Should the NRL allow Israel Folau back into the game? Source: Channel Nine
Should the NRL allow Israel Folau back into the game? Source: Channel Nine
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.
(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.
Australia set New Zealand a target of 157 in the fourth T20 international in Wellington on Friday as they look to avoid a series defeat.
The solidarity of the European Union would be impacted if countries in the bloc chose Chinese or Russian COVID-19 vaccines which have not yet been approved, French European Affairs minister Clement Beaune said on Friday. "If they went to choose the Chinese and/or Russian vaccine, I think it would be quite serious," Beaune told RTL radio. Russia's Sputnik V vaccine has already been approved or is being assessed for approval in three states in the EU bloc's eastern wing - Hungary, Slovakia and the Czech Republic - as delays hamper vaccination programmes across the EU.
Australia's prime minister on Friday played down the impact of Italy's landmark decision to block the export of 250,000 Covid-19 vaccine doses due to be delivered.
Wesley So, one of the greatest chess athletes born in the Philippines, has formally switched sides: he has become a United States citizen. A report published yesterday by the U.S. Chess Federation said So was naturalized on Feb. 26, nine years after he arrived in the States as a recruit for Webster University. So, ranked ... This article, ‘Just as I dreamed’: Philippine-born chess champion Wesley So becomes American citizen, originally appeared on Coconuts, Asia's leading alternative media company.
(Bloomberg) -- China’s most senior officials gathered in Beijing to kick off the annual full-session of the country’s parliament, the National People’s Congress.Chinese Premier Li Keqiang unveiled a conservative target for economic growth this year of above 6% that signals more restrained monetary and fiscal policies this year, in contrast to other major nations still pumping in stimulus. But China’s new five-year plan that runs through 2025 didn’t give a numeric target for average growth.What to Know:Click here to read more on this year’s NPCEverything you need to knowFull NPC reports. Highlights hereA QuickTake explainer on the NPCWhat analysts say to watch out for this yearBloomberg Intelligence previews the NPC. Reaction to GDP goalHow China plans to be greener by 2025Clips of other reactions here and here. Key takeaways hereLatest developments: (Time-stamps are local time in Beijing)Upcoming Events: Foreign Minister, 5-Year Plan BriefingKey upcoming NPC events that have been announced so far include:March 7, afternoon — Foreign Minister Wang Yi speaks to mediaMarch 8, 10 a.m. — NDRC Vice Chairman Ning Jizhe discusses 14th five-year plan at briefingMarch 8, 3 p.m. — NPC plenary session, with delegates listening to work reports delivered by NPC standing committee chairman, head of of the supreme court and the top procuratorMarch 11, 3 p.m. — NPC closing session. Delegates will vote on work reports, 14th Five-Year Plan, and other legislative revisions including decision on revising Hong Kong’s electoral systemMaskless Xi (2:22 p.m.)Despite being one of the first countries in the world to authorize vaccines for use, China has said nothing about the vaccination status of its top leaders, who all — including President Xi Jinping — appeared without face masks in Beijing Friday, mingling with thousands of delegates from across China at the country’s biggest political gathering of the year.While officials seated in the rows behind them were all masked, Xi and Chinese Premier Li Keqiang moved around the Great Hall of the People, where the National People’s Congress is opened every year, mask-free. The exception seemed to apply only to members of the Politburo and a handful of other top Communist Party leaders. Xi also went without a mask at last year’s NPC, seen as a statement on China’s virus success with the Wuhan outbreak largely quelled.Export to Rise More Than 50% (2:20 p.m.)China’s exports may have risen more than 50% in January to February, He Lifeng, head of the nation’s economic planning agency, said in a group interview. Power consumption and generation increased by more than 20%, the economy kept improving in the first two months, though the external environment poses challenges to the Chinese economy, he said.Family Offices Overhaul (12:30 p.m.)Xiao Gang, former chairman of China’s securities regulator, proposed revising the nation’s family trust law, saying impediments such as high taxes have forced many family trusts to hoard cash rather than make investments, according to the China Securities Journal.Assets controlled by China’s wealthiest people are expected to double from 2019 to 116 trillion yuan ($18 trillion) by 2025, according to UBS Global Research. But according to a Credit Suisse Group AG report in October, wealth inequality has also risen rapidly, estimating that the country had 5.8 million millionaires and 21,100 residents had wealth of above $50 million — more than any country except the U.S. — at the end of 2019.Steelmakers Optimistic (12:27 p.m.)Chinese steelmakers are optimistic for this year as the nation’s efforts to decarbonize and consolidate the industry continue, the China Economic Times reported, citing steel mill executives at the National People’s Congress. Demand will improve this year, benefiting from high growth targets set by local governments at the start of the 14th five-year plan, according to Xia Wenyong, chairman of Xinyu Iron & Steel Group. Steel production may drop marginally after the country’s pledge to cut output from a record high last year, said Li Lijian, chairman of Anyang Iron & Steel Group.Feeding 1.4 Billion Mouths (12:25 p.m.)China rolled out a roadmap to boost crop production in the world’s most populous nation, highlighting concerns over food security after the country imported record amounts of meat, corn and soybeans last year. Measures include creating agricultural belts devoted to large-scale farming and providing sufficient subsidies to motivate grain farmers, according to the latest five-year plan that sets out key economic and political goals through 2025.Food security is moving to the top of the government’s agenda after the coronavirus pandemic and outbreaks of African swine fever raised concerns over whether China could guarantee food supplies for its 1.4 billion people. Imports of meat and grains surged last year, driving global prices higher and stoking worries over food inflation.Fresh Blow to Tech Giants (12:27 p.m.)China called on its technology giants to share key data, dealing a further blow to the companies already reeling from heightened antitrust scrutiny.Companies are encouraged to open up data related to areas from search to e-commerce and social media, in order to promote the healthy development of the sharing and online economies, according to a government report outlining the Communist Party’s top priorities for the next five years. Beijing is also establishing a platform for sharing public and government data.China also pledged to boost spending and drive research into cutting-edge chips and artificial intelligence in its latest five-year targets, laying out a technological blueprint to vie for global influence with the U.S.Biosecurity (11:45 a.m.)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 2025. The report was released Friday as lawmakers from the world’s second-largest economy meet in Beijing for the annual parliamentary session.More Oversight of Ant? (11:30 a.m.)China plans to step up oversight of financial holding companies and the nation’s booming fintech industry, Premier Li Keqiang said, setting the tone for closer scrutiny over the next five years of behemoths including Jack Ma’s Ant Group Co.The authorities will also expand an anti-monopoly crackdown and prevent the “unregulated” expansion of capital to create fair competition, Li said Friday at the opening of the National People’s Congress. The fintech sector should be developed in a “prudent” manner and China aims to create a “deviation correction” mechanism to fix and suspend innovative financial products when needed, according to a separate plan covering policies for 2021 to 2025.China’s policymakers are walking a fine line of trying to curb risks at home while encouraging local champions as the economy opens wider to foreign capital. Fintech has become the latest target of scrutiny since the nation’s leaders pledged in 2017 to clean up threats to its $53 trillion financial industry, tackling property loans, opaque wealth management products and fraud-riddled peer-to-peer lending.Overhauling H.K. Electoral System (11:16 a.m.)China is curbing the ability of democracy activists to win elections in Hong Kong, with local reports saying a vote for the territory’s legislature would be delayed another year to September 2022.The National People’s Congress will review a draft resolution on changes to Hong Kong’s electoral system in the coming days, according to an agenda published Thursday by the official Xinhua News Agency. For weeks Chinese President Xi Jinping and other officials have called for “patriots” to run Hong Kong, effectively signaling that anybody deemed disloyal to Beijing couldn’t hold a leadership position.Separately, Hong Kong Chief Executive Carrie Lam said the city will amend local election legislation after China’s top legislative body passes new election rules for the city’s leader and lawmakers. The amendments will be tabled at the legislature for vetting, the principle of “patriots ruling Hong Kong” is fully in line with constitutional requirements of the city and “One Country, Two Systems” will be placed in jeopardy if forces that oppose China and stir up trouble in Hong Kong enter the political system via elections, she said.Tackling Housing (11:02 a.m.)China pledged to solve the housing problem in large cities at its top legislative session, as monetary loosening after the pandemic spurred a rush to real estate in the biggest hubs, pushing home affordability there to the worst ever.“We will address prominent housing issues in large cities,” Premier Li Keqiang said. Li echoed President Xi Jinping’s mantra that houses are “for living in, not for speculation” in the key report, signaling that policy makers may maintain a tight rein on the bubble-prone sector. “We will keep the prices of land and housing as well as market expectations stable,” he said.Boosting Usage of Non-Fossil Fuels (10:52 a.m.)In its 14th 5-year plan released Friday, China said it plans non-fossil fuels to account for 20% of energy use by 2025, versus 15% at the end of 2019. The country is also targeting it nuclear power capacity to increase about 40% to 70 gigawatts by 2025.China will also boost oil-and-gas exploration, expand its gas pipeline network, improve coal transportation and increase its ability to ensure supply.More Charging Stations for Electric Cars (10:40 a.m.)China aims to boost auto sales and add more charging facilities for electric vehicles this year. The government will encourage “steady increases” in spending on cars and “abolish excessive restrictions” on the sale of used vehicles, Premier Li Keqiang said Friday. More car parks, EV charging stations and battery-swapping facilities will be built, and battery recycling systems developed at a faster pace, Li said.Premier Calls for Breakthroughs in Core Tech (10:29 a.m.)In his address Friday, Premier Li Keqiang outlined steps the government will take to make China into a global tech power. That includes building more national laboratories and innovation centers, as well as ramping up efforts to implement a little-heard of program called the Sci-Tech Innovation 2030 Agenda. Li also said China’s R&D spending will increase by more than 7% per year, which “is expected to account for a higher percentage of GDP” than during the previous five-year plan.Defense Budget Growth Fastest in Two Years (10:20 a.m.)China’s defense spending is expected to grow 6.8% this year to 1.35 trillion yuan ($208 billion), according a budget report released today. That would be the fastest pace in two years. “We will boost military training and preparedness across the board, make overall plans for responding to security risks in all areas and for all situations,” Premier Li Keqiang said in his work report.Boosting Trade with U.S. Allies (10:05 a.m.)China may join an Asia-Pacific trade pact comprised of key U.S. allies that former President Donald Trump exited, Premier Li Keqiang said Friday. In his work report, Li said Beijing “will actively consider joining” the 11-nation agreement known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. It includes nations that China has sparred with recently such as Australia, Canada and Japan.China Stocks Fall 10% From Recent Peak (9:59 a.m.)Chinese markets opened as Premier Li Keqiang was delivering his work report at the NPC and continued their recent slide, with the benchmark CSI 300 Index dropping as much as 2% at the start of trading. That put the index down 10% from a peak reached on Feb. 10. The rout has come amid growing concern that Beijing will begin to tighten liquidity conditions as the country’s economy recovers from the effects of the coronavirus.Cuts in Carbon Emissions (09:43 a.m.)China will devise a plan for carbon emissions to peak by 2030 and is targeting an 18% cut per unit of GDP by 2025, according to Premier Li’s work report. The nation will also aim for a 3% reduction in energy consumption per unit of GDP in 2021 and a 13.5% reduction by 2025.Tencent’s Pony Ma Makes Proposals (09:16 a.m.)Tencent founder and Chief Executive Pony Ma, who is an NPC delegate, is attending this year’s event in Beijing and submitted a proposal for better preserving China’s natural resources. Ma’s whereabouts have attracted attention after he skipped last year’s NPC and was also absent from several major Tencent events due to health reasons.China Sets Modest GDP Target for 2021 (09:00 a.m.)China set a conservative economic growth target of above 6% for the year, well below what economists forecast, and outlined ongoing fiscal support to keep the country’s recovery going. Other key economic targets include:Fiscal deficit target set at 3.2% of GDP for 2021, versus 3.6% in 2020CPI target set at 3% for 2021, versus around 3.5% in 2020Target for new urban job creation set at 11 million in 2021, versus 9 million in 2020Special government bond quota set at 3.65 trillion yuan in 2021, versus 3.75 trillion yuan in 2020For 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.