Britain's multi-billion pound supermarket industry is placing its bets on whether big-spending older shoppers will stick with buying their groceries online when months of lockdown end. Having more than doubled during the COVID-19 pandemic to represent 16% of Britain's roughly 200 billion pound ($281 billion) food retail market, the country has one of the world's highest take-ups of online grocery. Ocado boss Tim Steiner says it's here to stay and will carry on growing quickly.
One clear lesson from last week is that the European Central Bank hasn't been able to stop euro zone yields from rising. Verbal intervention by ECB President Christine Lagarde, Chief Economist Philip Lane and board member Isabel Schnabel failed at keeping a lid on a rise that is pretty much imported from the U.S. where another round of stimulus, now on its way to the Senate, is fuelling inflation fears. So like the famous Elvis Presley song, pressure will grow for a little less conversation and little more action given there's almost 1 trillion euros left to spend in the ECB's PEPP arsenal.
“I am very pleased that our integrated One TORM platform enabled us to deliver a solid EBITDA of USD 272m and a considerable cash return to shareholders totaling USD 71m in dividends during 2020. I am further pleased that our commitment to minimize environmental impact has enabled us to reduce greenhouse gas emissions by 22% since 2008, showing a clear path towards our ambitious target of 40% reduction by 2030.” says Mr. Jacob Meldgaard, Executive Director. In 2020, TORM realized an EBITDA of USD 272m (2019: USD 202m). The 2020 profit before tax amounted to USD 90m (2019: USD 167m). The net profit adjusted for non-recurring items was USD 122m (2019: USD 51m) and Adjusted Return on Invested Capital (RoIC) was a very strong 9.3% (2019: 5.2%). For the full-year 2020, TORM achieved TCE rates of USD/day 19,800 (2019: USD/day 16,526). In the first half of the year, product tanker rates reached all-time-high levels following the significant market disruption caused by the COVID-19 outbreak and OPEC+ oil price war. In the second half of the year, the product tanker market went into a downturn and together with substantial draws on global oil stocks, the product tanker rates declined as product stocks normalized. In 2020, TORM contracted two LR2 newbuildings, purchased two 2010-built MR vessels and sold eight older vessels. The two LR2 newbuildings are scheduled to be delivered in the fourth quarter of 2021 and the first quarter of 2022. One of the 2010-built MR vessels was delivered in 2020 and one was delivered in January 2021. Further, TORM took delivery of four vessels under its newbuilding program in 2020. As of 31 December 2020, TORM’s order book consisted of the two LR2 newbuildings and the remaining 2010-built MR vessel. The total outstanding CAPEX related to the order book, including costs related to the installation of scrubbers, amounted to USD 101m. The vessel sales cover two LR2s and six MRs for a total consideration of USD 77m. The vessels were delivered to their new owners in 2020 and debt of USD 41m has been repaid. As of 31 December 2020, TORM’s fleet consisted of 64 owned vessels, eight vessels under sale and leaseback agreements, two vessels on order and one second-hand vessel to be delivered to TORM. In the first quarter of 2021, TORM has entered into an agreement to purchase eight 2007-2012 built MR product tanker vessels for a total cash consideration of USD 82.5m and the issuance of 5.97 million shares. Subject to documentation, TORM has obtained financing of up to USD 94m for the vessels that are scheduled to be delivered to TORM in the second and third quarter of 2021. During the COVID-19 pandemic, TORM has fully maintained its excellent operations thanks to the One TORM platform. This is especially due to extraordinary and very professional efforts from our crew members. While crew changes remain an issue due to travel bans and quarantine rules in several countries around the world, TORM has reduced the percentage of crew with overdue employment from approximately 35% in May and June to the current level of 1% of the total crew on board TORM’s vessels. TORM is very satisfied with this achievement and maintains the safety and welfare of seafarers as a key focus area – especially during the COVID-19 pandemic. TORM has refinanced debt of USD 602m extending all material debt maturities to 2026 or later. In the first quarter of 2020, TORM closed the refinancing of four term loans and an existing revolving credit facility. The term loans and the revolving credit facility were replaced by two separate term facilities and a new revolving credit facility covering up to USD 496m. In the fourth quarter, TORM refinanced its existing facility with Danish Ship Finance with a new facility of USD 180m in senior secured debt, covering ten vessels including the two MR vessels purchased in the fourth quarter. In connection with the transaction, five vessels were transferred for refinancing under the Hamburg Commercial Bank facility for USD 35m. Lastly, TORM has obtained financing of USD 12m related to the installation of scrubbers and Ballast Water Treatment Systems on four vessels. Following the refinancing, TORM has extended all material debt maturities until 2026, ensuring only annual scheduled repayments over the term which supports the Company’s financial flexibility. In connection with the refinancing, a CO2 emission-linked pricing mechanism was included in the Danish Ship Finance facility. Accordingly, the pricing is linked to the reductions in CO2 emissions year-on-year, aligning it with TORM’s and the International Maritime Organization’s industry target of a 40% reduction in greenhouse gas emissions by 2030. The key performance indicator and the decarbonization target are consistent with the Poseidon Principles, the global framework by which a number of leading financial institutions assess the climate alignment of their ship finance portfolios. The agreement is TORM’s first loan agreement that includes a CO2 emission-linked price adjustment mechanism. As of 31 December 2020, TORM’s available liquidity was USD 268m and consisted of USD 136m in cash and restricted cash and USD 132m in undrawn financing and committed facilities. Undrawn and committed facilities include USD 45m in undrawn working capital facilities, USD 76m of sale and leaseback financing and USD 11m of financing related to the installation of scrubbers and Ballast Water Treatment Systems. Cash and restricted cash and cash equivalents include USD 46m in restricted cash, primarily related to collateral for financial instruments. As of 31 December 2020, the net interest-bearing debt amounted to USD 713m, and the net loan-to-value (LTV) ratio was estimated at 51%. TORM has committed to install 50 scrubbers. As of 1 March 2021, TORM has installed 46 scrubbers. The remaining four are expected to be installed in 2021 and in the first quarter of 2022, including the two scrubbers for the LR2 newbuildings. Based on broker valuations, the market value of TORM’s fleet, including newbuildings, was USD 1,585m as of 31 December 2020. TORM’s NAV, excluding charter commitments, was estimated at USD 801m, corresponding to a NAV/share of USD 10.8 or DKK 65.3. As of 31 December 2020, TORM’s book equity amounted to USD 1,017m. This corresponds to a book equity/share of USD 13.6 or DKK 82.3. The book value of the fleet was USD 1,723m as of 31 December 2020 excluding outstanding installments on the two LR2 newbuildings and the 2010-built MR vessel of USD 101m. As of 31 December 2020, TORM performed an impairment test of the recoverable amount of the most significant assets. Based on this review, Management has decided to impair TORM’s two Handysize vessels with a total charge of USD 5.5m. No impairment was recorded for the main fleet covering TORM’s LR2, LR1 and MR vessels, since the value in use is in line with the carrying amount at 31 December 2020. At the 2020 AGM, Ms. Annette Malm Justad was appointed as Director of the Company replacing Mr. Torben Janholt. Ms. Justad has more than 20 years of executive experience and has previously served as CEO of Oslo listed Eitzen Maritime Services ASA, amongst other. To supplement the Annual Report and TORM’s CSR report, TORM has published its first dedicated ESG Report to provide easy access to data specifically within Environmental, Social and Governance aspects. The ESG Report documents the results of TORM’s efforts within the environment, its commitment to the UN’s Sustainable Development Goals including social and governance aspects, and the targets set for 2030 onwards. As of 31 December 2020, 28% of the total earning days in 2021 were covered at USD/day 15,049. As of 23 February 2021, the total coverage for the first quarter of 2021 was 85% at USD/day 12,914. For the individual vessel classes, the coverage was 89% at USD/day 16,506 for LR2, 67% at USD/day 13,430 for LR1, 88% at USD/day 12,355 for MR and 84% at USD/day 6,725 for Handysize. TORM made a total shareholder distribution of USD 71m in 2020 covering earnings in the second half of 2019 and the first half of 2020. The majority of the payment was made in September 2020, where TORM paid an ordinary dividend of USD 63m, or USD 0.85 per share. In line with the Company’s Distribution Policy, the payment corresponded to 50% of the net income for the six months ended on 30 June 2020. The net income for the second half of 2020 was USD -39m and in line with TORM’s Distribution Policy, the Board of Directors has decided to recommend that no dividends be paid for that period. CONFERENCE CALL AND WEBCAST TORM will be hosting a conference call for investors and financial analysts today at 9:00 am Eastern Time / 3:00 pm Central European Time. If you wish to participate in the call, please dial +45 3272 0417 (or +1 (646) 741 3167 for US connections) at least ten minutes prior to the start of the call to ensure connection and use 3627758 as conference ID. The presentation can be downloaded from https://investors.torm.com.There will be a simultaneous live webcast via TORM’s website https://investors.torm.com. Participants should register on the website approximately ten minutes prior to the start of the webcast. CONTACT TORM plcJacob Meldgaard, Executive Director, tel.: +45 3917 9200 Birchin Court, 20 Birchin LaneKim Balle, CFO, tel.: +45 3917 9285London, EC3V 9DU, United Kingdom Morten Agdrup, IR, tel.: +45 3917 9249Tel.: +44 203 713 4560 Finn Bjarke Petersen, IR, tel.: +45 3917 9225www.torm.com ABOUT TORM TORM is one of the world’s leading carriers of refined oil products. The Company operates a fleet of approximately 80 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889. The Company conducts business worldwide. TORM’s shares are listed on NASDAQ Copenhagen and NASDAQ New York (tickers: TRMD A and TRMD). For further information, please visit www.torm.com. SAFE HARBOR STATEMENTS AS TO THE FUTUREMatters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions generally identify forward-looking statements. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of the world economy and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, the duration and severity of the COVID-19, including its impact on the demand for petroleum products and the seaborne transportation thereof, the operations of our customers and our business in general, changes in demand for “ton-miles” of oil carried by oil tankers and changes in demand for tanker vessel capacity, the effect of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM’s operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, political events including “trade wars,” or acts by terrorists. In light of these risks and uncertainties, you should not place undue reliance on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Attachments 04-2021 - TORM plc Annual Report 2020 - US Annual Report 2020_web
Australian Prime Minister Scott Morrison said on Monday an unidentified cabinet minister accused of rape has "vigorously rejected" the allegation during talks with him. Several opposition lawmakers said late last week they received a letter detailing an allegation of rape by a male cabinet minister before he entered parliament. Morrison said his office also received a letter detailing the allegation.
Europe's drug regulator is auditing the manufacturing site of the Serum Institute of India (SII), a source with knowledge of the matter said, a necessary step before AstraZeneca's COVID-19 vaccine made there can be exported to the bloc. SII, the world's largest vaccine manufacturer, is producing the AstraZeneca vaccine, developed with Oxford University, for dozens of poor and middle-income countries. The precise reason for the audit of SII's manufacturing processes and facilities was not clear, but a green light would mean the drug could be exported to the European Union, the source said, declining to be identified because the review is confidential.
SIGNIFICANT RECOMMENDATIONS MADE BY THE AGED CARE ROYAL COMMISSION* A new Aged Care Act enshrining the rights of older people and providing a universal entitlement for high-quality care.* A national registration scheme for workers with mandatory qualification levels and checks.
(Bloomberg) -- Sovereign bonds extended a rebound, U.S. and European equity futures rose and the dollar dipped Monday, signaling calmer markets after the turmoil sparked last week by a slide in government debt.Benchmark Treasury yields fluctuated around 1.40% and Australian and New Zealand debt rallied. Australia’s 10-year yield slid the most in a year after the central bank doubled down on bond purchases to pacify fixed-income markets.S&P 500 and Nasdaq 100 equity futures advanced, while Japan led a bounce back in Asian stocks. On Friday, the S&P 500 slipped and tech stocks staged a modest rebound as Treasuries recovered from a pronounced selloff. Most Group-of-10 currencies climbed. Commodities rose as oil topped $62 a barrel.Bonds and equity markets have stabilized after central banks from Asia to Europe sought to reassure investors that policy support remains in place. The prospect of faster growth and inflation amid a stimulus-fueled recovery from the pandemic led to concerns that officials will eventually have to contemplate tightening monetary conditions.“With a lot of the move in yields due to the improving growth outlook and reopening prospects, risk appetite is holding up,” said Esty Dwek, head of global strategy at Natixis Investment Manager Solutions. “The pace and scale of the move in yields is more important than the absolute level, suggesting that as long as the move is gradual, risk assets should be able to absorb them.”In the U.S., President Joe Biden called on lawmakers to quickly approve his $1.9 trillion Covid-19 fiscal aid package, which passed the House of Representatives early Saturday and heads to the Senate. Stimulus and positive vaccine news, including U.S. approval for Johnson & Johnson’s one-shot inoculation, are driving so-called reflation bets.Elsewhere, most base metals rebounded following Friday’s slump. Bitcoin was trading at around $46,000, nursing losses after its worst weekly plunge in almost a year. There are some key events to watch this week:Reserve Bank of Australia sets monetary policy Tuesday.U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.Fed Chair Jerome Powell to discuss the economy at a Wall Street Journal event on Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets:StocksS&P 500 futures rose 0.9% as of 7:05 a.m. in London. The S&P 500 Index fell 0.5%.Japan’s Topix index gained 2%.Australia’s S&P/ASX 200 index rose 1.7%.Hong Kong’s Hang Seng index climbed 1.5%.Euro Stoxx 50 contracts jumped 1%.CurrenciesThe yen traded at 106.54 per dollar.The offshore yuan was at 6.4692 per dollar, up 0.2%.The Bloomberg Dollar Spot Index fell 0.3%.The euro was at $1.2086, rising 0.1%.The Aussie dollar rose 0.7% to 77.62 U.S. cents.BondsAustralia’s 10-year yield fell 25 basis points to 1.67%.The yield on 10-year Treasuries was steady at about 1.40%.CommoditiesWest Texas Intermediate crude rose 2% to $62.70 a barrel.Gold rose 1.2% to $1,754.69 an ounce.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.
AFL great Royce Hart and two others have been taken to hospital after a serious accident in Tasmania.
The wife of Robert “Dipper” DiPierdomenico has publicly indicated that their 41-year marriage is "done".
TORM has today entered into an agreement to purchase eight 2007-2012 built MR product tanker vessels from TEAM Tankers Deep Sea Ltd. for a total cash consideration of USD 82.5m and the issuance of 5.97 million shares. The transaction will increase TORM’s total fleet to 83 vessels on a fully delivered basis. The vessels are all built at the Croatian shipyard Brodotrogir and have high technical specifications with six of the vessels having specialized cargo tank configurations and extended tank segregations (IMO 2), allowing for enhanced trading flexibility through chemical trading options, while still being able to work integrated in the existing One TORM operational platform. The vessels are: TEAM Amorina (2012-built, MR)TEAM Allegro (2012-built, MR)TEAM Corrido (2011-built, MR, IMO 2)TEAM Cavatina (2010-built, MR, IMO 2)TEAM Leader (2009-built, MR, IMO 2)TEAM Discoverer (2008-built, MR, IMO 2)TEAM Voyager (2008-built, MR, IMO 2)TEAM Adventurer (2007-built, MR, IMO2) TORM has obtained attractive terms on the financing with maturities in 2026.The 2009-2012 built vessels will be financed by increasing TORM’s existing Syndicated Term Facility with a new Revolving Facility of up to USD 67m provided pro rata by the existing syndicate banks (ABN AMRO, Danske Bank, ING, Nordea, Credit Agricole, Société Générale and Swedbank), and the 2007-2008 built vessels will be financed through a new term facility with Hamburg Commercial Bank amounting up to USD 28m. The financing is subject to finalization of the documentation. The vessels are scheduled to be delivered during the second and third quarter of 2021, and in connection with each delivery, TORM will issue the shares to TEAM Tankers in tranches based on the individual vessel’s relative value. The agreed individual share issuances are subject to adjustments related to potential capital increases and shareholder distributions, as applicable. Based on broker valuations, the market value of the acquired vessels is assessed at USD 148m. ABN AMRO has acted as financial advisor for TORM on the transaction and lead coordinator on the financing. CONTACT TORM plcJacob Meldgaard, Executive Director, tel.: +45 3917 9200 Birchin Court, 20 Birchin LaneKim Balle, CFO, tel.: +45 3917 9285London, EC3V 9DU, United Kingdom Morten Agdrup, IR, tel.: +45 3917 9249Tel.: +44 203 713 4560 Finn Bjarke Petersen, IR, tel.: +45 3917 9225www.torm.com ABOUT TORM TORM is one of the world’s leading carriers of refined oil products. The Company operates a fleet of approximately 80 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889. The Company conducts business worldwide. TORM’s shares are listed on NASDAQ Copenhagen and NASDAQ New York (tickers: TRMD A and TRMD). For further information, please visit www.torm.com. SAFE HARBOR STATEMENTS AS TO THE FUTUREMatters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions generally identify forward-looking statements. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of the world economy and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, the duration and severity of the COVID-19, including its impact on the demand for petroleum products and the seaborne transportation thereof, the operations of our customers and our business in general, changes in demand for “ton-miles” of oil carried by oil tankers and changes in demand for tanker vessel capacity, the effect of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM’s operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, political events including “trade wars,” or acts by terrorists. In light of these risks and uncertainties, you should not place undue reliance on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Attachment 03-2021 - TORM purchases 8 MRs from Team Tankers - US
Press releaseMarch 1, 2021 - N° 5 Claire Le Gall-Robinson, General Secretary of SCOR, is appointed to the Group Executive Committee Claire Le Gall-Robinson joins SCOR’s Executive Committee with effect from today. In addition to her role as General Secretary, which she has held since 2016, Claire Le Gall-Robinson is in charge of governance, the compliance function and the legal function. She also helps to draw up and implement the Group’s strategy in terms of social and environmental responsibility. Claire Le Gall-Robinson is the second woman to join SCOR’s Executive Committee, following the appointment of Brona Magee as Deputy CEO of SCOR Global Life in September 2018. Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “I am very happy that Claire Le Gall-Robinson is joining SCOR’s Executive Committee and expanding her responsibilities within the Group. Since she joined us in 2016, Claire has fulfilled her duties as General Secretary with great professionalism. She knows the company extremely well, and her professional and human qualities are appreciated by everyone she deals with. I am confident that Claire will be successful in this new key role. This appointment bears witness to the depth and breadth of the company’s talent and demonstrates our determination to develop and promote all talent within the Group.” * * * Biography Claire Le Gall-Robinson, 45, is a lawyer admitted to the Paris and New York Bars and a graduate of Harvard Law School (Master of Laws) and the Paris II- Panthéon Assas University (Corporate and Tax law, Major de promotion). She practiced for more than 17 years in leading U.S. law firms Sullivan & Cromwell LLP and Skadden, Arps, Slate, Meagher & Flom LLP. Prior to joining SCOR in 2016, she was a partner of the UK law firm Gowling WLG. She has taught at the Sciences Po Law School since 2010. She has authored articles on various topics relating to corporate law and co-authored a book on commercial law published by Editions Dalloz. * * * Contact details CommunicationsJérôme Guilbert+33 (0)1 58 44 79 19jguilbert@scor.com Investor RelationsOlivier Armengaud+33 (0)1 58 44 86 12oarmengaud@scor.com www.scor.com LinkedIn: SCOR | Twitter: @SCOR_SE General Numbers presented throughout this document may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, the document might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal. Forward-looking statements This document includes forward-looking statements and information about the objectives of SCOR, in particular, relating to its current or future projects. These statements are sometimes identified by the use of the future tense or conditional mode, as well as terms such as “estimate”, “believe”, “have the objective of”, “intend to”, “expect”, “result in”, “should” and other similar expressions. It should be noted that the achievement of these objectives and forward-looking statements is dependent on the circumstances and facts that arise in the future. Forward-looking statements and information about objectives may be impacted by known and unknown risks, uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR. The full impact of the Covid-19 crisis on SCOR’s business and results can still not be accurately assessed at this stage, given the uncertainty related both to the magnitude and duration of the Covid-19 pandemic and to the possible effects of future governmental actions and/or legal developments in this context. This uncertainty follows from the considerable difficulty in working on sound hypotheses on the impact of this crisis due to the lack of comparable events, the ongoing nature of the pandemic and its far-reaching impacts on the global economy, on the health of the population and on our customers and counterparties. These hypotheses include, in particular: the duration of the pandemic, its impact on health on the short and long term, the availability, efficacy, effectiveness and take-up rate and effect of the vaccines;the response of government bodies worldwide (including executive, legislative and regulatory);the potential judicial actions or social influences;the coverage and interpretation of SCOR’s contracts under these circumstances;the assessment of the net claim estimates and impact of claim mitigation actions. Therefore: any assessments and resulting figures presented in this document will necessarily be rough estimates based on evolving analysis, and encompass a wide range of theoretical hypotheses, which are still highly evolutive; at this stage, none of these scenarios, assessments, impact analyses or figures can be considered as certain or definitive. Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2019 universal registration document filed on March 13, 2020, under number D.20-0127 with the French Autorité des marchés financiers (AMF) and in the SCOR SE interim financial report for the six months ended June 30, 2020 posted on SCOR’s website www.scor.comIn addition, such forward-looking statements are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980. Financial information The Group’s financial information contained in this document is prepared on the basis of IFRS and interpretations issued and approved by the European Union.Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.The calculation of financial ratios (such as book value per share, return on investments, return on invested assets, Group cost ratio, return on equity, combined ratio and life technical margin) are detailed in the Appendices of the Q4 2020 presentation (see page 23). The financial results for the full year 2020 included in the presentation have been audited by SCOR’s independent auditors. Unless otherwise specified, all figures are presented in Euros. Any figures for a period subsequent to December 31, 2020 should not be taken as a forecast of the expected financials for these periods. The Group solvency ratio disclosed in this document is not audited. The Group solvency final results are to be filed to supervisory authorities by May 2021, and may differ from the estimates expressed or implied in this report. Attachment SCORPressRelease
Everything you need to know about the top-flight clash
Some local communities in Beijing have started giving COVID-19 vaccine doses to people older than 60, even as the city's disease-control authorities publicly advises this age group against inoculation. China's vaccination program, under which 40.5 million doses had been administered as of Feb. 9, excludes those ages above 59 and those younger than 18, with Chinese vaccine makers citing less complete clinical trial data for minors and the elderly. According to notices from staffers of a few communities in Beijing's central Dongcheng district, seen by Reuters, residents older than 60 can go to designated sites to get their shots, without disclosing which the four China-developed vaccines would be available.
All the important info around the top-flight meeting
Papua New Guinea security services called for calm Monday, as incidents of rioting and looting followed the death of a beloved former prime minister.
(Bloomberg) -- A new market consensus has quickly formed after last week’s fire-sale in bonds -- expectations for interest-rate hikes have become too aggressive and it’s time to buy.Swap traders now see the Federal Reserve raising rates in March 2023, with more than 90 basis points of increases priced in by the end of 2024. A number of strategists have come out saying that’s too much and investors should buy short-maturity bonds to fade the move.JPMorgan Chase & Co.’s Jay Barry recommended purchasing five-year notes, while strategists at TD Securities doubled down on their bullish stance on the same securities on Friday. Barclays Plc’s Anshul Pradhan told investors to buy three-year securities, while Citigroup Inc.’s Jabaz Mathai recommended the “belly of the curve,” which traditionally means maturities between three and seven years.Their views seem to have struck a chord with investors. Short-term Treasuries outperformed longer-dated peers on Monday, with five-year yields falling as much as five basis points to 0.68%, and 30-year equivalents climbing three basis points to 2.18%.Five-year Treasuries slumped last week as traders brought forward the pricing of rate hikes, driving an exodus of positions which had previously been sheltered by rate guidance from the Federal Reserve. Yields on the securities surged 16 basis points to 0.73% in the five days through Friday, with Thursday’s move the worst performance on the yield curve since 2002.Read more: Dizzied Bond Traders Brace for More Pain as Fed Speakers Line Up“We think these moves are not consistent with the Fed’s stance and framework, and therefore not sustainable,” Guneet Dhingra, head of U.S. interest-rate strategy at Morgan Stanley in New York, wrote about the rate-hike expectations. The Fed is likely to push back against the market pricing in rate hikes in 2023, he said.In remarks last week, Fed Chair Jerome Powell offered a reassurance that policy would continue to be supportive and look beyond a temporary pick-up in inflation, especially from a low base. The central bank’s so-called dot plot -- which it uses to signal its outlook for the path of interest rates -- shows a majority of Fed members expect rates to be unchanged from current levels at the end of 2023.Powell will deliver this week what are likely his final public comments before a mid-month policy meeting.(Updates with comments from Fed’s Powell in eighth paragraph. A previous version of this story was corrected to fix the spelling of a name.)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.
Rockets have hit Iraqi cities and COVID-19 has flared,yet, barring last-minute changes, Pope Francis will embark on a whirlwind four-day trip starting on Friday to show solidarity with the country's devastated Christian community. Keen to get on the road again after the pandemic put paid to several planned trips, he convinced some perplexed Vatican aides that it is worth the risk and that, in any case, his mind was made up, three Vatican sources said. "He is itching to get back out on the road after such a long period," said one Vatican official.
Japanese government bond prices rebounded on Monday, bringing down the benchmark 10-year yield off a five-year high, as a global bond sell-off stemming from fears of tighter monetary policies eased. The 10-year JGB yield fell 1 basis point to 0.150%, slipping off Friday's high of 0.175%, its highest since the Bank of Japan began negative interest rates in January 2016. The yield curve flattened as investors also snatched up superlong bonds, with the 20-year yield falling 2.5 basis points to 0.530% and the 30-year yield shedding 3 basis points to 0.725%.
(Bloomberg) -- Gold rebounded after its biggest monthly slump since late 2016 as the dollar retreated and investor focus remained on bond yields and the outlook for growth.Last week’s sell-off in global bonds stabilized after central banks from Asia to Europe provided reassurance that policy support remains in place. That’s helped to somewhat calm markets and pull Treasury yields back from their highest level in a year. Bets on accelerating inflation are raising concerns that there could be a pullback in monetary policy support despite assurances from the Federal Reserve that higher yields reflect economic optimism for a solid recovery.Gold is rising “on expectations that Treasury yields have peaked for the time being,” said Avtar Sandu, a senior manager for commodities at Phillip Futures Pte. “Deep corrections of prices due to short-term fluctuations are viewed as buying opportunities.”Bullion’s had a rocky start to the year as the higher Treasury yields weighed on demand for the non-interest-bearing metal and as the roll-out of vaccinations worldwide spurred optimism about a recovery from the pandemic. Over the weekend, the U.S. House of Representatives passed President Joe Biden’s $1.9 trillion Covid-19 aid package and the bill now heads to the Senate.Spot gold rose 1.2% to $1,754.81 an ounce by 6:53 a.m. in London, after slumping 2.1% to the lowest close since mid-June on Friday. That brought the loss in February to 6.2%, the most since November 2016. Silver, platinum and palladium all climbed. The Bloomberg Dollar Spot Index fell 0.3%.“Bond markets continue to signal the end of the interest rate reduction cycle,” said Michael McCarthy, chief market strategist at CMC Markets. “If the inflationary pressures reflected by sharply lower bond prices are evident by mid-year, central banks will have little choice but to wind back their current support. A falling gold price shows that the main concerns are about higher rates, over-riding any safe haven attraction to the yellow metal.”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.
Arsenal manager Mikel Arteta admits he is concerned by the injury suffered by Emile Smith Rowe against Leicester, but says the young midfielder is in good spirits. Smith Rowe started for the Gunners at the King Power Stadium on Sunday, but was withdrawn three minutes before the interval and replaced by Martin Odegaard after appearing to suffer a hip issue. The 20-year-old was one of three players to be taken off injured in the match, with Leicester’s Harvey Barnes carried off on a stretcher and experienced Foxes defender Jonny Evans also hurt.
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