A lawyer from Texas appeared in a virtual hearing with a cat filter on, which he struggled to remove. Source: YouTube/394th District Court of Texas - Live Stream
A lawyer from Texas appeared in a virtual hearing with a cat filter on, which he struggled to remove. Source: YouTube/394th District Court of Texas - Live Stream
(Bloomberg) -- Germany reported the largest rise in new Covid-19 cases in a month as the country grapples with the spread of mutations. Japan recommended extending its virus state of emergency by two weeks for the Tokyo region set to expire Sunday to prevent a fresh wave of infections as the nation prepares to host the Olympic games in July.China set a conservative economic growth target of above 6% for the year, outlining fiscal support with prudent monetary policy as a recovery takes hold. The U.S. Congressional Budget Office gave the green light for the Senate’s version of the pandemic-relief plan as debate is set to start with leaders eyeing a March 14 deadline.More than a dozen U.S. states reported increases in hospitalizations for the coronavirus, threatening to reverse a national trend that has pushed in-patient numbers to the lowest level since the fall. At the same time, governors across U.S. states, led by Texas, are loosening or abandoning social restrictions all together, counting on vaccines to usher in a return to pre-pandemic life.Key Developments:Global Tracker: Cases pass 115.6 million; deaths exceed 2.5 millionVaccine Tracker: More than 279 million shots given worldwideU.S. Spotlight: Hospitalizations in New York remain highest in nationInside Pfizer’s fast, fraught and lucrative vaccine distributionVaccinated workers get more office benefits than holdoutsWhere we are in hunting for the origin of Covid-19Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on cases and deaths.Singapore Sees Safe Reopening of Changi as Key (3:53 p.m. HK)Singapore is prioritizing safely reopening its borders this year and nailing down Changi Airport’s position as an international hub when travel recovers from the pandemic, Transport Minister Ong Ye Kung said in Parliament on Friday.Changi handled 11.8 million passengers in 2020, down from about 60 million in the years before. Singapore Airlines, another great pride of the city-state, has suffered record losses, cut thousands of jobs and is racing through funds raised via a rights issue and other means.German Minister Upbeat on Tourism Reopening (3:42 p.m. HK)The German government’s tourism commissioner said he’s optimistic that hotels and restaurants can start to reopen from late March as long as they follow strict hygiene and distancing rules.A major increase in Covid-19 testing should allow the government to push ahead with lifting virus restrictions, though caution is still needed due to faster-spreading mutations of the disease, Thomas Bareiss, a deputy economy minister, told ARD television.Hungary Seeks to Boost Hospital Capacity (2:41 p.m. HK)Hungary’s government is looking to expand its healthcare capacity in anticipation of a surge in hospitalizations. Professionals working in private healthcare and university students may be directed to treat patients with the number of people treated in hospital projected to almost triple to 20,000 in the coming weeks, Prime Minister Viktor Orban said on state radio Friday.S. Korea Approves Pfizer Vaccine (2:31 p.m. HK)South Korea’s Ministry of Food and Drug Safety approved the use of Pfizer’s coronavirus vaccine under the condition that it submits results of final clinical trials, according to a statement.Takeda Files for Japan Approval of Moderna Vaccine (2:28 p.m. HK)Takeda Pharmaceutical Co. submitted an application to Japan’s Health Ministry to seek an approval for the use of Moderna’s Covid-19 vaccine.Some 50 million doses of Moderna’s vaccine are expected to be distributed beginning in the first half of this year. Results of a phase 1/2 trial it’s conducting in Japan are expected to be available in May and will be submitted to the Japan Pharmaceuticals and Medical Devices Agency.German Cases Rise to Highest in a Month (2:24 p.m. HK)The number of new cases in Germany rose by 11,393 in the 24 hours through Friday morning, according to data from Johns Hopkins University. That’s the biggest increase since Feb. 5.Germany’s health authority warned in a daily situation report that “due to the occurrence of different virus variants, there is an increased risk of a renewed stronger increase in the number of cases.”Vietnam to Start Vaccinations on March 8 (1:38 p.m. HK)Vietnam will begin Covid-19 vaccinations on Monday, the news website VnExpress reported, citing Health Ministry Nguyen Thanh Long during a morning meeting of the anti-virus task force.The first shots of more than 117,600 AstraZeneca Plc doses are expected to be given to medical staff at 18 hospitals treating virus patients in 13 provinces and cities, VnExpress reported.China Seeks to Beef Up Biosecurity Labs (1:37 p.m. HK)China plans to ramp up the construction and management of biosecurity labs to prepare for future emerging diseases, while it also grapples with allegations from the U.S. that the coronavirus outbreak could have resulted from a lab leak.The country seeks to “comprehensively enhance biosecurity governance capabilities” by improving its monitoring and emergence preparedness, according to a document outlining major policy priorities through 2025Tokyo Targets 140 Daily Cases to Lift Emergency (12:26 p.m. HK)The Tokyo Metropolitan Government aims to bring daily coronavirus infections down to a 7-day average of about 140 before lifting the state of emergency in the capital, Nikkei reports, citing an unidentified person.Infections by that measure are about 269 now and the government is also aiming to lower hospitalized patients to about 1,000 from the current 1,519.Hong Kong Vaccination Rate Dips a Second Day (12:08 p.m. HK)Hong Kong has seen vaccination rates in the city decline for two straight days, in a sign the government may face difficulties keeping up the momentum of the inoculation program.The city administered vaccines to 10,300 people on Thursday, 12% lower than Wednesday’s rate, which itself was a 10% drop from the previous day. Tuesday’s total of 13,000 was the largest number of vaccinations since Hong Kong began giving shots to the public at the end of February.Auckland to Exit Lockdown on Sunday (12:07 p.m. HK)Auckland, New Zealand’s largest city, will exit a seven-day lockdown this weekend after a small community outbreak of Covid-19 was contained, Prime Minister Jacinda Ardern said.Auckland’s alert level will drop to 2 from 3 at 6 a.m. local time Sunday, allowing schools and businesses to reopen, Ardern said after a cabinet meeting Friday in Wellington. The remainder of New Zealand will move to level 1, meaning people no longer have to observe social distancing or limit the size of gatherings.Australia Downplays Italy’s Vaccine Block (12:06 p.m. HK)Australia’s health minister, Greg Hunt, downplayed the impact of Italy blocking supplies of AstraZeneca vaccines even as the nation starts its rollout.The company had a “deep, broad, global supply chain,” Hunt said. Still, Italy’s move was a reflection of “arguably the most intensely competitive international environment since, perhaps, the Second World War” as nations jostle to secure vaccines, masks and ventilators, Hunt told reporters.Australia began its rollout of the Pfizer/BioNTech Covid-19 vaccine about two weeks ago. It’s set to start domestic production of the AstraZeneca product, targeting 1 million doses a week from late March.California Extends Anti-Eviction Order (10:44 a.m. HK)Governor Gavin Newsom signed an executive order extending authorization for local governments to halt evictions for commercial renters impacted by the COVID-19 pandemic through June 30, 2021, according to a statement.The order extends protections against price gouging for emergency and medical supplies amid the ongoing response to the pandemic.Taiwan to Make 120 Million Doses by Year-End (10:42 a.m. HK)National Health Research Institutes will apply to build a second plant to expand vaccine production capacity, Taipei-based Apple Daily reported, citing Health Minister Chen Shih-chung.The government expects mass production of Taiwan’s Covid vaccines to start in July, the newspaper said.U.S. Hospitalizations Threaten to Rebound (9:08 a.m. HK)More than a dozen U.S. states reported increases in hospitalizations for the coronavirus, threatening to reverse a national trend that’s pushed in-patient numbers to the lowest level since the fall.U.S. hospitals were treating 49,519 patients as of Thursday, data from the Department of Health and Human Services show. The tally fell 3.8% since March 1 after California reported 544 fewer cases and Texas recorded a decline of 391. Hospitalizations are down 62% from a peak of 131,637 in mid-January, though the pace of the reduction appears to be slowing.Michigan had 945 hospitalizations Thursday, an increase of 13% over the past three days. Cases jumped 4.9% to 2,075 in Pennsylvania. New Jersey, Massachusetts, Connecticut, Rhode Island, Virginia, Tennessee, Utah, South Dakota, Montana, New Mexico, Nebraska, Idaho and Wyoming also recorded an increase in in-patients.Covid cases make up 12% of hospital patients in New York and Georgia, the highest proportion among U.S. states.Group Calls for Independent Virus Probe (9:05 a.m. HK)A group of scientists called for an independent probe to consider all hypotheses and nail down whether the virus came from an animal amid controversy over the investigation organized by the World Health Organization and China.More than 20 signatories said in an open letter published by the Wall Street Journal that the mission isn’t independent enough as the WHO considered delaying an interim report.Indonesia Holds Phase-3 Trial for China Vaccine (8:32 a.m. HK)A trial on the Covid-19 vaccine produced by China’s Anhui Zhifei Longkema Biological Pharmaceutical will enroll as many as 4,000 participants in Bandung and Jakarta, CNN Indonesia reports.Approval for an emergency use of the vaccine is expected in September, CNN reports.Wells Fargo Offers Vaccine Time Off (7:02 a.m. HK)Wells Fargo & Co., which has the largest workforce among U.S. banks, is encouraging employees to get vaccinated against Covid-19 and is offering paid time off for the inoculations.The firm will offer up to eight hours paid time off for employees across the world to get vaccinated, according to an internal memo reviewed by Bloomberg. The San Francisco-based bank is expanding a testing program, offering the service free to workers at its 25 largest locations, and those who work at other facilities can request an at-home test.Tokyo Plans to Extend Emergency (6:20 a.m. HK)The Japanese government recommended to extend by two weeks its virus state of emergency for the Tokyo region set to expire Sunday, trying to maintain a declining trend in infections as it looks to host the Olympics in about four months.The move was announced early Friday by the government’s point man for virus management, Economy Minister Yasutoshi Nishimura. It came after Prime Minister Yoshihide Suga strongly indicated Wednesday that he was looking to extend the nearly two-month measure, saying it was “an extremely important time for preventing infections.”Pfizer Plant Cited for Quality Issues (4:59 p.m. NY)The factory that Pfizer Inc. plans to use to boost production of its Covid-19 vaccine for the massive U.S. inoculation effort was cited by federal inspectors last year for repeated quality-control violations.Food and Drug Administration inspectors visited the McPherson, Kansas, plant at the end of 2019 into January 2020, according to an inspection report obtained by Bloomberg via a Freedom of Information request. They found the drug giant released medications for sale after failing to thoroughly review quality issues that arose in routine testing, the report shows.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.
Elliptic Labs & Xiaomi announce the launch of top selling Redmi Note 10 and Note 10s, powered by Elliptic’s AI Virtual Proximity Sensor INNER BEAUTY
Bilia is the first service and damage workshop to have signed an agreement with Lynk & Co about providing workshop services for their car fleet in Sweden. Per Avander, Managing Director and CEO, comments:”I am very happy that Bilia will cooperate with Lynk & Co in the future. They have an interesting business model based on month-to-month membership. This cooperation is completely in line with our strategic investment to grow within our important Service Business. We are convinced that our high competence when it comes to their products and our established network of service workshops across the country will contribute to a high service level.” Lynk & Co launched its model 01 and so-called mobility membership in Sweden at the end of September 2020. In the near future, Bilia will complete the first cars for delivery to the customer. Gothenburg, March 5, 2021 Bilia AB (publ) For information please contact: Per Avander, Managing Director and CEO, +46 (0)10 497 70 00, firstname.lastname@example.org Kristina Franzén, CFO, +46 (0)10 497 73 40, email@example.comAnders Rydheimer, Director Communication & Business Development, +46 (0)10 497 07 99, firstname.lastname@example.org Facts about the Bilia Group Bilia is one of Europe’s largest car dealers with a leading position within service and sales of cars and transport vehicles. Bilia has about 140 facilities in Sweden, Norway, Germany, Luxembourg and Belgium. Bilia sells cars of the brand Volvo, BMW, Toyota, Renault, Lexus, MINI, Dacia, Alpine and transport vehicles of the brand Renault, Toyota and Dacia. Bilia offers new and used cars, e-commerce, spare parts and store sales, service and repair workshops, tyres and car glass and financing, insurance, car washes, fuel stations and car dismantling under the same roof, which gives a unique customer offer. Bilia reported a turnover of about SEK 30 Bn in 2020 and had about 4,700 employees. Attachment Bilia becomes Lynk & Co's first service partner
(Bloomberg) -- Aggreko Plc, one of the world’s biggest suppliers of portable power generators, accepted a 2.3 billion-pound ($3.2 billion) bid from a private equity consortium.TDR Capital and I Squared Capital agreed to buy the business for 880 pence per share in cash, London-listed Aggreko said in a statement. The price represents a 39% premium to Aggreko’s closing price on Feb. 4, the day before their interest was first reported. The stock rose 1.8% to 905 pence shortly after the open of regular trading Friday.Aggreko offers rentals of power, heating and cooling equipment to clients in the energy, refining, construction and events industries. It has provided generators to the Glastonbury Festival, Britain’s marquee music event, as well as the 2018 Winter Olympic Games in South Korea.Bloomberg News reported Thursday that the private equity firms were nearing a firm offer for Aggreko following weeks of negotiations. Platinum Equity has also made a preliminary approach to Aggreko, though its interest was seen as less likely to translate into a deal, people with knowledge of the matter said.TDR and I Squared’s offer for Aggreko is in-line with expectations and unlikely to see competing bids, Andrew Nussey, a Peel Hunt analyst, wrote in a note. The acquisition is expected to be completed in the summer of this year.Bargain HuntingPrivate equity firms have been hunting for bargains among listed companies in the U.K. Blackstone Group Inc. and Global Infrastructure Partners teamed up last month on a deal to buy Signature Aviation Plc, an operator of private-jet bases, for $4.7 billion. Allied Universal Security Services LLC, which is backed by Warburg Pincus, has offered to take over British security firm G4S Plc for 3.8 billion pounds.TDR has been particularly active. It completed an acquisition last month of a controlling stake in Walmart’s U.K. grocery arm, Asda Group Ltd., together with Britain’s Issa brothers. In February, it approached Arrow Global Group Plc about a potential takeover bid valuing the London-listed alternative investment group at more than 540 million pounds.Morgan Stanley, Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. are advising the private equity consortium. Aggreko is working with Centerview Partners, Citigroup Inc. and Jefferies Financial Group Inc.Barclays, Bank of America, Deutsche Bank, Goldman Sachs and Banco Santander SA are helping arrange debt to fund the transaction.(Updates with shares trading in the second 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.
A girl, 8, has had to have part of her lower leg amputated after an outdoor expedition with her dad and older brother took a devastating turn.
China's biggest political meeting opened for its annual session on Friday, where it is expected to pass a sweeping overhaul of Hong Kong's electoral system.Chinese lawmakers are expected to delay elections for the city's legislature by another year to September 2022, according to local media.It's a move that will boost China's effort to ensure those they deem "patriots" are put in charge of the city, and likely to crush any remaining democratic hopes for the global financial hub.Many high-profile pro-democracy politicians and activists are already in jail or in exile after authorities cracked down on the city's mass anti-government protests in 2019, and imposed a sweeping national security law last year.A senior Chinese lawmaker says the NPC plans to expand an electoral committee that chooses Hong Kong's leader, and give it powers to pick many of the city's legislators as well.The NPC also unveiled a relatively mild defense budget for the year, a rise of around 7% from 2020.That's despite challenges on several fronts, ranging from heightened tensions with Taiwan to U.S. missions around Chinese-occupied islands in the disputed South China Sea, and an ongoing border dispute with India.China's strategic rivalry with the United States is also expected to take centre stage at the conference.A London-based economics research centre predicts China will leapfrog the United States as the world's biggest economy in 2028, five years earlier than previously forecast.
(Bloomberg) -- Credit Suisse Group AG plans to wind down a $10 billion group of supply chain finance funds linked to financier Lex Greensill that it suspended this week because of valuation concerns.The Swiss bank said it will make the first payments to investors -- amounting to approximately 80% of the available cash and cash equivalents -- on Monday for the Luxembourg-domiciled funds and later next week for the Liechtenstein-domiciled fund, according to a statement on Friday. The bank previously indicated the funds had about $3.7 billion in cash and equivalents.Credit Suisse earlier this week suspended redemptions, in part because a major insurer for the securities in the funds refused to provide coverage on new notes. The decision sent ripple effects across the globe and prompted Greensill Capital to seek a buyer for its operations. The parent company is currently in talks on its survival and is in the process of filing for insolvency in the U.K., people familiar with the matter said.Swiss asset manager GAM Holding AG also decided to shutter its $842 million GAM Greensill Supply Chain Finance Fund and return client money.Credit Suisse shares fell 1.5% at 9:07 a.m. in Zurich trading. The stock has lost 2.7% in the past week, compared with a small gain for UBS Group AG, it’s closest rival.In an update to investors earlier this week, Credit Suisse said that it was looking for ways to return cash in the funds. It also said that Greensill’s German Bank -- which has effectively been shuttered by regulators -- was one of the insured parties and plays a role in the claims process for some of the remaining notes. That could complicate efforts to returning more money quickly, analysts have said.Many of the assets in the funds have such protection to make them more appealing for investors seeking alternatives to money markets. But the second-biggest of them, the High Income Fund, doesn’t use insurance. It’s also the fund with the least liquidity, with less than 20% of the net assets in cash.Credit Suisse has said that the loss of insurance was one of several factors prompting the freeze. It said it wasn’t aware of any evidence suggesting financial irregularities with the papers issued by Greensill or by the underlying companies. The bank hasn’t commented on how many of the assets in the funds are tied to Sanjeev Gupta’s GFG Alliance, an early client of Greensill’s whose extensive borrowings from that firm have been a focus of German regulators.(Adds shares in sixth paragraph, reasons for fund freeze in last.)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.
THIS ANNOUNCEMENT CONTAINS REGULATED INFORMATION. PUBLICATION RELATING TO A TRANSPARENCY NOTIFICATION (ARTICLE 14, 1ST PARAGRAPH, OF THE LAW OF 2 MAY 2007 ON THE DISCLOSURE OF MAJOR HOLDINGS) Acacia Pharma Group plc 1. Summary of the notification Cambridge, UK and Indianapolis, US – 05 March 2021, 09:00 CET: Acacia Pharma Group plc has received a transparency notification dated 02 March 2021 indicating that Coltrane Asset Management L.P. now holds, by virtue of the purchase of shares on 18 February 2021, 5.50% of the voting rights of the company. Coltrane has therefore crossed the threshold of 5%. 2. Content of notificationThe notification dated 2 March 2021 contains the following information: Reason of the notification – acquisition or disposal of voting securities or voting rightsNotification by – a parent undertaking or a controlling personPersons subject to the notification requirement: NameAddress (for legal entities)Mandeep Manku250 W 55th St 16CNew York, NY 10019Coltrane Asset Management Holdings, Ltd94 Solaris AvenueCamana Bay, Grand Cayman KY1-1108, Cayman IslandsColtrane Asset Management, L.P.94 Solaris AvenueCamana Bay, Grand Cayman KY1-1108, Cayman Islands Date on which the threshold is crossed – 18 February 2021Threshold that is crossed – 5%Denominator – 89,689,451Notified details: A) Voting rightsPrevious notificationAfter the transaction # of voting rights# of voting rights% of voting rightsHolders of voting rights Linked to securitiesNot linked to securitiesLinked to securitiesNot linked to securitiesMandeep Manku 000.00%0.00%Coltrane Asset Management, L.P. 4,931,68405.50%0.00%Subtotal 4,931,684 5.50% TOTAL4,931,68405.50%0.00% B) Voting rightsAfter the transactionHolders of equivalent financial instrumentsType of financial instrumentExpiration dateExercise period or date# of voting rights that may be acquired if the instrument is exercised% of voting rightsSettlement TOTAL 00.00% TOTAL (A+B) # of voting rights% of voting rights CALCULATE4,931,6845.50% Full chain of controlled undertakings through which the holding is effectively held: Coltrane Asset Management, L.P. is an investment advisor which manages funds and accounts which hold the shares reported in this filing.Coltrane Asset Management, L.P. can exercise the voting rights at its discretion, without any instruction from its clients.Coltrane Asset Management, L.P. is controlled by Coltrane Asset Management Holdings, Ltd, which is controlled by Mandeep Manku. Miscellaneous This press release is available on Acacia Pharma Group plc’s website (https://acaciapharma.com/investors/regulatory-announcements)The notification may be found on Acacia Pharma Group plc’s website ((https://acaciapharma.com/investors/regulatory-announcements) Contacts Acacia Pharma Group plcMike Bolinder, CEOGary Gemignani, CFO+44 1223 919760 / +1 317 505 1280IR@acaciapharma.com International MediaMark Swallow, Frazer Hall, David DibleCitigate Dewe Rogerson +44 20 7638 email@example.comUS InvestorsLifeSci AdvisorsIrina Koffler+1 firstname.lastname@example.orgMedia in Belgium and the NetherlandsChris Van Raemdonck+32 499 58 55 31 email@example.com Acacia Pharma Group plcThe Officers’ Mess, Royston Road, Duxford, Cambridge, CB22 4QH, United KingdomCompany number 9759376 About Acacia Pharma Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures, or cancer chemotherapy. The Company has identified important and commercially attractive unmet needs in these areas that its product portfolio aims to address. Acacia Pharma's first product, BARHEMSYS® (amisulpride injection) is marketed in the US for the management of postoperative nausea & vomiting (PONV). BYFAVO™ (remimazolam) for injection, a very rapid onset/offset IV benzodiazepine sedative is approved and launched in the US for use during invasive medical procedures in adults lasting 30 minutes or less, such as colonoscopy and bronchoscopy. BYFAVO is in-licensed from Paion UK Limited for the US market. APD403 (intravenous and oral amisulpride), a selective dopamine antagonist for chemotherapy induced nausea & vomiting (CINV) has successfully completed one proof-of-concept and one Phase 2 dose-ranging study in patients receiving highly emetogenic chemotherapy. Acacia Pharma has its US headquarters in Indianapolis, IN and its R&D operations are centered in Cambridge, UK. The Company is listed on the Euronext Brussels exchange under the ISIN code GB00BYWF9Y76 and ticker symbol ACPH. www.acaciapharma.com Attachment TR-1BE_ACPH BB_03.02.21_ACPH_Signed
(Bloomberg) -- Saudi Arabia just made a high-stakes wager that the glory days of U.S. shale, which transformed the global energy map in the last decade, are never coming back.By keeping a tight grip on supply at Thursday’s meeting of the OPEC+ alliance of oil producers, Saudi Energy Minister Prince Abdulaziz bin Salman showed he’s focused on boosting prices -- and confident that this time around it won’t encourage American producers to surge back and steal market share.“‘Drill, baby, drill’ is gone for ever,” said Prince Abdulaziz, who’s orchestrated the revival of the oil market after last year’s catastrophic collapse.His swagger comes mixed with a good dose of diplomatic tension: Russia, Saudi Arabia’s most important OPEC+ partner, has tried to convince Riyadh for several months to increase output, fearing that rising oil prices would ultimately awaken rival shale producers. The Saudis are certain the American industry has reformed itself.If the prince is right, OPEC+ will be able to both push prices higher now and recover market share later without worrying that rivals in Texas, Oklahoma and North Dakota will flood the market. But if Riyadh has miscalculated -- and it’s got shale wrong before -- the danger will be lower prices and production down the line.The Saudis have so far convinced their allies the strategy will work. After a quick virtual meeting on Thursday, OPEC+ agreed to prolong its production cuts, defying expectations of an output hike. Russia, however, secured an exemption for itself and Kazakhstan, and will increase output marginally in April.Brent crude jumped 5% to a one-year high of almost $68 a barrel after the decision. Front-month futures extended gains on Friday and a raft of banks updated their price forecasts, including Goldman Sachs Group Inc., which increased its estimates by $5 -- to $75 next quarter and $80 in the following three months.“This is an incredibly bold move on the part of OPEC+ to extend the oil price rally,” said KPMG Global Energy Sector Leader Regina Mayor.If history is a guide, however, trouble may be brewing. The OPEC+ coalition, which groups Saudi Arabia, Russia and almost two dozen other oil producers, has in the past underestimated its American rivals, who year after year produced more than most expected. From a low point of less than 7 million barrels a day in 2007, the U.S.’s total petroleum output more than doubled to hit an all-time high of almost 18 million barrels a day by early 2020, forcing the cartel to cede market share.Risky Move“This is a risky take,” Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd., said Friday in a Bloomberg Television interview. While U.S. oil companies probably won’t raise output this year, in 2022 “there’s nothing really stopping them, especially the small and mid-cap producers.”Sen sees prices hitting $70 a barrel as soon as next week, $80 by the end of the year and a possible climb to $100 in 2022.For now, U.S. total oil output remains constrained, hovering at 16 million barrels due to the impact of last year’s slump, which briefly saw benchmark prices trade below zero.Under pressure from shareholders, shale producers have promised restraint, putting profits before the growth they relentlessly pursued during the boom years. Although drilling has risen from the lows of 2020, it’s well below previous levels. In addition, President Joe Biden is trying to temper the worst excesses of the industry, including the indiscriminate natural gas flaring that’s a byproduct of shale’s success.Under a different oil minister, Saudi Arabia attacked shale producers in 2014 and 2015, flooding the market and forcing prices lower -- a strategy that ultimately failed. Prince Abdulaziz is doing the opposite, because oil higher prices will eventually benefit shale producers. Yet, he’s convinced the industry won’t repeat its past excesses.“Shale companies are now more focused on dividends,” Prince Abdulaziz told Bloomberg News in an interview after the OPEC+ meeting, saying that the kingdom wished the American industry well. “We’ve never had any issue with shale oil. It’s the shale companies which are themselves changing. They have had their fair share of adventure and now they are listening to the call of their shareholders.”Shale executives agree with him -- at least for now.“A couple years ago it was ‘drill, baby, drill,’” John Hess, the head of Hess Corp., said in Houston earlier this week. “Now, it’s ‘show me the money.’”Ryan Lance, the chief executive officer of ConocoPhillips, echoed the sentiment: “I hope there’s discipline in the system. The worst thing that can happen right now is U.S. producers start growing rapidly again.”As the industry cuts spending to pay shareholders fatter dividends, there’s not much left to finance increased production. Even Big Oil is scaling down its ambitions in shale. Exxon Mobil Corp. had been running 55 oil rigs in the Permian basin that straddles West Texas and southeast New Mexico, part of an effort to boost output to 1 million barrels a day by 2025. After tightening its belt, the U.S. oil giant is running just 10 rigs, and has cut its 2025 output target by nearly a third to 700,000 barrels a day.Yet, there are also signs that higher oil prices may ultimately reactivate the U.S. shale industry. With benchmark West Texas Intermediate now changing hands above $60 a barrel, some companies believe they may be able to both grow and keep shareholders happy. EOG Resources Inc., the largest producer in the Permian, has announced a big spending increase for next year. And others are following suit.But the reaction of the stock market made Prince Abdulaziz’s case: investors punished EOG for spending more on drilling, marking down its shares relative to more disciplined rivals.(Updates with comments from Energy Aspects in 10th, 11th paragraphs.)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.
Blockchain payments firm Ripple has not experienced any fallout in its Asia Pacific business after being sued by the U.S. Securities and Exchange Commission (SEC), the company's chief executive officer said on Friday. In late December, the SEC charged Ripple, which is associated with cryptocurrency XRP, with conducting a $1.3 billion unregistered securities offering. After that, the top U.S. cryptocurrency exchange Coinbase shut down trading in XRP, which is the world's seventh-largest cryptocurrency by market value.
China will push forward with the development of CJ1000, a turbofan jet engine designed to power the homemade C919 narrowbody aircraft, the government said on Friday in its development plan for the 2021-2025 period. It also aims to achieve breakthrough in engine technology for widebody jets, the government said. Chinese-made civil aircraft, including the C919, currently use foreign engines but the country has been trying to develop a home-grown alternative as it seeks to cut its dependence on foreign sources of sophisticated technology.
Jose Mourinho says Dele Alli’s recent hard work meant he fully merited his rare start in Thursday’s nervy Premier League win at Fulham. After eye-catching performances against Austrian minnows Wolfsberger in the Europa League round of 32, the England midfielder was selected for only his second top-flight start of the season at Craven Cottage and first in the League since opening weekend. Dele repaid that sudden show of faith with a decisive intervention, connecting with Heung-min Son’s low first-half cross to help notch Tottenham’s winner that was later ruled as a Tosin Adarabioyo own goal.
The General Meeting of Shareholders of Medicinos Bankas UAB (office address: Pamėnkalnio 40, Vilnius, reg. No. 112027077, VAT number LT120270716) for 2021 initiated by a decision of the Board of Medicinos Bankas UAB will take place in the main headquarters of the bank at Pamėnkalnio 40 (2nd floor), Vilnius. The date and time of the General Meeting of Shareholders will be announced immediately after the shareholders of the bank become able to exercise their voting rights, i.e. after the supervisory authority passes a decision not to object to the acquisition of the qualifying holding or the date of the appropriate permission to control the qualifying holding of the voting rights in the bank.The agenda of the ordinary General Meeting of Shareholders is as follows: Regarding the annual report of Medicinos Bankas UAB for the year 2020. Regarding the auditor’s report of Medicinos Bankas UAB.Regarding the approval of the Set of Financial Statements of Medicinos Bankas UAB for 2020. Regarding the distribution of profit of Medicinos Bankas UAB for 2020. Regarding the approval of the audit firm for the audit of financial statements of Medicinos Bankas UAB for 2021 and the setting of terms and conditions for the payment for audit services. Draft decisions on each matter covered by the agenda of the General Meeting of Shareholders as well as other documents that must be presented to the General Meeting of Shareholders and information related to the exercise of the rights of shareholders are available in the offices of the bank at Pamėnkalnio 40, Vilnius. At least 10 days before the date of the General Meeting of Shareholders, the shareholders of the bank will be granted access to the documents held by the bank concerning the agenda of the meeting., including the draft decisions. The documents will be made available in the offices of the bank at Pamėnkalnio 40, Vilnius. Documents and other information related to the agenda of the meeting will be presented to the shareholders only if the relevant shareholder presents his/her identity document. If the shareholder is represented by another person, the latter is required to present his/her identity document and a document confirming the right to represent the shareholder of Medicinos Bankas UAB as set out in the applicable legislation of the Republic of Lithuania. More information: Povilas Valiukas the Head of Legal department. Phone: +370 614 59687, email: firstname.lastname@example.org
More German companies expect global business conditions to worsen this year than expect improvement, Germany's DIHK Chambers of Industry and Commerce said on Friday. DIHK's survey of 2,400 internationally active companies found that only 17% expected better business conditions over the next twelve months than in 2020, while 27% expected business conditions to deteriorate. Expectations vary by region, DIHK said, adding that more business expect conditions to improve iin China and the euro zone positive than expect it to deteriorate.
(Bloomberg) -- The U.S. is considering sanctions against Lebanon’s long-serving central bank chief as a broader investigation into the alleged embezzlement of public funds in the country gathers pace, according to four people familiar with the matter.Officials within the Biden administration have discussed the possibility of coordinated measures with their European counterparts targeting Riad Salameh, who’s led the Middle Eastern nation’s monetary authority for 28 years, said the people, who requested anonymity because the talks are private.The discussion has so far focused on the possibility of freezing Salameh’s overseas assets and enacting measures that would curtail his ability to do business abroad, the people said. Deliberations are ongoing and a final decision over whether to take action may not be imminent, they said. Salameh denies any wrongdoing.U.S. authorities have considered penalizing Salameh before. The possibility emerged as recently as last year, but then-President Donald Trump wasn’t interested in taking action, two of the people said. His administration focused much of its Middle East policy on countering the influence of Iran and its proxies like Lebanon-based Hezbollah, whereas President Joe Biden has initially emphasized accountability on corruption and human rights abuses.“The United States supports the Lebanese people and their continued calls for accountability and the reforms needed to realize economic opportunity, better governance and an end to the endemic corruption,” U.S. State Department spokesman Ned Price said in a press briefing on Thursday, adding “I wouldn’t want to preview or speak to any potential policy responses at this time.”Should any measures be imposed, it would be a rare instance in which a foreign government has taken action against the sitting head of a central bank over alleged corruption. It would also amount to a remarkable reversal of fortune for one of the world’s longest-tenured monetary policy chiefs and further complicate Lebanon’s efforts to win international financial support.Salameh, 70, was once celebrated as the financier who stabilized Lebanon’s currency against all odds and was even considered at one time to be a presidential contender. As recently as 2019, he earned an A-grade from the New York-based magazine Global Finance in its annual rankings. Euromoney named him central bank governor of the year a decade earlier.A household name on Wall Street and in foreign capitals, Salameh has been one of the few constants over the past three decades as Beirut wrestled with war, debilitating political standoffs and an economic meltdown.That backdrop sparked mass protests in October 2019 against a political class accused of bleeding state coffers through decades of corruption and mismanagement. Demonstrators also blamed Salameh for ever-riskier policies to sustain a financial model that ultimately failed, wiping out the life savings of a generation of Lebanese. More than half the population now lives in poverty, according to the United Nations.Swiss ProbeIn January, the Swiss attorney general’s office asked the Lebanese government for help with an investigation into money laundering linked to possible embezzlement from the coffers of Banque du Liban, as the central bank is known. Swiss authorities didn’t identify the target of their probe and the Lebanese judiciary said it had been approached about transfers abroad made via the central bank.The investigation also involves other jurisdictions, including the U.K. and France, where authorities are reviewing Salameh’s links to properties, shell companies and overseas bank transfers, the four people said. While the Swiss probe lends momentum, potential American sanctions don’t necessarily depend on its outcome as much as on shifting political calculations, they said.Salameh dismissed the allegations made against himself and the central bank.“It is utterly untrue that I have benefited in any way or form, directly or indirectly, from any funds or assets belonging to BDL or any other public funds,” he wrote in an emailed response on Thursday to questions from Bloomberg News.Salameh said his net worth was $23 million when he took on the role of governor in 1993, a fortune amassed during his previous career as a private banker. His salary at Merrill Lynch was $165,000 a month, he said.“The source of my wealth is clearly identified,” he wrote in the email.A spokeswoman at the White House’s National Security Council referred questions to the Treasury Department. A representative there didn’t respond to requests for comment. A spokeswoman at the Swiss attorney general’s office said the investigation is ongoing but declined to comment on coordination with U.S. authorities. The U.K. Treasury referred queries to the Foreign Office, which declined to comment. Lebanon’s justice minister didn’t respond to questions. Neither did an official at the French presidency.Brother’s CommissionsSwiss authorities are looking into allegations that Salameh indirectly benefited from the sale of Lebanese Eurobonds held in the central bank’s portfolio between 2002 and 2016, according to a Lebanese judicial official and a person familiar with the Swiss investigation, both of whom requested anonymity as the information is sensitive.The monetary authority holds Eurobonds from market-to-market transactions as well as swap agreements with the government. BDL would cancel Treasury bills and receive the bonds in return.Also of interest to authorities is the relationship between Salameh’s brother, Raja, and the brokerage firm Forry Associates Ltd, which charged commissions on the sale of Eurobonds to investors, four of the people said. The commissions under scrutiny total more than $300 million, according to a person familiar with the Swiss investigation.Lebanon’s benchmark Eurobonds due this April climbed to 13.65 cents on the dollar on Thursday, snapping a six-day losing streak.The Beirut-based investigative news website Daraj previously reported on the link between Salameh’s brother and Forry. The firm was registered in 2001 in the British Virgin Islands, an offshore tax haven, and administered by Mossack Fonseca, the Panamanian agent exposed in the 2016 Panama Papers leak. Forry was struck off in 2011, according to data from the leak.As early as 2007, the then U.S. Ambassador to Lebanon Jeffrey Feltman raised concerns in Washington over the financial relationship between the Salameh brothers and the central bank. In a diplomatic cable later made public by WikiLeaks, he wrote that Raja earned commissions off a central bank contract dating back to the 1990s, which paid him any time new banknotes were printed.Raja Salameh could not immediately be reached for comment when contacted via Solidere, a real estate company where he’s a board member. There is no publicly available contact information for him and efforts to reach him via individuals known to him were unsuccessful. In the past he’s said that he owns businesses and investments in real estate and hospitality, locally and internationally, using his own private funds.Anti-Hezbollah AllyUnder Trump, the U.S. sanctioned several Lebanese officials for supporting Iran-backed Hezbollah, an armed group with a powerful political wing. In November, it also imposed penalties on the leader of the largest Christian bloc -- a Hezbollah ally -- under the Global Magnitsky Act, which seeks to curb serious human rights abuses and corruption overseas.It isn’t clear if any action against Salameh would fall under the Magnitsky provisions or other regulations allowing Treasury officials to penalize foreign officials accused of using the U.S. dollar for illicit transactions, the people said.France, which has been working with Lebanese officials to form a new government in Beirut, warned last year that coordinated sanctions could be imposed against political leaders if they failed to enact reforms to salvage an economy whose collapse might further destabilize the region.Any action against Salameh would be more sensitive, however, given the push by the Biden administration and European allies to reach a diplomatic accord with Iran as well as efforts to end a political crisis that’s left Lebanon without a government for almost seven months.Potential measures against officials who’ve helped in the fight against Hezbollah have gotten a chillier reception from some of America’s allies, four of the people said. Salameh, in particular, forged close relationships with U.S. and European officials as they sought to limit Hezbollah’s footprint in the Lebanese financial sector.(Updates with bond move in 20th 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.
'Why on earth are they served with every bloody babycino?': The popular children's treat that could become a choking hazard.
A married man tried to cover up having sex with a teenager in the back of a pizza shop but not because it was rape, a jury has heard.
Xlife Sciences AG and Solothurn-based anfass Life Technologies AG have entered a joint venture. Hence, the jointly founded Quadira Biosciences AG has access to the 3D CoSeedis(TM) technology platform of abc biopply ag. This unique 3D cell technology enables the replication of human tissue for reliable testing and characterization of antibodies without animal testing. Xlife's technology platform for the development of antibodies will be used even more efficiently.
(Bloomberg) -- Oil headed toward $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.The surprise decision spurred a wave of crude price forecast upgrades by major banks. The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut. West Texas Intermediate rose a further 1.5% in Asian trading, after surging by more than 4% to the highest close since April 2019 on Thursday. Brent climbed to as much as $68 a barrel.See also: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCrude has soared this year, shepherded higher by OPEC+ restraining supplies and the vaccine-aided recovery in consumption that’s drained inventories. The group’s decision represents a victory for Riyadh, which has advocated for tight curbs to keep prices supported.The Organization of Petroleum Exporting Countries and its allies including Russia had been debating whether to restore as much as 1.5 million barrels a day of output. As part of the agreement, which was struck at a virtual meeting on Thursday, Russia and Kazakhstan were granted exemptions. The group’s next meeting is set for April 1 to discuss production levels for May.Saudi Arabia’s bold and unexpected gamble to restrain production is founded upon its view that, this time around, higher prices will not lead to a big increase in output by American shale drillers. Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News in an interview after the OPEC+ meeting that shale companies are now more focused on dividends.Oil’s rapid gains this year stand to intensify the debate about the potential resurgence in inflation, and complicate the task facing the Federal Reserve as it supports the U.S. recovery. The Treasury market is already on edge for signs of faster price gains, with yields rising rapidly. Crude is up more than 8% since Tuesday’s close despite a strengthening of the dollar and a steep sell-off in other major commodities, especially economic bellwether copper.Saudi Arabia’s optimism over U.S. shale remaining subdued appears plausible for now, said Vandana Hari, founder of Vanda Insights in Singapore. However, “the kingdom might be pushing its luck if it pursues the hawkish path for too long” and oil can’t remain fully immune to broader risk-aversion, she said.See also: Here’s What Top Banks Are Saying About the Saudi-Led Oil ShockGoldman Sachs Group Inc. raised its Brent forecasts by $5 a barrel and now sees the global crude benchmark at $80 in the third quarter. JPMorgan Chase & Co. increased its Brent projection by $2 to $3 a barrel and Australia & New Zealand Banking Group Ltd. boosted its three-month target to $70. Citigroup Inc. said crude prices could top $70 before the end of this month.Change CourseOil rising to these levels will likely increase strains within OPEC+ as some members will want to pump more to relieve under-pressure economies, Citi said in a note. Top importers such as China and India would also not be happy and the alliance is likely to change course at its next meeting, it said.The lack of fresh supply was reflected in oil’s futures curve. Brent’s prompt timespread widened to 61 cents in backwardation, a bullish structure where near-dated prices are higher than later-dated ones, from 54 cents Thursday.More evidence of the demand recovery continued to emerge, especially in Asia. Gasoline and diesel consumption in China has extended its run above pre-virus levels this year after the faster-than-expected return of factory activity and infrastructure building following the Lunar New Year holiday.In addition to the fallout from the OPEC+ shock, investors are tracking China’s National People’s Congress, the nation’s biggest political meeting of the year. Beijing set a conservative economic growth target of above 6% for the year, well below what economists had forecast. It said it will increase stockpiles of oil and gas in its new five-year plan and improve the reserves system, while it will also seek to diversify its sources of energy imports.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 following are the top stories on the New York Times business pages. - U.S. Federal Reserve Chairman Jerome Powell said he and his colleagues have a "high standard" for what full employment means, underscoring that the central bank is likely to be patient in removing its support for the economy.