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(Bloomberg) -- North America’s biggest petroleum pipeline may take several more days to recover from a cyberattack that forced it to halt shipments of gasoline and other fuels, raising the specter for shortages if local reserves run out.Colonial Pipeline said segments of its Texas-to-New Jersey line are being brought back online in steps, easing some of the most immediate concerns that pumps in major population centers up and down the U.S. East Coast could run dry. The question now is whether regional inventories held in storage tanks are enough to satisfy demand while Colonial works on resuming operations.The conduit has been shut down since late Friday, prompting frenzied moves by traders and retailers to secure alternative supplies. On Monday, the Federal Bureau of Investigation pointed the finger at a ransomware gang known as DarkSide. The pipeline hasn’t suffered any physical damage and no fuel shortages have been detected, a White House official said.President Joe Biden said there’s no apparent signs that Russia played any role in the hack.Emergency shipments of gasoline and diesel from Texas already are on the way to Atlanta and other southeast cities via trucks, and at least one Gulf Coast refinery began trimming output amid expectations that supplies will begin backing up in the nation’s oil-refining nexus. Airlines flying out of Philadelphia International Airport are burning through jet-fuel reserves and will need to locate new supplies “soon,” a spokeswoman said.Government officials haven’t advised Colonial on whether it ought to pay the ransom, Deputy National Security Adviser for Cyber and Emerging Technologies Anne Neuberger said during a briefing.The national average retail gasoline price rose to $2.967 a gallon on Monday, a 2.4% increase from Friday, according to AAA. The premium for wholesale gasoline in the New York area expanded to its widest in three months.The attack came just as the nation’s energy industry was preparing to meet stronger fuel demand from summer travel. Americans are once again commuting to the office and booking flights after a year in lockdown. Depending on the duration of the disruption, retail prices could spike, further stoking fears of inflation as commodity prices rally worldwide.DarkSide said in a post on the dark web that it wasn’t to blame and hinted that an affiliate group may have been behind the attack. The group promised to do a better job of screening customers that buy its malware.Gasoline futures that initially surged as much as 4.2% in overnight trading surrendered most of those gains on Monday.Convenience-store chains in places like Atlanta and Savannah, Georgia, began clamoring for emergency fuel deliveries on Friday afternoon, said Steve Boyd, senior managing director at Houston-based distributor Sun Coast Resources Inc.Landlocked cities face the greates danger of fuel shortages compared with those with access to water-borne deliveries, Boyd said. If the pipeline remains down for many more days, he’s anticipating a “massive surge” in orders. Sun Coast, which operates about 900 trucks, has delivered emergency supplies during 75 major storms over the past 15 years, including during hurricanes Harvey and Irma in 2017.Although the attack on the Colonial system is “unprecedented,” the conduit ought to be back in service in three to five days, Amrita Sen, co-founder of consultant Energy Aspects Ltd., told Bloomberg TV just hours before the pipeline company announced it’s end-of-week target.Gasoline for June delivery settled up 0.3% at $2.1334 a gallon in New York. Futures prices have gained more than 50% this year, helped by the recovery from the worst effects of the pandemic.Tankers BookedPrior to Colonial’s Monday statement, traders were seeking vessels to deliver fuel to coastal terminals. Four vessels were provisionally chartered to send diesel or gasoline from Europe to the U.S. Atlantic Coast, according to Danish oil-product tanker company Torm A/S.Some tankers are also being secured to temporarily store gasoline along the Gulf Coast, according to market participants who asked not to be identified because the information isn’t public. Meanwhile, Total SE scaled back activity in a key unit at its Port Arthur, Texas, refinery because of the Colonial shutown, according to a person familiar with operations.Increased SecurityColonial halted all operations on its system late Friday after suffering a ransomware attack that affected some of its IT systems.The event is just the latest example of critical infrastructure being targeted by ransomware. Hackers are increasingly attempting to infiltrate essential services such as electric grids and hospitals. The escalating threats prompted the White House to respond last month with a plan to increase security at utilities and their suppliers. Pipelines are a specific concern because of the central role they play in the U.S. economy.“It’s an all-hands-on-deck effort right now,” said U.S. Commerce Secretary Gina Raimondo. “We are working closely with the company, state and local officials to make sure that they get back up to normal operations as quickly as possible and there aren’t disruptions in supply.”The White House pulled together an inter-agency task force to address the breach, including exploring options for lessening its impact, according to an official. Biden can invoke an array of emergency powers to ensure supplies keep flowing to big cities and airports along the East Coast.Rules EasedSome rules curbing domestic transportation of fuel have been eased to help deal with any shortages. That doesn’t extend to waiving Jones Act, a measure that would allow foreign tankers to help shuffle more petroleum products between U.S. ports.“There are ways to get around this,” said Jeff Currie, global head of commodities at Goldman Sachs Group Inc. “Importantly, the Department of Transportation has lifted any restrictions around trucking and boat transportation, which means you can use other avenues of transportation to deal with this.”Colonial has the capacity to send about 2.5 million barrels (105 million gallons) a day from Houston as far as North Carolina, and another 900,000 barrels a day to New York.Extortion FeeRansomware cases involve hackers seeding networks with malicious software that encrypts the data and leaves the machines locked until the victims pay the extortion fee. This would be the biggest attack of its kind on a U.S. fuel pipeline.With gasoline inventories ample, pump prices weren’t expected to tick much higher until Memorial Day at the end of May, which is traditionally viewed as the start of the U.S. summer driving season. If the pipeline doesn’t restart soon it will accelerate the move higher.“Atlanta will be one of the earlier sore spots, along with eastern Tennessee, and perhaps the Carolinas,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.The Northeast can secure gasoline shipments from Europe but it will come at an increasing cost the longer the pipeline stays shut. The fuel’s premium to crude in northwest Europe had jumped by more than 5% in intra-day trading earlier on Monday but was still down week-on-week.In the meantime, fuel producers including Marathon Petroleum Corp. are weighing alternatives for how to ship their products to the Northeast.One potential route is the Kinder Morgan-operated Plantation Pipeline, even though it only extends as far north Washington D.C. and has a capacity of 720,000 barrels a day, far short of Colonial’s. Kinder said Sunday it’s working with customers to accommodate additional barrels during Colonial’s outage, and that Plantation is deferring where possible any non-essential maintenance that might otherwise reduce flow rates.While all of the major segments of Colonial’s system remain offline, some smaller so-called laterals connecting specific fuel terminals to delivery points are in service, the company said earlier.Inventories offer minimal cover, ClearView Energy Partners said in a research note. Tankers leaving Rotterdam could take up to 14 days to make the trip to the New York Harbor. The Midwest could theoretically send some of its supplies to the East Coast via rail and barge, but the region’s inventories are tighter than in previous years, ClearView said.“The Colonial outage comes at a critical juncture for the recovering U.S. economy: the start of the summer driving season,” ClearView said. “We therefore think lawmakers could begin a ‘blame game’ immediately, and a sustained disruption that leads to a significant pump price spike could increase prospects of domestic policy interventions.”(Adds Biden’s comment on no apparent Russian link in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
As part of the kick off to National Nurses Week, which brought together health care workers at Lenox Health Greenwich Village to thank the NYC community for their continued support over the past year, Northwell Health announced the return of Side By Side: A Celebration of Service™ in honor of military and health care heroes. Today, Northwell Health has announced that the celebratory event taking place over Memorial Day weekend will feature a television special, produced in partnership with Al Roker Entertainment, airing Thursday, May 27 at 7:00pm ET on NBC4 New York, prior to a livestream benefit concert with superstars Katy Perry, Ne-Yo, Gavin DeGraw and a special performance by Northwell’s Nurse Choir, with Alfonso Ribeiro as host, on Monday, May 31 at 7:00pm ET via Northwell Health’s YouTube channel (https://www.youtube.com/c/NorthwellHealth1). To make a donation to Northwell Health’s Military Liaison Services program text NORTHWELL to 56512 (USA only) or go to https://bit.ly/3tiSiU5.
Are Microsoft and Sony even competing with each other anymore?
Chinese stocks are in a funk Monday, with shares of popular online gamer The9 Limited (NASDAQ: NCTY) down 10.3%, e-commerce platform Pinduoduo (NASDAQ: PDD) falling 12.5%, and location tracker Luokung Technology (NASDAQ: LKCO) sliding most of all -- off 13.8% as of 11 :15 a.m. EDT. Blame the Biden administration -- but also the Trump administration -- for that. As Bloomberg reported over the weekend, restrictions on investment by U.S. companies in Chinese tech stocks, initially proposed by the Trump administration in 2019, are still being considered by the Biden administration.
NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Kadmon Holdings, Inc. (NASDAQ: KDMN) between October 1, 2020 and March 10, 2021, inclusive (the “Class Period”) of the important June 2, 2021 lead plaintiff deadline. SO WHAT: If you purchased Kadmon securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Kadmon class action, go to http://www.rosenlegal.com/cases-register-2073.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 2, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the New Drug Application for belumosudil for the treatment of chronic graft-versus-host disease (cGVHD) (the “Belumosudil NDA”) with the U.S. Food and Drug Administration (“FDA”) was incomplete and/or deficient; (2) the additional new data that Kadmon submitted in support of the Belumosudil NDA in response to an information request from the FDA materially altered the Belumosudil NDA submission; (3) accordingly, the initial Belumosudil NDA submission lacked the degree of support that the Company had led investors to believe; (4) accordingly, the FDA was likely to extend the Prescription Drug User Fee Act (“PDUFA”) target action date to review the Belumosudil NDA; and (5) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Kadmon class action, go to http://www.rosenlegal.com/cases-register-2073.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 email@example.com firstname.lastname@example.org email@example.com www.rosenlegal.com
NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of CytoDyn Inc. (OTC: CYDY) between March 27, 2020 and March 9, 2021, inclusive (the “Class Period”), of the important May 17, 2021 lead plaintiff deadline. SO WHAT: If you purchased CytoDyn securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the CytoDyn class action, go to http://www.rosenlegal.com/cases-register-2060.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 17, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: The complaint filed in this class action alleges that throughout the Class Period, defendants made materially false and/or misleading statements touting Leronlimab as a potential treatment for COVID-19 to pump up the CytoDyn’s stock price while executives aggressively sold their shares. The complaint also alleges that CytoDyn engaged in a wrongful scheme whereby Iliad Research and Trading L.P. and other entities related to Iliad’s principal John Fife operated as an unregistered securities dealer for CytoDyn. On this news, the Company’s share price fell $1.14 per share, or 28%, to close at $2.91 on March 8, 2021. On March 9, 2021, CytoDyn shares dropped an additional 19% to close at $2.35, thereby injuring investors further. To join the CytoDyn class action, go to http://www.rosenlegal.com/cases-register-2060.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq.Phillip Kim, Esq.The Rosen Law Firm, P.A.275 Madison Avenue, 40th FloorNew York, NY 10016Tel: (212) 686-1060Toll Free: (866) 767-3653Fax: (212) firstname.lastname@example.org@email@example.com
Shares of Chinese electric vehicle maker NIO (NYSE: NIO) were trading lower on Monday, on sectorwide weakness after another electric vehicle start-up reported sales well below Wall Street's expectations. As of 2:30 p.m. EDT, NIO's American depositary shares were down about 5.6% from Friday's closing price. The Chinese government has developed new regulatory standards for electric vehicle battery swap stations, and NIO -- which operates one of the country's largest battery swap networks -- helped to write the new regulations.
Arlington, Va., May 10, 2021 (GLOBE NEWSWIRE) -- Experts from the American Institutes for Research (AIR) and IMPAQ, an AIR affiliate, will present several live and pre-recorded sessions during the 76th Annual Conference of the American Association for Public Opinion Research (AAPOR). The conference will be held virtually May 11-14, 2021. Founded in 1947, AAPOR is the largest professional organization of public opinion and survey research professionals in the U.S. Members come from a variety of fields, including election polling, market research, statistics, research methodology, health related data collection and education. AAPOR seeks to build better public understanding of its members’ work and promote ethical conduct and sound use of survey and public opinion research. AIR and IMPAQ experts will present on several topics, including survey participation and willingness to seek healthcare during the COVID-19 pandemic; insights from the School Survey on Crime and Safety redesign; and more. AIR is also a Silver Sponsor and an exhibitor in the Virtual Exhibitor Hall for those wanting to learn more about its work, workplace, and career opportunities. Several AIR and IMPAQ presentations are highlighted below. For a full list of presentations by our experts, browse the full program on the conference website. TUESDAY, MAY 11 Concurrent Session A: Prerecorded Sessions 11:30 a.m. – 1:30 p.m. ET | Live Q&A 1:00 p.m. – 1:30 p.m. ET Session 3: Exploring Self-Response: Paper Versus Web Track: Data Collection Methods, Modes, Field Operations, and Costs Modeled Preference: Would Sending Paper Questionnaires to Paper-Sensitive Respondents Increase Response Rates? AIR Presenters/Authors: Tzu-Jou (Carol) Wan, Mahi Megra, Rebecca Medway, Zoe Padget and Jiashan Cui WEDNESDAY, MAY 12 Concurrent Session C: Prerecorded Session 10:30 a.m. – 12:30 p.m. ET | Live Q&A 12:00 p.m. – 12:30 p.m. ET Session 1: Mini-Conference: Health Care Access and Delivery During the Pandemic Track: Attitudes & Opinions Examining Racial Differences in Willingness to Seek Healthcare During the COVID-19 Pandemic AIR Presenters/Authors: Daniel Harwell, Jen Durow, Rachel Shapiro, Sarah Mossburg, Jazmine Orazi, Krishna Winfrey, Gina Sgro and Alane Bristow Concurrent Session C: Live Sessions 11:00 a.m. – 12:30 p.m. ET Session 9: Mini-Conference: Blood from a Stone? Using Qualitative Techniques to Understand Why Households Don’t Participate in Surveys (QUALPOR Panel) Track: Qualitative Research You’ve Got Mail: Using a Mock Mail Sorting Activity with Nonrespondents to a National Household Survey to Better Understand Mail Receipt and Processing Behavior AIR Presenters/Authors: Mahi Megra, Melissa Scardaville, Danielle Battle and Rachel Hanson THURSDAY, MAY 13 Concurrent Session E: Prerecorded Sessions 9:30 a.m. – 11:30 a.m. ET | Live Q&A 11:00 a.m. – 11:30 a.m. ET Session 6: Broad Lessons and Best Practices in Questionnaire Design Track: Questionnaire Design and Interviewing Developing and Testing New Survey Content for the National Center for Education Statistics: Insight from the School Survey on Crime and Safety Redesign AIR Presenters/Authors: Riley Burr and Jana Kemp Concurrent Session G: Prerecorded Sessions 3:00 p.m. – 5:00 p.m. ET | Live Q&A 4:30 p.m. – 5:00 p.m. ET Session 5: Qualitative Methods for Questionnaire Development and Pretesting Track: Qualitative Research How Do You Translate “Homeschooling” Into Spanish, and What Does It Mean in 2020? AIR Presenters/Authors: Maria Payri and Danielle Battle FRIDAY, MAY 14 Concurrent Session H: Live Sessions 12:00 p.m. – 1:30 p.m. ET Session 9: Mini-Conference: Response Rates During a Pandemic: Operational Issues, Panel Surveys Track: Response Rates and Nonresponse Error Conducting a Recurring National Health Survey During the COVID-19 Pandemic: Response Patterns and Lessons Learned IMPAQ Presenters: Kelsey Walter and Katherine Allen About AIR Established in 1946, the American Institutes for Research® (AIR®) is a nonpartisan, not-for-profit organization that conducts behavioral and social science research and delivers technical assistance to solve some of the most urgent challenges in the U.S. and around the world. We advance evidence in the areas of education, health, the workforce, human services, and international development to create a better, more equitable world. With headquarters in Arlington, Virginia, the AIR family of organizations now includes IMPAQ, Maher & Maher, and Kimetrica. For more information, visit www.air.org. CONTACT: Dana Tofig American Institutes for Research 202-403-6347 firstname.lastname@example.org
AVer Information Inc. USA, an award-winning provider of education technology and video collaboration solutions, announces the CP10: a 10.1-inch conference room collaboration controller featuring a capacitive touch screen and antibacterial glass with ion technology to promote safer meetings. Designed as a flexible solution for meeting spaces, AVer’s CP10 can be utilized as a controller inside a meeting space or as a scheduling display outside a meeting room.
Controversial Republican gives scornful reaction to Boris Johnson’s latest measures
Canada’s tech sector virtual Hill Days to focus on the ‘new normal’ powered by innovative technologyOttawa, ON, May 10, 2021 (GLOBE NEWSWIRE) -- TECHNATION, Canada’s national technology industry association, along with leading-edge tech leaders from across Canada, are virtually descending on Ottawa this week to promote the tech sector’s forward-looking recommendations to the federal government. Discussion will include some of Canada’s biggest challenges that face us as we strive to drive economic recovery and innovation adoption. “The Pandemic has proven that digital transformation can make or break economies,” said Angela Mondou, president & CEO of TECHNATION. “TECHNATION and our members, want to influence a more resilient and prosperous future - and we are committed to collaboration with government to execute on the digital investments announced in Budget 2021. This week, we look forward to having bold discussions with Ottawa on how the tech sector can do just that.” “Canada’s tech sector is incredibly well positioned to lead growth in jobs, innovation, and economic development,” added Mike Hilton, president, HPE Canada. “We are ready to help our nation successfully compete on the world stage.” Throughout the week, TECHNATION will engage with Ministers, Members of Parliament, and top departmental officials, focusing on three areas where the tech sector is poised to help Canada recover: Driving the Jobs of the Future: Technology firms are positioned to drive Canada’s economic recovery, fuel the creation of innovative, high-quality, well-paying jobs, and position our changing national economy for long-term success. Canada can and should be a global technology leader, driving growth in all sectors of our economy, but we need the right government policies and support in place to achieve this.Ensuring Canada Thrives in the ’New Normal‘: Canada’s tech sector can help governments, and businesses in all sectors, overcome their challenges and step boldly into the ‘new normal’. This will be achieved through tech adoption, regardless of industry. Canada’s tech sector has solutions to transform Canada’s data capabilities, strengthen our national health system, tackle supply chain issues, safeguard our privacy and security, enable a remote workforce, modernize citizen services, and more.Transforming Canada’s Public Sector: Canada’s tech sector is home to world-leading technologies and innovations that can provide the backbone to a modern, nimble, productive, and efficient public service; one that is able to deliver on the evolving needs of citizens and provide programs and services that are accessible to Canadians wherever they are, under any circumstances. The federal government spends at least $6.8 billion every year on technology, and is promising new, ’generational investments’ to improve its digital footprint including over $3 billion in new funding in Budget 2021. By challenging our nation’s tech sector to meet the Government’s needs within the ‘new normal’, and by shifting the way that industry and government work together, Canada can leverage its substantial spending power as a strategic economic lever to regain its position as a leading-edge digital government; delivering innovative solutions to service delivery that meet the ever-changing expectations of citizens and businesses. Executed strategically, this much-needed investment, will help technology firms across Canada, especially small and medium enterprises (SMEs), to scale and grow. Strengthening domestic tech firms can in turn provide solutions to all sectors of our economy, driving productivity, resilience, and job-creation across the nation. Similarly, the federal government’s injection of $2.2 billion in the new Canada’s Digital Adoption Program announced in Budget 2021, will help SMEs across Canada purchase and deploy the technology they need to prosper in the post-pandemic world, driving economic growth across all sectors and employment for thousands of Canadians. TECHNATION looks forward to presenting these ideas and recommendations, to political leaders and departmental officials across the Government of Canada throughout the week. Follow our “Hill Days” social posts - #TechHillDays2021 – on LinkedIn and Twitter. -30- About TECHNATION TECHNATION is the industry-government nexus for technology prosperity in Canada. As a member-driven, not-for-profit, TECHNATION unites Canada’s technology sector, governments and communities to enable technology prosperity in Canada. TECHNATION champions technology prosperity by providing advocacy, professional development and networking opportunities across industry and governments at all levels; connecting Canadian scale-ups with global tech leaders; engaging the global supply chain; and filling the technology talent pipeline. TECHNATION has served as the authoritative national voice of the $210 billion ICT industry for over 60 years. More than 43,200 Canadian ICT firms create and supply goods and services that contribute to a more productive, competitive, and innovative society. The ICT sector generates more than 666,500 jobs and invests $7.5 billion annually in R&D, more than any other private sector performer. For more information: www.technationcanada.ca About Canada’s Tech Sector Canada’s tech sector is best positioned to serve as a catalyst driving high quality job creation and economic growth today, and for the long term. There are more than 73,000 technology businesses in Canada, employing 1.66 million Canadians, generating $210 billion in annual revenue, paying wages that are 40% higher than average private sector jobs, and leading significant year-over-year job growth in eight of ten provinces. Importantly, technology adoption across businesses can be a rising tide that floats all boats - a 10% increase in digitalization can create an almost 1% decrease in the unemployment rate, while every 1% increase in digital adoption can add $8.7 billion (0.5%) to GDP. CONTACT: Janet Gibson Eichner TECHNATION 416-357-8908 email@example.com
Let's get cute for summer. The post FYI, there’s tons of designer makeup on sale for up to 70% off at Nordstrom Rack appeared first on In The Know.
Tech shares reversed Friday's gains, pulling the S&P 500 and the Nasdaq into negative territory, while industrial and healthcare shares set the blue-chip Dow on course for its fourth consecutive all-time closing high. "You continue to see this rotation between tech-plus and cyclicals, and certainly the spike in inflation of input costs benefits cyclicals in terms of pricing," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. The break-even rate on five-year and 10-year U.S. Treasury Inflation-Protected Securities (TIPS) touched their highest levels since 2011 and 2013, respectively.
SAN FRANCISCO, May 10, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges ChemoCentryx, Inc. (NASDAQ: CCXI) investors with significant losses to submit your losses now. A securities fraud class action is pending and certain investors may have valuable claims. Class Period: Nov. 26, 2019 – May 3, 2021Lead Plaintiff Deadline: July 6, 2021Visit: www.hbsslaw.com/investor-fraud/CCXI Contact An Attorney Now: CCXI@hbsslaw.com 844-916-0895 ChemoCentryx, Inc. (NASDAQ: CCXI) Securities Fraud Class Action: The lawsuit focuses on ChemoCentryx’s statements about its new drug application (“NDA”) for its vasculitis drug candidate Avacopan. Beginning on Nov. 25, 2019, ChemoCentryx touted positive topline data from its Pivotal Phase III ADVOCATE trial demonstrating Avacopan’s superiority over standard of care in ANCA-associated vasculitis and that the trial met both of its primary endpoints. This and subsequent positive announcements sent the price of CCXI soaring. The complaint alleges ChemoCentryx concealed that: (1) the trial’s study design was flawed; (2) data from the trial raised serious safety concerns; and (3) these issues presented a substantial concern about the viability of ChemoCentryx’s NDA. On May 4, 2021, the truth emerged when the FDA announced it had identified several areas of concern, including “uncertainties about the interpretability of the data and the clinical meaningfulness of these results.” In addition, the document took issue with the complex trial design and the lack of long-term safety data. This news drove the price of ChemoCentryx shares crashing over 45% lower on May 4, 2021, wiping out as much as $1.5 billion of the company’s market capitalization. “We’re focused on investors’ losses and proving ChemoCentryx misled investors about Avacopan’s efficacy and safety,” said Reed Kathrein, the Hagens Berman partner leading the investigation. If you are a ChemoCentryx investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman. Whistleblowers: Persons with non-public information regarding ChemoCentryx should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CCXI@hbsslaw.com. About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw. Contact: Reed Kathrein, 844-916-0895
(Bloomberg) -- Wall Street traders like Trey Griggs are finding a new lease on life in the $2.5 trillion crypto Wild West.After two decades in energy trading, the 51-year-old was lured by a former Goldman Sachs Group Inc. colleague this February into a new world of market-making in digital currencies.Now he’s in fighting spirits -- unleashing old-school finance tricks to exploit the industry’s rampant inefficiencies, volatility and downright weirdness.“All the fun that used to be had 30 years ago in the commodity markets and is no longer fun -- that fun is now in crypto,” says the U.S. chief executive officer at GSR Markets in Houston.Griggs is among crypto newcomers deploying systematic strategies that are tried-and-tested in conventional asset classes -- price arbitrage, futures trading, options writing -- in a booming new corner of finance. As more mainstream investors get behind Bitcoin, boutique firms are joining the likes of Mike Novogratz in an ever-broadening crypto rally that keeps breaking records.For those who can stomach the price swings, the threat of exchange hacks and the byzantine market structure, complex fast-money trades are offering an alternative way to ride the digital mania.At GSR, the firm’s bread and butter is market-making, where traders pocket the spread between buy and sell orders.In stocks, that’s a nearly oligarchic business where the likes of Citadel Securities and Virtu Financial operate at lightning speed. In virtual currencies, where hundreds of exchanges offer free access at a slower pace, GSR can capitalize on the big volumes without splurging millions on high-frequency infrastructure.“Part of the tech we have is just to tell us did we actually trade or not, is this trade good or bad,” says GSR co-founder and former Goldman trader Richard Rosenblum. “We don’t want to be slower than our competitors, but it’s just not quite as much of the driver.”For every strategy in stocks, bonds or currencies rendered boring by low rates, regulation or market crowding, there’s a lucrative trade in a token lying across the hundreds of exchanges out there. Or so the thinking goes.Read More: Veterans of FX’s Wilder Days Are Loving Bitcoin’s VolatilityWhile crypto die-hards have made merry like this for years, the relentless rallies across the tokensphere this year are drawing more Wall Street converts seeking riches and new thrills.Take Mark Treinkman. After a career mostly at proprietary stock-trading shops like Chimera Securities, digital money is renewing his passion for quant trading.“I’ve been going through some of my old strategies and things that wouldn’t have worked in equities in decades have an edge in crypto still,” he says.A market-neutral strategy run by his $60 million firm BKCoin Capital gained 71% last year using investing styles that often include arbitraging different prices across exchanges and the gap between the spot and futures market.For a few minutes during trading on Wednesday, for example, the price of Ethereum Classic jumped well above $100 on the Coinbase exchange. The digital token was trading at less than $80 at other venues, offering an obvious opportunity for investors to make money simply by buying in one place and selling in another.It’s one of the best-known -- albeit diminishing -- discrepancies exploited by the likes of Alameda Research, a crypto trading firm filled with former traders from high-frequency shops. A famous example is the kimchi premium, the tendency for Bitcoin to trade higher in South Korea thanks to strong demand and the difficulty of moving money around to profit from the gap.With no one-stop prime broker to centralize trading books and offer clients leverage across venues, traders like Treinkman face plenty of challenges in their bid to arbitrage price gaps, but say the rewards are commensurate.And the opportunities pop up everywhere. For instance, when longer-dated futures in pretty much any asset class trade higher than the spot price -- known as contango -- the former almost always converges to the latter as the contracts mature.That’s popularized the crypto basis trade, where an investor goes long the spot rate and shorts the futures.When Bitcoin last peaked in mid-April, the December contracts were nearly 4% higher than August which were in turn about 2% higher than the spot reference rate, as speculators unleashed bets on rising prices. By contrast, the December oil contracts were trading beneath August’s on the same day, according to the data compiled by Bloomberg.“The crypto market is still dominated by retail investors who use excessive leverage and bid the premiums for futures,” said Nikita Fadeev, a fund manager at $60 million crypto unit at quant firm Fasanara Capital.Trades common in the industry also include short-term momentum and a form of statistical arbitrage, which bets on gaps between various tokens eventually closing like when Ethereum is surging but Bitcoin isn’t, Fadeev says. As assets grew, the fund recently appointed Laurent Marquis, the former co-head of derivatives at Citadel Securities, as chief risk officer, and Steve Mobbs, co-founder of quant fund Oxford Asset Management, as senior adviser.Over in Zug, Switzerland, St. Gotthard Fund Management has transformed from an old-school family office writing options on Swiss shares to a digital evangelist in its income strategy aiming to yield 8% a year. Just like in stocks, the investing style sells derivatives to take advantage of big demand to hedge price swings -- which causes the volatility priced into options to be higher than what’s likely to come to pass.For option writers like St. Gotthard, that means the premiums are much juicier, though they also come with a higher risk of having to actually pay out, like an insurer during an earthquake.“The major difference at the end of the day is how much premium retail investors are willing to pay,” says chief investment officer Daniel Egger. “On the other hand of course we’ve written calls we wished we hadn’t in those moves up.”In fact, going long crypto over the past year has proved the easiest and most profitable way to tap into the boom. And for those choosing the systematic route, competition is rising.For example, in order to get an edge in its market-making strategy, BKCoin has recently installed servers at Asian crypto exchanges, a move known as co-location in the high-frequency world of stocks. It’s a sign the industry is growing up fast.“In any emerging market we’ve seen these inefficiencies decrease over time,” said George Zarya, founder of Bequant, a crypto prime brokerage that caters to systematic traders. “There are more professional players that come in.”(Corrects seventh paragraph under second chart to show Fasanara does not engage in momentum and stat-arb trades but says they are common in industry.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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