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A group representing pork producers urged the federal government Tuesday to let them continue an effort to speed up the processing of pigs into bacon and ham despite a union’s claim that the increased volume endangers workers......»»

Category: topSource: foxnewsMay 25th, 2021

Futures Rise On Taper, Evergrande Optimism

Futures Rise On Taper, Evergrande Optimism US index futures jumped overnight even as the Fed confirmed that a November tapering was now guaranteed and would be completed by mid-2022 with one rate hike now on deck, while maintaining the possibility to extend stimulus if necessitated by the economy. Sentiment got an additional boost from a strong showing of Evergrande stock - which closed up 17% - during the Chinese session, which peaked just after Bloomberg reported that China told Evergrande to avoid a near-term dollar bond default and which suggested that the "government wants to avoid an imminent collapse of the developer" however that quickly reversed when the WSJ reported, just one hour later, that China was making preparations for Evergrande's demise, and although that hammered stocks, the report explicitly noted that a worst-case scenario for Evergrande would mean a partial or full nationalization as "local-level government agencies and state-owned enterprises have been instructed to step in only at the last minute should Evergrande fail to manage its affairs in an orderly fashion." In other words, both reports are bullish: either foreign creditors are made whole (no default) as per BBG or the situation deteriorates and Evergrande is nationalized ("SOEs step in") as per WSJ. According to Bloomberg, confidence is building that markets can ride out a pullback in Fed stimulus, unlike 2013 when the taper tantrum triggered large losses in bonds and equities. "Investors are betting that the economic and profit recovery will be strong enough to outweigh a reduction in asset purchases, while ultra-low rates will continue to support riskier assets even as concerns linger about contagion from China’s real-estate woes." That's one view: the other is that the Fed has so broken the market's discounting ability we won't know just how bad tapering will get until it actually begins. “The Fed has got to be pleased that their communication on the longer way to tapering has avoided the dreaded fear of the tantrum,” Jeffrey Rosenberg, senior portfolio manager for systematic fixed income at BlackRock Inc., said on Bloomberg Television. “This is a very good outcome for the Fed in terms of signaling their intent to give the market information well ahead of the tapering decision.” Then there is the question of Evergrande: “With regards to Evergrande, all those people who are waiting for a Lehman moment in China will probably have to wait another turn,” said Ken Peng, an investment strategist at Citi Private Bank Asia Pacific. “So I wouldn’t treat this as completely bad, but there are definitely a lot of risks on the horizon.” In any case, today's action is a continuation of the best day in two months for both the Dow and the S&P which staged a strong recovery from two-month lows hit earlier in the week, and as of 745am ET, S&P 500 E-minis were up 25.25 points, or 0.6%, Dow E-minis were up 202 points, or 0.59%, while Nasdaq 100 E-minis were up 92.0 points, or 0.60%. In the premarket, electric vehicle startup Lucid Group rose 3.1% in U.S. premarket trading. PAVmed (PVM US) jumps 11% after its Lucid Diagnostics unit announced plans to list on the Global Market of the Nasdaq Stock Market.  Here are some of the biggest movers today: U.S.-listed Chinese stocks rise in premarket trading as fears of contagion from China Evergrande Group’s debt crisis ease. Blackberry (BB US) shares rise 8.7% in premarket after co.’s 2Q adjusted revenue beat the average of analysts’ estimates Eargo (EAR US) falls 57% in Thursday premarket after the hearing aid company revealed it was the target of a Justice Department criminal probe and withdrew its forecasts for the year Amplitude Healthcare Acquisition (AMHC US) doubled in U.S. premarket trading after the SPAC’s shareholders approved the previously announced business combination with Jasper Therapeutics Steelcase (SCS US) fell 4.8% Wednesday postmarket after the office products company reported revenue for the second quarter that missed the average analyst estimate Vertex Energy Inc. (VTNR US) gained 2.1% premarket after saying the planned acquisition of a refinery in Mobile, Alabama from Royal DutVTNR US Equitych Shell Plc is on schedule Synlogic (SYBX US) shares declined 9.7% premarket after it launched a stock offering launched without disclosing a size HB Fuller (FUL US) climbed 2.7% in postmarket trading after third quarter sales beat even the highest analyst estimate Europe's Stoxx 600 index rose 0.9%, lifted by carmakers, tech stocks and utilities, which helped it recover losses sparked earlier in the week by concerns about Evergrande and China’s crackdown on its property sector. The gauge held its gain after surveys of purchasing managers showed business activity in the euro area lost momentum and slowed broadly in September after demand peaked over the summer and supply-chain bottlenecks hurt services and manufacturers. Euro Area Composite PMI (September, Flash): 56.1, consensus 58.5, last 59.0. Euro Area Manufacturing PMI (September, Flash): 58.7, consensus 60.3, last 61.4. Euro Area Services PMI (September, Flash): 56.3, consensus 58.5, last 59.0. Germany Composite PMI (September, Flash): 55.3, consensus 59.2, last 60.0. France Composite PMI (September, Flash): 55.1, consensus 55.7, last 55.9. UK Composite PMI (September, Flash): 54.1, consensus 54.6, last 54.8. Commenting on Europe's PMIs, Goldman said that the Euro area composite PMI declined by 2.9pt to 56.1 in September, well below consensus expectations. The softening was broad-based across countries but primarily led by Germany. The peripheral composite flash PMI also weakened significantly in September but remain very high by historical standards (-2.4pt to 57.5). Across sectors, the September composite decline was also broad-based, with manufacturing output softening (-3.3pt to 55.6) to a similar extent as services (-2.7pt to 56.3). Supply-side issues and upward cost and price pressures continued to be widely reported. Expectations of future output growth declined by less than spot output on the back of delta variant worries and supply issues, remaining far above historically average levels. Earlier in the session, Asian stocks rose for the first time in four sessions, as Hong Kong helped lead a rally on hopes that troubled property firm China Evergrande Group will make progress on debt repayment. The MSCI Asia Pacific Index climbed as much as 0.5%, with Tencent and Meituan providing the biggest boosts. The Hang Seng jumped as much as 2.5%, led by real estate stocks as Evergrande surged more than 30%. Hong Kong shares later pared their gains. Asian markets were also cheered by gains in U.S. stocks overnight even as the Federal Reserve said it may begin scaling back stimulus this year. A $17 billion net liquidity injection from the People’s Bank of China also provided a lift, while the Fed and Bank of Japan downplayed Evergrande risks in comments accompanying policy decisions Wednesday. Evergrande’s stock closed 18% higher in Hong Kong, in a delayed reaction to news a unit of the developer had negotiated interest payments on yuan notes. A coupon payment on its 2022 dollar bond is due on Thursday “Investors are perhaps reassessing the tail risk of a disorderly fallout from Evergrande’s credit issues,” said Chetan Seth, a strategist at Nomura. “However, I am not sure if the fundamental issue around its sustainable deleveraging has been addressed. I suspect markets will likely remain quite volatile until we have some definite direction from authorities on the eventual resolution of Evergrande’s debt problems.” Stocks rose in most markets, with Australia, Taiwan, Singapore and India also among the day’s big winners. South Korea’s benchmark was the lone decliner, while Japan was closed for a holiday In rates, Treasuries were off session lows, with the 10Y trading a 1.34%, but remained under pressure in early U.S. session led by intermediate sectors, where 5Y yield touched highest since July 2. Wednesday’s dramatic yield-curve flattening move unleashed by Fed communications continued, compressing 5s30s spread to 93.8bp, lowest since May 2020. UK 10-year yield climbed 3.4bp to session high 0.833% following BOE rate decision (7-2 vote to keep bond-buying target unchanged); bunds outperformed slightly. Peripheral spreads tighten with long-end Italy outperforming. In FX, the Bloomberg Dollar Spot Index reversed an earlier gain and dropped 0.3% as the dollar weakened against all of its Group-of-10 peers apart from the yen amid a more positive sentiment. CAD, NOK and SEK are the strongest performers in G-10, JPY the laggard.  The euro and the pound briefly pared gains after weaker-than-forecast German and British PMIs. The pound rebounded from an eight-month low amid a return of global risk appetite as investors assessed whether the Bank of England will follow the Federal Reserve’s hawkish tone later Thursday. The yield differential between 10-year German and Italian debt narrowed to its tightest since April. Norway’s krone advanced after Norges Bank raised its policy rate in line with expectations and signaled a faster pace of tightening over the coming years. The franc whipsawed as the Swiss National Bank kept its policy rate and deposit rate at record lows, as expected, and reiterated its pledge to wage currency market interventions. The yen fell as a unit of China Evergrande said it had reached an agreement with bond holders over an interest payment, reducing demand for haven assets. Turkey’s lira slumped toa record low against the dollar after the central bank unexpectedly cut interest rates. In commodities, crude futures drifted lower after a rangebound Asia session. WTI was 0.25% lower, trading near $72; Brent dips into the red, so far holding above $76. Spot gold adds $3.5, gentle reversing Asia’s losses to trade near $1,771/oz. Base metals are well bid with LME aluminum leading gains. Bitcoin steadied just below $44,000. Looking at the day ahead, we get the weekly initial jobless claims, the Chicago Fed’s national activity index for August, and the Kansas City fed’s manufacturing activity index for September. From central banks, there’ll be a monetary policy decision from the Bank of England, while the ECB will be publishing their Economic Bulletin and the ECB’s Elderson will also speak. From emerging markets, there’ll also be monetary policy decisions from the Central Bank of Turkey and the South African Reserve Bank. Finally in Germany, there’s an election debate with the lead candidates from the Bundestag parties. Market Snapshot S&P 500 futures up 0.7% to 4,413.75 STOXX Europe 600 up 1.1% to 468.32 MXAP up 0.5% to 200.57 MXAPJ up 0.9% to 645.76 Nikkei down 0.7% to 29,639.40 Topix down 1.0% to 2,043.55 Hang Seng Index up 1.2% to 24,510.98 Shanghai Composite up 0.4% to 3,642.22 Sensex up 1.4% to 59,728.37 Australia S&P/ASX 200 up 1.0% to 7,370.22 Kospi down 0.4% to 3,127.58 German 10Y yield fell 5.6 bps to -0.306% Euro up 0.4% to $1.1728 Brent Futures up 0.3% to $76.39/bbl Gold spot up 0.0% to $1,768.25 U.S. Dollar Index down 0.33% to 93.16 Top Overnight News from Bloomberg Financial regulators in Beijing issued a broad set of instructions to China Evergrande Group, telling the embattled developer to focus on completing unfinished properties and repaying individual investors while avoiding a near-term default on dollar bonds China’s central bank net-injected the most short- term liquidity in eight months into the financial system, with markets roiled by concerns over China Evergrande Group’s debt crisis Europe’s worst energy crisis in decades could drag deep into the cold months as Russia is unlikely to boost shipments until at least November Business activity in the euro area “markedly” lost momentum in September after demand peaked over the summer and supply chain bottlenecks hurt both services and manufacturers. Surveys of purchasing managers by IHS Markit showed growth in both sectors slowing more than expected, bringing overall activity to a five-month low. Input costs, meanwhile, surged to the highest in 21 years, according to the report The U.K. private sector had its weakest month since the height of the winter lockdown and inflation pressures escalated in September, adding to evidence that the recovery is running into significant headwinds, IHS Markit said The U.K.’s record- breaking debut green bond sale has given debt chief Robert Stheeman conviction on the benefits of an environmental borrowing program. The 10 billion-pound ($13.7 billion) deal this week was the biggest-ever ethical bond sale and the country is already planning another offering next month A more detailed look at global markets courtesy of Newsquaw Asian equity markets traded mostly positive as the region took its cue from the gains in US with the improved global sentiment spurred by some easing of Evergrande concerns and with stocks also unfazed by the marginally more hawkish than anticipated FOMC announcement (detailed above). ASX 200 (+1.0%) was underpinned by outperformance in the commodity-related sectors and strength in defensives, which have more than atoned for the losses in tech and financials, as well as helped markets overlook the record daily COVID-19 infections in Victoria state. Hang Seng (+0.7%) and Shanghai Comp. (+0.6%) were also positive after another respectable liquidity operation by the PBoC and with some relief in Evergrande shares which saw early gains of more than 30% after recent reports suggested a potential restructuring by China’s government and with the Co. Chairman noting that the top priority is to help wealth investors redeem their products, although the majority of the Evergrande gains were then pared and unit China Evergrande New Energy Vehicle fully retraced the initial double-digit advances. KOSPI (-0.5%) was the laggard as it played catch up to the recent losses on its first trading day of the week and amid concerns that COVID cases could surge following the holiday period, while Japanese markets were closed in observance of the Autumnal Equinox Day. China Pumps $17 Billion Into System Amid Evergrande Concerns China Stocks From Property to Tech Jump on Evergrande Respite Philippines Holds Key Rate to Spur Growth Amid Higher Prices Taiwan’s Trade Deal Application Sets Up Showdown With China Top Asian News European equities (Stoxx 600 +0.9%) trade on the front-foot and have extended gains since the cash open with the Stoxx 600 now higher on the week after Monday’s heavy losses. From a macro perspective, price action in Europe has been undeterred by a slowdown in Eurozone PMIs which saw the composite metric slip to 56.1 from 59.0 (exp. 58.5) with IHS Markit noting “an unwelcome combination of sharply slower economic growth and steeply rising prices.” Instead, stocks in the region have taken the cue from a firmer US and Asia-Pac handover with performance in Chinese markets aided by further liquidity injections by the PBoC. Some positivity has also been observed on the Evergrande front amid mounting expectations of a potential restructuring at the company. That said, at the time of writing, it remains unclear what the company’s intentions are for repaying its USD 83.5mln onshore coupon payment. Note, ING highlights that “missing that payment today would still leave a 30-day grace period before this is registered as a default”. The most recent reports via WSJ indicate that Chinese authorities are asking local governments to begin preparations for the potential downfall of Evergrande; however, the article highlights that this is a last resort and Beijing is reluctant to step in. Nonetheless, this article has taken the shine off the mornings risk appetite, though we do remain firmer on the session. Stateside, as the dust settles on yesterday’s FOMC announcement, futures are firmer with outperformance in the RTY (+0.8% vs. ES +0.7%). Sectors in Europe are higher across the board with outperformance in Tech and Autos with the latter aided by gains in Faurecia (+4.6%) who sit at the top of the Stoxx 600 after making an unsurprising cut to its guidance, which will at least provide some clarity on the Co.’s near-term future; in sympathy, Valeo (+6.6) is also a notable gainer in the region. To the downside, Entain (+2.6%) sit at the foot of the Stoxx 600 after recent strong gains with the latest newsflow surrounding the Co. noting that MGM Resorts is considering different methods to acquire control of the BetMGM online gambling business JV, following the DraftKings offer for Entain, according to sources. The agreement between Entain and MGM gives MGM the ability to block any deal with competing businesses; MGM officials believe this grants the leverage to take full control of BetMGM without spending much. Top European News BOE Confronts Rising Prices, Slower Growth: Decision Guide La Banque Postale Eyes Retail, Asset Management M&A in Europe Activist Bluebell Raises Pressure on Glaxo CEO Walmsley Norway Delivers Rate Lift-Off With Next Hike Set for December In FX, not much bang for the Buck even though the FOMC matched the most hawkish market expectations and Fed chair Powell arguably went further by concluding in the post-meeting press conference that substantial progress on the lagging labour front is all but done. Hence, assuming the economy remains on course, tapering could start as soon as November and be completed my the middle of 2022, though he continued to play down tightening prospects irrespective of the more hawkish trajectory implied by the latest SEP dot plots that are now skewed towards at least one hike next year and a cumulative seven over the forecast horizon. However, the Greenback only managed to grind out marginally higher highs overnight, with the index reaching 93.526 vs 93.517 at best yesterday before retreating quite sharply and quickly to 93.138 in advance of jobless claims and Markit’s flash PMIs. CAD/NZD/AUD - The Loonie is leading the comeback charge in major circles and only partially assisted by WTI keeping a firm bid mostly beyond Usd 72/brl, and Usd/Cad may remain contained within 1.2796-50 ahead of Canadian retail sales given decent option expiry interest nearby and protecting the downside (1 bn between 1.2650-65 and 2.7 bn from 1.2620-00). Meanwhile, the Kiwi has secured a firmer grip on the 0.7000 handle to test 0.7050 pre-NZ trade and the Aussie is looking much more comfortable beyond 0.7250 amidst signs of improvement in the flash PMIs, albeit with the services and composite headline indices still some way short of the 50.0 mark. NOK/GBP/EUR/CHF - All firmer, and the Norwegian Crown outperforming following confirmation of the start of rate normalisation by the Norges Bank that also underscored another 25 bp hike in December and further tightening via a loftier rate path. Eur/Nok encountered some support around 10.1000 for a while, but is now below, while the Pound has rebounded against the Dollar and Euro in the run up to the BoE at midday. Cable is back up around 1.3770 and Eur/Gbp circa 0.8580 as Eur/Usd hovers in the low 1.1700 area eyeing multiple and a couple of huge option expiries (at the 1.1700 strike in 4.1 bn, 1.1730 in 1 bn, 1.1745-55 totalling 2.7 bn and 1.8 bn from 1.1790-1.1800). Note, Eurozone and UK flash PMIs did not live up to their name, but hardly impacted. Elsewhere, the Franc is lagging either side of 0.9250 vs the Buck and 1.0835 against the Euro on the back of a dovish SNB Quarterly Review that retained a high Chf valuation and necessity to maintain NIRP, with only minor change in the ordering of the language surrounding intervention. JPY - The Yen is struggling to keep its head afloat of 110.00 vs the Greenback as Treasury yields rebound and risk sentiment remains bullish pre-Japanese CPI and in thinner trading conditions due to the Autumn Equinox holiday. In commodities, WTI and Brent have been choppy throughout the morning in-spite of the broadly constructive risk appetite. Benchmarks spent much of the morning in proximity to the unchanged mark but the most recent Evergrande developments, via WSJ, have dampened sentiment and sent WTI and Brent back into negative territory for the session and printing incremental fresh lows at the time of publication. Back to crude, newsflow has once again centred around energy ministry commentary with Iraq making clear that oil exports will continue to increase. Elsewhere, gas remains at the forefront of focus particularly in the UK/Europe but developments today have been somewhat incremental. On the subject, Citi writes that Asia and Europe Nat. Gas prices could reach USD 100/MMBtu of USD 580/BOE in the winter, under their tail-risk scenario. For metals, its very much a case of more of the same with base-metals supportive, albeit off-best given Evergrande, after a robust APAC session post-FOMC. Given the gas issues, desks highlight that some companies are being forced to suspend/reduce production of items such as steel in Asian/European markets, a narrative that could become pertinent for broader prices if the situation continues. Elsewhere, spot gold and silver are both modestly firmer but remain well within the range of yesterday’s session and are yet to recovery from the pressure seen in wake of the FOMC. US Event Calendar 8:30am: Sept. Initial Jobless Claims, est. 320,000, prior 332,000; Continuing Claims, est. 2.6m, prior 2.67m 8:30am: Aug. Chicago Fed Nat Activity Index, est. 0.50, prior 0.53 9:45am: Sept. Markit US Composite PMI, prior 55.4 9:45am: Sept. Markit US Services PMI, est. 54.9, prior 55.1 9:45am: Sept. Markit US Manufacturing PMI, est. 61.0, prior 61.1 11am: Sept. Kansas City Fed Manf. Activity, est. 25, prior 29 12pm: 2Q US Household Change in Net Wor, prior $5t DB's Jim Reid concludes the overnight wrap My wife was at a parents event at school last night so I had to read three lots of bedtime stories just as the Fed were announcing their policy decision. Peppa Pig, Biff and Kipper, and somebody called Wonder Kid were interspersed with Powell’s press conference live on my phone. It’s fair to say the kids weren’t that impressed by the dot plot and just wanted to join them up. The twins (just turned 4) got their first reading book homework this week and it was a bit sad that one of them was deemed ready to have one with words whereas the other one only pictures. The latter was very upset and cried that his brother had words and he didn’t. That should create even more competitive tension! Back to the dots and yesterday’s Fed meeting was on the hawkish side in terms of the dots and also in terms of Powell’s confidence that the taper could be complete by mid-2022. Powell said that the Fed could begin tapering bond purchases as soon as the November FOMC meeting, in line with our US economists’ forecasts. He left some room for uncertainty, saying they would taper only “If the economy continues to progress broadly in line with expectations, and also the overall situation is appropriate for this.” However he made clear that “the timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff.” The quarterly “dot plot” showed that the 18 FOMC officials were split on whether to start raising rates next year or not. In June, the median dot indicated no rate increases until 2023, but now 6 members see a 25bps raise next year and 3 members see two such hikes. Their inflation forecasts were also revised up and DB’s Matt Luzzetti writes in his FOMC review (link here) that “If inflation is at or below the Fed's current forecast next year of 2.3% core PCE, liftoff is likely to come in 2023, consistent with our view. However, if inflation proves to be higher with inflation expectations continuing to rise, the first rate increase could well migrate into 2022.” Markets took the overall meeting very much in its stride with the biggest impact probably being a yield curve flattening even if US 10yr Treasury yields traded in just over a 4bp range yesterday and finishing -2.2bps lower at 1.301%. The 5y30y curve flattened -6.7bps to 95.6bps, its flattest level since August 2020, while the 2y10y curve was -4.2bps flatter. So the market seems to believe the more hawkish the Fed gets the more likely they’ll control inflation and/or choke the recovery. The puzzle is that even if the dots are correct, real Fed funds should still be negative and very accommodative historically for all of the forecasting period. As such the market has a very dim view of the ability of the economy to withstand rate hikes or alternatively that the QE technicals are overpowering everything at the moment. In equities, the S&P 500 was up nearly +1.0% 15 minutes prior to the Fed, and then rallied a further 0.5% in the immediate aftermath before a late dip look it back to +0.95%. The late dip meant that the S&P still has not seen a 1% up day since July 23. The index’s rise was driven by cyclicals in particular with energy (+3.17%), semiconductors (-2.20%), and banks (+2.13%) leading the way. Asian markets are mostly trading higher this morning with the Hang Seng (+0.69%), Shanghai Comp (+0.58%), ASX (+1.03%) and India’s Nifty (+0.81%) all up. The Kospi (-0.36%) is trading lower though and is still catching up from the early week holidays. Japan’s markets are closed for a holiday today. Futures on the S&P 500 are up +0.25% while those on the Stoxx 50 are up +0.49%. There is no new news on the Evergrande debt crisis however markets participants are likely to pay attention to whether the group is able to make interest rate payment on its 5 year dollar note today after the group had said yesterday that it resolved a domestic bond coupon by negotiations which was also due today. As we highlighted in our CoTD flash poll conducted earlier this week, market participants are not too worried about a wider fallout from the Evergrande crisis and even the Hang Seng Properties index is up +3.93% this morning and is largely back at the levels before the big Monday sell-off of -6.69%. Overnight we have received flash PMIs for Australia which improved as parts of the country have eased the coronavirus restrictions. The services reading came in at 44.9 (vs. 42.9 last month) and the manufacturing print was even stronger at 57.3 (vs. 52.0 last month). Japan’s flash PMIs will be out tomorrow due to today’s holiday. Ahead of the Fed, markets had continued to rebound from their declines earlier in the week, with Europe’s STOXX 600 gaining +0.99% to narrowly put the index in positive territory for the week. This continues the theme of a relative outperformance among European equities compared to the US, with the STOXX 600 having outpaced the S&P 500 for 5 consecutive sessions now, though obviously by a slim margin yesterday. Sovereign bonds in Europe also posted gains, with yields on 10yr bunds (-0.7bps), OATs (-1.0bps) and BTPs (-3.2bps) all moving lower. Furthermore, there was another tightening in peripheral spreads, with the gap in Italian 10yr yields over bunds falling to 98.8bps yesterday, less than half a basis point away from its tightest level since early April. Moving to fiscal and with Democrats seemingly unable to pass the $3.5 trillion Biden budget plan by Monday, when the House is set to vote on the bipartisan infrastructure bill, Republican leadership is calling on their members to vote against the bipartisan bill in hopes of delaying the process further. While the there is still a high likelihood the measure will eventually get passed, time is becoming a factor. Congress now has just over a week to get a government funding bill through both chambers of congress as well as raise the debt ceiling by next month. Republicans have told Democrats to do the latter in a partisan manner and include it in the reconciliation process which could mean that a significant portion of the Biden economic agenda – mostly encapsulated in the $3.5 trillion over 10 year budget – may have to be cut down to get the entire Democratic caucus on board. Looking ahead, an event to watch out for today will be the Bank of England’s policy decision at 12:00 London time, where our economists write (link here) that they expect no change in the policy settings. However, they do expect a reaffirmation of the BoE’s updated forward guidance that some tightening will be needed over the next few years to keep inflation in check, even if it’s too early to expect a further hawkish pivot at this stage. Staying on the UK, two further energy suppliers (Avro Energy and Green Supplier) ceased trading yesterday amidst the surge in gas prices, with the two supplying 2.9% of domestic customers between them. We have actually seen a modest fall in European natural gas prices over the last couple of days, with the benchmark future down -4.81% since its close on Monday, although it’s worth noting that still leaves them up +75.90% since the start of August alone. There wasn’t much data to speak of yesterday, though US existing home sales fell to an annualised rate of 5.88 in August (vs. 5.89m expected). Separately, the European Commission’s advance consumer confidence reading for the Euro Area unexpectedly rose to -4.0 in September (vs. -5.9 expected). To the day ahead now, the data highlights include the September flash PMIs from around the world, while in the US there’s the weekly initial jobless claims, the Chicago Fed’s national activity index for August, and the Kansas City fed’s manufacturing activity index for September. From central banks, there’ll be a monetary policy decision from the Bank of England, while the ECB will be publishing their Economic Bulletin and the ECB’s Elderson will also speak. From emerging markets, there’ll also be monetary policy decisions from the Central Bank of Turkey and the South African Reserve Bank. Finally in Germany, there’s an election debate with the lead candidates from the Bundestag parties. Tyler Durden Thu, 09/23/2021 - 08:13.....»»

Category: blogSource: zerohedge1 hr. 41 min. ago

Pfizer CEO On Providing 500 Million Vaccines To Low Income Countries

Following is the unofficial transcript of a CNBC interview with Pfizer Inc. (NYSE:PFE) Chairman and CEO Albert Bourla on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Wednesday, September 22. Following is a link to video on CNBC.com: Q2 2021 hedge fund letters, conferences and more Pfizer CEO On Providing 500 Million Vaccines To Low Income […] Following is the unofficial transcript of a CNBC interview with Pfizer Inc. (NYSE:PFE) Chairman and CEO Albert Bourla on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Wednesday, September 22. Following is a link to video on CNBC.com: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2021 hedge fund letters, conferences and more Pfizer CEO On Providing 500 Million Vaccines To Low Income Countries MEG TIRRELL: That special guest is Albert Bourla, the CEO of Pfizer. Albert, thanks for being with us this morning. Let's start with the news of the day, at least 500 million doses add to a previous agreement for the same number. They started shipping last month and will continue over the next year we understand. Tell us about your expectation for what these agreements will do for the course of the pandemic. ALBERT BOURLA: I think they will enable way more equitable access to our vaccines. When we started, Meg, more than a year, we're going to begin with the pandemic. It was always in our minds that we need to have a vaccine that will be available to all and the first thing that we had to do was to develop the vaccine because now it's considered given but the months ago, nobody thought that this could be done. The second was to manufacture enough so that everybody will have and we are gearing up our manufacturing capacity. Right now, at the end of the month, we will have manufactured 2 billion doses, 500 of which will be gone to the low- and middle-income countries. By the end of the quarter 3 billion doses, 1 billion of which will go to the low- and middle-income countries. And the third was to set the price that will enable everybody to access. As you know the price from the high-income countries is the cost of takeaway meal and this price for the government because their citizens are paying nothing. But for the middle-income countries, we are charging half of this price and the low-income countries we are charging basically at non-for-profit. The US government stepping once more 1 billion doses will be donated to the poorest of the countries, not to the middle and low but to the poorest countries, and that will not be given to them at the non-for-profit price, it will be given free because US is covering the cost. So, I think it is a great news for humanity and frankly it is great news for us because we are very proud that our vaccine will save the lives of people around the world. TIRRELL: How do you respond then to criticisms like from former CDC Director Dr. Tom Frieden, who has been pointing out on Twitter over the last week that he thinks this inequity is quote, “shameful.” He says, “While focusing on selling expensive vaccines to rich countries, Moderna and Pfizer are doing next to nothing to close the global gap in vaccine supply.” How do you respond to criticisms like that? BOURLA: Well I respond that already we have seen 500 million doses to low- and middle-income countries, that we will see a billion doses by the end of this year, not in the near future, by the end of this year. And we will do at least 1 billion doses next year and I think the facts are speaking for themselves. TIRRELL: Is there more that Pfizer could do? There's also some focus on the infrastructure in developing countries and there's been criticisms of the Biden administration for delivering perhaps vaccines but then not delivering the sort of cold chain functionality to be able to store and move those vaccines around or helping get vaccinators to be able to help roll out these vaccines. What more do you think can be done to expedite all of this? BOURLA: Clearly there's more that can be done in terms of infrastructure in the poorest countries so that they can absorb vaccines so this kind of technology that they need special conditions like ultra-cold chain, etc. I think this is something that WHO is doing and this is something that was ourselves, we are working very intensively to help, although it is not let’s say our direct responsibility is to provide the vaccine but we are working also on the last mile, how we can assist, so that they can move eventually this vaccine to the citizens. TIRRELL: There's also been a big focus on ramping up production of mRNA vaccines in these developing countries so that they're not dependent on manufacturers elsewhere providing them. You do say or Uğur Şahin, your partner at BioNTech, says in your release today that you are exploring how to build the sustainable mRNA production infrastructure in low-income countries over the mid- and long-term. It seems like that is not a near term goal necessarily just because does it take that long to build this up, could scaling up happen in these countries any faster than it's happening already? BOURLA: Well yes, it will take a very long time to be able to build infrastructure that it is able to handle this higher level of technology. This is not easy. This is not making, you know, any type of goods so this is really, really high-end, regard not only sophisticated investments but thousands of people that they are highly skilled to do that. I don't say that it is impossible to be done but it will take time. TIRRELL: And of course, here in the United States, we're all focused on boosters, who's going to get their third shot and when. We're expecting an FDA decision on that today or tomorrow and CDC will, will vote. How do you in this position of deciding, where to take orders from and where to deliver things, respond to the pressures you get from the World Health Organization which is saying people shouldn't get boosters until the end of the year until more people have gotten their first doses. How do you weigh all those pressures coming in? BOURLA: Look, I think there's, as a whole that the decision to provide a booster should be made on the merits of the science. This is not correct to say that I will not give boosters to one because I prefer to give primary dose to someone else. The second is as I said that we should not be in, we should not resolve it with a “or,” we should resolve it with an “and.” Boosters should be given and other doses should be given to the other countries and this is the meaning of this agreement that we're doing today with the United States. And the third I would say that they, doses for this year have been allocated long ago. Everybody has placed their orders and with the first orders placed, first deliveries are coming out and so that will not change even if the boosters are approved which I expect will be. We will not give more to the countries that are approving boosters so that they can do the boosters. We will give the quantities to everyone that we have committed to give this year, and then as I said, this year, we're going to do a billion doses to the lower, middle-income countries. BECKY QUICK: Hey, Albert, on that point, it just, we know that the FDA panel that met last week voted no on the original question was that booster shots would be available for anyone ages 16 and up. They did vote yes on a more qualified picture, people ages 65 and up, people who have comorbidities and, and people who were maybe exposed at work because of the jobs that they do, but that still leaves a big gap if the FDA eventually goes through and approves the ladder question, not the opening. On that first question, they said they didn't have enough science to prove it. The science that was put in front of them didn't prove that those ages 16 and up needed boosters. When will we see more science, what's the next step or are people just kind of left to fend for themselves at this point? BOURLA: I think time will bring data because everybody's collecting data and I’m sure pretty soon they will have more data so that they can reevaluate their recommendations. It is clear from the data that we have seen that we support it to the need to give broad recommendations. The majority of the committee clearly thought that this is not the right time for people to receive in earlier phases. So, they, I guess they will expect to see when is the right time. What I want to say is in pandemic typically, it's very difficult to come to the right time. You're coming either too early or too late. ANDREW ROSS SORKIN: Albert, when you think about efficacy, there seems to be different definitions of efficacy in the United States versus Israel and people are measuring it differently. In some cases, it's hospitalization and death. In others, it's simply infection upfront. Do we have to redefine what efficacy really is and what it should be and what we're trying to avoid? BOURLA: I think science is to measure everything so and we should be very clear when you speak about efficacy, if you refer to efficacy against severe disease, or if we speak about efficacy in general in disease or infection, and the data for example for me is coming from all three categories is not that they're coming only for mild infections. They had seen drop in the protection against severe disease as well. SORKIN: Do you have a view on why it appears that the efficacy of the Pfizer vaccine seems to be lesser, at least at the moment, based on some of the numbers than the, than the Moderna vaccine. It appears that in the case of Moderna, it has a higher efficacy or at least more durable efficacy, is that a function of the fact that, it's that there's more of it, more vaccine, actually that's put in the arm? Is it a function of the fact that between the first and second dose, there's a longer wait period, four weeks rather than three weeks, what do you, or is it simply the timing of what we've seen in the studies? A lot of people got Pfizer earlier. BOURLA: I think that it is the wrong thing to start comparing vaccines, particularly in public and I don't think I would like to do it. But nevertheless, given your, your question, I'm not convinced that one is better than the other or it lasted longer than the other because of the reasons that we just said that when those studies compare, they don't exhaust from the time of the second dose and also they don't adjust from the fact that Pfizer was given way earlier to elder, high risk people. And so, we are comparing more months of since the first dose from Pfizer and very different population. But again, I said that the both of them are wonderful vaccines, I don't want to make comparisons and those that make comparisons, they are wrong. QUICK: Albert, can you give us an update on where things stand for the vaccine approval at least emergency use authorization for kids ages five to 11. We've heard a lot and the latest that we've gotten is maybe available by Halloween. But what does that actually mean? Does it really mean that our kids might actually get to the shots by then, will it be fully distributed? Is it going to be hard to find this because I know you have to give different vial sizes so as a result it's kind of gearing up the entire process again like we did at the beginning of the year. BOURLA: We are going to be ready once FDA approves the vaccine, provided that they will approve it, to be able to distribute it. And I know that we will submit our data pretty soon. The data are very positive, but I cannot comment when FDA will approve it. This is absolutely up to them to take their time to do their review and do the approval, the time that they're comfortable if they approve it. TIRRELL: And Albert, you actually got data I think a little earlier than people expected in that age group five to 11. What are you expecting in terms of younger kids asking completely unbiased as a parent of a two-and-a-half-year-old? BOURLA: Meg, as you know, we are always coming ahead of people's expectations so I hope that we will not disappoint them. TIRRELL: So, your CFO Frank D’Amelio had suggested perhaps you're about a month behind for younger children. Is that the timeline you're looking at for down to age two, or down to age six months? BOURLA: Well yeah, that's one to two months I would say, somewhere there. TIRRELL: Okay, and just to go back to that booster discussion that that Becky was talking about. Were you surprised that the panel voted to narrow the recommendation for, for whom, who should get boosters here in the US as we're seeing them given so broadly in Israel and even to everybody over the age of 50 in the UK? BOURLA: Yes, I was surprised but you know this is not about me being surprised. This is about the committee which is composed by renowned scientists. They have very high integrity. They have high expertise and they came to this conclusion. Our scientists also have very high integrity and they have very high expertise and they came to different conclusion. Israel scientists, UK scientists is different from German scientists also they have high expertise, but this is the role of committees. They have responsibility to recommend and then the administration has the responsibility to implement health care policies that they are important. And, you know, I think we should let the system work. QUICK: With all of the countries that you just mentioned, is there one Albert that has been the easiest to work with or the most difficult to work with and maybe the administration maybe the bureaucracy that you deal with. What, what would you say? BOURLA: I would say that all the candidates have stepped up and they are wonderful and frankly, I had the opportunity because of that, to, to connect personally with state leaders and with administration of many countries and I understand there are going to do the best for their people and they have to deal with very tough decisions and sometimes they get it right. Sometimes they get it wrong. But they are all having the best of intentions so I wouldn’t separate anyone on this. TIRRELL: Alright, Albert. I think that's all the time we've got. We really appreciate you being with us this morning and we look forward to all of these updates coming up. Thanks so much. BOURLA: Thank you very much. Thank you very much, Meg. Thank you. Updated on Sep 22, 2021, 9:35 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk15 hr. 57 min. ago

A New Campaign Asks Facebook Users to Log Off. Will It Have an Impact?

The campaign comes in the wake of a series of damning reports last week from the Wall Street 'Journal' A coalition of advocacy groups is calling on Facebook and Instagram users to log out of both platforms for one day in November to hold the company to account for “irresponsibility,” in a new campaign launched Wednesday. The Facebook Logout campaign takes aim at what it says is the company’s role in a series of recent scandals, including the Jan. 6 insurrection and a pattern of “ignoring disinformation for profit.” The campaign comes in the wake of a series of reports last week in the Wall Street Journal that revealed executives at Facebook knew its photo and video sharing platform Instagram had a negative impact on teen girls’ mental health, that it did little to act on staff reports of trafficking and other human rights violations, and that its executives ignored warnings that a change to content-ranking algorithms boosted divisive content and sensationalism. [time-brightcove not-tgx=”true”] The Facebook Logout campaign asks users to pledge to log off from Facebook and Instagram, its photo-sharing subsidiary, for 24 hours on Nov. 10. The campaign has a list of demands, including that CEO Mark Zuckerberg should step down, and that Facebook should immediately halt its “Instagram for Kids” project. It is spearheaded by Kairos, a tech-focused racial justice group. Facebook’s most recent earnings report shows that 98.5% of its revenue comes from its advertising business, which uses reams of personal data about users to predict what kinds of ads they are likely to click on, then sells businesses the opportunity to place those ads. “Companies like Facebook would have us believe that people are simply users of their platform and we should be grateful for the privilege of using Facebook, when in fact the opposite is true,” Kairos’ executive director Mariana Ruiz Fermat told TIME. “Through this campaign, we hope to change the way we think of ourselves as ‘users’ and our relationship to platforms.” The Facebook Logout campaign’s organizers are confident that user action can still have an impact. “Users logging off creates momentum that feeds into the need for greater regulation,” says Rishi Bharwani of Accountable Tech, a Washington-based tech reform advocacy group that is part of the coalition working on the Logout campaign. “These things all reinforce each other and create a groundswell of support for meaningful change.” But in a world where social media is integral to our human relationships, as well as being the primary organizing tool for social activists, can a grassroots boycott of social media ever get off the ground? “Facebook is everywhere. I got up this morning and posted about this campaign on Facebook,” says Jelani Drew-Davi, the Facebook Logout campaign director at Kairos. “The focus of this campaign is showing people power, and showing that we do hold power as Facebook and Instagram users,” Drew-Davi says. “We don’t have to be complacent with whatever Facebook wants to do. Long term, we’re trying to change people’s mindset.” It’s not the first time a campaign has attempted to convince users to drop the social network. Amid backlash to the Cambridge Analytica data scandal in 2018, the hashtag #DeleteFacebook trended online. The company’s stock price fell, but soon recovered. Facebook’s valuation has more than doubled since then, as advertisers continue to spend big money to reach users with targeted ads, even as the company’s reputation takes blow after blow. When advertisers have taken a stand, it has had little impact. During the Black Lives Matter protests in the summer of 2020, more than 1,000 companies, including Ford and Coca-Cola, temporarily halted buying ads on Facebook after CEO Mark Zuckerberg refused to remove a post from President Donald Trump that said “when the looting starts, the shooting starts.” (The Southern Poverty Law Center said the post “glorifies violence against protesters,” especially protesters of color.) Again Facebook’s stock price dropped but quickly recovered. Ford, Coca-Cola and many of the other advertisers involved in the boycott have since returned to posting ads on the social network. “Black and brown people are the people who are most harmed when tech does things wrong,” Drew-Davi says. “That’s why it’s really important for us to take action from a racial equity lens.” Kairos hopes that the Facebook Logout campaign’s approach will be more effective than past attempts by balancing the symbolic power of a mass log-off while harnessing social media as a tool for collective organizing. “People use Facebook, not only to connect with each other, but also to organize for social change,” Drew-Davi says. “That’s the reason we’re not saying delete your account, or do it right now, even. All we’re asking is: take the pledge and join us later to log off. This is an opportunity to show our collective power.”.....»»

Category: topSource: time17 hr. 9 min. ago

The anti-abortion group that championed Texas" vigilante law is upset 2 people suing over abortion aren"t making "valid attempts to save innocent human lives"

"Both cases are self-serving legal stunts," said John Seago, the legislative director of Texas Right to Life, to the New York Times. Protesters demonstrate in front of the U.S. Supreme Court in the morning as the court takes up a major abortion case focusing on whether a Texas law that imposes strict regulations on abortion doctors and clinic buildings interferes with the constitutional right of a woman to end her pregnancy, in Washington March 2, 2016. REUTERS/Kevin Lamarque Texas Right to Life, the group behind the state's abortion whistleblower tip site, decried the first two lawsuits filed under the state's new abortion law. The group's spokesperson said "neither of these lawsuits are valid attempts to save innocent human lives." Both lawsuits were filed by disbarred attorneys that have said they're in favor of abortion access. See more stories on Insider's business page. The anti-abortion group behind Texas' vigilante abortion tip site is upset that two people suing over a now-illegal abortion aren't doing it for the right reasons.Texas Right for Life created a website in August allowing for anyone to submit a tip about people breaking Texas' newly enacted abortion law. The law prohibits doctors from performing an abortion procedure after a fetal heartbeat is detected, typically at the six-week mark of pregnancy.In addition, the law allows anyone to sue the physician performing the procedure, the person receiving the abortion, and anyone they believe helped a patient get an abortion beyond the state's limit. If the lawsuit is successful, the person suing will be rewarded at least $10,000 in addition to legal fees. Two disbarred attorneys filed separate lawsuits on Monday against Dr. Alan Braid, who admitted to performing an abortion earlier this month in spite of the Texas law.Oscar Stilley, who filed one of the lawsuits, said he's in favor of abortion access. The second lawsuit, filed by Felipe Gomez, specifically asks the court to deem the Texas law "illegal as written."But despite the law working as written, Texas Right to Life is not content. The group's spokesperson, Kimberlyn Schwartz, wrote on Monday that the two lawsuits were "bogus" because she alleges that "neither of these lawsuits are valid attempts to save innocent lives."John Seago, the legislative director at Texas Right to Life, echoed Schwartz's statement to the New York Times. "Both cases are self-serving legal stunts, abusing the cause of action created in the Texas Heartbeat Act for their own purposes," Seago said.Texas Right to Life's abortion whistleblower website has been offline for several weeks after GoDaddy refused to continue hosting it. Seago previously told Insider that the website will return, but would not specify when. After their group website leaked hundreds of job resumés, cybersecurity experts and abortion access advocates warned Insider about their concerns about the tip site's security."I shudder even to consider the implications of an extremist anti-choice group having a database of Texans who are known to support reproductive freedom," Dina Montemarano, the research director of NARAL Pro-Choice America, told Insider in an email.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 21st, 2021

BTFD Arrives: Futures Rebound, Europe Surges While Asia Slumps On Evergrande Fears

BTFD Arrives: Futures Rebound, Europe Surges While Asia Slumps On Evergrande Fears Even though China was closed for a second day, and even though the Evergrande drama is nowhere closer to a resolution with a bond default imminent and with Beijing mute on how it will resolve the potential "Lehman moment" even as rating agency S&P chimed in saying a default is likely and it does not expect China’s government “to provide any direct support” to the privately owned developer, overnight the BTFD crew emerged in full force, and ramped futures amid growing speculation that Beijing will rescue the troubled developer... Algos about to go on a rampage — zerohedge (@zerohedge) September 21, 2021 ... pushing spoos almost 100 points higher from their Monday lows, and European stock were solidly in the green - despite Asian stocks hitting a one-month low - as investors tried to shake off fears of contagion from a potential collapse of China’s Evergrande, although gains were capped by concerns the Federal Reserve could set out a timeline to taper its stimulus at its meeting tomorrow. The dollar dropped from a one-month high, Treasury yields rose and cryptos rebounded from yesterday's rout. To be sure, the "this is not a Lehman moment" crowed was out in full force, as indicated by this note from Mizuho analysts who wrote that “while street wisdom is that Evergrande is not a ‘Lehman risk’, it is by no stretch of the imagination any meaningful comfort. It could end up being China’s proverbial house of cards ... with cross-sector headwinds already felt in materials/commodities.” At 7:00 a.m. ET, S&P 500 e-minis were up 34.00 points, or 0.79% and Nasdaq 100 e-minis 110.25 points, or 0.73%, while futures tracking the Dow  jumped 0.97%, a day after the index tumbled 1.8% in its worst day since late-July,  suggesting a rebound in sentiment after concerns about contagion from China Evergrande Group’s upcoming default woes roiled markets Monday. Dip-buyers in the last hour of trading Monday helped the S&P 500 pare some losses, though the index still posted the biggest drop since May. The bounce also came after the S&P 500 dropped substantially below its 50-day moving average - which had served as a resilient floor for the index this year - on Monday, its first major breach in more than six months. Freeport-McMoRan mining stocks higher with a 3% jump, following a 3.2% plunge in the S&P mining index a day earlier as copper prices hit a one-month low. Interest rate-sensitive banking stocks also bounced, tracking a rise in Treasury yields. Here are some of the biggest U.S. movers today: U.S.-listed Chinese stocks start to recover from Monday’s slump in premarket trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers Verrica Pharma (VRCA US) plunges 30% in premarket trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum ReWalk Robotics (RWLK US) shares jump 43% in U.S. premarket trading amid a spike in volume in the stock. Being discussed on StockTwits Aprea Therapeutics gains 21% in U.S. premarket trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab Lennar (LEN US) shares fell 3% in Monday postmarket trading after the homebuilder forecast 4Q new orders below analysts’ consensus hurt by unprecedented supply chain challenges ConocoPhillips (COP US) ticks higher in U.S. premarket trading after it agreed to buy Shell’s  Permian Basin assets for $9.5 billion in cash, accelerating the consolidation of the largest U.S. oil patch SmileDirect (SDC US) slightly higher in premarket trading after it said on Monday that it plans to enter France with an initial location in Paris KAR Global (KAR US) shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage Sportradar (SRAD US) shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately Orbital Energy Group (OEG US) gained 6% postmarket Monday after a unit won a contract  to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed “So much of this information is already known that we don’t think it will necessary set off a wave of problems,” John Bilton, head of global multi-asset strategy at JPMorgan Asset Management, said on Bloomberg TV. “I’m more concerned about knock-on sentiment at a time when investor sentiment is a bit fragile. But when we look at the fundamentals -- the general growth, and direction in the wider economy -- we still feel reasonably confident that the situation will right itself.” Aside from worries over Evergrande’s ability to make good on $300 billion of liabilities, investors are also positioning for the two-day Fed meeting starting Tuesday, where policy makers are expected to start laying the groundwork for paring stimulus.  Europe's Stoxx 600 index climbed more than 1%, rebounding from the biggest slump in two months, with energy companies leading the advance and all industry sectors in the green. Royal Dutch Shell rose after the company offered shareholders a payout from the sale of shale oil fields. Universal Music Group BV shares soared in their stock market debut after being spun off from Vivendi SE. European airlines other travel-related stocks rise for a second day following the U.S. decision to soon allow entry to most foreign air travelers as long as they’re fully vaccinated against Covid-19; British Airways parent IAG soars as much as 6.9%, extending Monday’s 11% jump. Here are some of the biggest European movers today: Stagecoach shares jump as much as 24% after the company confirmed it is in takeover talks with peer National Express. Shell climbs as much as 4.4% after selling its Permian Basin assets to ConocoPhillips for $9.5 billion. Bechtle gains as much as 4.3% after UBS initiated coverage at buy. Husqvarna tumbles as much as 9% after the company said it is suing Briggs & Stratton in the U.S. for failing to deliver sufficient lawn mower engines for the 2022 season. Kingfisher slides as much as 6.4% after the DIY retailer posted 1H results and forecast higher profits this fiscal year. The mood was decidedly more sour earlier in the session, when Asian stocks fell for a second day amid continued concerns over China’s property sector, with Japan leading regional declines as the market reopened after a holiday. The MSCI Asia Pacific Index was down 0.5%, headed for its lowest close since Aug. 30, with Alibaba and SoftBank the biggest drags. China Evergrande Group slid deeper in equity and credit markets Tuesday after S&P said the developer is on the brink of default. Markets in China, Taiwan and South Korea were closed for holidays. Worries over contagion risk from the Chinese developer’s debt problems and Beijing’s ongoing crackdowns, combined with concern over Federal Reserve tapering, sent global stocks tumbling Monday. The MSCI All-Country World Index fell 1.6%, the most since July 19. Japan’s stocks joined the selloff Tuesday as investor concerns grew over China’s real-estate sector as well as Federal Reserve tapering, with the Nikkei 225 sliding 2.2% - its biggest drop in three months, catching up with losses in global peers after a holiday - after a four-week rally boosted by expectations for favorable economic policies from a new government. Electronics makers were the biggest drag on the Topix, which declined 1.7%. SoftBank Group and Fast Retailing were the largest contributors to a 2.2% loss in the Nikkei 225. Japanese stocks with high China exposure including Toto and Nippon Paint also dropped. “The outsized reaction in global markets may be a function of having too many uncertainties bunched into this period,” Eugene Leow, a macro strategist at DBS Bank Ltd., wrote in a note. “It probably does not help that risk taking (especially in equities) has gone on for an extended period and may be vulnerable to a correction.” “The proportion of Japan’s exports to China is greater than those to the U.S. or Europe, making it sensitive to any slowdown worries in the Chinese economy,” said Hideyuki Ishiguro, a senior strategist at Nomura Asset Management in Tokyo. “The stock market has yet to fully price in the possibility of a bankruptcy by Evergrande Group.” The Nikkei 225 has been the best-performing major stock gauge in the world this month, up 6.2%, buoyed by expectations for favorable policies from a new government and an inflow of foreign cash. The Topix is up 5.3% so far in September. In FX, the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis. In rates, Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp; 10-year yields around 1.3226%, cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result In commodities, crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer Looking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook. Market Snapshot S&P 500 futures up 1.0% to 4,392.75 STOXX Europe 600 up 1.1% to 459.10 MXAP down 0.5% to 200.25 MXAPJ up 0.2% to 640.31 Nikkei down 2.2% to 29,839.71 Topix down 1.7% to 2,064.55 Hang Seng Index up 0.5% to 24,221.54 Shanghai Composite up 0.2% to 3,613.97 Sensex up 0.4% to 58,751.30 Australia S&P/ASX 200 up 0.4% to 7,273.83 Kospi up 0.3% to 3,140.51 Brent Futures up 1.6% to $75.13/bbl Gold spot down 0.1% to $1,761.68 U.S. Dollar Index little changed at 93.19 German 10Y yield fell 5.0 bps to -0.304% Euro little changed at $1.1729 Top Overnight News from Bloomberg Lael Brainard is a leading candidate to be the Federal Reserve’s banking watchdog and is also being discussed for more prominent Biden administration appointments, including to replace Fed chairman Jerome Powell and, potentially, for Treasury secretary if Janet Yellen leaves Federal Reserve Chair Jerome Powell will this week face the challenge of convincing investors that plans to scale back asset purchases aren’t a runway to raising interest rates for the first time since 2018 ECB Vice President Luis de Guindos says there is “good news” with respect to the euro-area recovery after a strong development in the second and third quarter The ECB is likely to continue purchasing junk-rated Greek sovereign debt even after the pandemic crisis has passed, according to Governing Council member and Greek central bank chief Yannis Stournaras U.K. government borrowing was well below official forecasts in the first five months of the fiscal year, providing a fillip for Chancellor of the Exchequer Rishi Sunak as he prepares for a review of tax and spending next month U.K. Business Secretary Kwasi Kwarteng warned the next few days will be challenging as the energy crisis deepens, and meat producers struggle with a crunch in carbon dioxide supplies The U.K.’s green bond debut broke demand records for the nation’s debt as investors leaped on the long-anticipated sterling asset. The nation is offering a green bond maturing in 2033 via banks on Tuesday at 7.5 basis points over the June 2032 gilt. It has not given an exact size target for the sale, which has attracted a record of more than 90 billion pounds ($123 billion) in orders Germany cut planned debt sales in the fourth quarter by 4 billion euros ($4.7 billion), suggesting the surge in borrowing triggered by the coronavirus pandemic is receding Contagion from China Evergrande Group has started to engulf even safer debt in Asia, sparking the worst sustained selloff of the securities since April. Premiums on Asian investment-grade dollar bonds widened 2-3 basis points Tuesday, according to credit traders, after a jump of 3.4 basis points on Monday Swiss National Bank policy makers watching the effects of negative interest rates on the economy are worrying about the real-estate bubble that their policy is helping to foster Global central banks need to set out clear strategies for coping with inflation risks as the world economy experiences faster-than-expected cost increases amid an uneven recovery from the pandemic, the OECD said A quick look at global markets courtesy of Newsquawk Asian equities traded cautiously following the recent downbeat global risk appetite due to Evergrande contagion concerns which resulted in the worst day for Wall Street since May, with the region also contending with holiday-thinned conditions due to the ongoing closures in China, South Korea and Taiwan. ASX 200 (+0.2%) was indecisive with a rebound in the mining-related sectors counterbalanced by underperformance in utilities, financials and tech, while there were also reports that the Byron Bay area in New South Wales will be subject to a seven-day lockdown from this evening. Nikkei 225 (-1.8%) was heavily pressured and relinquished the 30k status as it played catch up to the contagion downturn on return from the extended weekend with recent detrimental currency inflows also contributing to the losses for exporters. Hang Seng (-0.3%) was choppy amid the continued absence of mainland participants with markets second-guessing whether Chinese authorities will intervene in the event of an Evergrande collapse, while shares in the world’s most indebted developer fluctuated and wiped out an early rebound, although affiliate Evergrande Property Services and other property names fared better after Sun Hung Kai disputed reports of China pressuring Hong Kong developers and with Guangzhou R&F Properties boosted by reports major shareholders pledged funds in the Co. which is also selling key assets to Country Garden. Finally, 10yr JGBs were higher amid the underperformance in Japanese stocks and with the Japan Securities Dealers Association recently noting that global funds purchased the most ultra-long Japanese bonds since 2014, although upside was limited amid softer demand at the enhanced liquidity auction for 2yr-20yr maturities and with the BoJ kickstarting its two-day policy meeting. Top Asian News Richest Banker Says Evergrande Is China’s ‘Lehman Moment’ Hong Kong Tycoons, Casino Giants Find Respite in Stock Rebound Taliban Add More Male Ministers, Say Will Include Women Later Asian Stocks Drop to Lowest Level This Month; Japan Leads Losses European equities (Stoxx 600 +1.1%) trade on a firmer footing attempting to recoup some of yesterday’s losses with not much in the way of incremental newsflow driving the upside. Despite the attempt to claw back some of the prior session’s lost ground, the Stoxx 600 is still lower by around 1.6% on the week. The Asia-Pac session was one characterised by caution and regional market closures with China remaining away from market. Focus remains on whether Evergrande will meet USD 83mln in interest payments due on Thursday and what actions Chinese authorities could take to limit the contagion from the company in the event of further troubles. Stateside, futures are also on a firmer footing with some slight outperformance in the RTY (+1.2%) vs. peers (ES +0.8%). Again, there is not much in the way of fresh positivity driving the upside and instead gains are likely more a by-product of dip-buying; attention for the US is set to become increasingly geared towards tomorrow’s FOMC policy announcement. Sectors in Europe are firmer across the board with outperformance in Oil & Gas names amid a recovery in the crude complex and gains in Shell (+4.4%) after news that the Co. is to sell its Permian Basin assets to ConocoPhillips (COP) for USD 9.5bln in cash. Other outperforming sectors include Tech, Insurance and Basic Resources. IAG (+4.1%) and Deutsche Lufthansa (+3.8%) both sit at the top of the Stoxx 600 as the Co.’s continue to enjoy the fallout from yesterday’s decision by the US to allow travel from vaccinated EU and UK passengers. Swatch (-0.7%) is lagging in the luxury space following a downgrade at RBC, whilst data showed Swiss watch exports were +11.5% Y/Y in August (prev. 29.1%). Finally, National Express (+7.7%) is reportedly considering a takeover of Stagecoach (+21.4%), which is valued at around GBP 370mln. Top European News U.K. Warns of Challenging Few Days as Energy Crisis Deepens Germany Trims Planned Debt Sales as Pandemic Impact Recedes U.K.’s Green Bond Debut Draws Record Demand of $123 Billion Goldman Plans $1.5 Billion Petershill Partners IPO in London In FX, all the signs are constructive for a classic turnaround Tuesday when it comes to Loonie fortunes as broad risk sentiment improves markedly, WTI consolidates within a firm range around Usd 71/brl compared to yesterday’s sub-Usd 70 low and incoming results from Canada’s general election indicate victory for the incumbent Liberal party that will secure a 3rd term for PM Trudeau. Hence, it’s better the devil you know as such and Usd/Cad retreated further from its stop-induced spike to just pips short of 1.2900 to probe 1.2750 at one stage before bouncing ahead of new house price data for August. Conversely, the Swedish Krona seems somewhat reluctant to get carried away with the much better market mood after the latest Riksbank policy meeting only acknowledged significantly stronger than expected inflation data in passing, and the repo rate path remained rooted to zero percent for the full forecast horizon as a consequence. However, Eur/Sek has slipped back to test 10.1600 bids/support following an initial upturn to almost 10.1800, irrespective of a rise in unemployment. NOK/AUD/NZD - No such qualms for the Norwegian Crown as Brent hovers near the top of a Usd 75.18-74.20/brl band and the Norges Bank is widely, if not universally tipped to become the first major Central Bank to shift into tightening mode on Thursday, with Eur/Nok hugging the base of a 10.1700-10.2430 range. Elsewhere, the Aussie and Kiwi look relieved rather than rejuvenated in their own right given dovish RBA minutes, a deterioration in Westpac’s NZ consumer sentiment and near reversal in credit card spending from 6.9% y/y in July to -6.3% last month. Instead, Aud/Usd and Nzd/Usd have rebounded amidst the recovery in risk appetite that has undermined their US rival to top 0.7380 and 0.7050 respectively at best. GBP/CHF/EUR/JPY/DXY - Sterling is latching on to the ongoing Dollar retracement and more supportive backdrop elsewhere to pare losses under 1.3700, while the Franc continues its revival to 0.9250 or so and almost 1.0850 against the Euro even though the SNB is bound to check its stride at the upcoming policy review, and the single currency is also forming a firmer base above 1.1700 vs the Buck. Indeed, the collective reprieve in all components of the Greenback basket, bar the Yen on diminished safe-haven demand, has pushed the index down to 93.116 from 93.277 at the earlier apex, and Monday’s elevated 93.455 perch, while Usd/Jpy is straddling 109.50 and flanked by decent option expiry interest either side. On that note, 1.4 bn resides at the 109.00 strike and 1.1 bn between 109.60-70, while there is 1.6 bn in Usd/Cad bang on 1.2800. EM - Some respite across the board in wake of yesterday’s mauling at the hands of risk-off positioning in favour of the Usd, while the Czk has also been underpinned by more hawkish CNB commentary as Holub echoes the Governor by advocating a 50 bp hike at the end of September and a further 25-50 bp in November. In commodities, WTI and Brent are firmer in the European morning post gains in excess of 1.0%, though the benchmarks are off highs after an early foray saw Brent Nov’21 eclipse USD 75.00/bbl, for instance. While there has been newsflow for the complex, mainly from various energy ministers, there hasn’t been much explicitly for crude to change the dial; thus, the benchmarks are seemingly moving in tandem with broader risk sentiment (see equities). In terms of the energy commentary, the Qatar minister said they are not thinking of re-joining OPEC+ while the UAE minister spoke on the gas situation. On this, reports in Russian press suggests that Russia might allow Rosneft to supply 10bcm of gas to Europe per year under an agency agreement with Gazprom “as an experiment”, developments to this will be closely eyed for any indication that it could serve to ease the current gas situation. Looking ahead, we have the weekly private inventory report which is expected to post a headline draw of 2.4mln and draws, albeit of a smaller magnitude, are expected for distillate and gasoline as well. Moving to metals, spot gold is marginally firmer while silver outperforms with base-metals picking up across the board from the poor performance seen yesterday that, for instance, saw LME copper below the USD 9k mark. Note, the action is more of a steadying from yesterday’s downside performance than any notable upside, with the likes of copper well within Monday’s parameters. US Event Calendar 8:30am: Aug. Building Permits MoM, est. -1.8%, prior 2.6%, revised 2.3% 8:30am: Aug. Housing Starts MoM, est. 1.0%, prior -7.0% 8:30am: Aug. Building Permits, est. 1.6m, prior 1.64m, revised 1.63m 8:30am: Aug. Housing Starts, est. 1.55m, prior 1.53m 8:30am: 2Q Current Account Balance, est. -$190.8b, prior -$195.7b DB's Jim Reid concludes the overnight wrap Global markets slumped across the board yesterday in what was one of the worst days of the year as an array of concerns about the outlook gathered pace. The crisis at Evergrande and in the Chinese real estate sector was the catalyst most people were talking about, but truth be told, the market rout we’re seeing is reflecting a wider set of risks than just Chinese property, and comes after increasing questions have been asked about whether current valuations could still be justified, with talk of a potential correction picking up. Remember that 68% of respondents to my survey last week (link here) thought they’d be at least a 5% correction in equity markets before year end. So this has been front and centre of people’s mind even if the catalyst hasn’t been clear. We’ve all known about Evergrande’s woes and how big it was for a while but it wasn’t until Friday’s story of the Chinese regulatory crackdown extending into property that crystallised the story into having wider implications. As I noted in my chart of the day yesterday link here Chinese USD HY had been widening aggressively over the last couple of months but IG has been pretty rock solid. There were still no domestic signs of contagion by close of business Friday. However as it stands, there will likely be by the reopening post holidays tomorrow which reflects how quickly the story has evolved even without much new news. Before we get to the latest on this, note that we’ve still got a bumper couple of weeks on the calendar to get through, including the Fed decision tomorrow, which comes just as a potential government shutdown and debt ceiling fight are coming into view, alongside big debates on how much spending the Democrats will actually manage to pass. There has been some respite overnight with S&P 500 futures +0.58% higher and 10y UST yields up +1.5bps to 1.327%. Crude oil prices are also up c. 1%. On Evergrande, S&P Global Ratings has said that the company is on the brink of default and that it’s failure is unlikely to result in a scenario where China will be compelled to step in. The report added that they see China stepping in only if “there is a far-reaching contagion causing multiple major developers to fail and posing systemic risks to the economy.” The Hang Seng (-0.32%) is lower but the Hang Seng Properties index is up (+1.59%) and bouncing off the 5 plus year lows it hit yesterday. Elsewhere the ASX (+0.30%) and India’s Nifty (+0.35%) have also advanced. Chinese and South Korean markets are closed for a holiday but the Nikkei has reopened and is -1.80% and catching down to yesterday’s global move. Looking at yesterday’s moves in more depth, the gathering storm clouds saw the S&P 500 shed -1.70% in its worst day since May 12, with cyclical industries leading the declines and with just 10% of S&P 500 index members gaining. There was a late rally at the end of the US trading session that saw equity indices bounce off their lows, with the S&P 500 (-2.87%) and NASDAQ (-3.42%) both looking like they were going to register their worst days since October 2020 and late-February 2021 respectively. However, yesterday was still the 5th worst day for the S&P 500 in 2021. Reflecting the risk-off tone, small caps suffered in particular with the Russell 2000 falling -2.44%, whilst tech stocks were another underperformer as the NASDAQ lost -2.19% and the FANG+ index of 10 megacap tech firms saw an even bigger -3.16% decline. For Europe it was much the same story, with the STOXX 600 (-1.67%) and other bourses including the DAX (-2.31%) seeing significant losses amidst the cyclical underperformance. It was the STOXX 600’s worst performance since mid-July and the 6th worst day of the year overall. Unsurprisingly, there was also a significant spike in volatility, with the VIX index climbing +4.9pts to 25.7 – its highest closing level since mid-May – after trading above 28.0pts midday. In line with the broader risk-off move, especially sovereign bonds rallied strongly as investors downgraded their assessment of the economic outlook and moved to price out the chances of near-term rate hikes. By the close of trade, yields on 10yr Treasuries had fallen -5.1bps to 1.311%, with lower inflation breakevens (-4.1bps) leading the bulk of the declines. Meanwhile in Europe, yields on 10yr bunds (-4.0bps), OATs (-2.6bps) and BTPs (-0.9bps) similarly fell back, although there was a widening in spreads between core and periphery as investors turned more cautious. Elsewhere, commodities took a hit as concerns grew about the economic outlook, with Bloomberg’s Commodity Spot Index (-1.53%) losing ground for a third consecutive session. That said, European natural gas prices (+15.69%) were the massive exception once again, with the latest surge taking them above the peak from last Wednesday, and thus bringing the price gains since the start of August to +84.80%. Here in the UK, Business Secretary Kwarteng said that he didn’t expect an emergency regarding the energy supply, but also said that the government wouldn’t bail out failed companies. Meanwhile, EU transport and energy ministers are set to meet from tomorrow for an informal meeting, at which the massive spike in prices are likely to be discussed. Overnight, we have the first projections of the Canadian federal election with CBC News projecting that the Liberals will win enough seats to form a government for the third time albeit likely a minority government. With the counting still underway, Liberals are currently projected to win 156 seats while Conservatives are projected to win 120 seats. Both the parties are currently projected to win a seat less than last time. The Canadian dollar is up +0.44% overnight as the results remove some election uncertainty. Turning to the pandemic, the main news yesterday was that the US is set to relax its travel rules for foreign arrivals. President Biden announced the move yesterday, mandating that all adult visitors show proof of vaccination before entering the country. Airline stocks outperformed strongly in response, with the S&P 500 airlines (+1.55%) being one of the few industry groups that actually advanced yesterday. Otherwise, we heard from Pfizer and BioNTech that their vaccine trials on 5-11 year olds had successfully produced an antibody response among that age group. The dose was just a third of that used in those aged 12 and above, and they said they planned to share the data with regulators “as soon as possible”. Furthermore, they said that trials for the younger cohorts (2-5 and 6m-2) are expected as soon as Q4. In Germany, there are just 5 days left until the election now, and the last Insa poll before the vote showed a slight tightening in the race, with the centre-left SPD down a point to 25%, whilst the CDU/CSU bloc were up 1.5 points to 22%. Noticeably, that would also put the race back within the +/- 2.5% margin of error. The Greens were unchanged in third place on 15%. Staying with politics and shifting back to the US, there was news last night that Congressional Democratic leaders are looking to tie the suspension of the US debt ceiling vote to the spending bill that is due by the end of this month. If the spending bill is not enacted it would trigger a government shutdown, and if the debt ceiling is not raised it would cause defaults on federal payments as soon as October. Senate Majority Leader Schumer said the House will pass a spending bill that will fund the government through December 3rd and that the “legislation to avoid a government shutdown will also include a suspension of the debt limit through December 2022.” Republicans may balk at the second measure, given that it would take the issue off the table until after the 2022 midterm elections in November of that year. There wasn’t a great deal of data out yesterday, though German producer price inflation rose to +12.0% in August (vs. +11.1% expected), marking the fastest pace since December 1974. Separately in the US, the NAHB’s housing market index unexpectedly rose to 76 in September (vs. 75 expected), the first monthly increase since April. To the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD will be publishing their Interim Economic Outlook. Tyler Durden Tue, 09/21/2021 - 07:45.....»»

Category: blogSource: zerohedgeSep 21st, 2021

Could this federal rule make pork production unsafe?

The group says there is no evidence that increasing line speeds can be done in a way that ensures both food and worker safety......»»

Category: topSource: foxnewsOct 7th, 2019

5G rollout offers a side benefit for businesses seeking advanced connectivity

Wireless service providers are beginning to launch and roll out 5G network technology in cities nationwide. 5G brings faster networks and higher speeds to mobile devices to support new and exciting applications. Sometimes, it brings some not-so-pl.....»»

Category: topSource: bizjournalsOct 7th, 2019

The new iPhone XS and XS Max support faster wireless charging speeds — and so do these 3 wireless chargers

The Insider Picks team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase. Getty The new iPhone XS and XS Max have several hardware improvements over last.....»»

Category: topSource: businessinsiderOct 6th, 2018

AECOM (ACM) to Upgrade Apennine Diesel Railway in Italy

AECOM (ACM) signs MoU to develop hydrogen-powered railway in Central Italy and enhance economic growth. In a bid to upgrade Italy’s historic Apennine diesel railway with hydrogen trains and boost economic growth in the region, AECOM ACM signed a memorandum of understanding or MoU with Iberdrola, a Spain-based renewables group, and two Italian partners, Cinque International as well as Ancitel Energy and Environment.Project DetailsThe transformation of the old diesel railway into new hydrogen technologies includes four different projects. AECOM will act as a leading engineering and program management partner.The first project includes the upgrade of the 300km Apennine line, which runs between the town of Sansepolcro in the northern province of Arezzo and Sulmona, a city in the central province of L'Aquila. It connects a number of inland areas through four central regions. The second project includes pre-feasibility work for a new rail line powered by green hydrogen, which will link Rome with Ascoli Piceno, a province in the Marche region. The third project will assess the potential for diffused green hydrogen manufacturing activity in the region. The last project will identify areas to apply new energy and environmental technologies in post-earthquake reconstruction.All of these projects are part of sustainable economic recovery in Italy. In 2009 and 2016, the country was badly affected by earthquakes and decades of depopulation. These projects strategically align with the European Clean Hydrogen Alliance, which aims at an ambitious deployment of hydrogen technologies by 2030 and support the EU’s commitment to reach carbon neutrality by 2050.AECOM’s chief executive officer, Troy Rudd, said, "We are excited to bring our technical expertise in the development of smart cities and new energy to this project, working with our partners to progress this first-of-a-kind railway for Italy." He continues, "It will also drive innovation in our industry and attract people and business back to this isolated, inland area of Italy that has been impacted by seismic events in recent years. The aim of this ambitious project is to find ways to build back sustainably, using new energy technology to create job opportunities and boost economic growth for communities in the region."Strong Backlog Level to Aid Consulting BusinessAECOM is witnessing a robust pipeline of pursuits across the business. The company’s net service revenues or NSR — defined as revenues excluding subcontractors and other direct costs — have been benefiting from strength across the core transportation, water and environment markets. Although the backlog of $39.7 billion in the fiscal third quarter-end was down 4% due to tepid performance of the Construction Management business, the design business was strong (up 8% year over year).Image Source: Zacks Investment ResearchAECOM currently has good visibility into growth and a strong backlog in the pipeline for the upcoming quarters. The stock has rallied 31.2% in the year-to-date period compared with the industry’s 24.6% growth. Earnings estimates for fiscal 2021 have moved up 0.7% in the past 30 days, depicting analysts' optimism over bottom-line growth potential. The Zacks Consensus Estimate for the Zacks Rank #3 (Hold) company’s fiscal 2021 earnings indicates a 31.2% increase from 2020 level. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Key PicksSome better ranked stocks in the same industry are KBR, Inc. (KBR), Altair Engineering Inc. ALTR and Quanta Services Inc. PWR, each carrying a Zacks Rank #2 (Buy). KBR, Altair and Quanta are likely to register earnings growth rate of 24.9%, 64.5% and 19.9% year over year in 2021. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quanta Services, Inc. (PWR): Free Stock Analysis Report Altair Engineering Inc. (ALTR): Free Stock Analysis Report AECOM (ACM): Free Stock Analysis Report KBR, Inc. (KBR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks25 min. ago

Vistra (VST) Increases Greenhouse Gas Emission Reduction Target

Vistra (VST) continues on its journey to achieve net-zero emission by 2050 and is well placed to reach its new emission reduction milestone set for 2030 from the 2010 baseline. Vistra Corp. VST has raised its greenhouse gas emission reduction target set for 2030 from the 2010 baseline. In 2020, the company set an emission reduction target of net zero by 2050 and lowered emission by 45% in the year from the 2010 levels. Currently, the company targets to achieve a 60% reduction in its Scope 1 and Scope 2 CO2 equivalent emissions by 2030 from the 2010 baseline. This new emission reduction target will assist the company to meet in net-zero carbon emission goal set for 2050.Path to Net-Zero EmissionVistra has already chalked out detailed plans for the transformation of its existing generation portfolio and is focused to add more clean assets in generation. At present, the company has nearly 4,000 megawatt (MW) of zero-carbon generation online or under development.  Vistra aims to add 9,000 MW of zero-emission generation in its production portfolio by 2030. The company will invest in solar plants and battery storage projects.Vistra has plans to shut down nearly 8,000 MW of its coal-fueled power plants by 2027 to reduce emission from its electricity generation process. By 2030, the company targets to produce nearly 90% of its electricity from low to zero carbon emission sources.Transition in Utility SpaceA clear transition is evident in the Utility space of the United States as an increasing number of utility operators on their own are setting net-zero emission targets in electricity production.  Per the International Energy Agency, to reach net-zero emissions by 2050, annual clean energy investment worldwide will need to more than triple by 2030 to around $4 trillion. Utilities are making investment to adopt clean energy sources and are trying to find and produce electricity from commercially viable clean sources.   The ongoing development in technology and research and development, alternate sources of energy like wind, water, and solar power are being utilized to produce energy. The supportive legislation of the U.S. government has helped in the development and usage of clean energy sources.  Nuclear energy is also a clean energy source and with government support can be a solution to the emission problem. It generated more than 50% emission-free electricity in the United States in 2020.  Recently, Exelon Corporation EXC received regulatory support to continue operating its Byron and Dresden nuclear plants in Illinois, which were scheduled to shut down by end of this year.Utilities like Dominion Energy D and Duke Energy Corporation DUK, among an increasing group of utilities, have already pledged net-zero emission by 2050. Both these companies are focused to add more alternate clean sources of energy to produce electricity and lower emission.Price PerformanceIn the past six months, shares of the company have gained 3.6%, outperforming the industry’s rise of 1.6%. Image Source: Zacks Investment ResearchZacks RankVistra currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exelon Corporation (EXC): Free Stock Analysis Report Duke Energy Corporation (DUK): Free Stock Analysis Report Dominion Energy Inc. (D): Free Stock Analysis Report Vistra Corp. (VST): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 41 min. ago

CDC Panel Considers Delaying Booster Jabs Decision By 1 Month To "Wait For More Evidence"

CDC Panel Considers Delaying Booster Jabs Decision By 1 Month To "Wait For More Evidence" Last night, the FDA - as expected - authorized the emergency use of booster doses of the Pfizer-BioNTech mRNA jab for patients over the age of 65, the immuno-compromised, and the occupationally vulnerable. Now, it's the CDC's turn. The panel is preparing to wrap up a two-day meeting on Wednesday, where it is deliberating a more specific set of guidelines regarding the booster jab and who will initially be eligible, and when. Before we get into specifics, it's worth noting that after the first day of discussion, some of the advisors were so befuddled by the rationale for boosters that they suggested putting off the CDC's decision for a month to wait for more evidence. Such a decision would probably have driven the Biden Administration crazy. According to the AP, "the uncertainties were yet another reminder that the science surrounding boosters is more complicated than the Biden administration suggested when the president and his top aides rolled out their plan at the White House last month." On Wednesday, "the CDC panelists heard a series of presentations Wednesday outlining the knotty state of science on boosters. On one hand, the COVID-19 vaccines continue to offer strong protection against severe illness, hospitalization and death. On the other hand, there are signs of more low-grade infections among the vaccinated as immunity wanes." Ultimately, the function of the CDC panel is to "refine exactly who will be eligible" as Politico put it. For the booster jab, the focus will be on defining who's at "high risk". The discussions are expected to conclude Thursday afternoon. Politico has five key takeaways from day one, and what to expect on day two (text courtesy of Politico): The goals of vaccination might be changing: Data from the large clinical trials used to authorize Covid-19 vaccines in the United States suggested they offered strong protection against even mild infection, raising hopes that the shots would confer so-called sterilizing immunity — preventing vaccinated people from spreading the virus. But over time, scientists have realized that the vaccines' ability to ward off mild infection is waning, although protection against severe disease and death remains strong overall. CDC panel member Sarah Long, a pediatrics professor at Drexel University's College of Medicine, urged her colleagues to differentiate between ensuring the vaccines prevent hospitalizations versus all infection. "I don't think there's any hope that a vaccine, such as the ones we have, will prevent infection after the first maybe couple of weeks that you have those extraordinary immediate responses," she said. The elderly show the clearest need for boosters at this point: Antibodies from vaccination decrease over time among all age groups. But vaccine recipients 80 and older develop lower levels of neutralizing antibodies post-vaccination than younger adults do, said Natalie Thornburg, a respiratory virus immunology specialist at the CDC. That means that older people's antibodies may drop to undetectable levels faster, at which point their memory immune cells play a larger role in protecting them against Covid-19. But older people also may produce fewer memory cells than younger people whose immune systems are stronger — suggesting that older people would benefit from a third vaccine dose. Ruth Link-Gelles of the U.S. Public Health Service said current data shows significant drops in the efficacy of both the Pfizer and Moderna shots in people 65 and older in the time the Delta variant has dominated the domestic infection landscape. But Thornburg cautioned against viewing vaccines' protection as an on-off switch. "Immunity is not simply a binary" in which individuals are either protected or not against the coronavirus, she said. Most people are able to maintain some level of cellular immunity, which is likely enough to protect vaccine recipients from severe disease even after antibody levels drop off. Nursing-home residents face special risks, even with a boost Boosters may not be enough to fully protect residents of nursing homes, according to modeling data presented by Rachel Slayton of the U.S. Public Health Service. While boosters may help reduce the number of cases in long-term care facilities, she said, that depends on their inherent efficacy and on the vaccination coverage among facility staff. High community transmission will likely lead to more infections in nursing homes because staff can more easily import the virus, Slayton said. It's unclear whether booster doses could help curb transmission of the virus among vaccinated individuals. Experts are worried about confusing the public Members of the CDC's vaccine advisory committee expressed concerns Wednesday about green-lighting boosters from one brand over others with authorized Covid vaccines available to Americans, noting the potential for public perception and logistical issues. The panel is tasked with recommending to the CDC how the FDA's vaccine policy should be implemented in real-world settings. Long suggested that the group wait for more information on so-called mix-and-match doses — the ability to vaccinate someone with one brand's primary series with the option for a different manufacturer's booster later — before signing off on just the Pfizer booster, asking “whether we’re willing to panic half the recipients of Moderna." “I don’t want to jeopardize anyone," she said of delaying a booster decision. "At the same time, it’ll be very, very difficult to have a little less than half of the population who would be eligible to receive" a booster if people can only get the brand that matches their initial series. Moderna has asked FDA to authorize its booster shot, and Johnson & Johnson has begun submitting booster data to the agency with an eye to filing an application. Amanda Cohn of the CDC urged committee members to consider the recommendations they're making now as "interim policies" that will change as more data surfaces. The National Institutes of Health is conducting a study on mixing vaccine doses, with results expected later this year. "This is a rapidly moving target," she said. The booster rollout could be messy Still, there are a number of challenges to approving only one brand's vaccine for boosting. Immunocompromised Americans have already been permitted to seek out third doses of the Pfizer or Moderna vaccines because of concerns they may not have mounted a sufficient immune response to the first two shots. While they've been told they can receive the other brand's shot if they can't access the one they initially got, FDA isn't expected to allow mixing brands for people outside that category, which could sow further confusion. More than 98 percent of Americans participating in a CDC safety monitoring program who have gotten additional doses stuck with the same brand they originally received. But it's unclear how many of those studied actually fell under the CDC's definition of immunocompromised since patients only have to attest to their eligibility — no doctor's note required — meaning there are few obstacles keeping people interested in boosters from acquiring them, anyway. Declining to allow mixing Pfizer and Moderna doses beyond the immunocompromised could make administering boosters in long-term care facilities difficult if residents received different brands, said Molly Howell, an immunization program manager at the North Dakota Department of Health. “I don’t know that it’s realistic to keep going back with different brands," she said. * * * Ironically, the deliberations on the booster jabs are happening during the slowest week for first-dose vaccinations since July (despite NY's mandate looming on Monday). Remember, all of the deliberation so far have  focused on the Pfizer jab. Regulators will decide on boosters for people who have received the Moderna or J&J jabs in the coming weeks. One thing we already know: Pfizer boosters won't be recommended for patients who received a different brand the first time around (though exceptions to this have already and will likely continue to be made). Tyler Durden Thu, 09/23/2021 - 09:34.....»»

Category: blogSource: zerohedge1 hr. 41 min. ago

ESE Entertainment Inc. Announces Fiscal 2021 Third Quarter Financial Results

VANCOUVER, British Columbia, Sept. 23, 2021 (GLOBE NEWSWIRE) -- ESE Entertainment Inc. (TSXV:ESE) (OTCQB:ENTEF) (the "Company" or "ESE") is pleased to announce its unaudited interim consolidated financial results for the three and nine months ended July 31, 2021. All amounts are stated in Canadian dollars unless otherwise indicated. Third Quarter 2021 Financial and Key Operating Highlights: Revenue of $4.23 million for the three months ended July 31, 2021 vs the three months ended July 31, 2020 revenue of $0.14 million. Cash balance increased to $9.17 million and zero debt. Entered a content production contract with Bitcoin Vault for a major roll out of an esports and gaming talent show, strengthening ESE's presence in the global esports and gaming markets and expanding its production and media rights capabilities globally. Raised gross proceeds of $8.6 million in a bought deal public offering of units of the Company from institutional investors at a price of $1.40 per unit. Each unit is composed of one common share of the Company and one common share purchase warrant of the Company, exercisable at $1.95 for two years from issuance, subject to an acceleration right. Entered into a letter of intent to acquire Digital Motorsports, an Ireland-based provider of advanced simulation racing infrastructure, technology and support. This acquisition was subsequently completed on September 14, 2021. Improvement in bottom line, net loss of $1.26 million vs a net loss of $3.81 million in the previous quarter. Continued investment in platform development as well as improvement in back-office functions. Developing new software and technology for gaming and esports. "After significant growth in the ESE group, launching our acquisition Digital Motorsports and raising $8.6 million to accelerate expansion, Q3 was a standout quarter for ESE Entertainment," commented Konrad Wasiela, CEO ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzinga4 hr. 25 min. ago

Citi"s head of diversity says the company is on track for 40% female leadership by the end of the year

In her mission to diversify the bank, Citi's Erika Irish Brown has met with CEO Jane Fraser over a dozen times in her first three months on the job. Citi's head of DEI Erika Irish Brown was hired in June. Courtesy of Citi In June, Citi hired Erika Irish Brown to lead diversity and inclusion at the firm. Her initial goal is to increase Black and female representation in leadership. Brown is working closely with Citi CEO Jane Fraser, the first woman to lead a major US bank. See more stories on Insider's business page. Erika Irish Brown, Citi's recently hired head of diversity and inclusion, has one key goal for the $142 billion firm over the next three months: to increase Black and female leadership."I've always tried to connect the dots between racial equity, commercial, and human capital initiatives that drive the business case for diversity," she told Insider. Diversity goals, in other words, aren't separate from talent or business objectives. They're intimately connected.Working closely with Citi CEO Jane Fraser, the first woman to head a major US bank, Brown hopes to help the firm increase the representation of women in leadership positions to 40% by the end of 2021, up from 37% in 2018. The firm also hopes to increase the representation of Black people in leadership roles to 8% in the same time frame, up from 6% in 2018. Citi declined to share its current figures, but said it was on track to meet its goals. The financial sector is notoriously homogenous. At the entry level of US financial services firms, the percentage of people of color is in line with their representation in society - around 40%. But as you go up the corporate ladder, research shows, it falls steadily. By the C-suite, it drops by 75%. There's ample evidence to support Brown's business case for diversity.A McKinsey analysis in 2020 found that companies that had more gender diversity on executive teams were 25% more likely to have high profitability than companies with low gender diversity. Separate McKinsey research shows that companies with more racial and ethnic diversity are 35% more likely to have higher financial returns than their respective national industry medians.To change the status quo, leaders need to use every opportunity available to diversify their workforces, Brown said. "We have very specific development and retention programs for mid-level Black employees as well as women," Brown said. These include active efforts to audit and close pay-equity gaps; and employee resources groups, such as Citi Women, a group for women and female-identifying employees. "We're going to continue to develop those."The firm also continues to invest in a program called "Owning My Success," in which senior leaders mentor mid-level Black colleagues. The program began with roughly 50 participants in 2018 and has expanded to nearly 300 members in the 2020 class.Citi is also expanding partnerships it has with historically Black universities and colleges as well as Hispanic-serving institutions. While overseeing these initiatives, Brown has been meeting and listening to her colleagues, from interns to analysts to C-suite leaders, in order to learn more about the employee experience."It's time consuming. My role is about understanding culture," she said. "It's about advancing diverse groups and you need those individual insights." In the three months in her position, she's already met with CEO Jane Fraser at least a dozen times. Having support from Fraser is key, but it's not the end-all-be-all. For Brown, diversity and inclusion isn't a one-department job; it's a company-wide priority. "You need to have full buy-in throughout the firm," she said. "I think the more that you have an open dialogue and get that buy-in and have everybody feeling like, you know, diversity, equity and inclusion is part of my role, it's part of business, that's how we drive accountability."Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 25 min. ago

I"ve helped hundreds of people get paid more. Here are the 5 biggest myths about negotiating a higher salary.

Companies expect you to negotiate, and you're leaving money on the table by not asking, says career expert Brian Liou. Even if they act otherwise, companies expect you to negotiate their salary offer. Klaus Vedfelt/Getty Images Many people think negotiating their starting salary or asking for a raise is a bad look - it's not. Companies offer what they think you'll accept, not what you're worth, says career advisor Brian Liou. Know that your market value isn't fixed, you can ask for more, and salary bands aren't set in stone. See more stories on Insider's business page. When I was just starting my company Rora - a career and negotiation agency for high performers - a friend received a job offer she was excited about. When I asked her if she planned to negotiate, she said, "Do you think I should? I don't want to hurt my reputation before I start!" Thankfully, I talked her into it.In reality, the idea that negotiating will make a company think less of you is a huge myth - just one of many when it comes to offer negotiations. And a company that does think less of you doesn't really value you, which means you should go somewhere that does if your financial situation permits it.Whether you're considering a new job offer or discussing a raise with your current employer, you should be negotiating. Negotiation can add more value to your life than you'd think - from impacting your lifetime earning potential by setting a higher baseline for future compensation to making sure you feel truly valued for the work you're doing now.Yes, the prospect can be scary, but it's crucial to push past your doubts when you can afford to. I've helped more than 200 people with their offer negotiations and found there are common hangups that seem to get in everybody's way. Here are five myths that may be preventing you from succeeding - and how to move past them.Myth No. 1: Your market value is a fixed numberYou've probably heard that you should know your "market value" - and you've probably found yourself frantically Googling industry norms and pay ranges. But trying to base your negotiations around market value can be confusing and limiting.Reality: Market value is a moving targetTrue market value isn't a hard-and-fast number you can find on the internet. Think of it more like the price of a stock - sure, there are historical variables that help determine the value of a business, but at the end of the day, it's largely based on dynamic and forward-looking factors like how investors value the company and what story the company is presenting to them. Your own market value is similarly dynamic: Yes, you have some history of performance, but it's really defined by how much other employers are willing to pay and what story you can tell about the value you'll provide to companies.With that in mind, try the following to improve your estimation of your value during negotiations:Go big when benchmarking your salary. Consider your current salary and aim for at least 15% more (if you're negotiating a new job) or communicate the high end of salary ranges you see online.Always ask for more than you're offered. Remember that companies are focused on their bottom line, so they'll always try to offer the lowest number they can while staying competitive. In other words, companies pay what you're willing to accept, not what you're worth, so you should almost never accept the first number given. I've seen companies increase equity from $140,000 all the way to $1.5 million, and signing bonuses from $0 to $150,000, just because a candidate didn't jump at the first offer.Don't stop at what feels reasonable. Market value is a constantly moving target, and by pushing even slightly higher than what feels "reasonable," you're helping raise the expectation for everybody.Myth No. 2: Compensation can't go above the range a company has given youIf you've ever asked for a higher salary, you may have been told the company simply can't meet it because you're at the top of your "salary band." This kind of explanation can make it seem like there's simply no wiggle room and it would be silly to even try to negotiate.Reality: There are so many ways around salary bandsGoing outside of salary bands happens more frequently than you'd think. Even though they can feel set in stone, remember they are ultimately set by HR, a department whose job is to keep the company within budget, rather than your future team, whose job it is to move the business forward.Armed with that knowledge, here are a few ways you can work around salary bands:Ask the right people. To get paid outside of a set salary band, you'll typically need senior-level approval. If you're speaking to someone in HR, try sussing senior level buy-in out by saying something like: "I'm not sure the given salary band reflects my experience and the value I'd bring to the company. Could I speak with my manager? It seems there might be a misalignment of expectations for how I plan to contribute." You may need to work with the hiring manager to build your case for why the value you're offering exceeds the stated band.Negotiate to move to a higher band. If you feel the salary band is lower than your value, you could also ask to change your position title, level, or seniority, which can raise you up to a higher band. Try saying something like this to the hiring manager: "I'm very excited about the company mission, but I'm concerned I won't be able to have the impact I want to have given this title. I want to be doing senior-level work that allows me to add the most value to your organization."Negotiate non-salary factors to raise your total comp. Salary bands usually apply to base salary, which is often the hardest number to negotiate. If a company won't budge on the base, see if you can improve things like equity, annual or signing bonuses, relocation stipends, or benefits instead.Myth No. 3: You need a counteroffer to get a company to change their offerBringing competitive counteroffers to the table has become a popular way to negotiate higher compensation - so much so that some people believe they can't negotiate without having one to show.Reality: Counteroffers are not a requirementWhile counteroffers can be a powerful negotiation tactic, they aren't always necessary - and can sometimes be a detriment. And in fact, bringing a counteroffer to the table isn't the most effective initial tactic, because it limits your compensation to the highest offer you've received elsewhere.Here are some tips you can use when incorporating counteroffers into your negotiation:Don't share initially - even if the company asks. Companies will almost always ask you to share counteroffers early in the negotiation process and sometimes even suggest they can only negotiate if you have one. Get around this by saying something along the lines of: "I'd like my compensation to be based on my value to your company rather than how other companies are valuing me."Negotiate based on your value, with a nod to other offers. Return to the tips above and negotiate based on how much you believe you're worth first - while gently reminding them that you have other irons in the fire. Try something like: "I've given it some thought and have come up with an offer that would make me feel excited to give my 100% to [company] and forgo other opportunities on the table at [company names]." Then outline your ideal terms.Use counteroffers as a last resort. If the company absolutely won't budge and you have higher offers, then (and only then) is it worth bringing them to the table.Myth No. 4: You're not passionate about the work if you negotiate compensationPeople have a lot of shame around negotiating. You might think that it shouldn't be about the money if you really care about the work, that you're not a team player if you ask more for yourself - the list could go on and on.Reality: Companies expect that everyone will negotiateEven if they act otherwise, companies expect negotiation as part of the process. After all, this is a business relationship. You're offering your skills and expertise and should be compensated accordingly even if you are passionate and excited about the work.Here are some tactics to help you get over the shame of negotiating:Seek out professionals 10+ years older than you. After years of seeing the realities of the industry - including watching their peers get paid more because they negotiated, experiencing negotiation from the side of hiring managers, and being burned by companies promising that their low pay is worth it for the mission - they've typically lost this sense of shame and can help you start to move past it.Talk to peers who've negotiated. Understanding that everyone around you is negotiating can help normalize it and help you internalize that there's no shame in asking for more. And you might be surprised to learn what people have been able to get just from asking.Discuss your fears with a mentor. Getting an outside perspective from someone who's in your corner can help you validate whether your concerns are founded - or whether they're fears you should overcome.Myth No. 5: You can't ask for help with negotiationsIt's easy to feel like companies have all the power when you step into a negotiation. It's also easy to feel like you should have to go it alone - it's your career and salary, after all.Reality: It's normal to need and use helpMost people don't realize there are others who can help you negotiate. The vast majority of people who negotiate a wildly better offer are able to do so because they have help. And often, they don't have to go looking for it, they're usually just lucky to have a really great mentor in their industry who's personally invested in them.If you don't have this type of mentorship, you need to be more proactive. Don't assume you have to figure this out on your own. There's no shame in needing help. Whether it's a negotiation professional like a lawyer or coach, your manager or mentor, or peers in the industry, it's totally normal to lean on other people for support and information. (I may be biased, but I think the most successful negotiations involve a little professional assistance.)If you're still feeling iffy about asking for help, remember the following:Companies are experts at negotiation. While you're mostly negotiating with the recruiter, they might have support from an HR business partner, compensation analysts, and/or the hiring manager. In some cases, it's their full-time job to negotiate, and they probably have years or even decades of experience in getting the best deals possible for the company. Your compensation shouldn't be limited just because this isn't your area of expertise.Experts have more data than you. When it comes to determining your market value, companies often have much more info not only on what they're already paying folks on the team, but also on what people are making in similar roles at other organizations. Tapping into that kind of knowledge can help you avoid being left behind.It's normal to get help in other areas, and it is here too. You probably wouldn't think twice about working with a real estate agent to help you buy a house or an accountant to help you manage your money. Just as much is at stake when negotiating in your career, so it makes sense to get an expert in your corner.I know that's a lot - and it's really only the tip of the iceberg when it comes to ideas about negotiation that hold people back. But if you can start rewriting your internal script about negotiation now, it will help you overcome the biggest myth of all - that you are not worthy. Negotiating successfully ultimately comes down to this: Believe in what you bring to the table and work with people who believe in you. My ultimate advice is to keep looking until you find a company that believes in your worth as much as you do.Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 25 min. ago

Here"s why state lawmakers are calling on the federal government to set a baseline for addressing the climate crisis

State lawmakers from Washington, Oregon, Colorado, and North Carolina came together on Tuesday to talk about ways they were promoting climate action. Insider President Joe Biden called taking action on the climate crisis "code red for humanity" in an address to the UN General Assembly. Reuters/Pawel Kopczynski The federal government must address the climate, state lawmakers said at Climate Week NYC Tuesday. Federal action could help avoid "patchwork regulation" - but it may be difficult in some states. One lawmaker said her state focused on talking about jobs to get bipartisan climate-action support. Subscribe to our weekly newsletter, Insider Sustainability. The federal government must lead the way on broad climate policy, a group of state legislators said during a Climate Week NYC event on Tuesday.The session, titled "Keeping Cool: How States Are Leading on Climate Action" and sponsored by the National Caucus of Environmental Legislators, brought together state lawmakers from Washington, Oregon, Colorado, and North Carolina to discuss how they were tackling issues like carbon emissions, while engaging their communities."We need federal action to set standards and then allow individual states to take those basic standards and build upon them for their constituencies," state Rep. Alex Valdez, a Colorado Democrat, said during the session. "We need a baseline because without a baseline, we don't have the support of industry. We don't have a place to build from."Federal action would also help avoid "patchwork regulation," something he said big businesses in industries such as oil and gas, which are responsible for emissions, didn't like. But Valdez acknowledged that passing climate-centric legislation may be easier in some states than others.In his address to the UN General Assembly this week, President Joe Biden called taking action on the climate crisis "code red for humanity" and said the world was approaching a "point of no return" when it came to extreme weather events, which are taking lives and causing billions of dollars in damage. Biden said he was working with Congress to create climate investments that would lead to well-paying jobs.State Sen. Reuven Carlyle, a Democrat from Washington, said it was still the states that had a "moral obligation to lead.""States have to envision a sustainable future, ultimately having the courage to tackle the system's issues of building an equitable approach to decarbonizing our economy," he said.Carlyle's hope is that states will set a baseline, which will then be responsibly calibrated at the national level, he said.One of the ways Washington state is taking climate action is through its law for 100% clean energy, which requires the state's utilities to move to a carbon-neutral electric supply by 2030 and hopes to eliminate fossil fuels by 2045. Earlier this year, the state also enacted the Climate Commitment Act, a cap-and-invest bill to reduce pollution in communities disproportionately affected by environmental and public-health issues. Washington engages key stakeholders in its climate initiatives, including for-profit entities, communities of color, low-income residents, and the business community, Carlyle said. Environmental equity is also a key part of climate policy in Oregon, where lawmakers have encouraged communities of color, low-income residents, and others to share their vision for climate action, state Rep. Khanh Pham, a Democrat, said during the session.The state recently passed the Energy Affordability Act to offer discounted rates on utility bills for low-income residents. It also established the Healthy Homes Program to provide weatherization funds focused on reducing energy consumption for residents and has committed to 100% clean electricity by 2040."Those are the goals that we wanted to tackle to make sure that we're not just addressing greenhouse-gas emission as an isolated case of just molecules in the sky, but really recognizing that racism, white supremacy, inequality, economic inequality are really at the heart of it," Pham said.While she echoed the need for a strong federal baseline to support states in climate action, Pham said both state and federal governments needed to focus on building resilient communities."We really have to take an interest, a deeper intersectional look at the challenges we face," she said.Partisanship is one challenge that many states face in taking climate action. Democratic Rep. Pricey Harrison of North Carolina, who moderated the session, said focusing on job creation and the economic influence of climate policy in her state had helped overcome some of these challenges.North Carolina is among the top states in solar-energy installations and has committed to reducing carbon emissions by 70% by 2030 and being carbon-neutral by 2050. These renewable-energy initiatives have received bipartisan support because they've created hundreds of thousands of jobs and promoted business interests, such as tax breaks, Harrison said."It's really hard to talk about climate change too much," she said. "But you can talk about jobs, and that's what we've done."Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 25 min. ago

Greenwald: A Definitive Account Of The CIA/Media/BigTech Fraud Over Hunter Biden Emails

Greenwald: A Definitive Account Of The CIA/Media/BigTech Fraud Over Hunter Biden Emails Authored by Glenn Greenwald via greenwald.substack.com, (Watch Glenn's podcast on this fiasco here), A severe escalation of the war on a free internet and free discourse has taken place over the last twelve months. Numerous examples of brute and dangerous censorship have emerged: the destruction by Big Tech monopolies of Parler at the behest of Democratic politicians at the time that it was the most-downloaded app in the country; the banning of the sitting president from social media; and the increasingly explicit threats from elected officials in the majority party of legal and regulatory reprisals in the event that tech platforms do not censor more in accordance with their demands. CNN's Wolf Blitzer warns that emails and other documents reported on by The New York Post about Joe Biden's activities in Ukraine and China may be "Russian disinformation,” Oct. 16, 2020. But the most severe episode of all was the joint campaign — in the weeks before the 2020 election — by the CIA, Big Tech, the liberal wing of the corporate media and the Democratic Party to censor and suppress a series of major reports about then-presidential frontrunner Joe Biden. On October 14 and then October 15, 2020, The New York Post, the nation's oldest newspaper, published two news reports on Joe Biden's activities in Ukraine and China that raised serious questions about his integrity and ethics: specifically whether he and his family were trading on his name and influence to generate profit for themselves. The Post said that the documents were obtained from a laptop left by Joe Biden's son Hunter at a repair shop. From the start, the evidence of authenticity was overwhelming. The Post published obviously genuine photos of Hunter that were taken from the laptop. Investigations from media outlets found people who had received the emails in real-time and they compared the emails in their possession to the ones in the Post's archive, and they matched word-for-word. One of Hunter's own business associates involved in many of these deals, Tony Bobulinski, confirmed publicly and in interviews that the key emails were genuine and that they referenced Joe Biden's profit participation in one deal being pursued in China. A forensics analyst issued a report concluding the archive had all the earmarks of authenticity. Not even the Bidens denied that the emails were real: something they of course would have done if they had been forged or altered. In sum, as someone who has reported on numerous large archives similar to this one and was faced with the heavy burden of ensuring the documents were genuine before risking one's career and reputation by reporting them, it was clear early on that all the key metrics demonstrated that these documents were real. Despite all that, former intelligence officials such as Obama's CIA Director John Brennan and his Director of National Intelligence James Clapper led a group of dozens of former spooks in issuing a public statement that disseminated an outright lie: namely, that the laptop was "Russian disinformation.” Note that this phrase contains two separate assertions: 1) the documents came from Russia and 2) they are fake ("disinformation"). The intelligence officials admitted in this letter that — in their words — “we do not know if the emails are genuine or not,” and also admitted that “we do not have evidence of Russian involvement.” Yet it repeatedly insinuated that everyone should nonetheless believe this: Letter from 60 former intelligence officials about the New York Post reporting, Oct. 19, 2020 But the complete lack of evidence for these claims — that even these career CIA liars acknowledged plagued their assertions — did not stop the corporate media or Big Tech from repeating this lie over and over, and, far worse, using this lie to censor this reporting from the internet. One of the first to spread this lie was the co-queen of Russiagate frauds, Natasha Bertrand, then of Politico and now promoted, because of lies like this, to CNN. “Hunter Biden story is Russian disinfo, dozens of former intel officials say,” blared her headline in Politico on October 19, just five days after the Post began its reporting. From there, virtually every media outlet — CNN, NBC News, PBS, Huffington Post, The Intercept, and too many others to count — began completely ignoring the substance of the reporting and instead spread the lie over and over that these documents were the by-product of Russian disinformation. On October 21 — exactly one week after the Post's first report — The Intercept published a false story under the melodramatic headline “We're Not a Democracy” about these materials from former New York Times reporter James Risen. This propaganda assault masquerading as "news” mindlessly laundered the CIA's lies about the laptop. This is what appeared in this outlet that still claims to do “adversarial” reporting: Their latest falsehood once again involves Biden, Ukraine, and a laptop mysteriously discovered in a computer repair shop and passed to the New York Post….This week, a group of former intelligence officials issued a letter saying that the Giuliani laptop story has the classic trademarks of Russian disinformation. Note that even the intelligence officials, who acknowledged they had no evidence to support this claim, were more honest than The Intercept, which omitted that critical admission. Days later, this very same outlet — which I co-founded seven years earlier to be adversarial, not subservient, to evidence-free assertions from the intelligence community, and which was designed to be an antidote to rather than a clone of The New York Times — told me that I could not publish the article I had written about the Biden archive because it did not meet their lofty and rigorous editorial standards: the same lofty and rigorous editorial standards that led to uncritical endorsement of the CIA's lies just days earlier. It was that episode, as Matt Taibbi recounted at the time, that prompted my resignation from the outlet I created in protest of this censorship, in order to report instead only on free speech platforms such as this one. But the media disinformation about the Post's documents — obviously designed to protect Joe Biden in the lead-up to the election — were not the worst aspect of what happened here. Far worse was the decision by Twitter to prohibit any discussion of this reporting or posting of links to the story both publicly and privately on the platform. Worse still was the immediate announcement by Facebook through its communications executive Andy Stone — a life-long Democratic Party operative — that it would algorithmically suppress the story pending a "fact check” by "Facebook's third-party fact-check partners.” Despite multiple requests from me and others, Facebook never published the results of this alleged fact-check and still refuse to say whether it ever conducted one. Why? Because the documents they blocked millions of Americans from learning about were clearly true and authentic. While I will intentionally not link to the New York Post, I want be clear that this story is eligible to be fact checked by Facebook's third-party fact checking partners. In the meantime, we are reducing its distribution on our platform. — Andy Stone (@andymstone) October 14, 2020 As indicated, there was ample proof from the start that these documents were genuine and that the only ones engaged in "disinformation" and lies was this axis of the CIA, corporate media, and Big Tech. Yet the most dispositive proof yet emerged on Tuesday — not from a right-wing news outlet that liberals have been trained to ignore and disbelieve but from one of the most mainstream news institutions in the country. A young reporter for Politico, Ben Schreckinger, has published a new book entitled "The Bidens: Inside the First Family’s Fifty-Year Rise to Power.” To his great credit, he spent months investigating the key documents published by The New York Post and found definitive proof that these emails and related documents are indisputably authentic. His own outlet, Politico, was the first to publish the CIA lie that this was "Russian disinformation,” but on Tuesday — without acknowledging their role in spreading that lie — they summarized Schreckinger's findings this way: the book “finds evidence that some of the purported Hunter Biden laptop material is genuine, including two emails at the center of last October’s controversy.” In his book, the reporter recounts in these passages just some of the extensive work he did to obtain this proof: A person who corresponded with Hunter in late 2018 confirmed to me the authenticity of an email in the cache. Another person who corresponded with Hunter in January 2019 confirmed the authenticity of a different email exchange with Hunter in the cache. Both of these people spoke on the condition of anonymity, citing fears of being embroiled in a global controversy. A third person who had independent access to Hunter’s emails confirmed to me that the emails published by the New York Post related to Burisma and the CEFC venture matched the substance of emails Hunter had in fact received. (This person was not in a position to compare the published emails word-for-word to the originals.) The National Property Board of Sweden, part of the Swedish Finance Ministry, has released correspondence between Hunter and House of Sweden employees to me and to a Swedish newspaper, Dagens Nyheter, under the country’s freedom of information law. Emails released by the property board match emails in the cache. Excerpts from POLITICO reporter Ben Schreckinger's new book: "The Bidens: Inside the First Family’s Fifty-Year Rise to Power”, Sept. 2020   Given what I regard as the unparalleled gravity of what was done here — widespread media deceit toward millions of American voters in the weeks before a presidential election based on a CIA lie, along with brute censorship of the story by Big Tech — and given that so much of what was done here took place on television, we produced this morning what I regard as the definitive video report of this scandal. I realize this report is longer than the standard video — it is just over an hour — but I really believe that it is vital, particularly with the emergence of this new indisputable proof, to take a comprehensive look at how the intelligence community, in partnership with Big Tech and the corporate media, disseminated massive lies and disinformation, using censorship and other manipulative techniques, to shape the outcome of what was a close election. (We will very shortly institute our new feature of producing transcripts for all videos above ten minutes in length, but I really hope that as many people as can do so will watch this video report). After observing what they did, I hope and believe you will have a similar reaction to the one I had after spending the day compiling and reporting it all. No matter how much you despise this sector of the corporate media, it is nowhere near close enough to the level of contempt and scorn they deserve. You can watch our video report on my Rumble page or on the player below. Watch: To support the independent journalism we are doing here, please obtain a gift subscription for others and/or share the article Tyler Durden Wed, 09/22/2021 - 22:40.....»»

Category: blogSource: zerohedge14 hr. 57 min. ago

Temporary Fixes Push The FTSE 100 Over 7,000 Mark

“A series of temporary fixes to ominous global problems has pushed the FTSE 100 back over the psycologically important 7,000 mark but there’s a chance the nuts and bolts may weaken again, and the wheels could fall off the recovery. Q2 2021 hedge fund letters, conferences and more Mining Stocks: The Top Risers Today On […] “A series of temporary fixes to ominous global problems has pushed the FTSE 100 back over the psycologically important 7,000 mark but there’s a chance the nuts and bolts may weaken again, and the wheels could fall off the recovery. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2021 hedge fund letters, conferences and more Mining Stocks: The Top Risers Today On The FTSE 100 The deal to settle a domestic bond payment due to be made by the crisis hit Chinese property group Evergrande, seems to have calmed nerves among investors and stopped immediate contagion to other sectors. Mining stocks, which were among the worst hit on Monday when fears mounted that a collapse of the firm was imminent, are among the top risers today on the FTSE 100. Worries about the immediate impact on demand for raw materials for construction have subsided but with another debt payment due to be made by Evergrande on an overseas bond tomorrow, the myriad problems facing the group are far from over. In the UK, the latest supply chain crisis has been patched up, with the government stepping in to pay the operating costs for a major CO2 producter. CF industries shut two sites that produce 60% of the UK's commercial carbon dioxide supplies, because of soaring gas prices. Again this may just be a kludge with only three weeks of financial support guaranteed and now the energy regulator OFGEM is warning that more energy suppliers could go to the wall. It’s clear the crisis in the energy sector is far from over, and companies will be forced to absorb costs, hitting margins or pass rises onto customers, fuelling inflation concerns. With weaknesses in supply chains exposed, and concerns rising that a possible property price meltdown in China could spread, all eyes are on the Federal Reserve, with hopes that the central bank will soften the blow of any monetary tightening. Although the Federal Open Markets Committee is forecast to say it’s discussed easing off from the pedal of quantitative easing towards the end of the year, no firm decision is expected. There is a growing consensus that inflation may not be as transitory as first thought, but a sluggish jobs situation, stubbornly high covid infection rates and concerns about dragging economic growth are likely to stop a fast acceleration away from the era of ultra cheap money.’’ About Hargreaves Lansdown Over 1.64 million clients trust us with £135.5 billion (as at 30 June 2021), making us the UK’s largest digital wealth management service. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on Sep 22, 2021, 9:02 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk15 hr. 57 min. ago

September Swoon Just Getting Started: Dial In Your Buy Targets

Sell-off is unfolding and even a "lovey-dovey" Fed won't save it. In short-term trading, you know what's better than having high accuracy in your "predictions?"It's having a robust method for evaluating risk, reward, and volatility so that you can place appropriate odds, and bet sizes, on possible outcomes.I call my method "Scenarios & Probabilities," and it's served me well for over a decade in the stock market.Right now, the market is fulfilling a few of my early scenarios in the path to a bigger decline.It all started with this view from two weeks ago that I gave Zacks Ultimate members after Labor Day, and then recapped in a video and article on Sep 9...September Swoon Targets: Where to Buy the DipOn 9/14, I told my group this...Raising cash last week was definitely the right call because this slow-motion roll-over could easily turn into a big gap down one morning.And that will trap lots of longs who didn't see it coming.On 9/20, I wrote about "The Gap That Traps"...So, here we are. The SPX has now broken clean through the first support at 4370.Also recall that I said "any catalyst will do." The financial headlines are filled with "Evergrande! Evergrande! Chinese real estate contagion!"But we knew that any catalyst would do.Bounce or Pounce: Which Comes First?With a pivotal Fed meeting starting tomorrow, I can confidently say the SPX will most likely test today's low at 4305 -- and probably lower -- before it fills that gap up above 4400.How sure am I? I'd give 3 to 1 odds.In other digits, 1 chance in 4 we rally right after the Fed meeting.So that's a big fat NO to a meaningful bounce any time soon.Because that would take something extraordinary from that meeting (like a "no-taper, ZIRP-forever" kinda promise).Plus, to differentiate itself from the 4 prior bounces off the 50-day (in May, June, July, August), this plunge well through it makes this "the gap that traps."The video that accompanies this article has the chart map that explain where I'm buying the imminent dip(s).For some aggressive trading ideas, I'll tell you that I am long the ProShares UltraPro Short QQQ ETF SQQQ now and will flip out of that and into ProShares UltraPro QQQ TQQQ, the 3X bullish ETF.My first "pounce" area will be near 4200.I'm also looking at adding to my The Trade Desk TTD position and hoping to scoop some Shopify SHOP under $1,400.And Advanced Micro Devices AMD is also on my shopping list under $100. Maybe some NVDA under $200 as well.One Set-Up Leads to AnotherAny good technical trader will tell you that. As scenarios unfold, probabilities shift. Especially as volatility rises, and ranges expand to exert more stop-loss pressure and panic.So I'll also be paying close attention to how much selling accelerates, as more over-leveraged and vulnerable hedge funds are discovered in the market correction they didn't count on.A more important point of view (than pointing at Chinese real estate contagion) comes from Morgan Stanley's resident curmudgeon, Mike Wilson.Mike Wilson to the Bears' RescueAs Wilson likes to always point out, "The market and the economy are not the same thing."And he reminds us of this as the market ran ahead of the recovery and over-shot to the upside. Now with growth flattening, the market will run the other way.In his interview Monday morning on Bloomberg, he went over his "fire and ice" thesis...He's calling for a plunge of 20% in US stocks (his worst-case scenario), citing weaker growth and falling consumer confidence.In the fire outcome of his thesis (his more optimistic view), the Fed tapers to keep the economy from running too hot. This will get us a garden variety 10% correction (think SPX 4050).The more bearish “ice” scenario is where Wilson leans though as he sees the economy sharply decelerating and downward earnings revisions spike.The Wilson team wrote in their note published Monday morning...“Will it be fire or ice? We don’t know, but the ice scenario would be worse for markets and we are leaning in that direction. We think the mid-cycle transition will end with the rolling correction finally hitting the S&P 500.”I certainly didn't see a growth deceleration coming that would negatively impact earnings estimates.I just thought we would get a technical washout of 5-7% to scare everybody.So now I'm reevaluating the growth outlook too.Which means we don't need to rush and buy the first dip to SPX 4200. We'll be patient and wait until we get more information.Wilson says smart investors will probably wait until most of the Q3 report cards are in (late Oct/early Nov) to know better.I expect to know enough in 2-3 weeks, not 6.Meanwhile, even a "lovey-dovey" Fed result one hour from now won't turn me bullish in the short-term.Disclosure: I own shares of AMD, TTD, NVDA, and SQQQ for the Zacks TAZR Trader portfolio.  Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report Shopify Inc. (SHOP): Free Stock Analysis Report ProShares UltraPro QQQ (TQQQ): ETF Research Reports The Trade Desk Inc. (TTD): Free Stock Analysis Report ProShares UltraPro Short QQQ (SQQQ): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks18 hr. 9 min. ago

How Gavin Newsom beat back the California gubernatorial recall effort

Newsom last week survived the biggest test of his political career, but with nearly all of the votes in, the results reveal some intriguing dynamics. Gov. Gavin Newsom speaks to the press while visiting Melrose Leadership Academy in Oakland, Calif., on September 15, 2021. Jane Tyska/Digital First Media/East Bay Times via Getty Images Democratic Gov. Gavin Newsom of California last Tuesday survived the biggest test of his leadership by rallying voters against a gubernatorial recall election fueled by grievances over COVID-19 restrictions, housing affordability, uneven economic opportunities, and homelessness.While the eventual recall was a blowout in the governor's favor, there were underlying issues that seriously threatened his standing earlier in the summer - the lack of urgency among Democratic voters, minimal engagement with the state's growing Latino population, and the conservative buzz surrounding radio talk show host and first-time political candidate Larry Elder, who was able to channel the frustrations of millions of state residents.As California continues to count its remaining ballots, a fuller picture is emerging of Newsom's win.With 92% of the vote in, voters rejected the recall effort by a 63% to 37% margin, nearly identical to the 2018 gubernatorial election results, when Newsom defeated Republican businessman John Cox by a 62% to 38% spread.But the huge victory also exposed Newsom's vulnerability in not connecting with more voters on a personal level.Dan Schnur, who teaches political communication at the University of Southern California and the University of California-Berkeley, pointed out that Newsom was able to win despite his fairly average standing among many Democratic voters."The final results obscure the fact that he's never been particularly well-loved, even by the base of his own party," he said.This account, based on interviews with California political observers and the recount data, focuses on the governor's broad victory and what it says about the future of Golden State politics. President Joe Biden speaks during a rally in support of California Gov. Gavin Newsom at Long Beach City College on September 13, 2021. David McNew/Getty Images Newsom overcame complacency and turned out Democrats California has become such a Democratic stronghold at the presidential level that now-President Joe Biden's win over former President Donald Trump (63.5% to 34%) last fall was a foregone conclusion.While Biden received over 11 million votes - a record for a presidential candidate in the state - Trump received over 6 million votes, which was the highest number of votes for any Republican candidate in state history.Democrats currently make up 46.5% of all registered voters in California, while Republicans make up 24% and independents comprise of 23%, according to the Public Policy Institute of California - which by the numbers would indicate a huge advantage for Newsom.However, voter turnout is key, and tepid party support, combined with Republican enthusiasm about Elder's candidacy, threatened to derail Newsom, especially as he struggled to connect with some of the very same voters who sent him to the Governor's Mansion nearly three years ago.In a Berkeley-IGS survey that was released in July, registered Democrats, by a nearly 30% margin, were less likely than Republicans to demonstrate a high level of engagement in the recall election - one of many polls that caused consternation among Democratic leaders.Conservatives, incensed by what they felt were heavy-handed COVID-19 restrictions that hurt small businesses and stifled the economy, were animated over potentially recalling Newsom, a former San Francisco mayor and lieutenant governor. The July Berkeley survey showed that 33% of the voters who were likely to vote in the recall would be Republicans - a troubling sign for the governor.After recalibrating and partaking in a rigorous campaign schedule, including rallies with President Joe Biden and Vice President Kamala Harris, Newsom was able to to change the dynamics of the race by emphasizing Elder's opposition to key issues including abortion rights and COVID-19 vaccine mandates. California gubernatorial recall election candidate Larry Elder speaks at his election night party in Costa Mesa on September 14, 2021. ROBYN BECK/AFP via Getty Images Larry Elder was not an appealing candidate to non-RepublicansIn the previous California gubernatorial recall election in 2003, then-Democratic Gov. Gray Davis was booted from office and replaced with Republican Arnold Schwarzenegger.Schwarzenegger - a Hollywood leading man famous for action movies like "The Terminator" represented a moderate wing of Republicanism that was still influential in the state at the time - won over his party and peeled off independents and even some Democrats. This year, Democrats overwhelmingly opposed against the recall on the first ballot question and largely abandoned picking another candidate to become governor if the recall was successful.Elder, a fierce advocate of small government who opposed the minimum wage, dismissed gender wage gaps, balked at gun-control measures, and supported charter schools and school choice, was unable to garner much support beyond the Republican base, which comprised of roughly 25% of the electorate in the recall election.According to exit polling conducted for CNN and other outlets by Edison Research, 94% of Democrats opposed the recall, while 89% of Republicans supported it, with independents narrowly rejecting the effort by a 52%-48% margin.While Elder currently sits at 47.8% of the vote, having earned over 3.1 million votes on the ballot question designating a gubernatorial successor, the rejection of the recall effort at the top of the ballot kept Newsom in office.Schnur told Insider that Elder's positions allowed Newsom to effectively use Trumpism as a political foil."Newsom was originally having some trouble framing this as a campaign against Donald Trump, primarily because Trump wasn't on the ballot or in the White House," he said. "Elder gave Newsom a way of framing the anti-Trump argument in the present tense. Instead of talking about the former president, he was able to talk about something that voters were facing now, and that helped him immeasurably." A sign at the Modoc National Forest. Bernard Friel/Education Images/Universal Images Group via Getty Images California has 'shades of blue in many communities of red'The modern image of California is largely shaped by its glittering Los Angeles skyline and the tech corridors of the San Francisco Bay Area, but the state is much more conservative in its interior stretches, where the election results of many counties largely mirrored the 2020 election.In rural northern California, counties like Lassen (84%), Modoc (78%), Tehama (69%), and Shasta (67%), voted overwhelmingly in favor of the recall - and subsequently these counties strongly backed Elder as their top choice in the second ballot question.While Elder's strong conservative views, including his opposition to broad COVID-19 restrictions, appealed to many in these counties, as well as a significant number of residents in the state's exurban communities, it wasn't enough to appeal to a wider audience - which has been the dilemma of the California GOP for years.The state party, which launched the careers of former Presidents Richard Nixon and Ronald Reagan, has not won a gubernatorial race since Schwarzenegger's reelection bid in 2006.Mindy Romero, the founder and director of the Center for Inclusive Democracy at the University of Southern California, told Insider that while the state's political ideology is more multifaceted than its reputation suggests, the GOP in recent years has continued to elevate candidates that lack appeal on a statewide level."The problem for the Republican Party is that politics is local," she said. "I actually say that we're not deep blue. I say that we're shades of blue in many communities of red. In those red communities, we have a lot of elected officials, including members of Congress, who are Republicans. Some of the messaging that they use that works in those communities is antithetical to many Democrats. But at a local level, the messaging works and helps them politically."She added: "It's hard for Republicans to make ground, because locally, they're going to put forth candidates that are going to be more to the right." Gov. Gavin Newsom greets volunteers who were working the phone banks to help campaign against the gubernatorial recall at Hecho en Mexico restaurant in East Los Angeles on August 14, 2021. Los Angeles City Councilman Kevin de León, California state Sen. Maria Elena Durazo, California Assemblyman Miguel Santiago, and other Latino dignitaries were on hand to support the governor. Genaro Molina / Los Angeles Times via Getty Images Latino voters, a growing slice of the electorate, backed NewsomLatino residents now make up 39% of California's population and are the largest ethnic group in the state - according to the exit polling conducted by Edison Research, they made up 24% of the electorate in the recall election.For much of the summer, Democrats fretted that they weren't doing enough to appeal to this critical slice of the electorate, especially as Elder campaigned hard for Latino, Black, and Asian votes.However, in representing nearly a quarter of the vote in the recall election, the Latino vote was key in the eventual outcome.According to the Edison exit polling, Latino voters rejected the recall effort by a 60%-40% margin.But there were signs of concern for Democrats, even with the broad victory.Newsom actually lost ground with Latinos, albeit slightly, from his 2018 gubernatorial victory, when he carried the group with 64% of the vote, according to NBC exit polling.For Democrats, the question remains: How can the party engage with this diverse slice of the electorate in a meaningful way?Romero told Insider that both parties have a chance to improve their relationship with Latinos, but said that Democrats, who count on the group as part of their base, should have done more outreach this year."Both parties have a chance with the Latino vote because it's not monolithic," she said. "Newsom's campaign did not reach out to Latinos as it could have. There was lot of work by community organizations and by unions that it looks like helped bring out a lot of Latinos, but in terms of the party-driven work, it was either late or it didn't happen in the way that you would expect."She added: "Democrats will have to work on addressing Latino issues and having better relationships with Latino organizations, and essentially not taking the Latino vote for granted."Read the original article on Business Insider.....»»

Category: smallbizSource: nyt19 hr. 41 min. ago

Poll after poll shows the same thing: Americans are cool with vaccine mandates

COVID-19 vaccination mandates are increasingly popular among Americans, particularly for teachers and government workers, polls show. A 12-year-old receives their first dose of the Pfizer vaccine at a Los Angeles County mobile clinic on May 14, 2021. Patrick Fallon/AFP/Getty Images Three recent polls show that a majority of Americans support vaccine mandates. The popularity of vaccine requirements has risen as the Delta variant surged. Hardline opposition to getting vaccinated has fallen to a new low. See more stories on Insider's business page. Though Americans remain divided about vaccine mandates, poll after poll shows that their overall popularity is rising - particularly for workers in specific industries, like education and government.Three surveys conducted between August 3 and September 15 - from CNN, Axios/Ipsos and Fox News - have all found the same thing. More than half of Americans support making COVID-19 vaccination a requirement for participating in public life. Such mandates have gained favor during the period Delta infections have surged. Among the three polls, the Axios/Ipsos survey found the highest support for vaccine mandates among the general population, with 60% of respondents saying they supported vaccine mandates. In CNN's poll, 51% voiced support. In Fox News' poll, the most recent of the bunch, 54% of respondents did.Democrats like mandates more than Republicans do Italy is one of the countries requiring a COVID-19 pass for travel. Stefano Guidi/Getty Image Democratic survey respondents were more likely to say that requiring proof of vaccination for everyday activities outside of the home, such as attending a concert or going grocery shopping, was an acceptable way to raise the vaccination rate.In CNN's poll, 80% of Democrats said they supported mandates, compared with 44% of Independents and 23% of Republicans. The survey, conducted by the independent research company SSRS between August 3 and September 7, relied on a nationally representative group of more than 2,000 adults.The Axios/Ipsos survey, which was conducted between September 10 and 13, found that more than 80% of Democrats support the Biden Administration's federal mandate that businesses with 100 or more employees require them to be vaccinated or get tested weekly. But support for those measures fell to roughly 60% among independents and 30% among Republicans. The poll included a nationally representative sample of more than 1,000 adults.Americans want teachers and government workers to be vaccinated Army medics fill syringes with the Johnson & Johnson vaccine in Orlando, Florida, April 10, 2021. Paul Hennessy/SOPA Images/LightRocket via Getty Images The Fox News poll, conducted between September 12 and 15, found that among more than 1,000 registered voters, 54% said they supported cities requiring proof of vaccination in order to participate in indoor activities. By contrast, 44% said they opposed such vaccine mandates.The percentage of respondents who said they supported vaccinations rose four percentage points since a prior Fox News poll conducted in early August. In that survey, 50% said they supported vaccine mandates.Respondents to the Fox poll were more enthusiastic about vaccine mandates for frontline workers: 61% said they supported vaccine mandates for teachers. For government workers, 58% were in favor of mandates, and 55% were in favor of workplace requirements that employees to be vaccinated. The poll also found that 56% of respondents supported the Biden Administration's vaccine mandate for businesses with 100 or more employees.The CNN poll similarly suggested that Americans are warming up to vaccination requirements in workplaces and schools: 54% of respondents said they approved of those requirements for in-office workers, and 55% supported them for students attending in-person classes. In the Axios/Ipsos poll, too, 57% of working Americans said they supported their employer requiring vaccination.Strident opposition to vaccination has fallen to a new lowBetween April and August, hardline resistance to COVID-19 vaccines has steadily declined, Axios/Ipsos found.In the spring, 19% of respondents to an Axios/Ipsos survey said they were "not at all likely" to get vaccinated. By the end of August, that group had shrunk to 14%, and 72% of respondents reported that they'd already been vaccinated.As of Tuesday, 64% of the US population had received at least one dose of the vaccine and 55% were fully vaccinated, according to the Centers for Disease Control and Prevention.After a slight uptick in vaccinations at the start of September, when the CDC reported a seven-day average of more than 954,000 vaccinations per day, the number had fallen to an average of about 761,000 per day as of Tuesday. That's down from an average of more than 3 million vaccinations per day during the April peak.Read the original article on Business Insider.....»»

Category: smallbizSource: nyt20 hr. 9 min. ago