In a significant defeat for former President Donald Trump, the Supreme Court on Monday declined to step in to halt the turnover of his tax records to a New York state prosecutor.
In a significant defeat for former President Donald Trump, the Supreme Court on Monday declined to step in to halt the turnover of his tax records to a New York state prosecutor.
It's believed the mum's final incredible act saved the lives of her five-year-old twin boys.
Tyler Technologies, Inc. prices offering of $525 million convertible senior notes due 2026.
TORONTO, March 04, 2021 (GLOBE NEWSWIRE) -- EARLY WARNING REPORT REGARDING THE DISPOSITION OF SECURITIES OF STEPPE GOLD LTD. BY TRIPLE FLAG INTERNATIONAL LTD. Item 1 - Security and Reporting Issuer This press release relates to common shares (the “Shares”) of Steppe Gold Ltd. (the “Issuer”) and updates a press release dated May 23, 2018. The Issuer’s address is: Steppe Gold Ltd.90 Adelaide St. West, Suite 400Toronto, ON M5H 3V9 The transaction that triggered the requirement to file this press release was a sale of Shares made on the Nasdaq CXC on March 4, 2021, (the “Current Report Sales”) together with changes in the outstanding securities of the Issuer and other changes that have occurred since the date of the early warning report filed on May 23, 2018 (the “Original Report”). Item 2 - Identity of the Acquiror The Original Report was filed on behalf of: The Liverpool Limited Partnership (“Liverpool”), which was and remains owned and controlled by Elliott Associates, L.P. (“Elliott Associates”); Elliott Management Corporation (“Elliott Management”), which was then the investment manager of Elliott Associates; Elliott International, L.P. (“Elliott International”) and its then investment manager Elliott International Capital Advisors Inc. (“Elliott International Capital Advisors”); and Triple Flag International Ltd. (formerly Triple Flag Mining Finance Bermuda Ltd.) (“Triple Flag”), which was and continues to be indirectly owned, as to a majority of voting interests, by Triple Flag Mining Elliott and Management Co-Invest LP (formerly Triple Flag Mining Co-Invest LP) and Triple Flag Mining Aggregator s.à r.l. (formerly Triple Flag Mining Aggregator Ltd.), and ultimately indirectly under the direction and control of Elliott International. This press release is being filed on behalf of Elliott Investment Management L.P. (“Elliott Investment Management”), which is currently the investment manager of Liverpool and Elliott International, and is also being filed on behalf of Triple Flag, which is indirectly owned, as to a majority of voting interests, by Elliott International. Elliott Investment Management, Liverpool, Elliott International and Triple Flag are collectively referred to as the “Acquiror”. The address of the Acquiror is as follows: c/o Elliott Investment Management L.P.Phillips Point, East Tower777 S. Flagler Drive, Suite 1000West Palm Beach, FL 33401USA On March 4, 2021, Triple Flag sold 1,500,000 Shares that were held by Triple Flag in transactions effected through the facilities of Nasdaq CXC (collectively, the “Current Report Sales”) at an average sale price of Cdn. $2.3501 per Share. Item 3 - Interest in Securities of the Reporting Issuer Prior to Current Report Sales - Immediately prior to making the Current Report Sales, as a result of changes in the outstanding securities of the Issuer since the date of the Original Report, including the expiry of previously outstanding convertible securities, and as a result of the transfer of 30,000 Shares transferred from Liverpool to Elliott International on January 13, 2021 at a price of Cdn. $2.45 per Share, the Acquiror was deemed to beneficially own, or have control or direction over, the following securities of the Issuer: 1,050,000 Shares held by Elliott International;450,000 Shares held by Liverpool;2,080,000 Shares held by Triple Flag;2,300,000 additional Shares issuable to Triple Flag on the exercise of certain unit purchase warrants (the “Unit Purchase Warrants”), each entitling the holder to acquire, on or before September 15, 2022, one Share and one underlying warrant (the “Underlying Warrants”) at an exercise price of Cdn. $2.00 per Unit Purchase Warrant;2,080,000 additional Shares issuable to Triple Flag on the exercise of certain common share purchase warrants, each such warrant entitling the holder to acquire, on or before May 22, 2023, one Share at an exercise price per Share equal to the initial public offering price of Steppe Gold Ltd.; andassuming exercise of the Unit Purchase Warrants on or before September 15, 2022, 2,300,000 additional Shares issuable to Triple Flag on the exercise of Underlying Warrants, each Underlying Warrant entitling the holder to acquire, on or before May 22, 2023, one Share at an exercise price per Share equal to the initial public offering price of Steppe Gold Ltd. Based on 68,836,405 Shares outstanding as reported by the Toronto Stock Exchange website on March 4, 2021 and the Issuer’s Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2020 and 2019, immediately prior to effecting any of the Current Report Sales the Acquiror was deemed to hold 10,260,000 Shares, including both the 3,580,000 Shares actually issued and outstanding and the 6,680,000 Shares that the Acquiror has a right to acquire within 60 days, for a total of 75,516,405 Shares deemed outstanding, representing approximately 13.59% of the Shares deemed to be outstanding. Triple Flag, independently, was deemed to be the beneficial owner of 8,760,000 of the 75,516,405 Shares deemed to be outstanding, including both the number of Shares actually outstanding and the Shares issuable upon the exercise of rights to acquire Shares within 60 days held by Triple Flag, representing approximately 11.60%. Following the Current Report Sales - After giving effect to the Current Report Sales, the Acquiror was deemed to beneficially own, or have control or direction over, the following securities of the Issuer: 1,050,000 Shares held by Elliott International;450,000 Shares held by Liverpool;580,000 Shares held by Triple Flag;2,300,000 additional Shares issuable to Triple Flag on the exercise of certain unit purchase warrants (the “Unit Purchase Warrants”), each entitling the holder to acquire, on or before September 15, 2022, one Share and one underlying warrant (the “Underlying Warrants”) at an exercise price of Cdn. $2.00 per Unit Purchase Warrant;2,080,000 additional Shares issuable to Triple Flag on the exercise of certain common share purchase warrants, each such warrant entitling the holder to acquire, on or before May 22, 2023, one Share at an exercise price per Share equal to the initial public offering price of Steppe Gold Ltd.; andassuming exercise of the Unit Purchase Warrants on or before September 15, 2022, 2,300,000 additional Shares issuable to Triple Flag on the exercise of Underlying Warrants, each Underlying Warrant entitling the holder to acquire, on or before May 22, 2023, one Share at an exercise price per Share equal to the initial public offering price of Steppe Gold Ltd. Based on 68,836,405 Shares outstanding as reported by the Toronto Stock Exchange website on March 4, 2021 and the Issuer’s Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2020 and 2019, immediately after the completion of the Current Report Sales the Acquiror was deemed to hold 8,760,000 Shares, including both Shares actually issued and outstanding and Shares that the Acquiror has a right to acquire within 60 days, representing approximately 11.60% of the 75,516,405 Shares deemed to be outstanding, including both the number of Shares actually outstanding and the 6,680,000 Shares issuable upon the exercise of rights to acquire Shares within 60 days held by the Acquiror. Triple Flag, independently, was deemed to be the beneficial owner of approximately 9.61% of the 75,516,405 Shares deemed to be outstanding, including both the number of Shares actually outstanding and the Shares issuable upon the exercise of rights to acquire Shares within 60 days held by Triple Flag. The Original Report disclosed that the Shares held by Triple Flag, including securities deemed to be owned by Triple Flag and outstanding as a result of a right to acquire additional Shares within 60 days on the exercise of convertible securities, represented approximately 18.17% of the Issuer’s issued and outstanding common shares, rather than the current approximately 9.61% held by Triple Flag, representing a decrease of approximately 8.56%. The Original Report also disclosed that the Shares held by Triple Flag, together with those held by Liverpool and Elliott International, represented approximately 23.65% of the issued and outstanding Shares, rather than the current approximately 11.60% held by the Acquiror in the aggregate, representing a decrease of approximately 12.05%. The Acquiror disposed of ownership of, and ceased to have control over, the Shares. Item 4 - Purpose of the Transaction As of the date of this Current Report, the Acquiror does not have any specific current plan or future intention to participate in a transaction which would relate to or result in the acquisition of additional securities of the Issuer, or the disposition of securities of the Issuer, but may or may not purchase or sell securities of the Issuer in the future on the open market or in private transactions in the ordinary course, depending on market conditions and other factors material to the Acquiror’s investment decision. As of the date of this report, the Acquiror does not have any specific current plan or future intention to participate in a transaction or other material change which would relate to or result in the occurrence of any of the items listed below, but may decide to do so in the event that a firm proposal for a transaction or other material change is advanced by the Issuer, or any other party, on terms satisfactory to the Acquiror: (a) a corporate transaction, such as a merger, reorganization or liquidation, involving the reporting issuer or any of its subsidiaries; (b) a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries; (c) a change in the board of directors or management of the reporting issuer, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on the board; (d) a material change in the present capitalization or dividend policy of the reporting issuer; (e) a material change in the reporting issuer’s business or corporate structure; (f) a change in the reporting issuer’s charter, bylaws or similar instruments or another action which might impede the acquisition of control of the reporting issuer by any person or company; (g) a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be quoted on, a marketplace; (h) the issuer ceasing to be a reporting issuer in any jurisdiction of Canada; (i) a solicitation of proxies from securityholders; (j) an action similar to any of those enumerated above. Item 5 - Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer Triple Flag and the Issuer entered into an investor rights agreement dated September 15, 2017 (“Investor Rights Agreement”), to be in effect until certain milestone dates are achieved under Triple Flag’s metals purchase and sale agreement with the Issuer and Steppe Gold LLC dated August 11, 2017. Pursuant to the terms of the Investor Rights Agreement, Triple Flag is granted a director nomination right for so long as the Investor Rights Agreement remains in effect. At any time that Triple Flag has not exercised its director nomination right, it shall be entitled to a board observer right. Triple Flag also has a pre-emptive right to, subject to certain exceptions, participate in any equity issuances of the Issuer up to Triple Flag and its affiliate’s pro rata share. For further details or to obtain a copy of the early warning report filed in connection with the Current Report Sales, please visit www.sedar.com or contact: ELLIOTT MANAGEMENT CORPORATIONJeffrey BlumTel: (212) 974-6000Email: firstname.lastname@example.org
Coach Stacey Marinkovich is yet to make a public call on her starting goal-shooter for the third netball Test against New Zealand after Diamonds rookie Cara Koenen outshone stalwart Caitlin Bassett last time out.With former captain and long-time first-choice shooter Bassett relegated to the bench for game two, Koenen earned MVP honours in her starting debut, scoring 29 points as the Australians levelled the four-game series with a 45-36 victory.
The Labor Department's closely watched employment report on Friday will, however, also offer a reminder that as the United States enters the second year of the coronavirus pandemic the recovery remains excruciatingly slow, with millions of Americans experiencing long spells of joblessness and permanent unemployment. Federal Reserve Chair Jerome Powell on Thursday offered an optimistic view of the labor market, but cautioned a return to full employment this year was "highly unlikely." "We will probably see more people having gone back on payrolls," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles.
GPS earnings call for the period ending December 31, 2020.
CERT earnings call for the period ending December 31, 2020.
Image source: The Motley Fool. Veritone, Inc. (NASDAQ: VERI)Q4 2020 Earnings CallMar 04, 2021, 4:30 p.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood day, and welcome to the Veritone fourth-quarter 2020 financial results conference call.
AZUL earnings call for the period ending December 31, 2020.
For those who have not been able to do so, you may download the presentation from www.pldt.com under the Investor Relations section. For today's presentation, we have with us Mr. Manny Pangilinan, Chairman and CEO; Mr. Al Panlilio, Chief Revenue Officer; Anabelle Lim Chua, Chief Finance Officer; Mr. Joachim Horn, Next Generation Technology Solutions Advisor of Smart Communications; as well as other members of the PLDT management team.
The Labor Department's closely watched employment report on Friday will, however, also offer a reminder that as the United States enters the second year of the coronavirus pandemic the recovery remains excruciatingly slow, with millions of Americans experiencing long spells of joblessness and permanent unemployment. Federal Reserve Chair Jerome Powell on Thursday offered an optimistic view of the labor market, but cautioned a return to full employment this year was "highly unlikely."
Dallas, Texas, March 05, 2021 (GLOBE NEWSWIRE) -- Ian C Denholm ProPetro leader revealed aspects of his colorful career in a recent exclusive interview with Bloomberg. Visionary, entrepreneur, CEO, and Co-Founder of Conquistador Capital, he joined other best-selling authors and business leaders in the Leader Roundtable Interview Series with the DotCom Magazine editorial staff. The interview covered a wide range of subjects -- from Denholm's business philosophy to how Denholm leads by focusing on innovative business solutions that he supplies directly to company clients. Denholm feels that it's critical to start off with a clear concept and an organized business plan. That helps ae when it comes time to make critical resource allocation, and a clear blueprint takes away much of the guesswork when deciding where to spend money and where to cut the fat. Differentiation Is Critical Denholm believes that his companies differentiate themselves from others by not focusing exclusively on profits. ESG, or environmental, social, and governance issues, must be factored into business strategies to ensure a sustainable profit and inspire customer loyalty to the brand. Becoming sustainable stewards of the planet's resources becomes the very definition of ecology and best business practices. Working hand-in-glove with local, state, and federal authorities on drilling strategy, drilling sustainable wells, and recovering the earth's resources efficiently sets any company up for sustained success. Instead of chasing down leads, companies come to Ian C Denholm Midland Texas with strong proposals and questions about how to develop the resources in an environmentally acceptable way. Staff Your Company with Successful, Passionate People Denholm's most important advice is to staff your company with dreamers and visionaries who also have the skills to implement their dreams. You can cut out the external noise and focus on achieving results quickly. When you remove obstacles to success -- such as timid responses, fear of commercializing your ideas, and company infighting -- our ideas are easier to develop. It's important to have supportive families and friends because new ventures will take most of your spare time. Avoid distractions, except those that you plan, and push forward to achieve the results that you know are possible. That doesn't mean you can't set aside some personal time, but you have to devote most of your time to get an innovative project off the ground. Maintaining Focus There will inevitably be false trials, intriguing sidelines to explore, political issues, and the need to publicize your ideas in trade journals, social media, etc. You'll lose some productivity by pursuing unworkable strategies and avenues that you aren't currently equipped to handle. The important thing is to remain laser-focused on your core concept that started the whole process. When things grow too complex, don't be afraid to return to your original plans after toying with intriguing alternatives. Keeping Informed One important piece of advice that Ian C Denholm ProPetro endorses is keeping informed about news and political and industry developments. You can scan short articles on apps or you can also listen to audio files and podcasts while commuting or traveling to keep informed. It's important to approach every internal meeting with an open mind. Listen to your team's ideas because they rank among the most capable and knowledgeable resources because you hand-picked them for these qualities. About ProPetro Holding Corporation ProPetro and Ian C. Denholm work as a holding company that facilitates the work of its subsidiaries that offer well drilling, cementing, and coiled tubing services for customers In North America. CONTACT: email@example.com
Steinhausen, March 5, 2021 – Schweiter Technologies posted a record-high result amid challenging market conditions. Despite the COVID-19 pandemic and negative currency effects, the Group posted sales of CHF 1,160.2 million in 2020, which was only slightly lower than the previous year's CHF 1,179.6 million (-2%). In local currencies, sales were +3% higher versus 2019. Group EBITDA improved by a staggering +43% compared with the previous year (+49% in local currencies), reaching a new record high of CHF 175.7 million. The return on net sales rose by close to 5 %-points to 15.1%. EBIT also rose faster than sales to CHF 137.6 million (previous year: CHF 85.2 million), while net income increased to CHF 103.5 million (previous year: CHF 60.0 million). Operating cash flow came to about CHF 158 million, equivalent to a year-on-year increase of more than 51%. Cash and cash equivalents rose to around CHF 164 million following a dividend distribution of approximately CHF 57 million. At the General Meeting on April 1, 2021, the Board of Directors will propose paying a dividend of CHF 40 per bearer share and to elect two new independent members of the Board of Directors. A change at the top of the management board is also planned for 2022. The 2020 Annual Report and the investor presentation can be downloaded from: http://www.schweiter.ch/s1a200/investoren/geschaftsberichte-prasentationen.html Key figuresSchweiter Technologies Group (in CHF m) 2020 2019 + / - Net revenues 1,160.2 1,179.6 -2%EBITDA 175.7 123.1 +43% as a % of net revenues 15.1% 10.4% EBIT 137.6 85.2 +61%Net income 103.5 60.0 +73% Business performanceIn a year dominated by the COVID-19 pandemic, the diversification of Schweiter Technologies proved to be a strength. While some market segments and geographies were affected by the lockdown measures and had to cope with a steep fall in demand, the European display business in particular, with its variety of clear sheet products, and the Core Materials business for the wind energy sector benefited from firm demand.The Group responded promptly to the pandemic in order to ensure that production continued uninterrupted while protecting the health of its employees. In particular, production at sites that manufacture transparent sheets for protection against infection were operating at the limits of capacity. Moreover, demand from wind energy customers picked up appreciably following a strong performance the previous year.A flexible response at production sites with lower capacity utilization coupled with lower raw material costs and selective price adjustments produced a disproportionately large increase in profitability and a record-high result. DisplayThe European display business was marked by two contrasting trends. On the one hand, clear sheet production was running at full capacity, and the company took a number of measures so as to be able to meet the exceptionally high demand for transparent sheets. On the other hand, display revenues in the areas of advertising, trade fairs and interior design plummeted between March and September. The US display business also suffered a massive downturn in demand in these areas. The integration and restructuring of the foamboard business of Newell Brands Inc., acquired in September, was set in motion successfully as planned. The acquisition will contribute to the Group's profit growth as of the coming year.Growth in profitability clearly outpaced sales growth owing to falling raw material prices, high capacity utilization in clear sheet production, a temporary reduction in production capacity plus strict cost discipline at all sites. ArchitectureThe Architecture segment produced very mixed results in regional terms. While sales in the USA increased further following a strong performance the previous year, the European and Asian businesses fell short of the 2019 levels.The construction sector in Europe showed wide differences from country to country. Construction projects in Central Europe, primarily Germany, continued virtually unabated, whereas construction activity in some core markets such as France, the United Kingdom, and southern Europe came to a complete standstill at times owing to the pandemic. On top of this, the ongoing uncertainties surrounding Brexit had a negative impact on demand in the UK.Construction in Asia was also very mixed regionally, impacted by project delays and building freezes. In China, the construction business practically came to a standstill in the first quarter but then recovered gradually, reaching gratifying levels by the fourth quarter. The markets in India and the Middle East felt the impact of the pandemic with a certain time lag.The US construction industry was also hit by temporary lockdown measures, but nevertheless managed to gain market share and post further sales growth despite the pandemic-related challenges. Amid challenging market conditions, sales continued to rise, driven by the strategic expansion of the customer base, an ever improving service level, and intensified consulting services for technical applications. Core MaterialsThe Core Materials segment maintained the previous year's strong momentum despite COVID-19-related challenges, posting double-digit revenue growth. In particular, the ongoing firm demand for core materials for the wind energy sector was a key factor in the steep sales gains and resulted in very high capacity utilization at the production sites and disproportionately high profit growth.In regional terms, China again reported the strongest sales growth following significant increases the previous year. Demand from wind customers in the USA and Europe also trended strongly. Moreover, sales in the US marine market outpaced the previous year as of the second quarter, whereas revenues in the European Non-wind area were lower year-on-year.3A Composites has a great competitive advantage since it covers the entire value chain in the balsa business, from seedlings to its own FSC®-certified plantations in Ecuador and Papua New Guinea and right up to the finished products. This makes the business less exposed to rising raw material prices and moreover ensures reliable delivery of balsa products to its customers.A new PET production facility in China started the production at the end of 2020 in order to be closer to Asian customers and to be better able to meet the steeply rising demand. Transport & IndustryAfter the most successful year in its history to date, the Mobility segment reported a double-digit decline in its sales revenue.The Road Vehicles business was particularly hard hit by the current crisis because the component market for coaches collapsed almost completely as of the second quarter and did not stage any significant recovery for the rest of the year.Sales revenue in the Rail business also fell short of the previous year, although the decline in this area was not nearly as steep.Despite numerous adverse circumstances, the segment managed to turn in a satisfactory profit by promptly adjusting capacity and imposing strict cost management. Outlook3A Composites has gotten off to a strong start in the new year. However, business performance will be determined by the future course of the pandemic and the economic impact of the related lockdown measures. Nevertheless, it will be difficult to repeat the record result from the previous year in 2021.The Display segment already demonstrated in the third quarter of 2020 that a swift recovery of the markets is possible. Assuming positive news about vaccines, additional economic stimuli, and an end to political uncertainty in the USA, we anticipate a gradual recovery of the retail trade and, along with that, an upturn in revenues for advertising and shop design. On the other hand, we expect that demand for transparent sheets for protection against infection will weaken.The Architecture segment should benefit in 2021 from a catch-up effect from postponed projects along with the implementation of projects that have already been initiated. However, a temporary stagnation in the USA is to be expected in the second half of 2021 because the fall-off in new building projects in 2020 will take some time before it affects the façade market.The Core Materials segment forecasts demand to remain high in the wind energy business area. Moreover, the Non-wind area holds out the promise of additional growth opportunities. On the other hand, sales prices, especially in China, can be expected to fall owing to changed market conditions and tougher competition.The Transport segment anticipates a challenging year because the market for buses will remain weak before any recovery sets in. The demand for rail vehicles, by contrast, is more robust but, depending on how the pandemic plays out, there may be further postponements of infrastructure projects, which would have a direct impact on demand for trains and railways. General MeetingBased on Art. 27 of the Federal Council's Ordinance 3 on Measures to Combat the Coronavirus (COVID-19 Ordinance 3), the General Meeting on April 1, 2021 will be held, as it was last year, without the presence of shareholders in person. Voting rights may be exercised through written or electronic power of attorney delegated to the independent proxy holder. Further information will be sent with the Invitation.The Board of Directors will propose paying an unchanged dividend of CHF 40 per bearer share at the General Meeting. This adds up to a total payout of about CHF 57 million. Motion for the election of KPMG as auditorTo ensure good corporate governance, the office of auditor was re-tendered. The Board of Directors will propose to the General Meeting of April 1, 2021 the appointment of a new auditor. KPMG is to replace Deloitte, which has served as the auditor of Schweiter Technologies Ltd. for more than 20 years. The Board thanks Deloitte for its many years of close cooperation. Changes on the Board of Directors and ManagementAs previously announced, Lukas Braunschweiler will unfortunately not stand for re-election to the Board of Directors at the General Meeting on April 1, 2021 after serving on the Board for ten years. The Board of Directors thanks Lukas Braunschweiler for his deep commitment and his invaluable contribution to the company's development. The Board of Directors will propose to the General Meeting the election to the Board of Dr. Daniel Bossard, CEO of the Bossard Group, and Stephan Widrig, CEO of Zurich Airport AG as independent directors.Heinz Baumgartner, who has been CEO of the Schweiter Technologies Group for many years, will stand down from the post of CEO at his own request in spring 2022 but will remain a member of the Board of Directors. The search for a successor has begun, and the nominee will be announced in due course. For further information please contact:Martin Klöti, CFOTel. +41 41 757 77 00, Fax +41 41 757 70 01, firstname.lastname@example.org Please find the Media release in the PDF attached:Media release (PDF)
"Business in front, party in the back": a hairstyle considered so obnoxious that for years it verged on being an arrestable offence, the mullet has made the unlikeliest comeback of the century.
Almost a year after they went missing, there are renewed calls for information in the baffling case of Wonnangatta campers Russell Hill and Carol Clay.Missing persons squad chief Detective Inspector Andrew Stamper from Victoria Police made a fresh plea for assistance on Friday, especially to any travellers heading to the state's high country over the long weekend.
This weekend only, Woolworths Everyday Rewards Members will be able to claim an exclusive Discovery Garden seedling.
MAFS star Ines Basic has claimed she faked fights and was fed lines by producers during her time on the show. She compared it to being on a 'film set'.
* Dollar hits new highs against euro, Japanese yen * Commodity currencies sell off on risk aversion * Graphic: World FX rates https://tmsnrt.rs/2RBWI5E (Adds comments, updates prices and milestones) By Kevin Buckland and Sagarika Jaisinghani TOKYO, March 5 (Reuters) - The dollar hit multi-month highs against the euro and the yen on Friday after Federal Reserve Chair Jerome Powell did not express concern about a recent sell-off in bonds while sticking to his stance to keep interest rates low for a long time. While Powell did stick with dovish rhetoric overall, he said the sell-off in Treasuries was not "disorderly" or likely to push long-term rates so high the Fed might have to intervene more forcefully, reigniting a sell-off in Treasuries. "Markets are listening to the central banks and if they are going to be on hold for a long time, that means long-term inflation is going to be higher and that's why you're seeing the bond and equity markets sell off," said Commonwealth Bank of Australia currency analyst Joseph Capurso.
(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% in Asian trading after surging by more than 4% to the highest close since April 2019 on Thursday.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 7% since Tuesday’s close despite a marked 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.
An Australian court upheld a landmark class-action lawsuit against Johnson & Johnson for "negligent" marketing of pelvic mesh implants on Friday, paving the way for thousands of women to receive compensation in a costly setback for the US pharma giant.