Futures Reverse Overnight Plunge As European Banks Stabilize From Historic Rout US equity futures, global markets and European bank stocks have stabilized, rebounding off worst levels which saw Europe's brand new banking megagiant UBS plunge as much as 16% before recouping most of the losses... ... as investors digested UBS’s agreement to buy Credit Suisse as well as central bank moves to boost dollar liquidity in an effort to restore confidence in the global financial system. Futures contracts on the S&P 500 were little changed at 7:30 a.m. ET after tumbling 1% earlier. The Stoxx Europe 600 index was modestly higher, with banks and financial services still the sharpest fallers. UBS shares sank as much as 16%, while Credit Suisse sank 60%. European bank stocks pared losses with the Stoxx Europe 600 Banks Index down less than 1%, after after dropping as much as 6%. A gauge of Asian shares fell by more than 1%. In premarket trading, First Republic Bank was poised to extend last week’s record loss as the US lender’s shares plunged 19% after S&P cut its credit rating again. Wells Fargo and Citigroup trimmed US premarket declines. Gold-mining stocks rallied in premarket trading on Monday, after a $3.2 billion deal between UBS and troubled lender Credit Suisse failed to calm nerves in the banking industry, knocking risk appetite. Newmont, the biggest US-listed gold miner, gains as much as 2.6%; Harmony Gold Mining +5.6%, Gold Fields +2.2%, New Gold +3.4%, Wheaton Precious Metals +1.5%, First Majestic Silver +2%, Pan American Silver +0.7%. The price of gold rose above $2,000 an ounce for the first time in a year amid safe-haven appeal. Here are some other notable premarket movers: Cryptocurrency-exposed stocks rise after Bitcoin extended its gains for a fifth consecutive session, with the digital asset reaching levels not seen in about nine months. Marathon Digital (MARA US) +5.6%, Riot Platforms (RIOT US) +8% and Coinbase (COIN US) +4.2% Energy stocks decline as investors’ concern about the banking system spur broad risk aversion and drag crude prices lower. Exxon Mobil (XOM US) slid 1.3%, Chevron (CVX US) -1.1%, Occidental Petroleum (OXY US) -1.1%. For those who were lucky enough to be away from their computers this weekend, this is what you missed: Credit Suisse shareholders will receive 1 share in UBS (UBSN SW) for 22.48 shares in Credit Suisse which reflects a merger consideration of CHF 3bln and that FINMA determined that Credit Suisse’s additional tier 1 capital in the aggregate nominal amount of around CHF 16bln will be written off. Credit Suisse also told staff in a memo that the details of the transaction are being worked through and no disruption to client services is expected, while it told staff there will be no changes to payroll arrangements and bonuses will still be paid on March 24th. UBS said the company will suspend share buybacks and that they did not initiate the discussions but believe the transaction is financially attractive to UBS shareholders and are planning to de-risk and downsize Credit Suisse’s investment banking operations. UBS also noted its strategy is unchanged in US and APAC and said that Credit Suisse is quite complementary to the wealth business in Southeast Asia. Furthermore, Colm Kelleher will be Chairman and Ralph Hamers will be Group CEO of the combined entity, while the transaction is not subject to shareholder approval and there is a material adverse change clause on the Credit Suisse deal. SNB said it is providing substantial liquidity assistance to support the UBS takeover of Credit Suisse and the takeover was made possible with the support of the Swiss federal government, FINMA and SNB, while it added that both banks have unrestricted access to the SNB’s existing facilities. There were also comments from the Swiss Finance Minister that this is a commercial solution and not a bailout, while she noted the cost of bankruptcy to the Swiss economy would have been huge. ECB said it welcomes the swift actions and decisions taken by Swiss authorities and noted that the Euro area banking sector is resilient with strong capital and liquidity positions. ECB’s Lagarde also stated that the ECB’s policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed. BoE said it welcomes the comprehensive actions by the Swiss authorities to merge UBS and Credit Suisse, while it has been engaging with international counterparts throughout preparations for the announcement. Furthermore, it stated that the UK banking system remains safe and sound and is well-capitalised and funded. Fed Chairman Powell and US Treasury Secretary Yellen said they welcome the announcements by Swiss authorities to support financial stability and noted the capital and liquidity positions of the US banking system are strong and US financial system resilience is strong. Furthermore, they have been in close contact with international counterparts to support their implementation. At least two major banks in Europe are examining scenarios of contagion potentially spreading across Europe’s banking sector and looking to the Fed and ECB to step in with stronger signals of support, according to Reuters citing executives with knowledge of the deliberations. Banking stocks and bonds plummeted after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse, a deal that was shoved down Credit Suisse investors' throats - literally - in an attempt to restore confidence in a battered sector. The Federal Reserve and five other central banks announced coordinated action on Sunday to boost liquidity in US dollar swap arrangements. The Fed’s next policy decision is due later this week, with market attention on whether it may slow or pause interest-rate hikes. UBS emerged as Switzerland’s one and only global bank, a risky bet that makes the Swiss economy more dependent on a single lender. Credit Suisse told staff its wealth assets are operationally separate from UBS for now, but once they merged clients might want to consider moving some assets to another bank if concentration was a concern. The rudest shock in the rushed deal was reserved for the holders of Credit Suisse's riskiest tranche of bonds. UBS is salvaging the most value from the wreckage, says Breakingviews columnist Liam Proud. Hedge fund managers and other large investors believe it is far too soon to call an all-clear on turmoil in the global financial sector. Amid the endless turmoil, the KBW Bank Index plunged 28% over the past two weeks, with financials rattled by concerns over Credit Suisse as well the recent failures of Silicon Valley Bank and two other US lenders. Gains in tech stocks have helped support the overall market, however, as investors look for a safe haven. "The turmoil still has at least a couple of days to play out, and only the Fed can come in and calm that,” Chris Beauchamp, chief market analyst at IG Group Holdings Plc, said on Bloomberg Television. He expects the US central bank to hike rates by 25 basis points as a pause would be interpreted by markets as a sign that the stress in banks is bigger than initially thought. “Assuming these banking stresses do not evolve into something more serious, the European Central Bank and the Fed may perceive that they are at or near their objectives with current policy,” said Brad Tank, chief investment officer for fixed income at Neuberger Berman. “The Fed, in particular, is further along in its tightening cycle and should have more flexibility to pause — and markets are indeed pricing for 2023 fed funds rate cuts once again.” Meanwhile, one day after he revealed his shock that stocks remain resilient and just under 4,000 despite calling for a crah for the past 3 months, Morgan Stanley’s Michael Wilson said the stress in the banking system marks what’s likely to be the beginning of a painful and “vicious” end to the bear market in US stocks, adding that the risk of a credit crunch has increased materially. The S&P 500 will remain unattractive until equity risk premium climbs to as high as 400 basis points from the current 230 level, according to the bearish strategist who two weeks ago flip-flopped briefly to bullish before getting rugpulled by the banking crisis. European stocks are higher after reversing the negative knee-jerk reaction to the terms of the UBS takeover of Credit Suisse. The Stoxx 600 is up 0.6% as gains in utilities, miners and consumer products outweigh declines in bank stocks.  European oil stocks declined as investors’ concern about the potential for a global banking crisis spur broad risk aversion and drag crude prices lower. The Stoxx Europe 600 Energy index slid 1%; among oil majors, Shell declined 1.5%, TotalEnergies -1.3%, and BP -0.6%. Smaller producers also dropped with Harbour Energy falling 5.7% and Tullow Oil -7.7%. Here are the biggest European movers: UBS shares drop as much as 16%, the most in eight years, after a government-brokered deal for it to buy rival Credit Suisse prompted a slew of downgrades Deutsche Bank declines 11%, ING -9.6%, Commerzbank -9.6%, Standard Chartered -8.7%, BNP Paribas -9% following UBS’s agreement to buy Credit Suisse El.En shares slide as much as 9.6% after Berenberg downgrades the laser- equipment maker to hold from buy, saying the company has a “tough year ahead” JM AB falls as much as 7.7% after DNB Markets gave the Swedish construction and building management company its sole sell rating in reinstated coverage Centamin shares rise as much as 6.6%, Endeavour Mining up as much as 7.2% and Fresnillo rises as much as 4.1% as gold gains owing to haven demand amid banking concerns Earlier in the session, Asian stocks declined as the UBS takeunder failed to quell investor concerns about the health of the global financial system.  The MSCI Asia Pacific Index fell as much as 1.4%, reversing most of its gain from Friday, with tech and financial names among the biggest drags. Hong Kong gauges led losses in the region as financial stocks including HSBC and AIA Group fell due to worries over risky bond exposures.  While the takeover of Credit Suisse is seen to reduce the immediate systemic risk for the banking sector, investors are worried over further repercussions from its bonds. Traders are also focused on the Federal Reserve’s rate decision later this week. “Even with the rescue plans over the weekend, it is hard to predict what will happen in the near future,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank Ltd. “The measures to restore confidence in banks and to tame inflation go in opposite directions, and the dilemma is reducing risk appetite in the stock market.” China’s onshore equity benchmark erased earlier gains even after its central bank unexpectedly cut the reserve requirement ratio late Friday.  The PBOC’s announcement timing “seems to fall in line with recent global banking jitters, which suggests that the PBOC is on high alert to provide any cushion against any knock-on impact from recent turmoil,” said Jun Rong Yeap, market strategist at IG Asia In FX, the Bloomberg Dollar Spot Index steadied, erasing a decline of as much as 0.2% earlier while the Japanese yen is the best performer among the G-10’s. The New Zealand dollar is the weakest. Australia and New Zealand’s currencies flipped to losses amid souring risk sentiment. “Traders are looking for haven assets again with bank stocks falling, and worries about CoCo bonds gaining momentum,” Mingze Wu, a foreign exchange trader at StoneX Group, said of contingent convertible bonds. “The insistence of the Swiss National Bank to make the UBS-Credit Suisse deal happen suggests the rot was deeper and greater than they might have thought, and the dollar is an obvious beneficiary of this rush to safety” In rates, the nervous start to the trading week prompted a flight to safety, with German and UK government bonds rallying. 2-year TSY yield fell as much as 21bps to 3.63%, while its 10- year peer slid to as low as 3.29%, the lowest since September; traders bet on 15bps of Fed hikes this week but eased tightening beyond by as much as 12bps, pricing 105bps of cuts from the peak in May through to year-end. Bund futures are off their best levels but still in the green with 10-year yields down 4bps while two-year yields fall 8bps. In commodities, oil prices fell again with West Texas Intermediate briefly plunging below $65 a barrel, as escalating investor concerns about a global banking crisis eroded appetite for risk assets including commodities. Gold steadied, after rising above $2,000 an ounce for the first time in a year. Bitcoin remains bid and has extended comfortably above the USD 28k handle for the first time since June, though is yet to convincingly breach USD 28.5k to the upside. There is nothing scheduled on the macro calendar today but there will be plenty of bank related newsflow. Market Snapshot S&P 500 futures down 0.1% to 3,943.50 MXAP down 1.1% to 155.86 MXAPJ down 1.4% to 498.89 Nikkei down 1.4% to 26,945.67 Topix down 1.5% to 1,929.30 Hang Seng Index down 2.7% to 19,000.71 Shanghai Composite down 0.5% to 3,234.91 Sensex down 1.3% to 57,214.31 Australia S&P/ASX 200 down 1.4% to 6,898.51 Kospi down 0.7% to 2,379.20 STOXX Europe 600 up 0.6% to 438 German 10Y yield little changed at 1.95% Euro down 0.3% to $1.0641 Brent Futures down 3.8% to $70.18/bbl Gold spot up 0.8% to $2,005.59 U.S. Dollar Index up 0.17% to 103.88 Top Overnight News from Bloomberg The Federal Reserve and five other central banks announced coordinated action Sunday to boost liquidity in US dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global financial system. UBS Group AG shares slumped Monday as investors digested the news of its historic acquisition of rival Credit Suisse Group AG and began to assess the job of integrating the troubled Swiss lender. The riskiest bonds of European lenders are plunging after holders of Credit Suisse Group AG’s contingent convertible securities suffered a historic loss as part of its takeover by UBS Group AG. A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks were on the back foot amid ongoing banking sector jitters despite the announcement that UBS will take over Credit Suisse in an emergency rescue valued at CHF 3bln which would wipe out CHF 16bln of additional tier 1 bonds. ASX 200 extended its retreat from a recent break beneath 7,000 with declines led by weakness in the energy, real estate,  consumer and financial sectors, although gold miners were boosted after last week’s climb in the precious metal. Nikkei 225 was pressured amid the banking sector woes and after the BoJ’s Summary of Opinions provided little in the way of new information whereby it reiterated that the BoJ must patiently maintain monetary easing. Hang Seng and Shanghai Comp. were varied with Hong Kong underperforming on broad weakness across sectors, while the mainland was kept afloat for most of the session after Friday’s surprise RRR cut by the PBoC in an effort to boost liquidity and support the economy, but opted to maintain its benchmark lending rates. Top Asian News PBoC 1-Year Loan Prime Rate (Mar) 3.65% vs. Exp. 3.65% (Prev. 3.65%); 5-Year Loan Prime Rate (Mar) 4.30% vs. Exp. 4.30% (Prev. 4.30%) PBoC warned the collapse of Silicon Valley Bank shows rapid monetary policy shifts in developed economies are having a hazardous impact on financial stability, according to Bloomberg citing comments from Deputy Governor Xuan. PBoC adviser Cai said China needs household stimulus to boost the recovery and noted that residents' incomes have not grown well in the past few years, so the recovery in consumption is not enough to support economic growth, according to Caijing. Russian President Putin said he expects total trade volume with China to exceed USD 200bln this year and it is important to increase the share of trade with China conducted in national currencies, according to Reuters. WHO advisers urged China to release all information related to the origin of the COVID-19 pandemic after new findings were briefly shared on an international database to track pathogens, while they recommended researchers in China investigate upstream sources of animals and animal products present in the Huanan Market before January 1st 2020, according to Reuters. BoJ Summary of Opinions from the March meeting stated that the BoJ must patiently maintain monetary easing until the price target is achieved and the BoJ must scrutinise without any preset idea the state of market function but must maintain easy policy at present. Furthermore, it stated the BoJ must focus on the risk of losing the chance to meet the price target with a premature policy shift, rather than the risk of being too late in shifting policy and must be mindful of the risk inflation may overshoot expectations. European bourses are mixed/flat, as marked banking-led pressure has eased throughout the morning following the initial reaction to the UBS-Credit Suisse merger. On this, Credit Suisse and UBS opened lower by over 60% and 8% respectively, but have since eased off lows with the broader SX7P index now ~2% lower vs downside of over 5% at worst. On the merger, attention is on Credit Suisse's AT1 bonds being written off; a detail which pressured such bonds in APAC trade, with HSBC for instance a notable initial laggard on this. Since, we have seen European regulators reiterate  that CET instruments are the first to absorb losses, with AT1 only required after their full use. Stateside, futures are in similar proximity to the unchanged mark given the above as participants await updates around  First Republic and look ahead to the FOMC. Top European News BoE's plans to revamp bank capital rules risk a 25% reduction in lending to small businesses which threatens jobs and economic growth, according to a study by consultants Oxera cited by FT. PoliticsHomes' Payne reminds that DUP MPs meet today to discuss their stance on Wednesday's Windsor Framework vote, expected to announce their stance on Tuesday. Moody’s affirmed Greece at Ba3; Outlook revised to Positive from Stable and affirmed Luxembourg at AAA; Outlook Stable, while S&P affirmed Belgium at AA; Outlook Stable. FX The DXY has struggled to benefit from the subdued start to the session, with the index near the mid-point of 103.68-103.96 parameters for much of the morning. Given the tone, the JPY is the standout outperformer with USD/JPY down to 130.55 vs 132.64 peak; though, given the relative pickup in equity performance USD/JPY is now holding above 131.00. Despite the subdued risk tone, CHF is the underperformer as the market's focus remains on Credit Suisse/UBS; USD/CHF above 0.93 and EUR/CHF above 0.99. Given their high-beta status, the Antipodeans are also faring poorly with RBA minutes and Kiwi trade data scheduled ahead. Elsewhere, peers are comparably more contained with EUR/USD holding above 1.0650 and Cable near 1.22. PBoC set USD/CNY mid-point at 6.8694 vs exp. 6.8701 (prev. 6.9052) Fixed Income EGBs and USTs are benefitting from marked haven demand, with Bunds over 140.00 and USTs nearing 117.00 at best, though the benchmarks have eased from highs as equity sentiment improves. Specifically, Bunds soared to a 140.30 peak vs 137.10 low, but have since pulled back to just below 140.00 as the associated 10yr yield slipped to a 1.92% intraday low. Stateside, USTs are similar in both direction and magnitude with yields lower across the curve and action more pronounced in the short-end currently; as it stands, market pricing via Reuters is leaning towards the Fed leaving rates unchanged on Wednesday, with around a 40% chance of a 25bp hike implied. Commodities WTI and Brent are lower intraday given the broader risk tone and while they are off lows, are yet to stage a 'recovery' akin to that seen in equities; currently, the benchmarks are lower by circa. USD 2/bbl just above USD 64.12/bbl and USD 70.12/bbl respective lows. Spot gold surpassed USD 2000/oz, but failed to hang onto the level as the DXY makes its way back into positive territory and broader sentiment improves slightly while base metals are moving with equity sentiment and as such are turning incrementally firmer on the session. Iraq’s Oil Minister said his country is committed to OPEC’s agreed production rates and obliged some oil companies' operations in the south to cut production to come in line with OPEC’s agreed rates, while it was also reported that Iraq and OPEC stressed the importance to coordinate to stabilise prices, according to Reuters. Iran set April Iranian light crude oil price to Asia at Oman/Dubai plus USD 2.50/bbl, according to Reuters. India plans to extend export restrictions on diesel and gasoline beyond March 31st, according to Reuters sources. TotalEnergies (TTE FP) said 34% of operational staff at its refineries and depots conducted a strike on Sunday morning in protest against the government’s move to raise the retirement age by two years, according to Reuters. Kuwait Oil Company declares a state of emergency re. an oil spill located in west Kuwait; production unaffected. Geopolitics Russian President Putin visited Crimea on the 9th anniversary of its annexation from Ukraine and also visited Mariupol in the occupied Donetsk region of Ukraine, while he also met with the top command of Russia’s military operation in Ukraine at the Rostov-on-Don command post in southern Russia, according to Reuters. Russian President Putin said the visit by Chinese President Xi confirms the special character of the Russian-Chinese partnership and Russia is pinning big hopes on the visit, while he added Russia is expecting a powerful impulse to relations and that relations are at their highest ever point. Putin also said there are no limits or forbidden subjects in relations with China and he is grateful for China’s balanced line on events in Ukraine, as well as welcomes China’s willingness to play a constructive role in solving the Ukrainian crisis. Furthermore, Putin said that they are worried about dangerous actions that could undermine global nuclear security and Russia is open to a diplomatic settlement of the Ukraine crisis but rejects ultimatums, according to Reuters. Chinese President Xi said China has always taken an objective and impartial position on the situation in Ukraine and has made efforts to promote reconciliation and peace negotiations, according to Rossiiskaya Gazeta. ICC judge issued an arrest warrant for Russian President Putin over alleged war crimes related to ‘unlawful deportation’ of Ukrainian children, according to The Guardian. It was also reported that German Chancellor Scholz said ICC is an important institution that has been given a mandate through international treaties and noted that nobody is above the law which is becoming clear now, according to Reuters. Ukrainian President Zelensky’s Chief of Staff and several top security officials including the Defence Minister held a call with US counterparts to discuss military aid for Ukraine, according to Reuters. Ukrainian Infrastructure Minister said the Black Sea grain deal has been extended for 120 days which is longer than the 60-day touted by Russia, while a UN spokesman confirmed the extension of the export deal but didn’t specify the length of the renewal, according to Reuters. EU foreign policy chief Borrell said an agreement was reached on ways to implement an EU-backed deal on normalising ties between Serbia and Kosovo, while he added that the sides agreed to implement their respective obligations in good faith. Saudi Arabia’s King Salman invited Iranian President Raisi to visit Riyadh, while it was also reported that Iran’s Foreign Minister agreed to hold a meeting at the foreign minister level with Saudi Arabia and said that Iran has declared a readiness to reopen embassies. In other news, Iraq and Iran signed a deal to tighten their border security. South Korea said that North Korea fired a short-range ballistic missile off the east coast into the sea on Sunday which flew 800km before hitting a target and is a clear violation of the UN Security Council resolution. In relevant news, G7 foreign ministers said they regret inaction by the UN Security Council regarding North Korea’s missile tests and that the March 16th ICBM launch undermines international peace, according to Reuters. North Korea confirmed it conducted exercises aimed at improving tactical nuclear capability on March 18th-19th and said the US and South Korea are expanding joint military drills aimed at North Korea involving US nuclear assets and its exercises are meant to send strong warnings against US and South Korea. Furthermore, North Korean leader Kim said the country should be ready to conduct nuclear attacks at any time in a deterrence of war, according to KCNA. US Event Calendar Nothing major scheduled DB's Jim Reid concludes the overnight wrap This weekend felt like being transported back into 2007-2008 in many respects with a race-against-time deal between UBS and Credit Suisse being put together in full view of the market. The most remarkable thing about yesterday was the huge swings in Credit Suisse AT1s on a Sunday. Clips of the $17.3bn of outstanding CS AT1 bonds seemed to trade at both ends of a mid-20s to around 70c range as the outline of the UBS deal filtered through. It was eventually a shock that the AT1s were zeroed in the deal even as UBS eventually bought CS for $3.3bn, a firmly positive number. This was however less than half what they were worth at the close on Friday and down 99% from their peak pre-GFC. The decisions to wipe out AT1 bondholders is going to be the biggest issue medium and longer-term for the European banking sector, especially when the company was bought with a positive value yesterday. It's hard to argue with the morals of it but it will likely increase the cost of capital for banks which could lead to an additional tightening of lending conditions. So that c.$17bn of debt destruction could eventually be worth multiples of that to the wider European economy and in other regions too. Selected Asian AT1 securities are trading around 5-10% down as we type and HSBC equity is around -6% in Hong Kong so this serves as a benchmark for the European banking open. The good news at the macro level is that the CS situation has been dealt with and there are no obvious European next shoes to drop at this stage. CS had been decoupled from the rest of the continents' banking sector for months now and therefore was by far and away the weakest link when the US regional banking woes began less than 2 weeks ago. So the market has now got to balance the reduction of systemic risk with the likely higher cost of some forms of bank capital. There will also be nervousness as to how easy it was to change laws and market conventions in order to get this deal done. Some risk premium will surely be factored in to the cost of capital for the sector now. Meanwhile, in a coordinated global response, the Fed in a statement along with five other central banks - including the BOE, the BOJ, the ECB and the SNB - last night announced that they would enhance dollar swap lines i.e., to increase the frequency of swap line agreements from weekly to daily, beginning March 20 and will continue “at least” through the end of next month. In doing so, the central banks indicated that the move would serve as an “important backstop” amid financial market unease, thereby helping to keep credit flowing to households and businesses. Overall, Asian equity markets have started the week on a weaker footing with the Hang Seng (-2.56%) leading losses across the region, with the Nikkei (-1.01%) and the KOSPI (-0.46%) also dipping in early trade. Elsewhere, stocks in mainland China are bucking the regional negative trend with the CSI (+0.12%) and the Shanghai Composite (+0.12%) both trading slightly higher. Note their was a 25bps RRR cut on Friday. Outside of Asia, US stock futures tied to the S&P 500 (+0.12%) and NASDAQ 100 (+0.23%) are relatively flat which helps after the weekend news but then again as you'll see from the weekly review at the end the S&P 500 was higher last week in the face of incredible turmoil elsewhere. Meanwhile, yields on 10yr US Treasuries are stable while 2yr yields (+2.92bps) briefly touched 4% before sliding back to 3.87% as we go to press. Moving forward, it's hard not to have sympathy for the Fed this week. Any criticism of their policy should probably be more directed to the actions of 2020-2021 for keeping policy excessively too loose as government spending, money supply and inflation was surging. Today they are in a catch-22 position where the excesses of those days (and earlier) are now unravelling while inflation is still way above target. Their rate decision on Wednesday will be the undoubted non-banking related highlight of the week but we will also have the BoE meeting (Thursday), UK CPI (Wednesday), Japan CPI (Thursday), flash global PMIs (Friday) which might capture a small amount of the turmoil period, and importantly Chinese President Xi Jinping will be in Moscow from today to Wednesday. After the FOMC, it will be the BoE's turn on Thursday to decide on rates. Our UK economists preview the meeting here and expect a final +25bps hike as well as likely dovish forward guidance amid concerns over overtightening risks. The decision will follow a host of UK inflation data released on Wednesday. Also on Thursday markets may follow the SNB meeting more closely than usual following this week's turmoil around Credit Suisse. Aside from several monetary policy decisions, there will also be a plenty of central bank speakers, especially from the ECB, including President Lagarde (twice), following last week's +50bps hike. In the US, aside from the PMIs investors will also get durable goods orders (DB forecast -0.5% vs -4.5% in January) on Friday and a host of regional Fed indicators throughout the week to gauge economic sentiment. Housing market data including existing home sales (tomorrow) and new home sales (Thursday) are also due. Over in Europe, other key data will include the PPI (today) and the ZEW survey (tomorrow) for Germany, Eurozone consumer confidence on Thursday and UK consumer confidence and retail sales on Friday. Moving on to Japan, the key release will be the CPI report on Thursday. Our Chief Japan Economist (full preview of the week ahead here) expects government subsidies for electricity and gas to weigh on core CPI inflation (3.2% vs +4.2% in January) but core-core CPI ex. energy to pick up 3.4% (3.2%) but reach its peak for the cycle. Looking back on a tumultuous last week now. On Friday, with market volatility already elevated from the growing concerns around the global financial system the preliminary University of Michigan sentiment survey dropped -4.6pts to 63.4. That was just the second monthly drop since last June, and the lowest reading since December. The declines pre-dated the SVB collapse. If one wanted to find a positive in the report inflation expectations were lower with 5-10yr expectations down to 2.8% (2.9% expected), while the 1yr inflation expectation was 3.8% (4.1% expected). That’s the lowest 1yr expectations have been since April 2021. That was just the last link in a chain of market moving events last week that repriced Fed futures across the curve. Expectations for a 25bps hike at the March meeting is now at just 60% with a 15.0bp hike priced in. That is down -18.3bps on the week and -4.2bps on Friday, as well as -27.8bps since Powell’s testimony before the Senate Banking Committee the week before last. At the same time, the expected terminal rate ended the week at 4.794% by the May meeting after starting the week at 5.285% at the June meeting and being as high as 5.691% at the September meeting on the prior Wednesday before the SVB news broke. Futures are also now pricing in nearly -96bps of rate cuts by year-end after starting the week with -40bps of cuts priced. 10yr Treasury yields fell back another -14.8bps on Friday and -27.0bps over the course of the week to their lowest level since early-February at 3.429%. The 2yr yield saw a much bigger move, coming down -74.9bps last week (-32.0bps on Friday) to their lowest level since September 2022. On this side of the pond, 10yr bund yields fell back -40.0bps (-18.2bps on Friday) last week to 2.108%, its lowest point since the first week of February. The 2yr bund yield fell by -71bps last week (-22.0bps Friday) in its most significant weekly down move since September 1992. While sovereign bonds outperformed last week, US equities whipsawed with a large amount of dispersion. Even though the S&P 500 closed the five days higher, US banks continued to selloff with the KBW bank index down -14.55% last week (-5.25% Friday), with major banks like JPM (-5.87%), BofA (-8.09%), Citi (-8.46%), and GS (-7.26%) outperforming while the regional bank ETF KRE was down -14.30% last week. With CS seeing pressure from a lack of depositor and investor confidence, the SNB offered the Swiss bank a 50bn franc credit line. However this was not enough to stop the stock from ending the week -25.48% lower (-8.01% Friday), while European Banks at large were down -13.40% (-2.72% Friday) leaving the index up just +1.2% YTD. The STOXX 600 was down -3.85% week-on-week (-1.21% on Friday), whilst the CAC and DAX fell -4.09% (-1.43% on Friday) and -4.28% (-1.33% on Friday) respectively. With risk markets selling off, credit spreads widened significantly on the week once again. The Euro Crossover HY CDS index was +66.7bps wider (+18.8bps wider Friday) and EUR IG CDS +18.1bps wider on the week (+3.8bps Friday). EUR HY CDS is now +18.9bps wider YTD, with EUR IG +9.9bps wider since the start of the year. US credit also significantly widened again as the US HY CDS index was +31.6bps wider (+26.8bps Friday) with IG +4.8bps wider following a +5.1bps move on Friday. The weekly widening has left USD HY CDS +45.7bps wider YTD, while US IG CDS was +5.8bps wider YTD. Finally in commodities, industrial inputs sold off as recession fears rose. Brent crude fell back -11.85% (-2.32% on Friday) and WTI was down -12.96% (-2.36% on Friday), meanwhile European natural gas futures reversed the prior week’s significant rally with energy prices falling -18.92% week-on-week (-3.35%). Copper was down -3.26% (+0.72% Friday) while the overall Bloomberg Commodity index was down -1.87% (-0.16% Friday). With the risk-off tone throughout markets, Gold was a notable outperformer with the precious metal up +6.48% on the week (+3.63% Friday) in its best weekly performance since Covid to close at its highest level in a year at $1989/oz. Tyler Durden Mon, 03/20/2023 - 08:03.....»»

Xi Arrives In Moscow As Putin Says Both Facing "Fierce & Aggressive" United States Chinese President Xi Jinping has arrived in Moscow on Monday for what Beijing is calling a "trip for peace" - but at a moment the White House is emphasizing "We don’t support calls for a ceasefire right now," according to the words of White House National Security Council spokesman John Kirby. "We certainly don’t support calls for a ceasefire that would be called for by the PRC in a meeting in Moscow that would simply benefit Russia," Kirby said. The three-day trip was kicked off as Xi's plane touched down at Moscow’s Vnukovo airport, where Russia’s deputy prime minister for tourism, sport, culture and communications, Dmitri N. Chernyshenko, greeted him a red carpet ceremony and military brass band. Image: Kommersant/AFP "I am very glad, at the invitation of President Vladimir Vladimirovich Putin, to come back to the land of our close neighbor on a state visit," Mr. Xi said upon arrival. He added: "China and Russia are good neighbors and reliable partners connected by mountains and rivers." Kremlin spokesman Dmitry Peskov told reporters that China's 12-point peace plan in Ukraine will top the agenda. "One way or another, issues raised in (Beijing's) plan for Ukraine will be touched upon during the negotiations," he said. "Comprehensive explanations will be given by President Putin" of the Russian position." Just hours ahead of the Chinese presidential plane being en route, both Xi and Putin published separate articles previewing the bilateral summit, with Xi emphasizing China’s push to end the Ukraine crisis reflects global support. Putin for his part wrote that he has "high expectations for the upcoming talks" with his "good old friend". Putin said he enjoys the "warmest relationship" with Xi, in a partnership between countries which is "consistently growing stronger" and has reached "the highest level in their history". Speaking of the talks, the first in-person summit with the Chinese leader since the start of the Ukraine war, Putin stressed, "We have no doubt that they will give a new powerful impetus to our bilateral cooperation in its entirety." According to more from Putin's letter, published also in English on state websites: Yet the main thing has remained unchanged: I am talking of the firm friendship between Russia and China, which is consistently growing stronger for the benefit and in the interest of our countries and peoples. The progress made in the development of bilateral ties is impressive. The Russia-China relations have reached the highest level in their history and are gaining even more strength; they surpass Cold War-time military-political alliances in their quality, with no one to constantly order and no one to constantly obey, without limitations or taboos. We have reached an unprecedented level of trust in our political dialogue, our strategic cooperation has become truly comprehensive in nature and is standing on the brink of a new era. Putin also at one point took a swipe directly at the United States: Sticking more stubbornly than ever to its obsolete dogmata and vanishing dominance, the "Collective West" is gambling on the fates of entire states and peoples. The US's policy of simultaneously deterring Russia and China, as well as all those who do not bend to the American dictation, is getting ever more fierce and aggressive. The international security and cooperation architecture is being dismantled. Russia has been labelled an "immediate threat" and China a "strategic competitor." Meanwhile, Washington is watching the Xi trip very closely, also as the Chinese leader is at some point soon expected to hold a phone call with Ukrainian President Zelensky.... Ahead of a meeting between Putin and Xi, White House NSC spokesperson John Kirby declares that any "call for a ceasefire" in Ukraine is "unacceptable." pic.twitter.com/Z1MUvdlTwS — Aaron Maté (@aaronjmate) March 20, 2023 And on China's mediation efforts in the Ukraine crisis in particular, Putin vowed that efforts to split the major Eurasian allies "won't work"... "The crisis in Ukraine, which was provoked and is being diligently fuelled by the West, is the most striking, yet not the only, manifestation of its desire to retain its international dominance and preserve the unipolar world order," the Russian leader wrote. "It is crystal clear that NATO is striving for a global reach of activities and seeking to penetrate the Asia-Pacific." He continued: It obvious that there are forces persistently working to split the common Eurasian space into a network of "exclusive clubs" and military blocs that would serve to contain our countries' development and harm their interests. This won't work. Chinese President Xi arrives in Moscow to meet with the Russian President Putin. pic.twitter.com/4GLcnf3nkt — Clash Report (@clashreport) March 20, 2023 Putin concluded near the end of his letter, "We appreciate the well-balanced stance on the events in Ukraine adopted by the PRC, as well as its understanding of their historical background and root causes." He emphasized: "We welcome China's readiness to make a meaningful contribution to the settlement of the crisis." The NY Times notes based on Chinese state media that Xi as accompanied to Moscow by "senior officials including Wang Yi, China’s highest ranking diplomat; Foreign Minister Qin Gang; and Cai Qi, director of the General Office of the Chinese Communist Party’s Central Committee." Ukraine at the same time issued a call for Russia to remove all of its troops, saying this is the proper formula for the successful implementation of China's 'Peace Plan'. Tyler Durden Mon, 03/20/2023 - 09:34.....»»

15% Reported Revenue Growth & 8% Constant Exchange Rate Revenue Growth: Demand for Abcam In-house Products Continues CAMBRIDGE, England and WALTHAM, Mass.  , March 20, 2023 /PRNewswire/ -- Abcam plc (NASDAQ:ABCM) ('Abcam', the 'Group' or the 'Company'), a global leader in the supply of life science research tools, today announces its results for the year ended 31 December 2022 (the 'period').                                         SUMMARY PERFORMANCE     Year-End 31 December 2022 £m 2021 £m Revenue 361.7 315.4 Gross profit margin, % Adjusted gross profit margin, % 74.8% 75.5% 71.2% 72.2% Operating profit margin, % Adjusted operating profit margin, % Diluted (loss) / earnings per share ('EPS') (£) (2.8%) 21.1% (0.037) 2.3% 19.2% 0.019 Adjusted diluted earnings per share ('EPS') (£) 0.249 0.206 Return on Capital Employed ('ROCE'), % 8.9 % 7.6 % FULL YEAR FINANCIAL HIGHLIGHTS[1] Reported revenue growth of 15%; constant exchange rate ('CER') revenue growth of 8%- In-house revenues, including BioVision and Custom, Products & Licensing, recorded 26% reported revenue growth and 18% CER revenue growth Reported gross profit margin of 74.8%: Adjusted gross profit margin of 75.5%, an increase of 330 basis points from 72.2%, driven by the contribution of in-house revenues, including BioVision and Custom, Products & Licensing Operating loss of £10.1 million impacted by £18.3 million impairment charge on asset held for sale; adjusted operating profit increased 26% to £76.3m, resulting in a 190 basis points increase of adjusted operating profit margin to 21.1% Diluted loss per share of (£0.037) impacted by impairment charge on asset held for sale; adjusted diluted earnings per share increased 21% to £0.249 Return on capital employed increased to 8.9%, a 130-basis point improvement, favourably impacted by efficient capital utilization and higher adjusted operating profits [1] These results include discussion of alternative performance measures which include revenues calculated at Constant Exchange Rates (CER) and adjusted financial measures. CER results are calculated by applying prior period's actual exchange rates to this period's results.  Adjusted financial measures are reconciled to the most directly comparable measure prepared in accordance with IFRS in note 3 to the financial statements. BUSINESS HIGHLIGHTS In-house revenues, including BioVision and Custom, Products & Licensing, represent 67% of total sales, an increase of 600 basis points- Academic & Biopharmaceutical customers experienced double-digit percent reported revenue growth, Academic grew mid-single digits and Biopharmaceutical grew double-digit percent on a CER basis Partnering with biopharma, diagnostic and multiplex platform partners continued to generate current and future sources of growth with the number of commercialized antibodies with these partners rising to a total of more than 2,100   To support future growth, we've implemented an Oracle Cloud ERP system, and expanded sites in Waltham, Singapore, and Amsterdam Expanded Life Science Industry experience within the Board of Directors with the appointment of Luba Greenwood, as Non-Executive Director Cancellation of admission to trading on AIM completed and sole Nasdaq listing as of 14 December 2022 FY23 OUTLOOK The Company anticipates reported revenues of approximately £420 million to £440 million, representing 15% to 20% constant exchange rate revenue growth, combined with lower operating expense growth, resulting in adjusted operating profit margin expansion. FY2024 GOAL  The Company is reiterating its 2024 revenue goals of £450m-£525m with adjusted operating profit margins of greater than 30%.  Commenting on the performance, Alan Hirzel, Abcam's Chief Executive Officer, said:  "Our team is dedicated to supporting life science discovery, and the translation of discovery to social impact.  In the last ten years, our business has grown revenue at double digit rates because of the trust the market has in our team, our innovation, and our brand.  As we look ahead, we can be confident that we have and continue to build a sustainable and profitable growth company.  I am grateful to everyone at Abcam for their ongoing efforts through this exciting period. I also thank our customers and partners bringing Abcam into their labs and giving us all the opportunity to demonstrate our company's role in making progress happen together." Analyst and investor meeting and webcast: Abcam will host a conference call and webcast for analysts and investors today at 12:00 GMT/ 08:00 EDT. For details, and to register, please visit corporate.abcam.com/investors/reports-presentations A recording of the webcast will be made available on Abcam's website, corporate.abcam.com/investors The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.   For further information please contact: Abcam + 44 (0) 1223 696 000 Alan Hirzel, Chief Executive Officer Michael Baldock, Chief Financial Officer Tommy Thomas, Vice President, Investor Relations     About Abcam plc  As an innovator in reagents and tools, Abcam's purpose is to serve life science researchers globally to achieve their mission faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays, and other research tools to address important targets in critical biological pathways.  Already a pioneer in data sharing and ecommerce in the life sciences, Abcam's ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.  Abcam's worldwide customer base of approximately one million life science researchers' uses Abcam's antibodies, reagents, biomarkers, and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent program of customer reviews and datasheets, combined with industry-leading validation initiatives, gives researchers increased confidence in their results.  Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam's American Depositary Shares (ADSs) trade on the Nasdaq Global Select Market (NASDAQ:ABCM).  For more information, please visit www.abcam.com or www.abcamplc.com  Forward-Looking Statements    This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. They are not historical facts, nor are they guarantees of future performance.  Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam's portfolio and ambitions, and our future results of operations and financial position such as our outlook for FY2023 and performance goals for FY2024 are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation:  challenges in implementing our strategies for revenue growth in light of competitive challenges; the development of new products or the enhancement of existing products, and the need to adapt to significant technological changes or respond to the introduction of new products by competitors to remain competitive; our customers discontinuing or spending less on research, development, production or other scientific endeavors; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of businesses or assets that we acquire; the ongoing COVID 19 pandemic, including variants, continues to affect our business, including impacts on our operations and supply chains; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; our products failing to satisfy applicable quality criteria, specifications and performance standards; failing to maintain and enhance our brand and reputation; ability to react to unfavorable geopolitical or economic changes that affect life science funding; failing to deliver on transformational growth projects; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and as a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and Nasdaq corporate governance rules and are permitted to file less information with the SEC than U.S. companies, which may limit the information available to holders of our American Depositary Shares ("ADS"); and the other important factors discussed under the caption "Risk Factors" in Abcam's Annual Report on Form 20-F for the year ended December 31, 2022 ("Annual Report") with the U.S. Securities and Exchange Commission ("SEC") on March 20, 2023, which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam's subsequent filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.    Use of Non-IFRS Financial Measures  To supplement our audited financial results prepared in accordance with International Financial Reporting Standards ("IFRS") we present Adjusted Operating Profit, Adjusted Operating Profit Margin, Return on Capital Employed ("ROCE"), Adjusted Diluted Earnings per Share, Total Constant Exchange Rate Revenue ("CER revenue"), Adjusted Selling, General and Administrative expenses, Adjusted Research & Development expenses, and Free Cash Flow, which are financial measures not prepared in accordance with IFRS ("non-IFRS financial measures"). We believe that the presentation of these non-IFRS financial measures provide useful information about our operating results and enhances the overall understanding of our past financial performance and future prospects, allowing for greater transparency with respect to key measures used by management in its financial and operational decision making.  These non-IFRS financial measures are supplemental in nature as they include and/or exclude certain items not included and/or excluded in the most directly comparable IFRS financial measures and should not be considered in isolation, or as a substitute for, financial measures prepared in accordance with IFRS. Further, other companies may calculate these non-IFRS financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes.  Management believes that the presentation of (a) Adjusted Operating Profit, Adjusted Operating Profit Margin, ROCE, and Adjusted Diluted Earnings per Share, provide useful information to investors and others as management regularly reviews these measures as important indicators of our operating performance and makes decisions based on them, (b) CER revenue provides useful information to investors and others as management regularly reviews this measure to identify period-on-period or year-on-year performance of the business and makes decisions based on it, and (c) Adjusted Selling, General and Administrative expenses and Adjusted Research & Development expenses provide useful information to investors and others as management regularly reviews these measures to identify period-on-period or year-on-year performance of the business and makes decisions based on it, and (d) Free Cash Flow provides useful information to investors and others because management regularly reviews this measure as an important indicator of how much cash is generated by business operations, excluding capital related items, and provides an indication of the amount of cash available for discretionary investing or financing after removing capital related items, and makes decisions based on it. Please see "Non-IFRS Financial Measures" for a reconciliation of non-IFRS financial measures to their most directly comparable IFRS financial measures.  We define: Adjusted Operating Profit as profit for the period / year before taking account of finance income, finance costs, tax, exceptional items, share-based payments, and amortization of acquisition intangibles. Exceptional items consist of certain cash and non-cash items that we believe are not reflective of the normal course of our business; and we identify and determine items to be exceptional based on their nature and incidence or by or by their significance ("exceptional items"). As a result, the composition of exceptional items may vary from period to period / year to year. Adjusted Operating Profit Margin as adjusted operating profit calculated as a percentage of revenue. ROCE as Adjusted Operating Profit divided by capital employed, defined as total assets less current liabilities. Adjusted Diluted Earnings per Share as Adjusted Profit for the year divided by the weighted average number of ordinary shares for the purposes of diluted earnings per share. Adjusted Profit for the year used in this calculation is defined as profit for the year plus adjusting items (impairment of intangible assets, system and process improvement costs, acquisition costs, integration and reorganization costs, net of tax effects). Adjusted Diluted Earnings per Share is calculated with an adjustment to the weighted average number of shares outstanding to assume conversion of all potentially dilutive ordinary shares. Adjusted Selling, General and Administrative expenses as reported selling, general and administrative expenses for the year before taking account of exceptional items, share-based payments, and amortization of acquisition intangibles. Adjusted Research & Development expenses as reported research and development expenses for the year before taking account of exceptional items, share-based payments, and amortization of acquisition intangibles. CER as our total revenue growth from one fiscal period / year to the next on a constant exchange rate basis.  Free Cash Flow as net cash inflow from operating activities less net capital expenditure, transfer of cash from/(to) escrow in respect of future capital expenditure and the principal and interest elements of lease obligations. Management is unable to present quantitative reconciliations of Adjusted Operating Profit, Adjusted Operating Profit Margin, and CER revenue to their respective most directly comparable IFRS financial measures of Operating Profit, Operating Profit Margin and Reported Revenue on a forward-looking basis, because items that impact these IFRS financial measures are not within our control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.   Year-end management report Introduction We are pleased with the continued progress of our business over the last 12 months and the way our people have responded to the evolving impact of COVID-19.  Indeed, the challenges presented since the pandemic began over three years ago have served to highlight the resilience of both our employees and our business, as well as the role Abcam and its customers have in advancing critical life science research. We are convinced more than ever that by continuing to develop our technologies, people, and capabilities, and focusing on customer needs, we can extend our market leadership, sustain durable growth, and become an increasingly influential partner within our industry. Demand for our products, and particularly Abcam's in-house developed products, continued to increase as customers continued to focus on their research, enabling greater productivity.  Whilst the global pandemic once again impacted revenues – we estimate that overall lab activity is now approaching pre-COVID levels in the Americas and EMEA, our largest geographical markets representing nearly 70% of total sales. In the year ended 31 December 2022, demand for our products continued but revenue growth was interrupted by the implementation of an Oracle Cloud ERP system and COVID-19 headwinds in China.  The combination of these factors impacted revenues by approximately £30 million on a reported basis resulting in total revenues increasing 8% CER (15% reported) to £361.7 million. On a reported basis, we incurred a net loss of £8.5 million impacted by £18.3 million impairment charge on an asset held for sale; and diluted EPS declined to -£3.7p. On an adjusted basis, adjusted operating profit increased 26%, to £76.3 million (2021: £60.4m), and adjusted diluted EPS increased 21% to 24.9p (2021: 20.6p). Despite the recent disruptions, the opportunities for growth in our markets remain, and we are committed to our customers and their long-term success thereby driving our future growth. As we near completion of our five-year strategic plan, we thank our approximately 1,800 employees for their ongoing commitment in the delivery of our plans – they are fundamental to the Group's future success. We continue to have a strong balance sheet (net debt of £30.6 million), and we are focused on investments in attractive organic and inorganic growth opportunities, as they arise.  Looking forward, with our expanding capabilities, financial position and market opportunities for growth, the Group is well-placed to sustain long-term value creation. Financial review Year ended 31 December Reported revenues  Change in reported revenues  %  CER growth  %  2022  £m  2021  £m  Catalogue revenue – regional split  Americas  147.2 114.8 28 % 16 % EMEA  87.1 82.3 6 % 6 % China 60.3 57.2 5 % (2 %) Japan  17.4 18.7 (7 %) 0 % Rest of Asia Pacific  27.8 23.4 19 % 9 % Catalogue revenue  339.8 296.4 15 % 8 % CP&L revenue1  21.9 19.0 15 % 5 % Total reported revenue  361.7 315.4 15 % 8 % Total revenue – product type  In-house  243.9 193.1 26 % 18 % Third party  117.8 122.3 (4 %) (9 %) Total reported revenue   361.7 315.4 15 % 8 %   REVENUE  We recorded revenue of £361.7 million for the year ended 31 December 2022 (2021: £315.4 m). Revenue grew 8% on a CER basis and reported revenues grew by 15%.  During the year, two factors impacted revenue growth. First, the implementation of the new Oracle Cloud ERP system disrupted revenues in September and October. Second, China revenues were impacted by COVID-19 controls and outbreaks. Based on the differences between forecasts and actual results, we estimate the aggregate impact to sales was approximately £30m. We estimate this headwind negatively impacted revenue growth by approximately 10% on a reported and 9% on our CER growth rates."  Catalogue revenues: £339.8 million (2021: £296.4m), grew approximately 8% CER and 15% on a reported basis, including BioVision. Catalogue revenue growth by region is as follows:   Americas +16% CER / +28% Reported  - Excluding Distributors, Americas sales were driven by high-teens digit CER in Biopharma, and high-single digit CER in Academia.  Excluding the estimated headwinds on revenues in 2022, Americas grew over 20% CER.  EMEA +6% CER / +6% Reported  - Excluding Distributors, EMEA sales were driven by high-teens digit CER in Biopharma, and low-single digit CER growth in Academia.  Excluding the estimated headwinds on revenues in 2022, EMEA grew low teens CER.  China (-2%) CER / +5% Reported - Excluding the estimated headwinds on revenues in 2022, China grew mid-teens digit CER. Rest of Asia Pacific including Japan +5% CER / +7% Reported   - Excluding Japan which experienced flat growth (on a CER basis), rest of Asia-Pacific grew high-single digit CER  From a served end markets basis, total catalogue sales are as follows:     Academia +4% CER / +11% Reported    Biopharma +10% CER / +18% Reported     Distributors +12% CER / +18% Reported  Custom, Products & Licenses revenues: £21.9 million (2021: £19.0m), grew approximately 5% CER and 15% on a reported basis: GROSS MARGIN Reported gross profit margin of 74.8%. Adjusted gross margin increased by 330 basis points, to 75.5%, in the year ended 31 December 2022, reflecting both a favourable movement in product mix towards high margin in-house products, and the positive impact of the BioVision acquisition. OPERATING COSTS   Year ended 31 December  Reported  Adjusted  2022  £m  2021  £m  2022  £m  2021  £m  Selling, general & administrative expenses ('SG&A')  224.5 189.7 176.3 150.6 Research & development expenses ('R&D')  56.1 27.8 20.6 16.7 Total operating costs and expenses  280.6 217.5 196.9 167.3   Selling, general and administrative expenses   Reported selling, general and administrative expenses of £224.5 million. Adjusted selling, general and administrative expenses increased by £25.7 million, to £176.3 million for the year ended 31 December 2022 compared to £150.6 million for the year ended 31 December 2021. The overall increase was due to an increase in salaries, IT systems and licenses, higher travel costs off a lower prior period, increased headcount for in-house teams and the inclusion of BioVision.     Research and development expenses   Reported research and development expenses of £56.1 million. Adjusted research and development expenses increased by £3.9 million, to £20.6 million, for the year ended 31 December 2022 compared to £16.7 million for the year ended 31 December 2021. The overall increase was due to increases in salary, and related costs in connection with the BioVision acquisition.      On a reported basis, total reported costs were £280.6 million (2021 £217.5m) reflect the adjusting items noted below.   ADJUSTING ITEMS  Total reported expenses include the following adjusting items:   £6.6 million relating to the Oracle Cloud ERP project (2021: £7.0m)  £15.7 million from acquisition, integration, and reorganisation charges (2021: £13.0m)  £16.9 million relating to the amortisation of acquired intangibles (2021: £9.1m)  £18.3 million related to impairment charge for asset held for sale (2021: £nil) £26.2 million in charges for share-based payments (2021: £20.0m)  £2.7 million relation to the amortization of fair value adjustments (2021: £3.1m) NET PROFIT   Adjusted net profit was £57.7 million (2021: £47.2m) driven by revenue growth, favourable product mix enabling gross margin expansion offsetting operational and innovation investments in the business.  Reported net loss was £8.5 million (2021: £4.4m Net Profit).   CASH  As of 31 December 2022, we had cash and cash equivalents of £89.0 million with drawings of £119.6 million as at the year ended 31 December 2022 resulting in a net debt position of £30.6 million.  We assess our liquidity, in part, through an analysis of our working capital together with our other sources of liquidity. As of 31 December 2022, our working capital balance, which is comprised of inventories, trade and other receivables and trade and other payables, was £84.2 million, an increase of £34.5 million from £49.7 million for the year ended 31 December 2021.  The increase in working capital during the year ended 31 December 2022, was impacted by: (i) the implementation of the new Oracle Cloud ERP system that disrupted revenues in the second half of the year ended 31 December 2022 (predominantly September and October), and (ii) the impact the COVID-19 pandemic in China, and the related preventative and precautionary measures, had on our business. Specifically, the increases in inventory and accounts receivables were driven by our inability to ship and invoice product sales and collect cash on a timely basis. LOOKING AHEAD We continue to experience good order demand across the business as market activity has largely resumed in most major geographies. Investments we have made, and that we continue to make, are enabling the business to sustain growth and we remain committed to generating revenue of £450 million – £525 million for the year ending 31 December 2024 (calculated at the average exchange rates for the 12 months ended June 2021). In the more immediate term, uncertainty in China arising from COVID-19 remains, yet research and commercial laboratory activity and demand have continued to recover and trading performance year to date is in line with the Board's expectations for January and February 2023. The business' cash generation and financial position continue to provide a foundation from which to pursue opportunities, including innovation, acquisitions and partnerships. We will continue to invest in our business to enable Abcam to provide innovative, trusted, and improved solutions for our customers. While the rate of investment is expected to moderate from recent levels as we pass the peak for this 2019-2024 strategy implementation, we have a continuing appetite to invest in growing Abcam sustainably for the long term. Supported by a clear purpose and strategy, and thanks to the efforts of all our employees and partners, we believe that Abcam is well positioned to continue delivering long-term value for our shareholders. Alan HirzelChief Executive Officer Michael S BaldockChief Financial Officer 20 March 2023 Forward-Looking Statements   This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam's portfolio and ambitions, and our future results of operations and financial position such as our guidance for FY2023 and performance goals for FY2024 are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation:  potential changes from unaudited management accounts, which are provisional and subject to review, to our audited financial statements; regional or global health pandemic, including the novel coronavirus ("COVID-19"), which has adversely affected elements of our business, and could severely affect our business, including due to impacts on our operations and supply chains; challenges in implementing our strategies for revenue growth in light of competitive challenges; developing new or enhancing existing products, adapting to significant technological change and responding to the introduction of new products by competitors to remain competitive; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of such businesses or assets; risks that our customers discontinue or spend less on research, development, production or other scientific endeavors with us; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; failing to successfully increase access to the U.S. capital markets, which we anticipated would provide greater liquidity potential than AIM; any significant interruptions in our operations; risks that our products fail to satisfy applicable quality criteria, specifications and performance standards; failing to maintain our brand and reputation; our dependence upon management and highly skilled employees and risks that we are unable to attract and retain these highly skilled employees; and the other important factors discussed under the caption "Risk Factors" in Abcam's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") on 20 March 2023, which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam's subsequent filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.       Consolidated income statement For the year ended 31 December 2022 Year ended 31 December 2022.....»»

Central, Singapore, 20th March, 2023, Chainwire HeartX, previously known as ArteX, a trailblazer in the digital art industry, has recently rebranded and unveiled a groundbreaking web3 marketplace and community that empowers artists, collectors, art consultants and art lovers to redefine the value of digital art. The HeartX platform provides a secure, immersive, and transparent space […] Central, Singapore, 20th March, 2023, Chainwire HeartX, previously known as ArteX, a trailblazer in the digital art industry, has recently rebranded and unveiled a groundbreaking web3 marketplace and community that empowers artists, collectors, art consultants and art lovers to redefine the value of digital art. The HeartX platform provides a secure, immersive, and transparent space for creating, sharing, and trading digital artworks, catering to artists, collectors, and the web 3 community alike. The sleek and user-friendly interface allows artists to upload and list their NFT-based digital art for a global audience to explore and purchase. HeartX’s unique art evaluation system engages all users by enabling them to rate by voting on digital art pieces, earning tokens as a reward, and creating an interactive and dynamic online art community. This feature fosters closer ties between creators, collectors, and art lovers and creates an interactive and dynamic online art community. HeartX’s Vote-to-Earn system allows people to show their taste and support, making it easier to join the web3 community. The team announces the launch of HeartX’s first season, which introduces a unique set of features designed to enhance user engagement and incentivize participation. The “vote-to-earn” model allows users to earn tokens by voting for art pieces, with both the most and least favored pieces resulting in token earning. With the tokenomics model, there are two types of tokens for the platform- the governance token $HTX and the utility token $HNX that encourage users to unlock new opportunities for growth and profitability. Additionally, multiple dimension ranking systems reward users, creators, and collectors, creating a positive feedback loop that encourages ongoing participation within the ecosystem.  HeartX is excited to announce their team and partnerships as they prepare for launch in the rapidly growing web3 space. The team is composed of seasoned professionals with a diverse range of experiences and backgrounds, united by a strong passion for creating a seamless, secure, and user-friendly platform and ecosystem for users worldwide. HeartX has formed partnerships with some of the most innovative teams in the web3 space, with more to be announced. “We believe that the value of arts can be redefined by community consensus,” said HeartX founder Anson. “We also believe that ‘art’ shouldn’t be that out of reach, which is why we are bringing people the HeartX platform.” HeartX’s vision for the future of digital art goes beyond being an online marketplace. It is a vibrant community of art lovers passionate about exploring and collecting digital artwork. The platform connects creators and collectors, offering artists a unique opportunity to showcase their digital artwork to a global audience and collectors a chance to build a reputation and find unique, innovative pieces. The HeartX team has just released the HeartX whitepaper, outlining its vision for a decentralized future and highlighting the key features and benefits of the HeartX platform. The HeartX team invites everyone to read the whitepaper to learn more about its ambitious goals and innovative solutions. Learn more about HeartX’s whitepaper here.  The team is continuing to develop the HeartX project and looks forward to sharing updates with the community as they progress toward launch. The HeartX marketplace will be launched in both app and web version in mid-April. Join HeartX today and experience the future of digital art.  About DECENT ARTS Decent Arts Singapore Pte. Ltd. is a Web3 professional team dedicated to art. Decent Arts aims to connect the offline and online art worlds to broaden the boundaries of traditional art and establish a more inclusive, diverse and decentralized Web3 art ecology. Decent Arts focuses on the physical and digital art market and has created an online art community for trading and communication. It has launched digital art collections, and incubates a richer metaverse and Web3 products to allow more people to connect, understand, and finally fall in love with art. The team currently has 30 members who are responsible for product planning, artist cooperation, technology development, platform operations, etc. Most of the members come from successful Internet companies in diverse fields including gaming, live broadcast, social networking, e-commerce, art, blockchain, digital collections, and more. Contact The HeartX Teamheartxservice@gmail.com.....»»

"He probably watches my movies on repeat which may be why he has so many typos. (Slippery fingers from lube and KFC)," she said of Trump. Stormy Daniels, an adult films actress.Phillip Faraone/Getty Images Stormy Daniels posted snarky tweets about Donald Trump ahead of his possible indictment in New York. "Giving him a ride straight to jail. See how sweet I am?" the adult actress tweeted. Trump could be indicted in New York over hush money payments to Daniels. Stormy Daniels tweeted up a storm on Sunday night, slamming former President Donald Trump in a series of snarky tweets.Daniels, an adult films actress and self-described porn star, is at the center of a hush money payments investigation that may lead to a Trump indictment in New York in the coming days. She posted numerous tweets on Sunday about Trump, who she says she had an affair with in 2006."He probably watches my movies on repeat which may be why he has so many typos. (Slippery fingers from lube and KFC)," read one tweet from Daniels on Sunday.Daniels' tweet was in response to a tweet from one of her detractors, asking her why she was "so obsessed" with Trump."I only respond when he posts about me or talks about me on TV," she wrote.—Stormy Daniels (@StormyDaniels) March 19, 2023The reference to KFC was a nod to Trump's storied love for fast food. Right after his campaign pit stop in Iowa, where he dissed his former ally Florida Gov. Ron DeSantis, Trump dug into a hearty KFC meal on his plane.On Sunday, Daniels also replied to a Twitter account with the ID "America Floats," which posted an illustrated picture of Daniels and Trump with the words "Hi Ho Stormy!"The Twitter user tagged Daniels in the tweet and asked: "This you?"Daniels tweeted her reply: "It is! Giving him a ride straight to jail. See how sweet I am?"—Stormy Daniels (@StormyDaniels) March 19, 2023 In another thread, a Twitter user wrote: "Trump isn't getting arrested sweetly."Daniels hit back, writing: "So he lied? Again? Because that's what Tiny said on his own social media post."This was a reference to Trump's unsubstantiated claim on Truth Social that he will be arrested in New York on Tuesday. Meanwhile, "Tiny" appeared to be Daniels' new nickname for Trump, and a thinly veiled reference to his manhood. This follows her 2018 tell-all memoir, where she gave a graphic and salacious account of what Trump's private parts look like.Trump's statement about being arrested on Tuesday was not based on facts released by the Manhattan district attorney's office. The grand jury needs to hear another witness on Monday, and will not vote on whether to indict Trump until after the final witness wraps up their testimony.Manhattan District Attorney Alvin Bragg is currently investigating if Trump violated New York election and document laws by giving Daniels $130,000 in hush money payments to keep quiet about an affair.Trump has denied that he had an affair with Daniels. He has also denied paying her $130,000 to keep quiet about the relationship before the 2016 election; he maintains that the payments — funneled through his former fixer turned nemesis, Michael Cohen — were fees for Cohen's legal services.The former president could face up to four years in prison if convicted.Daniels' lawyer and a spokesperson for Trump did not immediately respond to Insider's requests for comment sent outside regular business hours.Read the original article on Business Insider.....»»

Points and miles travel advisors offer consultations to teach clients about maximizing hotel points and airline miles earned for travel. Leigh Rowan is founder of Savanti TravelLeigh Rowan People seek expert help with points and miles because the amount of customer deals is daunting. Experts agreed that a passion for everything involving points and miles is key in the industry. It's key to be a people person and to build credibility as an expert. Max Do's career as a miles and points expert started as a hobby, stemming from a trip his now-wife took around the world."I saved up miles and points for two years and earned an epic three-week vacation — flying business class and staying at luxury hotels," said Do, a miles and points educator.After that trip, he was excited about what he had learned and created an Instagram account to share his knowledge. After gaining more than 430,000 followers across TikTok, Instagram, and YouTube during the pandemic, he quit his job to work full-time as a credit card miles and points expert.He made money from sponsored posts, credit card affiliate links, and offering consultations.   What are credit card points travel awards?Travel advisors like Do offer consultations to teach clients about maximizing hotel points and airline miles earned for travel."The main draw is that you can earn points and miles using your everyday spend. You can buy groceries, pay for gas, utilities, and bills, all while earning points that can eventually lead to discounted travel or luxury experiences," said Do.Why hire a credit card points travel advisor?There's a demand for help with points and miles because the details can be vast and daunting for customers."There are tons of reward programs and quite a learning curve. By hiring an advisor, you can leverage an expert's knowledge, so you don't have to weed through all the blogs and podcasts," said Erik Paquet, director of marketing of AwardWallet.Erik Paquet is director of marketing of AwardWallet.Erik PaquetThe price for their services varies. For individual consultations, Dave Grossman, founder of MilesTalk, charges $175 for 45 minutes. "My consulting is meant to teach you to fish, not just give you a fish," he said. Grossman also creates consulting plans for CFOs of small businesses to maximize credit card points — this service can run into thousands of dollars.Dave Grossman is the founder of MilesTalk.Dave GrossmanDo charges $90 for 30-minute consultations and Award Wallet just launched Award Travel 1-On-1 at a rate of $100 for 30 minutes. Savanti Travel works with small to medium businesses on points and miles travel redemption strategies, and uses a subscription model on a minimum retainer of about $3,000 bucks a month.  How to get started?Experts agreed that the key is a passion for everything involving points and miles, and a willingness to invest time learning the ins and outs of loyalty programs.  "When I started in the early 2000s, I would read hundreds and hundreds of pages of FlyerTalk threads," said Grossman."I'm the type who likes to win games, and loyalty programs are similar; it feels like winning the lottery when you earn a difficult-to-book flight. The people that are really into miles and point love the challenge. I just went down the rabbit hole, and I never climbed out. It's an oddly fulfilling career."Much information is accessible for free online on blogs, podcasts, and social media, including Facebook groups like Award Travel 101®.After that, it's essential to bMax Do is a miles and points educator.Max Douild credibility. "Without having a blog, Instagram, or Tiktok, I don't think you could just hang out a shingle and announce that you do points consulting," said Grossman. "It's not a bad idea to work for a company like The Points Guy to gain experience. Also, freelance writing for major publications would give you that leg up to start."It's also essential to be a people person."It starts with the duty of care, really loving and being passionate about people and taking care of them and helping them achieve their dreams, visions, or goals," said Leigh Rowan, founder of Savanti Travel."Talented people are working in this industry, committed to helping people achieve wonderful trips and creating sound strategies to take care of clients," said Rowan. "It's not purely transactional; it's asking clients, 'how I can help you achieve your goals, ' and the bonus is to make money along the way."Read the original article on Business Insider.....»»

Be careful who you trust online: more people are getting scammed out of thousands of dollars by people who claim to love them. Romance scams are booming and costing Americans billions, and they often start on Facebook or Instagram.iStock; Robyn Phelps/InsiderHow digital grifters are bilking the lonely out of $1.3 billion a yearKate Kleinert was home by herself one day in summer 2020 when she received a friend request from an attractive stranger on Facebook. He introduced himself as Tony, a Norwegian physician stationed in Iraq. Kate, who is 69, often received friend requests from single men. They usually fell in the same category: handsome, successful, and stationed in another country. "I never accepted those friend requests," she told me, "but there was something about this one. I don't know if it was the mood I was in that day, or what." She decided to accept Tony's friend request."I had been widowed at that point for 12 years and had never looked for another romance," she told me. "My heart was still married to my husband. I never went on dating sites. I never went out to clubs or bars looking for someone, but this man arrived in my living room."Over the next couple of months, Kate became swept up in what she thought was a whirlwind romance. Tony would message her daily, sending pictures of himself and sharing stories about his two children and his wife who he said died of leukemia. Before long, he was professing how much he loved Kate, asking her to look at houses for them to eventually move into together and check out schools for the children. "I really looked forward to someone saying to me, 'How was your day, honey?' I hadn't heard that in many years, so I'd forgotten how good it felt to have someone, anyone really, to talk to — but a man to talk to was especially nice," she told me. When Tony began to ask for money, it was initially for help with his daughter's expenses. Not having children of her own, Kate was thrilled at the chance to adopt a motherly role — and Tony assured her she would be paid back when they all were finally together at Christmas. Bypassing her initial doubts, she began sending money in the form of gift cards to help with various "emergencies," and by December 2020, she had sent $39,000. But the fairy-tale romance wouldn't last. A lover left in the lurch is a tale as old as time. But as the pandemic's isolation has sent more people online in search of companionship, the stakes have grown. According to the US Federal Trade Commission, the combination of pandemic isolation, online dating, and cryptocurrencies have spawned "a combustible combination for fraud." Americans lost $1.3 billion to romance scams last year — an 164% increase from 2019 — and $3.3 billion in total since the start of the pandemic. And according to the experts I talked to, the country's ongoing loneliness crisis has created the perfect opportunity for swindlers to strike. "They really invest in developing a relationship," Stacey Wood, a forensic neuropsychology expert, said about the scammers. "It may be six months before they ask for money. That's a commitment."A passionless crimeEver since the dawn of relationships, scammers have found ways to take advantage of people by spinning a convincing tale. But with the rise in online dating, these scams have proliferated, evolving into more sophisticated long cons to win the trust of victims. According to the FTC report, the most popular way scammers reached out to their victims last year was through Instagram (29%) and Facebook (28%).And as these schemes get more widespread and more complex, the number of people falling for romance scams keeps growing. Last year, 70,000 people reported they were a victim of a romance scam, with a median loss of $4,400. And that may just be the tip of the iceberg — the FTC notes that because the vast majority of scams aren't reported to the government, "these figures reflect just a small fraction of the public harm."One theory for the boom? The pandemic. Wood told me that while the COVID-19 lockdowns were not the sole factor for the increase, it certainly accelerated the problem. "Advances in technology, advances in crypto technology, having people isolated from third parties that might have been able to intervene, and less opportunity for affection all came together in a perfect storm," she said. People had a good excuse for not wanting to meet in person, and millions of people were more isolated than ever.The day Kate and Tony were finally due to meet, Kate got her hair and nails done and waited by the phone. Hours after Tony was supposed to land at the local airport, there was still no word. Eventually, she received a call from someone who claimed to be Tony's lawyer. Tony had run into legal trouble at the airport and needed bail money, the person said. After a flurry of calls over the next few days from both Tony and the lawyer trying to convince Kate to sell her car, cash in her life insurance policy, put another mortgage on her house, or ask a relative for money, Kate started to get suspicious. Tony was supposed to be in jail — how was he making this many phone calls? "I knew then, and it was like a bomb had gone off in my heart," she said. "This was not real."The nearly $40,000 that Kate had sent Tony had devoured her savings, her late husband's life insurance, her pension, and her income from Social Security. But more tragically, it left her heartbroken. "Losing the money — that was devastating. But losing that love and the thought of that family that we had? That's what crushed me," Kate said. An epidemic of lonelinessWhile the pandemic certainly added more fuel to the fire, America's long-simmering loneliness problem has facilitated financial scammers for years. Looking back to 2018, a study by the Kaiser Family Foundation found that one in five Americans said they always or often felt lonely or socially isolated, and among teenagers and young adults, reported loneliness nearly doubled in prevalence between 2012 and 2018.Wood told me that loneliness is a pretty consistent factor across different types of scams. "Psychological validation is a human need and these scammers do a lot of validation," she said. The scammers' tactics keep "people engaged and rewards behavior that is compliant with their requests and punishes behavior that's not. It's terrible but it's effective."Losing the money — that was devastating. But losing that love and the thought of that family that we had? That's what crushed me.And while the "loneliness epidemic" has been building for years, the pandemic turbocharged the problem. A recent Harvard survey of American adults found that 43% of young adults reported increases in loneliness since the outbreak of the COVID crisis. The survey also found that about half of lonely young adults reported that no one in the past few weeks had "taken more than just a few minutes" to ask how they are doing in a way that made them feel like the person "genuinely cared." Even now that the world has opened back up, virtual chats and video meetups have become an established part of dating culture, leaving the door open for swindlers.According to a survey conducted in 2022 by the UK financial company Nationwide Building Society, 82% of people had experienced bouts of loneliness or social isolation at some point, and 20% felt lonely on a daily basis. Among those who have felt lonely, 29% said they felt more vulnerable to a romance scam. And 17% of people who frequently felt lonely or socially isolated said they would keep talking to someone even if they were suspicious of their motives. "Anybody can be victimized," Wood said, but added that "psychological vulnerabilities, in particular depression and anxiety, can increase the risk for financial exploitation."The surge in loneliness is going to make these scams more likely, Wood said. "You can give practical advice, like make sure you meet someone in person before you give any money, etc., but I think there needs to be more structural interventions," she told me. "This is a growing problem that we need to actively change what we're doing to solve."Confluence of crypto and romanceIf loneliness was the reason "why" for the soaring number of romance scams, then crypto is the "how." Based on the reports filed with the FTC, the No. 1 payment method for romance scams last year was cryptocurrency. Crypto scams start in a similar way to other romance scams, but instead of asking for gift cards or wired money, the scammer convinces the victim to invest in cryptocurrency. In what's known as "pig butchering," the victim is tricked into investing ever-larger sums in fake currencies controlled by the scammer (the pig is fattened). Then the scammer cuts contact and absconds with the cash (the pig is butchered). Once someone falls for a scam, they are more likely to be preyed upon again."When I first saw Ren, he was very attractive, tall, fit, and really educated and successful," Sarrah Rose told Insider reporter Doree Lewak. She met him through a dating app, where he explained that one of his hobbies was trading cryptocurrency. He offered Sarrah advice on making trades with the crypto-trading app Coinbase. "He was having me move my money into an unregulated wallet that I wouldn't be able to get back," Rose said. "He tried to convince me that it was connected to Coinbase — considered a safe and established platform — so I would be fine. I didn't believe him."On day two, he sent her a screenshot of his crypto portfolio supposedly showing $5.5 million, with $150,000 in daily gains. Ren told Rose he was planning to make a trade and invited her to join him as a "way to get closer to one another.""You can try doing cryptocurrencies. That way, we might also have a common interest by doing something together," he wrote in a text seen by Insider. "It's a way for me to show my self-worth. If you trust me, I'll be happy," he added, while walking her through a transfer of funds to her Coinbase account. Because the crypto market was trending down, he said it was a "very good opportunity" to invest. "He refused to meet me in person but wanted to act like a boyfriend and expected me to trust him as a girlfriend would," Rose said. Though Rose was quickly wise to the scam, others haven't been as fortunate. In February, a woman from Tennessee shared that she had been scammed out of nearly $400,000 by a fraudster she met on the dating app Hinge. Nicole Hutchinson, a 24-year-old who, like Rose, had little knowledge of cryptocurrency, was contacted on Hinge with an investment opportunity. Unaware that the digital wallets she was instructed to transfer money to were controlled by her scammer, she ultimately lost both her own and her father's life savings.CipherBlade, a cryptocurrency investigative-analysis firm, estimates that worldwide losses from pig-butchering scams were in the "tens of billions" of dollars in 2021 alone, adding that the presumed losses are "incredibly high." Both crypto and non-crypto romance scams can be devastating to victims, but to make matters worse, once someone falls for a scam, they are more likely to be preyed upon again. After contacting AARP for help with her case, Kate was warned to be vigilant. She was told she was now on a green list that had been sold around the world with scammers spotlighting her as an easy target. No easy solutionsWhile the FBI website offers advice like "be careful what you post and make public online" and "research the person's photo and profile using online searches" to avoid scams, Wood would like to see more social-media platforms step in. She said that platforms could flag suspicious transactions and allow social workers or behavioral-health experts to intervene and hopefully limit the financial and emotional damage. Kate also said that educational commercials targeted at seniors would help expose people to these kinds of scams. "If we could see more about scams and how they're run, people would accept the fact that this is a danger and we need to do more against it," she said. A year after losing all her money to Tony's scam, Kate's house caught fire, destroying all her possessions, killing her dogs, and nearly taking her life. When a GoFundMe page was set up by a friend to help, Tony got back in contact. "It scared me because I knew he was watching me," she told me. "He's waiting for another opportunity. But I think I've learned a lot since then. I'm not nearly as vulnerable."Eve Upton-Clark is a features writer covering culture and society.Read the original article on Business Insider.....»»

"This Is It!" - Von Greyerz Warns "The Financial System Is Terminally Broken" Authored by Egon von Greyerz via GoldSwitzerland.com, The financial system is terminally broken, toast, kaput! Anyone who doesn’t see what it happening will soon lose a major part of their assets either through bank failure, currency debasement or the collapse of all bubble assets like stocks, property and bonds by 75-100%. Many bonds will become worthless. Wealth preservation in physical gold is now absolutely critical. Obviously it must be stored outside a broken financial system. More later in this article. The solidity of the banking system is based on confidence. With the fractal banking system, highly leveraged banks only have a fraction of the money available if all depositors ask for their money back. So when confidence evaporates, so do the balance sheets of the banks and depositors realise that the whole system is just a black hole. And this is exactly what is about to happen.  For anyone who believes that this is just a problem with a few smaller US banks and one big one (Credit Suisse), they must think again. RE CREDIT SUISSE SEE ‘STOP PRESS’ AT THE END OF THE ARTICLE. THE BANKS ARE FALLING LIKE DOMINOS, INCLUDING CREDIT SUISSE TONIGHT Yes, Silicon Valley Bank (16th biggest US bank) is gone after an idiotic and irresponsible  policy to invest short term customer deposits in long term US Treasuries at the bottom of the interest rate cycle. Even worse, they then valued the bonds at maturity rather than market, to avoid taking a loss. Clearly a management that didn’t have a clue about risk. SVB’s demise is the second biggest failure of a US bank.  Yes, Signature Bank (29th biggest) is gone due to a run on deposits.  And yes, First Republic Bank had to be supported by US lenders and the Fed by a $30 billion loan due to a run on deposits. But this won’t stop the rot as depositors attack the next bank and the next one and the next one………. And yes, the Swiss second largest bank Credit Suisse (CS) is terminally ill after a number of poor investments over the years combined with poor management that has come and gone virtually every year.. I wrote an important article about the coming demise of CS 2 years ago here: “ARCHEGOS & CREDIT SUISSE – TIP OF THE ICEBERG.” The situation at CS is so dire that a solution needs to be found before Monday’s (March 20) opening. The bank cannot survive in its present form. [ZH: a 'solution' was found... for now] A failure for Credit Suisse would not just rock the Swiss financial system but have severe global repercussions. A merger with UBS is one solution. But UBS had to be bailed out in 2008 and doesn’t want to be weakened again by Credit Suisse without state guarantees and support from the Swiss National Bank (SNB). The SNB injected CHF50 billion into CS last week but the share price still went to a new low. No one should believe that a state subsidised takeover of Credit Suisse by UBS will solve the problem. No, it will just be rearranging the deck chairs on the titanic and making the problem bigger rather than smaller. So rather than a lifebuoy, UBS will have a massive lead weight to carry which will guarantee its demise as the banking system collapses. And the Swiss government will take on assets which will be unrealisable.  Still, it is likely that by the end of the present weekend a deal will be announced with UBS being offered a deal they can’t refuse by taking over the good assets and the SNB/Government nurturing the bad assets of Credit Suisse in a rescue vehicle. The SNB is of course in a mess itself, having lost $143 billion in 2022. The SNB balance sheet is bigger than Swiss GDP and consists of currency speculation and US tech stocks. This central bank is the world’s biggest hedge fund and the least successful.  Just to put a balanced view on Switzerland. It has the best political system in the world with direct democracy. It also has low Federal debt and normally no budget deficits. It is also the safest country in the world. SWISS BANKING SYSTEM TOO BIG TO SAVE But the Swiss banking system is very unsound, just like the rest of the world’s. A central bank which is bigger than the country’s GDP is extremely unsound. And a banking system which is 5x Swiss GDP makes it too big to save.  Although the Fed and ECB are much smaller in relation to their countries’ GDP than the SNB, these two central banks will soon discover that their assets of around $8 trillion each are grossly overvalued.  With a global banking system on the verge of a systemic failure, Central Bankers and bankers have been working around the clock this weekend to temporarily avoid the inevitable collapse of the bankrupt financial system.  BIGGEST MONEY PRINTING IN HISTORY COMING As I pointed out above, the main Central Banks would also be bankrupt if they valued their assets honestly. But they have a wonderful source of money that they will tap to save the system.  Yes, I am of course talking about money printing.  We will in coming months and years see the most massive avalanche of money printing that has ever hit the world. For anyone who believes that we are just seeing another bank run that will quickly evaporate, they will need to take a shower in ice cold Alpine water.  What we are witnessing is not just a temporary drama that will be sorted out by “the all powerful and resourceful” central banks.  THE DEATH OF MONEY No, instead what we are seeing is the end phase of this financial era which started with the formation of the Fed in 1913 and in the next few years, or much sooner, will end with the death of money. But the Death of Money doesn’t just mean that the dollar (and most currencies) will make their final move to ZERO, having already declined 98% since 1971.  Currency debasement is not the cause but the effect of the banking Cabal taking control of the money for their own benefit. As Mayer Amschel Rothschild said in the late 1700s: “Let me issue and control a nation’s money and I care not who makes the laws”. Sadly, as this Cassandra (me) has written about since the beginning of the century, the Death of Money is not just all currencies going to ZERO as they have throughout history.  No, the Death of Money means a total and final collapse of this financial system.  Cassandra was a priestess in Greek mythology who was given the gift of predicting major events accurately but also given the curse that no one would  believe her predictions.  No depositor must believe that the FDIC (Federal Deposit Insurance Corp) in the US or similar vehicles in other countries will save their deposits. All these organisations are massively undercapitalised and in the end it will be the governments in all countries which step in.  We know of course, that the government has no money. They just print whatever they need. That leaves ordinary people taking the final burden of all this money printing.  But ordinary people will have no money either. Yes a few rich people will be taxed heavily to cover bank deficits and losses. Still, that will be a drop in the ocean. Instead ordinary people will be impoverished with little income, no government handouts, no pension and money which is worthless.  The above is sadly the cycle that all economic eras go through. The issue this time is that the problem is global and of a magnitude never seen before in history.  Regrettably a rotten and bankrupt financial system needs to go through a cleansing period which the world will now experience. There cannot be sound growth and sound values until the current corrupt and debt infested system implodes. Only then can the world grow soundly again.  The transition will sadly be dramatic with a lot of suffering for most people. But there is no other way. We won’t just see poverty, famine but also many human tragedies. The risk of social unrest or civil war is very high plus the risk of a global war. Central banks had of course hoped that their Digital Currencies (CBDC) would be ready to save them (but not the world) from the present debacle by totally controlling people’s spending. But in my view they will be to late. And since CBDCs are just another form of Fiat money, it would just exacerbate the problem with an even more severe outcome at the end. Still, it won’t prevent them from trying. MARKET VALUE OF US BANKING ASSETS $2 TRILLION LOWER THAN BOOK VALUE A paper issued by 4 US academics in finance, illustrates the $2 trillion black hole in the US banking system:  “Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?” March 13, 2023  Erica Jiang, Gregor Matvos, Tomasz Piskorski, and Amit Seru  CONCLUSION “We provide a simple analysis of U.S. banks’ asset exposure to a recent rise in the interest rates with implications for financial stability. The U.S. banking system’s market value of assets is $2 trillion lower than suggested by their book value of assets. We show that these losses, combined with a large share of uninsured deposits at some U.S. banks can impair their stability. Even if only half of uninsured depositors decide to withdraw, almost 190 banks are at a potential risk of impairment to even insured depositors, with potentially $300 billion of insured deposits at risk. If uninsured deposit withdrawals cause even small fire sales, substantially more banks are at risk. Overall, these calculations suggest that recent declines in bank asset values significantly increased the fragility of the US banking system to uninsured depositors runs.”  What is crucial to understand is that the $2 trillion “loss” is only due to higher interest rates. When the US economy comes under pressure, the loan books of the banks will deteriorate dramatically and bad debts increase exponentially. With total assets of US commercial banks at $23 trillion, I would be surprised if 50% is repaid or recoverable in the coming crisis.  The above risks are just for the US financial system. The global system will be no better with the EU under massive pressure partly due to US led sanctions of Russia. Virtually every major economy in the world is in a dire position.  Lets just look at the debt pyramid which I have discussed in many articles LINK In 1971, when Nixon closed the gold window, global debt was $4 trillion. With gold backing no currency, this became a free for all to print unlimited amounts of money. And thus by 2000 debt had grown 25x to $100t. In 2006, when the Great Financial Crisis started, global debt was $120 trillion. By 2021 it had grown 75x from 1971 to $300 trillion.  The red column shows global debt at $3 quadrillion sometime between 2025 and 2030.  This assumes that the shadow banking system plus outstanding derivatives of currently probably around $2 quadrillion will need to be saved by central banks in a money printing bonanza. This will obviously lead to hyperinflation and thereafter to a depressionary implosion. I know this sounds sensational but still a very likely scenario at the end of the biggest credit bubble in history.  GOLD – CRITICAL WEALTH PRESERVATION  I have been standing on a soapbox for over 20 years, warning the world about the coming financial crisis and the importance of physical gold for wealth preservation purposes. In 2002 we invested important funds into physical gold with the purpose of holding it for the foreseeable future. Between 2002 and 2011 gold went from $300 to $1,900. Since then gold corrected and then went sideways as stocks and the asset markets surged backed by massive credit expansion.  With gold currently around $1990, there is not much gain since 2011. Still since 2002 gold is up 7x. Due to the temporarily stronger dollar, gold’s gains measured in dollars are much smaller than in Euros, Pounds or Yen. But that will soon change.  In the final section of the article “WILL NUCLEAR WAR, DEBT COLLAPSE OR ENERGY DEPLETION FINISH THE WORLD?”, I outlined the importance of owning physical gold to store it in a safe jurisdiction away from kleptocratic governments. “2023 is likely to be the year of gold. Both fundamentally and technically gold looks like it will make major up moves this year.”  And at the end of this article, I explain the importance of how and where gold should be held:“PREPARE FOR 10 YEARS OF GLOBAL DESTRUCTION.” “So my own preference would be to own physical gold and silver that only I have direct control of and can withdraw or sell with very short notice.  It is also important to deal with a company that can move your metals at very short notice if the security or geopolitical situation would necessitate it.” In February 2019 I wrote about what I called the Gold Maginot Line which had held for 6 years below $1,350. This is typical for gold. Having gone from $250 in 1999 to $1,900 in 2011, it then spent 8 years in a correction. At the time I forecast that the Maginot Line would soon break which it did and swiftly moved to $2,000 by August 2020. We have now had another period of consolidation since then and the next move above $2,000 and towards $3,000 is imminent.  Just to remind ourselves what happens to your money and gold during a hyperinflationary period, here is a photo from China’s hyperinflation in 1949 as people try to get their 40 grammes (just over one ounce) that they were allocated by the government. At some point in the next few years, there will be a panic in the West to buy gold at any price.  So as I have been urging investors for over 20 years, please get your gold NOW while it is still available.  STOP PRESS Intense discussions are right now going on here in Switzerland between UBS, Credit Suisse, the regulator FINMA, the Swiss National Bank – SNB – and the Swiss Government. The Fed, the bank of England and the ECB are also involved.  The latest rumour is that UBS will buy Credit Suisse for CHF900 million ($1 billion). The shares of CS closed at a market cap of CHF8 billion on Friday. The deal would clearly involve backing from the SNB and the Swiss government which would have to take on major liabilities.  The December 2022 book value of CS was CHF42 billion, as with all banks massively overstated.  The deal isn’t done at this point, 5.30pm Swiss time, but the whole banking world knows that without a deal, there will be global contagion starting tomorrow Monday the 20th.  Even if a provisional deal will be done by Monday’s open, the financial system has now been permanently injured with an open wound which won’t heal.  The problem will just move on to the next bank, and the next and the next…. Hold on to your seats but buy gold first. Tyler Durden Mon, 03/20/2023 - 07:20.....»»

Technology doesn't drive the speed of a bank run. It's how quickly people panic......»»

"US Banking Will Be Forever Changed" By Eric Peters, CIO of One River Asset Management “What is our total exposure?” I had asked our COO as the Silicon Valley Bank run was intensifying, two Thursdays ago. All our client money is held in our investment funds, and excess fund cash is in T-Bills for security, so I wasn’t asking about that. I was asking about cash that our firm had on deposit at a commercial bank. Like so many other small and medium sized businesses, that in aggregate make up the US economy, we turned to a local bank when we started the firm in Santa Barbara, California, 10 years ago this week. The next day (Fri morning) I faced an important decision. We had millions of dollars in cash on deposit at the bank. Two-thirds of it was scheduled to be swept out for payroll and other accounts payable on Monday. The remaining third was earmarked for payments a week later. If we immediately wired the money out of our bank, we would miss payroll and this would hurt our employees, at least some of whom would then miss their mortgage payments and other payables. But if we kept the money on deposit and the bank failed, it was a material problem. If our bank had been SVB, I would have wired it out immediately. But it was another regional name, and I figured that even if the government failed to agree on a weekend bailout, our bank would probably survive long enough on Monday for our payroll to go out. So, we sat tight with the payroll money and moved the remaining one-third into T-Bills. Our COO had already started the process of opening new accounts at a Tier-1 bank; one of the too-big-to-fail affairs that are now politely called SIBs (systemically important banks). Our bank’s stock price collapsed on Monday and will almost certainly not survive this bank run in its present form. But our payroll went out on time. Had it not, I would’ve lent money to our firm to pay our employees, and then waited an indeterminate period to get money back from the bank, less a haircut. We got paid absolutely nothing to take all these risks. In fact, by moving our money to a SIB and then sweeping excess cash into T-Bills, we will get paid a lot of money on our cash. Rarely in life do you get paid more to take less risk. You do now. Business owners take a lot of risk, endure sleepless nights. Our commercial banks are central to business. We want banks to operate flawlessly and be as boring as possible. But now our banks scare us. So, we will move to SIBs unless the government provides immediate blanket guarantees to all depositors. But even so, most of us will still now move, because we get paid nothing to stay. And US banking will be forever changed. Power will concentrate further into SIBs. Credit creation will suffer profoundly, and economic dynamism with it. Tyler Durden Mon, 03/20/2023 - 05:45.....»»

Saudi King Invites Iranian President To Visit For 1st Time In 25 Years After striking their historic peace deal which was mediated by China in Beijing over a week ago, Iran and Saudi Arabia continue to make strikes toward full normalization of ties, after being archenemies for decades - and before that their peoples having been rivals for centuries when it comes to the religious Shia-Sunni divide. An Iranian official has announced Sunday that the King of Saudi Arabia has issued a formal invitation to Iranian President Ebrahim Raisi to visit Riyadh in an unprecedented move. Raisi is said to have "welcomed" the invite from King Salman. Now what remains is setting a date. Via Reuters: China's director of the Office of the Central Foreign Affairs Commission Wang Yi (C), Ali Shamkhani, the secretary of Iran’s Supreme National Security Council (R) and Saudi national security adviser Musaad bin Mohammed Al Aiban (L) meet in Beijing. "In a letter to President Raisi... the King of Saudi Arabia welcomed the deal between the two brotherly countries, [and] invited him to Riyadh," Mohammad Jamshidi, the Iranian president's deputy chief of staff for political affairs, said on Twitter. The Iranian Foreign Ministry also confirmed the upcoming meeting. Additionally FM Hossein Amirabdollahian said that "An agreement was reached two months ago for Iranian and Bahraini technical delegations to visit the embassies of the two countries." He added, "We hope that some obstacles between Iran and Bahrain will be removed and we will take basic steps to reopen the embassies." Such an official head of state visit hasn't taken place in over 20 years, with the last Iranian president to visit the kingdom being President Mohammad Khatami in February 1998. That visit in the late 90's was the first trip by an Iranian president to Saudi Arabia since the 1979 Iranian Islamic revolution. Last week, Henry Kissinger was cited in The Washington Post as calling the Saudi-Iran diplomatic breakthrough "a substantial change in the strategic situation in the Middle East." According to more of the well-known former Secretary of State's commentary: The Saudis, who have been among Washington’s closest allies in the Middle East for decades, "are now balancing their security by playing off the US against China," he explained. According to Kissinger, Riyadh’s actions are comparable to what he himself accomplished in the early 1970s when, as secretary of state in the Nixon administration, he helped achieve rapprochement with Beijing amid its tensions with Moscow. This could also eventually usher in a new era of hoped-for regional stability. Not only has the regional rivalry, which intensified most during the decade of the proxy war in Syria which began in 2011, been set amid a centuries-long divide over correct interpretation of Islam (Shia Iran vs. Sunni Saudi Arabia), but it has also spilled over in places like Yemen, scene of another grinding proxy war which pit Shia rebels against a Saudi-backed government.  The Saudis and Iranians also clash in supporting rival political factions inside Lebanon, with Tehran being the Shia paramilitary group Hezbollah's biggest backer. For these reasons, accusations of supporting terrorism have been frequently hurled back-and-forth over the years. Iranian state media, for example, has long charged the Saudis with being a prime covert backer of the Islamic State (ISIS) in their drive to overthrow President Assad in Syria.  Tyler Durden Mon, 03/20/2023 - 04:15.....»»

The global chip shortage has resulted in countries elevating semiconductor manufacturing to a "national security issue." Not only are the Chinese and Korean governments continuing to spend heavily to support their chip industries, but Europe, the US, Japan, Singapore, and India are also announcing semiconductor subsidy bills and policies. They aim to lure foundries to set up fabs locally while bringing their supply chain along with them. Among the significant foundries, TSMC is the top target......»»

Three Americans share how they're looking abroad to get the weight-loss treatment that's changed their lives, because their insurers won't cover it. iStock; Rebecca Zisser/Insider Demand for prescription drugs that help with weight loss, such as Ozempic and Wegovy, is surging. But the drugs' high cost and a lack of insurance coverage means they're are out of reach for many.  Some people in the US have started buying Ozempic from Canada and Mexico at lower prices. Mounjaro worked miracles for Vicki Delp.The 63-year-old from a town outside of Indianapolis has always struggled with her weight. She's tried countless fad diets and Weight Watchers, worked with a nutritionist, and took phentermine pills. None of it was much help.Then Delp's doctor prescribed Mounjaro, a new diabetes medication that can help people lose 15% to 20% of their weight. Insurance wouldn't cover it, but a coupon from the drug's manufacturer, Eli Lilly, allowed her to get it for just $25.Vicki Delp.Vicki DelpOn Mounjaro, Delp lost weight and her blood pressure dropped."It's more than weight loss," she said. "I feel better about myself. I think I've gotten more mental clarity. I really feel like I'm going to win this battle."But after a few months, she could no longer use the coupon. Facing a bill of $1,000 a month and determined to keep taking the medication, Delp looked to the north.She found CanShipMeds.com, one of many websites that says it ships a similar drug, Ozempic, from Canada at a lower cost. Armed with a prescription, she ordered two injection pens for a little more than $300 each, enough for two months. They arrived to her doorstep on ice in a week.Demand for injections that help with weight loss, known as GLP-1 agonists, has surged in the past year, turning Ozempic into a household name. Its use in Hollywood has been mocked on "Saturday Night Live" and served as a punch line at the Oscars. Celebrities and influencers have touted the shots; ads for startups prescribing the drugs have flooded social media.Delp is hardly the only American searching for weight-loss drugs across the border in Canada or Mexico. Americans have long ventured to our neighbors for low-cost prescriptions and more affordable medical procedures. But the practice is now becoming a popular way to get weight-loss drugs, as social-media sites like Reddit and TikTok are flooded with advice on how to buy them abroad.The drugs are effective and could potentially help a huge swath of the US population. About 70% of Americans are overweight or obese. But the drugs are expensive and many health plans don't cover them.Dr. Dan Azagury, the medical director of Stanford Lifestyle and Weight Management Center.StanfordWhile buying medicines outside of the US to bring home can be risky, people's willingness to do so underscores the failure of the US healthcare system to ensure Americans can afford effective treatments as they become available. In many cases, only wealthy people will be able to get their hands on obesity treatments, even though the disease disproportionately affects people with lower incomes."It's flabbergasting that there's still such stigma around treating obesity that it's OK to have patients jump through hoops to get a treatment for a condition that they have," said Dr. Dan Azagury, the medical director of Stanford Lifestyle and Weight Management Center. He said a growing number of his patients are taking their prescriptions to pharmacies outside the US when their insurers won't pay."I'm not surprised that people get creative to get around the prohibitive costs if insurance won't cover any portion of it," he said.Trendy new weight-loss drugs are unaffordableAt the root of the problem is that obesity has long been viewed as a personal failing, not a medical diagnosis. The American Medical Association only recognized it as a disease in 2013.Dr. Angela Fitch, the president of the Obesity Medicine Association.Obesity Medicine AssociationEven today, health insurers often categorize weight-loss medications as a cosmetic treatment, and by one estimate, only about a fifth of employers cover the new weight-loss drugs. Medicare, the federal program that provides health coverage for people 65 and older, doesn't cover weight-loss drugs at all, though there's a push to change that. Medicaid programs cover them in fewer than 20 states.Dr. Angela Fitch, the president of the Obesity Medicine Association, said that because obesity is a disease, treatments should be covered just like they are for diabetes or cancer. Fitch is also the chief medical officer of the startup Knownwell, which offers primary-care and metabolic-health services."It should be something that everybody has access to, not just the lucky few who have an employer that decides to add it to coverage," she said.People are looking to Canada and Mexico for cheaper OzempicCrystal Cox/Business InsiderUntil insurance coverage improves, people will look abroad to afford the weight-loss drugs. According to a spokesperson for British Columbia's Ministry of Health, 9% of the 30,000 prescriptions for semaglutide, the drug sold as Ozempic, filled across the province each month of 2022 were for US citizens. That's 22 times higher than the percentage of prescriptions filled for US citizens for all drugs, the spokesperson said. Insider was unable to find data that covers all of Canada.Gina of California bought Ozempic in Mexico and Canada.GinaCrossing the border into Mexico is another strategy.Gina has taken both routes. The California resident, who works at a tech company, told Insider she's been overweight most of her life. She was diagnosed with polycystic ovary syndrome with insulin resistance that causes her to feel hungry all the time. Insider is identifying her by her first name to protect her privacy.Gina's endocrinologist prescribed Ozempic to help her lose weight. Based on her health-plan documents, she figured insurance wouldn't cover the drug because she isn't diabetic. So she paid for one Ozempic pen in the US to try it out.She finally felt full after eating and knew she wanted to keep taking it, but the cost at home was "astronomical," she said.In September, Gina flew to Cabo San Lucas, Mexico, bought five Ozempic pens from a Costco pharmacy for about $250 each — no prescription required — and brought them back home.She felt safe doing it. "The thing is I'm under a doctor's care. I know what my dosage is," she said.When she needed more, she ordered two pens for $285 each, plus a $40 shipping fee, from BuyCanadianInsulin.com, which she learned about through Reddit. Gina's lost 25 pounds so far.Ozempic pens can dispense different doses of the medication, and one pen typically lasts about a month, depending on how much of the drug a person is taking.Some US telehealth companies are helping patients fill prescriptions abroadReddit forums overflow with advice on how to get prescriptions for Ozempic filled abroad. Users on the site generally point to US telehealth companies like Push Health and Hello Alpha.Libby Baney, an attorney specializing in internet pharmacies at the law firm Faegre Drinker, said it's illegal for US companies to facilitate drug transactions outside of the US supply chain. Canadian pharmacists also aren't supposed to fill US prescriptions, but there are ways around the law, she said. Baney is a senior advisor to the Alliance for Safe Online Pharmacies, a group that lobbies against illegal online pharmacies.Amber Bahr.Amber BahrAmber Bahr, 42, from Appleton, Wisconsin, said a nurse practitioner at Hello Alpha helped her get a prescription for Ozempic filled at a Canadian pharmacy. She turned to Hello Alpha after her primary-care doctor refused to prescribe Mounjaro off-label to help her lose weight.Bahr, who is prediabetic and has several other health conditions, said she was initially hesitant to use a weight-loss drug because she didn't want to be seen as "taking the easy way out" and was worried about potential side effects. But Weight Watchers and working with a nutritionist hadn't helped, so she decided to try medication.Bahr said her company health plan wouldn't cover drugs that could help with weight loss. She found PolarBearMeds.com, which says it ships Ozempic from a licensed Canadian pharmacy for about $340 plus a $30 shipping fee. She pays $49 a month to see her clinician at Hello Alpha for the prescription.Though it costs less than she'd pay in the US, it's still expensive and doesn't go toward Bahr's deductible, or the amount she must pay before her insurance kicks in for other services. But she makes it work because she's lost 25 pounds in just a few months, she has fewer muscle aches, and her A1C level, a measure of her blood sugar, has improved.Hello Alpha said in an emailed statement that weight loss is one of more than 100 medical conditions its licensed providers treat. The company said it works with mail-order pharmacies in the US but patients can request prescriptions be sent to a pharmacy they choose. Push Health didn't respond to requests for comment.Buying drugs outside the US can be riskyGoing outside of the US for medicine or care can be risky. An extreme example came earlier this month, when four US citizens were kidnapped and two of them killed when visiting the Mexican city of Matamoros for a medical procedure.Purchasing prescription drugs from unlicensed online pharmacies can be dangerous, too, Baney said. Websites that say they ship medicines from Canada may actually ship them from somewhere else. And there's a chance a person could end up with a fake product, with no recourse if they're harmed, she said."You have no way of actually knowing as an American patient if you're getting the real deal or if you're getting a counterfeit, because it's really easy to lie on the internet and it's super easy to counterfeit a drug," Baney said.Technically, importing drugs for personal use is illegal, but the US Food and Drug Administration turns a blind eye to it.Some feel the risks are worth it.Delp of Indiana said she felt she did enough due diligence to choose a safe pharmacy and the chance she'll get a fake medication is slim. Both of her parents underwent bypass surgery, and she's hoping to avoid that fate. It's been a battle to manage her weight and the medication has made it much easier. She's lost 55 pounds and plans to keep buying Ozempic from Canada."Just losing the weight and being able to keep it off with the use of these medications is definitely worth the risk of not being regulated by the FDA," Delp said.Want to tell us about your experience with weight-loss drugs like Ozempic and Mounjaro? Email the author at slivingston@insider.com.Read the original article on Business Insider.....»»

The Boston-based retailer spent $668,021 on personal security for CEO Niraj Shah in 2022, accounting for the bulk of his total compensation in 2022......»»

Market leader in the public domain Together with its clients, BNG Bank focuses on a more sustainable Netherlands Rise in net profit to EUR 300 million (in 2021: EUR 236 million) Interest result structurally healthy Long-term loan portfolio EUR 88 billion, net increase of 1 billion Dividend EUR 139 million, EUR 2.50 per share THE HAGUE, Netherlands, March 20, 2023 /PRNewswire/ -- Gita Salden, Chief Executive Officer, BNG Bank: "I am proud that BNG Bank has steered in the right direction in these turbulent times and is again the market leader in the public domain. We managed to remain calm and confident. We did what we are good at: providing favourable loans to the public sector and helping our clients find high-impact solutions. From a banking perspective, 2022 was a good year for BNG Bank with healthy financial results. We were able to raise funding on favourable terms thanks to our strong capital position. This enabled us to offer our clients attractive conditions, thus helping them to achieve their social objectives. As ...Full story available on Benzinga.com.....»»

"He probably watches my movies on repeat which may be why he has so many typos. (Slippery fingers from lube and KFC)," she said of Trump. Adult actress Stormy Daniels.Phillip Faraone/Getty Images Stormy Daniels posted snarky tweets about Donald Trump ahead of his possible indictment in New York. "Giving him a ride straight to jail. See how sweet I am?" the adult actress tweeted. Trump could be indicted in New York over hush money payments to Daniels. Adult film actress Stormy Daniels tweeted up a storm on Sunday night, slamming former President Donald Trump in a series of snarky tweets. Daniels, a self-described porn star, is at the center of the  hush money payments investigation that may lead to a Trump indictment in New York in the coming days. She let fly on Twitter on Sunday with numerous posts about Trump, who she says she had an affair with back in 2006."He probably watches my movies on repeat which may be why he has so many typos. (Slippery fingers from lube and KFC)," read one tweet from Daniels on Sunday. Daniels' zinger was in response to a tweet from one of her detractors, asking her why she was "so obsessed" with Trump. "I only respond when he posts about me or talks about me on TV," she wrote. —Stormy Daniels (@StormyDaniels) March 19, 2023The reference to KFC was a nod to Trump's storied love for fast food. Right after his campaign pit stop in Iowa, where he dissed his former ally Florida Gov. Ron DeSantis, Trump dug into a hearty KFC meal on his plane. On Sunday, Daniels also replied to a Twitter account with the ID "America Floats," which posted an illustrated picture of Daniels and Trump with the words "Hi Ho Stormy!" The Twitter user tagged Daniels in the tweet and asked: "This you?"Daniels tweeted her reply: "It is! Giving him a ride straight to jail. See how sweet I am?"—Stormy Daniels (@StormyDaniels) March 19, 2023 In another thread, a person on Twitter wrote: "Trump isn't getting arrested sweetly."Daniels hit back, writing: "So he lied? Again? Because that's what Tiny said on his own social media post."This was a reference to Trump's unsubstantiated claim on Truth Social account that he will be arrested in New York on Tuesday. Meanwhile, "Tiny" appeared to be Daniels' new nickname for Trump, and a thinly veiled reference to his manhood. This follows her 2018 tell-all memoir, where she gave a graphic and salacious account of what Trump's private parts look like.Trump's statement about being arrested on Tuesday was not based on facts released by the Manhattan district attorney's office. The grand jury needs to hear another witness on Monday, and will not vote on whether to indict Trump until after the final witness wraps up their testimony. Manhattan District Attorney Alvin Bragg is currently investigating if Trump violated New York election and document laws by giving Daniels $130,000 in hush money payments to keep quiet about an affair.Trump has denied that he had an affair with Daniels. He has also denied paying her $130,000 to keep quiet about the relationship before the 2016 election. He maintains that the payments — funneled through his former fixer turned nemesis Michael Cohen — were fees for Cohen's legal services.The ex-president could face up to four years in prison if convicted. Daniels' lawyer and a spokesman for Trump did not immediately respond to Insider's requests for comment sent outside regular business hours.Read the original article on Business Insider.....»»

Right-wing figures want DeSantis to shield Trump from an indictment, and claim the governor will be on the wrong side of history if he doesn't. Donald Trump and Ron DeSantis.Getty Images As MAGAworld rages about rumors that Donald Trump will be indicted, Ron DeSantis has stayed quiet. He's now facing growing calls to defend the former president, who lives in Florida. Still, it's unlikely that DeSantis can fully block Trump's extradition from the state. Florida Gov. Ron DeSantis is facing immense pressure from the far-right wings of MAGAworld to help former President Donald Trump evade a potential indictment in New York. Trump on Saturday claimed without substantiation that he may get arrested on Tuesday. With that announcement came pressure on DeSantis from Trump-loving conservatives, who want the governor to defend Trump against the Manhattan district attorney's investigation. DeSantis, who's expected to run against Trump for president in 2024, has stayed mum. But DeSantis' predictable silence has given MAGAworld figures the opportunity to condemn him.Jason Miller — a longtime Trump advisor — highlighted DeSantis' lack of response on Sunday, while praising former Vice President Mike Pence for criticizing the Manhattan district attorney's investigation."Radio silence from Gov. @RonDeSantisFL and Amb. @NikkiHaley," tweeted Miller, who's also the founder of right-wing social network Gettr.Donald Trump Jr., Trump's oldest son, didn't name DeSantis, but wrote on Sunday that people will remember the difference between Republicans who spoke up for Trump "immediately" and those who "sat on their hands and waited to see which way the wind was blowing." —Donald Trump Jr. (@DonaldJTrumpJr) March 19, 2023 Also on Sunday, far-right political activist Jack Posobiec tweeted: "It takes 10 seconds to send a tweet 'This prosecution of President Trump is a farce and does grave damage to our republic.'" Posobiec told The New York Times that he was "taking receipts on everyone" who hasn't blasted a potential Trump indictment."For DeSantis to make that post yesterday, talking about the Hurricane Ian response and nothing from the personal account whatsoever about the arrest — it was a message that was received," Posobiec told The Times.Michael Cernovich, a right-wing political commentator, tweeted that DeSantis was making his "first unforced error by not denouncing this lawless act."Far-right influencer Stew Peters tweeted that DeSantis should send the Florida National Guard to protect the former president at the Mar-a-Lago resort. Peters was echoing calls from fringe factions of MAGA world for people to form a "patriot moat" around Mar-a-Lago to prevent Trump's arrest."Anything less proves DeSantis is a fraud," wrote Peters on Sunday.DeSantis can't do much to help Trump — assuming he wants toIt's unlikely that DeSantis has any avenues to stop Trump's extradition even if he wants to, legal experts told Insider's Jacob Shamsian. But the governor could delay extradition for up to 60 days by asking for a review of the indictment, they said.Meanwhile, Trump announced on Saturday that he expects to turn himself in on Tuesday, though his defense team hasn't received confirmation of whether he'll be indicted.Once allies with DeSantis, Trump has over the last year increasingly launched personal attacks at the governor. He's been debuting insulting labels and nicknames for DeSantis, such as "Ron DeSanctimonious" and a "RINO Globalist."To add further animosity between the pair, a pro-Trump PAC on Wednesday filed an ethics violation complaint against DeSantis, accusing him of "leveraging his elected office" in Florida to bolster his national profile.DeSantis has avoided launching direct barbs at Trump, telling people in November to "chill out" about the former president's feud with him. But he's privately been rallying allies and building his war chest for a potential 2024 White House run, the announcement of which would put him openly at odds with Trump.Representatives for DeSantis and Trump did not immediately respond to Insider's requests for comment sent after business hours.Read the original article on Business Insider.....»»

Skeptics have long claimed Putin uses body doubles who have been surgically altered to resemble the Russian leader as stand-ins at major appearances. AP Russian leader Vladimir Putin made a surprise visit to occupied areas of Ukraine this weekend. The trip to the besieged region renewed claims that Putin uses body doubles for public appearances. Skeptics believe his doubles have had surgery to look like him — and point to his ears as proof. Vladimir Putin made a surprise visit to occupied areas of Ukraine this weekend, renewing conspiratorial claims that the Russian leader uses a team of body doubles for public appearances, with critics pointing to one odd body part to prove their claims — his ears. Petro Andryushchenko, adviser to the mayor of Mariupol, a besieged Ukrainian city that Putin visited, wrote on Telegram that "Putin or one of his doubles" had paid an overnight visit to the occupied region, according to the digital outlet, Local Today which re-published an article originally written by The Washington Post.The original Washington Post article has been updated to remove references to Putin using a body double. The author of the story did not immediately respond to Insider's request for comment about why the article was updated. However, the Post isn't the first publication to reference the possibility of a Putin body double.While the conspiracy may sound wild, there are elements of truth to it: Political decoys are sometimes used on the international stage — and people can be identified by certain measurements of their ears.The Putin body-double theoryIn an interview with the Daily Mail, Ukraine's head of military intelligence Major General Kyrylo Budanov suggested the Russian leader uses a team of doubles to cover up Putin's loss of control in the Kremlin. The doubles, Budanov said, used to be detected standing in for Putin only on "special occasions" but since the invasion of Ukraine have been observed as a "usual practice." "We know specifically about three people that keep appearing, but how many there are, we don't know," Budanov told the outlet in October. "They all had plastic surgery to look alike."He added: "The one thing that gives them away is their height. It's visible in videos and pictures. Also gesturing, body language, and earlobes, since they are unique for every person." The British news site The Week reports Putin is an estimated 5 feet 7 inches tall. Newsweek reported Budanov repeated the claim during an August appearance on the Ukrainian television channel "Groshi" saying that "each person's ear picture is unique. It cannot be repeated," though he has not offered concrete evidence to back up the claim that Putin uses a body double.Ears as evidenceWhile Budanov's claims about Putin's health or use of body doubles cannot be verified, the use of ears as forensic evidence has been documented for decades. Since the 1950s, the measurements of ears have been used by forensic scientists to identify suspects of crime and, in the era of the algorithm, Wired reported ears identified by software can be a more unique identifier than fingerprints.The International Business Times in 2018 called the idea of Putin using body doubles "one of the more unusual conspiracy theories," after online posters shared a viral series of photos on social media, once again focused on Putin's ears and analyzing them for possible clues — though skeptics remain unconvinced.Users on Twitter speculated that a Putin body double went to Ukraine, focusing on the specific curves of his ear, comparing the sagging of his earlobes to photos from 2006 and 2018."As you grow older your ear doesn't change – it just grows larger but the proportions remain the same," Mark Nixon, a computer vision expert at the University of Southampton and a leading researcher in ear recognition, told the BBC.Advances in 3D scanning technology make it possible to identify someone, even from a fuzzy picture, by the measurements of the distance from the lobe to two points on the upper edge of their ear, with 99.6% accuracy in just 0.02 milliseconds, BBC reported in 2017.Use of political decoys Though claims that Putin uses a body double have increased since the Russian invasion of Ukraine began last February, they're not new, nor are they limited to the Russian leader.Last month, Newsweek reported on rumors that Ukrainian President Volodymyr Zelenskyy used a double himself while meeting with United States President Joe Biden during Biden's visit to Ukraine. Biden has also been accused by conspiracy theorists of using a body double when he received the COVID-19 vaccination, according to PolitiFact.International political figures from Saddam Hussein and Adolf Hitler to Queen Elizabeth and Melania Trump are also alleged to have used decoys during their time in leadership, the Indian news outlet Wio News reported. Footage filmed in 2017 of North Korean Supreme Leader Kim Jong Un appeared to show the dictator talking with two identically-dressed doppelgangers, The New York Post reported, which escalated existing rumors that he was dying or already dead. Budanov said he believes Putin is seriously ill — another theory that has long circulated among critics of the Russian leader, who believe he may suffer from ailments ranging from cancer to a nebulous unnamed "very bad psychological and physical condition," as Budanov speculated to Sky News last May.Theories of political figures using body doubles often appear to correlate with rumors of their illness or other weakness which would prevent them from otherwise fulfilling their leadership duties. While some instances of political decoys have been confirmed to the public — a political aide to Henry Kissinger said he used an impersonator during a secret trip to China in 1971, according to CNN —  it remains unclear whether Putin has ever used one. Speculation on the matter, however, is apparently irresistible.Read the original article on Business Insider.....»»

What Follows US Hegemony Authored by Vijay Prashad via thetricontiental.org, On 24 February 2023, the Chinese Foreign Ministry released a twelve-point plan entitled ‘China’s Position on the Political Settlement of the Ukraine Crisis’. This ‘peace plan’, as it has been called, is anchored in the concept of sovereignty, building upon the well-established principles of the United Nations Charter (1945) and the Ten Principles from the Bandung Conference of African and Asian states held in 1955. The plan was released two days after China’s senior diplomat Wang Yi visited Moscow, where he met with Russia’s President Vladimir Putin. Russia’s interest in the plan was confirmed by Kremlin spokesperson Dmitry Peskov shortly after the visit: ‘Any attempt to produce a plan that would put the [Ukraine] conflict on a peace track deserves attention. We are considering the plan of our Chinese friends with great attention’. Ukraine’s President Volodymyr Zelensky welcomed the plan hours after it was made public, saying that he would like to meet China’s President Xi Jinping as soon as possible to discuss a potential peace process. France’s President Emmanuel Macron echoed this sentiment, saying that he would visit Beijing in early April. There are many interesting aspects of this plan, notably a call to end all hostilities near nuclear power plants and a pledge by China to help fund the reconstruction of Ukraine. But perhaps the most interesting feature is that a peace plan did not come from any country in the West, but from Beijing. When I read ‘China’s Position on the Political Settlement of the Ukraine Crisis’, I was reminded of ‘On the Pulse of Morning’, a poem published by Maya Angelou in 1993, the rubble of the Soviet Union before us, the terrible bombardment of Iraq by the United States still producing aftershocks, the tremors felt in Afghanistan and Bosnia. The title of this newsletter, ‘Birth Again the Dream of Global Peace and Mutual Respect’, sits at the heart of the poem. Angelou wrote alongside the rocks and the trees, those who outlive humans and watch us destroy the world. Two sections of the poem bear repeating: Each of you, a bordered country, Delicate and strangely made proud, Yet thrusting perpetually under siege. Your armed struggles for profit Have left collars of waste upon My shore, currents of debris upon my breast. Yet today I call you to my riverside, If you will study war no more. Come, Clad in peace, and I will sing the songs The Creator gave to me when I and the Tree and the rock were one. Before cynicism was a bloody sear across your Brow and when you yet knew you still Knew nothing. The River sang and sings on. … History, despite its wrenching pain Cannot be unlived, but if faced With courage, need not be lived again. History cannot be forgotten, but it need not be repeated. That is the message of Angelou’s poem and the message of the study we released last week, Eight Contradictions of the Imperialist ‘Rules-Based Order’. In October 2022, Cuba’s Centre for International Policy Research (CIPI) held its 7th Conference on Strategic Studies, which studied the shifts taking place in international relations, with an emphasis on the declining power of the Western states and the emergence of a new confidence in the developing world. There is no doubt that the United States and its allies continue to exercise immense power over the world through military force and control over financial systems. But with the economic rise of several developing countries, with China at their head, a qualitative change can be felt on the world stage. An example of this trend is the ongoing dispute amongst the G20 countries, many of which have refused to line up against Moscow despite pressure by the United States and its European allies to firmly condemn Russia for the war in Ukraine. This change in the geopolitical atmosphere requires precise analysis based on the facts. To that end, our latest dossier, Sovereignty, Dignity, and Regionalism in the New International Order (March 2023), produced in collaboration with CIPI, brings together some of the thinking about the emergence of a new global dispensation that will follow the period of US hegemony. The text opens with a foreword by CIPI’s director, José R. Cabañas Rodríguez, who makes the point that the world is already at war, namely a war imposed on much of the world (including Cuba) by the United States and its allies through blockades and economic policies such as sanctions that strangle the possibilities for development. As Greece’s former Finance Minister Yanis Varoufakis said, coups these days ‘do not need tanks. They achieve the same result with banks’. The US is attempting to maintain its position of ‘single master’ through an aggressive military and diplomatic push both in Ukraine and Taiwan, unconcerned about the great destabilisation this has inflicted upon the world. This approach was reflected in US Defence Secretary Lloyd Austin’s admission that ‘We want to see Russia weakened’ and in US House Foreign Affairs Committee Chairman Michael McCaul’s statement that ‘Ukraine today – it’s going to be Taiwan tomorrow’. It is a concern about this destabilisation and the declining fortunes of the West that has led most of the countries in the world to refuse to join efforts to isolate Russia. As some of the larger developing countries, such as China, Brazil, India, Mexico, Indonesia, and South Africa, pivot away from reliance upon the United States and its Western allies, they have begun to discuss a new architecture for a new world order. What is quite clear is that most of these countries – despite great differences in the political traditions of their respective governments – now recognise that the United States ‘rules-based international order’ is no longer able to exercise the authority it once had. The actual movement of history shows that the world order is moving from one anchored by US hegemony to one that is far more regional in character. US policymakers, as part of their fearmongering, suggest that China wants to take over the world, along the grain of the ‘Thucydides Trap’ argument that when a new aspirant to hegemony appears on the scene, it tends to result in war between the emerging power and existing great power. However, this argument is not based on facts. Rather than seek to generate additional poles of power – in the mould of the United States – and build a ‘multipolar’ world, developing countries are calling for a world order rooted in the UN Charter as well as strong regional trade and development systems. ‘This new internationalism can only be created – and a period of global Balkanisation avoided’, we write in our latest dossier, ‘by building upon a foundation of mutual respect and strength of regional trade systems, security organisations, and political formations’. Indicators of this new attitude are present in the discussions taking place in the Global South about the war in Ukraine and are reflected in the Chinese plan for peace. Our dossier analyses at some length this moment of fragility for US power and its ‘rules-based international order’. We trace the revival of multilateralism and regionalism, which are key concepts of the emerging world order. The growth of regionalism is reflected in the creation of a host of vital regional bodies, from the Community of Latin American and Caribbean States (CELAC) to the Shanghai Cooperation Organisation (SCO), alongside increasing regional trade (with the BRICS bloc being a kind of ‘regionalism plus’ for our period). Meanwhile, the emphasis on returning to international institutions for global decision-making, as evidenced by the formation of the Group of Friends in Defence of the UN Charter, for example, illustrates the reinvigorated desire for multilateralism. The United States remains a powerful country, but it has not come to terms with the immense changes taking place in the world order. It must temper its belief in its ‘manifest destiny’ and recognise that it is nothing more than another country amongst the 193 members states of the United Nations. The great powers – including the United States – will either find ways to accommodate and cooperate for the common good, or they will all collapse together. At the start of the pandemic, the head of the World Health Organisation, Dr Tedros Adhanom Ghebreyesus, urged the countries of the world to be more collaborative and less confrontational, saying that ‘this is the time for solidarity, not stigma’ and repeating, in the years since, that nations must ‘work together across ideological divides to find common solutions to common problems’. These wise words must be heeded. Tyler Durden Sun, 03/19/2023 - 23:30.....»»

Elon Musk, who leads Tesla Inc (NASDAQ: TSLA) and Twitter, is bringing his media playbook from the automaker to the social media platform. read more.....»»