valuable fossil fuel export, accounting for $48 billion or roughly half of the total export revenue.   While Russian crude oil is shipped on tankers, a network of pipelines transports Russian gas to Europe. In fact, Russia accounts for 41% of all natural gas imports to the EU, and some countries are almost exclusively dependent on Russian gas. Of the $25 billion exported in pipeline gas, 85% went to the EU. The Top Importers of Russian Fossil Fuels The EU bloc accounted for 61% of Russia’s fossil fuel export revenue during the 100-day period. Germany, Italy, and the Netherlands—members of both the EU and NATO—were among the largest importers, with only China surpassing them.   China overtook Germany as the largest importer, importing nearly 2 million barrels of discounted Russian oil per day in May—up 55% relative to a year ago. Similarly, Russia surpassed Saudi Arabia as China’s largest oil supplier. The biggest increase in imports came from India, buying 18% of all Russian oil exports during the 100-day period. A significant amount of the oil that goes to India is re-exported as refined products to the U.S. and Europe, which are trying to become independent of Russian imports. Reducing Reliance on Russia In response to the invasion of Ukraine, several countries have taken strict action against Russia through sanctions on exports, including fossil fuels.  The U.S. and Sweden have banned Russian fossil fuel imports entirely, with monthly import volumes down 100% and 99% in May relative to when the invasion began, respectively. On a global scale, monthly fossil fuel import volumes from Russia were down 15% in May, an indication of the negative political sentiment surrounding the country. It’s also worth noting that several European countries, including some of the largest importers over the 100-day period, have cut back on Russian fossil fuels. Besides the EU’s collective decision to reduce dependence on Russia, some countries have also refused the country’s ruble payment scheme, leading to a drop in imports. The import curtailment is likely to continue. The EU recently adopted a sixth sanction package against Russia, placing a complete ban on all Russian seaborne crude oil products. The ban, which covers 90% of the EU’s oil imports from Russia, will likely realize its full impact after a six-to-eight month period that permits the execution of existing contracts. While the EU is phasing out Russian oil, several European countries are heavily reliant on Russian gas. A full-fledged boycott on Russia’s fossil fuels would also hurt the European economy—therefore, the phase-out will likely be gradual, and subject to the changing geopolitical environment. Tyler Durden Thu, 06/30/2022 - 06:55.....»»

Category: blogSource: zerohedge2 hr. 9 min. ago Related News

NerdWallet: The rational approach you can take when a friend or family member owes you money

You helped them out. But what should you do when they don’t pay you back? Consider these options......»»

Category: topSource: marketwatch2 hr. 53 min. ago Related News

Spirit delays vote on Frontier deal

Spirit Airways has pushed back a scheduled shareholder vote on the merger offer from Frontier Holdings by another week, as the three-way bidding war that also involves Jetblue continues......»»

Category: topSource: foxnews7 hr. 9 min. ago Related News

Visualizing The Elemental Composition Of The Human Body

Visualizing The Elemental Composition Of The Human Body The human body is a miraculous, well-oiled, and exceptionally complex machine. It requires a multitude of functioning parts to come together for a person to live a healthy life—and every biological detail in our bodies, from the mundane to the most magical, is driven by just 21 chemical elements. Of the 118 elements on Earth, just 21 of them are found in the human body. As Visual Capitalist's Mark Belan and Anshool Deshmukh detail below, together, they make up the medley of divergent molecules that combine to form our DNA, cells, tissues, and organs. Based on data presented by the International Commission on Radiological Protection (ICRP), in the above infographic, we have broken down a human body to its elemental composition and the percentages in which they exist. These 21 elements can be categorized into three major blocks depending on the amount found in a human body, the main building block (4 elements), essential minerals (8 elements), and trace elements (9 elements). The Elemental Four: Ingredients for Life Four elements, namely, oxygen, carbon, hydrogen, and nitrogen, are considered the most essential elements found in our body. Oxygen is the most abundant element in the human body, accounting for approximately 61% of a person’s mass. Given that around 60-70% of the body is water, it is no surprise that oxygen and hydrogen are two of the body’s most abundantly found chemical elements. Along with carbon and nitrogen, these elements combine for 96% of the body’s mass. Here is a look at the composition of the four elements of life: Values are for an average human body weighing 70 kg. Let’s take a look at how each of these four chemical elements contributes to the thriving functionality of our body: Oxygen Oxygen plays a critical role in the body’s metabolism, respiration, and cellular oxygenation. Oxygen is also found in every significant organic molecule in the body, including proteins, carbohydrates, fats, and nucleic acids. It is a substantial component of everything from our cells and blood to our cerebral and spinal fluid. Carbon Carbon is the most crucial structural element and the reason we are known as carbon-based life forms. It is the basic building block required to form proteins, carbohydrates, and fats. Breaking carbon bonds in carbohydrates and proteins is our primary energy source. Hydrogen Hydrogen, the most abundantly found chemical element in the universe, is present in all bodily fluids, allowing the toxins and waste to be transported and eliminated. With the help of hydrogen, joints in our body remain lubricated and able to perform their functions. Hydrogen is also said to have anti-inflammatory and antioxidant properties, helping improve muscle function. Nitrogen An essential component of amino acids used to build peptides and proteins is nitrogen. It is also an integral component of the nucleic acids DNA and RNA, the chemical backbone of our genetic information and genealogy. Essential and Supplemental Minerals Essential minerals are important for your body to stay healthy. Your body uses minerals for several processes, including keeping your bones, muscles, heart, and brain working properly. Minerals also control beneficial enzyme and hormone production. Minerals like calcium are a significant component of our bones and are required for bone growth and development, along with muscle contractions. Phosphorus contributes to bone and tooth strength and is vital to metabolizing energy. Here is a look at the elemental composition of essential minerals: Values are for an average human body weighing 70 kg. Other macro-minerals like magnesium, potassium, iron, and sodium are essential for cell-to-cell communications, like electric transmissions that generate nerve impulses or heart rhythms, and are necessary for maintaining thyroid and bone health. Excessive deficiency of any of these minerals can cause various disorders in your body. Most humans receive these minerals as a part of their daily diet, including vegetables, meat, legumes, and fruits. In case of deficiencies, though, these minerals are also prescribed as supplements. Biological Composition of Trace Elements Trace elements or trace metals are small amounts of minerals found in living tissues. Some of them are known to be nutritionally essential, while others may be considered to be nonessential. They are usually in minimal quantities in our body and make up only 1% of our mass. Paramount among these are trace elements such as zinc, copper, manganese, and fluorine. Zinc works as a first responder against infections and thereby improves infection resistance, while balancing the immune response. Here is the distribution of trace elements in our body:   Values are for an average human body weighing 70 kg.   Even though only it’s found in trace quantities, copper is instrumental in forming red blood cells and keeping nerve cells healthy. It also helps form collagen, a crucial part of bones and connective tissue. Even with constant research and studies performed to thoroughly understand these trace elements’ uses and benefits, scientists and researchers are constantly making new discoveries. For example, recent research shows that some of these trace elements could be used to cure and fight chronic and debilitating diseases ranging from ischemia to cancer, cardiovascular disease, and hypertension. Tyler Durden Wed, 06/29/2022 - 23:20.....»»

Category: blogSource: zerohedge7 hr. 21 min. ago Related News