Former singer Cody Simpson posted some of his workouts ahead of his Tokyo Olympic trials. SOURCE: Cody Simpson/Instagram
Former singer Cody Simpson posted some of his workouts ahead of his Tokyo Olympic trials. SOURCE: Cody Simpson/Instagram
It's been a long time since inflation posed a potential problem for investors, and some strategists have some ideas how to defend a portfolio against it.
Sacramento isn't getting an NWSL expansion team after all.
Shark Tank investor Kevin O’Leary may agree with billionaire investor Warren Buffett, and his right-hand man, Charlie Munger, on a number of things. The trading app Robinhood, isn’t one of them.
Utah Governor Gary R. Herbert will serve as the Chamber’s Executive Chair with specific responsibilities
DUBLIN, Ireland, May 06, 2021 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ: HTOO), ("Fusion Fuel", or "the Company"), a green hydrogen technology company, is pleased to announce that it reached a collaboration agreement with Consolidated Contractors Group S.A.L. (Offshore) (“CCC”), to develop green hydrogen plants in the Middle East. CCC and Fusion Fuel have agreed to cooperate on projects involving the production of green hydrogen for potential clients in the refining and petrochemical industries in order to reduce their carbon footprint. The companies plan to develop demonstrator plants in several countries in the region, namely Oman, Kuwait, and Qatar. “We are delighted to be partnering with the CCC to open this new market,” explained Joao Wahnon, Head of Business Development at Fusion Fuel. “The Middle East represents a big opportunity and a very promising region for us, given the high levels of solar exposure, strong appetite for green hydrogen projects, and strategic geographic position between Europe and Asia. We are excited to bring Fusion Fuel's revolutionary technology to the Middle East.” Dori Barakat, Director of Business Development at CCC added: “We are very pleased to cooperate with Fusion Fuel towards the building of Green Hydrogen and Ammonia plants and to bring our expertise in construction projects, particularly in the Middle East. This cooperation between our companies will generate new opportunities in the development of green energies.” About CCC Consolidated Contractors Group S.A.L. (Offshore) (“CCC”), is a globally diversified company specializing in Engineering and Construction. Since its formation in 1952, CCC has become one of the leading international contractors with a worldwide turnover of over US$ 4 Billion and managing 60,000 personnel composed of more than 80 nationalities. The Consolidated Contractors Group has established a strong market presence in the Middle East, Africa, and CIS countries. Through 7 decades of growth, the Group has been successful in the highly competitive construction industry by drawing on the unique experience, skills, and knowledge of all the members of its Group. CCC Group diverse portfolio captures all aspects of the Engineering, Procurement and Construction (EPC) value chain, starting with Feasibility Studies, into Design, Procurement, Construction, Commissioning, Operations, and Maintenance as well as Project Development for various sectors including Oil & Gas, Buildings & Civil Engineering Works, Pipelines, Marine Works, Heavy and Light Industrial Plants and Maintenance of Mechanical Installations and Underwater Structures. The company values are a family legacy carried by the founders and transplanted into the organization. These values are reflected in its projects’ enduring quality, high safety records, and high ethical standards. It is committed to responsible growth, serving local communities and society, and respecting the environment. About Fusion Fuel Green plc. Fusion Fuel Green plc. is an emerging leader in the green hydrogen space, committed to accelerating the energy transition and decarbonizing the global energy system by making zero-emissions green hydrogen commercially viable and accessible. Fusion Fuel has created a revolutionary proprietary electrolyzer solution that allows it to produce hydrogen at highly competitive costs using renewable energy, resulting in zero-carbon emissions. Fusion Fuel’s business lines includes the sale of electrolyzer technology to customers interested in building their own green hydrogen capacity, the development of hydrogen plants to be owned and operated by Fusion Fuel and active management of the portfolio of such hydrogen plants as assets, and the sale of green hydrogen as a commodity to end-users through long-term hydrogen purchase agreements. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Investor Relations Contactir@fusion-fuel.eu For more information, please visit https://www.fusion-fuel.eu
The "Lipid Nutrition Market Size, Share & Analysis, By Type By Source Type By Form Type, By Application, By Region, Global Forecast To 2028" report has been added to ResearchAndMarkets.com's offering.
PZZA earnings call for the period ending March 28, 2021.
It's now my pleasure to turn the call over to Adam Prior with The Equity Group. In addition, UPC Insurance has made this broadcast available on its website as well. Except with respect to historical information, statements made in this conference call constitute forward-looking statements within the meaning of the federal securities laws, including statements relating to trends in the company's operations and financial results and the business and the products of the company and subsidiaries.
T-Shirts Feature Beloved Illustrations Designed Specifically for Red Nose Day from Mackesy’s New York Times Bestseller 'The Boy, the Mole, the Fox and the Horse' A special edition t-shirt for Red Nose Day featuring the well-known illustration ‘What do you want to be when you grow up? Kind said the Boy’ from the New York Times bestseller 'The Boy, The Mole, The Fox and The Horse' by Charlie Mackesy. Net proceeds of every shirt sold will be donated to Red Nose Day. A special edition t-shirt featuring ‘What do you want to be when you grow up? Kind said the Girl’, an illustration by Charlie Mackesy, author of the New York Times bestseller 'The Boy, The Mole, The Fox and The Horse'. Net proceeds of every shirt sold will be donated to Red Nose Day. New York, May 06, 2021 (GLOBE NEWSWIRE) -- Comic Relief US, the organization behind the Red Nose Day campaign to end child poverty, has announced two special edition t-shirt designs available in the United States starting today. One features the well-known illustration ‘What do you want to be when you grow up? Kind said the Boy’ from Charlie Mackesy’s highly acclaimed book The Boy, The Mole, The Fox and The Horse with a signature embellished Red Nose on the Mole. In addition to this new take on the original artwork, Mackesy has also shared a ‘What do you want to be when you grow up? Kind said the Girl’ design for Red Nose Day. Mackesy’s book The Boy, the Mole, the Fox and the Horse (HarperOne, 2019) has warmed the hearts of more than a million readers in the U.S. and spent 63 weeks on the New York Times Bestseller List. The exclusive unisex t-shirt designs, which come in sizes S through XXL, are available at rednosedayshop.org for $25.00 plus shipping. Net proceeds of every shirt sold will be donated to Red Nose Day, which supports life-changing programs that ensure children living in poverty are safe, healthy, educated, and empowered, across the US and around the world. Red Nose Day has raised more than $240 million in the last six years and positively impacted over 25 million children. Underserved children continue to be disproportionately impacted by the devastating effects of the COVID-19 pandemic. The need is greater than ever for funds to help provide food, shelter, medical care, education and more. Through the purchase of this t-shirt, people can turn hope into action by spreading awareness and raising crucial funds for disadvantaged children. “The pandemic is causing so much pain and worry for many, but it moves and amazes me that people can still find the strength and kindness to look after each other; neighbors, strangers, family and friends. It has been a heartbreaking and tumultuous time that I think we’d like to forget, but I hope we can remember the small acts of kindness that have brought us much hope. Many people need us right now, so I hope the Red Nose Day t-shirt helps to raise the funds to make a difference,” said Mackesy. “The inspiring message featured on this shirt beautifully captures the spirit of kindness that is at the very heart of Red Nose Day,” said Alison Moore, CEO of Comic Relief US. “We are proud to have this shirt representing Red Nose Day, and grateful to the enormously talented Charlie Mackesy for supporting our critical work with his special designs.” Since 2015 when the campaign launched in the U.S., Red Nose Day has supported programs in communities across all 50 states, D.C., Puerto Rico and around the world helping to address both the immediate needs of children and young people and create long-term change to break the cycle of poverty and provide hope for a better future. About Red Nose Day Red Nose Day USA is a fundraising campaign run by the non-profit organization Comic Relief US, a registered U.S. 501(c)(3). Red Nose Day started in the U.K. in 1988, built on the foundation that the power of entertainment can drive positive change. To date, it has raised over $1 billion globally. Since its US launch in 2015, Red Nose Day has raised over $240 million to positively impact over 25 million children in the US and around the world. Money raised supports programs that ensure the children who need it most are safe, healthy, educated and empowered. For more information about Red Nose Day USA and its impact, visit www.rednoseday.org. Follow @RedNoseDayUSA on Twitter, Instagram and Facebook. Attachments KIND SAID THE BOY KIND SAID THE GIRL CONTACT: Brooke Wood email@example.com Jill Carmen firstname.lastname@example.org
The board of directors of Eastman Chemical Company has declared a quarterly cash dividend of $0.69 per share on the company's common stock.
2021 Indigenous Women in Leadership panel Toronto, ON, May 06, 2021 (GLOBE NEWSWIRE) -- Today, Canadian Council for Aboriginal Business (CCAB) announces the 2021 Indigenous Women in Leadership (IWIL) event, featuring a panel of prominent Indigenous women, all previous recipients of CCAB’s national IWIL award. The topic, Empowering Women to Lead: what it will take to move the Indigenous economy forward is addressed by the impressive speaker line-up that includes: The Honourable Jody Wilson-Raybould – Canada’s first Indigenous justice minister, attorney general, and minister of veterans affairs. She is currently the independent Member of Parliament for Vancouver GranvilleRoberta Jamieson, OC – the first First Nations woman in Canada to earn a law degree, former president and CEO of Indspire, and an officer of the Order of CanadaNicole Bourque-Bouchier – co-owner and CEO of Bouchier, one of the largest Indigenous-owned and operated companies in the Athabasca oil sands regionDr. Deborah Saucier – an accomplished neuroscientist and the current president and vice-chancellor of Vancouver Island UniversityChief Tammy Cook-Searson – the 2021 IWIL award recipient, and the first woman Chief of Lac La Ronge Indian Band The event, presented by Loblaw Companies Limited, is co-hosted by two equally impressive Indigenous women. Joining CCAB’s president and CEO, Tabatha Bull, is Hope Regimbald, the Indigenous relations advisor at LNG Canada. Ms. Regimbald is a proud and active citizen of the Woodland Cree First Nation. She specializes in community engagement, communications, and influencing organizational inclusion of Indigenous world views. The event recognizes and celebrates the accomplishments of the 2021 Indigenous Women in Leadership Award recipient, Chief Tammy Cook-Searson. Chief Cook-Searson of Lac La Ronge Indian Band is currently serving her sixth term. Lac La Ronge is the largest First Nation in Saskatchewan and includes the communities of La Ronge, Sucker River, Stanley Mission, Grandmother’s Bay, Morin Lake and Little Red River. The Indigenous Women in Leadership Award is proudly sponsored by LNG Canada. “From the panelists to our honouree to my co-host for the day – these women have helped shape the landscape in Canada from education to politics to business and beyond. During this time of uncertainty, these outstanding role models lend their wisdom and encourage us to move forward and adapt to these difficult times.” – Tabatha Bull, President & CEO, Canadian Council for Aboriginal Business. The Indigenous Women in Leadership event on June 17, 2021 uses an interactive, live streaming platform. More information about the event and how to register can be found at https://ccab.swoogo.com/iwil/. -30- About Canadian Council for Aboriginal Business CCAB is committed to the full participation of Indigenous peoples in Canada’s economy. As a national, non-partisan association, its mission is to promote, strengthen and enhance a prosperous Indigenous economy through the fostering of business relationships, opportunities, and awareness. CCAB offers knowledge, resources and programs to its members to cultivate economic opportunities for Indigenous peoples and businesses across Canada. For more information visit ccab.com. Attachment IWIL Panelists (1) CONTACT: Amanda Charles Canadian Council for Aboriginal Business 647-289-2753 email@example.com
Stock indexes are near record highs in early May, as investors anticipate booming economic growth through the rest of 2021. Read on for some good reasons to like Coca-Cola (NYSE: KO), Winnebago (NYSE: WGO), and lululemon athletica (NASDAQ: LULU) as stock buys today. Coca-Cola took an unusually big hit from the pandemic.
Corporate Office Properties Trust (NYSE: OFC) ("COPT" or the "Company") executed a long-term lease with a Fortune 500 company for a 265,000 square foot, build-to-suit development in Northern Virginia. The facility is scheduled for shell completion in the second quarter of 2022.
Keeping the mantra "strength is a state of mind" at the forefront, the Rock n’ Roll-inspired graphics emphasize music’s ability to impact your attitude, mindset, and drive.
Shares of Wayfair (NYSE: W) gained as much as 10% today after the company reported first-quarter earnings. Revenue in the first quarter increased 49% to $3.5 billion, topping the consensus estimate of $3.4 billion in sales. "Wayfair's focus remains squarely on connecting all of the industry's customers and suppliers on our unique platform, which is custom-built to address the specific needs of shopping for the home," CEO Niraj Shah said in a statement.
(Bloomberg) -- Treasury Secretary Janet Yellen faces the challenge of speeding a debt-ceiling increase through Congress without shaking investor confidence, a potentially difficult task even with Democrats controlling both chambers and the White House.The current suspension of the U.S. borrowing limit expires on Aug. 1, and the Treasury Department on Wednesday cautioned that if Congress fails to act, the administration would have to shift federal funding to make good on debt payments. Officials are looking at scenarios where those accounting measures “could be exhausted much more quickly” than previously, the department said.Even if the Treasury could stave off any default for months, as during past occasions when congressional talks dragged out before a final resolution, investors face the risk of disruption this summer. Officials would likely need to sharply cut sales of Treasury bills, at a time when traders have already complained about scarcity and some auctions have featured yields at 0%.It all poses a negotiating and messaging challenge for Yellen, who this week saw the consequence of a miscue in public communications. Stocks dropped briefly after an unexpected comment on the potential for higher interest rates in order to stem “overheating” risks in the wake of heightened government spending.Read More: Yellen Clarifies Inflation Remark, Sees No Need for Fed to HikeWhile President Joe Biden has relied on a diverse group of White House aides and cabinet members to help sell the March $1.9 trillion pandemic-relief bill and the proposed $4 trillion of longer-term economic measures, responsibility for the debt limit falls squarely on Yellen’s shoulders.The ceiling was suspended under a 2019 agreement between the Trump administration and Congress. It’s been a political football in the past because voting for an increase can invite political attacks over ramping up the debt burden for future generations.Yellen will need Congress to refrain from political brinkmanship and avoid any disruption -- at worst a default or government shutdown -- that would undermine the recovery from the pandemic.Navigating the debt limit debate is also a test of unity within the Democratic Party. With slim majorities in both chambers of Congress, Democrats are widely expected to raise the debt ceiling using a fast-track budget tool enabling them to bypass a Senate Republican filibuster. That would deprive the GOP of being able to use the debt ceiling as leverage in exchange for spending cuts.Yet pushing through a debt-limit increase using that tactic could mean wrapping it together with a raft of spending and tax measures that follow through on Biden’s longer-term economic proposals.Grand CompromiseThat in turn means Democrats would have to unify behind a grand compromise in the weeks after the Aug. 1 end of the debt limit suspension, before Treasury measures run out.“The U.S. is not going to default on its debt, but financial markets will not be fully relieved until we hear from conservative Democrats that they will support raising the debt ceiling,” said Edward Moya, a senior market analyst at OANDA Corp., a trading firm.He referred to the “political theater” of 2011 between Republicans and the Obama administration that led to the shock downgrade of the U.S. sovereign rating by Standard & Poor’s.One complication this year is the unusual pattern of Treasury debt issuance. The department ramped up sales of short-dated securities in 2020 and accumulated a massive $1.8 trillion stockpile of cash to prepare for any Covid-19 spending needs or revenue shortfalls. Now that it’s working that cash down, it’s selling much less in T-bills -- causing ripples in markets.‘Elevated Risks’Those ripples could become a whole lot bigger if the debt limit isn’t raised by July 31.“Elevated risks of volatility in money markets remain as this date approaches and Treasury bills outstanding decline,” a Treasury advisory group made up of investors and bond dealers told Yellen in a letter on Tuesday. The group “strongly urges Congress to suspend or raise the debt limit in a timely manner.”Bharat Ramamurti, deputy director of the National Economic Council, said on Bloomberg TV Wednesday, “Our expectation and our hope is that Congress would do the same” as during Republican administrations, when there were bipartisan votes to raise or suspend the debt limit.Even so, moderate House Democrats facing an uphill battle to keep their seats in the 2022 midterm elections may be reluctant to vote for increasing debt without at least some kind of budget reforms -- such as changing rules to force lawmakers to adopt an annual federal budget or forgo their paychecks.The Treasury probably has until after the start of the 2022 fiscal year on Oct. 1 until “the federal government will no longer be able to meet all its obligations in full and on time,” the Bipartisan Policy Center said in a statement.In a worst-case scenario, there could be a fallback option to buy time. During the Obama administration, the Treasury crafted a secret plan to prioritize debt payments if the U.S. government reached its statutory limit on borrowing. It was widely panned, and never used. But when Brian Smith, the Treasury’s deputy assistant secretary for federal finance, was asked about whether such a blueprint were on the table, he declined to respond.(Adds reference to estimate for end of Treasury’s room to maneuver, in penultimate paragraph. A previous version corrected the third paragraph to show bills hand’t been auctioned at negative yields.)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.
Check Presentation SECU Foundation Executive Director Jama Campbell (first row, right) presents ceremonial grant check to City of Goldsboro Downtown Development Director Erin Fonseca (first row, left) with DGDC, Communities, Inc., and State Employees’ Credit Union representatives on hand. RALEIGH, N.C., May 06, 2021 (GLOBE NEWSWIRE) -- A Goldsboro non-profit focusing on addressing the lack of affordable housing for a growing middle-income workforce has received a Mission Development Grant of $40,000 from the SECU Foundation. The organization, Downtown Goldsboro Development Corporation (DGDC), requested assistance to help build organizational capacity in the areas of strategic planning, fundraising, and human resource needs to achieve their goal. DGDC will work together with Communities, Inc., a non-profit formed by the Corporation in 2019, to facilitate plans developed during the capacity building process, beginning with work in Goldsboro. Downtown Goldsboro Development Corporation provides leadership dedicated to the improvement of Goldsboro by facilitating development, promotion, and preservation activities that enhance the appearance, desirability, and vitality of the community. While Goldsboro and other communities statewide have been able to add adequate affordable/supportive housing inventory, there is a shortage of housing that attracts individuals seeking to relocate for new businesses recruited by community leadership, including state and local government employees. DGDC will use the Mission Development Grant to ensure long-term sustainability and ultimately move toward broader community capacity building through alliances with similar organizations. “We are proud to help Downtown Goldsboro Development Corporation build upon its strengths and develop solid strategies to carry the organization into the future,” remarked Jo Anne Sanford, SECU Foundation Board Chair. “The commitment and dedication this group and its board members have shown through their work for the Goldsboro community is inspiring. We believe the Foundation’s grant will help DGDC position its organization for coming growth and success in ventures like this one, to the benefit of their community and many other regions in North Carolina.” “We are thrilled to do our part to improve neighborhoods in our community one block at a time. Beginning with the historic neighborhoods surrounding our downtown, this transformation will be captured through property rehabilitation and meaningful revitalization,” said Erin Fonseca, Downtown Development Director, City of Goldsboro. “Apart from the aesthetic improvement that is to come, the greatest victory of Communities, Inc. is the human element. Through home ownership, we hope to help families from all socio-demographics build generational wealth starting with this vital asset.” Ms. Fonseca continued, “Utilizing the Mission Development Grant from SECU Foundation to Downtown Goldsboro Development Corporation, Communities, Inc. and DGDC are much closer to realizing the first phase of our planned residential development project – the first step in what we hope is a long journey of improving housing options throughout our city and state. We are incredibly grateful for the contribution from SECU Foundation, and the confidence they are placing in our efforts.” About SECU and the SECU FoundationA not-for-profit financial cooperative owned by its members, SECU has been providing employees of the state of North Carolina and their families with consumer financial services for over 83 years. The Credit Union also offers a diversified line of financial advisory services including retirement and education planning, tax preparation, insurance, trust and estate planning services, and investments through its partners and affiliated entities. SECU serves over 2.5 million members through 272 branch offices, 1,100 ATMs, 24/7 Member Services via phone, a website, www.ncsecu.org and a Mobile App. Members can also follow and subscribe to SECU on Facebook and YouTube. The SECU Foundation, a 501(c)(3) charitable organization funded by the contributions of SECU members, promotes local community development in North Carolina primarily through high impact projects in the areas of housing, education, healthcare and human services. Since 2004, SECU Foundation has made a collective financial commitment of over $200 million for initiatives to benefit North Carolinians statewide. In addition to the website, highlights are also available on the SECU Foundation Instagram page. Contact: Jama Campbell, Executive DirectorOffice: 919-839-5562 | firstname.lastname@example.org A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c622925a-ec81-4a95-b309-6ff171718212
(Bloomberg) -- The dust hadn’t yet settled on Archegos Capital Management’s implosion, when hedge funds started shifting their bets toward banks that avoided getting hurt, hoping to keep leveraging up just like before. Good luck with that.For weeks behind the scenes, Wall Street’s giants have been autopsying failures at rivals including Credit Suisse Group AG and Nomura Holdings Inc., identifying risks that they plan to address by more thoroughly vetting hedge funds or imposing more onerous terms on their trades, according to people close to the discussions. No one wants to be the next to tell shareholders and regulators how they failed to heed the lessons of Archegos.Inside Bank of America Corp., which refused to do business with Archegos, Chief Executive Officer Brian Moynihan has been quizzing subordinates on what more is needed to protect the firm. The episode has hardened the resolve of Wells Fargo & Co. executives that low-risk margin lending is wiser, even if less profitable. UBS Group AG CEO Ralph Hamers has signaled that clients will have to hand over more information when borrowing.And in New York, managers of small hedge funds who lack the negotiating clout of trading whales are grousing. For the little guy especially, the saga will make it harder to borrow money from banks to finance bets.While specific measures will vary by bank and client -- and in many cases are still being ironed out -- the talks and tensions point to greater pressure on clients to reveal their biggest wagers, stricter margin limits on those positions, more frequent collateral adjustments and more rigorous audits. The deliberations were described by executives close to prime brokerage desks and money managers.“There will be more calories expended, both in terms of those desks doing due diligence in the market as well as in some cases they may outright ask clients about that,” Mike Edwards, deputy chief investment officer at Weiss Multi-Strategy Advisers, a $3 billion hedge fund. Previously, it was “not a requirement at most places that you would disclose to a swap counterparty that you have the same position on at multiple places.”Two Sigma’s MoveThe thirst from banks to boost business with clients like Bill Hwang’s Archegos allowed him to shop for the most generous terms and amplify his wagers. He was able to parlay over $20 billion of his fortune into total bets that exceeded $100 billion, built on the back of banks tripping over each other to fuel his leveraged empire. Hwang used that to to make aggressive asks, demanding strikingly off-market margin terms -- such as $8.50 in leverage for every $1 he put in -- for building his book in Chinese stocks. Some banks demurred, others played ball.In the wake of his fund’s collapse, it’s less likely that other hedge funds will be able to win such terms. Bank officials declined to be interviewed.No bank got hit harder than Credit Suisse when Archegos was unable to meet margin calls from prime brokers in March. The Swiss bank lost more than $5.5 billion after losing a race with peers to sell off the family office’s unusually concentrated and leveraged bets on stocks, in a portfolio that swelled to more than $100 billion.Not too long after, Two Sigma heard from contacts at Credit Suisse, according to people with knowledge of the exchange: Could the investment firm please trim its exposure and move a few billion dollars somewhere else?It wasn’t a hardship; investment firms as big as the $58 billion quant money manager are used to shifting between brokerages. But it adds to a broader outflow, as Credit Suisse adjusts risk tolerances and practices, slashing lending to hedge funds by a third. Hedge fund manager Marshall Wace, with more than $50 billion in assets, also shifted business from Credit Suisse to some U.S. banks, a person familiar with the matter said last month.Unusual ReviewWithin days of the Archegos blowup in March, Deutsche Bank AG and BNP Paribas SA alone had received more than $10 billion in inflows from a number of clients pulling away from Credit Suisse, according to a person with knowledge of the moves. The investors included D.E. Shaw, Two Sigma and Marshall Wace. Representatives for the firms declined to comment.Additional inflow recipients include Goldman Sachs Group Inc. and Bank of America, according to people with knowledge of their businesses, both of which are working on measures to keep risks in check.Inside Bank of America, executives fielding that money have been conducting an unusual review: Examining what went right in the lender’s decision to refuse Archegos as a client this year. That could help the firm avoid potential headaches. Discussions there have revolved, in part, around boosting collateral for certain types of swaps, depending on the situation.When Archegos came up at the bank’s annual meeting last month, Moynihan lauded senior executives for paying close attention to the amount of risk the board is willing to take.Archegos had around $3 billion at the start of 2020 before it lost roughly half within a few months, according to a bank executive that worked with the investment firm. By March of this year its portfolio had soared to $23 billion -- making it a prized customer at a handful of banks around the world.Warning SignsReviews by prime brokers have pointed to an array of warning signs that not everyone heeded, such as the dramatic month-to-month swings in the value of its portfolio. There also was its heavy preference for swaps -- rather than direct stakes -- that hid its concentration of bets on a handful of companies. And it used an accounting firm not normally associated with money managers commanding so much firepower.As Archegos swelled, the reaction among prime brokerage managers was split: At one bank, they expressed amazement to colleagues, at another executives saw it as radioactive and steered clear. Employees at that firm have since been examining other hedge fund clients for similar patterns and expect to have conversations with some about adjusting the terms of their business.Many big hedge funds set up multiple prime brokerage relationships, sometimes using a few of the industry’s giants -- JPMorgan Chase & Co., Goldman Sachs and Morgan Stanley -- as well as a few others such as Credit Suisse for supplementary leverage on their bets.But managers overseeing smaller mounts of money typically find they don’t have as many options. Though some banks such as Morgan Stanley make a point of serving fledgling funds, smaller money managers say they generally face more-onerous terms on trades.Worsening TermsThe Archegos blowup is going to make that situation all the worse, two veteran managers atop smaller firms said. Deeper due diligence costs prime brokerages time and money. Fewer mid-sized prime brokerages will offer as much margin or the breaks on trading terms that were available just months ago. The money managers worry that they face a more take-it-or-leave-it environment than interest in doing business.The frustrations over Archegos are shared by bigger firms too.In a letter to investors, Marshall Wace co-founder Paul Marshall raged over how Archegos caught prime brokers by surprise using opaque swaps.“The prime brokers have paid the price for extending so much risk,” he wrote last month, chiding them for not asking enough questions. “PBs will improve.”(Updates with moves by investors including D.E. Shaw in 12th 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.
Vaccinating the globe against COVID-19 needs to be sped up to beat mutations of the virus and the United States is looking at how it can do more to help, U.S. Secretary of State Antony Blinken said on Thursday. The United States has pledged to start sharing up to 60 million doses of AstraZeneca Plc's vaccine with other countries and President Joe Biden on Wednesday threw U.S. support behind waiving intellectual property rights for COVID-19 vaccines. "We're looking at other things too, but the main thing is, we have to speed this up," Blinken said.
The "Coronavirus Test Kits Market in North America 2021-2025" report has been added to ResearchAndMarkets.com's offering.