The price cap on Russian oil is "immaterial" and won"t make a significant difference on market pricing, analyst says

"Even as the price cap has been set currently at $60, it's above five dollars above where Russian crude has been trading towards the end of last week." ussian President Vladimir Putin at Artifical Intelligence Journey Conference in Moscow, Russia, on November 24, 2022.Contributor/Getty Images The European Union's price cap on Russian oil started Monday, and it's set to $60 a barrel.  The CEO of Vanda Insights told Bloomberg that the impact of the price cap on markets, however, will be muted.  "Even as the price cap has been set currently at $60, it's above five dollars above where Russian crude has been trading towards the end of last week." The European Union's price cap on Russian oil has started as of December 5, but it's not going to leave a meaningful impact on oil markets, according to Vanda Insights. The price cap does save face politically for the European bloc, Vandana Hari, CEO and founder of Vanda, told Bloomberg on Monday, but with the ceiling set at $60, that's still five dollars a barrel higher than what Russian crude was trading at near the close of last week. "It's certainly not going to achieve one of its critical aims, which was to try and crimp Russian oil revenues," Hari said. "If it were trying to ensure that European shipping companies, insurance companies...remain in the game, you know, continue to have that business of Russian crude flowing into third countries, I don't think that's going to happen either because China and India have remained noncommittal and I don't expect them to sign up now either."When asked whether the new measure against Russia would make a meaningful difference on pricing, Hari said it would not. The EU also intended for the price cap to prevent a spike in crude prices and stave off a supply crunch, but those outcomes are also unlikely to pan out given the demand concerns and COVID lockdowns in China, she added.Beijing recently made the decision to ease some of its zero-COVID rules in certain cities, but Hari expects China's virus- policy pivot to be chaotic and confusing with regards to its impact on crude flows. "It's obviously on completely uncharted territory," she said. "As the second largest oil consumer in the world after the US, and the single biggest contributor of demand growth, clearly China is key for oil markets. The problem here is that's going to be lots of uncertainty and unpredictability about its COVID pivot."Hari said it will be the combination of weak demand in China and a global economic downturn that determine how oil prices move, rather than the price cap on Russian crude. "It's really, as I said, it's immaterial," she said."Read the original article on Business Insider.....»»

Category: personnelSource: nyt3 hr. 54 min. ago Related News

The most expensive drug in the world has a $3.5 million price tag. 2 potential patients share their hopes and fears for the one-time treatment.

Patients with the blood disorder hemophilia told Insider they're excited about the new gene therapy but worried over the $3.5 million price. Bryen Lackey, 18, has the genetic bleeding disorder hemophilia B. He said he could be interested in receiving a newly approved gene therapy if his doctors recommended it.James Lackey The FDA has approved a new gene therapy to treat hemophilia B, a genetic bleeding disorder. The drugmaker CSL Behring set a $3.5 million price for the one-time treatment. Hemophilia patients told Insider they're excited about the new drug but worried about the price. Bryen Lackey enjoyed bowling, until his blood disorder got in the way.Lackey is learning to live with a severe case of hemophilia B, a rare genetic condition that keeps blood from clotting properly. That disease required him to have surgery on his right elbow, one of his problematic joints, which has kept the 18-year-old out of his bowling league.As Lackey prepares to start college next spring, he said he's excited about the potential of a newly approved treatment that could make his life less centered on hemophilia. On November 22, the Food and Drug Administration approved Hemgenix, the first gene therapy to treat hemophilia B. Hematologists hope the one-time treatment could end the weekly infusions that patients like Lackey receive to prevent bleeds.While the treatment breaks ground as the first approved gene therapy for hemophilia, its price is also unprecedented. The drug's seller, the Australian pharma company CSL Behring, set a list price of $3.5 million for a single treatment, making it the world's most expensive drug — and it remains unclear whether insurance companies will pay for it. In interviews with Insider, patients shared mixed reactions to that price. Lackey, for instance, estimates his insurance spends $900,000 to $1 million a year on his treatments. That means the gene therapy's price may not be obscene in the long run if its effects last years."It seems a little steep," Lackey told Insider, "but compared to what we pay, it doesn't seem too terrible."A 'good bet' or unfair? Patients and experts are split on $3.5 million priceA stock image of someone receiving a blood transfusion. People with hemophilia B receive regular infusions of clotting factor IX to treat their condition..Fajrul Islam/Getty ImagesCSL's new drug is the latest in a series of new gene therapies, which are medicines that modify a patient's DNA to fix the genetic mutation that causes their disease. These treatments can be dramatically effective, with a single infusion leading to transformative benefits.But a critical unknown in judging CSL's $3.5 million price is the durability of the treatment. It's unclear how long the treatment will last, as the effects of other gene therapies wane over time. A clinical study of 54 hemophilia B patients showed the one-time treatment reduced bleeds by 64% through 18 months, and 98% of treated patients stopped needing regular preventive infusions.Leonard Valentino, the CEO of the nonprofit National Hemophilia Foundation, called the price a "good bet," as he expects the therapy to last six to 10 years or even longer, based on clinical data in humans and dogs. The typical cost of regular preventive treatments is $300,000 to $600,000 a year for a patient with severe hemophilia B, he said, which means the gene therapy would be cost effective if it kept patients off of those treatments for many years.Additionally, the number of patients who are eligible for Hemgenix will be small, meaning the drug's impact on US healthcare costs will be limited. Valentino estimated that 700 to 1,000 adults with hemophilia B in the US might be interested and eligible to receive this gene therapy.Jerry McMillan Jr., 47, of New York. McMillan has a severe case of hemophilia B.Jerry McMillan Jr.But not all patients think the $3.5 million price is justified. Jerry McMillan Jr., a 47-year-old who has severe hemophilia B, told Insider he believed it's "not a fair price at all" and worried that some insurers might not cover the treatment. He's interested in receiving the gene therapy but said he's worried his Medicare insurance might not cover the cost for him or others. The federal agency hasn't announced yet whether it will cover the cost.Hemophilia has loomed large through McMillan's life. As a child he went to the emergency room 20 to 24 times a month, and he recently had surgery to replace his left ankle. He's preparing for knee-replacement surgery in January — both operations stemming from the cumulative damage of bleeds throughout his life, he said. He hopes gene therapy could prevent future damage — if he can access and afford it."There's going to be a lot of poor people who can't afford this," McMillan said.Robert Lojewski, a senior vice president and general manager at CSL, told Insider the company would offer co-pay support for people with commercial insurance if insurance companies didn't cover the whole cost of treatment.Hemgenix is the latest in a string of multimillion-dollar gene-therapy drugsThe Swiss pharma giant Novartis came out with what was then the world's most expensive drug in 2019, when it priced a gene therapy for spinal muscular atrophy at $2.1 million. That record has been passed three times in just the past few months, with Bluebird Bio respectively pricing two gene therapies at $2.8 million and $3 million, before CSL's $3.5 million price.Lojewski said the $3.5 million price wasn't guided by other gene-therapy prices. Instead, he said that the drug's price came from its value to patients and society and that it could save money for the American healthcare system compared with the lifetime cost of today's hemophilia treatments. The company also plans to offer commercial health insurers a refund on an undisclosed percentage of the cost if the treatment's effect isn't durable, he added."From a payer's perspective, whether it's commercial or government, there's savings realized, and the savings are meaningful," Lojewski said.Benjamin Rome, a health-policy researcher at Brigham and Women's Hospital and Harvard Medical School, told Insider the US healthcare system needed sweeping reform to pay for these one-time treatments. The current system is designed around daily pills taken for chronic conditions, not complex one-time treatments that could be curative, he added."A one-time fee is not the best solution," Rome said, "but we don't have a healthcare system that can think about any other ways to do this."Read the original article on Business Insider.....»»

Category: personnelSource: nyt3 hr. 54 min. ago Related News

Oil Rises After OPEC+ Keeps Production Unchanged After Launch Of Russia Price Cap

Oil Rises After OPEC+ Keeps Production Unchanged After Launch Of Russia Price Cap Two weeks ago, oil tumbled after the WSJ reported a fake news hit piece quoting "delegates" who "said" that Saudi Arabia was preparing for a 500K oil production hike. We quickly countered that this was ridiculous and if anything OPEC+ would seek further production cuts, a view which other media promptly quickly picked up. In the end, the report of an output hike (which some interpreted as a gesture of good will from Saudi crown prince MBS who had just received immunity from the Biden regime), proved to be indeed fake news, but likewise any expectations of further output cuts were dashed when earlier on Sunday OPEC+ agreed to stick to its oil-output targets just two days after G-7 nations agreed to a $60 price cap on Russian oil, despite mounting concerns about oil demand as the world in swept up by a global recession and as new Covid-related lockdowns in China and lingering uncertainty over Russia’s ability to export crude have sent the price of oil sliding. During a virtual meeting, OPEC+ decided to rollover the production cuts of 2 million barrels a day initially agreed to in October, a move which will allow the group time to assess the market impact of the price cap on Russian oil, the delegates said. Brent crude plunged to its lowest level since September on Nov. 28, but ended up posting its biggest weekly gain in a month. Meanwhile, prices are responding as expected to the OPEC+ decision, helped by continuing Covid restriction relaxation in China. At the time of writing both Brent crude and West Texas Intermediate were up by more than a percentage point from Friday’s close, although both remained far below $90 per barrel. “With massive and offsetting fundamental and geopolitical risks bearing down on the oil market, ministers understandably opted to hold steady and hunker down,” said Bob McNally, president of Rapidan Energy Advisers LLC. Meanwhile, Brent crude closed at $85.42 on Friday, and West Texas Intermediate, the U.S. benchmark, was at $80.34, far below the $90-a-barrel level where some oil-market analysts say the group wants to see prices. Prices have come under downward pressure from Chinese Covid-19 lockdowns that have prompted concerns in OPEC of weakening oil demand. Oil prices fell Friday after the EU agreed to the cap, as traders discounted fears the mechanism will force much Russian oil out of the market and cause a supply issue. In the end, however, it is all just posturing and the status quo remains as Russia will still sell oil to its traditional customers China and India, who will then resell some of this product to Europe and other nations. It’s unclear to what extent those measures will curtail Russian exports. The price cap is comfortably above the $50 that the country’s flagship Urals grade of crude currently trades at, according to data from Argus Media. Yet Moscow has said it would rather cut production than sell oil to anyone that adopts the price cap. Speaking on Russian TV, Deputy Prime Minister Alexander Novak said the country will operate strictly in line with market conditions: “We will sell oil and oil products to the countries that will work with us based on market conditions, even if that means we’ll have to somewhat reduce output." Russia is “not going to use tools linked to the price cap” and is “working on a mechanism banning adoption of the price cap tools, irrespective of what level will be set." Russian crude has traded at a steep discount this year, with Argus Media, which assesses commodity prices, pegging the price at about $48 a barrel. The US and its G7 allies designed the price to cut into Moscow’s oil revenues while keeping Russian oil, a key part of global supply, available on the market, which of course is ridiculous, and is just an attempt by Europe at virtue signaling optics while eating its Russian oil cake too. It aims to take advantage of the concentration of key maritime services in the West to try to curb Moscow’s ability to wage war in Ukraine. As Bloomberg notes, with these powerful forces poised to push oil markets in unpredictable directions, OPEC watchers said the group’s decision was understandable. “OPEC+ rolled over the existing quotas as expected amid uncertainty around Russian flows following the price cap, and a weaker China,” said Amrita Sen, chief oil analyst and co-founder at consultant Energy Aspects Ltd. “The group will continue to monitor markets and should fundamentals deteriorate they will meet prior to June -- currently the scheduled next ministerial meeting.” The decision by OPEC+ should hold for at least a few months. The group’s Joint Ministerial Monitoring Committee, led by Saudi Arabia and Russia, will meet again in June. The outlook could be clearer by then, and the panel has the power to call extraordinary meetings if it thinks output policy may need to change; OPEC said it was ready “to meet at any time and take immediate additional measures to address market developments” if needed. Until then three major forces will determine the future path of oil prices: a global economic slowdown which will seek to keep a lid on oil demand, and speculation about the date of China's reopening which many believe will send oil prices sharply higher. Indeed, as Bloomberg notes, as OPEC+ ministers convened their video conference, officials in Shanghai had just eased some of their Covid restrictions, joining other top-tier Chinese cities as authorities accelerate a shift toward reopening the economy after thousands of demonstrators took to the streets. A far bigger, and longer-term driver, however is the continued lack of capital spending to boost an aging E&P infrastructure which means that over the next 5 to 10 years, oil will become increasingly scarce in a world where western government are openly hostile toward legacy energy companies. Tyler Durden Mon, 12/05/2022 - 07:21.....»»

Category: blogSource: zerohedge5 hr. 53 min. ago Related News

A landscape designer who"s always found curiosity in nature

Childhood experiences drew Mikyoung Kim to the world of landscape architecture. Today, she's hired for projects including a new addition to the Prudential Center and Pier 4, and The Pryde, an LGBT housing development under construction in Hyde Park......»»

Category: topSource: bizjournals6 hr. 26 min. ago Related News

Conference Centers

92ND STREET Y Give your special event the extraordinary and versatile venue it deserves at 92nd Street Y. Year after year, people in the know come to 92nd Street Y to host corporate conferences, meetings, film screenings, award shows, private parties, graduations, photo shoots and more. After all, 92NY offers spacious, elegant rooms with state-of-the-art lighting, along with audio and video technology. These include Kaufmann Concert Hall, known for its world-class acoustics, as well as Buttenwieser Hall, Weill Art Gallery and Warburg Lounge. 92NY’s pool, gymnasiums and art studios—all run by a highly trained staff—are also available for private parties. 92NY is your open door to extraordinary events. Address: 1395 Lexington Ave., New York, NY 10128 Phone: 212-415-5500 Contact: Chris Bynum, executive vice president, operations management and master planning Email: Website: AMA NEW YORK EXECUTIVE CONFERENCE CENTER Located in the heart of Times Square, the AMA New York Executive Conference Center is only blocks away from some of the city’s most famous restaurants, shops and entertainment. Featuring five spacious meeting rooms and over 13,000 square feet of meeting space, which can accommodate up to 70 participants, the conference center also has an expansive lounge. Overlooking Broadway, the lounge is ideal for business receptions and conference events. Aside from its meeting rooms and lounge, the conference center provides all attendees 1 GB P/S WiFi too. Address: 1601 Broadway,, New York, NY 10019 Phone: 212-903-8060 Contact: Ruben G. Cobos, director, national event sales Email: Website: CIPRIANI 25 BROADWAY Cipriani 25 Broadway, formally known as the Cunard Building, is among lower Manhattan’s most architecturally and historically significant edifices. Designed by Benjamin Wistar Morris and completed in 1921, this Italian, neo-renaissance-inspired masterpiece’s 12,000-square-foot space features 65-foot-high ceilings, towering marble columns, splendid inlaid floors and murals painted by Ezra Winter. As a result, the venue, which is part of the Cipriani Landmark Collection, is ideal for a variety of meetings and gatherings. Address: 25 Broadway, New York, NY 10004 Phone: 646-300-8159 Email: Website: CIPRIANI 42ND STREET Cipriani 42nd Street is a historic landmark located in Midtown Manhattan. Built in 1921 in the spirit of Italian Renaissance, Cipriani 42nd Street features over 14,000 square feet of space, along with exquisite marble columns that extend to ceiling heights of up to 65 feet. The usage of marbles, featuring many colors, inhabits nearly every architectural element and detail of the room, thereby creating a luxurious and unique ambience. Address: 110 E. 42nd St., New York, NY 10017 Phone: 646-723-0826 Email: Website: CIPRIANI SOUTH STREET Located in lower Manhattan, Cipriani South Street is one of the finest examples of Beaux-Arts architecture in New York City. Completed in 1908 as the Battery Maritime Building, it served as the port of entry for the ferries that connect Brooklyn with Manhattan and is now undergoing a complete restoration. The Great Hall features a 9,100-square-foot ballroom with an expansive patterned glass ceiling, exposed ironwork and other unique architectural details throughout all areas. Meanwhile, a spacious, 5,000-square-foot, pre-function space includes an outdoor, adjacent Loggia......»»

Category: blogSource: crainsnewyork7 hr. 10 min. ago Related News

Venues, Catering and Entertainment

230 Fifth Rooftop Bar An exceptional space for meetings and events, 230 Fifth is New York’s largest outdoor rooftop garden and enclosed penthouse lounge. One floor is fully enclosed, while its rooftop garden is open to the sky. It has large umbrellas for sunny or rainy days and is partially heated on colder nights. Located in the Flatiron District of Manhattan, 230 Fifth boasts breathtaking views of the Manhattan skyline, including the Empire State Building and the Chrysler Building. Offering guests high-speed Internet, state-of-the-art audio and visual equipment, and large screen projectors and TVs, it can accommodate private functions for 25 to 1,200 guests in its 33,000-square-foot space. Every event, regardless of its size or style, is custom tailored to each client’s needs and tastes. Inquiries are welcome, and a contact person will be pleased to answer any questions that clients—current and potential—may have about the New York City penthouse space. Address: 230 Fifth Ave., New York, NY 10001 Phone: 212-725-4300 Email: Website: 3 WEST CLUB Both historic and timeless, the 3 West Club offers everything one could want in an event space—and much more. Centrally located off Fifth Avenue and steps away from Rockefeller Center, it is one of Manhattan’s hidden gems. With six event and meeting spaces, along with a stunning rooftop area, the 3 West Club is extremely flexible, as it accommodates 10 to 350 people. And, with 28 well-appointed rooms, it provides guests the option to stay overnight as well. Whether you are planning a corporate event, an intimate meeting, a gala dinner, a conference, or a nonprofit reception or fundraiser, the 3 West Club has the versatility to create a customized, memorable and extraordinary experience. Address: 3 W. 51st St., New York, NY 10019 Phone: 212-582-5456 Email: Website: 583 PARK AVENUE Located on Park Avenue and 63rd Street, 583 Park Avenue, a New York City event space, is a landmark building that has been restored and made available for private events, alongside corporate and nonprofit events. Built in 1923 and designed by the renowned architectural firm Delano & Aldrich, 583 Park Avenue is reminiscent of a bygone era. Complete with a grand, pre-function space, including floor plans like the Arcade, the Ballroom and the Balconies, it also offers guests a remarkable amount of flexibility for all types of special events. Address: 83 Park Ave., New York, NY 10065 Phone: 212-583-7200 Email: Website: APELLA BY ALEXANDRIA Apella is New York City’s most innovative meeting and event space. Located within The Alexandria Center for Life Science, Apella offers 10 thoughtfully designed rooms with contemporary interiors, advanced technology and expansive East River and city skyline views. Providing up to 20,000 square feet of event space, Apella features 10 private suites, in order to accommodate two to 300 attendees, as well as upwards of 1,250 guests for large-scale celebrations. Furthermore, Apella’s thoughtfully appointed spaces provide an open, yet highly secure setting for executive board meetings, industry conferences, corporate retreats and product launches, while also offering on-site technology that ranges from 250 Mbps high-speed WiFi to 11,000-lumen, 1080p laser projectors. Address: 450 E. 29th St., Second Floor, New York, NY 10016 Phone: 212-706-4100 Email: Website: BARCLAYS CENTER Positioned at the crossroads of Atlantic and Flatbush Avenues, Barclays Center is Brooklyn’s world-class home for sports and entertainment. The arena features one of the most intimate seating configurations displayed in a modern, multi-purpose arena, and has first-class amenities, including 101 luxury suites, as well as numerous premium club spaces, including the 40/40 CLUB & Restaurant by American Express and Qatar Airways Courtside Club. Whether guests are hosting a corporate outing or company meeting, along with a press conference, product launch or fundraising event, Barclays Center can accommodate groups of a wide array of sizes—from hundreds to thousands upon thousands. And it has a variety of concessions, ranging from hot dogs and cheesesteaks, to lobster rolls and barbeque, as well as four bars. Address: 620 Atlantic Ave., Brooklyn, NY 11217 Phone: 917-618-6100 Email: Website: BEACON THEATRE The legendary Beacon Theatre is a historic New York City landmark, renovated to its original glory during the late 2000s, thereby returning it to its initial Roaring Twenties grandeur. A venerable rock room for generations of New Yorkers, the Beacon Theatre is equipped with advanced technology and mystical charm, enabling it to provide guests an intimate setting for unforgettable concerts and events. A 2,600-seat venue, the theatre was built in 1929 and designed in the art deco style by architect Walter Ahlschlager. It was also designated a New York landmark building by the NYC Landmarks Preservation Commission in 1979 and acquired by Madison Square Garden Entertainment Corp. in 2006. Address: 2124 Broadway, New York, NY 10023 Phone: 212-465-6500 Email: Website: BOWLMOR CHELSEA PIERS Located at Pier 60, just off the West Side Highway, Bowlmor Chelsea Piers is New York City’s ultimate entertainment destination—a place where the party-inspired glow of 40 blacklight bowling lanes and massive lane-side video walls meets the flashing lights and lively sounds of your favorite arcade games. After you hit lanes, it’s time to suit up and experience the thrilling fun of Urban Mission Laser Tag in Bowlmor’s state-of-the-art arena. The perfect place to play, party and partake, Bowlmor Chelsea Piers features a private, eight-lane bowling suite in addition to a semi-private loft space that features flat-screen TVs, lounge seating and vintage games. Let Bowlmor’s talented party professionals help plan your next event—and experience (or relive) the fun of the city’s best venue for office parties, private parties, kids’ birthday parties and every occasion in between. ddress: Chelsea Piers-Pier 60, New York, NY 10011 Phone: 212-835-2695 Website: BOWLMOR TIMES SQUARE Enter Bowlmor Times Square’s 90,000-square-foot venue and discover 48 lanes, featuring HD video walls, brilliant blacklights and posh lane-side seating, in addition to an all-star arcade that has some of the city’s coolest interactive games. A tribute to the New York City of yesterday and today, it boasts seven uniquely themed bowling lounges—each one depicting a particular place and time in the history of New York City. Guests can bowl, dine and celebrate amid the scenery of a Prohibition-era speakeasy, an art deco palace, a Pop Art-inspired gallery or an iconic city neighborhood like Chinatown, Central Park or Coney Island (featuring graffiti murals by renowned street artist Jonas Never). Address: 222 W. 44th St., New York, NY 10036 Phone: 212-680-0012 Website: BROOKLYN MUSEUM The Brooklyn Museum, one of the country’s most extensive and comprehensive art museums, is an extraordinary venue located in the heart of one of the world’s most creative and exciting urban centers: the borough of Brooklyn. The museum’s spaces provide stunning, one-of-a-kind backdrops for private events, including wedding ceremonies and receptions, cocktail parties and corporate events. Address: 200 Eastern Pkwy., Brooklyn, NY 11238 Phone: 718-638-5000 Email: Website: CENTRAL PARK ZOO The Central Park Zoo is a unique event space that’s perfect for cocktail receptions and seated dinners. With the capability to seat up to 700 guests, the zoo’s open space has the flexibility for any event, as it provides a nearly 200-foot-long, clear-top seasonal tent, along with options to add on connecting tents. Furthermore, it offers guests moss-covered colonnades, which provide them additional covered space, along with a tranquil backdrop to any of their photos. Exclusive access to exhibits is also available for guests, depending on sunset times. Address: 64th St. & Fifth Ave., New York, NY 10021 Phone: 212-439-6500 Email: Website:   CITY CRUISES ANCHORED BY HORNBLOWER Bring your event to life with a picture-perfect backdrop and experience the iconic New York skyline from a whole new perspective! Whether you’re planning an employee outing, a corporate milestone or an elegant business dinner, our professional planners, flexible packages and superior guest services will help effortlessly execute your event. City Cruises delivers a wide range of experiences, characterized by high-quality cuisine, onboard entertainment and spectacular skyline views. Cruising year-round from both New York and New Jersey, guests can savor the moment and connect with each other, while sailing past the Empire State Building, One World Trade Center, the Brooklyn Bridge, Statue of Liberty and more! Meet our New York Fleet: Premier Cruises Step aboard the all-glass European-inspired Bateaux New York for an upscale and unforgettable dining experience, featuring a chef prepared three-course plated meal, live band entertainment with an acoustic trio, a vocalist and grand piano, a refined atmosphere, personalized service and unobstructed views of the iconic city skyline. Signature Cruises Whenever you’re looking for a fun and festive way to get out on the water, a signature cruise is your answer. Come aboard and experience breathtaking New York City skyline views, delicious buffet-style meals, attentive service, DJ entertainment, a rooftop lounge and onboard games. Private Yachts With sensational skyline views and completely customizable options, the Atlantica, Manhattan Elite and Lexington offer great ways to host a unique event aboard your own private yacht. Guests will enjoy an upscale experience that’s characterized by elegant, high-quality cuisine and an intimate atmosphere. Address: Pier 61, Chelsea Piers, West 23rd and 12th, New York, NY 10011 Phone: 866-817-3463 Contact: Veronica Caverly, team market manager Email: Website: CLASSIC CAR CLUB MANHATTAN Interested in hosting an event that’s located within a truly unique waterfront setting? Welcome to Classic Car Club at Pier 76 in Hudson River Park. Conveniently located across from Jacob Javits Center and Hudson Yards—and one block from the 7 train on Manhattan’s west side—the venue features 8,000 square feet of unobstructed space, 30-foot ceilings and 20-foot operable glass doors that open up to a sprawling, 3,200-square-foot outdoor terrace, which overlooks the Hudson River. A fleet of classic and exotic cars can either be made available for display or cleared out, depending on your preference. Classic Car Club has hosted events for groups as few as 30 people, as many as 1,400—and everything in between. And an open floor plan allows the space to accommodate as intimate and intricate of an event as you wish to have. Address: 1 Pier 76, 408 12th Ave., New York, NY 10018 Phone: 212-229-2402 Email: Website: DAVE AND BUSTER’S Dave and Buster’s is a multifaceted entertainment venue that features creative cuisine, custom cocktails and team-building activities, along with multiple meeting room options, complete with state-of-the-art audiovisual technology. A one-stop shop for all your needs, Dave and Buster’s is conveniently located in Times Square and accessible to a majority of New York City’s transit options. It infuses fun with the necessity of teambuilding for companies who are looking to build relationships, inspire competitiveness and offer the gift of fun to their employees and clients. And it is the perfect setting for meetings, cocktail events, product launches, and client and employee appreciation events. Address: 234 W. 42nd St., Third Floor, New York, NY 10036 Phone: 646-495-2015 Email: Website: EMPIRE STEAK HOUSE Empire Steak House stands out from the rest when it comes to food, service and ambience, as it provides guests the finest cuts of steaks, the freshest seafood and an extensive wine and cocktail list. Empire Steak House has two restaurants conveniently located on the east and west sides of Midtown Manhattan—on 50th Street and 54th Street. Also offering dedicated private dining coordinators, guests can plan and personalize their events, leading to unforgettable experiences. Whether guests are hosting a corporate event or celebrating a special occasion, Empire Steak House’s goal is to ensure quality and hospitality, so that planners will enjoy their event as much as their guests do! Addresses: Empire Steak House East: 151 E. 50th St., New York, NY 10022 Empire Steak House West: 237 W. 54th St., New York, NY 10019 Phone: 212-582-6900 (east side) 212-586-9700 (west side) Email: Website: LIBERTY SCIENCE CENTER Planning an intimate dinner, a conference or a company holiday celebration? Gather in a soaring open atrium or a dramatic, glass-enclosed private room overlooking New York City and the Statue of Liberty. Liberty Science Center is just minutes from Manhattan. Its meeting spaces and theaters are fully equipped for multimedia presentations, and its staff will expertly handle every detail. Host your next unforgettable event at Liberty Science Center. Address: 222 Jersey City Blvd., Jersey City, NJ 07305 Phone: 201-253-1378 Email: Website:   MANHATTAN CENTER Modern and Versatile Infrastructure with World Renowned Elegance 50,000 square feet of flexible space conveniently located on 34th street between 8th and 9th avenues State-of-the-Art Technology to include audio, video, lighting, and television facilities Perfect for any event ranging from galas, receptions, and conferences to product launches, televised events, and large scale productions Mention this ad for special pricing. Address: 311 W 34th St (Between 8th and 9th Aves), New York, NY 10001 Neighborhood: Midtown Phone: 646-293-1077 Contact: Jessica Rothstein Berman, vice president of sales Email: Website:   MANHATTAN MANOR Situated in the heart of bustling midtown, the Manhattan Manor holds one of Times Square’s best kept secrets. An independent, dedicated special events space for 20 years with one of the newest, most modern, divine spaces in New York. 7,000 square feet of luxurious space with gorgeous French doors, skylights, exposed brick, chandeliers, and spectacular views from Central Park to Times Square. Manhattan Club is located on the second floor of Manhattan Manor with beautiful wooden paneling, custom lights, a classic oak bar, views along seventh avenue, silk curtains, and two built-in screens and projectors. It offers the perfect balance of elegance and practicality. Skylight Room is the newest member of Manhattan Manor having been completed in 2019. Complete with skylights on three sides, 7 original chandeliers, a fireplace, mahogany floors, French Doors overlooking 52nd street and Seventh Avenue and views of the Ball Drop, it offers an original space that can be completely adapted to your unique event. Combined with the professional in-house Catering staff and exquisite cuisine, this is most certainly a place to discover and experience. Venue Capacity: Manhattan Club– 250 Seated, 200 with Dance Floor Skylight Room – 260 Seated, 210 with Dance Floor Address: 201 West 52nd Street. Between Broadway and 7th Avenues Neighborhood: Times Square/Midtown Phone: 212-489-9595 Contact: Amanda Pilar Smith Email: amanda@manhattan Website: THE ALTMAN BUILDING The Altman Building is proud to celebrate over 22 years as a premier New York City landmark and historic event venue. Established in 1896 as the carriage house for the B. Altman department store, The Altman Building is now a versatile, private event space, boasting 14,000 square feet over two floors. And its venue entrance is ground level and virtually column-free, providing unparalleled flexibility in event production—from large conferences and summits, to intimate social events and weddings. Offering a capacity of 400 to 750 guests, the unique Chelsea venue also strives to implement its motto daily: “Our Venue, Your Vision.” Address: 135 W. 18th St., New York, NY 10011 Phone: 212-741-3400 Email: Website: THE GLASSHOUSE Opened in summer 2020, The Glasshouse offers guests breathtaking views, cutting-edge technology and impeccable service. Its 75,000-square-foot space holds up to 1,850 guests and features waterfront-facing outdoor terraces, sweeping 360-degree views of Manhattan, pre-function spaces, VIP lounges and a state-of-the-art production infrastructure. In addition, its penthouse space has been designed as a canvas without bounds, as it provides guests the flexibility to host an array of large and small corporate, social and nonprofit events. Featuring a built-in production infrastructure—AV, lighting, rigging, broadcast ready conduit, ultra-high bandwidth Internet and power distribution—The Glasshouse also has soundproof partitions that enable multiple room configurations for various event sizes. Address: 660 12th Ave., Floor 6, New York, NY 10019 Phone: 212-242-7800 Email: Website:   TUDOR CITY STEAKHOUSE Space and privacy are prized, key components for a private party, yet they’re also rare commodities in New York City. Luckily, Tudor City Steakhouse offers the best of both worlds, allowing you to host your events in the heart of Manhattan—with various private dining options that will comfortably accommodate your party. Tudor City Steakhouse has the space, along with the taste, to exceed your events’ needs. We’re looking forward to making your party the most memorable and enjoyable experience possible! Venue Capacity: Indoor seated capacity: 150; standing: 250; outdoor patio area: seated and standing 40; roadway area: seated: 60, standing 75 Address: 45 Tudor City Place, New York, NY 10017 Phone: 212-682-4000 Contact: Aida Lekic Email: Website: 3D Virtual Tour and Aerial Video | Tudor City Steakhouse | Steakhouse in Midtown East, New York UPSTAIRS AT THE KIMBERLY HOTEL As The Kimberly Hotel’s highly regarded rooftop lounge, Upstairs at The Kimberly is a 3,000-square-foot space that boasts 360-degree views, retractable glass ceilings and walls, and ambient heated floors. Additionally, it has a main room that promises to be as elegant and inviting in the winter months as it is sunny and sophisticated during the summer season. Upstairs offers customizable menus, creative cocktails, indoor and outdoor space, and the perfect ambiance, ensuring it is a great location for any event. An evening “Upstairs” will be an experience like no other, as the lounge is focused on providing guests a refined service in a relaxed, luxurious setting. And it also offers a one-of-a-kind rooftop experience, leading to their desires to come back again and again. Address: 145 E. 50th St., New York, NY 10022 Phone: 212-702-1685 Contact: Jordana Maurer, director of sales and events Email: Website: WAVE HILL A year-round destination with stunning views of the Hudson River and Palisades, Wave Hill is an extraordinary venue located just 30 minutes north of Manhattan. Due to the serene beauty of its celebrated gardens, along with its modern amenities, Wave Hill is an ideal location for your conference, corporate retreat or full-garden rental. Furthermore, Wave Hill House—its historic Hudson River mansion—fully engages your attendees’ senses by “bringing the outside in.” The mansion can accommodate 10 to 200 guests and is ADA-accessible; pricing includes flexible conference furniture, a wireless sound system, basic AV and high-speed Wi-Fi for your attendees. Additionally, multiple spaces (with varying capacities) are available at one of New York City’s most serene, beautiful locations. Enhance your retreat experience with an after-hours cocktail hour or dinner. Address: 675 W. 252nd St., Bronx, NY 10471 Phone: 718-549-3200 x 209 Contact: Carolyn Liv, director of corporate partnerships and conferences Email: Website: YANKEE STADIUM Yankee Stadium is a cultural icon whose legacy is as rich as its character, and whose history is as striking as its façade. A year-round venue, this storied stadium has more than 60,000 square feet of event space for both publicly ticketed and private events. In addition, it offers you a part in its future, as it’s available to host corporate and social gatherings—from upscale parties to intimate get-togethers. Share in the tradition of Yankees greatness by hosting a legendary event, amid a backdrop in which legends are made. Address: E. 161st St., Bronx, NY 10451 Phone: 646-977-8400 Email: Website:»»

Category: blogSource: crainsnewyork7 hr. 10 min. ago Related News


ALOFT MANHATTAN DOWNTOWN – FINANCIAL DISTRICT The Aloft Manhattan Downtown - Financial District is a modern hotel that’s close to various corporate headquarters, along with Wall Street and the World Trade Center. Nearby subway lines also provide easy access to Big Apple hotspots. Connect and create with friends at the W XYZ bar, grab a sweet, savory or healthy snack from Re:fuel by Aloft (a grab and go café), or play in the ReMix Lounge. Offering guests free, hotel-wide wired and wireless high-speed Internet access, the 128-room hotel also provides 215 square feet of total meeting space. Additionally, it offers contemporary, loft-like accommodations with 9-foot-high ceilings, ergonomic workstations and flat-screen TVs. In select rooms, guests can also relish scenic city views. Address: 49-53 Ann St., New York, NY 10038 Phone: 212-513-0003 Website: FAIRFIELD INN & SUITES BY MARRIOTT NEW YORK BROOKLYN Nestled in the heart of Brooklyn, this 133-room, recently renovated hotel sets itself apart from the competition with an architecturally stunning atrium lobby, a rooftop terrace providing spectacular views of the Manhattan and Brooklyn skylines, free, high-speed Wi-Fi and a delicious, complimentary hot breakfast each morning. Offering guests meeting facilities that are perfect for intimate events or larger board meetings, the hotel also has a convenient location, which is steps away from the subway to Manhattan, downtown Brooklyn or MetroTech Center. Address:181 Third Ave., Brooklyn, NY 11217 Phone: 718-522-4000 Website: FOUR POINTS BY SHERATON MANHATTAN CHELSEA Stay your way—with the modern amenities you expect and the style you want in one of Four Points by Sheraton Manhattan Chelsea’s spacious guestrooms. Wind down in front of a TV with a hot cup of coffee or tea and get a great night’s sleep on a Four Points by Sheraton Four Comfort Bed. Connect to high-speed Internet for free, enjoy free bottled water every day and complete your work at an oversized work desk that’s offered in all rooms and suites. In addition, the hotel provides 200 square feet of total event space for your meetings, along with 24-hour business center access. Address: 160 W. 25th St., New York, NY 10001 Phone: 212-627-1888 Website: GANSEVOORT MEATPACKING NYC Fully renovated in 2020, Gansevoort has expansive, 360-degree rooftop views of New York City’s vibrant Meatpacking District with 10,000 square feet of flexible indoor and outdoor meeting and events spaces. Gansevoort provides the perfect setting for corporate events, cocktail receptions, intimate weddings, meetings, private dining and special occasions. Alongside its 186 rooms and suites, Gansevoort’s additional amenities include a year-round, 45-foot heated rooftop pool, a fully equipped fitness center and four lively dining venues, including Gansevoort Rooftop, an elevated oasis featuring craft cocktails and light bites, Saishin, a traditional Japanese sushi bar and omakase restaurant, and The Chester, an American bistro and bar. The rooftop space holds a capacity of up to 350 people and can be easily broken down into smaller, more intimate spaces for corporate group breakout sessions and private functions. Address: 18 Ninth Ave., New York, NY 10014 Phone: 212-206-6700 Contact: Yvonne Dickey, director of group sales Email: Website: HYATT GRAND CENTRAL NEW YORK Hyatt Grand Central New York offers guests 1,298 rooms, 44 suites and 60,000 square feet of meeting space, providing them a spacious retreat in the heart of Midtown to rest and recharge while they explore the city. Guests can also upgrade their stays to a suite, in order to enjoy more space, separate living and dining areas, and an additional flat-screen TV. Address: 109 E. 42nd St. at Grand Central Terminal, New York, NY 10017 Phone: 212-883-1234 Email: Website: SOHO HOUSE NEW YORK Soho House New York is a private members’ club and hotel in Manhattan’s Meatpacking District. The House has a number of areas available for private parties, meetings and events, including the Screening Room (a cinema), the Club Bar (for dinners, pre- or post-screening parties, meetings or cocktails) and the Vinyl Room (a club space for dinners, cocktail receptions or parties). The Cowshed Spa, meanwhile, provides treatment sessions, along with drinks and appetizers. Furthermore, the hotel has 44 bedrooms, each of which possesses a unique combination of luxury and style. Address: 29-35 Ninth Ave., New York, NY 10014 Phone: 212-627-9800 Email: Website: THE ALGONQUIN HOTEL, AUTOGRAPH COLLECTION Located in the heart of Midtown Manhattan at 44th Street, between Fifth and Sixth Avenues, The Algonquin Hotel is a historic, literary landmark that’s been named to the National Trust of Historic Hotels. Just steps away from Broadway’s finest theatres and world-class shopping, the hotel has also been named by the American Library Association. Opened in 1902, The Algonquin (which is the home to Dorothy Parker’s famous Round Table, as well as the birthplace of The New Yorker magazine) has also put a modern twist on its tradition of irreverent eccentricity and iconic New York style—with everything from its resident feline, Hamlet, to the Blue Bar’s exclusive custom gin, the Dorothy Parker Round Table Reserve. Address: 59 W. 44th St., New York, NY 10036 Phone: 212-840-6800 Email: Website: THE CARLYLE, A ROSEWOOD HOTEL Since 1930, The Carlyle has been Manhattan’s most sophisticated setting for memorable events and meetings, offering guests over 3,000 square feet of elegant function space, along with options to reserve the Café Carlyle, Bemelmans Bar and Dowling’s at The Carlyle. Also providing guests 189 lavish rooms, including 90 suites, The Carlyle offers the exclusive ambiance of an Upper East Side pied-à-terre, as it was intricately decorated by designers like Tony Chi and Thierry Despont. Elegant service and world-class dining elevate guests’ experiences too. Address: 35 E. 76th St., New York, NY 10021 Phone: 212-744-1600 Email: Website: THE KIMBERLY HOTEL Located in Midtown Manhattan, The Kimberly Hotel radiates a refined elegance with traditional European flair, as it provides guests classic and sophisticated event spaces that set the stage for impressive meetings. Offering a refined and intimate alternative to the usual New York banquet halls, The Kimberly provides customized event planning too, in order to ensure guests’ meetings are exactly how they envision them to be. Aside from Upstairs at The Kimberly, a rooftop restaurant that offers private and semi-private rooms, the hotel also provides guests The VIP Room, a small room on the 30th floor, as well as a conference room that seats up to 30 people. Additionally, the hotel offers 500- to 600-square-foot suites, two restaurants and a private wine room. Address: 145 E. 50th St., New York, NY 10022 Phone: 212-702-1600 Email: Website: THE NEW YORK EDITION Originally constructed in 1909 as Metropolitan Life Insurance Company’s headquarters, this clocktower, located near Madison Square Park, has been reinvented to offer luxury boutique accommodation, a tranquil hotel spa and chic event spaces. In fact, the hotel provides 2,100 square feet of private venue space that can be adapted for board meetings. In addition to the hotel’s more formal meeting spaces, event planners can reserve three opulent penthouses that offer stunning city views. Each venue is supported by cutting-edge audiovisual technology, along with an award-winning culinary team. And every event is designed from beginning to end, while also featuring catering menus from Michelin-starred chef Jason Atherton. Address: 5 Madison Ave., New York, NY 10010 Phone: 212-413-4200 Contact: Charlie Dye, director of sales Email: Website: THE PLAZA Offering 282 distinctive guestrooms, including 102 luxurious suites, The Plaza also provides guests a variety of facilities for meetings, such as The Grand Ballroom, The Terrace Room, The Edwardian Room, The Oak Room, Eloise at The Plaza, The Palm Court and The Rose Club. The opulent Grand Ballroom and Terrace Room have actually been meticulously restored to their original grandeur so that they can continue to host many of New York City’s most memorable moments. Additionally, The Plaza has more than 5,000 square feet of functional meeting space, as it offers an assortment of unique and exclusive suites, which are located on the fourth-floor conference level. And it also provides guests the world-class Shops at The Plaza, along with health and wellness facilities like Guerlain Spa, The Plaza Hotel Fitness Center and Warren-Tricomi Salon, among other amenities. Address: 768 Fifth Ave., New York, NY 10019 Phone: 212-759-3000 Email: Website:»»

Category: blogSource: crainsnewyork7 hr. 10 min. ago Related News

Oil prices rise as OPEC maintains production-cut targets and China"s thawing Covid-zero stance sparks hope of demand recovery

OPEC said on Sunday it would stick to the oil production target the group set in October — to slash output by 2 million barrels per day. OPEC said after its November meeting it's keeping its oil policy unchanged from October.Vladimir Simieck/AFP/Getty Images Crude oil futures jumped on Monday after OPEC said its oil policy will remain unchanged from October. The group has been cutting oil output by 2 million barrels a day due to "market considerations." Prices were also boosted by hopes that China's eyeing an exit from its Covid-zero stance. Oil futures rose Monday, thanks to good news on the demand and supply side: OPEC will be sticking to its production cut target and China is softening its Covid-zero stance, which has sparked hopes of an outsized demand. OPEC+, or the Organization of the Petroleum Exporting Countries and its allies — including Russia — said on Sunday they would stick to the oil production target the group set in October: to slash output by 2 million barrels per day from November through to end-2023.The production cut is equivalent to about 2% of the world's demand, and is the largest reduction since the outbreak of COVID-19. US West Texas Intermediate oil futures were up 1.6% at $81.28 a barrel at 4.45 a.m. ET Monday, while international Brent crude oil futures were 1.8% higher at $87.09 a barrel, after gaining as much as 2.4% overnight.Back in October, OPEC+ had said that the decision was made "in light of the uncertainty that surrounds the global economic and oil market outlooks." The move angered the US, and the White House accused the OPEC+ of "aligning with Russia." That's because tighter oil supply typically drives up prices, which may help prop up Russia's war chest, despite sanctions and boycotts over its invasion of Ukraine.On Sunday, the OPEC said the move was "purely driven by market considerations."Hopes of China's economic reopening from the pandemic are also boosting market sentiment.The expectation that the world's second-largest economy is finally eyeing an exit from COVID came after the country's top COVID official appeared to tone down the country's hardline COVID-zero approach last week. Several Chinese cities — including financial hub Shanghai and tech hub Hangzhou — relaxed strict COVID testing rules over the weekend.The events "point to the beginning of the end of zero-COVID" in China, although they do not point to a quick reopening for the entire country, Nomura economists said in a note on Monday. But there's certainly optimism surrounding the relaxation of COVID restrictions, Vishnu Varathan, Mizuho Bank's head of economics and strategy, wrote in a Monday note.OPEC's decision came two days after the European Union and the G7 agreed on a $60 a barrel price cap for Russian crude oil — a move that creates uncertainty in the oil markets.Prices could jump to $120 a barrel next year if Russia cannot find enough "dark ships" — vessels that turn off tracking devices — to export crude covertly, analysts at Bernstein estimate. The price limit on Russian crude takes effect on Monday.However, Kremlin spokesman Dmitry Peskov said Moscow will not accept the price cap and has made "certain preparations" to counter the move, TASS state news agency reported on Friday.Read the original article on Business Insider.....»»

Category: dealsSource: nyt7 hr. 54 min. ago Related News

Florida pulls money from BlackRock over ‘ESG’

Florida will pull $2 billion from the largest asset-management firm in the world over ideological differences. State Chief Financial Officer Jimmy Patronis announced Thursday that Florida will immediately freeze about $1.43 billion in long-term securities and about $600 million in short-term overnight investments managed by BlackRock because of the firm’s use of “Environmental, Social, and Governance” standards --- known as ESG. Patronis in a prepared statement said he doesn’t “trust….....»»

Category: topSource: bizjournals9 hr. 54 min. ago Related News

Oil prices surge as OPEC maintains production cut targets and China"s thawing Covid-zero stance sparks hope of demand recovery

OPEC said on Sunday it would stick to the oil production target the group set in October — to slash output by 2 million barrels per day. OPEC said after its November meeting it's keeping its oil policy unchanged from October.Vladimir Simieck/AFP/Getty Images Crude oil futures jumped on Monday after OPEC said its oil policy will remain unchanged from October. The group has been cutting oil output by 2 million barrels a day due to "market considerations." Prices were also boosted by hopes that China's eyeing an exit from its Covid-zero stance. Oil futures jumped Monday, thanks to good news on the demand and supply side: OPEC will be sticking to its production cut target and China is softening its Covid-zero stance, which has sparked hopes of an outsized demand. The OPEC+, or the Organization of the Petroleum Exporting Countries and its allies — including Russia — said on Sunday it would stick to the oil production target the group set in October: to slash output by 2 million barrels per day from November through to end-2023.The production cut is equivalent to about 2% of the world's demand, and is the largest reduction since the outbreak of COVID-19. Back in October, OPEC+ had said that the decision was made "in light of the uncertainty that surrounds the global economic and oil market outlooks." The move angered the US, and the White House accused the OPEC+ of "aligning with Russia." That's because tighter oil supply typically drives up prices, which may help prop up Russia's war chest, despite sanctions and boycotts over its invasion of Ukraine.On Sunday, the OPEC said the move was "purely driven by market considerations."US West Texas Intermediate oil futures were up 1.1% at 80.84 a barrel at 10.46 p.m. EST on Sunday, while international Brent crude oil futures were also 1.1% higher at $86.47 a barrel — that's after jumping as much as 2.4% earlier in the day.Hopes of China's economic reopening from the pandemic are also boosting market sentiment.The expectation that the world's second-largest economy is finally eyeing an exit from Covid came after the country's top Covid official appeared to tone down the country's hardline Covid-zero approach last week. Several Chinese cities — including financial hub Shanghai and tech hub Hangzhou — relaxed strict Covid testing rules over the weekend.The events "point to the beginning of the end of zero-Covid" in China, although they do not point to a quick reopening for the entire country, Nomura economists said in a note on Monday. But there's certainly optimism surrounding the relaxation of Covid restrictions, Vishnu Varathan, Mizuho Bank's head of economics and strategy, wrote in a Monday note.OPEC's decision came two days after the European Union and the G7 agreed on a $60 a barrel price cap for Russian crude oil — a move that creates uncertainty in the oil markets.Prices could jump to $120 a barrel next year if Russia cannot find enough "dark ships" — vessels that turn off tracking devices — to export crude covertly, analysts at Bernstein estimate. The price limit on Russian crude takes effect on Monday.However, Kremlin spokesman Dmitry Peskov said Moscow will not accept the price cap and has made "certain preparations" to counter the move, TASS state news agency reported on Friday. Read the original article on Business Insider.....»»

Category: personnelSource: nyt12 hr. 8 min. ago Related News

"General Public Unaware" Of Push to Normalize Pedophilia In Culture And Academia

'General Public Unaware' Of Push to Normalize Pedophilia In Culture And Academia Authored by Darlene McCormick Sanchez via The Epoch Times (emphasis ours), Colorado mom Lydia Lerma feels punched when she hears the trendy new term “minor-attracted person.” Just thinking of the damage a pedophile inflicted upon her son, who was six at the time, causes pain. An edited version of one of Balenciaga's controversial adverts featuring teddy bears and children. The face of the child model has been blurred for this report. (Jam Press/Balenciaga) Creating a polite-sounding term for someone sexually attracted to children enrages her. Any push to normalize pedophilia or designate it as another sexual orientation to be tolerated is “unconscionable,” Lerma told The Epoch Times. “That’s a bunch of [expletive]!” she said of academics pushing acceptance of pedophilia. “They are going to face the greatest resistance that they have ever seen. Society is not going to let that happen.” Lydia Lerma of Colorado started a nonprofit that helps families hunt down fugitive pedophiles. (Photo courtesy of Lydia Lerma) But in academic circles, some have begun to argue that pedophilia should be considered just another sexual orientation, not a mental disorder. And a therapist who treats pedophiles told The Epoch Times that he believes pedophilia is on its way to becoming normalized. ‘Like Any Other Sexual Orientation’ In 2018, medical student Mirjam Heine, who said she had a background in psychology, gave a presentation called “Pedophilia is a Natural Sexual Orientation” during a TEDx event at the University of Würtzberg in Germany. A program guide for TEDx said she was mainly guided by the works of Prof. Dr. Klaus Michael Beier, the head of the institute for sexology and sexual medicine at the University Hospital Berlin, and the prevention network “Kein Täter Werden.” In her remarks, Heine said pedophilia is an “unchangeable sexual orientation,” just like heterosexuality. “No one chooses to be a pedophile; no one can cease being one,” Heine argued during her talk. “The difference between pedophilia and other sexual orientations is that living out this sexual orientation will end in a disaster.” Most countries in the world, including the United States, outlaw adults having sexual contact or intercourse with children in most situations. The term minor-attracted person grabbed headlines after professor Allyn Walker used it during a discussion on pedophiles in November 2021. Walker, a woman who transitioned to live as a man, was discussing her book: “A Long Dark Shadow: Minor-Attracted People and Their Pursuit of Dignity. In the interview with the Prostasia Foundation—a San Francisco organization focused on child sexual abuse—Walker said it’s less stigmatizing to use the term minor-attracted person than pedophile when referring to people “who don’t act on their urges to have sex with children.” The interview drew fiery criticism. Within weeks, Walker resigned from her job as an assistant sociology and criminal justice professor at Old Dominion University in Virginia. After stepping down, Walker said in a prepared statement that her research was “mischaracterized” by some in the media. Walker blamed the public outcry on intolerance for her transgender identity and said the research aimed to prevent child sexual abuse. Later, Johns Hopkins University hired Walker to work at the Moore Center for Prevention of Child Sexual Abuse in Baltimore. She did not immediately respond to an Epoch Times email through the Moore Center requesting comment. American singer Cardi B is showcased as the face of the Balenciaga fashion brand on a billboard on a wall of the Louvre museum in Paris on Sept. 1, 2020. (Stephane De Sakutin/Getty Images) Two former colleagues at Old Dominion defended Walker in the journal of the American Society of Criminology. “Our friend and colleague, Dr. Allyn Walker, was the victim of a trolling attack on their research and their person that resulted in the loss of their position at Old Dominion University (ODU),” wrote Ruth Triplett and Mona Danner. The attacks, they wrote, were “centering around misinformation and links to Dr. Walker’s identity as non-binary, transgender, and Jewish.” Growing Cultural Acceptance The fashion house Balenciaga faced backlash recently after running an ad campaign depicting little girls holding a Teddy bear wearing bondage gear. One ad shows pages from a child pornography court ruling. Balenciaga later apologized for the advert. A November headline from a Washington Post theater review read: “‘Downstate’ is a play about pedophiles. It’s also brilliant.” The off-Broadway play characterizes pedophiles as complicated and troubled victims of harsh punishment. Jon Uhler is a 30-year veteran counselor who has worked with sex offenders in the Pennsylvania and South Carolina prison systems. Throughout his career, he has assessed hundreds of pedophiles. Uhler, a member of the Association for Treatment of Sexual Abusers (ATSA), said he’s afraid pedophilia is on the road to normalization. Sex offender treatment specialists are now trained to view sex offenders as victims of trauma, he said. The idea is that pedophiles are reenacting their trauma by choosing a victim of the age they were when abused, Uhler said. But that’s not accurate, he added. Researchers are taking information from interviews with pedophiles and considering it to be true,  instead of realizing they’re dealing with the “world’s greatest deceivers,” Uhler said. Even so, Walker’s ideas have permeated sex offender treatment circles, he said. Walker spoke at this year’s ATSA conference. Creating a Protected Class Normalizing pedophilia ultimately could lead to a major cultural change—elevating pedophilia to a protected class. “They are going to push to have it recognized as a sexual orientation, which would grant it civil rights status,” Uhler said. If that happens, employers could no longer discriminate against pedophiles in areas such as employment, he said. And if teens are given the legal right to decide if they want to have a sex-change operation or take hormones to try to appear as the other sex, that could help make it legal for pedophiles to act on their sexual urges, he predicted. If children legally can decide what they can do with their bodies, then pedophiles could argue that they should be able to consent to a sexual relationship, he said. “They’re jackals that are feeding off the carcasses of these kids,” he said. “The predator’s interest is ultimately lowering the age of consent.” The general public doesn’t understand what is happening, he said. It’s one of the defining issues of our time, he added. Scott Clark, a minister who teaches church history and historical theology at Westminster Seminary in California, has called the destigmatization of pedophilia the last stage of the “neo-pagan sexual revolution.” Clark hosts the Heidelcast podcast and writes The Heidelblog. Both tackle religious and moral issues facing modern society. “There’s a pretty obvious move to normalize pedophilia,” he said. “This invariable comes from adults. It’s not coming from children.” Read more here... Tyler Durden Sun, 12/04/2022 - 19:45.....»»

Category: blogSource: zerohedge14 hr. 54 min. ago Related News

Nonprofit Blood Donation Service Starts Matching Unvaccinated Patients With Donors

Nonprofit Blood Donation Service Starts Matching Unvaccinated Patients With Donors Authored by Allan Stein via The Epoch Times (emphasis ours), Swiss naturopathic physician George Della Pietra believes people worldwide should be free to choose whether to get a COVID-19 vaccine injection or not. He believes the same should hold for those receiving transfusions with “vaccinated” blood. “The problem is right now we have no choice,” said Della Pietra, founder of the nonprofit Safe Blood Donation service in 2021, matching unvaccinated blood recipients with donors in 65 countries. “It was very clear from the beginning that the COVID hype was way out of control,” Della Pietra said. “It was not as dangerous as they say it was. “As a naturopath, I can make no sense of this pandemic, which was never really a pandemic. It leaves space for so many explanations.” Della Pietra believes that an mRNA injection is more dangerous than the pharmaceutical companies are willing to admit. He said the growing numbers of adverse reactions are reason to question their safety and effectiveness. Data from the Centers for Disease Control and Prevention (CDC) showed that vaccinated and boosted people made up 58.6 percent (6,512) of the COVID-19 deaths in August—up from 41 percent in January. “We can no longer say this is a pandemic of the unvaccinated,” Cynthia Cox, the Vice President of the Kaiser Family Foundation told The Washington Post in an article on Nov. 23. Nearly 70 percent of the world’s 8 billion people have received at least one mRNA injection for COVID-19 since the vaccines began rolling out in 2021 at the height of the virus’s spread. Each of the three primary mRNA COVID-19 vaccines contains COVID-19 “spike protein” fragments, which bind at the cellular level to stimulate an immune response to the virus. Della Pietra believes these spike proteins produce “classic symptoms”—namely blood clots—that “horrified” him. “I’ve never seen anything similar—and I’m not talking only about spike proteins,” Della Pietra told The Epoch Times in a phone interview. “It’s unbelievable because we never had this problem before. It’s been only two years. They want to keep the narrative [that an mRNA vaccine] is not dangerous.” A man looks at his phone while donating blood at Vitalant blood donation center in San Francisco on Jan. 11, 2022. (Justin Sullivan/Getty Images) Although donated blood and plasma must undergo a cleansing process before transfusion, Safe Blood Donation says this is not enough to remove all mRNA ingredients. “I’m talking about graphene oxide and non-declared inorganic components in the vaccine, which we can see in the blood. When I see them, I have no idea how we can get rid of them again,” Della Pietra said. Looking at the abnormalities in vaccinated blood, he said, “OK, we have a problem.” People are receiving the vaccine “more or less through the back door.” “You can not avoid it anymore.” In the United States alone, there are approximately 16 million units of donated blood annually. Of those units, about 643,000 are “autologous”—self-donated—and the number is increasing yearly, according to Della Pietra said that, to his knowledge, Safe Blood Donation, based in Switzerland, is the first unvaccinated blood donation service of its kind. “So, there is no blood bank with mRNA-free blood yet, not even with us,” Safe Blood Donation states on its website. “And, although we have already asked hundreds of clinics, at the moment—at least in Europe—all of them still refuse to allow the human right of free blood choice with them—or at least do not want to be mentioned because otherwise, they fear reprisals.” A nurse works as employees donate blood during a blood drive held in a bloodmobile in Los Angeles on March 19, 2020. (Mario Tama/Getty Images) Della Pietra said the main goal of Safe Blood Donation is not to start an mRNA-free blood bank. Rather, it is to make it possible to match unvaccinated blood donors and unvaccinated recipients, “which we bring together in a clinic (medical partner) that allows the choice of blood donor.” Medical website Seed Scientific said that blood banks and biotech companies will offer as much as $1,000 monthly for blood donations. While Della Pietra said there are no unvaccinated blood banks, he sees the demand for unvaccinated blood rising. “This is why I decided to do [SafeBlood Donation]. I wanted to make a network for unvaccinated people looking for a blood donor because they need it—whether they have scheduled surgery or an emergency,” he said. Safe Blood Donation began working in the United States about a month ago, building an infrastructure of medical partners. However, in the current medical environment, central blood banks such as the Red Cross do not segregate their blood donations based on their vaccinated or unvaccinated status. Rendering of SARS-CoV-2 spike proteins binding to ACE2 receptors. (Shutterstock) “The American Red Cross does not facilitate designated donations for standard blood needs, as this process often takes longer and is more resource intensive than obtaining a blood product through our normal process,” the Red Cross told The Epoch Times in an email. “In a small number of situations, there is an exception for rare blood types where compatible blood types are extremely difficult to find. A rare blood type is defined as one that is present in less than 1/1000 people. “We want to emphasize that the Red Cross adheres to all donor and product requirements as determined by the FDA to ensure the safety of the blood supply and is committed to continuing to provide life-saving blood products for patients across the country.” The National Library of Medicine said that “across study sites, the average hospital cost per unit transfused was $155 and the average charge per patient was $219.” Still, the Red Cross, which provides 40 percent of the nation’s blood donations, said “no studies” demonstrate adverse outcomes from transfusions of blood products collected from vaccinated donors. Read more here... Tyler Durden Sun, 12/04/2022 - 20:55.....»»

Category: blogSource: zerohedge14 hr. 54 min. ago Related News

Migration to other social media platforms shows no signs of slowing following Elon Musk"s chaotic takeover at Twitter, report says

Since Elon Musk's takeover, Mastodon account names have been added to the Twitter bios of more than 90,000 users, according to a report. Twitter; Mastodon; Vicky Leta/Insider A new report published on Friday found that the #TwitterMigration shows no signs of slowing. In the midst of Elon Musk's Twitter takeover, users are joining other social networks like Mastodon. Mastodon is growing by approximately 1.5 million new users per month, as per Dewey Digital. A new report is helping visualize the changes many Twitter users face as both new and old social media platforms vie for their attention. The movement has been dubbed the #TwitterMigration, a hashtag referring to users relocating to other online communities.Twitter has always been chaotic but it has been even more so in the midst of Elon Musk's turbulent takeover. Since Musk closed the $44 billion deal to purchase the bird app, he's shared conspiracy theories, antisemitic rhetoric has spread rapidly, and users will soon have to pay $8 to be verified on the platform. In response to his antics, users are either maintaining their accounts and starting new profiles elsewhere or moving to other social networks entirely to share their thoughts. The movement shows no signs of slowing, according to a report published on Friday by Dewey Square Group, a political consulting firm.'If people are leaving, where are they going?'Tim Chambers, a principal and project lead at Dewey Digital, the media arm of Dewey Square Group, told Insider that his team wanted to understand what's exactly driving the exodus. "When I saw the recent events occurring with Elon Musk's purchase and the sort of chaos ensuing on Twitter, it was really important for us to be able to see if people are leaving, where are they going?" Chambers said. Chambers' team used data from Twitter and made their conclusions based on users who added alternative social media accounts to their Twitter bios, public tweets from users asking people to follow them on different social media platforms, and app downloads over the same time period from October 24 to November 22.The group found that Mastodon — an app described as "social networking that's not for sale" by its website — is steadily growing by approximately 1.5 million new users per month. Since Musk's takeover, Mastodon account names have been added to the Twitter bios of more than 90,000 users and mentioned by users nearly 200,000 times in the last 30 days, as per Dewey Digital."This is by far the most of any of the emerging social platforms," the report said.The flow of Twitter users stating their new accounts for each platform over this time period, referring to emerging social networks.Tim Chambers/Dewey Square GroupMastodon was created in 2016 by Eugen Rochko, a German software developer. In an interview with Time Magazine, the 29-year-old said he began coding Mastodon after becoming irritated with Twitter. "I was thinking that being able to express myself online to my friends through short messages was very important to me, important also to the world, and that maybe it should not be in the hands of a single corporation," Rochko said.The platform is an open-source, free social network that's decentralized, which means there is not one individual server, company, or person running it. "It was generally related to a feeling of distrust of the top-down control that Twitter exercised," Rochko said.On November 6, Rochko tooted — Mastodon's version of tweeting — that the network had hit 1,028,362 monthly active users. "That's pretty cool," the founder said.  Twitter has about 237 million total users.'It just shows how easy it is for everyone to just migrate to another platform'Molly Jong-Fast, a special correspondent at Vanity Fair and podcast host, recently made the switch to the app in November. When asked how it compares to Twitter, she told Insider, it's "not quite as light and easy to use, but it's 44 billion dollars cheaper." "It just shows how easy it is for everyone to just migrate to another platform. I feel like that's the lesson of Mastodon," Jong-Fast said.Jong-Fast has one million followers on Twitter and said while she doesn't have plans to leave the app, she will if Musk continues down the path he's going. In the days after Musk's official takeover, online trolls flooded Twitter with more than 50,000 tweets containing the "N-word" and other forms of hate speech."I would rather not support nefarious causes so as soon as there's a good alternative, I'll go there," Jong-Fast said.Adam Davidson, a writer and journalist, has had Mastodon for four years but began actively using it in the last few weeks. He told Insider that Twitter was bringing out the worst in him and he wanted to explore other social networks. "Twitter fundamentally monetizes engagement," he said. "And I feel like this [Mastodon] is really focused on conversation."—Adam Davidson (@adamdavidson) November 7, 2022  Davidson created a server on Mastodon solely for journalists. The server has already surpassed 1,000 users but Davidson has run into some complications. He told Insider, upon making the server, 184 trolls signed up and began spewing vile, hate-filled messages toward those in the group. As an admin, he was able to moderate the hate speech and blocked these users from posting. Another challenge that's come up is some server admins approaching him with concerns about not wanting reporters to mine the social network for stories or sources — something that frequently happens on Twitter. "Mastodon historically has been a lot of academics, a lot of activists, and not a lot of journalists," Davidson said. While there have been a few hiccups, Davidson said overall, Mastodon provides a number of benefits Twitter doesn't, such as access to people having expert conversations without the hostility that's become normalized on the bird app.Dewey Digital will conduct another report in the near future. Chambers told Insider that Twitter executives should be monitoring the migration trends. "I'm watching very, very closely, and I imagine teams inside Twitter are as well," Chambers said.Read the original article on Business Insider.....»»

Category: smallbizSource: nyt16 hr. 26 min. ago Related News

Bipartisan Group Of US Senators Warns CCP Over Quelling Of Protests

Bipartisan Group Of US Senators Warns CCP Over Quelling Of Protests Authored by Michael Washburn via The Epoch Times (emphasis ours), As protests continue to rage throughout China over the regime’s harsh COVID-19 policies, and the police respond with notable force, a bipartisan group of U.S. senators has sent a sharply worded letter to Beijing’s ambassador to Washington, Qin Gang, warning of “grave consequences for the U.S.-China relationship” if the communist regime carries out a crackdown reminiscent of the Tiananmen Square massacre of 1989. A man is arrested while protesters gathered on a street in Shanghai on Nov. 27, 2022. Protests against China's 'zero-COVID' policy took place the night before following a deadly fire in Urumqi, the capital of the Xinjiang region. (Hector Retamal/AFP via Getty Images) One of the lead signers, Sen. Dan Sullivan (R-Alaska), said in a statement accompanying the letter’s publication on Dec. 1 that the world’s response to Beijing’s efforts to quell the protests has been “tepid at best.” Hence Sullivan and the other signers saw a need to speak out and warn Beijing about what would happen if it failed to respect the right of citizens to signal their opposition to the severe COVID policies that have deprived millions of Chinese of freedom of movement. The letter emphasizes the nonviolent character of the protests going on in China, implying that any abusive and violent conduct on the part of the regime’s forces will be illegal and unethical. “We are following the current peaceful protests in China over your government’s policies very carefully. We are also closely watching the Chinese Communist Party’s (CCP) reaction to them,” the letter states. The letter goes on to remind Ambassador Gang about the notorious events of June 1989, which drew worldwide condemnation and became a synonym for excessive force on the part of an authoritarian regime. “In 1989, the Chinese Communist Party and People’s Liberation Army undertook a violent crackdown on peacefully protesting Chinese students, killing hundreds, if not thousands,” the letter states, before issuing a stark warning. “We caution the CCP in the strongest possible terms not to once again undertake a violent crackdown on peaceful Chinese protestors who simply want more freedom. If that happens, we believe there will be grave consequences for the U.S.-China relationship, causing extraordinary damage to it,” the letter concludes. Read more here... Tyler Durden Sun, 12/04/2022 - 16:50.....»»

Category: blogSource: zerohedge17 hr. 10 min. ago Related News

Rate Hikes: The Beatings Will Continue Until Morale Declines

Rate Hikes: The Beatings Will Continue Until Morale Declines Stagflationary crisis events are relatively rare in modern history, and the average mainstream economist will have very little input to give on why they happen and how they can be solved.  Their knowledge is limited on the issue and their experience is non-existent.   It has been argued by alternative analysts for several years now that the majority of banking executives, investors and economists entering the field in the past decade have never worked within a financial environment without direct monetary intervention by central banks.  They can't even comprehend a world where the Federal Reserve does not artificially support equities, bonds and other elements of the system.  They have no concept of consequences. This dynamic is finally being acknowledged by those in the mainstream. Alison Harding-Jones, vice chair of corporate and investment and head of M&A in EMEA at Citigroup, recently noted that the majority of junior bankers had never worked in an investment world without the existence of cheap money. These people are about to experience a rude awakening beyond anything they can imagine.    It was the long term existence of central bank support that conditioned many economists into assuming the easy money party would never end.  The Fed will step in, they say, because the Fed has always stepped in and nothing will ever change.  But things always change, and the notion that the Fed cares about the longevity of the markets is naive.  The past year alone has debunked that little theory, with rates continuing to climb. A cycle of cope has formed with a predictable set of reactions – The Fed suggests hikes will continue, the mainstream freaks out.  The Fed then suggests that “one day” the hikes might stop, maybe sooner maybe later.  The mainstream rejoices and interprets the comments to mean that the Fed is about to pivot, markets rocket higher.  Then, the Fed does not pivot, and they freak out again. No one is asking the question that really matters here:  Why is it so important what the Fed says about rate hikes?  Why is the entire system dependent on their whims?  This is not how it should be.   The US economy is addicted to cheap money like that money is heroin, and many elements of the system just can't let it go.  People thought that the central bankers, our resident drug dealers, would never stop providing the fix.  They thought that there was incentive for the Fed to continue dealing that delicious fiat.  But the easy money drug has diminishing returns and the addict is acclimated.  The negative health effects are starting to set in, the addict is beginning to die, and the dealer wants to distance himself from the corpse. Stagflation has arrived and now there is no reason for the central bank to continue providing easy money because there is nothing to be gained.   The circumstances surrounding stagflation are chaotic.  Certain sectors of the economy will go into steep decline while others will appear to remain resilient.  For example, US jobs numbers came in far hotter than expected this month (some might suggest a little too hot for reality), inspiring the Biden White House to claim a victory in the midst of fiscal defeat.  At the same time, the US is facing an unprecedented manufacturing slowdown, a housing market sales implosion, a GDP sinking back into contraction, a rising poverty rate, an explosion in homelessness, etc.  It might be confusing – Why is there better than expected employment numbers and in some cases retail numbers while there is also a major contraction across the board in multiple other areas of the economy?  That's what happens when a central bank pumps over $8 trillion into the veins of the system in only two years, on top of tens of trillions of dollars over the past decade.  That money is circulating rapidly and wearing down the gears of the machine, some parts break while others still function.   These are the effects of stagflation, as well as the effects of a central bank which is now abandoning the inflation game and actively seeking to create a deflationary event.  Without the endless trillions in free money which kept the system on life support since 2008/2009, they will get what they want eventually, but it will take time.   Meaning, the Fed is going to continue with rate hikes well into next year until there is a hard landing; there will be no “soft landing” and Jerome Powell knows this.  He openly warned about it back in the October Fed meeting of 2012, stating that the economy would not know how to function without stimulus measures because those measures had been active for so long.  That was 10 years ago; imagine how bad things are today. Powell is all too aware of the effects of rate hikes into economic weakness and stagflationary crisis.  He knows what is about to happen, and Joe Biden's economic advisers likely know as well.   In the meantime, an important issue that the Fed and many mainstream economists don't want to discuss is that prices continue to remain painful on most necessities no matter how high interest rates go.  Rent is high, food is high, energy prices fell due to Biden's market manipulation but are still high, home prices are high, vehicle prices are high, everything is incessantly expensive for the average consumer.  This is not going to stop anytime soon.   Once stagflation takes hold it hangs on like a bad rash.  When jobs numbers finally hit a wall (and they will, probably by the second quarter of next year), costs will still be suffocating the public's savings.  If the goal is truly an engineered deflation event that reduces money velocity and drags down prices, we have to ask ourselves how long will that take to accomplish?  Two years?  Five years?  How high will rates have to go?  Maybe only 5%, maybe 10%, maybe more.  How much damage will be done to the middle class and the poor as this process unfolds?   The Fed does not care.  Those hoping for an immediate pivot should understand that the rate hike beatings will continue until morale declines.  The quantitative tightening will stop when the contraction has fully pummeled the jobs market and the populace in general.   Tyler Durden Sun, 12/04/2022 - 18:00.....»»

Category: blogSource: zerohedge17 hr. 10 min. ago Related News

Behind Crossing Broad founder Kyle Scott"s new website focused on sports and gambling

After selling Crossing Broad to a London firm for $25 million, Kyle Scott's latest website will focus on a specific sports fan across the world......»»

Category: topSource: bizjournals18 hr. 38 min. ago Related News

Apple Accelerates Plans To Shift Production Out Of China

Apple Accelerates Plans To Shift Production Out Of China Apple has accelerated plans to shift some of its production outside of China, the Wall Street Journal reports, citing insiders. The company has been reportedly telling suppliers to 'actively' plan on assembling Apple products elsewhere in Asia - primarily India and Vietnam, as the company looks to reduce dependence on Taiwanese assemblers spearheaded by Foxconn. The company's goal is to ship 40-45% of iPhones from India, vs the current single-digit percentage, according to TF International Securities analyst, Ming-chi Kuo. Vietnam is also expected to shoulder more of the manufacturing of other Apple products, such as AirPods, smartwatches and laptops. A worker is shown disinfecting equipment. The decision was sparked by turmoil at "iPhone City" inside Zhengzhou (a 'city-within-a-city'), where as many as 300,000 workers assemble iPhones and other Apple products as a Foxconn-run factory, which produces roughly 85% of the iPhone Pro lineup, according to Counterpoint Research. In November, violent protests hit the Zhengzhou factory - as workers upset over wages and Covid-19 restrictions began rioting and throwing things at the police. All of this poses a risk to Apple, which has relied on the factory as a stable manufacturing center. Zhengzhou is home to a giant Foxconn facility known as iPhone City, where a worker is shown at right disinfecting equipment. (Shang Ji/Future Publishing/Getty Images) "Apple no longer feels comfortable having so much of its business tied up in one place," according to the report. So no, Apple isn't moving production out of concerns over human rights abuses, censorship, or other types of oppression. "In the past, people didn’t pay attention to concentration risks," said former US-based Foxconn executive, Alan Yeung. "Free trade was the norm and things were very predictable. Now we’ve entered a new world." One response, say the people involved in Apple’s supply chain, is to draw from a bigger pool of assemblers—even if those companies are themselves based in China. Two Chinese companies that are in line to get more Apple business, they say, are Luxshare Precision Industry Co. and Wingtech Technology Co.  On calls with investors earlier this year, Luxshare executives said some consumer-electronics clients, which they didn’t name, were worried about Chinese supply-chain snafus caused by Covid-19 prevention measures, power shortages and other issues. They said these clients wanted Luxshare to help them do more work outside China. -WSJ The concerns over production revolve around new product introduction (NPI), which requires teams to work with contractors to translate blueprints and prototypes into a detailed manufacturing plan. According to the report, Apple has put its manufacturing partners on notice to start trying to do more of this outside of China. That said, unless places like Vietnam and India can excel at NPI as well, they will 'remain stuck playing second fiddle' according to supply chain specialists. For now, consumers doing Christmas shopping are stuck with some of the longest wait times for high-end iPhones in the product’s 15-year history, stretching until after Christmas. Apple issued a rare midquarter warning in November that shipments of the Pro models would be hurt by Covid-19 restrictions at the Zhengzhou facility. -WSJ The shift marks a massive change in the relationship between Apple and China - which for decades have been engaged in a mutually beneficial relationship. According to Kup, the supply-chain analyst, iPhone shipments in the fourth quarter of this year were likely to reach between 70 and 75 million units - around 10 million fewer than market projections before the Zhengzhou riots. "Apple is going to have to find multiple places to replace iPhone City," said Dan Panzica, a former Foxconn executive who now advises companies on supply-chain issues. "They’re going to have to spread it around and make more villages instead of big cities." Tyler Durden Sun, 12/04/2022 - 13:55.....»»

Category: blogSource: zerohedge20 hr. 38 min. ago Related News

Stocks Have "Considerably More Downside" & Commodities Have A "Brand New Tailwind" In 2023

Stocks Have "Considerably More Downside" & Commodities Have A "Brand New Tailwind" In 2023 Submitted by QTR's Fringe Finance Friend of Fringe Finance Mark B. Spiegel of Stanphyl Capital released his most recent investor letter last week, with his updated take on the market’s valuation and Tesla. Mark is a recurring guest on my podcast (and will be coming back on again soon hopefully) and definitely one of Wall Street’s iconoclasts. I read every letter he publishes and only recently thought it would be a great idea to share them with my readers. Like many of my friends/guests, he’s the type of voice that gets little coverage in the mainstream media, which, in my opinion, makes him someone worth listening to twice as closely. Photo: Real Vision Mark was kind enough to allow me to share his thoughts from his November 2022 investor letter. Mark’s Thoughts On Macro Despite the stock market’s recent rally (we were up a hell of a lot more this month before today!) we  continue to carry a large SPY short position, as I believe the major indexes—although not all individual  stocks—have considerably more downside to go, the inevitable hangover from the biggest asset bubble in U.S. history. For far too long, the Fed printed $120 billion a month and held short-term rates at zero while the government concurrently ran a record fiscal deficit. Now, thanks to the massive inflationary  hangover from those idiotic policies (November’s “not as bad as feared” data not withstanding), the Fed is reducing its balance sheet and raising interest rates, and although the current rate of high-7% year over-year inflation is unsustainable, the eventual end of China’s “zero-Covid policy” and its November reversal on bailing out its real estate industry combined with the end of Biden’s SPR drawdowns will give commodity prices a brand new tailwind in 2023. Longer term, the war on fossil fuel, expensive “onshoring,” fewer available workers and perpetual government budget deficits make a new baseline of  around 4% inflation (double the Fed’s 2% target) likely.  Even a 2023 Fed interest rate “pause” at 4.75% (and remember, a “pause” is not a “pivot”!) would,  combined with $90 billion a month in ongoing QT, make current stock market valuations unsustainable,  as stocks are still expensive. [QTR’s note: This echos Kenny Polcari’s sentiments & my sentiments of recent.] According to Standard & Poor’s, with 97% of companies having reported, Q3 S&P 500 GAAP earnings came in at around $44.79, which annualizes to $179.16. (And these were the sixth  highest quarterly earnings in history; i.e., they were not “trough.”) A 16x multiple on that—generous for  a rising rate, recessionary (or even just slow-growth) environment—would bring the S&P 500 down to 2867 vs. November’s close of 4080.11. And remember, just as in bull markets, PE multiples usually overshoot to the upside, in bear markets they often overshoot to the downside. A bottom formed at a  considerably lower multiple is not unfathomable.  Additionally, we can see from that the U.S. stock market’s valuation as a  percentage of GDP (the so-called “Buffett Indicator”) is still very high, and thus valuations have a long way  to go before reaching “normalcy”: Regarding sentiment, we can see from Ed Yardeni that in the Investors Intelligence poll the highest the “bear percentage” got so far in the current market was only around 45% (in the most recent poll it was just 31.5%), yet there were multiple times during the 1980s, 1990s and 2008 that it climbed much higher:  Also, we can see from this old academic paper that during the grinding bear market of 1973 to 1975, when  the S&P 500’s GAAP PE multiple dropped from 18x to 8x, the bears in the Investors Intelligence poll climbed to around 75% and went over 80% during the bear markets of the 1960s. So if you think that based on this bear market’s sentiment we’ve “seen the bottom,” I wish you luck! Meanwhile, interest costs on the Federal debt are already set to grow massively. Does anyone seriously think this Fed has the stomach to face the political firestorm of Congress having to slash Medicare, the  defense budget, etc. in order to pay the even higher interest cost that would be created by upping those rates to a level commensurate with crushing even just 4% inflation? Powell doesn’t have the guts for that, nor does anyone else in Washington; thus, this Fed will likely be behind the inflation curve for at least a  decade. And that’s why we remain long gold (via the GLD ETF).  Mark On His Fund’s Positions (Positions May Change At Any Time) We continue to own automaker Stellantis (STLA), which has a great balance sheet with plenty of net cash (and a 7% dividend yield!) and which—at a current price of $15.62/share—sells for only around 3x 2022 earnings estimates of $5.26/share. I believe Jeep alone (which in September announced a full  electrification strategy) could be worth more than what we paid for the entire company, which also  includes Dodge, Chrysler, Ram, Fiat, Citroen, Peugeot, Opel, Alfa Romeo, Vauxhall, Lancia and Maserati. And if current EV sales are your interest, Stellantis already has Europe’s best-selling mass-market model.  We continue to own Volkswagen AG (via its VWAPY ADR, which represent “preference shares” that are  identical to “ordinary” shares except they lack voting rights and thus sell at a discount). VW currently sells  for around 4.2x estimated 2022 earnings due to a combination of “recession fears” and short-term issues obtaining energy (until either the Ukraine war is over or alternative supplies are in place), but it controls a massive number of terrific brands including Porsche, of which it recently IPO’d a small percentage at  a $73 billion valuation, thus valuing the rest of the company at only around $10 billion; I believe Audi  alone is worth 4x that! And a Lamborghini IPO may be next. Additionally, VW will pay a January special  dividend of around $1.90 per VWAPY share in proceeds from Porsche’s IPO, and the regular yield is  currently over 5%! Meanwhile VW Group’s EVs (several of which are more technologically advanced than  any Tesla) combine to heavily outsell Tesla in Europe and by 2025 may outsell Tesla worldwide. We continue to own General Motors (GM), which currently sells for only around 6.5x the $6.26/share  midpoint of its 2022 GAAP EPS guidance (which was reiterated in November). GM is doing all the right  things in electric cars, autonomous driving (via its Cruise ownership) and software, yet it’s cheap because,  as with other established automakers, many investors have (for now) forsaken it in favor of “electric car  pure-plays,” a sector which has thus become the largest valuation bubble in history. Get 50% off: If you enjoy this article, would like to support my work, I would love to have you as a subscriber and can offer you 50% off for life: Get 50% off forever And regarding  “autonomy,” keep in mind that unlike Tesla, which sells a LiDAR-less fraud to rubes, Cruise is already  running a fleet of fully autonomous cars in San Francisco (and soon Phoenix and Austin); you can see many  videos of this on its YouTube channel. GM will also benefit more than any other manufacturer from the  proposed new EV tax credit, as it will soon have the largest variety of North American-made (a requirement of the credit) EV models fitting within the new price restrictions. Additionally, in August the  company reinstituted a modest dividend. I thus consider these positions (Stellantis, GM and VW) to be both “freestanding value stock buys” and “relative-value paired trades” against our Tesla short.One oft heard knock against “the autos” is a belief  that their recent earnings have been “peak,” but keep in mind that due to supply chain issues they all  sold around 20% fewer cars than they otherwise could have. Thus, I believe those recent earnings are more like “strong midcycle” and should likely have around a 10x run-rate PE, not the current 3x to 6x. Also, thanks to those same supply chain issues they’re much lighter on inventory than they’d normally  be heading into a recession. Therefore, I believe these stocks have considerable upside from here.  We continue to own Fuel Tech Inc. (FTEK), a seller of air and water pollution control technologies, which in November reported a solid Q2, with revenue up 6.1% year-over-year (although at a lower gross margin),  .01/share in GAAP earnings and around $600,000 in free cash flow. At a current price of $1.24/share with  30.3 million shares outstanding and $33.9 million in cash and Treasuries (and no debt), this is a 43% gross  margin business selling for an enterprise value of only around 0.14x 26.4 million in TTM revenue. This is  the kind of company that will either ignite growth and its stock will take off (its new “Dissolved Gas  Infusion” water treatment technology is a potential medium-term catalyst for that), or it’s so cheap that  it will make for a good strategic acquisition target, as removing the costs of being an independent public  company could make it instantly earnings-accretive while allowing the buyer to acquire a nice chunk of  revenue very cheaply. In short, I think it’s a good “value stock” in which to park some money and see what  happens.  And now, Tesla…  Despite big, margin-slashing price cuts in both China and Europe, Tesla delivery wait times worldwide  have declined substantially, down to just one week in China while in the U.S. (where Musk’s Twitter boondoggle is rapidly destroying the brand) Tesla is choking on Model 3 inventory and offers December Model Y delivery, while Europe’s backlog is expected to be completely gone by year-end. This means Tesla’s production capacity now outstrips its rate of incoming orders despite the new German and Texas  factories producing at only around 10% of capacity!  Meanwhile, combined deliveries for the last two quarters (Q2 & Q3 2022) were lower than those for  the previous two quarters (Q4 2021 & Q1 2022). As Tesla slashes prices it will undoubtedly sell more  cars (I expect Q4 deliveries to be in the range of around 400,000 vs. previous quarters in the 300,000s,  thanks to the cuts plus a rush to beat year-end expiring EV incentives in China, Germany and France), but any other car company can slash prices and do the same thing. (Welcome to the auto business,  which currently sells for around 5x earnings!) Tesla’s apparent market saturation rate of around 1.6 million cars/year worldwide (at least until it slashes prices yet again!) is massively below its current factories’ production capacity, much less the bulls’ absurd expectations of adding a new factory every six months for the next ten years! For some valuation perspective, BMW sells around 2 million cars a year with very high margins  (including the best electric SUV now on the market (the new iX), the best luxury EV( the new i7), and  among the best small luxury EVs (the new i4), and has a market cap of around $59 billion. If Tesla grew annual deliveries to the size of BMW’s and had BMW-level margins, at BMW's current market cap it  would sell for less than $19/share vs. this month's closing price in the $194s! (Remember: Tesla now  has 3.16 billion shares outstanding!)  Meanwhile, Elon Musk remains the most vile person ever to head a large-cap U.S. public company, and  we remain short Tesla, the biggest bubble-stock in modern market history, because:  1) It has a sliding share of the world’s EV market and a share of the overall auto market that’s less than 2%, yet a market cap almost as big the next 6 largest automakers (by market cap) combined.  2) It has no “moat” of any kind; i.e., nothing meaningfully proprietary in terms of its electric  car technology (which has now been equaled or surpassed by numerous competitors) and its previously proprietary Superchargers are being opened to everyone), while existing  automakers—unlike Tesla—have a decades-long “experience moat” of knowing how to  mass-produce, distribute and service high-quality cars consistently and profitably.  3) Excluding working capital benefits and sunsetting emission credit sales Tesla generates only  minimal free cash flow.  4) Growth in sequential demand for Tesla’s cars is at a crawl relative to expectations. 5) Elon Musk is a pathological liar.  In October Tesla claimed that it had Q3 GAAP earnings of around .87/share excluding sunsetting emission  credit sales. If you believe that after viewing this chart (courtesy of Twitter user @Keubiko), I have a bridge to sell you in Brooklyn: Orange is revenue, green is operating expenses Furthermore, Tesla’s minimal depreciation of its new factories appears fraudulently low, as does its  warranty reserve.  Even if you believe Tesla’s clearly nonsensical earnings number, it annualizes to only $3.48/share, which  based on November’s closing price of $194.70 = a run-rate PE ratio of around 56 for a now slow-growing (or growing-but-margin-slashing) car company in an industry with a current average PE of around 5.  Meanwhile, Tesla has objectively lost its “product edge,” with many competing cars now offering comparable or better real-world range, better interiors, similar or faster charging speeds and much better quality. (Tesla ranks near the bottom of Consumer Reports’ reliability survey while British consumer  organization Which? found it to be one of the least reliable cars in existence.) Thus, due to competitors’ temporary production constraints, waiting times are now longer for many of Tesla’s direct EV competitors than they are for a Tesla.   In fact, Tesla is likely now the second, third or fourth choice for many EV buyers, and only maintains its  volume lead though a short-lived edge in production capacity that will disappear over the next 12 to 36 months as competitors rapidly increase the ability to produce their superior EVs. Tesla’s poorly-built  Model Y faces current (or imminent) competition from the much better made (and often just better)  electric Hyundai Ioniq 5, Kia EV6, Ford Mustang Mach E, Cadillac Lyriq, Nissan Ariya, Audi Q4 e-tron, BMW  iX3, Mercedes EQB, Volvo XC40 Recharge, Chevrolet Blazer EV & $30,000 Equinox EV and Polestar 3. And  Tesla’s Model 3 now has terrific direct “sedan competition” from Volvo’s beautiful Polestar 2, the great  new BMW i4, the upcoming Hyundai Ioniq 6 and Volkswagen Aero, and multiple local competitors in  China.  And in the high-end electric car segment worldwide the Porsche Taycan (the base model of which is now  considerably less expensive than Tesla’s Model S) outsells the Model S, while the spectacular new BMW  i7, Mercedes EQS, Audi e-Tron GT and Lucid Air make it look like a fast Yugo, and the extremely well  reviewed new BMW iX, Mercedes EQS SUV and Audi Q8 eTron (as well as multiple new Chinese models)  do the same to the Model X.  Indeed, for years I’ve said “Tesla is Blackberry”—the maker of a first-generation version of a product  that—once the market was proven—would be supplanted into niche obscurity by newer, better versions;  now I can provide a much more recent analogy: Tesla is Netflix. For years Netflix had an absurd valuation  based on its pioneering position in streaming media, but once it proved that such a market existed myriad  competitors swarmed all over it, and this year the stock collapsed when we learned that not only is Netflix  no longer in “hypergrowth” mode but for the first time since 2011 (when it transitioned from physical  DVDs) it actually lost subscribers. I believe Musk knows that Tesla is “the next Netflix” (hence his recent  “Twitter buying distraction”), with VW, Hyundai/Kia, Ford, GM, Stellantis, BMW, Mercedes, BYD & other  Chinese competitors and, in a few years, Toyota & Honda, being the Disney, HBO Max, Amazon Prime, Peacock, Hulu, Paramount +, etc., of the electric car market, stealing Tesla’s share and eventually  pounding its stock price down 90% or so from today’s, into the valuation of “just another car company.” Despite this obvious “writing on the wall,” many Tesla bulls sincerely believe that ten years from now the  company will be twice the size of Volkswagen or Toyota, thereby selling around 20 million cars a year (up  from the anticipated Q4 annualized run-rate of around 1.6 million); in fact in May Musk himself even  raised this as a possibility. Setting aside the absurdity of selling that many cars into the limited market of Tesla’s high price points, the “logistical absurdity” of selling 20 million cars/year in ten years means that  in addition to 2.4 million cars a year of sold-out existing claimed production capacity (once the German  and Texas factories are fully operational), Tesla would have to add 35 more brand new 500,000 car/year  factories with sold out production; i.e., a new factory approximately every single quarter for the next ten years! Only a Teslemming could be dumb enough to believe this!  Meanwhile, in June the NHTSA announced that its investigation of Tesla’s deadly Autopilot has  expanded into “an engineering analysis,” the last required step before (finally!) demanding a full recall,  and in October it was reported that this deadly scam is being investigated by both the SEC and the DOJ.  The refund liability potential for Tesla for this is in the billions of dollars, and possibly even the tens of  billions if a class action lawsuit proves that the cars involved were purchased solely due to the  (fallacious) promise of “full self-driving.” And, of course, there will be a massive “valuation reappraisal”  for Tesla’s stock as the world wakes up to the fact that Tesla’s so-called “autonomy technology” is deadly, trailing-edge garbage. In fact, the NHTSA has reported a slew of Autopilot-related deaths just  since last year. For all Tesla deaths cited in the media—which is likely only a small fraction of those that  have occurred—see And Tesla has sold this trashy software for over six years now:  …and still promotes it on its website via a completely fraudulent video! Another favorite Tesla hype story has been built around so-called “proprietary battery technology.” In fact  though, Tesla has nothing proprietary there—it doesn’t make them, it buys them from Panasonic, CATL and LG, and it’s the biggest liar in the industry regarding the real-world range of its cars. And if new-format 4680 cells enter the market some time in 2024 (as is now expected), even if Tesla makes some of its own,  other manufacturers will gladly sell them to anyone, and BMW has already announced it will buy them  from CATL and EVE.  And oh, the joke of a “pickup truck” Tesla previewed in 2019 (and still hasn’t shown in production-ready  form) won’t be much of “growth engine” either, as by the time it’s in mass-production in 2024 it will enter  a dogfight of a market; in fact, Ford’s terrific 2022 all-electric F-150 Lightning now has over 200,000 retail  reservations (plus many more fleet reservations), GM has introduced its fantastic 2023 electric Silverado which already has nearly 200,000 reservations, Rivian’s pick-up has gotten excellent early reviews, and  Ram will also be out with a great truck in 2024. About Mark Spiegel Mark manages Stanphyl Capital, established in 2011, a deep-value equity & macro long-short investing fund based in New York City. Mark can be reached at or at @StanphylCap on Twitter. Disclaimer: This letter was not reproduced in full. I may own Tesla call and put options and may be long/short TSLA and or any names mentioned. You should assume I have positions in any names I publish about. I have no position in Mark’s funds. Mark is a subscriber to Fringe Finance via a comped subscription I gave him and has been on my podcast. The excerpts from Mark’s letter, above, shall not be construed as an offer to sell, or the solicitation of an offer to sell, any securities or services. Any such offering may only be made at the time a qualified investor receives formal materials describing an offering plus related subscription documentation. There is no guarantee the Fund’s investment strategy will be successful. Investing involves risk, and an investment in the Fund could lose money. Tyler Durden Sun, 12/04/2022 - 15:40.....»»

Category: blogSource: zerohedge20 hr. 38 min. ago Related News

Swissport baggage handlers are under "urgent investigation" after viral TikTok shows them slamming and throwing passenger luggage

"Disrespectful behavior to our customer luggage and personal effects will not be tolerated and will result in serious disciplinary action," Swissport's CEO said. A bag handler slams luggage in the viral TikTok video.rexross79/TikTok A Friday video of baggage handlers roughly moving luggage went viral on TikTok. Workers in the video can be seen slamming, throwing, and kicking passengers' bags. Qantas Airways and its bag-handling subcontractor, Swissport, are investigating the incident, reports say. An Australian airline is launching an internal investigation after a video of baggage handlers roughly handling luggage went viral online.In a video shared to TikTok Friday, three handlers can be seen slamming and throwing passengers' bags onto a conveyor belt while laughing. Since it was posted, the clip has garnered four million views and over 21,000 comments. @rexross79 #qantas #melbourneairport ♬ original sound - ReXross The post tags Qantas Airways Limited and Melbourne Airport in the caption, and a spokesperson for the airline confirmed to the Guardian the men were employees of Qantas subcontractor Swissport Australia."The behavior in this video is clearly not acceptable, and our contracted ground handler is conducting an urgent investigation," a Qantas spokesperson told the Guardian.In one instance, a handler can be seen raising a bag above his head before slamming it on the belt while another looks on. The tens of thousands of commenters weren't pleased with the rough display."I don't get why they have to be extremely violent with the bag," one user wrote."That's the reason I've travelled all around the world and got 2 suitcases broken only in Australia," another saidSwissport CEO Brad Moore also condemned the actions of the men, who he said have now been "stood down pending urgent investigation" and warned with "serious disciplinary action" in a staff note reviewed by"The behaviors in the video let all of us down — most importantly our frontline staff who have worked so hard through (Covid) to assure quality standards in at times challenging circumstances," Moore wrote in the note, according to added: "Disrespectful behavior to our customer luggage and personal effects will not be tolerated and will result in serious disciplinary action.". Read the original article on Business Insider.....»»

Category: worldSource: nyt22 hr. 26 min. ago Related News

Hakeem Jeffries dismisses Mitch McConnell calling him an "election denier" over his criticism of Trump: "That didn"t seem to make a lot of sense to me"

"Well, here's the Republican playbook, facts don't matter, hypocrisy is not a constraint to their behavior," Jeffries told ABC News on Sunday. Rep. Hakeem Jeffries of New York.AP Photo/J. Scott Applewhite Rep. Jeffries dismissed Sen. McConnell calling him an "election denier" over his criticism of Trump. Last week, McConnell remarked that Jeffries "baselessly said the 2016 election was 'illegitimate.'" "He'll do what he does, and I want to stay focused on fighting for the people," Jeffries told CNN. Incoming House Democratic leader Hakeem Jeffries on Sunday dismissed Senate Minority Leader Mitch McConnell of Kentucky calling him an "election denier" over his criticism of former President Donald Trump.During a CNN interview, the New York lawmaker — who will succeed Speaker Nancy Pelosi of California in January in taking over the reins of the House Democratic caucus — said it was "unfortunate" that McConnell called him out on the Senate floor on Thursday over his critiques regarding the 2016 presidential election."If McConnell wants to lean into the fact that I've been critical of Trump's presidency – the overwhelming majority of the world is critical of Trump's presidency," Jeffries told the news outlet."That didn't seem to make a lot of sense to me. But he'll do what he does, and I want to stay focused on fighting for the people," he continued.McConnell, who was once a political ally of Trump before condemning the former president over his conduct on January 6, 2021, blasted Jeffries during a Senate speech in advance of the native Brooklynite assuming his new role in the coming weeks."Many of the same individuals and institutions on the political left who spent the years 2017 through 2020 yelling about the importance of norms and institutions have themselves not hesitated to undermine our institutions when they're unhappy with a given outcome," McConnell said. "For example, the newly-elected incoming leader of the House Democrats is a past election denier who baselessly said the 2016 election was 'illegitimate' and suggested that we had a 'fake' president. He has also mounted reckless attacks on our independent judiciary and said that Justices he didn't like have, 'zero legitimacy.'""Unfortunately, when it comes to attacking our independent judiciary, the Democrats' new leader isn't an outlier, he's a representative sample," the GOP leader added.Jeffries responded to McConnell's statements during a Sunday interview on ABC's "This Week" with George Stephanopoulos, arguing that while he spoke out against Trump's election, he didn't reject the certification of the 2016 contest where the Republican defeated former Secretary of State Hillary Clinton."Well, here's the Republican playbook, facts don't matter, hypocrisy is not a constraint to their behavior. And, in many cases, they believe that shamelessness is a superpower," the congressman told Stephanopoulos."My view of the situation has been pretty clear. I supported the certification of Donald Trump's election," he continued to say. "I attended his inauguration even though there were many constituents and others across the country pushing me and others to do otherwise, and found ways to work with the Trump administration, being the lead Democrat in negotiating historic criminal justice reform. That track record speaks for itself."Read the original article on Business Insider.....»»

Category: worldSource: nyt22 hr. 26 min. ago Related News