In this episode of Influencers, Andy speaks with Kohl's CEO Michelle Gass about the state of the retail industry, how Kohl's plans to survive the pandemic, and the company's strategic partnership with Amazon.
In this episode of Influencers, Andy speaks with Kohl's CEO Michelle Gass about the state of the retail industry, how Kohl's plans to survive the pandemic, and the company's strategic partnership with Amazon.
The fantasy playoffs are right around the corner, and your use of the waiver wire is more important now than ever.
Lil Ackson Lil Ackson Seattle, Washington, April 15, 2021 (GLOBE NEWSWIRE) -- No Fortune will be covering the back story about Lil Ackson and the history of his rise as an artist. Jackson Israel Montero (born July 21, 2001), known professionally as Lil Ackson is an American Rapper, singer, and songwriter from Harrison, New Jersey. He is best known for his songs “Ups & Downs” & “Respect” featuring MoshDied. His single “Respect” is considered Lil Ackson’s breakout, which garnered even further attention after the rapper was charged with 2 counts of unlawful possession of a weapon. He released his debut album, Songs About You, on March 1, 2019. In March 2019, he was arrested and charged with two counts of Unlawful Possession of a Firearm and faced 10–15 years in prison. He was also a suspect in a 2020 Felony Assault & Battery Penalty to a civilian in Kearny, New Jersey. In March 2019, Montero pleaded not guilty to the gun charges and had a trial in July 2019. Early Life of Lil Ackson: Lil Ackson was born on July 21, 2001, in Newark, New Jersey to father Victor Montero and mother Lupita Cortez. He is the 3rd child out of 3. Montero was raised by his single mother. He grew up listening to Lil Wayne and Akon. Montero later began listening to Wiz Khalifa and Sean Kingston, who he says inspired him to flow with love trap songs. Montero Attended Harrison High School (New Jersey) in 2014, calling himself “The next Thiago Silva“. He loved to play soccer and played for his high school until his junior year. Senior year came along and he decided to quit and focus on his future. Montero stated he fell in love at the perfect moment because the situation that led to his heartbreak, made him start creating music. In an interview, Montero said “One of my exes is the reason I started making music, she motivated me to do a song and it worked. It was a couple of songs that flopped but I made it work into my success.” Montero also stated that once he had his first real heartbreak, it provoked him to take his rap career seriously. Follow Lil Ackson below: https://www.instagram.com/xolilackson/https://m.soundcloud.com/lilacksonhttps://mobile.twitter.com/xolilacksonhttps://m.youtube.com/channel/UC5fQdmr3-2PZiMEdqNs_lcw Media Contact Details:Company Name: No FortuneCompany Email: firstname.lastname@example.orgCompany website: www.nofortune.org Attachment Lil Ackson
The United States stands ready to facilitate maritime border talks between Lebanon and Israel that will have benefits for the crisis-hit Lebanese economy, a U.S. envoy said on Thursday. On a visit to Beirut, Under Secretary of State David Hale blamed Lebanese leaders for failing to end a deadlock in cabinet talks to tackle the collapse, which has crashed the currency. Hale accused Hezbollah and Iran of undermining the state after meeting on Thursday with Lebanese President Michel Aoun, a political ally of the group whose son-in-law became a target of U.S. sanctions.
Bishnu Aryal said he ‘nearly fainted’ when he saw the home he paid AU$322,400 for
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The tweet is said to have been posted without Foden’s knowledge by a PR company
(Bloomberg) -- The call came early in the Covid-19 pandemic. Drew Weissman, an infectious diseases professor at the University of Pennsylvania and an expert in messenger RNA, received a query from a Chinese company interested in using the new technology to make a vaccine against the coronavirus.mRNA, which effectively turns the body’s cells into tiny vaccine-making factories, has since become the breakout star of the Covid era, underpinning shots made by Moderna Inc. and the Pfizer Inc./BioNTech SE partnership which have been among the most effective in fighting the disease. Before Covid hit, though, the experimental science had yet to receive regulatory approval for use against any illness -- let alone against the mysterious respiratory infection.“They wanted to develop my technology in their company in China,” said Weissman, a leader in the field because of his work with research partner Katalin Karikó on discovering mRNA’s disease-fighting potential. “I told them I was interested.”Then, nothing happened.“I never heard from them again,” Weissman said.It was one of the missed opportunities that have disadvantaged the country’s Covid vaccine push and left Chinese companies playing catch-up on a technology set to revolutionize everything from flu shots to oncology drugs.As the coronavirus spread globally last year, New York-based Pfizer raced to partner with Germany’s BioNTech, an mRNA frontrunner that had hired Kariko as a senior vice president. Massachusetts-based Moderna, meanwhile, had $2.5 billion in funding from the U.S. government.China SetbackBy contrast, several Chinese companies focused on older technologies that have proved far less potent. At a conference on April 10, the head of the Chinese Center for Disease Control and Prevention, George Fu Gao, said Chinese vaccines “don’t have very high protection rates,” local media reported.As the comments caused a stir on social media, Gao backtracked, telling Communist Party-backed newspaper Global Times that he was just referring to ways to improve vaccine efficiency. But no amount of damage control can obscure the fact that no Made-in-China mRNA vaccines have been approved yet.For more, read: Are China’s Covid Shots Less Effective? Experts Size Up SinovacThat’s a setback for President Xi Jinping’s ambition to make the country a healthcare innovation powerhouse. mRNA’s effectiveness with Covid vaccines is opening up a new frontier for the technology, with researchers looking at ways to use it to fight cancer, tuberculosis and many other diseases, according to Surbhi Gupta, a healthcare and life sciences analyst with consultancy Frost & Sullivan.“mRNA technology has the potential to be a game changer,” she said.For decades, vaccines have been made using inactive versions of viruses, but mRNA shots use genetic material to instruct the body to create the spike protein the coronavirus uses to enter cells. That in turn trains the body to fight potential infection.Old-school Chinese-made Covid vaccines now in use from Sinovac Biotech Ltd. and China National Biotec Group Co. rely on particles from inactivated viruses and have protection rates much lower than the mRNA vaccines’ more than 90% effectiveness in preventing infections.Sinovac’s vaccine has an efficacy rate of a little over 50% in protecting against symptomatic Covid-19, according to studies conducted in Brazil, just meeting the minimum threshold required by global drug regulators.State-owned China National Biotec, a unit of Sinopharm Group Co., has said its two inactivated vaccines are 73% and 79% effective in preventing symptomatic Covid but has not published data to support that assertion. Sinopharm’s Hong Kong-listed shares jumped on Thursday, a day after the company said that there had been no severe side effects related to its inactivated-virus vaccines.Meanwhile, China’s CanSino Biologics Inc. has produced a viral-vector vaccine which, like those made by AstraZeneca Plc’s and Johnson & Johnson, uses a genetically modified virus to fight off infection. The Tianjin-based company has reported 66% efficacy in preventing symptomatic Covid-19 in its final stage trial.A New Generation of Vaccines Is Coming, Some With No NeedlesChina’s government has pushed aggressively to close the gap with the West and become an alternative pharmaceutical and biotech power. It allowed controversial treatments with stem cells and gene therapy, despite concerns elsewhere about safety and efficacy. Yet China didn’t make mRNA vaccines a priority.“Before Covid, a lot of people still had reservations” about the technology, said Lusong Luo, senior vice president at BeiGene Ltd., a Beijing-based biotech pioneer and leading producer of oncology drugs. “It’s new, it’s at the cutting edge.”When Sinovac began working on a vaccine, it focused on a familiar method in order to develop a shot quickly, after efforts at exploring other alternatives didn’t yield promising results.“For us the strategy is really to use the more mature platform and technology to solve the problem,” CEO Yin Weidong told Bloomberg News in an interview last May.Now, with the success seen by Pfizer and Moderna, Chinese companies are jumping into the fray -- but their efforts will take time to pay off. China may not have mRNA vaccines until the end of 2021, according to Feng Duojia, president of the China Association of Vaccines, China Global Television Network reported on April 11.For more, read: China’s Bid to Ramp Up Vaccinations Hindered by Supply ShortagesBeiGene in January announced an agreement to cooperate with Strand Therapeutics Inc. of Cambridge, Massachusetts on an mRNA treatment for tumors. “Now people realize that mRNA vaccines really work, it will be a lot easier,” Luo said.China’s Walvax Biotechnology Co. began construction in December on a facility to make mRNA vaccines, while CanSino struck a deal in May last year with Vancouver-based Precision NanoSystems Inc. to develop an mRNA vaccine. Contract manufacturer WuXi Biologics Cayman Inc. has said it is devoting over $100 million to mRNA-related vaccines, biologics discovery, development and manufacturing.While China has largely contained the spread of the coronavirus within its borders, more effective vaccinations and a wider take-up among its population would enable the country to reopen sooner, reducing the need for quarantines and lockdowns. China risks losing the edge gained by stamping out the virus if its inoculation drive is less effective than places where mRNA shots are the backbone of rollouts.In Israel, where nearly 60% of the population has received the Pfizer/BioNTech vaccine, Covid cases, hospitalizations and deaths are plunging. As more adults get their shots in the U.S., which also relies largely on mRNA vaccines, President Joe Biden has predicted Americans will be celebrating July 4th with backyard barbecues once again.The Best and Worst Places to Be as Global Vaccinations Take OffChina isn’t the only country that missed the boat with mRNA. While companies in Japan, India and Australia are significant players in fighting diseases like flu and polio, no company in the Asia-Pacific region now makes mRNA shots. “Basically, mRNA was put in the ‘too-hard’ basket for many years,” said Nigel McMillan, Program Director for Infectious Diseases & Immunology at Griffith University in Southport, Australia.In March this year, Takeda Pharmaceutical Co., Moderna’s local partner for Japanese trials of its Covid vaccine, signed a deal with New Jersey-based Anima Biotech on mRNA treatments for Huntington’s and other neurological diseases. Another big Japanese drug maker, Daiichi Sankyo Co., announced on March 22 the start of an early-stage trial of its own mRNA Covid vaccine.In Thailand, Bangkok-based Chulalongkorn University has enlisted Penn’s mRNA pioneer Weissman to help it develop mRNA capability.As they try to catch up, Chinese developers and others in Asia can take advantage of the lower barriers to entry for mRNA vaccine and drug development. In addition to the market leaders Moderna and BioNTech, there are other Western startups that invested in mRNA and are ready to license their technology.Making mRNA vaccines and drugs also doesn’t require large capital expenditures on expensive bioreactors and other equipment, said Archa Fox, an associate Professor at the University of Western Australia’s School of Human Sciences and School of Molecular Sciences.That bodes well for China’s ability to recover from not focusing on mRNA sooner, according to Weissman.“They are going to hire the best scientists they can find,” he said. “Anybody can get in the game if they’ve got good people and money.”(Updates with added details)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.
The bill aims to expand the number of Supreme Court justices from nine to 13
Germany's Constitutional Court ruled on Thursday that a law putting a rent cap on apartments in Berlin is invalid. The state of Berlin does not have the authority to enact the law, as the federal government is responsible for such decisions, the court said in its ruling. "There is no room for the legislative power of the federal states due to the power of federal law to block it," said the court.
(Bloomberg) -- It’s been 11 weeks since Lai Xiaomin, the man once known as the God of Wealth, was executed on a cold Friday morning in the Chinese city of Tianjin.But his shadow still hangs over one of the most dramatic corruption stories ever to come out of China – a tale that has now set nerves on edge around the financial world.At its center is China Huarong Asset Management Co., the state financial company that Lai lorded over until getting ensnared in a sweeping crackdown on corruption by China’s leader, Xi Jinping.From Hong Kong to London to New York, questions burn. Will the Chinese government stand behind $23.2 billion that Lai borrowed on overseas markets -- or will international bond investors have to swallow losses? Are key state-owned enterprises like Huarong still too big to fail, as global finance has long assumed – or will these companies be allowed to stumble, just like anyone else?The answers will have huge implications for China and markets across Asia. Should Huarong fail to pay back its debts in full, the development would cast doubt over a core tenet of Chinese investment: the assumed government backing for important state-owned enterprises, or SOEs.“A default at a central state-owned company like Huarong is unprecedented,” said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group. Should one occur, he said, it would mark “a watershed moment” for Chinese and Asian credit markets.Not since the Asian financial crisis of the late 1990s has the issue weighed so heavily. Huarong bonds -- among the most widely held SOE debt worldwide -- recently fell to a record low of about 52 cents on the dollar. That’s not the pennies on a dollar normally associated with deeply troubled companies elsewhere, but it’s practically unheard of for an SOE.Time is short. All told, Huarong owes bondholders at home and abroad the equivalent of $42 billion. Some $17.1 billion of that falls due by the end of 2022, according to Bloomberg-compiled data.It wasn’t supposed to be this way. Huarong was created in the aftermath of the ‘90s Asian collapse to avert another crisis, not cause one. The idea was to contain a swelling wave of bad loans threatening Chinese banks. Huarong was to serve as a “bad bank,” a safe repository for the billions in souring loans made to state companies.Along with three other bad banks, Huarong swapped delinquent debts for stakes in hundreds of big SOEs and, in the process, helped turn around chronic money-losers like the giant China Petroleum & Chemical Corp.After Lai took over in 2012, Huarong reached for more, pushing into investment banking, trusts, real estate and positioning itself as a key player in China’s $54 trillion financial industry.Before long, global banks came knocking. In 2013, for instance, Shane Zhang, co-head of Asia-Pacific investment banking at Morgan Stanley, met with Lai. Zhang said his company was “very optimistic” about the future of Huarong, according to a statement posted on Huarong’s website at the time.Before Huarong went public in Hong Kong in 2015, it sold a $2.4 billion stake to a group of investors including Warburg Pincus, Goldman Sachs Group Inc., and Malaysia’s sovereign wealth fund. BlackRock Inc. and Vanguard Group acquired lots of stock too, according to data compiled by Bloomberg. The stock has collapsed 67% since its listing.Lai had no trouble financing his grand ambitions. A big reason: Everyone thought Beijing would always stand behind a key company like Huarong. It easily borrowed money in the offshore market at rates as low as 2.1%. It borrowed still more in the domestic interbank market. Along the way Lai transformed Huarong into a powerful shadow lender, extending credit to companies that banks turned away.The truth was darker. Lai, a former senior official at the nation’s banking regulator, doled out loans with little oversight from his board or risk management committee.One Huarong credit officer said Lai personally called the shots on most of the offshore corporate loans underwritten by her division.Money also flowed to projects disguised as parts of China’s push to build railroads, ports and more around the world – the so-called Belt and Road Initiative, according to an executive at a state bank. Huarong didn’t immediately reply to questions on its lending practices.Given Lai’s fate, both people spoke on the condition of anonymity.Huarong snapped up more than half of the 510 billion yuan in distressed debts disposed of by Chinese banks in 2016. At its peak, Lai’s sprawling empire had almost 200 units at home and abroad. He boasted in 2017 that Huarong, having reached the Hong Kong stock exchange, would soon go public in mainland China, too.The IPO never happened. Lai was arrested in 2018 and subsequently confessed to a range of economic crimes in a state TV show. He spoke of trunk-loads of cash being spirited into a Beijing apartment he’d dubbed “the supermarket.” Authorities said they discovered 200 million yuan there. Expensive real estate, luxury watches, art, gold – the list of Lai’s treasure ran on.This past January, Lai was found guilty by the Secondary Intermediate People’s Court in Tianjin of accepting of $277 million in bribes between 2008 and 2018. He was put to death three weeks later – a rare use of capital punishment for economic crimes. Some took the execution as a message from China’s leader, Xi Jinping: my crackdown on corruption will roll on.At Huarong, the bottom has fallen out. Net income plummeted 95% from 2017 to 2019, to 1.4 billion yuan, and then sank 92% during the first half of 2020. Assets have shriveled by 165 billion yuan.The company on April 1 announced that it would delay its 2020 results, saying its auditor needed more time. The influential Caixin magazine this week openly speculated about Huarong’s fate, including the possibility of bankruptcy. Its credit outlook was put on review for a potential downgrade by all three top rating firms.According to people familiar with the matter, Huarong has proposed a sweeping restructuring. The plan would involve offloading its money-losing, non-core businesses. Huarong is still trying to get a handle on what those businesses might be worth. The proposal, which the government would have to approve, helps explain why the company delayed its 2020 results, the people said.Company executives have been meeting with peers at state banks to assuage their concerns over the past two weeks, a Huarong official said.The Chinese finance ministry has raised another possibility: transferring its stake in Huarong to a unit of the nation’s sovereign wealth fund that could then sort out the assorted debt problems. Regulators have held several meetings to discuss the company’s plight, according to people familiar with the matter.In an emailed response to questions from Bloomberg, Huarong said it has “adequate liquidity” and plans to announce the expected date of its 2020 earnings release after consulting with auditors. China’s banking and insurance regulator didn’t immediately respond to a request seeking comment on Huarong’s situation.One thing is sure: Huarong is part of a much bigger problem in China. State-owned enterprises are shouldering the equivalent of $4.1 trillion in debt, and a growing number of them are struggling to keep current with creditors. In all, SOEs reneged on a record 79.5 billion yuan of local bonds in 2020, lifting their share of onshore payment failures to 57% from just 8.5% a year earlier, according to Fitch Ratings. The figure jumped to 72% in the first quarter of 2021.The shockwaves from Huarong and these broader debt problems have only begun to reverberate through Chinese finance. Dismantling all or part of Lai’s old empire would show Beijing is willing to accept short-term pain to instill financial discipline among state-owned enterprises.The irony is that Huarong was supposed to fix China’s big debt problem, not cause a new one.“Allowing a state-owned financial institution that undertook the task of resolving troubles of China’s financial system to fail is the worst way to handle risks,” said Feng Jianlin, a Beijing-based chief analyst at research institute FOST. “The authorities must consider the massive risk spillover effects.”(Updates with rating outlook review in the 23rd 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.
(Bloomberg) -- Credit Agricole SA raised its bid for the Italian lender Credito Valtellinese SpA by about 120 million euros ($144 million), indicating that the French bank is determined to win over investors who’d rejected its previous offer.Credit Agricole boosted its offer to 12.20 euros a share from 10.50 euros, according to a statement late Wednesday. The new bid values Creval at about 856 million euros versus a previous bid of 737 million euros. Credit Agricole said that if it wins over investors holding 90% of the shares, it will pay an additional 0.30 euros a share.In November, the Paris-based bank offered to buy Creval to build on its already extensive business in Italy and strengthen its position in the wealthy north of the country. Euro-area regulators are seeking to foster more merger and acquisition activity in the region, which is suffering from a fragmented banking market and the effects of long-term low interest rates.“The new price Credit Agricole is paying gives a fair valuation for the bank’s shareholders and I believe it is sufficient to lure previously skeptical investors,” said Stefano Girola, a portfolio manager at Alicanto Capital SGR in Milan.Wednesday’s sweetened offer followed requests by several shareholders, including the French tycoon Denis Dumont, Creval’s second-biggest investor, for a higher price. Investors with a combined control of almost a third of the shares had publicly opposed Credit Agricole’s offer as inadequate. Creval’s board has also said the initial offer was too low, while executives at the French bank had repeatedly said their offer was fair and that they didn’t intend to increase it.While the initial offer represented a 21% premium on the last closing price, the shares subsequently risen much higher. The stock closed at 12.34 euros in Milan on Wednesday before the revised bid was made.Creval rose to 12.48 euros on Thursday trading as of 9:16 a.m. Credit Agricole declined 0.8% in Paris trading.Credit Agricole’s businesses in the country include retail, corporate and investment banking. It has expanded with acquisitions in asset management and retail banking. A successful bid for Creval would double its market share in Lombardy, and consolidate its role as the sixth-biggest retail bank in Italy, with 3 million clients.Ahead of the tender, the bank bought shares that take its holding to about 17%. The lender received authorization to increase its stake to up to 20%, a move that narrows the gap toward the 50% plus 1 share threshold set by the bank to consider the bid successful.The public offer is due to run through April 21.(Updates with analyst comment 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.
Episode four ended on a huge cliffhanger
It is currently illegal in England to go on on an overseas holiday
(Bloomberg) -- Stocks rose with U.S. futures on Thursday as investors awaited key economic data and assessed earnings reports. Treasury yields fell.European equities climbed as electrical power firm ABB Ltd. boosted its revenue guidance and a rally in base metals lifted miners. Most Asian shares advanced, though gauges for Hong Kong and China fell as the Chinese central bank’s liquidity operations signaled it’s seeking to contain rising leverage. U.S. futures pointed to a rebound after indexes eased from all-time peaks on Wednesday, when a drop in cryptocurrency exchange Coinbase Global Inc. overshadowed strong bank earnings. Results are due later on Thursday from firms including Citigroup Inc., BlackRock Inc. and Bank of America Corp. The ruble slid with the Biden administration poised to take action against Russian individuals and entities in retaliation for alleged misconduct related to the SolarWinds hack and the U.S. election.Expectations of a strong economic recovery, combined with optimism over monetary and fiscal stimulus, have pushed equities near record levels as company reporting continues. Data due Thursday on U.S. jobless claims and retail sales will be keenly watched, as will any developments on the vaccine rollout.“With the upswing in the economy and inflationary pressures, cyclical sectors are going to do particularly well, especially the new cyclicals -- stocks related to infrastructure, electrical grid modernization, clean energy and storage,” said Eli Lee, head of investment strategy at Bank of Singapore. “But bear in mind when you get returns that high, volatility is par for the course.”Elsewhere, Bitcoin fell back from an overnight record. Oil steadied after Wednesday’s surge on signs the demand outlook was improving.In Asia, traders are also watching for further tremors from the sharp selloff in the bonds of distressed-debt enterprise China Huarong Asset Management Co., which has pushed investment-grade spreads higher.Some key events to watch this week:U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksFutures on the S&P 500 Index rose 0.5% as of 8:35 a.m. London time.The Stoxx Europe 600 Index rose 0.3%.The MSCI Asia Pacific Index gained 0.3%.The MSCI Emerging Market Index was little changed.CurrenciesThe Bloomberg Dollar Spot Index sank 0.1%.The euro was little changed at $1.1985.The British pound rose 0.1% to $1.3792.The onshore yuan was little changed at 6.533 per dollar.The Japanese yen strengthened 0.1% to 108.83 per dollar.BondsThe yield on 10-year Treasuries sank two basis points to 1.62%.The yield on two-year Treasuries dipped less than one basis point to 0.16%.Germany’s 10-year yield declined one basis point to -0.27%.Britain’s 10-year yield declined one basis point to 0.793%.Japan’s 10-year yield decreased less than one basis point to 0.092%.CommoditiesWest Texas Intermediate crude was little changed at $63.14 a barrel.Brent crude was little changed at $66.57 a barrel.Gold strengthened 0.6% to $1,747.35 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.
The missing hiker was airlifted after he spent a night alone in the forest
Features central circular room and bath house - but experts puzzled why something of such grandeur would have been built in such a remote part of empire
Can you smell your friend’s breath? Scientist Dr Julian Tang said people should employ the "garlic-breath" test to measure if someone is too close and could transmit the virus. The consultant virologist at Leicester Royal Infirmary has penned a new study that urges governments to "focus their efforts on airborne transmission".
Two more London boroughs will take part in surge testing after new cases of the South African variant of Covid-19 were found in both areas. Elsewhere today, the Equality and Human Rights Commission has warned Covid status certificates to prove who is vaccinated could help to ease restrictions but could create a “two-tier society whereby only certain groups are able to fully enjoy their rights”.
Plane Talk: ‘Notams’ specifying Covid announcements in Welsh are not quite as relevant as those reporting closed runways
India's daily coronavirus caseload has doubled in ten days, with more than 200,000 new infections logged Thursday as authorities grapple with shortages of vaccines, treatments and hospital beds.